II

OFFICIAL FILECOPY
CLERK OF THE BOARD

&,t.ii:t

OF COUNTY COMMISSIONERS
MIAMI-DADE couNTY. FL0R10"Memorandum

Agenda Item No. S(C)

Date:	October 24·, 2006

To:	Honorable Chairman Joe A. Martinez
and Members, Board of County Commissioners

From:

Subject:

George M. Burgtf;:::;;,,	r-­
County Mana v-

Ordinance Creating the Century Gardens Village Community Development District (Commission District No. 11)

RECOMMENDATION

II is recommended that the Board adopt the attached Ordinance creating the Century Gardens Village Community Development District (CDD) in unincorporated Miami-Dade County, pursuant to the authority granted by the Miami-Dade County Home Rule Charter for the purposes set forth in Chapter 190 of the Florida Statutes, subject to acceptance of the declaration of  restrictive covenants running with the lands within the jurisdiction of the CDD.

BACKGROUND

Century Gardens Village, LLLP, (Century), owner of the Century Gardens Village Development (Century Gardens Village), has filed an application to create the Century Gardens Village CDD in connection with said development. Century Gardens Village is a proposed 38.25 acre residential development lying wholly within unincorporated Miami-Dade County, in the area bounded by SW 152 Avenue on the east, theoretical SW 154 Avenue on the west, theoretical SW 94 Street on the south and SW 88 Street (North Kendall Drive) on the north. The CDD is designed to provide a financing mechanism for community infrastructure, services and facilities, along with certain ongoing operations and maintenance for Century Gardens Village. The development plans for the lands within the proposed CDD include construction of a maximum of 178 townhouse units and 94 single-family residential units with associated roadway, storm drainage and water and sewer facilities estimated to cost approximately $7.346 Million. Approval of this CDD does not constitute a development order. A detailed summary of CDD elements, as well as their cost and anticipated lack of fiscal impacts to government agencies, is presented in the attached application submitted by Century. In accordance with Florida Statute 190, Century has paid a filing fee of$15,000 to the County.

CDD\CENTUJlY GAR.DENS VII..U,.GE COD ORDINANCE Ml!MO-OMB
IM/I006	(

Honorable Chairman Joe A. Martinez
and Members, Board of County Commissioners•.· · , , ,
Page2

)

A declaration of restrictive covenants has been submitted consistent with the requirements of Resolution R-413-05 adopted by the Board on April 5, 2005, and as amended by Resolution No. R- 883-06, adopted on July 18, 2006, to add language regarding the option to pay capital assessme[lls in full at time of closing. The restrictive covenant provides for notice in the public records of the projected taxes and assessments to be levied by the CDD, individual prior notice to the initial purchaser of a residential lot or unit within the development and provisions for remedial opti,;ms to initial purchasers whose contract for sale did not include timely notice of the existence and extent of CDD liens and special assessments.

This Board is authorized by the Florida Constitution and the Miami-Dade County Home  Rule Charter to establish governmental units such as this CDD within Miami-Dade County and to prescribe such government's jurisdiction and powers.

The roads within this development are private and will be maintained by a Homeowners Association or the CDD. A special taxing district has been created to maintain this development's infrastructure and open common areas should the Homeowners Association or COD be dissolved or fail to fulfill its maintenance obligations. The special taxing district will remain dormant until such lime as the Miami-Dade County Board of County Commissioners activates it.

FISCAL IMPACT

The creation of the Century Gardens  Village  Community  Development  District  will have no fiscal		\ impact to Miami-Dade County.	.	J

CDDICl!NTIJRY GARDI!NS Vlll.AG£ CDD ORDINANCE MEMO-OMS
101,i2006

•

.

MEMORANDUM
(Revised)

TO:		Honorable Chairman  Joe A. Martinez	DATE: and Members; Board of County Commissioners

October 24, 2006

FROM:	SUBJECT: Agenda Item No. 5 ( c )

Please· note any items checked.

"4-Day-Rule" ("3-Day Rule" for committees) applicable if raised

 		6 weeks required between first reading and public hearing

 		4 weeks notification to municipal officials required prior to public hearing

 		Decreases revenues or increases expenditures without balancing budget

 		Budget required

 		Statement of fiscal impact required

 		Bid waiver requiring County Manager's written recommendation

 			Ordinance creating·a new board requires detailed County Manager's report for public hearing

 		Housekeeping iteni (no policy decision required)

 		No committee review

Approved	M'.!fa!.l'.y!ltor
Veto		 Override    	
ORDINANCE NO	06-154

Agenda Item No.	5 ( c)
10-24-06	\
J

ORDINANCE GRANTING PETITION OF CENTURY GARDENS VILLAGE LLLP, A FLORIDA PARTNERSIDP ("CENTURY'' OR ''PETITIONER'') FOR ESTABLISHMENT OF A COMMUNITY DEVELOPMENT DISTRICT; CREATING AND ESTABLISHING CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT ("DISTRICT"); PROVIDING FOR NAME, POWERS AND DUTIES; PROVIDING DESCRIPTION AND BOUNDARIES; PROVIDING INITIAL MEMBERS OF BOARD OF SUPERVISORS; PROVIDING SEVERABILITY, EXCLUSION FROM THE CODE AND AN EFFECTIVE DATE

WHEREAS, the Florida Legislature created and amended Chapter 190, Florida Statutes, to provide an alternative method to finance and manage basic services for community development; and
WHEREAS, Section 1.0l(A)(21) of the Miami-Dade County Home Rule Charter grants the Miami-Dade County Board of County Commissioners the authority to exercise all powers and privileges granted to municipalities and counties by the laws of this State; and
WHEREAS, Article Vill, Section 6(1) of the Florida Constitution provides for exclusive County Charter authority to establish all governmental units within Miami-Dade County and to provide for their government and prescribe their jurisdiction and powers; and
WHEREAS, Century Gardens Village LLLP, a Florida Partnership ("Century'' or ''Petitioner") has petitioned for the establishment of the Century Gardens Village Community Development District (the ''District"); and

.C.DO,'.O.!NTURY GAAI>£NS VI.UAGI! Cl>D ORDINANCE	y

Agenda Item No.	s ( c ) Page No. 2

WHEREAS, a public hearing has been conducted by the Miami-Dade County Board of County Commissioners in accordance with the requirements and procedures of Section 190.005(2)(b), Florida Statutes, and the applicable requirements and procedures of the Miami-Dade County Home Rule Charter and Code; and
WHEREAS, the District will constitute a timely, efficient, effective, responsive and economic way to deliver community development services in the area, thereby providing a solution to the County's planning, management and financing needs for delivery of capital infrastructure therein without overburdening the County and its taxpayers; and
WHEREAS, the Board of County Commissioners finds that the statements contained in the Petition are true and correct; and
WHEREAS, the creation of the District is not inconsistent with any applicable element or portion of the State comprehensive plan or th Miami-Dade County Comprehensive Development Master Plan; and
WHEREAS, the area of land within the District is of sufficient size, is  sufficiently compact, and is sufficiently contiguous to be developable as one functional  interrelated community; and
WHEREAS, the creation of the District is the best alternative available for delivering the community development services and facilities to the area that will be served by the District; and
WHEREAS, the proposed services and facilities to be provided by the District will be compatible with the capacity and uses of existing local and regional community development services and facilities; and
WHEREAS, the area that will be served by the District is amenable to separate special district government; and

Agenda Item No.	5 ( c ) Page No. 3

WHEREAS, the owner of the property that is to be developed and served by the community development services and facilities to be provided by the District has submitted an executed declaration of restrictive covenants pledging among other things to provide initial purchasers of individual residential lots with notice of liens and assessments applicable to such parcels, with certain remedial rights vesting in the purchasers of such parcels if such notice is not provided in a timely and accurate manner; and
WHEREAS, having made the foregoing findings, after a public hearing, the Miami-Dade County Board of County Commissioners wishes to exercise the powers bestowed upon it by Section l.0l(A)(21) of the Miami-Dade County Home Rule Charter in the manner provided by Chapter 190, Florida Statutes; and
WHEREAS, the Miami-Dade County Board of County Commissioners finds that the District shall have those general and special powers authorized by Sections 190.011 and 190.012, Florida Statutes, and set forth herein, and that it is in the public interest of all of the citizens of Miami-Dade County that the District have such powers,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA:
Section 1.	The foregoing findings, which are expressly set forth herein, are hereby
adopted and made a part hereof.

Section 2, The Petition to establish the Century  Gardens  Village  Community Development District over the real property described in Exhibit A attached hereto, which  was filed by Century Gardens Village LLLP, a Florida Partnership, on March 1, 2006, and which Petition is on file at the Office of the Clerk of the Board, is hereby granted. A copy of the Petition is attached and incorporated herein (Exhibit B).

Agenda Item No.	5 ( c ) Page No. 4

Section 3.	The external boundaries of the District shall be as depicted on the location

map attached hereto and incorporated herein as Exhibit C.

Section 4.

Se.ction 5.

The initial members of the Board of Supervisors shall be as follows: Cesar Llano
Catherine Bums Jessica Gonzalez Brandon Immennan Barbara Pico
The name of the District shall be the "Century Gardens Village Community

Development District."

Section 6.   The Century Gardens  Village Community Development  District  is  created for the purposes set forth in Chapter 190, Florida Statutes, pursuant to the authority granted by Section 1.0l(A)(21) of the Miami-Dade County Home Rule Charter.
Section 7. Pursuant to Section 190.005 (2) (d}, Florida Statutes, the charter for  the  Century Gardens Village Community Development District shall be Sections 190.006 through 190.041, Florida Statutes.
Section 8.    The Miami-Dade County Board of County Commissioners  hereby grants to the Century Gardens Village Community Development District all general powers authorized pursuant to Section 190.011, Florida Statutes, and hereby finds that it is in the public interest of all citizens of Miami-Dade County to grant such general powers.
Section 9.   The Miami-Dade County Board  of County Commissioners  hereby grants to the Century Gardens Village Community Development District the special powers authorized pursuant to Section 190.012 (1), Florida Statutes and Sections 190.012 (2)(a)(d) and (f), (except for

CDD'CafflJJl'tGARDENS VlLLAGI!CD!> ORDINANCE
"""""

Agenda Item No.	5 ( c)
Page No. 5

powers regarding waste disposal), Florida Statutes and Section 190.012 (3), Florida Statutes, and hereby finds that it is in the public interest of all citizens of Miami-Dade County to grant such special powers; provided that the District's exercise of power under Section 190.012(1)(b) Florida Statutes, pertaining to water, waste water and reuse water services shall be pursuant to that Declaration of Restrictive Covenants submitted to the Board of County Commissioners in connection with the petition.
Section 10. All bonds issued by the Century Gardens Village Community Development District pursuant to the powers granted by this ordinance shall be validated pursuant to Chapter 75, Florida Statutes.
Section 11.	No bond, debt or other obligation of the Century Gardens Village Community Development  District, nor any default thereon, shall constitute a  debt or obligation of
Miami-Dade County, except upon the express approval and agreement of the Miami-Dade Board of
/

County Commissioners.

