Metropica Community Development District

March 25, 2026

Seat 3: Bernard Werner – (C.)		
Seat 1: Joseph Kavana – (V.C.)		
Seat 2: Michel Besso – (A.S.)		
Seat 4: Erick Collazo – (A.S.)		
Seat 5: Diana Cordon– (A.S.)		

Metropica
Community Development District
Special Meeting Agenda
Wednesday	The Offices of Metropica
March 25, 2026	1800 NW 136th Ave, Sunrise, Florida 11:00 a.m.		Join the meeting now
Meeting ID: 249 102 203 243 76 and Passcode: v7zD22mF
1 872-240-4685 and Phone Conference ID: 609 414 36#

Roll Call
Approval of Minutes of the January 5, 2026 Meeting – Page 4
Discussion of Financial Matters for Series Bonds 2026
Consideration of Supplemental Engineers Report – Page 7
Consideration of Supplemental Assessment Methodology Report – Page 27
Consideration of Resolution 2026-03 Bond Authorizing Resolution – Page 62
Exhibit A-1 – Form of Bond Purchase Contract – Page 71

Exhibit A-2 – Form of Note Purchase Contract – Page 111

Exhibit B – Form of Preliminary Limited Offering Memorandum – Page 150

Exhibit C-1 – Form of Series 2026 Bond Continuing Disclosure Agreement – Page 239

Exhibit C-2 – Form of Series 2026 Notes Continuing Disclosure Agreement – Page 256

Exhibit D-1 – Form of First Supplemental Trust Indenture – Page 273

Exhibit D-2 – Form of Second Supplemental Trust Indenture – Page 324

Staff Reports
Attorney

Engineer

Manager

5	Financial Reports
Approval of Funding Request #21 – Page 375

Approval of Unaudited Financials – Page 376

Supervisors Requests and Audience Comments

Adjournment

Meetings are open to the public and may be continued to a time, date and place certain. For more information regarding this CDD please visit the website: http://www.metropicacdd.com

MINUTES OF MEETING METROPICA
COMMUNITY DEVELOPMENT DISTRICT

A regular meeting of the Board of Supervisors of the Metropica Community Development District was held on Monday, January 5, 2026, at 11:00 a.m. at the Offices of Metropica, 1800 NW 136th Ave., Sunrise, Florida.

Present and constituting a quorum:
Bernie Werner	Chairman
Erick Collazo	Assistant Secretary
Diana Cordon	Assistant Secretary
Michel Besso	Assistant Secretary Also present were:
Juliana Duque	District Manager
Ginger Wald	District Counsel

FIRST ORDER OF BUSINESS	Roll Call

Ms. Duque called the meeting to order and called the roll.

SECOND ORDER OF BUSINESS	Approval of the Minutes of the
November 4, 2025 Meeting
Ms. Duque: The next item is the approval of the minutes of the November 4, 2025 meeting. This is the time to present any additions, corrections, or deletions. If there are none, a motion to approve the minutes will be entertained.

On MOTION by Mr. Werner seconded Mr. Collazo with all in favor, the Minutes of the November 4, 2025 Meeting were approved.

THIRD ORDER OF BUSINESS	Acceptance of Audit for Fiscal
Year Ending in September 30, 2025

January 5, 2026	Metropica CDD

Ms. Duque: The next item is the acceptance of the audit for the fiscal year ending September 30, 2025. The audit was prepared by Grau & Associates, and a copy is included in your agenda package. A motion to accept the audit will now be entertained

On MOTION by Mr. Werner seconded by Mr. Besso with all in favor, the Acceptance of the Audit for Fiscal Year Ending September 30, 2025 was approved.

FOURTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Duque: Do I have anything to report under the Attorney’s Report? Ms. Wald: I don’t have anything to report.
Engineer
Ms. Duque: I do not have anything additional to report under the engineer’s report.
Manager
Ms. Duque: I don’t have anything to report under the manager’s report.

FIFTH ORDER OF BUSINESS	Financial Reports
Approval of Funding Request #20
Approval of Unaudited Financials
Ms. Duque: The next item is the financial reports. Tab A is the approval of Funding Request No. 20, and Tab B is the approval of the unaudited financial statements. A motion to approve these items will now be entertained.
Mr. Besso: We are going to do what we did last time meaning that we pay items 2
and 3.
Ms. Wald: No. This is for your regular CDD monthly which you did approve last
time. This approves the actual bills for the monthly work we do for the CDD, not the bond and not what we previously agreed to with holding off on the collection of what was building for the petition until bonds were issued.
Mr. Besso: That is correct.

On MOTION by Mr. Werner seconded by Mr. Besso with all in favor, Funding request #20 and Unaudited Financials were approved.

January 5, 2026	Metropica CDD

SIXTH ORDER OF BUSINESS	Supervisors   Requests   and
Audience Comments
Ms. Duque: Do I have any Supervisor requests? Mr. Werner: None here.
Mr. Besso: Just a second. Let’s go ahead and insist on the $5,000 that have not been allocated properly.
Ms. Cordon: Which was the payment that was made directly to the attorney.
Ms. Duque: That was sent directly to the attorney and not to the CDD. The CDD did not receive it. We also discussed this with Diana, and there is an email trail regarding the matter.
Ms. Wald: Ok, this is just approving these. That is all this is doing. It is not a collection it is just an approval. These are for October and November. You get approval and then they get submitted for payment.
Ms. Duque: Yes, but they are referring to the $5,000 that was paid a long time ago.
It was sent to the District’s attorney, not to the CDD.
Ms. Wald: If you want the accounts receivable we can send them again. Ms. Duque: I think you sent them long time ago.
Ms. Wald: If you want them again I will send them again. I would be happy to do
that.
Ms. Duque: Do I have any additional comments or requests from the Board of
Supervisors? Hearing none, and noting once again that there is no audience present or participating via teleconference, a motion to adjourn will now be entertained.

SEVENTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Werner seconded by Mr. Besso with all in favor, the meeting was adjourned.

Assistant Secretary/Secretary	Chairman/Vice Chairman

First Supplemental Engineer’s Report (Assessment Area One – Phase One and Assessment Area One – Master Infrastructure Project)

for

Metropica Community Development District

Prepared by

6300 NW 31st Avenue Ft Lauderdale, FL 33309 954-202-7000

March 25, 2026

TABLE OF CONTENTS

	Title		Page
Purpose	1
Assessment Area One – Phase One Project and Assessment Area One
– Master Infrastructure Project	1
Permitting	3
Summary And Conclusion	3
Engineer’s Certification	4
Exhibit A - Legal Description and Sketch for Assessment Area One

ii
Metropica Community Development District

Purpose

This report supplements the Engineer’s Report dated January 6, 2025 (“Master Report”) in order to address the District’s “Assessment Area One – Phase One Project” and “Assessment Area One – Master Infrastructure Project” collectively referred to as the “2026 Project.” All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Master Report.

Assessment Area One – Phase One Project and Assessment Area One – Master Infrastructure Project

Assessment Area One Development Plan

“Assessment Area One” consists of approximately 26.31+/- gross acres of land within the District that is planned to contain (i) six residential buildings (one completed 263 unit condominium building known as “One Metropica” and five additional planned residential rental buildings) containing an aggregate of 1,653 residential units, (ii) an aggregate of 200,000+/- square feet of office space, consisting of one office building containing approximately 150,000+/- square feet and two office buildings with 25,000+/- square feet each to be built over ground floor commercial/retail space, (iii) two hotels containing an aggregate of 480 rooms, (iv) up to 145,000+/- square feet of commercial/retail space which will be located on the lower floors of several residential rental and commercial/retail buildings and (v) 35,000+/- square feet of commercial/retail space to be located within five to six separate free standing buildings planned entirely for commercial/retail space.
A legal description and sketch for Assessment Area One are shown in Exhibit A.

2026 Project Summary

The Assessment Area One – Phase One Project includes the portion of the District’s Capital Improvement Plan that was necessary for the development of One Metropica within Assessment Area One referred to above. As set forth below, the estimated costs of the Assessment Area One – Phase One Project are $2,842,018.
The Assessment Area One – Master Infrastructure Project includes a portion of the District’s Capital Improvement Plan that is necessary for the development of Assessment Area One (excluding One Metropica). As set forth below, the estimated costs of the Assessment Area One – Master Infrastructure Project are $12,283,381.

The various improvements that are part of the overall Capital Improvement Plan for Assessment Area One – including those that are part of the 2026 Project – are described in detail in the Master Report, and those descriptions are incorporated herein. The 2026 Project includes, generally stated, the following items relating to Assessment One: water and sewer system, franchise utility improvements, stormwater management system, roadway and transportation improvements, landscaping improvements, park improvements, and all related soft and incidental costs.

Cumulative Summary of Costs

The table below shows the costs of the Assessment Area One – Phase One Project and the Assessment Area One – Master Infrastructure Project.

Item			
	Assessment Area One – Phase One Project	Assessment Area One – Master Infrastructure
Project	
Storm Water Management System	$791,440	$2,565,324	
Water and Sewer Systems	$491,994	$4,353,068	
Roadways and Transportation Improvements	$946,694	$3,840,229	
Park	$110,514	$0	
Landscaping Improvements	$381,415	$1,524,760	
Franchise Utility Improvements*	$115,961	$0	
TOTAL	$2,842,018	$12,283,381	
* Proceeds of tax-exempt bonds of the District shall not be used to fund the Franchise Utility Improvements without the approval of bond counsel.

PERMITTING
The following is a list of Permit Applications submitted (or to be submitted) and the status of each:

Permit Applications/ Approvals	Department	Status	
1. Environmental Resource Permit (ERP) for the
Capital Improvement Plan.	SFWMD/BC SWM	Issued	
2. Florida Department of Environmental Protection
for Water	FDEP	Issued	
3. Broward County of Environmental Protection for
Sewer	FDEP	Issued	
4. Proposed water and sewer improvements	City of Sunrise
Engineering Dept.	Issued	
5. Proposed City of Sunrise roadway improvements	City of Sunrise
Engineering Dept.	Issued	

6. Proposed County roadway improvements	Broward County
Highway Construction & Engineering	
Issued	
7. Signal Plans Approval	Broward County Traffic
Engineering	N/A	
8. Demolition Permit	City of Sunrise	Issued	
9. Site Clearing & Grading Permit	City of Sunrise	Issued	
10. Platting	City of Sunrise &
Broward County	Recorded	

SUMMARY AND CONCLUSION
The various infrastructure improvements comprising the 2026 Project, as outlined above, are necessary for the functional development of the Assessment Area One as required by the applicable jurisdictional and governmental agencies. The planning and design of the Capital Improvement Plan, including the 2026 Project, will be in accordance with current governmental regulatory requirements and industry standards. The 2026 Project will serve its intended function so long as the construction is in substantial compliance with the design, permits and other requirements of the local governing agencies. Items for construction in this Report are based on current plan quantities for infrastructure construction and these infrastructure improvements will benefit and add value to the lands within the District.

ENGINEER’S CERTIFICATION
It is our opinion that the extent of proposed public improvements comprising the 2026 Project and probable costs are fair and reasonable. It is our opinion that the land within the District being assessed will receive a direct and special benefit equal to or greater than the cost of the public improvements. The District will pay no more for the public improvements than the lesser of the actual cost or the fair market value thereof. The impact of market conditions, increased regulatory actions, and other factors that may affect future costs cannot be completely assessed and may impact the 2026 over time. Where necessary, information from other professionals and contractors has been used in the preparation of this Report. Qualified professionals from these entities have provided design, permitting, and cost information for the purposes of this Report. Assuming the construction occurs as planned, it is our opinion that the public infrastructure improvements can be permitted, constructed and installed at the costs described in this Report hereby certify that the
foregoing is a true and correct copy of the Engineer’s Report for the District.

Michael A. Troxell, P.E. Thomas Engineering Group, LLC Florida Registration No. 50572

MICHAEL A. TROXELL, STATE OF FLORIDA, PROFESSIONAL ENGINEER, LICENSE NO. 50572. THIS ITEM HAS BEEN ELECTRONICALLY SIGNED AND SEALED BY MICHAEL A. TROXELL, PE ON 3/13/26. PRINTED COPIES OF THIS DOCUMENT ARE NOT CONSIDERED SIGNED AND SEALED

FOR: METROPICA SERIES C VENTURE, LLC	EXHIBIT "A"

LEGAL DESCRIPTION	OF
ASESSMENT AREA 1
 NOTES:	A PORTION OF PARCEL "A"
CITY OF SUNRISE, BROWARD COUNTY, FLORIDA
THIS SKETCH AND DESCRIPTION IS "NOT VALID" WITHOUT THE S/GNATURE AND THE ORIGINAL RAISED SEAL OF A FLORIDA LICENSED SURVEYOR AND MAPPER.
THIS SKETCH DOES NOT REPRESENT A FIELD SURVEY (THIS IS NOT A SURVEY).
THIS LEGAL DESCRIPTION WAS PREPARED BY THIS FIRM WITHOUT THE BENEFIT OF A TITLE SEARCH. THE LEGAL DESCRIPTION SHOWN HEREON WAS AUTHORIZED BY CRAVEN THOMPSON & ASSOC/A TES, INC. THERE COULD BE MATTERS OF RECORD THAT ARE NOT SHOWN HEREON.
AREA COMPUTATIONS, WHEN SHOWN IN ACRES, ARE SHOWN TO THE NEAREST ONE-HUNDRED OF AN ACRE, AND WHEN SHOWN IN SQUARE FEET IS TO THE NEAREST SQUARE FOOT. THE AREA FIGURES SHOWN HEREON SHOULD
NOT BE UTILIZED AS THE BASIS OF PURCHASE PRICE FOR THE REAL ESTA TE CLOSING, WITHOUT PRIOR VER/FICA TION OF THE AREA FIGURES, IN WRITING FROM THE SIGNING SURVEYOR.
THERE COULD BE EASEMENTS AND OTHER MATTERS OF RECORDS THAT ARE NOT SHOWN HEREON; FOR MORE INFORMATION SEE THE PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA.
THIS SKETCH AND DESCRIPTION CONSISTS OF 14 SHEETS AND EACH SHEET SHALL NOT BE CONSIDERED FULL, VALID AND COMPLETE UNLESS ATTACHED TO THE OTHER.
THE BEARINGS SHOWN HEREON ARE BASED ON A BEARING OF NORTH 00"11 '40" WEST ALONG THE WEST LINE OF THE SOUTHWEST ONE-QUARTER (SW 1/4), SECTION 26, TOWNSHIP 49 SOUTH, RANGE 40 EAST AS SHOWN ON "METROPICA PLAT", ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 179, PAGES 70 THROUGH 76, OF THE PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA.
SEE SHEETS 5 THROUGH 14 FOR A GRAPHIC DEPICTION (SKETCH) OF THE PROPERTY DESCRIBED HEREON.

CERT/FICATE:
WE HEREBY CERTIFY THAT THIS SKETCH AND DESCRIPTION AND OTHER PERTINENT DATA SHOWN HEREON, OF THE ABOVE DESCRIBED PROPERTY, CONFORMS TO THE STANDARDS OF PRACTICE FOR LAND SURVEYING IN THE STATE OF FLORIDA, AS OUTLINED IN CHAPTER 5J-17, (FLORIDA ADMINISTRATIVE CODE) AS ADOPTED BY DEPARTMENT OF AGRICULTURE AND CONSUMER SERVICES, BOARD OF PROFESSIONAL SURVEYORS AND MAPPERS, PURSUANT TO CHAPTER 472.027, FLORIDA STATUTES AND THAT SAID SKETCH AND DESCRIPTION IS TRUE AND CORRECT TO THE BEST OF OUR KNOWLEDGE AND BEL/ff.

CRAVEN THOMPSON & ASSOC/A TES, INC. LICENSED BUSINESS NUMBER #271

RICHARD G. CRAWFORD JR.
PROFESSIONAL SURVEYOR AND MAPPER NO 5371 STA TE OF FLORIDA
THIS SKETCH AND DESCRIPTION OR COPIES THEREOF ARE NOT VALID WITHOUT THE SIGNATUR£ AND ORIGINAL RAISED SEAL OR A UNIQUE ELECTRONIC SIGNATUR£ OF A FLORIDA LICENSED PROFESSIONAL SURVEYOR AND MAPPER UNDER CHAPTER RULES SJ-17.O61 & SJ-17.062 FLORIDA ADMINISTRATIVE CODE.