Section 12. Notwithstanding any power granted to the Century Gardens Village  Community Development District pursuant to this Ordinance, neither the District nor any real or personal property or revenue in the district shall, solely by reason of the District's creation and existence, be exempted from any requirement for the payment of any and all rates, fees, charges, permitting fees, impact fees, connection fees, or similar County rates, fees or charges, special taxing districts special assessments which are required by law, ordinance or County rule or regulation to be imposed within or upon any local government within the County.
Section 13.	Notwithstanding any power granted to the Century Gardens Village Community Development District pursuant to this Ordinance, the District may exercise the power

0#06-154
Agenda Item No.	s ( c)
Page No. 6

of eminent domain outside the District's existing boundaries only with the prior specific and express approval of the Board of County Commissioners of Miami-Dade County.
Section 14. This Board hereby accepts that Declaration of  Restrictive  Covenants  proffered by the owners of the lands within the jurisdiction of the Century Gardens Village Community Development District, in connection with the petition submitted by Century Gardens Village LLLP, and approved herein.
Section 15.	If any section, subsection, sentence, clause or provision of this ordinance is held invalid, the remainder of this ordinance shall not be affected by such invalidity.
Section 16, It is the intention of the Board of County Commissioners, and it is hereby ordained that the provisions of this ordinance shall be excluded from the Code of Miami-Dade County.
Section 17. This ordinance shall become effective ten (l 0) days after the  date  of enactment unless vetoed by the Mayor, and if vetoed, shall become effective only upon an override by this Board.

PASSED AND ADOPTED:	October 24, 2006

Approved by County Attorney as to form and legal sufficiency:

Prepared by: Gerald Heffernan

EXHIBIT  "A"

!

LEGAL DESCRIPTION	\
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT

The West 338.89 feet of the North 1/2 of the South 1284.73 feet of the East 1/2 of !he Northwest 1/4 of Section 4, Township 55 South. Range 39 East of Miami-Dade County, Florida

AND;

The East 1/2 of the Northwest 1/4 of Section 4, Township 55 South, Range 39 East of Miami­ Dade County, Florida, less the North 55.00 feet thereof and the South 1284.73 feet thereo.f,

LESS;

That portion of the East 1/2 of the Northwest 1/4 of Section 4, Township 55 South, Range 39 East of Miami-Dade County, Florida, being more particularly described_ as follows:

·•:i.i.-

Commence at the Northwest corner of the East 1/2 of the Northwest 1/4 of Section 4, Township 55 South, Range 39 East of Miami-Dade County, Florida, thence run S 00°26'28" E along the West line of the East 1/2 of the Northwest 1/4 of said Section 4 for a distance of 55.03 feet to the South right-of-way line of Kendall Drive (S.W. 88th Street), to the Point of Beginning Parcel hereinafter described; thence continue S 00°26'28" E, along said West line for a distance of
605.32 feet; thence run N 89°33'32" E at right an§les for a distance of 404.88 feet; thence run N 00°26'28" Wat right angles for a distance of 618.53 feet to the point of intersection with the.South right-of-way line of Kendall Drive; thence run S 87°41'26"' W, along said Soutii right-of-way line for a distance of 405.09 feet to the Point of Beginning.

-'"·

(0

EXHIBIT "B"

INRE:

AN ORDINANCE TO ESTABLISH	)
THE CENTURY GARDENS VILLAGE	)
COMMUNITY DEVELOPMENT DISTRICT	)

PETITION

Petitioner, Century Gardens Village, LLLP ("Petitioner"), hereby petitions the Miami-Dade County Commission to establish a Community Development ,District ("District") with respect to the land described. herein and in support of the Petition,
Petitioner states:	·

l.		Tl\e proposed District is located within the unincorporated  area  of  Miami­ Dade County in County Commission District 11. Exhibit 1 depicts the general    location    of:    the        project.       The    proposed    District    covers approximately  38.25+/-  acres  of  land.  The  legal   description   of   the external boundaries of the District is set forth in Exhibit 2.

Attached to this Petitidn as Exhibit 3 and made a part hereof is the written consent to the establishment of the District by the owners of 100% of the real property to be included in the District.
::
The five persons designated to serve as initial members of the Board of Supervisors of the proposed District are as follows:

Cesar Llano
Catherine Burns
Jessica Gonzalez
.Brandon Immerman
Barbara Pico

743 Sistina Avenue, Coral Gables, FL 33146 5501 NW ll2"' Court, Miami, FL 33178 16248 SW 67"' Terrace, Miami, FL 33193 l2474 SW 121 Lane, Miami, FL 33186
9270 SW 217 Street, Miami, FL 33190

The proposed name of the District to be established is Century Gardens Villa!(e Community Development District ("CGVCDD").

There are no existing major trunk water mains, sewer interceptors or outfalls currently existing on the site.

The proposed timetable for the construction  of  District services  is shown on Exhibit 4A and the  estimated  cost of  constructing  the services,  based on available data, is shown on Exhibit 4B. These are good  faith estimates but are not binding on the Petitioner or the District and are  subject  to change

Petitioner 1s in the process of developing the project as a residential community. The proposed uses for the land within the District are 178 Townhouse units and 94  Single  Family  Residential  units.  The proposed uses for the land included within the proposed District are in

[(	P«io\n.,

compliance with Miami-Dade County Future Land Use Element. The County Master Plan and Future Land Use Element designate the land contained within the proposed District for low to medium density residential. The future general distribution, location and extent of.public and private uses of land proposed for the area within the District,. are shown on Exhibit 5.

Exhibit 6 is a Statement of Estimated Regulatory Costs prepared in accorda.nce with the requirements of Section 120.541, Florida Statutes.

Exhibit 7 is the proposed boundaries of the Community Development D•istrict.
Exhibit 8 consists of the resumes of the proposed Supervisors.

Exhibit 9 is a current Opinion of Title.

Exhibit IO is a joinder signed by the Mortgagee on the property.

Petitioner hereby requests that the proposed district be granted the right to exercise all powers provided for in Sections 190.012(1). 2(a) and 2(d), Florida Statutes, as amended.

)

The Petitioner is Century Gardens Village, LLLP, whose address is 7270 NW 12th Street, Suite 410, Miami, FL 33126.

The property within the proposed District is amenable to operating as an independent special district for the following reasons:

Establishment of the District and all land uses and services planned within the proposed District are not inconsistent with applicable  elements  or · portions  of  the  effective  Miami-Dade  County  Comprehensive  Development Master Plan, as amended.

The area of land within the proposed District is part of a. unified plan of development for which a·development plan has been approved by Miami­ Dade County. The land encompassing the proposed District is of sufficient size and is sufficiently compact and contiguous· to be developed as one functional interrelated community.	·

The community development facilities the District proposes to finance will be compatible with the capacity and use of existing local and regional community development services and facilities.

'

The proposed District will be the best alternative available for delivering community infrastructure to the area to be served because the District provides a governmental entity for delivering the infrastructure in a manner that does not financially impact persons residing outside the District.

2
/2--

WHEREFORE, Petitioner respectfully requests the Miami-Dade County Commission to:

I.	Hold a public hearing as required by Section 190.005(2) (b), Florida Statutes to consider the establishment of the Century Gardens Village Community · Development District and;

2.   Adopt an ordinance  pursuant  to Chapter 190, Florida  Statutes, granti g   this Petition and establishing the Century Gardens Village Community Development District.

Respectfully submitted this 8': 	day of		2006.

ent Gronp, LLC

r3

EXHIBIT3
AFFIDAVIT OF OWNERSHIP AND CONSENT TO THE CREATION OF THE
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT

STATE OF FLORIDA	)
COUNTY OF MIAMI-DADE	)
On this day of 1-'\lY\ 2006,  personally  appeared before  me, an  officer duly authorized to administer oaths and take acknowledgments, Sergio Pino who, after being duly swom, deposes and says:

I. Affiant Sergio Pino, an individual, is a Manager of Century Gardens Village Management Group, LLC;

Century Gardens Village, LLLP is the owner of the following described property, to wit:

See Exhibit "A" attached hereto (the "Property")

Affiant, Sergio Pino, hereby represents that he has full authority to execute all documents and -instruments on behalf of the Corporation, including the Petition before the Board of County Commissioners of Miami-Dade County, Florida, to enact an ordinance to establish the Century Gardens Village Community Development District (the "Proposed CDD").

The property represents all of the real property to be included in the Proposed CDD.

Affiant, Sergio Pino on behalf of Century Gardens Village, LLLP the sole owner of the property in the capacity described abov	b onsents to the establishment of the proposed CDD.

FURTHEF AFFIANT SAYETHNOT.

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j

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)

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SubSsczroib;ed;;,.-a--nd sp,om to before me this appeared before me, and is personally known.

i. I;  f·:• MyCcrnmi'isionExptesJon19,2C08

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SARY FAR .
1\ No tm y f'ublic -_Stole ot Ftollda

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Commission # 0D2 79122

. • .,,..,,.. Bonded By NallonalNolary Assn.

.ff	day of	/..f&.'1	2006, by

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-	0-	y
Notary:	.::
Print Name:
Notary Public, State of Florida

(f

EXHIBIT A

LEGAL DESCRIPTION
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT

The West 338.89 feet of the North 1/2 of the South 1284.73 feet of the East 1/2 of the Northwest 1/4 of Section 4, Township 55 South, Range 39 East of Miami-Dade County, Florida

AND;

The East 1/2 of the Northwest 1/4 of Section 4, Township 55 South, Range 39 East of Miami­ Dade County, Flori!fa, less the North 55.00 feet thereof and the South 1284.73 feet thereof,

LESS;

That portion of the East 1/2 of the Northwest 1/4 of Section 4, Township 55 South, Range 39 East of Miami-Dade County, Florida, being more particularly described as follows:

Commence at the Northwest corner of  the  East 1/2 of  the Northwest  1/4 of  Section  4,  Township 55 South, Range 39 East of Miami-Dade County, Florida,  thence  run  S  00°26'29"  E  along  the West line of the East 1/2 of the Northwest 1/4 of said Section 4 for a distance of 55.03 feet to the South right-of-way line of Kendall Drive (S.1/1/. ss' h Street), to the Point of Beginning Parcel hereinafter described; thence continue S 00°26'28" E, along said West line for a distance of
605.32 feet; thence run N 89°33'32" E at right angles for a distance of 404.88 feet; thence run N 00°26'28" Wat right angles for a distance of 618.53 feet to the point of intersection with the South right-of-way line of Kendall Drive; thence run S,87°41'26" W, along said South right-of-way line for a distance of 405.09 feet to the Point of Beginning.

I	Poc<1i,.,.f.,h,M J

JOINDER AND CONSENT OF MORTGAGEE

from

recorded in Official Records Book ".2:'¥1:\b at PageCA-4\c of lhe Public

 		\2*,Bi;.,tc,.j,€=,   DP-\:\?,.	, being  the  mortgagee  under  that  certain  mortgage
Records of Miami-Dade County, Florida, covering all or a portion  of  the property  described  in the foregoing Declaration of Restrictive Covenants, encumbering all or portions of the  real property described in the foregoing Declaration of Restrictive Covenants, hereby consents to and acknowledges that the terms of the Declaration of Restrictive Covenants are and shall be bir1ding upon the undersigned and its successors in title. ·

(	Signed, sealed and delivered in the

 		 	11=•uo

·'
i	pr	£C-
l
	 Title:	i)i	derr-1·
(CORPORATE SEAL)

\
STATE OF FLORIDA	)
) ss: COUNTY OF MIAMI-DADE	)

The	foregoing	instrument	was	acknowledged	before	me	this  ,;/		day of	vUt.,V		, 2006, by MER(!.E.l)c·.s		;i/1)/VrrJJ.. VO				,
 	•	of RG°(pJd/1/5	, on behalf of the bank. He@s personally known to me
or has produced	._,!;!. r/NI<	(type of identification) as identification.

N	T	;	-

(Print, Type or Stamp Commissioned Name of Notary Public)

STATEMENT OF ESTIMATED REGULATORY COSTS
Introduction

Purpose and Scope

This Statement of Estimated Regulatory Costs ("SERC") supports the pet1t10n to establish the Century Gardens Village Community Development District ("Di'strict"). The District comprises ·_ approximately 39.54+/- acres of land located in the unincorporated area of Miami-Dade Florida. The limitations on the scope of this SERC are explicitly set out in Section 190.002(2) (d), F.S. (governing District establishment) as follows:

"That the process of establishing such a district  pursuant  to  uniform general law shall be fair and based only on factors  material  to managing and financing the service delivery function of the district, so  that  any  matter concerning ·-permitting or planning of the development is not material or relevant (emphasis added)."

Overview of Century Gardens Village Community Development District

The District is designed to provide district infrastructure,  services,  and  facilities  along with their operations and maintenance to a master planned residential development containing 272 residential units within the boundaries of the District.

Requirements for Statement of Estimated Regulatory Costs

Section 120.541(2), F.S. (1997), defines the elements a statement of estimated regulatory costs must contain:

A good faith estimate of the number of individuals and entities likely to be required to comply with the rule, together with a general description  of the types of  individuals likely to be affected by the rule.

A good faith estimate of the cost to the agency, and to any other state. and local government entities, of implementing and enforcing the proposed rule, and any
·anticipated effect on state and local revenues.

A good faith estimate of the transactional costs likely to be incurred  by  individuals and_ entities, including local governmental entities, required to comply with the requirements of the ordinance. As used in this paragraph, "transactional costs" are direct costs that are readily ascertainable based upon standard business practices,  and include filing fees, the cost of obtaining a license,  the cost of equipment  required  to  be  installed or used or procedures required to be employed in complying with the rule, additional operating costs incurred, and the cost of monitoring and reporting.

/7

j

'>
An analysis of the impact on small businesses as defined by Section 288.703, F.S.,
and an analysis of the impact on small counties and small cities as defined by Section 120.52, F.S. Miami-Dade County is not defined as a small County for purposes of !his requirement.
Any  additional information  that  the agency determines may be useful.	'

In the statement or revised statement, whichever applies, a description  of  any  good faith written proposal submitted under paragraph  (1) (a) and  either  a statement  adopting the alternative or a statement of the reasons for rejecting the alternative in favor of the proposed ordinance.
"Note: the r.eference's to ..rule" in the statutory requirements for the S:tatement of Estimated Regulatory
Costs also apply to an "ordinance" under section i 90.005(2) (a), Florida Statutes."

2.0     A good faith  estimate of the number of  individuals  and entities likely  to  be·required to comply with the ordinance, together _with a general description of the types of individuals likely to be affected by the ordinance.

a

The Century Gardens Village Community Development District  serves  land  that comprises 39.54+/- acre residential devdopment to be made up of an estimated 272 residential units. The estimated population of the residential portion of the District is
408. The property owners in the District will be individuals, families and companies that may own and operate retail and non-retail related businesses within and outside the boundaries of.the District.

A good faith estimate of the cost to the agency, and to any other state and local government entities, of implementing and enforcing the proposed rule, ·and any anticipated effect on state or local revenues.

There is no state agency promulgating any rule relating to this project that is anticipated to affect state or local revenues.

Costs to Governmental Agencies of Implementing and Enforcing Ordinanc_e.

Because the results of adopting the ordinance is establishment of a local special purpose government, there will be no enforcing responsibilities of any other government entity,
but there will be va;ious implementing responsibilities which are identified with their costs herein.

State Governmental Entities

There will be only mo_dest costs·to various State governmental entities to implement and enforce the proposed establishment of the District. The District as established on the proposed land, will encompass under 1,000 acres, therefore, Miami-Dade County is the establishing entity under 190.005(2), F.S. The modest costs to various State entities to implement and enforce the proposed ordinance relate strictly to the receipt and processing

2

of various reports that the District is required to file with the State and its various entities. Appendix A lists the reporting requirements. The costs to those State agencies that will receive and process the District's reports are very small, because the District is only one of many governmental units that are required to submit the various reports.  Therefore, the marginal cost of processing one additional set of reports is inconseque.ntial. Additionally, pursuant to section 189.412, F.S., the District must pay an annual fee to the State of Florida Department of Community Affairs which offsets such costs.	·

Miami-Dade County
There will be only modest costs to the County for a number of reasons. First, review of the petition to establish the District does not include analysis of the project  itself. Second, the petition itself provides much of the information needed for a staff review. Third, the County already possesses the staff needed to conduct the review without the need for new staff. Fourth, there is no capital required to review the petition. Finally, the County routinely process similar petitio_ns though for entirely different subjects, for land uses and zoning changes that are far more complex than is the petition to establish a community development district.

The annual costs to Miami-Dade County, because of the establishment of the District, are also very small. The District is an independent unit  of  local  government_  The_ only annual costs the County faces are the minimal costs of  receiving  and  reviewing  the  various reports that the District is required to provide to the County, or any monitoring expenses the County may incur if it establishes a monitoring program for this District. However, the Petitioner has included a payment of $15,000 to offset any expenses  the County may incur in the processing of this Petition, or in the monitoring of this District.

Impact on State and Local Revenues

Adoption of the proposed ordinance will have no negative impact on state or local revenues.· The District is an independent unit of local government. It is designed to provide infrastructure facilities and services to serve the development project and it has its own sources of revenue. No state or local subsidies are required or expected.

In this regard it is important to note that any debt obligations incurred by the District to construct its infrastructure, or for any other reason, are not debts of the State of Florida or any other of local government. In accordance with State law, debts of the District are strictly its own responsibility.

A good faith estimate of the transactional costs likely to be incurred by individuals and entities required to comply with the requirements of the ordinance.

/0	3

Table I provides an outline of the various  facilities  and  services  the  proposed  District may provide.
Table 1

CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT
Proposed  Facilities and Services

FACILITY	FUNDED BY	O&MBY	OWNERSHIP BY	
Earthwork	CDD	CDD	CDD	
Waste Water Syst.im	CDD	WASA	WASA	
Water Sunnly System	CDD	WASA	WASA	
Surface Water Management System	CDD	CDD	CDD	
Roadways	CDD	CDD	CDD	

The petitioner has estimated the costs for providing the capital facilities outlined in Table
The cost estimates are shown in Table 2 below. Total costs for those facilities, which may be provided, are estimated to be approximately $7,346.328. The District may issue special assessment bonds to fund the costs of these facilities. These bonds would be repaid through non ad valorem special assessments levied on all properties in the District that may benefit from the District's infrastructure program as outlined in Table 2.

Prospective future landowners in the District may be required to pay non-ad valorem assessments levied by the District to secure the debt incurred through bond issuance. In addition to the levy of non ad valorem special assessments for debt  service,  the District may also impose a non-ad valorern assessment to fund the operations and maintenance of the District and its facilities and services.

Furthermore, locating in the District by  new  property  owners  is  completely  voluntary. So, ultimately, all owners and users of the affected property choose to accept the non ad valorem special assessments by various names and user fees as a tradeoff for the benefits and facilities that the District provides.

A Community Development District  ("CDD") provides  property  owners with  the option of having higher levels of facilities and services financed through  self-imposed  assessments. The District is an alternative means to manage  necessary  development services with related financing powers. District management is no more expensive,  and often less expensive, than the alternatives of a municipal service taxing unit (MSTU), a property association, County provision, or through developer equity and/or bank loans.

In considering these costs it shall be noted that owners of the lands to be included  within the District will receive three major classes of benefits.

4

First, landowners in the District will receive a higher long-term sustained level of public services and amenities sooner than would otherwise be the case.

Second, a-CDD is a mechanism for assuring that the community  services and  amenities will be completed concurrently with development of lands within  the  District.  This satisfies the revised growth management legislation, and it assures that growth pays  for itself without undue burden on other consumers. Establishment. of the District will ensure that these landowners pay for the provision of facilities, services and  improvements  to these lands.

Third, a COD is the sole form of governance which allows District landowners, through landowner voting, to determine the type, quality and expense of District services they receive, provided they meet the County's overall requirements.

The cost impact on the ultimate landowners in the District is not the total cost for the District to provide infrastructure services _and facilities.  Instead,  it  is  the  incremental costs above what the landowners would have paid to  install  infrastructure  via  an alternative management mechanism. Given the low cost of capital for a CDD, the cost 'impact to landowners is negligible. This incremental  cost  of  the  higb  quality infrastructure provided by the District is likely to be fairly low.