\ \CTAFILE02\SURVEYYROJECTS\PROJECTS\2004\04-0040-003-01 - METROPICA \DRAWINGS\SKETCH ANO_J)ESC\04-0040-003-05 ASSESSMENT AREA 1	
lHIS IS t:JQI A SKETCH OF SURVEY, but only a graphic depiction of the description shown hereon. There has been no field work, viewing of the subject property, or monuments set in connection with the preparation of the information shown hereon.	UPDATES ond/or REVISIONS	DATE	BY	CK'D	
					
The undersigned and CRAVEN •lHOMPSON & ASSOCIATES, INC. make no representations or guarantees as to the Information reflected hereon pertaining ta easements, rights-of-way, set back lines, reservations, agreements and other similar matters, and further, this instrument is not intended to reflect or set forth all such matters. Such information should be obtained and confirmed by others through appropriate title verification. Lands shown hereon were not abstracted for right-of-way and/or easements of record.					

					

(f'  CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•
.3563 N.W. SJRD STREET. FORT LAUDERDALE, FLORIDA 33309 FAX: (95<4) 739-6409 TEL: (954) 739-6400 FLORIDA LJCENSED ENGINEERING, SURVEYING & MAPPING BUSINE:SS No. 271
"�rg1I;i ::�t�°i/i I!i� :°iN�Zif111��"V':,��rn!1t����/�r1�f 2��LL	JOB NO.: 04-0040-003-05	SHEET 1 OF 14	
	ORA WN BY: AC	F.B. N/A	PG. N/A		
	CHECKED BY: RGC	DATED: 10/24/2025	

EXHIBIT "A"
LEGAL DESCRIPTION	OF
ASSESSMENT AREA 1
A PORTION OF PARCEL "A"
CITY OF SUNRISE, BROWARD COUNTY, FLORIDA
LEGAL DESCRIPTION: ASSESSMENT  AREA  1
A PARCEL OF LAND BEING A PORTION OF PARCEL "A", "METROPICA PLAT", ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 179, PAGES 70 THRU 76 OF THE PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCE AT THE NORTHWEST CORNER OF SAID PARCEL "A", SAID POINT ALSO BEING ON THE ARC OF A NON- TANGENT CURVE CONCA VE TO THE EAST, A RADIAL LINE OF SAID CURVE THROUGH SAID POINT HAVING A BEARING OF NORTH 80"13'19" WEST;

THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A CENTRAL ANGLE OF 01"02'37", AND A RADIUS OF 2,290.00 FEET, FOR AN ARC DISTANCE OF 41.71 FEET TO A POINT ON A NON-TANGENT LINE;

THENCE SOUTH 10"17'15" EAST, A DISTANCE OF 50.64 FEET TO A POINT ON THE ARC OF A NON-TANGENT CURVE CONCAVE TO THE EAST, A RADIAL LINE OF SAID CURVE THROUGH SAID POINT HAVING A BEARING OF NORTH 82"28'18" WEST,·

THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A CENTRAL ANGLE OF 01·59'54", AND A RADIUS OF 2,274.00 FEET, FOR AN ARC DISTANCE OF 79.31 FEET TO A POINT ON A NON-TANGENT LINE AND THE
POINT OF BEGINNING;  THE PREVIOUS THREE COURSES BEING COINCIDENT WITH THE WEST LINE OF SAID PARCEL "A"

THENCE SOUTH 88°49'08" EAST, A DISTANCE OF 282.82 FEET TO A POINT ON THE ARC OF A NON-TANGENT CURVE CONCA VE TO THE SOUTHEAST,· A RADIAL LINE OF SAID CURVE THROUGH SAID POINT HAVING A BEARING OF NORTH 64"29'48" WEST;

THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A CENTRAL ANGLE OF 11"33'36", AND A RADIUS OF 115.70 FEET, FOR AN ARC DISTANCE OF 23.34 FEET TO A POINT OF COMPOUND CURVATURE OF A TANGENT CURVE CONCA VE TO THE SOUTH;
THENCE NORTHEASTERLY, EASTERLY, AND SOUTHEASTERLY, ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A CENTRAL ANGLE OF 105"52'23", AND A RADIUS OF 60.66 FEET, FOR AN ARC DISTANCE OF 112.09 FEET TO A POINT OF COMPOUND CURVA TUR£ OF A TANGENT CURVE CONCA VE TO THE SOUTHWEST;
THENCE SOUTHEASTERLY, ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A CENTRAL ANGLE OF 09"36'36",
AND A RADIUS OF 115.85 FEET, FOR AN ARC DISTANCE OF 19.43 FEET TO A POINT ON A NON-TANGENT LINE;
THENCE SOU TH 82"54'01" EAST, A DISTANCE OF 121.70 FEET; THENCE SOUTH 07"05'35" WEST, A DISTANCE OF 7.20 FEET;
THENCE SOUTH 82"54'44" EAST, A DISTANCE OF 105.25 FEET TO A POINT OF CURVATURE OF A TANGENT CURVE CONCA VE TO THE SOUTHWEST;
THENCE, SOUTHEASTERLY, AND SOUTHERLY ALONG THE ARC OF SAID TO THE RIGHT, HAVING A CENTRAL ANGLE OF
82"32'11", AND A RADIUS OF 44.53 FEET, FOR AN ARC DISTANCE OF 64.15 FEET TO A POINT OF TANGENCY,·

THENCE SOUTH 00"22'33" EAST ALONG A LINE TANGENT TO THE LAST DESCRIBED CURVE, A DISTANCE OF 36.04 FEET TO A POINT ON THE NORTH LINE OF RESIDENTIAL TRACT #1, AS RECORDED IN INSTRUMENT NUMBER 116594425, OF SAID PUBLIC RECORDS;

THENCE SOUTH 90·00·00" EAST ALONG SAID NORTH LINE, A DISTANCE OF 180.97 FEET, TO A POINT ON THE EAST LINE OF SAID PARCEL "A", SAID POINT ALSO BEING A POINT ON THE ARC OF A NON-TANGENT CURVE CONCA VE TO THE EAST; A RADIAL LINE OF SAID CURVE THROUGH SAID POINT HAVING A BEARING OF NORTH 88"15'48" WEST;

\ \CTAFIL£02\SURVEYYROJECTS\PROJECTS\2004\04-0040-003-01 - METROPICA \DRAWINGS\SKETCH AND_J)ESC\04-0040-003-05 ASSESSMENT AREA 1.DWG	

(f'  CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•
.3563 N.W. SJRD STREET. FORT LAUDERDALE. FLORIDA 33309 FAX: (95-4) 739-6409 TEL: (954) 739-6400 FLORIDA LJCENSED ENGINEERING. SURVEYING & MAPPING BUSINE:SS No. 271
"�1J;1;i :i�t�°!/i 1.!i�:o:ia;,�f111��"V';,��E:R!1�DN���/:r 1�f 2��LL	JOB NO.: 04-0040-003-05	SHEET 2 OF 14	
	DRAWN BY: AC	F.B. N/A	PG. N/A	
	CHECKED BY: RGC	DATED: 10/24/2025	

EXHIBIT "A"
LEGAL DESCRIPTION	OF
ASSESSMENT AREA 1
A PORTION OF PARCEL "A"
CITY OF SUNRISE, BROWARD COUNTY, FLORIDA

LEGAL DESCRIPTION: ASSESSMENT AREA 1 (CONTINUED)

THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A CENTRAL ANGLE OF 20"47'31", AND A RADIUS OF 955.00 FEET, FOR AN ARC DISTANCE OF 346.56 FEET TO A POINT OF COMPOUND CURVATURE OF A TANGENT CURVE CONCA VE TO THE NORTHEAST;
THENCE CONTINUE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A CENTRAL ANGLE OF 21"30'40", AND A RADIUS OF 805.00 FEET FOR AN ARC DISTANCE OF 302.23 FEET TO A POINT ON A NON-TANGENT LINE; THE PREVIOUS TWO COURSES BEING COINCIDENT WITH THE EAST LINE OF SAID PARCEL "A"
THENCE SOUTH 40"05'11'' WEST, A DISTANCE OF 53.01 FEET TO A POINT ON THE ARC OF A NON-TANGENT CURVE CONCA VE TO THE SOUTHEAST; A RADIAL LINE OF SAID CURVE THROUGH SAID POINT HAVING A BEARING OF NORTH 20°40'42" WEST;
THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A CENTRAL ANGLE OF 48"26'28",
AND A RADIUS OF 399.19 FEET, FOR AN ARC DISTANCE OF 337.50 FEET TO A POINT ON A NON-TANGENT LINE;
THENCE NORTH 69"07'10" WEST, A DISTANCE OF 51.70 FEET; THENCE SOUTH 20"25'46" WEST, A DISTANCE OF 65.52 FEET; THENCE SOUTH 15"20'42" WEST, A DISTANCE OF 268.86 FEET;
THENCE SOUTH 03·55'49" WEST, A DISTANCE OF 96.00 FEET TO A POINT ON THE SOUTH LINE OF SAID PARCEL "A" AND THE NORTH RIGHT-OF-WAY LINE FOR SUNRISE BOULEVARD, AS RECORDED IN OFFICIAL RECORD BOOK 9949, PAGE 970, OF SAID PUBLIC RECORDS, SAID POINT ALSO BEING A POINT ON THE ARC OF A NON-TANGENT CURVE CONCA VE TO THE SOUTH; A RADIAL LINE OF SAID CURVE THROUGH SAID POINT HAVING A BEARING OF NORTH 02"43'14" EAST;

THENCE WESTERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A CENTRAL ANGLE OF 01"56'10", AND A RADIUS OF 2367.83 FEET, FOR AN ARC DISTANCE OF 80.01 FEET TO A POINT ON A NON-TANGENT LINE;
THENCE SOUTH 64"00'20" WEST, A DISTANCE OF 8.39 FEET;
THENCE SOUTH 89"48'19" WEST, A DISTANCE OF 520.91 FEET; THE PREVIOUS THREE COURSES BEING COINCIDENT WITH SAID SOUTH LINE AND SAID NORTH LINE;
THENCE NORTH 45"05'51" WEST, A DISTANCE OF 49.58 FEET TO A POINT ON THE WEST LINE OF SAID PARCEL "A"; THENCE NORTH 00"11'40" WEST, ALONG SAID WEST LINE A DISTANCE OF 100.00 FEET;
THENCE NORTH 89"48'20" EAST, A DISTANCE OF 3.00 FEET; THENCE NORTH 00"11'40' WEST, A DISTANCE OF 60.00 FEET,· THENCE SOUTH 89"48'20" WEST, A DISTANCE OF 3.00 FEET; THENCE NORTH 00"11'40" WEST, A DISTANCE OF 542.89 FEET; THENCE SOUTH 89°48'20" WEST, A DISTANCE OF 12.00 FEET; THENCE NORTH 00"11'40" WEST, A DISTANCE OF 10.09 FEET;
\ \CTAFIL£02\SURVEYYROJECTS\PROJECTS\2004\04-0040-003-01 - METROPICA \DRAWINGS\SKETCH AND_J)ESC\04-0040-003-05 ASSESSMENT AREA 1.DWG	

(f'  CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•
.3563 N.W. SJRD STREET. FORT LAUDERDALE, FLORIDA 33309 FAX: (95-4) 739-6409 TEL: (954) 739-6400 FLORIDA LJCENSED ENGINEERING, SURVEYING & MAPPING BUSINE:SS No. 271
"�1J;1;i :i�t�°!/i 1.!i�:o:ia;,�f111��"V';,��E:R!1�DN���/:r 1�f 2��LL	JOB NO.: 04-0040-003-05	SHEET 3 OF 14	
	DRAWN BY: AC	F.B. N/A	PG. N/A	
	CHECKED BY: RGC	DATED: 10/24/2025	

EXHIBIT "A"
LEGAL DESCRIPTION	OF
ASSESSMENT AREA 1
A PORTION OF PARCEL "A"
CITY OF SUNRISE, BROWARD COUNTY, FLORIDA

LEGAL DESCRIPTION: ASSESSMENT AREA 1 (CONTINUED)

THENCE NORTH 06.38'56" EAST, A DISTANCE OF 100.72 FEET,·
THENCE NORTH 00·11'40" WEST, A DISTANCE OF 316.80 FEET TO A POINT OF CURVATURE OF A TANGENT CURVE CONCA VE TO THE EAST;

THENCE NORTHERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A CENTRAL ANGLE OF 05"43'21 ", AND A RADIUS OF 2,278.00 FEET, FOR AN ARC DISTANCE OF 227.52 FEET TO A POINT ON A NON-TANGENT LINE

THENCE SOUTH 85.43'49" EAST, A DISTANCE OF 4.00 FEET BACK TO THE POINT OF BEGINNING; THE PREVIOUS ELEVEN COURSES BEING COINCIDENT WITH THE WEST LINE OF SAID PARCEL "A".
SAID LANDS SITUATE, LYING AND BEING IN THE CITY OF SUNRISE, BROWARD COUNTY, FLORIDA, AND CONTAINING
1,144,800 SQUARE FEET, (26.28 ACRES), MORE OR LESS.

\ \CTAFIL£02\SURVEYYROJECTS\PROJECTS\2004\04-0040-003-01 - METROPICA \DRAWINGS\SKETCH AND_J)ESC\04-0040-003-05 ASSESSMENT AREA 1.DWG	

(f'  CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•
.3563 N.W. SJRD STREET. FORT LAUDERDALE, FLORIDA 33309 FAX: (95<4) 739-6409 TEL: (954) 739-6400
"�1J;1;i	FLORIDA LJCEN1SED ENGINEERING, SURVEYING & MAPPING BUSINE:SS No. 271 1�f 2��LL
:i�t�°!/i .!i� :o:ia;_�f111��"V';,��E:R!1�DN���/:r	JOB NO.: 04-0040-003-05	SHEET 4 OF 14	
	DRAWN BY: AC	F.B. N/A	PG. N/A	
	CHECKED BY: RGC	DATED: 10/24/2025	

 

ASSESSMENT AREA 1

     

	  

	

	 

	 

	  

	

	
0		60'	120' GRAPHIC SCALE IN FEET

CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•	

	

	

 		

EXHIBIT "A" SKETCH DESCRIPTION	OF ASSESSMENT AREA 1
A PORTION OF PARCEL "A"
CITY OF SUNRISE, BROWARD COUNTY, FLORIDA
' ',"-	R=60.66'	A PORTION OF
PARCEL  "B"
--------	FLl	=105°52'23"	R=115.85'	"METROPICA	PLAT"
"--	L=112.09'	L1=09°36'36"	(P.B. 179, PG. 70- 76, B.C.R.)
----------	L=19.43'
R=115.70'	�:!J¾61LL:;�l
L1=11°33'36"	\t	882°54'01	--
L=23.34'	\,,---	121. 70' "E	NORTH�;7------
S8'2ot4.°F PARCEL "A,,
""-	�	v•  '44"£	I
S07°05'35"W _/,,,--	105•25'	�	LU
7.20'
f----..
R=44.53'	cj
L1=82°32'11"	�
L=64.15'	lt.J
�
S00°22'33"E	:-:Jr::
ASSESSMENT AREA 1	36.04'	2
AREA CALCULATION	-si::
(1,144,800 SQ. FT., ±26.28 ACRES)	NORTH LI	�
OF RESIDENTIAL TRACT
(INSTRUMENT #116594425, B.C.