Table2

CENTURY GARDENS VILLAGECOMMUNITY DEVELOPMENT DISTRICT

I	Category	
Cost Estimates	
Earthwork	$3,673,307	
Waste Water Svstem	$ 1,003,597	
Water Suooly System	$	971,857	
Surface Water Management	$	665,086	
Roads and Paving	$ 1,032,481	
		
Total	.	$7,346,328	

Cost Estimate for District Facilities

I

5

Table 3

CENTURY GARDENS VILLAGECOMMUNITY DEVELOPMENT DISTRICT
Estimated Construction Timetable For District Facilities

Categm,1y	
Completion Date	
Earthwork	August 2006 .	
Waste Water System;.	September 2006	
Water Supply System	October 2006	
Surface Water Management	November 2006	
Roadways,	December 2006	
.	.
5.0 An analysis of the impact on small businesses as defined  by Section  288.703,  F.S., and an analysis of the impact on small counties and small cities as defined· by Section 120.52, F.S.

There will be no impact on small businesses because of the establishment of the District. The Miami-Dade County has:im estimated population in 2005 that is greater than 10,000; therefore the County is not defined as a "small" County according to Section 120.52, F.S, and there will accordingly be no impact on  a small  County  because of  the  formation of the District,	·

Any additional useful information.

The analysis provided above is based on a  straightforward  application  of  economic theory, especially as it relates to tracking the incidence of regulatory costs·and benefits. Inputs were received from the Petitioner's Engineer and other  professionals  associated with the Petitioner.

·****************

	 6

....,,
)

APPENDIX A
LIST OF REPORTING REQUIREMENTS

REPORT	FL.STATUTE	DUE DATE CITATION

Annual Financial Audit	11.45	within 45 days of audit completion,· but no
later than 12 months after end of fiscal year

Annual Financial Report	218.32	within 45 days of financial audit completion,
but no later than 12 months after end of fiscal year; if no audit required, by 4/30

TRIM Compliance Report	200.068	no later than 30 days following the adoption
of the property tax levy ordinance/resolution (if levying property taxes)

Form I:  Statement of Financial	112.3145	within   30   days   of  accepting  interest	the
appointment, then every year thereafter by 7/1 (by "local officers" appointed to special district's board); during the qualifying period, then every year thereafter by 7/1 (by "local officers" elected to special district's board)

Public Facilities Report

Public Meetings Schedule Bond Report
Registered Agent

Proposed   Budget Public Depositor Report

189.415

189.417

218.38

189.416

189.418

280.17

within one year of special district's creation; then annual notice of any changes; and updated report every 5 years, 12 months prior to submission of local  government's evaluation and appraisal report

quarterly, semiannually, or annually when issued
within 30 days after first meeting of governing board

prfor to end of current fiscal year annually by 11/30

EXHIBIT4A  GOOD FAITH ESTIMATE
ESTIMATED INFRASTRUCTURE CONSTRUCTION TIME TABLE CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT .

IMPROVEMENT	START DATE	COMPLETE DATE	
EARTHWORK	APRIL 2006	AUGUST 2006	
WASTE WATER SYSTEM	JULY 2006	SEPTEMBER 2006	
WATER SUPPLY SYSTEM	AUGUST 2006	OCTOBER 2006	
SURFACE WATER MANAGEMENT	SEPTEMBER 2006	NOVEMBER 2006	
ROADWAYS	OCTOBER 2006	DECEMBER 2006	

P.Utfon- E'1Ub JA

EXHIBIT4B GOOD FAITH ESTIMATE
CONSTRUCTION COSTS ESTIMATES
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT .

EARTHWORK WASTEWATER SYSTEM WATER SUPPLY SYSTEM
SURFACE WATER MANAGEMENT ROADS AND PAVING
TOTAL CONSTRUCTION COSTS

1 $  s.e13,so1 I
/  $1,003,597   /

1 $	911.a51
1    $. e6s.oae
1 $  1.os2,4a1 1
1  s 1,a4s,a2s 1

•

DISTRICT BOUNDARIES ..-	-----	)

. .·	N
THEO. SW 94 ST

CENTURY GARDENS VILLAGE
COMMUNITY DEVELOPMENT DISTRICT

(COMM. 011)
:i=r.TION: 4-55-39	EXHIBIT "C"

EXHIBITS

CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT RESUMES OF PROPOSED SUPERVISORS

a

	Cesar  Llano,  Vice  President,  Century  Homebuilders  LLC,  has  over  19  years   of experience in real estate  development.  He  directs  all  aspects  of  acquisition.  land development  site  planning  and  related  details  involved  in  developing  the  concepl  of   a new community. He is past Director of the  Latin  Builders  Association  and  a  e11i-rent Member of the Builders Association where he has chaired  various  committees.  He  was recently appointt;d by Governor Jeb Bush as  a  Board  Member  of  the  Miami-Dade Expressway Authority.

Jessica Gonzalez, Vice President, Century Homebuilders LLC, has over  5  years of sales and marketing experience, directs the advertising, public relations and sales activities  as well as supervising the sales team.

Catherine Burns, Accounting Manager, Century Homebuilders, LLC, has over 8 years of financial experience. She maintains the daily accounting for various companies and is responsible for the preparation and reconciliation of financial statements, as well as reviewing and reconciling all accounts and loans; employed  by Century  Homebuilders, LLC for past four (4) years.

Brandon Immerman, Customer Service Manager, Century  Homebuilders  LLC,  has over 20 years experience  in the construction  field.  He supervises office personnel  responsible to receiving customer service requests as well as field personnel to address customer requests.

Barbara Pico, Assistant to Vice President of  Constmction,  Century  Homebuilders LLC, has over 10 years experience in the construction field. She coordinates distribution of required information between to and from the field personnel.

This instrument was prepared by:	
Name: Address:	Robert D. Norris
Special District Services, Inc.
11000 Prosperity Farms Road, Suite 104
Palm Beach.Gardens, FL 33410	

'	

·.,	

(Space Reserved for Clerk)
.	

I
DECLARATION OF RESTRICTIVE COVENANTS
WHEREAS, the undersigned Owner holds the fee simple title to the land described .in·

the attached Exhibit A (the "Property"), located in Miami-Dade County, Florida (the "County");

and

WHEREAS, Owner :desires to provide certain covenants to the County  Board of  County

Commissioners (the "Board") in support of a Petition (the "Petition") for creation of the Century
}
Gardens  Village  Corrummity  Development  District  (the "District")  filed  March  1,  2006, and

approved pursuant to Ordin_ar,ce No. 	enacted by the Board on	(the

"Ordinance"), in accordance with the requirements of Chapter 190, Florida Statutes, and Section I.0l(A)(21) ofthe County Home Rule Charter; and
WHEREAS, among those covenants are provisions for the timely, accurate, and enforceable disclosure, to all prospective initial purchasers who have entered or will enter into contract$ for improved residential units within the Property (each a "Prospective Initial
Purchaser"), of the obligation to pay to the District: (1) the pro-tata share for each Dwelling Unit (defined below) of the cost .of the acquisition, construction, reconstruction, and equipping of certain public infrastructure which benefit the Property either as a one time assessment at the time of closing or as an annual assessment based on the debt service on bonds to be issued by the District to finance such capital costs until such bonds are retired (collectively, "Capital

Assessments"), and (2) the costs associated with (i) operations of the District including administration ("Operations Assessments") and (ii) maintenance of public infrastructure by the
District  ("Infrastructure  Maintenance  Assessments";  Operations  and  Infrastructure Maintenance

Assessments are hereinafter collectively referred to as "Administrative Assessments"); and

WHEREAS, other covenants made by Owner include provisions for the long-term maintenance of infrastructure serving the Property including, but not limited to,  roadways, drainage, and landscaping; and
WHEREAS, such covenants of Owner are made in order to assure the Board that the representations made by Owner in support of the Petition will be abided by,
NOW, THEREFORE, Owner freely, voluntarily,  and  without  duress, and on  behalf of its heirs, successors, and assigns, makes the following Declaration of Restrictive Covenants
covering and running with the Property (this "Declaration"):

COVENANTS.

I.I	Public Records Notice of Existence ofDistricfibis Declaration shall serve

as notice in the public records of the County that unless the District is terminated in acmrdance

with the requirements of Chapter 190, Florida Statutes, and such termination is reflected in the public records of the County, the Property and all lands, parcels, lots, and units located within the District's boundaries are subject to the Capital Assessments and Administrative  Assessments levied. and imposed by the District, subject only to the exceptions or exemptions from such assessments expressly provided by Florida law.
CDD and Purchase Contract Notices.

Owner shall be required to provide to each Prospective Initial Purchaser of an improved individual residential lot or unit within the Property (individually, a

"Dwelling Unit") written notice of the estimated annual Capital Assessments and Administrative Assessments (the "CDD Notice") to be imposed on such individual Dwelling substantia,!ly in the
form  attached  hereto  as  Exhibit  B prior  to,  or  contemporaneously  with,  the executiori  of a

purchase  and sale contract  ("Purchase Contract")  for such Dwelling  Unit.  For the pu:;poses of

this Declaration, the term "Owner" means each seller of Dwelling Units within the Prnperty, Notwithstanding the for going, if a Prospective Initial Purchaser executed a Purchase Contract before the effective date (10 days after enactment) of the Ordinance
but was not given an contemporaneous CDD Notice, Owner may still give the CDD Notice to such Prospective Initial Purchaser; provided, however, such CDD notice must be given together with the following written notice and must be sent to such Prospective Purchaser by
certified mail, professional overnight.delivery or hand delivery, with return receipt, not later than

the first business day following the Effective Date of the Ordinance:	)
TIIE DWELLING UNIT YOU ARE PURCHASING IS SUBJECT TO A COMMUNITY	DEVELOPMENT		DISTRICT	AND		A	RELATED DECLARATION OF RESTRICTIVE COVENANTS WHICH REQUIRES TIIAT CERTAIN NOTICES BE GIVEN TO PURCHASERS BY OWNER. THIS NOTICE AND TIIE ATTACHED CDD NOTICE ARE BEING GIVEN TO YOU PURSUANT TO SUCH DECLARATION. PLEASE NOTE THAT THE DISTRICT PLANS TO ISSUE OR HAS ISSUED BONDS 1HAT WILL HAVE PRINCIPAL AND INTEREST PAYMENTS APPLICABLE TO THIS DWELLING UNIT OVER A PERIOD OF UP TO THIRTY (30) YEARS TO FUND	CONSTRUCTION	OF	INFRASTRUCTURE	SERVING	THE PROPERTY IN TIIE ESTIMATED AGGREGATE AMOUNT OF $_SEE EXHIBIT B' TABLE 3. THIS DWELLING UNIT SHALL BE ASSESSED AN ESTIMATED CAPITAL ASSESSMENT OF $SEE _EXHIBIT B'TABLE 3 IF
. PAID IN FULL AT CLOSING OR AN ESTIMATED ANNUAL CAPITAL ASSESSMENT OF $SEE EXHIBIT B-TABLE 1 FOR ITS PROPORTIONATE SHARE OF DEBT SERVICE ON THE BONDS UNTIL SUCH BONDS  ARE
PAID IN FULL.·WHETIIER TIIE  CAPI'.tAL  ASSESSMENT  rs PAID ONE
TIME AT CLOSING OR IN ANNUAL INSTALLMENTS IS AT TIIE OPTION OF THE PURCHASER TO BE EXERCISED AT THE TIME OF CLOSING.  THE	AITACHED NOTICE FULLY DESCRIBES YOUR OBLIGATIONS. YOU MAY ELECT TO RESCIND THE PURCHASE CONTRACT FOR A PERIOD OF THIRTY (30) DAYS FOLLOWING RECEIPT OF THIS NOTICE. UPON SUCH ELECTION, OWNER SHALL RETURN ALL MONIES PAID BY YOU AS THE PROSPECTIVE INITIAL PURCHASER REGARDING THE PURCHASE OF THE REAL PROPERTY IDENTIFIED IN THE PURCHASE CONTRACT WITHIN TEN (10) CALENDAR DAYS AFTER RECEfVING YOUR WRITTEN NOTICE THAT

YOU HAVE ELECTED TO RESCIND THE PURCHASE CONTRACT, AND ALL OTHER PROVISIONS OF THE DECLARATION OF RESTRICTIVE COVENANTS NOT INCONSISTENT WITH THE REMEDIES SET FORTI! HEREIN SHALL GOVERN. NO OTHER REMEDIES ARE AVAILABLE TO PURCHASER WHETHER OR NOT YOU ELECT TO RESCIND EXCEPT IN THE EVENT OF AN OWNER DEFAULT WITH RESPECT TO TIIE CDD NOTICE AND THEN ONLY IN ACCORDANCE WITH TIIE DECLARATION.

Owner shall promptly refund any amounts due under the foregoing notice if a Prospective Initial Purchaser properly rescinds a Purchase Contract during the time provided. No other remedies provided in Section I.4 shall be available to a Prospective Initial Purchaser who terminates a Purchase Contract pursuant to the foregoing notice.
Owner shall also provide substantially the following disclosure

("Purchase Contract Notice") on the first page of each_ Purchase Contract executed after the Effective Date of the Ordinance for a Dwelling Unit within the Property, immediately after disclosure of the purchase price for the Dwelling Unit:
TiilS DWELLING UNlT IS WITHIN A COMMUNITY DEVELOPMENT DISTRICT ("DISTRICT"). TIIE DlSTRICT PLANS TO ISSUE OR HAS ISSUED BONDS TIIAT WILL HAVE PRINCIPAL AND INTEREST PAYMENTS APPUCABLE TO THIS DWELUNG UNIT OVER A PERIOD OF UP TO TIIIRTY (30) YEARS TO FUND CONSTRUCTION OF INFRASTRUCTURE SERVING THE PROPERTY IN TIIE ESTIMATED AGGREGATE    AMOUNT    OF   $SEE   EXHIBJT   B-TABLE    3.    THIS
DWELLING UNIT SHALL BE ASSESSED AN ESTIMATED CAPITAL ASSESSMENT OF $SEE EXHIBIT B-TABLE 3 IF PAID IN FULL AT CLOSING  OR AN ESTIMATED  ANNUAL  CAPITAL  ASSESSMENT OF
$SEE EXHIBIT B-TABLE I FOR ITS PROPORTIONATE SHARE OF DEBT SERVICE ON TIIE BONDS UNTIL SUCH BONDS ARE PAID IN FULL. WHETHER THE CAPITAL ASSESSMENT IS PAID ONE TIME AT CLOSING OR IN ANNUAL·INSTALLMENTS IS AT THE OPTION OF TIIE
PURCHASER TO BE EXERCISED AT THE TIME OF CLOSING. THESE AMOUNTS ARE DUE OVER THE TERM OF THE BONDS IN ADDJTION TO THE PURCHASE PRICE. INITIAL. PURCHASER ALSO UNDERSTANDS TIIAT IF THE ACTUAL ANNUAL CAPITAL ASSESSMENTS ON THE DWELLING UNIT ARE MORE THAN FIVE PERCENT (5%) HIGHER THAN THE ESTIMATED AMOUNT PROVIDED HEREIN, IN1TIAL PURCHASER SHALL HAVE THE RIGHT TO RESCIND THIS AGREEMENT AT ANY TIME PRIOR TO CLOSING. IN1TIAL PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT THE ESTIMATED AMOUNT OF CAPITAL ASSESSMENTS DOES NOT INCLUDE ADMINISTRATIVE ASSESSMENTS WHICH SHALL BE LEVIED BY TIIE DISTRICT FOR OPERATIONS AND INFRASTRUCTURE MAINTENANCE AND MAY VARY FROM YEAR TO YEAR AND FROM

4	:3!

TIME TO TIME. IN 1BE EVENT OF ANY CONFLICT BETWEEN TIIE · DISCLOSURES IN THIS PROVISION AND TIIE ATTACHED CDD NOTICE, TIIE CDD NOTICE SHALL CONTROL.

PURCHASER'S INITIALS:

Owner shall cause each Prospective Initial Purchaser to initial the Purchaser Contract Notice where indicated.
Relief to Prospective Initial Purchaser for Owner Default.

1.3.I	Owner shall provide relief, in the manner provided by this Section

1.3 to any Prospective Initial Purchaser who has not yet closed on a Dwelling Unit if any one of

the following events shall occur (an "Owner Default"):

1.3.1.1.0wner fails to provide a timely CDD Notice or PUIChase Contract Notice as required; and/or
Owner provides a timely CDD Notice; however, such CDD Notice underestimates the aggregate or monthly actual Administrative Assessments for the District's first three fiscal years by more than five percent (5%); and/or

Owner provides a timely CDD Notice and/or Purchase Contract; however, such CDD Notice and/or Purchase Contract Notice underestimates the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/or monthly actual Annual Capital Assessments by more than five percent (5%).
In the event of any Owner Default that is not cured by  a  timely Late Notice (as hereinafter defined), a Prospective Initial Purchaser may, in writing (a
"Termination Notice"), elect to rescind the Purchase Contract at any time prior to closing. Upon such election, Owner shall return all monies paid by the Prospective Initial Purchaser regarding  the purchase of the. real property identified in the Purchase Contract within ten (10) calendar
5	jL

days after receiving written notice from the Prospective Initial Purchaser that such Prospective Initial Purchaser has elected to rescind the Purchase Contract. No other remedies provided im Section 1.4 shall be available to a Prospective Initial Purchaser who terminates a Purchase Contract pursuant to this provision.
Prior to the receipt of a Termination Notice from a Prospective

Initial  Purchaser  affected•by  an Owner  Default,  Owner shall  have  an  opportunity  to  cure :any
Owner Default by providing -a written notice (a "Late Notice") to· such_ affected Prospective Initial Purchaser  (i) prior to  closing and (ii)  within  the  later of ninety (90) days from  (x) the date
of  execution  of  the  Purchase  Contract  or  (y)  the  Effective  Date  of  the  Ordinance  (the "Cure

Period"). If the Owner Default set forth in Section 1.3.1.3 is due solely to a fluctuation of interest rates on  the  bonds  once the pricing  of  the  bonds is completed,  Owner shall have the
opportunity to cure such Owner Default by providing a written notice setting forth the new

annual  Capital  Assessments  to· such  affected  Prospective Initial Purchaser  (the ''.Extended Late

Notice") no later than the earlier of (i) the closing  date of the  Dwelling Unit or (ii) ninety (90)

days from the pricing of the bonds (the "Extended Cure Period"). An Owner Default cannot be cured as to_an affected Prospective Initial Purchaser after the expiration of the applicable Cure Period or applicable Extended Cure Period. If Owner provides (i) a Late Notice to a Prospective Initial Purchaser during the applicable Cure Period or (ii) an Extended Late Notice  during applicable Extended Cure Period, then such Prospective Initial  Purchaser  may  still  elect  to rescind the.Purchase Contract at anytime for a period of thirty (30) days following receipt of Late Notice or Extended Late Notice. Upon such election, Owner shall return all monies paid by the Prospective Initial Purchaser regarding the purchase of the  real  property  identified  in  the Purchase Contract within ten (10) calendar days after receiving written notice from the

Prospective Initial Purchaser that such Prospective Initial Purchaser has elected to rescind the Purchase Contract. No other remedies provided in Section 1.4 shall be available to a Prospective Initial Purchaser who receives an accurate Late Notice or Extended Late Notice during the 'Cure Period or Extended Cure Period, as applicable, regardless of whether the Prospective Initial Purchaser elects to rescind the Purchase Contract.
Every Late Notice or Extended Late Notice sent by Owner to a Prospective Initial Purchaser must include the following in bold type in a font at least as large as the largest font· in such Late Notice or Extended Late Notice (with correct type of notice indicated):
THE DWELLING UNIT YOU ARE PURCHASING IS SUBJECT TO A COMMUNITY DEVELOPMENT DISTRICT AND A RELATED DECLARATION OF RESTRICTIVE COVENANTS WIIlCH REQUIRES THAT CERTAIN NOTICES BE GIVEN TO PURCHASERS BY OWNER.
THIS IS A [LATE  NOTTCE or  EXTENDED LATE NOTICE] UNDER SUCH	\
DECLARATION. IF OWNER PROVIDES YOU WITH THIS [LATE NOTTCE	i
or EXTENDED LATE NOTTCE] DURING THE APPLICABLE CURE PERIOD, THEN YOU AS A PROSPECTIVE INITIAL PURCHASER MAY STILL ELECT TO RESCIND THE PURCHASE CONTRACT FOR A PERIOD OF THIRTY (30) DAYS FOLLOWING RECEIPT OF THIS [LATE NOTTCE or EXTENDED LATE NOTICE]. UPON SUCH ELECTION, OWNER SHALL RETURN ALL MONIES PAID BY YOU AS THE PROSPECTIVE INITIAL PURCHASER REGARDING THE PURCHASE OF
THE  REAL  PROPERTY  IDENTIFIED   IN   THE  PURCHASE CONTRACT
WITHIN TEN (10) CALENDAR DAYS AFTER RECEIVING YOUR WRITTEN NOTICE YOU HAVE ELECTED TO RESCIND THE PURCHASE CONTRACT., AND ALL OTHER PROVISIONS OF THE DECLARATION OF RESTRICTIVE COVENANTS NOT INCONSISTENT WITH THE REMEDIES SET FORTH HEREIN SHALL GOVERN. NO OTHER REMEDIES PROVIDED IN SECTION 1.4 OF THE DECLARATION SHALL BE AVAILABLE TO YOU AS A PROSPECTIVE INITIAL PURCHASER IF YOU RECEIVE .THIS [LATE NOTTCE or EXTENDED LATE NOTICE] DURING THE APPLICABLE CURE PERIOD, REGARDLESS OF WHETHER YOU AS A PROSPECTIVE INITIAL PURCHASER ELECT TO RESCIND THE PURCHASE CONTRACT.