LEGEND:
B.C.R.	BROWARD COUNTY RECORDS	A PORTION OF
(f_	CENTERLINE	PARCEL  "A"
,1	DELTA ANGLE	"METROPICA	PLAT"
L	ARC DISTANCE	(P.a. 179, PG. 70- 76, a.C.R.)
LB	LICENSED BUSINESS
M.I.D.	METROPICA IMPROVEMENT
DISTRICT
O.R.B.	OFFICIAL RECORD BOOK
POINT OF BEGINNING
POINT OF COMMENCEMENT PG.	PAGE
P.B.	PLAT BOOK
R	RADIUS
R/W	RIGHT-OF-WAY
0	60'	120'
SQ. FT.	SQUARE FEET
±	MORE OR LESS	GRAPHIC SCALE IN FEET
\ \CTAFIL£02\SURVEYYROJECTS\PROJECTS\2004\04-0040-003-01 - METROPICA \DRAWINGS\SKETCH AND_J)ESC\04-0040-003-05 ASSESSMENT AREA 1.DWG	

(f'  CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•
.3563 N.W. SJRD STREET. FORT LAUDERDALE, FLORIDA 33309 FAX: (95<4) 739-6-409 TEL: (954) 739-6-400
"�1J;1;i	FLORIDA LJCEN1SED ENGINEERING, SURVEYING & MAPPING BUSINE:SS No. 271 1�f 2��LL
:i�t�°!/i .!i� :o:ia;,�f111��"V';,��E:R!1�DN���/:r	JOB NO.: 04-0040-003-05	SHEET 6 OF 14	
	DRAWN BY: AC	F.B. N/A	PG. N/A	
	CHECKED BY: RGC	DATED: 10/24/2025	

 

ASSESSMENT AREA 1

     

0		60'	120' GRAPHIC SCALE IN FEET

CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•	

	

	

 		

 

ASSESSMENT AREA 1

     

0		60'	120' GRAPHIC SCALE IN FEET

	  

	 

	 

	  

	  

	 

	

	  

CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•	

	

	

 		

EXHIBIT "A" SKETCH DESCRIPTION	OF ASSESSMENT AREA 1
A PORTION OF PARCEL "A"
CITY OF SUNRISE, BROWARD COUNTY, FLORIDA
MA TCHLINE SHEET 8

\_R=399.19'
N69°07'10"W	L1=48°26'28" 51.70'	 L=337.50'
A PORTION OF	,
PARCEL "A"
"METROPICA PLAT"
(P.B. 179, PG. 70-76, B.C.R.)
�	S20°25'46"W 65.52'
}
ASSESSMENT AREA 1
AREA CALCULATION	LEGEND:
(1,144,800 SQ. FT., ±26.28 ACRES)
B.C.R.	BROWARD COUNTY RECORDS
(f_	CENTERLINE
,1	DELTA ANGLE
L	ARC DISTANCE
LB	LICENSED BUSINESS
M.I.D.	METROPICA IMPROVEMENT
DISTRICT
O.R.B.	OFFICIAL RECORD BOOK
POINT OF BEGINNING
POINT OF COMMENCEMENT PG.	PAGE
P.B.	PLAT BOOK
R	RADIUS
R/W	 RIGHT-OF-WAY SQ. FT.	SQUARE FEET
±	MORE OR LESS

MA TCHL/NE SHEET 10	0	60'	120'

GRAPHIC SCALE IN FEET
\ \CTAFIL£02\SURVEYYROJECTS\PROJECTS\2004\04-0040-003-01 - METROPICA \DRAWINGS\SKETCH AND_J)ESC\04-0040-003-05 ASSESSMENT AREA 1.DWG	

(f'  CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•
.3563 N.W. SJRD STREET. FORT LAUDERDALE, FLORIDA 33309 FAX: (95<4) 739-6409 TEL: (954) 739-6400
"�1J;1;i	FLORIDA LJCEN1SED ENGINEERING, SURVEYING & MAPPING BUSINE:SS No. 271 1�f 2��LL
:i�t�°!/i .!i� :o:ia;,�f111��"V';,��E:R!1�DN���/:r	JOB NO.: 04-0040-003-05	SHEET 9 OF 14	
	DRAWN BY: AC	F.B. N/A	PG. N/A	
	CHECKED BY: RGC	DATED: 10/24/2025	

EXHIBIT "A" SKETCH DESCRIPTION	OF ASSESSMENT AREA 1
A PORTION OF PARCEL "A"
CITY OF SUNRISE, BROWARD COUNTY, FLORIDA
MA TCHLINE SHEET 9

,1.,J
NORTH R/W	1:! i:5
LINE OF SUNRISE BLVD.	I<) Cl:)
I��
<: Cl
i	r, SUNRISEBOULEVARD	_L�--
-Y-	(120'--;vw)	R=2367.83'
(O.R.B. 9949, PG. 970, B.C.R.)
.L1=01	°56'10"
L=B0.01'

LEGEND:
B.C.R.	BROWARD COUNTY RECORDS
(f_	CENTERLINE
,1	DELTA ANGLE
L	ARC DISTANCE
LB	LICENSED BUSINESS
M.I.D.	METROPICA IMPROVEMENT
DISTRICT
O.R.B.	OFFICIAL RECORD BOOK
POINT OF BEGINNING
POINT OF COMMENCEMENT PG.	PAGE
P.B.	PLAT BOOK
R	RADIUS
R/W	RIGHT-OF-WAY
0	60'	120'
SQ. FT.	SQUARE FEET
±	MORE OR LESS	GRAPHIC SCALE IN FEET
\ \CTAFIL£02\SURVEYYROJECTS\PROJECTS\2004\04-0040-003-01 - METROPICA \DRAWINGS\SKETCH AND_J)ESC\04-0040-003-05 ASSESSMENT AREA 1.DWG	

(f'  CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•
.3563 N.W. SJRD STREET. FORT LAUDERDALE, FLORIDA 33309 FAX: (95-4) 739-6409 TEL: (954) 739-6400
"�1J;1;i	FLORIDA LJCEN1SED ENGINEERING, SURVEYING & MAPPING BUSINE:SS No. 271 1�f 2��LL
:i�t�°!/i .!i� :o:ia;,�f111��"V';,��E:R!1�DN���/:r	JOB NO.: 04-0040-003-05	SHEET 10 OF 14	
	DRAWN BY: AC	F.B. N/A	PG. N/A	
	CHECKED BY: RGC	DATED: 10/24/2025	

 

ASSESSMENT AREA 1

	  

	 

	 

	  

	  

	 

0		60'	120' GRAPHIC SCALE IN FEET

CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•	

	

	

 		

EXHIBIT "A" SKETCH DESCRIPTION	OF ASSESSMENT AREA 1
A PORTION OF PARCEL "A"
CITY OF SUNRISE, BROWARD COUNTY, FLORIDA

N.W. 136TH AVENUE
(PANTHER PARKWAY)
( 12,0	/	,,				WEST LINE OF+-(BASIS OF BEARING)	(O.R.B. 15968, R W;	_sw	1/4	SECTION 26-49-4071
N00"11'40"W	PG. 629, B.C.R.)
1--

IV")
,.._
�	WEST LINE	�	1--
Lu
OF PARCEL "A"	I�
V)
N00°11'40"W 542.89'	I Lu
?
-..J
::r:
�
<::(
�
60.00'	PARCEL "A"
ASSESSMENT AREA 1	"METROPICA PLAT"
AREA CALCULATION	(P.B. 179, PG.  70-76, B.C.R.)
(1,144,800 SQ. FT., ±26.28 ACRES)

LEGEND:
B.C.R.	BROWARD COUNTY RECORDS
(f_	CENTERLINE
,1	DELTA ANGLE
L	ARC DISTANCE
LB	LICENSED BUSINESS
M.I.D.	METROPICA IMPROVEMENT
DISTRICT
O.R.B.	OFFICIAL RECORD BOOK
POINT OF BEGINNING
POINT OF COMMENCEMENT
PG.	PAGE	-
P.B.	PLAT BOOK
R	RADIUS
R/W	RIGHT-OF-WAY
0	60'	120'
SQ. FT.	SQUARE FEET
±	MORE OR LESS	GRAPHIC SCALE IN FEET
\ \CTAFIL£02\SURVEYYROJECTS\PROJECTS\2004\04-0040-003-01 - METROPICA \DRAWINGS\SKETCH AND_J)ESC\04-0040-003-05 ASSESSMENT AREA 1.DWG	

(f'  CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•
.3563 N.W. SJRD STREET. FORT LAUDERDALE, FLORIDA 33309 FAX: (95<4) 739-6409 TEL: (954) 739-6400
"�1J;1;i	FLORIDA LJCEN1SED ENGINEERING, SURVEYING & MAPPING BUSINE:SS No. 271 1�f 2��LL
:i�t�°!/i .!i� :o:ia;,�f111��"V';,��E:R!1�DN���/:r	JOB NO.: 04-0040-003-05	SHEET 12 OF 14	
	DRAWN BY: AC	F.B. N/A	PG. N/A	
	CHECKED BY: RGC	DATED: 10/24/2025	

 

ASSESSMENT AREA 1

     

	  

	 

	 

	  

	  

	 

0		60'	120' GRAPHIC SCALE IN FEET

CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•	

	

	

 		

ASSESSMENT AREA 1

0	60'	120'
		
GRAPHIC SCALE IN FEET

CRAVEN • THOMPSON & ASSOCIATES, INC.
•	•

PRELIMINARY FIRST SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT
(ASSESSMENT AREA ONE) FOR

METROPICA COMMUNITY DEVELOPMENT DISTRICT

For the issuance of
SPECIAL ASSESSMENT BONDS, SERIES 2026 (ASSESSMENT AREA ONE – PHASE ONE PROJECT)

March 25, 2026

Prepared by

Governmental Management Services-South Florida, LLC 5385 N. Nob Hill Road
Sunrise, FL 33351

Introduction

The Metropica Community Development District (the “District”) is a local unit of special-purpose government organized and existing under Chapter 190, Florida Statutes, as amended (“F.S.”). The District previously authorized the issuance of not to exceed $43,250,000 of special assessment bonds or other forms of indebtedness to be issued in one or more series for the purpose of financing certain infrastructure improvements directly and specially benefitting Assessment Area One, as described herein, within the District (the “Assessment Area One Project”), and as more specifically described in the Engineer’s Report for Metropica Community Development District dated January 6, 2025, as supplemented on March 25, 2026, prepared by Thomas Engineering Group, LLC (the “District Engineer”), and accepted by the District Board of Supervisors (as may be further amended and supplemented, the “Engineer’s Report”). The District is planning to issue not to exceed $3,145,000* in Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project) (the “Series 2026 Bonds”) for the principal purpose of financing the Assessment Area One Project – Phase One Project (as hereinafter defined), which constitutes a portion of the Assessment Area One Project. This First Supplemental Assessment Methodology Report (the “First Supplemental Report”) supplements the Master Assessment Methodology Report dated January 6, 2025, (the “Master Methodology”) in connection with the issuance of the Series 2026 Bonds. The development within the District is anticipated to contain a mix of residential units, condominium and commercial spaces (collectively, the “Development”). The current development plan for the Assessment Area One - Phase One Area (as defined below) is shown in Table 1.

Purpose

This First Supplemental Report allocates the Series 2026 Bond debt for the financing of a portion of the Assessment Area One – Phase One Project related to the mixed-use condominium building known as “One Metropica” within Assessment Area One, which consists of 263 residential units and 5,000 square feet of commercial space, and which directly benefits from the Assessment Area One – Phase One Project consistent with the methodology set forth in the Master Methodology. Any terms not herein defined will have the same meaning as defined in the Master Methodology.

The public improvements that may be acquired or constructed by the District allocable to the Assessment Area One – Phase One Area include, but are not limited to, onsite improvements including earthwork; stormwater management and drainage; water distribution system; wastewater collection system; onsite roadway and transportation improvements; park; landscaping improvements in public open areas and buffers; franchise utility improvements; including related soft costs and permits, and costs of onsite deeds and easements required for constructing the public improvements (collectively, the “Assessment Area One – Phase One Project”), which Assessment Area One – Phase One Project is more particularly described in the Engineer’s Report. The District is issuing the Series 2026 Bonds to finance all or a portion of the Assessment Area One – Phase One Project, which Assessment Area One – Phase One Project is more particularly described in the Engineer’s Report and outlined in Table 2.

*Preliminary subject to change

The District will impose non-ad valorem special assessments on the benefited lands within Assessment Area One – Phase One Area within the Assessment Area One (herein the “Assessment Area One – Phase One Project Special Assessments”) to pay debt service on the Series 2026 Bonds based on this First Supplemental Report and the related special assessment proceeding. It is anticipated that all of the Assessment Area One - Phase One Special Assessments related to the Series 2026 Bonds will be collected through the direct bill process, or by the Uniform Method of Collection described in Section 197.3632, F.S., or any other legal means available to the District. It is not the intent of this First Supplemental Report to address any other assessments, if applicable, that may be levied in the future by the District, a homeowner’s association, or any other unit of government.

Assessment Methodology

Overview

The District anticipates the issuance of up to $3,145,000* in principal amount of Series 2026 Bonds to finance public infrastructure improvements comprising the Assessment Area One Project – Phase One Project, fund capitalized interest, fund a debt service reserve account, and pay costs of issuance. It is the purpose of this First Supplemental Report to allocate the debt assessments securing the not to exceed $3,145,000* of Series 2026 Bonds to the properties within Assessment Area One – Phase One Area directly and specially benefiting from the Assessment Area One – Phase One Project.

Table 1 identifies the completed development plan for the Assessment Area One - Phase One Area as identified by Metropica Development, LLC, a Delaware limited liability company (the “Developer”). The Engineer’s Report outlines the Assessment Area One – Phase One Project, which is estimated to cost approximately $2,842,018 and is shown in Table 2. All or a portion of such public improvements will be funded through the issuance of the Series 2026 Bonds and through a Developer contribution of infrastructure and/or land to the extent not funded by the Series 2026 Bonds. Based on the estimated costs to be funded, the size of the financing needed to generate funds to pay for the Assessment Area One – Phase One Project, fund a debt service reserve account, fund capitalized interest, and pay costs of issuance was determined by the District’s Underwriter to total approximately $3,145,000*. Table 3 depicts the breakdown of the Series 2026 Bonds sizing.

Allocation of Debt

The District will allocate the Series 2026 Bonds solely to the 263 condominium residential units and 5,000 square feet of commercial space within the mixed-use “One Metropica” condominium, within the Assessment Area One – Phase One Area (the “Assigned Properties” for purposes of the Series 2026 Bonds). The initial and final debt assessments securing the Series 2026 Bonds will be levied on the Assigned Properties on a per-unit/sq. ft. basis.
*Preliminary subject to change.

The debt assessments will be allocated among the Assigned Properties in accordance with the benefits they receive and the methodology set forth in the Master Methodology and this First Supplemental Report. Since no additional units are anticipated for Assessment Area One – Phase One Area, no assessments securing the Series 2026 Bonds will be allocated to any Unassigned Property, and the total number of assessed units for the Series 2026 Bonds will remain fixed at 263 residential units plus 5,000 square feet of commercial space. If there are changes to the development plan affecting the 263 residential units and commercial space, a true up of the debt assessments will be calculated to determine if a payment from the Developer is required to ensure that the revenues generated by the Assessment Area One - Phase One Special Assessments are sufficient to pay the debt service on the Series 2026 Bonds. The debt assessments relating to the Series 2026 Bonds must be satisfied prior to any transfer of assessed lands to a unit of Federal, State, or local government. This process is outlined in Section 3.0.

True Up

Although the District does not process plats, replats, or declaration of condominiums, the assignment of development entitlements, site plans, or revisions for the Developer, it does have an important role to play during the course of such platting and site planning for the 263 residential units and commercial space comprising the Assigned Properties. Whenever a re-plat declaration of condominium or site plan, or revision is processed, the District must allocate a portion of its Assessment Area One - Phase One Special Assessment to the property within Assessment Area One – Phase One Area. Otherwise, the land could be fully conveyed and/or platted without all the Assessment Area One - Phase One Special Assessment being allocated. To preclude this, at the time Unassigned Properties become Assigned Properties, the District will determine the amount of anticipated debt assessment revenue that remains on the Unassigned Properties, taking into account the proposed plat or site plan approval or other means of identifying Assigned Properties. If the total anticipated Assessment Area One - Phase One Special Assessment revenue to be generated from the Assigned Properties and Unassigned Properties is greater than or equal to the maximum annual debt service payments on the Series 2026 Bonds, then no adjustment is required. In the event the debt assessment revenue generated is less than the annual debt service payments, then a debt reduction payment by the Developer in the amount necessary to reduce the par amount of the outstanding Series 2026 Bonds to a level that will be supported by the annual debt service assessments would be required. A Declaration of Condominium of Metropica North Tower One was recorded on July 7, 2020 as Instrument #116594425 in the property records of Broward County, Florida for the Assigned Properties. In addition, the District must also prevent any buildup of debt assessments on Unassigned Property.