If the Owner Default involves the failure to provide a Purchase Contract Notice or Owner provided a Purchase Contract Notice in substantially the correct form and location; however, such Purchase Contract Notice underestimated the actual Capital

7

Assessment, if paid in full at closing, by more than five percent (5%) and/or the annual Capital Assessments by more than five percent (5%), then the Late Notice or Extended Late Notice shall also contain the following:
YOUR PURCHASE CONTRACT PROVIDES THAT THE PURCHASE PRICE   FOR  YOUR   DWELLING   UNIT  IS  AS  FOLLOWS:		[INSERT PURCHASE PRICE INFORMATION]. THIS DWELLING UNIT IS OR WILL BE WIIBIN A COMMUNITY DEVELOPMENT DISTRICT (''DISTRICT'). THE DISTRICT PLANS TO ISSUE OR HAS ISSUED BONDS 1HAT WILL HAVE PRINCIPAL AND INTEREST PAYMENTS APPLICABLE TO THIS DWELLING, UNIT OVER A PERIOD OF UP TO IBIRTY (30) YEARS TO FUND	CONSTRUCTION		OF	INFRASTRUCTURE		SERVING	THE PROPERTY IN THE ESTIMATED AGGREGATE AMOUNT OF $SEE EXHIBIT B-TABLE 3. IBIS DWELLING UNIT SHALL BE.ASSESSED AN ESTIMATED CAPITAL ASSESSMENT OF $SEE EXHIBIT B-TABLE 3 IF PAID IN FULL AT CLOSING OR AN ESTIMATED ANNUAL CAPITAL ASSESSMENT OF $SEE EXHIBIT B-TABLE I FOR ITS PROPORTIONATE SHARE OF DEBT SERVICE ON THE BONDS UNTIL SUCH BONDS ARE PAID IN FULL. WHETI:IER THE CAPITAL ASSESSMENT IS PAID IN FULL AT CLOSING OR IN ANNUAL INSTALLMENTS IS AT THE OPTION OF IBE PURCHASER TO BE EXERCISED AT THE TIME OF CLOSING.IBESE AMOUNTS ARE DUE OVER IBE TERM  OF  THE BONDS IN ADDITION TO THE PURCHASE PRICE. PURCHASER ALSO UNDERSTANDS		THAT	IF    1HE	ACTUAL	ANNUAL	CAPITAL ASSESSMENTS ON THE DWELLING UNIT ARE MORE THAN FIVE PERCENT (5%) HIGHER THAN THE ESTIMATED AMOUNT PROVIDED HEREIN, PURCHASER SHALL HAVE THE RIGIIT TO RESCIND THIS AGREEMENT   AT   ANY   TIME  PRIOR TO  CLOSING.		PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT IBE ESTIMATED AMOUNT	OF	CAPITAL   ASSESSMENTS	DOES	NOT INCLUDE ADMINISTRATIVE ASSESSMENTS WHICH SHALL BE LEVIED BY THE DISTRICT FOR OPERATIONS AND INFRASTRUCTURE MAINTENANCE AND MAY VARY FROM YEAR TO YEAR  AND  FROM TIME TO TIME. IN THE EVENT OF ANY CONFLICT BETWEEN THE DISCLOSURES IN THIS PROVISION AND THE ATTACHED CDD NOTICE, ·THE CDD NOTICE SHALL CONTROL. ·

If the Owner Default involves the failure to provide a CDD Notice or Owner provided a timely CDD Notice; however, such CDD Notice  underestimated  (i)  the actual aggregate Administrative Assessments for each of the District's first three fiscal years by more than five percent (5%) and/or (ii) the actual  Capital  Assessment,  if paid in  full at  closing, by more than five percent (5%) and/or the actual annual Capital Assessment by more than five percent (5%), then the Late Notice or Extended Late Notice must also include a CDD Notice, if

8

the Owner Default involves a failure to provide a CDD Notice or an  accurate  revised  CDD Notice, if the Owner Default involves a timely but inaccurate CDD Notice.
Relief to a Prospective Initial Purchaser Who Actually Closes on a

Dwelling Unit After an Uncorrected Owner Default.
I.4.1	In the event Owner fails to give a Prospective Initial Purchaser a timely CDD Notice, and such failure is not corrected by a timely and accurate Late Notice, then
•
a Prospective Initial Purchaser that closes on the Dwelling Unit (''.Actual Initial Purchaser") may demand, in writing, that Owner pay such Actual Initial Purchaser (i) the amount necessary to prepay all Capital Assessments principal, and interest on such Capital Assessments principal due through the next applicable bond payment date respecting the Dwelling Unit plus (ii) an amount equal to the sum of the share of the actual Administrative Assessments levied by the District on such Dwelling Unit for the District's first three (3) fiscal years immediately following the closing respecting the Dwelling Unit.
In the event that Owner gave to an Actual Initial Purchaser (i)  both  a timely CDD Notice and Purchase Contract Notice and either underestimated the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/or the actual annual Capital Assessments (as set forth in Table 1 of the CDD Notice) by more than five percent  (5%) and such underestimate was not corrected by a timely and accurate Late Notice or Extended Late Notice or (ii) a timely CDD Notice and no Purchase Cmtract Notice, if applicable, and the CDD Notice underestimated the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/or the actual annual Capital Assessments by more than  five percent (5%)  and such underestimate was not corrected by a timely and accurate Late Notice or E{tended  Late Notice, then such Actual Initial Purchaser may demand, in writing, that Owner (a) pay such

9

actual Imtial Purchaser, in the event he or she elects to pay the Capital Assessment in full at closing, an amoWlt equal to the difference between the actual Capital Assessment due at closing and the estimated Capital Assessment due at closing disclosed in the CDD Notice to the A_ctual Imtial Purchaser or pay such Actual Initial Purchaser, in the event he or she elects  to  pay  an annual Capital Assessment, an amount equal to the difference between the actual aggregate
amount of annual Capital Assessments, calculated over the term of the  bonds,  levied:  and imposed  by  the District 'on  such Dwelling  Umt and  the aggregate  amount  of  estimated annual
Capital Assessments, calculated over the term of the bonds, actually disclosed in the CDD Notice to the Actual Initial Purchaser or, (b) if less, the amount necessary to prepay all Capital  Assessments principal and interest on such Capital Assessments principal through the next applicable bond payment date with respect to the Dwelling Um!.
In the event that .Owner gave an Actual Imtial Purchaser a timely CDD Notice aud such CDD Notice  underestimated  the  actual  annual  Adrmmstrative Ass!'Ssments by more than five percent (5%) aud such underestimate was not  corrected  by  a timely and accurate Late Notice, then such Actual Imtial Purchaser may demand, in writing, that Owner pay such Actual Imtial Purchaser an amount equal to the difference between the actual amount of the Admimstrative Assessments levied and imposed by the District on such.Dwelling Umt and the amount of estimated Administrative Assessments disclosed to the Actual Initial Purchaser in the CDD Notice calculated for the District's frrst three (3) fiscal years immediately following the closing based on the initial actual annual Administrative Assessments.
Upon such demand by an Actual Imtial Purchaser under this

Section 1.4, Owner shall deliver the  applicable amount  to the Actual  Initial Purchas'er  within ten

(10) calendar days after:  (_l) receipt  of  written demand, or (2) after  the date Capital Assessments
IO	57

and Administrative Assessments first become payable, whichever is later, unless. Owner and Actual Initial Purchaser agree to another manner or time of payment. An Actual Initial Purchaser shall provide to Owner written notice of election of remedy in this Section ·o!_l or before one (I) year after the earlier of(]) thedate that Capital Assessments and Administrative
Assessments  first  appear  on  the Actual  Initial  Purchaser's Combined  Real  Property  tax  b' ill  for
the affected Dwelling Unit or (2) ifsuch assessments are directly billed by the District and do not appear on the Actual Initi•al Purchaser's Combined Real Property tax. bill, then the date that such
Capital Assessment and Administrative Assessments first appear on any bill sent to the Actual Initial Purchaser by the District for the affected Dwelling Unit. After the expiration of that year, Owner shall not be obligated to provide any relief to such Actual Initial Purchaser under this Declaration.
Nothing in this Section 1.4 shall be construed to relieve any Actual Initial Purchaser of the individual Dwelling Unit ofliability for all lawful taxes and assessments inch;1ding, but not limited to, any tax liability resulting from Owner's payments to such Actual Initial Purchaser under Section 1.4.
Additional Disclosure through District Sign. Owner shall display at every entrance to a sales office or area, in a conspicuous location readily available for viewing by Prospective Initial Purchasers of Dwelling Units, a sign with information about the District. The remedy provisions discussed in Section 1.4 shall  not apply to this Section.  Such sign(s) shall be  no. smaller than twenty-four inches by thirty-six -inches (24" x 36"), and shall contain  the following language in substantially similar Jorm in large, boldface type:

11

CENTIJRY GARDENS VILLAGE COM!vfUNJTY DEVELOPMENT DISTRICT

PURSUANT TO CHAPTER 190, FLORIDA STATUTES, THE CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT MAY IMPOSE	TAXES			OR		ASSESSMENTS,		OR   BOTH		TAXES	AND ASSESSMENTS, ON TIIlS PROPERTY THROUGH A SPECIAL TAXING DISTRICT.					TI!ESE		TAXES			AND	ASSESSMENTS			PAY		THE CONSTRUCTION,			OPERATION,   AND   MAINIENANCE		COSTS OF CERTAIN PUBLIC FACILITIES OF THE DISTRICT AND. ARE SET ANNUALLY BY THE GOVERNING BOARD IN ADDITION TO·COUNTY AND ALL OTI!ER TAXES AND ASSESSMENTS PROVIDED  FOR  BY LAW.		TI!E			CENTURY	GARDENS				VILLAGE			COMMUNITY DEVELOPMENT DISTRICT EXPECTS TO ISSUE BONDS TO FINANCE A PORTION  ' OF		THE	CONSTRUCTION			OF	REQUIRED	PUBLIC INFRASTRUCTIJRE IN CENTIJRY GARDENS VILLAGE ·COMMUNITY DEVELOPMENT  DISTRICT.		A PURCHASER OF PROPERTY IN CENTURY				GARDENS			VILLAGE	COMMUNITY	DEVELOPMENT DISTRICT WILL BE OBLIGATED TO PAY ANNUAL ASSESSMENTS TO AMORTIZE TI!E DEBT AND FOR DISTRICT ADMINISTRATION, WHICH AMOUNTS ARE SEPARATE FROM THE PURCHASE PRICE OF THE PROPERTY AND OTHER ASSESSMENTS ON THE PROPERTY, AND WHICH MAY VARY FROM YEAR TO YEAR AND FROM TIME TO TIME. TIIE TOTAL ANNUAL ASSESSMENTS VARY IN RELATION TO THE INFRASTRUCTURE   BENEFlT			ALLOCATED TO THE PROPERTY ASSESSED, AND ARE EXPECTED TO APPEAR ON A PURCHASER'S PROPERTY TAX BILL EACH YEAR,  BUT MAY BE BILLED DIRECTLY BY THE CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT.			A PURCHASER SHALL HAVE THE OPTION TO PAY  IN FULL AT ANY TIME THE PRO RATA SHARE, AS ALLOCATED TO THE PURCHASER'S PROPERTY, OF THE TOTAL AMOUNT OF DISTRICT CAPITAL ASSESSMENTS DUE. FOR FURTHER INFORMATION ON THE CENTIJRY				GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT AND A PURCHASER'S BENEFlTS AND OBLIGATIONS RELATING THERETO, CONTACT SPECIAL DISTRICT SERVICES, INC.,
!IOOO PROSPERITY FARMS ROAD, SUITE 104, PALM BEACH GARDENS, FL 33410."

Inspection of- District Records by County RepresentativesOwner shall allow or provide for the District to allow County representatives to review all pertinent records in order io assess the overall performance of Owner in providing timely and accurate disclosure of estimated Capital Assessments and Administrative Assessments on Dwelling Units within the District. Prompt access shall be provided without prior notice of inspection by the County representatives, but only during normal business hours and without disruption of sales operations. The purpose of such inspection is only to determine Owner's overall compliance

12

with the aforementioned notice requirements and such inspection shall not authorize the County to seek any relief provided under Section 1.4, either on behalf of itself or on behalf of any Prospective Initial Purchaser or Actual Initial Purchaser.
Sole	Provider	of	Water,	Wastewater,	and	Reuse	ServiceOwner acknowledges and agrees that the Miami-Dade County Water and Sewer Department
("WASD"), or its successor agency or department, shall be the exclusive provider of water, wastewater, and reuse service to all lands within the Property.  Service shall  be provided  by WASD in accordance with its general policies_ and procedures for providing service Qrroughout the County.
Application for Multi-Pumose Special Taxing District to Maintain

InfrastructureThe costs of maintaining the infrastructure constructed with funding  provided through the District shall be the responsibility of the District and its successors  and  assigns.  In order to assure that Such maintenance is performed, however,  on or  before  the  recording  of  a fina) plat on any portion of the Property, Owner shall apply to the Board for the creation of a multi-purpose special taxing district to maintain the infrastructure serving the Property  including, but not limited to, roadways, drainage, walls, and  landscaping,  as applicable.  Upon  approval  of the multi-purpose special taxing district by the Board, such taxing district may  remain  dormant until, in the sole and exclusive opinion of the Board, both the District and any homeowners' or similar association shall have failed to maintain the infrastructure rerving the Property, as such failure is defined in any easement and/or cqvenant recorded  in  the  public records and  governing the infrastructure or similar agreement provided by Owner, or in the absence of such easement, covenarit or agreement, as determined by the Board. Upon such determination, th<; Board shall authorize the activation of the multi-purpose special taxing district and cause the infrastructure to

13

be maintained at the expense of such taxing district. By this provision, Owner hereby authorizes the Board and its officials, employees, and agents to enter upon the Property if the special taxing district is activated for the purpose of maintaining the infrastructure serving the Property. O':"'ner further agrees to apply, at the time of plat, replat, or waiver of plat, as applicable, to provide •for an easement for the benefit of the County and providing that at any and all times during' which
the infrastructure or any portion thereof is maintained by the County, the public shall have a right
of perpetual access and 'use in those portions of the Property on. which the infrastructure is located including, but not limited to, the roadways serving the Property.
BENEFITS AND ENFORCEMENT.
The covenants set forth in Sections 1.2, 1.3 and 1.4 shall run and be in favor of and to the benefit of Prospective Initial Purchasers and ·Actual Initial Purchasers of individual Dwelling Units within the Property, and their heirs, successors, and assigns, and shall be enforceable exclusively by such persons. After an individual Dwelling Unit has been once conveyed to an Actual Initial Purchaser, no further notice shall be required to be provided by Owner to any purchaser of a Dwelling Unit if the same has been improved with a residence. If a Dwelling Unit is conveyed as unimproved land, then such Dwelling Unit shall not be deemed to have been conveyed to a Prospective Initial Purchaser or Actual Initial Purchaser, and all of the
covenants set forth in Sections 1.2, 1.3 and 1.4 shall apply to the Dwelling Unit and ariy Owner
offering such Dwelling Unit for sale to Prospective Initial Purchasers.

The covenants set forth in Sections 1.6, 1.7 and 1.8 shall run and  be  in favor of and to the benefit ·of the County or any successor municipal government, and shall be enforceable exclusively by such governmental entity.
Enforcement shall be by action against any party or person violating, or attempting to violate, any covenants herein. The prevailing party in any action or suit pertaining
14	l{ (

to or ansmg out of this Declaration shall be entitled to recover, in addition· to costs and disbursements allowed by law, such sum as the Court may adjudge to be reasonable for  attorney and paraprofessional fees and costs and expenses and trial and upon appeal. This enforceµient provision shall be in addition to any other remedies available at law or in equity, or both.
COVENANT RUNNING WITH THE LAND.
This Declaration on the part of Owner shall constitute a covenant running with the land
.and shall be recorded, at'the expense of Owner in the public records. of the  County, following the acceptance by the Board of an ordinance approving the creation  of  the District,  and shall  remain in full force and effect and be binding upon the undersigned Owner, and  its  successors  and assigns, until such time as the same is modified or released.  These  restrictions  during  their lifetime shall be for the benefit of, and litigation upon, all pre,ent and future owners of the
Property  and  for  the public welfare.	Owner,  on behalf  of  itself  and  its  heirs, successors, and	\ assigns,  acknowledges   that  acceptance  of  this  Declaration   does  not  in  any  way  obligate  the County to undertake the construction or maintenance  of  any  infrastructure or  any other  duty or obligation of the District.
TERM.

This Declaration is to run with the land and shall be binding on all parties and all persons claiming under it for a period of thirty (30) years from the date this Declaration is recorded, after which time it shall be extended automatically for successive periods  of  ten  (10)  years  each, unless an instrument signed by the then owner(s) of the Property has been recorded agreeing to change the..covenant in whole, or in part, provided that the Declaration has first been modified or released by the County.
MODIFICATION. AMENDMENT, OR RELEASE.

15	C(2-

This Declaration may be modified, amended, or released  as to the  land herein described,  or any portion thereof, by a written instrument executed by the then owner(s) of  all  of  the Property, or of s.uch portion as will be affected by the modification, amendment, or rej_ease, including joinders of any and all mortgagees, provided that the same is also  approved  by  the Board, after public hearing.
Should this Declaration be modified, amended, or released, the County Manager or successor official of the C' ounty, or the  assistant in  charge of the office in the County Manager's
absence, shall forthwith execute a written instrument effectuating and acknowledging such modification, amendment, or release.
ELECTION OF REMEDIES.

All rights, remedies; and privileges granted herein shall be deemed to be cumulative, and the exercise of any one or more shall neither be deemed to constitute an election of rema:lies, nor shall such exercise preclude the party exercising the same from exercising such other additional rights, remedies, or privileges.
SEVERABILITY.
Invalidation of any one of the covenants herein by judgment of Court shall not affect  any of the other provisions.,of this Declaration which shall remain in  full  force  and  effect.  However, if any material portion of the covenants herein is invalidated and such provision is not timely amended or replaced, or cannot be timely amended or replaced in an enforceable way with materially the same effect as the invalidated provision, the County shall be entitled to revoke any approval predicated upon the invalidated portion. It shall be Owner's obligation to apply for and diligently pursue any such application for amendment or replacement.
ACCEPTANCE OF DECLARATION.

16

Owner acknowledges that acceptance of this Declaration does not obligate the  County in any manner with respect to the District, or with respect to any  land  use  application  on  the Property, nor does it entitle Owner to a favorable recommendation or the approval of··any
application, zoning or otherwise, and the Board and/or any Community Zoning Appeals Board
•
and other County boards, officials, and employees retain full authority to approve or deny such application.
IN WITNESS WHEREOF, the undersigned h.ts set its hand and seal to this Declaration of Restrictive Covenants thi ..,....) day of JJLS-1	2001.,
OWNER
Century Gardens Village).LLP

Signature:, Name: Owner's Addr

STATE OF FLORIDA
COUNTY OF .MIAMI-DADE
The fore   oing !nstrument  was acknowledged  before	by.£eu;;1,n /Jtrio	, the UJJvr:t,,.,q
of	M	this		day of dv',	, oi/i, who is personally known
to me or who pr'o  uced	SARY FAR	_	 	ficat_:::;.,...--

t:·

_.-(ij·t ..: " :;;:>-:. Notary Public_ State of Florida	--	_
-,  S  :', )   MvCcmmis5oon ExµesJanl , 9  2 008 •	Notary  Publi  ,	tatehf  Florida  at   Large
\:\;	• •-9:J  Corm111ss1on # 0D279122	II      p 'nt N	r_-	/'

I 

i_'•;•:,f;.H;::.::. .-,·_B,:o:n;de;d,S;V:N:.o;h;o;n:o.t.N_ot.o:r.y;A;s..;s,n..-

n	ame: <Y/!v/	.
]yly commission expires: ttJ t'i /,(I?,

17

Exhibit A

LEGAL DESCRIPTION

The West 338.89 feet of the North 1/2 of the South 1284.73 feet of the East 1/2 of the Northwest 1/4 of Section 4, Township 55 South, Range 39 East of MiamiDade County, Florida.