Assessment Roll

The District will distribute the Series 2026 Bonds lien to the Assigned Property consisting of 263 residential units and 5,000 square feet of commercial space within the Assessment Area One – Phase One Area, which constitutes the Assigned Properties as identified in Table 5. Since no

additional units are anticipated, the total number of assessed units will remain at 263 residential units plus the commercial space. Any future revisions, if necessary, will be reflected in a supplemental report. The debt assessments will be allocated to the Assigned Properties in accordance with the procedures outlined in the Assessment Methodology. Table 6 reflects the allocation of assessments solely to the 263 residential units and the 5,000 square feet of commercial space within the Assessment Area One – Phase One Area.

Additional Information

Governmental Management Services-South Florida, LLC (GMS) does not represent the District as a Municipal Advisor or Security Broker, nor is GMS registered to provide such services as described in Section 15B of the Security and Exchange Act of 1934, as amended. Similarly, GMS does not provide the District with financial advisory services or offer investment advice.

Certain information in this First Supplemental Report was provided by members of the District staff, the Developer or other professionals hired in conjunction with the bond issuance; GMS makes no representation regarding the information provided by others.

TABLE 1	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
DEVELOPMENT PROGRAM - ASSESSMENT AREA 1 - PHASE ONE PROJECT	

Land Use*	Total	ERU	

Residential (Units)	
Commercial (SF)**	

263	1.00	
5	3.10	

TOTAL	268

* Unit mix is subject to change based on marketing and other factors.	
**ERU is per 1000 sq.ft.	

TABLE 2
METROPICA COMMUNITY DEVELOPMENT DISTRICT
INFRASTRUCTURE COST ESTIMATES ASSESSMENT AREA 1 - PHASE ONE PROJECT	

Description		Total	
Stormwater Management System	$	791,440	
Water and Sewer System	$	491,994	
Roadway/Transportation Improvements	$	946,694	
Park	$	110,514	
Landscaping Improvements	$	385,415	
Franchise Utility Improvements	$	115,961	
Total	$	2,842,018	

TABLE 3	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
BONDSIZING ASSESSMENT AREA 1 - PHASE ONE PROJECT	

Sources:	
Par Amount*	$	3,145,000	
$	3,145,000
Uses:	
Construction Funds	$	2,837,750	
Debt Service Reserve	$	55,004	
Capitalized Interest	$	88,846	
Cost of Issuance	$	163,400	
$	3,145,000

Bond Assumptions:	
Average Coupon	5.65%	
Amortization (years)	30	
Capitalized Interest (months)	6 months	
Debt Service Reserve	25% of Maximum Annual	

Maximum Annual Debt Services (MADS)	$	220,016	

* Information provided by FMS Bonds.

TABLE 4	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
ALLOCATION OF INFRASTRUCTURE COSTS	
ASSESSMENT AREA 1 - PHASE ONE PROJECT	

Land use	
Units	
ERU	Total ERU's	Percentage of ERU's	Infrastructure Costs Allocated	Infrastructure
Costs Allocated per Unit	
Residential (Units)	263	1.00	263	94.43%	$	2,683,845	$	10,204.73	
Commercial (SF)*	5	3.10	15.5	5.57%	$	158,173	$	31,634.67	

279	100%	$	2,842,018	

TOTAL

*ERU is per 1000 sq.ft.

TABLE 5	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
ALLOCATION OF ASSESSMENTS	
ASSESSMENT AREA 1 - PHASE ONE PROJECT	

Product Type	Total Costs Allocated	
Total Costs Allocated	

Total Par	
Par Debt Per Unit	
Annual Debt Assessment	
Annual Debt Assessment Per Unit(1)	

Residential (Units)	263	$	2,683,845	$  2,969,964	$	11,292.64	$	207,770.94	$	790.00	
Commercial (SF)*	5	$	158,173	$	175,036	$	35,007.18	$	12,245.06	$	2,449.01	

$	2,842,018	$  3,145,000	

TOTAL	$	220,016.00

*ERU is per 1000 sq.ft.	
(1) This amount will be grossed up to include discounts for early payments and Broward County collection fees when collected on the Broward County tax bills, currently 6%.	

TABLE 6	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
PRELIMINARY ASSESSMENT ROLL	
ASSESSMENT AREA 1 - PHASE ONE PROJECT	

FOLIO_NUMB	
Product	
Acres/Sq.Ft./unit #	Par Debt
per unit	Annual Assessment
per unit*	
Legal	
494026AC0010	Commercial - Square Feet	4,990	$174,685.83	$12,220.57	METROPICA NORTH TOWER ONE COMM CONDO UNIT CU-1	
494026AC0020	Commercial - Square Feet	10	$350.07	$24.49	METROPICA NORTH TOWER ONE COMM CONDO UNIT CU-2	
494026AB0010	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 201	
494026AB0020	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 202	
494026AB0030	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 203	
494026AB0040	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 204	
494026AB0050	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 205	
494026AB0060	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 206	
494026AB0070	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 207	
494026AB0080	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 208	
494026AB0090	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 212	
494026AB0100	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 214	
494026AB0110	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 215	
494026AB0120	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 216	
494026AB0130	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 217	
494026AB0140	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 301	
494026AB0150	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 302	
494026AB0160	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 303	
494026AB0170	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 304	
494026AB0180	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 305	
494026AB0190	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 306	
494026AB0200	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 307	
494026AB0210	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 308	
494026AB0220	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 312	
494026AB0230	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 401	
494026AB0240	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 402	
494026AB0250	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 403	
494026AB0260	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 404	
494026AB0270	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 405	
494026AB0280	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 406	
494026AB0290	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 407	
494026AB0300	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 408	
494026AB0310	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 412	
494026AB0320	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 414	
494026AB0330	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 415	
494026AB0340	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 416	
494026AB0350	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 417	
494026AB0360	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 501	
494026AB0370	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 502	
494026AB0380	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 503	
494026AB0390	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 504	
494026AB0400	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 505	
494026AB0410	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 506	
494026AB0420	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 507	
494026AB0430	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 508	
494026AB0440	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 512	
494026AB0450	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 601	
494026AB0460	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 602	
494026AB0470	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 603	
494026AB0480	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 604	
494026AB0490	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 605	
494026AB0500	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 606	
494026AB0510	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 607	
494026AB0520	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 612	
494026AB0530	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 614	
494026AB0540	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 615	
494026AB0550	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 616	
494026AB0560	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 801	
494026AB0570	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 802	
494026AB0580	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 803	
494026AB0590	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 804	
494026AB0600	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 805	
494026AB0610	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 806	
494026AB0620	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 807	
494026AB0630	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 808	
494026AB0640	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 809	
494026AB0650	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 810	
494026AB0660	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 811	
494026AB0670	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 901	
494026AB0680	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 902	
494026AB0690	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 903	
494026AB0700	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 904	
494026AB0710	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 905	
494026AB0720	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 906	
494026AB0730	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 907	
494026AB0740	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 908	
494026AB0750	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 909	
494026AB0760	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 910	
494026AB0770	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 911	
494026AB0780	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1001	
494026AB0790	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1002	
494026AB0800	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1003	
494026AB0810	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1004	
494026AB0820	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1005	
494026AB0830	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1006	
494026AB0840	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1007	
494026AB0850	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1008	
494026AB0860	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1009	
494026AB0870	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1010	
494026AB0880	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1011	
494026AB0890	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1101	
494026AB0900	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1102	
494026AB0910	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1103	

FOLIO_NUMB	
Product	
Acres/Sq.Ft./unit #	Par Debt
per unit	Annual Assessment
per unit*	
Legal	
494026AB0920	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1104	
494026AB0930	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1105	
494026AB0940	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1106	
494026AB0950	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1107	
494026AB0960	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1108	
494026AB0970	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1109	
494026AB0980	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1110	
494026AB0990	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1111	
494026AB1000	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1201	
494026AB1010	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1202	
494026AB1020	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1203	
494026AB1030	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1204	
494026AB1040	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1205	
494026AB1050	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1206	
494026AB1060	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1207	
494026AB1070	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1208	
494026AB1080	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1209	
494026AB1090	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1210	
494026AB1100	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1211	
494026AB1110	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1401	
494026AB1120	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1402	
494026AB1130	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1403	
494026AB1140	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1404	
494026AB1150	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1405	
494026AB1160	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1406	
494026AB1170	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1407	
494026AB1180	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1408	
494026AB1190	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1409	
494026AB1200	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1410	
494026AB1210	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1411	
494026AB1220	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1501	
494026AB1230	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1502	
494026AB1240	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1503	
494026AB1250	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1504	
494026AB1260	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1505	
494026AB1270	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1506	
494026AB1280	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1507	
494026AB1290	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1508	
494026AB1300	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1509	
494026AB1310	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1510	
494026AB1320	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1511	
494026AB1330	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1601	
494026AB1340	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1602	
494026AB1350	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1603	
494026AB1360	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1604	
494026AB1370	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1605	
494026AB1380	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1606	
494026AB1390	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1607	
494026AB1400	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1608	
494026AB1410	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1609	
494026AB1420	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1610	
494026AB1430	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1611	
494026AB1440	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1701	
494026AB1450	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1702	
494026AB1460	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1703	
494026AB1470	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1704	
494026AB1480	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1705	
494026AB1490	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1706	
494026AB1500	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1707	
494026AB1510	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1708	
494026AB1520	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1709	
494026AB1530	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1710	
494026AB1540	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1711	
494026AB1550	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1801	
494026AB1560	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1802	
494026AB1570	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1803	
494026AB1580	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1804	
494026AB1590	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1805	
494026AB1600	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1806	
494026AB1610	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1807	
494026AB1620	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1808	
494026AB1630	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1809	
494026AB1640	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1810	
494026AB1650	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1811	
494026AB1660	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1901	
494026AB1670	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1902	
494026AB1680	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1903	
494026AB1690	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1904	
494026AB1700	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1905	
494026AB1710	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1906	
494026AB1720	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1907	
494026AB1730	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1908	
494026AB1740	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1909	
494026AB1750	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1910	
494026AB1760	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 1911	
494026AB1770	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2001	
494026AB1780	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2002	
494026AB1790	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2003	
494026AB1800	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2004	
494026AB1810	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2005	
494026AB1820	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2006	
494026AB1830	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2007	
494026AB1840	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2008	
494026AB1850	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2009	
494026AB1860	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2010	
494026AB1870	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2011	
494026AB1880	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2101	
494026AB1890	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2102	
494026AB1900	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2103	

FOLIO_NUMB	
Product	
Acres/Sq.Ft./unit #	Par Debt
per unit	Annual Assessment
per unit*	
Legal	
494026AB1910	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2104	
494026AB1920	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2105	
494026AB1930	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2106	
494026AB1940	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2107	
494026AB1950	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2108	
494026AB1960	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2109	
494026AB1970	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2110	
494026AB1980	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2111	
494026AB1990	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2201	
494026AB2000	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2202	
494026AB2010	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2203	
494026AB2020	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2204	
494026AB2030	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2205	
494026AB2040	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2206	
494026AB2050	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2207	
494026AB2060	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2208	
494026AB2070	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2209	
494026AB2080	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2210	
494026AB2090	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2211	
494026AB2100	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2301	
494026AB2110	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2302	
494026AB2120	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2303	
494026AB2130	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2304	
494026AB2140	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2305	
494026AB2150	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2306	
494026AB2160	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2307	
494026AB2170	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2308	
494026AB2180	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2309	
494026AB2190	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2310	
494026AB2200	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2311	
494026AB2210	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2401	
494026AB2220	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2402	
494026AB2230	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2403	
494026AB2240	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2404	
494026AB2250	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2405	
494026AB2260	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2406	
494026AB2270	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2407	
494026AB2280	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2408	
494026AB2290	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2409	
494026AB2300	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2410	
494026AB2310	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2411	
494026AB2320	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2501	
494026AB2330	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2502	
494026AB2340	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2503	
494026AB2350	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2504	
494026AB2360	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2505	
494026AB2370	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2506	
494026AB2380	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2507	
494026AB2390	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2508	
494026AB2400	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2509	
494026AB2410	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2510	
494026AB2420	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2511	
494026AB2430	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2601	
494026AB2440	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2602	
494026AB2450	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2603	
494026AB2460	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2604	
494026AB2470	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2605	
494026AB2480	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2606	
494026AB2490	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2607	
494026AB2500	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2608	
494026AB2510	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2609	
494026AB2520	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2610	
494026AB2530	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT 2611	
494026AB2540	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT PH01	
494026AB2550	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT PH02	
494026AB2560	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT PH03	
494026AB2570	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT PH04	
494026AB2580	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT PH05	
494026AB2590	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT PH07	
494026AB2600	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT PH08	
494026AB2610	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT PH09	
494026AB2620	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT PH10	
494026AB2630	Residential Unit	1	$11,292.64	$790.00	METROPICA NORTH TOWER ONE CONDO UNIT PH11	
			$3,145,000.00	$220,016.00		
*This amoun will grossed up to cover early payment discounts and Broward County collection fees when collected on the Broward County tax bill, currently 6%.

	Bonds	
Annual Assessment Periods Average Interest Rate
Maximum Annual Debt Service	30	
	5.65%	
	$55,004	

PRELIMINARY SECOND SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT
(ASSESSMENT AREA ONE) FOR

METROPICA COMMUNITY DEVELOPMENT DISTRICT

For the issuance of
BOND ANTICIPATION NOTES, SERIES 2026 (ASSESSMENT AREA ONE – MASTER INFRASTRUCTURE PROJECT)

March 25, 2026

Prepared by

Governmental Management Services-South Florida, LLC 5385 N. Nob Hill Road
Sunrise, FL 33351

Introduction

The Metropica Community Development District (the “District”) is a local unit of special-purpose government organized and existing under Chapter 190, Florida Statutes, as amended (“F.S.”). The District previously authorized the issuance of not to exceed $43,250,000 of special assessment bonds or other forms of indebtedness to be issued in one or more series for the purpose of financing certain infrastructure improvements directly and specially benefitting Assessment Area One, as described herein, within the District (the “Assessment Area One Project”), and as more specifically described in the Engineer’s Report for Metropica Community Development District dated January 6, 2025, as supplemented on March 25, 2026, prepared by Thomas Engineering Group, LLC (the “District Engineer”), and accepted by the District Board of Supervisors (as may be further amended and supplemented, the “Engineer’s Report”), In addition, a First Supplemental Assessment Methodology Report dated March 25, 2026, was previously adopted in connection with the issuance of the District’s Series 2026 Bonds in the principal amount of $3,145,000* to finance the Assessment Area One – Phase One Project related to the Metropica One condominium tower, which consists of 263 residential units and 5,000 square feet of commercial space (the “Assessment Area One – Phase One Area”). The District is also planning to issue not to exceed
$13,255,000* in Bond Anticipation Notes, Series 2026 (Assessment Area One – Master Infrastructure Project) (the “Series 2026 Notes”) for the principal purpose of financing the Assessment Area One – Master Infrastructure Project (as hereinafter defined). This Second Supplemental Assessment Methodology Report (the “Second Supplemental Report”) supplements the Master Assessment Methodology Report dated January 6, 2025 (the “Master Methodology”) in connection with the issuance of the Series 2026 Notes. The development within the District is anticipated to contain a mix of residential units, condominium and commercial spaces (collectively, the “Development”). The current development plan for the Assessment Area One – Master Infrastructure Note Area (as defined below) is shown in Table 1.

Purpose
This Second Supplemental Report allocates the Series 2026 Notes debt for the financing of a portion of the District’s Assessment Area One – Master Infrastructure Project, as described in the Engineer’s Report and summarized in Table 2. The Assessment Area One – Master Infrastructure Project specially benefits all the property within the Assessment Area One identified in Table 1, which excludes the Assessment Area Ane – Phase One Area (the “Assessment Area One – Master Infrastructure Note Area”). The allocation of the Series 2026 Notes and the related non-ad valorem special assessments is based on the relative benefit received by each land use type, measured in Equivalent Residential Units (“ERUs”), consistent with the Master Methodology.

The public improvements that may be acquired or constructed by the District related to the Assessment Area One – Master Infrastructure Note Area include, but are not limited to, onsite improvements including earthwork; stormwater management and drainage; water distribution system; wastewater collection system; onsite roadway and transportation improvements; landscaping improvements in public open areas and buffers; including related soft costs and permits, and costs of onsite deeds and  easements required for constructing the public

improvements (collectively, the “Assessment Area One – Master Infrastructure Project”), which Assessment Area One – Master Infrastructure Project is more particularly described in the Engineer’s Report. The District is issuing the Series 2026 Notes to finance all or a portion of the Assessment Area One – Master Infrastructure Project, which Assessment Area One – Master Infrastructure Project is more particularly described in the Engineer’s Report and outlined in Table 2.

The District will impose non-ad valorem special assessments on the benefited lands within Assessment Area One – Master Infrastructure Note Area within the Assessment Area One (herein the “Series 2026 BAN Assessments”) to pay debt service on the Series 2026 Notes based on this Second Supplemental Report and the related special assessment proceeding. It is anticipated that all of the Series 2026 BAN Assessments related to the Series 2026 Notes will be collected through the direct bill process, or by the Uniform Method of Collection described in Section 197.3632, F.S., or any other legal means available to the District. It is not the intent of this Second Supplemental Report to address any other assessments, if applicable, that may be levied in the future by the District, a homeowner’s association, or any other unit of government.

Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Master Methodology.

Assessment Methodology

Overview

The District anticipates the issuance of up to $13,255,000* in principal amount of Series 2026 Notes to finance public infrastructure improvements comprising the Assessment Area One Project – Master Infrastructure Project, fund capitalized interest, fund a debt service reserve account, and pay costs of issuance. It is the purpose of this Second Supplemental Report to allocate the debt assessments securing the not to exceed $13,255,000* of Series 2026 Notes to the properties within Assessment Area One – Master Infrastructure Note Area directly and specially benefiting from the Assessment Area One – Master Infrastructure Project.

Table 1 identifies the most recent development plan for the Assessment Area One – Master Infrastructure Note Area as identified by Metropica Development, LLC, a Delaware limited liability company (the “Developer”). The Engineer’s Report outlines the Assessment Area One – Master Infrastructure Project, which is estimated to cost approximately $12,283,381 and is shown in Table 2. All or a portion of such public improvements will be funded through the issuance of the Series 2026 Notes and through a Developer contribution of infrastructure and/or land to the extent not funded by the Series 2026 Notes. Based on the estimated costs to be funded, the size of the financing needed to generate funds to pay for the Assessment Area One Master Infrastructure Project, fund a debt service reserve account, fund capitalized interest, and pay costs of issuance was determined by the District’s Underwriter to total approximately $13,255,000*. Table 3 depicts the breakdown of the Series 2026 Notes sizing.

As shown in Table 1, the Assessment Area One – Master Infrastructure Note Area is planned to include approximately 1,390 residential units, 200,000 square feet of office, 480 hotel rooms, and 175,000 square feet of commercial space. For purposes of allocating the Series 2026 Notes, each land use is converted to ERUs using the benefit factors from the Master Methodology: 1.00 ERU per residential unit, 2.65 ERUs per 1,000 square feet of office, 0.70 ERUs per hotel room, and 3.10 ERUs per 1,000 square feet of commercial space. The total ERUs shown in Table 1 form the basis for apportioning both par debt and annual debt service among all benefited properties within Assessment Area One - Master Infrastructure Note Area.

Allocation of Debt

The District will allocate the Series 2026 Notes to all lands within Assessment Area One – Master Infrastructure Note Area that receive special benefit from the Assessment Area One – Master Infrastructure Project. Using the ERU factors described above, the total par amount of the Series 2026 Notes is first divided by the total ERUs in Table 1 to determine a per-ERU par amount. That per-ERU amount is then applied to each land use type to calculate the par debt assigned to each unit, room, or 1,000 square feet of non-residential space.

The resulting allocation produces a uniform cost per ERU across all benefited properties, reflecting the proportional benefit of the Assessment Area One – Master Infrastructure Project improvements. No Series 2026 Notes are allocated to any property outside of Assessment Area One – Master Infrastructure Note Area. Any future changes to the development program for the Assessment Area One – Master Infrastructure Note Area will require a recalculation of ERUs and, if necessary, a true-up of assessments consistent with the Master Methodology. This process is outlined in Section 3.0.

True Up

Although the District does not process plats, replats, or declaration of condominiums, the assignment of development entitlements, site plans, or revisions for the Developer, it does have an important role to play during the course of such platting and site planning for property within Assessment Area One – Master Infrastructure Note Area. Whenever a plat, replat, declaration of condominium, site plan, or revision is processed, the District must confirm that the Series 2026 BAN Assessments allocated to the affected property, based on the ERUs assigned in this Second Supplemental Report, will continue to generate sufficient assessment revenue to pay debt service on the Series 2026 Notes. In addition, the District must also prevent any buildup of debt assessments on property that no longer carries the planned level of development. Otherwise, land could be fully conveyed and/or platted without all of the Series 2026 BAN Assessments being allocated to benefited property. To preclude this, at the time any change in development program is approved, the District will determine the amount of anticipated Series 2026 BAN Assessment revenue that will be generated after taking into account the revised ERUs. If the total anticipated Series 2026 BAN Assessment revenue is greater than or equal to the maximum annual debt service payments on the Series 2026 Notes, then no adjustment is required. In the event the projected

assessment revenue is less than the annual debt service payments, a debt reduction (true-up) payment by the Developer, in an amount necessary to reduce the par amount of the outstanding Series 2026 Notes to a level that will be supported by the revised assessments, will be required. This obligation to make true-up payments will be evidenced by a true-up agreement by and between the District and the landowner.

Assessment Roll

The District will levy a lien of Series 2026 BAN Assessments on all benefited property within the Assessment Area One – Master Infrastructure Note Area, as further described in the Assessment Resolutions and the Second Supplemental Trust Indenture. The Series 2026 BAN Assessments will be apportioned to each tax parcel based on the ERU assignments set forth in Table 1 and the per-ERU par and annual assessment amounts calculated in this Second Supplemental Report. The preliminary assessment roll, including the per-unit, per-room, and per-1,000-square-foot assessments for each land use, is presented in Table 6. The Series 2026 BAN Assessment liens will remain in place until the Series 2026 Notes are paid or defeased in accordance with the Second Supplemental Trust Indenture.

Additional Information

Governmental Management Services-South Florida, LLC (GMS) does not represent the District as a Municipal Advisor or Security Broker, nor is GMS registered to provide such services as described in Section 15B of the Security and Exchange Act of 1934, as amended. Similarly, GMS does not provide the District with financial advisory services or offer investment advice.

Certain information in this Second Supplemental Report was provided by members of the District staff, the Developer or other professionals hired in conjunction with the bond issuance; GMS makes no representation regarding the information provided by others.

TABLE 1	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
DEVELOPMENT PROGRAM - ASSESSMENT AREA 1 - MASTER INFRASTRUCTURE PROJECT	

Land Use*	Units	ERU	

Residential (Units)**	
Office (Units)***	
Hotel (rooms)	
Commercial (Units)***	

1,390	1.00	
200	2.65	
480	0.70	
175	3.10	

* Unit mix is subject to change based on marketing and other factors.	
**The unit count excludes the 263 units within the One Metropica condominium	
***ERU is per 1,000 sq.ft., and 1,000 sq.ft equals one unit	

TABLE 2
METROPICA COMMUNITY DEVELOPMENT DISTRICT INFRASTRUCTURE COST ESTIMATES
ASSESSMENT AREA 1 - MASTER INFRASTRUCTURE PROJECT	

Description		Total	

Stormwater Management System Water and Sewer System Roadway/Transportation Improvements Park
Landscaping Improvements Franchise Utility Improvements

$  2,565,324
$  4,353,068
$  3,840,229
$	-
$  1,524,760
$	-

Total	$ 12,283,381

TABLE 3	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
BONDSIZING ASSESSMENT AREA 1 - MASTER INFRASTRUCTURE PROJECT	

Sources:	
Par Amount*	$	13,255,000	
$	13,255,000
Uses:	
Construction Funds	$	11,000,475	
Debt Service Reserve	$	927,850	
Capitalized Interest	$	927,850	
Cost of Issuance	$	398,825	
$	13,255,000

Bond Assumptions:	
Average Coupon	7.00%	
Amortization (years)	5	
Capitalized Interest (months)	12 months	
Debt Service Reserve	100% of Maximum Annual	

* Information provided by FMS Bonds.

TABLE 4	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
ALLOCATION OF INFRASTRUCTURE COSTS	
ASSESSMENT AREA 1 - MASTER INFRASTRUCTURE PROJECT	

Land use*	
Units	
ERU	Total ERU's	Percentage of ERU's	Infrastructure Costs Allocated	Infrastructure
Costs Allocated per Unit	
Residential (Units)**	1,390	1.00	1,390	49.67%	$	6,101,090	$	4,389.27	
Office (Units)***	200	2.65	530	18.94%	$	2,326,315	$	11,631.57	
Hotel (rooms)	480	0.70	336	12.01%	$	1,474,796	$	3,072.49	
Commercial (Units)***	175	3.10	543	19.39%	$	2,381,181	$	13,606.75	

2,799	100%	$	12,283,381	

TOTAL

* Unit mix is subject to change based on marketing and other factors.	
**The unit count excludes the 263 units within the One Metropica condominium	
***ERU is per 1,000 sq.ft., and 1,000 sq.ft equals one unit	

TABLE 5	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
ALLOCATION OF ASSESSMENTS	
ASSESSMENT AREA 1 - MASTER INFRASTRUCTURE PROJECT	

Product Type	

Units	Total Costs Allocated	

Total Par	Par Debt Per Unit	Annual Debt Assessment (1)	Annual Debt Assessment Per Unit(1)	

Residential (Units)**	1,390	$	6,101,090	$  6,583,688	$	4,736	$	460,858	$	331.55	
Office (Units)***	200	$	2,326,315	$  2,510,327	$	12,552	$	175,723	$	878.61	
Hotel (rooms)	480	$	1,474,796	$  1,591,453	$	3,316	$	111,402	$	232.09	
Commercial (Units)***	175	$	2,381,181	$  2,569,533	$	14,683	$	179,867	$	1,027.81	

$	12,283,381	$ 13,255,000	

TOTAL	$	927,850

(1) This amount will be grossed up to include discounts for early payments and Broward County collection fees when collected on the Broward County tax bills, currently 6%.	
**The unit count excludes the 263 units within the One Metropica condominium	
***ERU is per 1,000 sq.ft., and 1,000 sq.ft equals one unit	

TABLE 6	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
PRELIMINARY ASSESSMENT ROLL	
ASSESSMENT AREA 1 - MASTER INFRASTRUCTURE PROJECT	

FOLIO_NUMB	
Product	
Acres	Par Debt
per Acre	Annual Assessment
per Acre*	
Legal	
494026090010	Unassigned Property- Acres	20.627	$10,568,350.84	$739,784.56	METROPICA PLAT 179-70 B PARCEL A, LESS THOSE PORTIONS	
494026090013	Unassigned Property-Acres	1.340	$686,699.70	$48,068.98	AKA: M.I.D. 1	
494026100020	Unassigned Property- Acres	0.600	$307,408.65	$21,518.61	AKA: M.I.D. 2 METROPICA NORTH	
494026100030	Unassigned Property- Acres	1.614	$826,980.51	$57,888.64	AKA: METROPICA NORTH	
494026100041	Unassigned Property- Acres	1.689	$865,560.30	$60,589.22	AKA: REMAINDER PARCEL METROPICA NORTH	
			$13,255,000.00	$927,850.00		
*This amoun will grossed up to cover early payment discounts and Broward County collection fees when collected on the Broward County tax bill, currently 6%.

	Bonds	
Annual Assessment Periods Average Interest Rate
Maximum Annual Debt Service	5	
	7.00%	
	$927,850	

PRELIMINARY SECOND SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT
(ASSESSMENT AREA ONE) FOR

METROPICA COMMUNITY DEVELOPMENT DISTRICT

For the issuance of
BOND ANTICIPATION NOTES, SERIES 2026 (ASSESSMENT AREA ONE – MASTER INFRASTRUCTURE PROJECT)

March 25, 2026

Prepared by

Governmental Management Services-South Florida, LLC 5385 N. Nob Hill Road
Sunrise, FL 33351

Introduction

The Metropica Community Development District (the “District”) is a local unit of special-purpose government organized and existing under Chapter 190, Florida Statutes, as amended (“F.S.”). The District previously authorized the issuance of not to exceed $43,250,000 of special assessment bonds or other forms of indebtedness to be issued in one or more series for the purpose of financing certain infrastructure improvements directly and specially benefitting Assessment Area One, as described herein, within the District (the “Assessment Area One Project”), and as more specifically described in the Engineer’s Report for Metropica Community Development District dated January 6, 2025, as supplemented on March 25, 2026, prepared by Thomas Engineering Group, LLC (the “District Engineer”), and accepted by the District Board of Supervisors (as may be further amended and supplemented, the “Engineer’s Report”), In addition, a First Supplemental Assessment Methodology Report dated March 25, 2026, was previously adopted in connection with the issuance of the District’s Series 2026 Bonds in the principal amount of $3,145,000* to finance the Assessment Area One – Phase One Project related to the Metropica One condominium tower, which consists of 263 residential units and 5,000 square feet of commercial space (the “Assessment Area One – Phase One Area”). The District is also planning to issue not to exceed
$13,255,000* in Bond Anticipation Notes, Series 2026 (Assessment Area One – Master Infrastructure Project) (the “Series 2026 Notes”) for the principal purpose of financing the Assessment Area One – Master Infrastructure Project (as hereinafter defined). This Second Supplemental Assessment Methodology Report (the “Second Supplemental Report”) supplements the Master Assessment Methodology Report dated January 6, 2025 (the “Master Methodology”) in connection with the issuance of the Series 2026 Notes. The development within the District is anticipated to contain a mix of residential units, condominium and commercial spaces (collectively, the “Development”). The current development plan for the Assessment Area One – Master Infrastructure Note Area (as defined below) is shown in Table 1.

Purpose
This Second Supplemental Report allocates the Series 2026 Notes debt for the financing of a portion of the District’s Assessment Area One – Master Infrastructure Project, as described in the Engineer’s Report and summarized in Table 2. The Assessment Area One – Master Infrastructure Project specially benefits all the property within the Assessment Area One identified in Table 1, which excludes the Assessment Area Ane – Phase One Area (the “Assessment Area One – Master Infrastructure Note Area”). The allocation of the Series 2026 Notes and the related non-ad valorem special assessments is based on the relative benefit received by each land use type, measured in Equivalent Residential Units (“ERUs”), consistent with the Master Methodology.

The public improvements that may be acquired or constructed by the District related to the Assessment Area One – Master Infrastructure Note Area include, but are not limited to, onsite improvements including earthwork; stormwater management and drainage; water distribution system; wastewater collection system; onsite roadway and transportation improvements; landscaping improvements in public open areas and buffers; including related soft costs and permits, and costs of onsite deeds and  easements required for constructing the public

improvements (collectively, the “Assessment Area One – Master Infrastructure Project”), which Assessment Area One – Master Infrastructure Project is more particularly described in the Engineer’s Report. The District is issuing the Series 2026 Notes to finance all or a portion of the Assessment Area One – Master Infrastructure Project, which Assessment Area One – Master Infrastructure Project is more particularly described in the Engineer’s Report and outlined in Table 2.

The District will impose non-ad valorem special assessments on the benefited lands within Assessment Area One – Master Infrastructure Note Area within the Assessment Area One (herein the “Series 2026 BAN Assessments”) to pay debt service on the Series 2026 Notes based on this Second Supplemental Report and the related special assessment proceeding. It is anticipated that all of the Series 2026 BAN Assessments related to the Series 2026 Notes will be collected through the direct bill process, or by the Uniform Method of Collection described in Section 197.3632, F.S., or any other legal means available to the District. It is not the intent of this Second Supplemental Report to address any other assessments, if applicable, that may be levied in the future by the District, a homeowner’s association, or any other unit of government.

Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Master Methodology.

Assessment Methodology

Overview

The District anticipates the issuance of up to $13,255,000* in principal amount of Series 2026 Notes to finance public infrastructure improvements comprising the Assessment Area One Project – Master Infrastructure Project, fund capitalized interest, fund a debt service reserve account, and pay costs of issuance. It is the purpose of this Second Supplemental Report to allocate the debt assessments securing the not to exceed $13,255,000* of Series 2026 Notes to the properties within Assessment Area One – Master Infrastructure Note Area directly and specially benefiting from the Assessment Area One – Master Infrastructure Project.

Table 1 identifies the most recent development plan for the Assessment Area One – Master Infrastructure Note Area as identified by Metropica Development, LLC, a Delaware limited liability company (the “Developer”). The Engineer’s Report outlines the Assessment Area One – Master Infrastructure Project, which is estimated to cost approximately $12,283,381 and is shown in Table 2. All or a portion of such public improvements will be funded through the issuance of the Series 2026 Notes and through a Developer contribution of infrastructure and/or land to the extent not funded by the Series 2026 Notes. Based on the estimated costs to be funded, the size of the financing needed to generate funds to pay for the Assessment Area One Master Infrastructure Project, fund a debt service reserve account, fund capitalized interest, and pay costs of issuance was determined by the District’s Underwriter to total approximately $13,255,000*. Table 3 depicts the breakdown of the Series 2026 Notes sizing.

As shown in Table 1, the Assessment Area One – Master Infrastructure Note Area is planned to include approximately 1,390 residential units, 200,000 square feet of office, 480 hotel rooms, and 175,000 square feet of commercial space. For purposes of allocating the Series 2026 Notes, each land use is converted to ERUs using the benefit factors from the Master Methodology: 1.00 ERU per residential unit, 2.65 ERUs per 1,000 square feet of office, 0.70 ERUs per hotel room, and 3.10 ERUs per 1,000 square feet of commercial space. The total ERUs shown in Table 1 form the basis for apportioning both par debt and annual debt service among all benefited properties within Assessment Area One - Master Infrastructure Note Area.

Allocation of Debt

The District will allocate the Series 2026 Notes to all lands within Assessment Area One – Master Infrastructure Note Area that receive special benefit from the Assessment Area One – Master Infrastructure Project. Using the ERU factors described above, the total par amount of the Series 2026 Notes is first divided by the total ERUs in Table 1 to determine a per-ERU par amount. That per-ERU amount is then applied to each land use type to calculate the par debt assigned to each unit, room, or 1,000 square feet of non-residential space.

The resulting allocation produces a uniform cost per ERU across all benefited properties, reflecting the proportional benefit of the Assessment Area One – Master Infrastructure Project improvements. No Series 2026 Notes are allocated to any property outside of Assessment Area One – Master Infrastructure Note Area. Any future changes to the development program for the Assessment Area One – Master Infrastructure Note Area will require a recalculation of ERUs and, if necessary, a true-up of assessments consistent with the Master Methodology. This process is outlined in Section 3.0.

True Up

Although the District does not process plats, replats, or declaration of condominiums, the assignment of development entitlements, site plans, or revisions for the Developer, it does have an important role to play during the course of such platting and site planning for property within Assessment Area One – Master Infrastructure Note Area. Whenever a plat, replat, declaration of condominium, site plan, or revision is processed, the District must confirm that the Series 2026 BAN Assessments allocated to the affected property, based on the ERUs assigned in this Second Supplemental Report, will continue to generate sufficient assessment revenue to pay debt service on the Series 2026 Notes. In addition, the District must also prevent any buildup of debt assessments on property that no longer carries the planned level of development. Otherwise, land could be fully conveyed and/or platted without all of the Series 2026 BAN Assessments being allocated to benefited property. To preclude this, at the time any change in development program is approved, the District will determine the amount of anticipated Series 2026 BAN Assessment revenue that will be generated after taking into account the revised ERUs. If the total anticipated Series 2026 BAN Assessment revenue is greater than or equal to the maximum annual debt service payments on the Series 2026 Notes, then no adjustment is required. In the event the projected

assessment revenue is less than the annual debt service payments, a debt reduction (true-up) payment by the Developer, in an amount necessary to reduce the par amount of the outstanding Series 2026 Notes to a level that will be supported by the revised assessments, will be required. This obligation to make true-up payments will be evidenced by a true-up agreement by and between the District and the landowner.

Assessment Roll

The District will levy a lien of Series 2026 BAN Assessments on all benefited property within the Assessment Area One – Master Infrastructure Note Area, as further described in the Assessment Resolutions and the Second Supplemental Trust Indenture. The Series 2026 BAN Assessments will be apportioned to each tax parcel based on the ERU assignments set forth in Table 1 and the per-ERU par and annual assessment amounts calculated in this Second Supplemental Report. The preliminary assessment roll, including the per-unit, per-room, and per-1,000-square-foot assessments for each land use, is presented in Table 6. The Series 2026 BAN Assessment liens will remain in place until the Series 2026 Notes are paid or defeased in accordance with the Second Supplemental Trust Indenture.

Additional Information

Governmental Management Services-South Florida, LLC (GMS) does not represent the District as a Municipal Advisor or Security Broker, nor is GMS registered to provide such services as described in Section 15B of the Security and Exchange Act of 1934, as amended. Similarly, GMS does not provide the District with financial advisory services or offer investment advice.

Certain information in this Second Supplemental Report was provided by members of the District staff, the Developer or other professionals hired in conjunction with the bond issuance; GMS makes no representation regarding the information provided by others.

TABLE 1	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
DEVELOPMENT PROGRAM - ASSESSMENT AREA 1 - MASTER INFRASTRUCTURE PROJECT	

Land Use*	Units	ERU	

Residential (Units)**	
Office (Units)***	
Hotel (rooms)	
Commercial (Units)***	

1,390	1.00	
200	2.65	
480	0.70	
175	3.10	

* Unit mix is subject to change based on marketing and other factors.	
**The unit count excludes the 263 units within the One Metropica condominium	
***ERU is per 1,000 sq.ft., and 1,000 sq.ft equals one unit	

TABLE 2
METROPICA COMMUNITY DEVELOPMENT DISTRICT INFRASTRUCTURE COST ESTIMATES
ASSESSMENT AREA 1 - MASTER INFRASTRUCTURE PROJECT	

Description		Total	

Stormwater Management System Water and Sewer System Roadway/Transportation Improvements Park
Landscaping Improvements Franchise Utility Improvements

$  2,565,324
$  4,353,068
$  3,840,229
$	-
$  1,524,760
$	-

Total	$ 12,283,381

TABLE 3	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
BONDSIZING ASSESSMENT AREA 1 - MASTER INFRASTRUCTURE PROJECT	

Sources:	
Par Amount*	$	13,255,000	
$	13,255,000
Uses:	
Construction Funds	$	11,000,475	
Debt Service Reserve	$	927,850	
Capitalized Interest	$	927,850	
Cost of Issuance	$	398,825	
$	13,255,000

Bond Assumptions:	
Average Coupon	7.00%	
Amortization (years)	5	
Capitalized Interest (months)	12 months	
Debt Service Reserve	100% of Maximum Annual	

* Information provided by FMS Bonds.

TABLE 4	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
ALLOCATION OF INFRASTRUCTURE COSTS	
ASSESSMENT AREA 1 - MASTER INFRASTRUCTURE PROJECT	

Land use*	
Units	
ERU	Total ERU's	Percentage of ERU's	Infrastructure Costs Allocated	Infrastructure
Costs Allocated per Unit	
Residential (Units)**	1,390	1.00	1,390	49.67%	$	6,101,090	$	4,389.27	
Office (Units)***	200	2.65	530	18.94%	$	2,326,315	$	11,631.57	
Hotel (rooms)	480	0.70	336	12.01%	$	1,474,796	$	3,072.49	
Commercial (Units)***	175	3.10	543	19.39%	$	2,381,181	$	13,606.75	

2,799	100%	$	12,283,381	

TOTAL

* Unit mix is subject to change based on marketing and other factors.	
**The unit count excludes the 263 units within the One Metropica condominium	
***ERU is per 1,000 sq.ft., and 1,000 sq.ft equals one unit	

TABLE 5	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
ALLOCATION OF ASSESSMENTS	
ASSESSMENT AREA 1 - MASTER INFRASTRUCTURE PROJECT	

Product Type	

Units	Total Costs Allocated	

Total Par	Par Debt Per Unit	Annual Debt Assessment (1)	Annual Debt Assessment Per Unit(1)	

Residential (Units)**	1,390	$	6,101,090	$  6,583,688	$	4,736	$	460,858	$	331.55	
Office (Units)***	200	$	2,326,315	$  2,510,327	$	12,552	$	175,723	$	878.61	
Hotel (rooms)	480	$	1,474,796	$  1,591,453	$	3,316	$	111,402	$	232.09	
Commercial (Units)***	175	$	2,381,181	$  2,569,533	$	14,683	$	179,867	$	1,027.81	

$	12,283,381	$ 13,255,000	

TOTAL	$	927,850

(1) This amount will be grossed up to include discounts for early payments and Broward County collection fees when collected on the Broward County tax bills, currently 6%.	
**The unit count excludes the 263 units within the One Metropica condominium	
***ERU is per 1,000 sq.ft., and 1,000 sq.ft equals one unit	

TABLE 6	
METROPICA COMMUNITY DEVELOPMENT DISTRICT	
PRELIMINARY ASSESSMENT ROLL	
ASSESSMENT AREA 1 - MASTER INFRASTRUCTURE PROJECT	

FOLIO_NUMB	
Product	
Acres	Par Debt
per Acre	Annual Assessment
per Acre*	
Legal	
494026090010	Unassigned Property- Acres	20.627	$10,568,350.84	$739,784.56	METROPICA PLAT 179-70 B PARCEL A, LESS THOSE PORTIONS	
494026090013	Unassigned Property-Acres	1.340	$686,699.70	$48,068.98	AKA: M.I.D. 1	
494026100020	Unassigned Property- Acres	0.600	$307,408.65	$21,518.61	AKA: M.I.D. 2 METROPICA NORTH	
494026100030	Unassigned Property- Acres	1.614	$826,980.51	$57,888.64	AKA: METROPICA NORTH	
494026100041	Unassigned Property- Acres	1.689	$865,560.30	$60,589.22	AKA: REMAINDER PARCEL METROPICA NORTH	
			$13,255,000.00	$927,850.00		
*This amoun will grossed up to cover early payment discounts and Broward County collection fees when collected on the Broward County tax bill, currently 6%.

	Bonds	
Annual Assessment Periods Average Interest Rate
Maximum Annual Debt Service	5	
	7.00%	
	$927,850	

RESOLUTION NO. 2026-05
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE METROPICA COMMUNITY DEVELOPMENT DISTRICT (THE “DISTRICT”) AUTHORIZING THE ISSUANCE OF NOT EXCEEDING
$4,500,000 IN TOTAL AGGREGATE PRINCIPAL AMOUNT OF METROPICA COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2026 (ASSESSMENT AREA ONE – PHASE ONE PROJECT) (THE “SERIES 2026 BONDS”) FOR THE PRINCIPAL PURPOSE OF FINANCING THE ASSESSMENT AREA ONE – PHASE ONE PROJECT (AS DEFINED HEREIN) AND $15,000,000 IN TOTAL AGGREGATE PRINCIPAL AMOUNT OF METROPICA COMMUNITY DEVELOPMENT DISTRICT BOND ANTICIPATION NOTES, SERIES 2026 (ASSESSMENT AREA ONE – MASTER INFRASTRUCTURE PROJECT) (THE “SERIES 2026 NOTES” AND, TOGETHER WITH THE SERIES 2026 BONDS, THE “SERIES 2026 BONDS/NOTES”) FOR THE PRINCIPAL PURPOSE OF FINANCING THE ASSESSMENT AREA ONE – MASTER INFRASTRUCTURE PROJECT (AS DEFINED HEREIN); DETERMINING THE NEED FOR A NEGOTIATED LIMITED OFFERING OF THE SERIES 2026 BONDS/NOTES AND PROVIDING FOR A DELEGATED AWARD OF SUCH SERIES 2026 BONDS/NOTES; APPOINTING THE UNDERWRITER FOR THE LIMITED OFFERING OF THE SERIES 2026 BONDS/NOTES; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE CONTRACT WITH RESPECT TO THE SERIES 2026 BONDS AND A NOTE PURCHASE CONTRACT WITH RESPECT TO THE SERIES 2026 NOTES; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST SUPPLEMENTAL TRUST INDENTURE WITH RESPECT TO THE SERIES 2026 BONDS AND A SECOND SUPPLEMENTAL TRUST INDENTURE WITH RESPECT TO THE SERIES 2026 NOTES; AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER TRUST INDENTURE; APPROVING THE FORM OF AND AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY LIMITED OFFERING MEMORANDUM; APPROVING THE EXECUTION AND DELIVERY OF A FINAL LIMITED OFFERING MEMORANDUM; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION OF A CONTINUING DISCLOSURE AGREEMENT WITH RESPECT TO THE SERIES 2026 BONDS AND A CONTINUING DISCLOSURE AGREEMENT WITH RESPECT TO THE SERIES 2026 NOTES AND APPOINTING A DISSEMINATION AGENT; APPROVING THE APPLICATION OF SERIES 2026 BOND AND SERIES 2026 NOTE PROCEEDS; AUTHORIZING CERTAIN MODIFICATIONS TO THE ASSESSMENT METHODOLOGY REPORT AND THE ENGINEER’S REPORT; MAKING CERTAIN DECLARATIONS; PROVIDING FOR THE REGISTRATION OF THE SERIES 2026 BONDS/NOTES PURSUANT TO THE DTC BOOK-ENTRY ONLY SYSTEM; AUTHORIZING THE

PROPER OFFICIALS TO DO ALL THINGS DEEMED NECESSARY IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF THE SERIES 2026 BONDS/NOTES; AND PROVIDING FOR SEVERABILITY, CONFLICTS, AN EFFECTIVE DATE AND OTHER MATTERS.
WHEREAS, the Metropica Community Development District (the “District”) is a local unit of special-purpose government organized and existing in accordance with the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), created by Ordinance No. 909-X-23-A enacted by the City Commission of the City of Sunrise, Florida, on March 28, 2023; and
WHEREAS, the boundaries of the District (the “District Lands”) currently consist of approximately 49.83+/- gross acres of land located entirely within the City of Sunrise, Florida, within Broward County, Florida (the “County”); and
WHEREAS, the District was created for the purpose of delivering certain community development services and facilities within and outside its jurisdiction; and
WHEREAS, the Board of Supervisors of the District (herein, the “Board”) has previously adopted Resolution No. 2025-07 on January 6, 2025 (the “Initial Bond Resolution”), pursuant to which the District authorized the issuance of not to exceed $43,250,000 of its Special Assessment Bonds to be issued in one or more series to finance all or a portion of the costs of the public infrastructure within Assessment Area One within the District, including, but is not limited to, a water and sewer system; franchise utility improvements; a stormwater management system; roadway and transportation improvements; landscaping improvements; park improvements; and all related soft and incidental costs, pursuant to the Act (collectively, the “Capital Improvement Plan”); and
WHEREAS, any capitalized term used herein and not otherwise defined shall have the meaning ascribed to such term in the Initial Bond Resolution; and
WHEREAS, the Board finds it necessary to finance a portion of the necessary public infrastructure necessary for the development within Assessment Area One within the District with a portion of the proceeds of the Series 2026 Bonds/Notes (as defined herein); and
WHEREAS, the District has, pursuant to the Initial Bond Resolution, approved the form of and authorized the execution and delivery of the Master Trust Indenture (the “Master Indenture”), as same may be supplemented, and it is now appropriate to authorize, with respect to the Series 2026 Bonds, the execution and delivery of the First Supplemental Trust Indenture (the “First Supplemental Indenture” and, together with the Master Indenture, the “Series 2026 Bonds Indenture”), and with respect to the Series 2026 Notes, the execution and delivery of the Second Supplemental Trust Indenture (the “Second Supplemental Indenture” and, together with the Master Indenture, the “Series 2026 Notes Indenture”) (the Series 2026 Bonds Indenture and the Series 2026 Notes Indenture are collectively referred to herein as the “Indentures”), each with U.S. Bank Trust Company, National Association, as the appointed trustee, paying agent and registrar under the Indentures (the “Trustee”); and