Together with

The East 1/2 of the Northwest 1/4 of Section 4, Township 55 South, Range 39 East of Miami-Dade County, l=lorida, less the North 55.00 feet thereof and the South 1284.73 feet thereof, and also less the following described parcel cf larid:

Commence at the Northwest comer of the East 1/2 of the Northwest 1/4 of Section 4, Township 55 South, Range 39 East of Miam•Dade County, Florida, thence run S 00'26'28" E along the West line of the East 1/2 of the Northwest 1/4 of said Section 4 for a distance of 55.03 feet to the South rightof-way line of Kendall Drive (S.W. 88th Street), to the Point.of Beginning; thence continue S 00°26'28" E, along said West line for a distance of 605.32 feet; thence run N 89°33'32" E at right angles for a <istance of
feet; thence run N 00°26'28" W at right angles for a distance  of 618.53  feet  to the point of intersection with the South right.of-way line of Kendall Drive; thence run S 87°41'26" W, along said South righklf-way line for a distance of 405.09  feet to the  Point of Beginning.

Y1

Exhibit B	'
CDDNOTICE
l!l!ls.J.. ESTIMATED TOTAL ANNUAL DISTRICT ASSESSMENTS DUE PER DWELLING UNIT FOR EACH OF THE
DISTRICT'S FIRST THREE (l) FISCAL YEARS (actual asswoients may vary from 1he amounts set forlh below and Operations a'nd Iufrastructure Maintenance As.sessments mav behieher In subse( uent vun:based on actual budm 19 adooted bv the Dlllrictl,

Type ol Dwelling Onit (and-Phase, If
Applltable)

'	Esflmaled &umd District Capital Auessmen&s
Including Principal
and Interest (!leeStclionsl.t and 3.2Bdow)	Estimated.4!U!.Y,!J Admlnbtratln Aeessmeofs (includes b'?th Operations and -Inftaslnu:rure Malntenam:e Assessments) (see Secffon 3.4 Below)	
Estimated Tolal A.nruw Dist ict Assessments Due for each of the Dlstrh:t's .first thrce (J) f'ascal years (see Section 35 Below)	
Townhomes	$900	$276	$1176	
Sin	Familv' Residential	$1260	$276	$1536	
llillk1 BREAKDOWN OF ESTIMATED MONTHLY DISrWCT ASSESSMENTS FOR EACH OF DIE FIRST THREE (3).FISCAL
YEARS (actual aueumenls may vary rrom the amounts set fortli below and Operations and lnfrastrutture Maintenance Ass:essmei)ts mav be h'""er in suJJse11uent vears hased on actual bu.c..e1s adonted bv the Dlslrlct\.

Type orDwdling Unit (and Phase, ff Applicable)	Estimated MADlllk
DhtrlctOpUJ!igru,
Auusment1	
Estimated M.lmlbJx District Infrastructure Malntenens:e AflH1menb.	
Estimated Mm!!h!l.Dlstrlct Capllal Auessmenfa: (Ellimated Annaal Dblrict Capital Assessments dMded by 12)	
Townhome.s	$23	NA	$75	
Sinllle Fmnilv Residential	$23	NA	S:JOS	
l'.!!!!11 ESTIMATED INITIAL PAYOFF OF CAPITAL ASSESSMENTS (does not Jodude lntereal on 1be bond pr.lnl:lpal ue" tbrougb the ne:at Payment Date) AND ESflMATEDTOTAL PAYMENTS IF ANNUAL PAYMENTS ARE MADE OVER THE TERM OF THE BONDS

Type ofDweJJlng Uiii.t (and Phase. if Applkable)	Initial Esthuted Prepayment AmoUDt to Par off Dwelling Unit's pro rata shsre ofDishict Bonds at time DweJlh1g Unit Closes (this amount dcdinu as principal payments are made annually and
does NOT include lnlerest that may be due lhrough the next applicable bo1d payment date	Estimated D!lll Capital AsseHments lndudlng Prlndpal and lnterCJt If Capital AsscssmenJs are Paid Annually (No Prepaymenl) over Tiw1y (30) years(E.111ima1ed Annual District CapItal As,cssmenls lhaes 30)	
Townhomes	$13.450	$27000	
Sin21e Familv Residential	SIB.829	$37.800	
PURCHASERS INITIALS

10/5/06 2:56 PM

The District. . All of the residential dwelling units ("Dwelling Units") in the Century Gardens Village Community Development District  (the  "Development")  are  also located within the boundaries of the Century Gard.ens Village Community Development District'. Community Development District (the "District''). The District is a local unit of special-purpose government organized and existing under the laws of the State of Florida and the Home R9Je Charter of Miami-Dade County, Florida and located in Miami-Dade County ("County"). The primary purpose of the District is to fmance,Jhe cost of the public infrastructure of the Development which may include, without limita bn, water and sewer facilities, environmental mitigation, roadways, the snrface water management system, utility plants and lines, land· acquisition, miscellaneou'!; utilities for the Development, as applicable, and· other infrastructure projects and services necessitated by the development of land within the Development (collectively, the "Public Infrastructure"),

 	 PURCHASER'S INITIALS

The District Board_ The Board of Supervisors  of  the  District  (the  "District Board") is  initially elected  by  the landowner  in.the  District.  The  Board  is  required  to advertise its meetings in advance and all District Board·Iileetings  are  required  to  be. open  to  the  pliblic_ The District Board is required to prepare a  budget .each  fiscal  year  and  adopt  the  same  in  an open, public meeting_ All owners of property within  the  District  are  invited  to attend  District Board meetings and participate in the public process_

_ 	PURCHASER'S INITIALS

3, District Finance and Assessments_  The current  plan  is for the District  to· issue bonds to acquire, construct, reconstruct, and equip all or a portion of the Public Infrastrueture identified in Section L Currently, it  is estimated  that  the Dwelling  Units in the Development will be assessed based on the Capital and Administrative Assessments  listed in Table 1 above and in Sections 3. I and 3-4 below (if paid in November) to retire the debt of the District, to pay for operations of the District and maintenance of the Public Infrastructure. District assessments will either appear on the County real estate tax bill of each property located within the District and will be paid at the same time as County taxes are paid, or will be directly billed by  the District Capital assessments to repay the principal portion  of the bond debt could  be levied by the District for a period ofup to thirty (30) years.	·

 	  PURCHASER'S INITIALS

J.l District Capital Assessments. The District expects to issue bonds (the "Bonds"), the principal of and interest on which will be payable from non ad valorem special assessments ("District Capital Assessments") levied by the District on the property within the Development, which property is found to be specially benefited by the Public  Infrastructure. Each Dwelling Unit is subject to a District Capital Assessment to repay the bonds.

 	  PURCHASER•$ INITIALS

Amount. The estimated amount of annual District Capital Assessments including principal and interest levied on each Dwelling Unit is expected to be approximately
$See Exhibit  B-Tabie  l  (approximately $See Exhibit B-Table  1 per month), which sum shall be

2	L(7	917/06    I  15 PM

•

payable annually for the term of the Bonds (the principal repayment period may not exceed thirty
(30) years). The aggregate amount of District Capital Assessments including principal  and interest expected to be levied and imposed on each Dwelling Unit over the term of the Bond (thirty (30)  years) is approximately$ See Exhibit B.	·

 	 PURCHASER'S INITIALS

Prepay Option. Each owner of a Dwelling Unit has the  option  of prepaying the aggregate amount of District Capital Assessments levied on the owner's Dwelling Unit. The prepayment amount at any time will be equal to the remaining outstanding pro ratit share of principal and inn:rest due through the next applicable payment date due on the bonds for each Dwelling Unit. Such prepayment amount wiU decline each year as the District Capital Assessments are paid.	·

 	  PURCHASER s INITIALS

District Administrative Assessments. In addition to District Capital Assessments, the District will impose an annual non ad valorem assessment to fund District operations and maintenance of its,Public Infrastructure (collectively, "District Administrative Assessments").. Each Dwelling .Unit shall be subject to District  Administrative Assessments. The budget from which District Administrative Assessments are derived  is subject  to change each year, and may vary from year to year and from time to time. During each of the first three
(3) fiscal years of the District, it is anticipated that District Administrative Assessments for the Dwelling Unit will be approximately $See Exhibit B-Table 2 per year per Dwelling Unit, after which time such assessments may vary from year to year and from time to time.

 	 PURCHASEWS INITIALS

District Assessments. District Administrative Assessments together with District Capital Assessments shall comprise the "District Assessments." While the District Assessments are not taxes under Florida law, the District Assessments will constitote a lien coequal with the lien of State, County, Municipal, and School Board taxes, and are expected to appear on the ad valorem tax bill s.ent each year by the Miami-Dade County Tax Collector. The Homestead Exemption is not applicable to the District Assessments. Because a tax bill cannot be paid in part, failure to pay the District Assessments or any other portion of the tax bill will result in the sale of tax certificates and could ultimately result in the loss of title to the Dwelling Unit of the. delinquent  taxpayer .through  the issuance of a tax  deed.  If  billed  directly  by the District,  n npayment could result in foreclosure on and loss of title to the Dwelling Unit.

 	 PURCHASER'S INITIALS

PURCHASER:	PURCHASER:

 	

Print Name: 	_ Date:  		

Print Name: 	_
Date: 	_

3	9nJ06 1:15 PM

STATE OF FLORIDA COUNTY OF MIAMI-DADE

)
)	88:
)

I, HARVEY RUVIN, Clerk of the Circuit and County Courts, in and for  Miami­ Dade County, Florida, and Ex-Officio Clerk of the Board of County Commissioners of said County, Do Hereby Certify, that the above and foregoing  is a true  and correct  copy of Ordinance 06-154, adopted by the Board of County Commissioners at its meeting of October 24, 2006, as appears of record.

IN WITNESS WHEREOF, I have hereunto set my hand and official seal on this
ylh day November, AD. 2006.

HARVEY RUVIN, Clerk

Board of County Commissioners Miami-Dade County, Florida

By:  Z2=-·t' 	<D'-'<C--·-?§"::-,=­
Deputy Clerk

Board of County Commissioners Miami-Dade County, Florida