WHEREAS, based on the current development plans of the Developer for certain lands within the District, the Board finds it necessary to finance a portion of the Capital Improvement Plan necessary for the development of a designated assessment area within the District herein referred to as “Assessment Area One”; and
WHEREAS, Assessment Area One consists of approximately 26.31+/- gross acres of land within the District that is currently planned to contain (i) six residential buildings (one completed 263 unit condominium building known as “One Metropica” and five additional planned residential rental buildings) containing an aggregate of 1,653 residential units, (ii) 200,000+/- square feet of office space in one office building, (iii) two hotels containing an aggregate of 480 rooms, (iv) up to 120,000+/- square feet of commercial/retail space which will be located on the lower floors of several residential and commercial/retail buildings and (v) 60,000+/- square feet of commercial/retail space to be located within five to six separate free standing buildings planned entirely for commercial/retail space; and
WHEREAS, the portion of the District’s Capital Improvement Plan that was necessary for the development of One Metropica within Assessment Area One is herein referred to as the “Assessment Area One – Phase One Project;” and
WHEREAS, the portion of the District’s Capital Improvement Plan that is necessary for the development of Assessment Area One (excluding One Metropica) is herein referred to as the “Assessment Area One – Master Infrastructure Project;” and
WHEREAS, the District has determined that it would be in the best interest of the landowners of the District for the District to issue, and the District has determined to issue, its (i) Metropica Community Development District Special Assessment Bonds, Series 2026 (the “Series 2026 Bonds”) in the principal amount of not exceeding $4,500,000 for the primary purpose of providing funds to finance a portion of the Assessment Area One – Phase One Project and (ii) Metropica Community Development District Bond Anticipation Notes, Series 2026 (the “Series 2026 Notes” and, together with the Series 2026 Bonds, the “Series 2026 Bonds/Notes”) in the principal amount of not exceeding $15,000,000 for the primary purpose of providing funds to finance a portion of the Assessment Area One – Master Infrastructure Project, as more particularly described in the District’s Engineer’s Report dated January 6, 2025, as supplemented by the First Supplemental Engineer’s Report (Assessment Area One – Phase One and Assessment Area One – Master Infrastructure Project) dated March 25, 2026, as may be further supplemented and/or amended from time to time (collectively, “Engineer’s Report”); and
WHEREAS, there has been submitted to this meeting with respect to the issuance and sale of the Series 2026 Bonds/Notes and submitted to the Board forms of:
a Bond Purchase Contract with respect to the Series 2026 Bonds by and between FMSbonds, Inc., as the underwriter (the “Underwriter”) and the District, together with the form of a disclosure statement attached to the Bond Purchase Contract pursuant to Section 218.385, Florida Statutes, substantially in the form attached hereto as Exhibit A-1 (the “Bond Purchase Contract”);

a Note Purchase Contract with respect to the Series 2026 Notes by and between FMSbonds, Inc., as the underwriter (the “Underwriter”) and the District, together with the form of a disclosure statement attached to the Note Purchase Contract pursuant to Section 218.385, Florida Statutes, substantially in the form attached hereto as Exhibit A-2 (the “Note Purchase Contract”);
a Preliminary Limited Offering Memorandum, substantially in the form attached hereto as Exhibit B (the “Preliminary Limited Offering Memorandum”);
with respect to the Series 2026 Bonds, a Continuing Disclosure Agreement among the District, the dissemination agent named therein and the obligated parties named therein, substantially in the form attached hereto as Exhibit C-1;
with respect to the Series 2026 Notes, a Continuing Disclosure Agreement among the District, the dissemination agent named therein and the obligated parties named therein, substantially in the form attached hereto as Exhibit C-2;
with respect to the Series 2026 Bonds, the First Supplemental Indenture between the District and the Trustee, substantially in the form attached hereto as Exhibit D-1; and
with respect to the Series 2026 Notes, the Second Supplemental Indenture between the District and the Trustee, substantially in the form attached hereto as Exhibit D-2.
WHEREAS, in connection with the sale of the Series 2026 Bonds/Notes, it may be necessary that certain modifications be made to the Master Special Assessment Methodology Report (Assessment Area One) for Metropica Community Development District, dated January 6, 2025, as supplemented with respect to the Series 2026 Bonds/Notes (collectively, the “Assessment Methodology Report”), prepared by Governmental Management Services – South Florida, LLC, and the Engineer’s Report to conform such reports to the final terms of the Series 2026 Bonds/Notes;
WHEREAS, the proceeds of the Series 2026 Bonds shall also fund a debt service reserve account, fund capitalized interest on the Series 2026 Bonds and pay the costs of the issuance of the Series 2026 Bonds; and
WHEREAS, the proceeds of the Series 2026 Notes shall also fund a debt service reserve account, fund capitalized interest on the Series 2026 Notes and pay the costs of the issuance of the Series 2026 Notes.
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the Metropica Community Development District, as follows:
Section 1.  Negotiated Limited Offering of the Series 2026 Bonds/Notes. The District hereby finds that because of the complex nature of assessment bond financings in order to better time the sale of the Series 2026 Bonds/Notes to achieve maximum debt service savings and secure better rates, it is necessary and in the best interest of the District that the Series 2026 Bonds

in the aggregate principal amount of not exceeding $4,500,000 and the Series 2026 Notes in the aggregate principal amount of not exceeding $15,000,000, all be sold on a negotiated limited offering basis. The District hereby further finds that it will not be adversely affected if the Series 2026 Bonds/Notes are not sold pursuant to competitive sales.
Section 2.  Purpose. The District hereby authorizes the financing of a portion of the Capital Improvement Plan consisting of the acquisition and construction of certain public infrastructure benefiting the assessable lands within the Assessment Area One within the District by issuing the (i) Series 2026 Bonds and such public infrastructure shall constitute the Assessment Area One – Phase One Project, which includes, but is not limited to, a water and sewer system; franchise utility improvements; a stormwater management system; roadway and transportation improvements; landscaping improvements; park improvements; and all related soft and incidental costs, all as more particularly described in the Engineer’s Report, and (ii) Series 2026 Notes and such public infrastructure shall constitute the Assessment Area One – Master Infrastructure Project, which includes, but is not limited to, a water and sewer system; a stormwater management system; roadway and transportation improvements; landscaping improvements; and all related soft and incidental costs, all as more particularly described in the Engineer’s Report.
Section 3.  Authorization of Issuance of Series 2026 Bonds/Notes. There are hereby authorized and directed to be issued the “Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project)” for the purpose of
(i) providing funds to pay a portion of the costs of the Assessment Area One – Phase One Project,
(ii) funding a debt service reserve account, (iii) funding capitalized interest on the Series 2026 Bonds, and (iv) paying the costs of issuance of the Series 2026 Bonds. The Series 2026 Bonds shall be issued under and secured by the Master Indenture, as supplemented by the First Supplemental Indenture, the final form of which by reference is hereby incorporated into this Resolution as if set forth in full herein.
There are hereby authorized and directed to be issued the “Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One – Master Infrastructure Project)” for the purpose of (i) providing funds to pay a portion of the costs of the Assessment Area One – Master Infrastructure Project, (ii) funding a debt service reserve account,
(iii) funding capitalized interest on the Series 2026 Notes, and (iv) paying the costs of issuance of the Series 2026 Notes. The Series 2026 Notes shall be issued under and secured by the Master Indenture, as supplemented by the Second Supplemental Indenture, the final form of which by reference is hereby incorporated into this Resolution as if set forth in full herein.
To the extent that the Series 2026 Bonds/Notes are issued in a calendar year other than calendar year 2026, all references to “2026” contained in the designation of the name of the Series 2026 Bonds/Notes and any defined term in this Resolution shall, without further action of the Board, be replaced with the calendar year in which the Series 2026 Bonds/Notes are issued.
Section 4.  Bond Purchase Contract; Note Purchase Contract; Sale of the Series 2026 Bonds/Notes. Except as otherwise provided in the last sentence of this Section 4, the proposal submitted by the Underwriter offering to purchase the Series 2026 Bonds/2026 Notes at the purchase price established pursuant to the parameters set forth below and on the terms and conditions set forth in the Bond Purchase Contract and the Note Purchase Contract, as applicable

(attached hereto as Exhibit A-1 and Exhibit A-2, respectively), are hereby approved and adopted by the District in substantially the forms presented. Subject to the last sentence of this Section 4, the Chairperson (or, in the absence of the Chairperson, the Vice Chairperson or any other member of the Board) is hereby authorized to execute and deliver on behalf of the District, and the Secretary of the District is hereby authorized (if so required) to affix the seal of the District and attest to the execution of the Bond Purchase Contract and the Note Purchase Contract in substantially the forms presented at this meeting. The disclosure statements of the Underwriter, as required by Section 218.385, Florida Statutes, to be delivered to the District prior to the execution of the Bond Purchase Contract and the Note Purchase Contract, a copy of which is attached as an exhibit to the Bond Purchase Contract and the Note Purchase Contract, respectively, will be entered into the official records of the District.
The Bond Purchase Contract, in final form as determined by counsel to the District, may be executed by the District without further action provided that with respect to the Series 2026 Bonds (i) the principal amount of the Series 2026 Bonds issued does not exceed $4,500,000; (ii) the Series 2026 Bonds mature not later than the statutory permitted period; (iii) the interest rate on the Series 2026 Bonds shall not exceed the maximum rate permitted under Florida law; (iv) if the Series 2026 Bonds are subject to optional redemption which determination will be made on or before the sale date of the Series 2026 Bonds, the first optional call date and the redemption price shall be determined prior to the execution of the Bond Purchase Contract; and (v) the purchase price to be paid by the Underwriter for the Series 2026 Bonds is not less than 98% of the par amount of the Series 2026 Bonds issued (exclusive of any original issuance discount or premium).

The Note Purchase Contract, in final form as determined by counsel to the District, may be executed by the District without further action provided that with respect to the Series 2026 Notes
(i) the principal amount of the Series 2026 Notes issued does not exceed $15,000,000; (ii) the Series 2026 Notes mature not later than five years after their date of issuance; (iii) the interest rate on the Series 2026 Notes shall not exceed the maximum rate permitted under Florida law; (iv) if the Series 2026 Notes are subject to optional redemption which determination will be made on or before the sale date of the Series 2026 Notes, the first optional call date and the redemption price shall be determined prior to the execution of the Note Purchase Contract; and (v) the purchase price to be paid by the Underwriter for the Series 2026 Notes is not less than 98% of the par amount of the Series 2026 Notes issued (exclusive of any original issuance discount or premium).

Section 5. The Limited Offering Memorandum. The Limited Offering Memorandum, in substantially the form of the Preliminary Limited Offering Memorandum (as herein defined and subject to the other conditions set forth herein) attached hereto as Exhibit B, with such changes as are necessary to conform to the details of the Series 2026 Bonds/Notes and the requirements of the Bond Purchase Contract and the Note Purchase Contract, as applicable, is hereby approved. The District hereby authorizes the execution of the Limited Offering Memorandum and the District hereby authorizes the Limited Offering Memorandum, when in final form, to be used in connection with the limited offering and sale of the Series 2026 Bonds/Notes. The District hereby authorizes and consents to the use by the Underwriter of a Preliminary Limited Offering Memorandum substantially in the form attached hereto as Exhibit B, in connection with the Limited Offering of the Series 2026 Bonds/Notes (the “Preliminary Limited Offering Memorandum”). The final form of a Preliminary Limited Offering Memorandum shall be determined by the Underwriter and the professional staff of the District, with final approval by the

Chairperson. The Limited Offering Memorandum may be modified in a manner not inconsistent with the substance thereof and the terms of the Series 2026 Bonds/Notes as shall be deemed advisable by Bond Counsel, Disclosure Counsel and counsel to the District, with final approval by the Chairperson. The Chairperson (or, in the absence of the Chairperson, the Vice Chairperson or any other member of the Board) is hereby further authorized to execute and deliver on behalf of the District, the Limited Offering Memorandum and any amendment or supplement thereto, with such changes, modifications and deletions as the member of the Board executing the same may deem necessary and appropriate with the advice of Bond Counsel, Disclosure Counsel and counsel to the District, with final approval by the Chairperson, such execution and delivery to be conclusive evidence of the approval and authorization thereof by the District. The District hereby authorizes the Chairperson (or, in the absence of the Chairperson, the Vice Chairperson or any other member of the Board) to deem “final” the Preliminary Limited Offering Memorandum except for permitted omissions all within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934 and to execute a certificate in that regard.
Section 6.  Details of the Series 2026 Bonds/Notes. The proceeds of the Series 2026 Bonds shall be applied in accordance with the provisions of the Series 2026 Bonds Indenture. Subject to the parameters set forth in Section 4 of the Resolution, the Series 2026 Bonds shall mature in the years and in the amounts, bear interest at such rates and be subject to redemption, all as provided in the Series 2026 Bonds Indenture. The execution of the Series 2026 Bonds Indenture shall constitute approval of such terms as set forth in the Series 2026 Bonds Indenture and this Resolution.
The proceeds of the Series 2026 Notes shall be applied in accordance with the provisions of the Series 2026 Notes Indenture. Subject to the parameters set forth in Section 4 of the Resolution, the Series 2026 Notes shall mature in the year and in the amount, bear interest at such rate and be subject to redemption, all as provided in the Series 2026 Notes Indenture. The execution of the Series 2026 Notes Indenture shall constitute approval of such terms as set forth in the Series 2026 Notes Indenture and this Resolution.

Section 7. Continuing Disclosure; Dissemination Agent. The Board does hereby authorize and approve the execution and delivery by the Chairperson (or, in the absence of the Chairperson, the Vice Chairperson or any other member of the Board) of the Continuing Disclosure Agreement with respect to the Series 2026 Bonds and the Continuing Disclosure Agreement with respect to the Series 2026 Notes substantially in the forms presented to this meeting and attached hereto, as Exhibit C-1 and as Exhibit C-2, respectively. The Continuing Disclosure Agreements are being executed by the District and the other parties thereto in order to assist the Underwriter in the marketing of the Bonds and compliance with Rule 15c2-12 of the Securities and Exchange Commission. Governmental Management Services – South Florida, LLC is hereby appointed the initial dissemination agent.
Section 8.  Authorization of Execution and Delivery of the Master Indenture, the First Supplemental Indenture and the Second Supplemental Indenture. The District does hereby authorize and approve the execution by the Chairperson (or, in the absence of the Chairperson, the Vice Chairperson or any other member of the Board) and the Secretary and the delivery of the Indentures between the District and the Trustee. The Series 2026 Bonds Indenture shall provide for the security of the Series 2026 Bonds and express the contract between the District

and the owners of the Series 2026 Bonds. The Series 2026 Notes Indenture shall provide for the security of the Series 2026 Notes and express the contract between the District and the owners of the Series 2026 Notes. The Master Indenture shall be substantially in the form approved pursuant to the Initial Bond Resolution, with such changes therein as are necessary or desirable to reflect the terms of the sale of the Series 2026 Bonds/Notes as shall be approved by the Chairperson (or, in the absence of the Chairperson, the Vice Chairperson, or any other member of the Board) executing the same, with such execution to constitute conclusive evidence of such officer’s approval and the District’s approval of any changes therein from the form attached to the Initial Bond Resolution. The First Supplemental Indenture shall be substantially in the form attached hereto as Exhibit D-1 and is hereby approved, with such changes therein as are necessary or desirable to reflect the terms of the sale of the Series 2026 Bonds as shall be approved by the Chairperson (or, in the absence of the Chairperson, the Vice Chairperson, or any other member of the Board) executing the same, with such execution to constitute conclusive evidence of such officer’s approval and the District’s approval of any changes therein from the form of the First Supplemental Indenture attached hereto as Exhibit D-1. The Second Supplemental Indenture shall be substantially in the form attached hereto as Exhibit D-2 and is hereby approved, with such changes therein as are necessary or desirable to reflect the terms of the sale of the Series 2026 Notes as shall be approved by the Chairperson (or, in the absence of the Chairperson, the Vice Chairperson, or any other member of the Board) executing the same, with such execution to constitute conclusive evidence of such officer’s approval and the District’s approval of any changes therein from the form of the Second Supplemental Indenture attached hereto as Exhibit D-2.
Section 9.  Authorization and Ratification of Prior Acts. All actions previously taken by or on behalf of District in connection with the issuance of the Series 2026 Bonds/Notes are hereby authorized, ratified and confirmed.
Section 10. Appointment of Underwriter. The Board hereby formally appoints FMSbonds, Inc. as the Underwriter for the Series 2026 Bonds/Notes.
Section 11.  Book-Entry Only Registration System. The registration of the Series 2026 Bonds/Notes shall initially be by the book-entry only system established with The Depository Trust Company (“DTC”). The Chairperson (or, in the absence of the Chairperson, the Vice Chairperson, or any other member of the Board) is authorized to execute the DTC Blanket Issuer Letter of Representations required by DTC.
Section 12. Assessment Methodology Report. The Board hereby authorizes any modifications to the Assessment Methodology Report prepared by Governmental Management Services – South Florida, LLC in connection with the Series 2026 Bonds/Notes if such modifications are determined to be appropriate in connection with the issuance of the Series 2026 Bonds/Notes.
Section 13.  Engineer’s Report. The Board hereby authorizes any modifications to the Engineer’s Report prepared by Thomas Engineering Group, LLC in connection with the Series 2026 Bonds/Notes if such modifications are determined to be appropriate in connection with the issuance of the Series 2026 Bonds/Notes or modifications to the Assessment Area One – Phase One Project or the Assessment Area One – Master Infrastructure Project.

Section 14. Further Official Action. The Chairperson, the Vice Chairperson, the Secretary and each member of the Board and any other proper official or member of the professional staff of the District are each hereby authorized and directed to execute and deliver any and all documents and instruments and to do and cause to be done any and all acts and things necessary or desirable for carrying out the transactions contemplated by this Resolution. In the event that the Chairperson, the Vice Chairperson or the Secretary is unable to execute and deliver the documents herein contemplated, such documents shall be executed and delivered by the respective designee of such officer or official or any other duly authorized officer or official of the District herein authorized. The Secretary or any Assistant Secretary is hereby authorized and directed to apply and attest the official seal of the District to any agreement or instrument authorized or approved herein that requires such a seal and attestation.
Section 15. Severability. If any section, paragraph, clause or provision of this Resolution shall be held to be invalid or ineffective for any reason, the remainder of this Resolution shall continue in full force and effect, it being expressly hereby found and declared that the remainder of this Resolution would have been adopted despite the invalidity or ineffectiveness of such section, paragraph, clause or provision.
Section 16.  Inconsistent Proceedings. All resolutions or proceedings, or parts thereof, in conflict with the provisions hereof are to the extent of such conflict hereby repealed or amended to the extent of such inconsistency.
Section 17.  Public Meetings. It is hereby found and determined that all formal actions of the District concerning and relating to the adoption of this Resolution and the consummation of the transactions contemplated by this Resolution were adopted in open meetings of the District, and that all deliberations of the District that resulted in such formal action were in meetings open to the public, in compliance with all legal requirements.
Section 18. Effective Date. This Resolution shall take effect immediately upon its adoption.
ADOPTED in public session of the Board of Supervisors of the Metropica Community Development District, this 25th day of March, 2026.
METROPICA COMMUNITY DEVELOPMENT DISTRICT
ATTEST:

By:			By:		 Secretary/Assistant Secretary			Chairperson/Vice Chairperson

EXHIBIT A-1
FORM OF BOND PURCHASE CONTRACT

$[PAR]
METROPICA COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2026 (ASSESSMENT AREA ONE - PHASE ONE PROJECT)

BOND PURCHASE CONTRACT
[BPA Date], 2025
Board of Supervisors
Metropica Community Development District Broward County, Florida
Ladies and Gentlemen:
FMSbonds, Inc. (the “Underwriter”) offers to enter into this Bond Purchase Contract (the “Purchase Contract”) with the Metropica Community Development District (the “District”). The District is located entirely within the City of Sunrise, Florida which is within Broward County, Florida (the “County”). This offer of the Underwriter shall, unless accepted by the District, acting through its Board of Supervisors (the “Board”), expire at 4:00 P.M. prevailing time within the jurisdiction of the District on the date hereof, unless previously withdrawn or extended in writing by the Underwriter. This Purchase Contract shall be binding upon the District and the Underwriter upon execution and delivery. Any capitalized word not defined herein shall have the meaning ascribed thereto in the Preliminary Limited Offering Memorandum (as hereinafter defined). In conformance with Section 218.385, Florida Statutes, as amended, the Underwriter hereby delivers to the District the Disclosure and Truth-In-Bonding Statement attached hereto as Exhibit A.
Purchase and Sale. Upon the terms and conditions and upon the basis of the representations, warranties and agreements set forth herein, the Underwriter hereby agrees to purchase from the District and the District hereby agrees to sell and deliver to the Underwriter, all (but not less than all) of its aggregate principal amount of $[PAR] Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One - Phase One Project) (the “Bonds”). The Bonds shall be dated their date of delivery and shall mature on the dates, shall bear interest at the rates, and shall be subject to redemption prior to maturity, all as provided in Exhibit B attached hereto. The purchase price for the Bonds shall be $[ ] (representing the $[PAR].00 aggregate principal amount of the Bonds, less original issue discount/plus original issue premium of $[ ] and less an underwriter’s discount of $[ ]). The payment for and delivery of the Bonds and the other actions contemplated hereby to take place at the Closing Date (as hereinafter defined) being hereinafter referred to as the “Closing”.
The Bonds. The Bonds are to be issued by the District, a local unit of special-purpose government of the State of Florida (the “State”) created pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended, any successor statute thereto, the Florida Constitution, and other applicable provisions of law (collectively, the “Act”), and by Ordinance No. 909-X-23-A enacted by the City Commission of the City of Sunrise, Florida, on March 28, 2023 (the “Ordinance”). The Bonds are being issued by the District pursuant to the Act and secured pursuant to the provisions of a Master Trust Indenture

dated as of [ ], 2026 (the “Master Indenture”), as supplemented by a First Supplemental Trust Indenture dated as of [ ], 2026 (the “First Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), each by and between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), and by Resolution No. 2025-07 and Resolution No. 2026-[ ] adopted by the Board on January 6, 2025 and March 25, 2026, respectively (collectively, the “Bond Resolution”). The Assessment Area One - Phase One Special Assessments, comprising the Series 2026 Pledged Revenues, have been levied by the District on the lands within Assessment Area One - Phase One Area specially benefited by the Assessment Area One - Phase One Project pursuant to [Resolution No. 2025-05, Resolution No. 2025-06, and Resolution No. 2025-08 of the Issuer adopted on January 6, 2025, January 6, 2025, and February 13, 2025 respectively (collectively, the “Assessment Resolutions”)].
Limited Offering; Establishment of Issue Price. It shall be a condition to the District’s obligation to sell and to deliver the Bonds to the Underwriter, and to the Underwriter’s obligation to purchase, accept delivery of and pay for the Bonds, that the entire principal amount of the Bonds be issued, sold and delivered by the District and purchased, accepted and paid for by the Underwriter at the Closing and that the District and the Underwriter receive the opinions, documents and certificates described in Section 8(c) hereof.
The Underwriter agrees to assist the District in establishing the issue price of the Bonds and shall execute and deliver to the District at Closing an “issue price” or similar certificate, together with the supporting pricing wires or equivalent communications, in the form reasonably satisfactory to Bond Counsel, with such modifications as may be appropriate or necessary, in the reasonable judgment of the Underwriter, the District and Bond Counsel, to accurately reflect, as applicable, the sales price or prices or the initial offering price or prices to the public of the Bonds.
The District will treat the first price at which 10% of each maturity of the Series 2026 Bonds (the "10% test") is sold to the public as the issue price of that maturity. At or promptly after the execution of this Bond Purchase Agreement, the Underwriter shall report to the District the price or prices at which it has sold to the public each maturity of the Series 2026 Bonds. For purposes of this Section, if the Series 2026 Bonds mature on the same date but have different rates, each separate CUSIP number within that maturity will be treated as a separate maturity of the Series 2026 Bonds. If at that time the 10% test has not been satisfied as to any maturity of the Series 2026 Bonds, the Underwriter agrees to promptly report to the District the prices at which it sells the unsold Series 2026 Bonds of that maturity to the public. That reporting obligation shall continue, whether or not the Closing has occurred, until the 10% test has been satisfied as to the Series 2026 Bonds of that maturity or until all Series 2026 Bonds of that maturity have been sold to the public.
The Underwriter confirms that:
any selling group agreement and any third-party distribution agreement relating to the initial sale of the Series 2026 to the public, together with the related pricing wires, contains or will contain language obligating each dealer who is a member of the selling group and each broker-dealer that is a party to such third-party distribution agreement, as applicable:

to report the prices at which it sells to the public the unsold Series 2026 Bonds of each maturity allocated to it, whether or not the Closing Date has occurred, until either all Series 2026 Bonds of that maturity allocated to it have been sold or it is notified by the Underwriter that the 10% test has been satisfied as to the Series 2026 Bonds of that maturity, provided that, the reporting obligation after the Closing Date may be at reasonable periodic intervals or otherwise upon request of the Underwriter,
to promptly notify the Underwriter of any sales of the Series 2026 Bonds that, to its knowledge, are made to a purchaser who is a related party to an underwriter participating in the initial sale of the Series 2026 Bonds to the public (each such term being used as defined below), and
to acknowledge that, unless otherwise advised by the dealer or broker-dealer, the Underwriter shall assume that each order submitted by the dealer or broker-dealer is a sale to the public; and
The District acknowledges that, in making the representations set forth in this section, the Underwriter will rely on (i) in the event a selling group has been created in connection with the initial sale of the Series 2026 Bonds to the public, the agreement of each dealer who is a member of the selling group to comply with the requirements for establishing issue price of the Series 2026 Bonds as set forth in a selling group agreement and the related pricing wires, and (ii) in the event that a third-party distribution agreement was employed in connection with the initial sale of the Series 2026 Bonds to the public, the agreement of each broker-dealer that is a party to such agreement to comply with the requirements for establishing issue price of the Series 2026 Bonds as set forth in the third-party distribution agreement and the related pricing wires. The District further acknowledges that the Underwriter shall not be liable for the failure of any dealer who is a member of a selling group, or of any broker-dealer that is a party to a third-party distribution agreement, to comply with its corresponding agreement to comply with the requirements for establishing issue price of the Series 2026 Bonds
The Underwriter acknowledges that sales of any Bonds to any person that is a related party to an underwriter participating in the initial sale of the Bonds to the public (each such term being used as defined below) shall not constitute sales to the public for purposes of this section. Further, for purposes of this section:
“public” means any person other than an underwriter or a related
party,
“underwriter” means (A) any person that agrees pursuant to a
written contract with the District (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the public and (B) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate in the initial sale of the Bonds to the public (including a member of a selling group or a party to a third-party distribution agreement participating in the initial sale of the Bonds to the public), and

a purchaser of any of the Bonds is a “related party” to an underwriter if the underwriter and the purchaser are subject, directly or indirectly, to (i) more than 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other).
Use of Documents. Prior to the date hereof, the District has caused to be prepared and has provided to the Underwriter a Preliminary Limited Offering Memorandum dated [PLOM Date], 2026 (such Preliminary Limited Offering Memorandum, including the cover pages and all appendices thereto, and any amendments and supplements thereto that may be authorized by the District for use with respect to the Bonds being herein collectively called the “Preliminary Limited Offering Memorandum”) of the District related to the Bonds that the District has deemed final as of its date, except for certain permitted omissions (the “Permitted Omissions”), as contemplated by Rule 15c2-12 of the Securities and Exchange Commission (“Rule 15c2-12”) in connection with the limited offering of the Bonds. The Underwriter has reviewed the Preliminary Limited Offering Memorandum prior to the execution of this Purchase Contract. The District has, prior to the date hereof, authorized the Preliminary Limited Offering Memorandum to be circulated and used by the Underwriter in connection with the limited offering of the Bonds. The District shall deliver or cause to be delivered, at its expense, to the Underwriter within seven (7) business days after the date hereof but not later than the Closing Date and in sufficient time to allow the Underwriter to comply with all requirements of Rule 15c2-12 and all applicable securities laws and the rules of the Municipal Securities Rulemaking Board (the “MSRB”), a final Limited Offering Memorandum dated the date hereof (such Limited Offering Memorandum, including the cover pages and all appendices thereto, and any amendments and supplements thereto that may be authorized by the District for use with respect to the Bonds being herein collectively called the “Limited Offering Memorandum” and, together with the Preliminary Limited Offering Memorandum, the “Limited Offering Memoranda”). The Underwriter agrees to file the Limited Offering Memorandum with the MSRB not later than two (2) business days after the Closing Date. The District hereby ratifies the execution and use of the Preliminary Limited Offering Memorandum and approves the circulation and use of the Limited Offering Memorandum by the Underwriter.
Definitions. For purposes hereof, (a) this Purchase Contract, the Indenture, the Bonds, the Continuing Disclosure Agreement to be dated as of the Closing Date, by and among the District, [Metropica Development, LLC, a Delaware limited liability company (the “Developer”), Metropica Series B Venture, LLC, a Delaware limited liability company, Metropica Residential I LLC, a Delaware limited liability company, Metropica Residential II LLC, a Delaware limited liability company, and Metropica Series C Venture, LLC, a Delaware limited liability company (collectively, the “Landowners”)] and Governmental Management Services – South Florida, LLC, as dissemination agent (the “Dissemination Agent”), in substantially the form attached to the Limited Offering Memorandum as Appendix E thereto (the “Disclosure Agreement”) and the DTC Blanket Issuer Letter of Representations entered into by the District,

are referred to herein collectively as the “Financing Documents”, and (b) the Acquisition Agreement by and among the District the Developer and the Landowners to be dated as of the Closing Date (the “Acquisition Agreement”) and the [True Up Agreement] by and between the District, the Developer, and the Landowners dated as of the Closing Date (the “True Up Agreement”), are collectively referred to herein as the “Ancillary Agreements”.
Representations, Warranties and Agreements. The District hereby represents, warrants and agrees as follows:
The Board is the governing body of the District and the District is and will be on the Closing Date duly organized and validly existing as a unit of special-purpose government created pursuant to the Constitution and laws of the State, including, without limitation, the Act;
The District has full legal right, power and authority to: (i) adopt the Bond Resolution and the Assessment Resolutions; (ii) enter into the Financing Documents and Ancillary Agreements; (iii) sell, issue and deliver the Bonds to the Underwriter as provided herein; (iv) apply the proceeds of the sale of the Bonds for the purposes described in the Preliminary Limited Offering Memorandum; (v) acknowledge and authorize the use of the Preliminary Limited Offering Memorandum and acknowledge and authorize the use and execution of the Limited Offering Memorandum; and (vi) carry out and consummate the transactions contemplated by the Bond Resolution, the Assessment Resolutions, the Financing Documents, the Ancillary Agreements and the Preliminary Limited Offering Memorandum, including but not limited to entering into the collection agreement with the Broward County Tax Collector to provide for the collection of the Assessment Area One - Phase One Special Assessments using the Uniform Method of collection in accordance with the Indenture. The District has complied, and on the Closing Date will be in compliance in all material respects, with the terms of the Act and with the obligations on its part contained in the Bond Resolution, the Assessment Resolutions, the Financing Documents, the Ancillary Agreements and the Bonds;
At meetings of the Board that were duly called and noticed and at which a quorum was present and acting throughout, the Board duly adopted the Bond Resolution and the Assessment Resolutions, and the same are in full force and effect and have not been supplemented, amended, modified or repealed, except as set forth therein. By all necessary official Board action, the District has duly authorized and approved the use and delivery of the Preliminary Limited Offering Memorandum and the execution and delivery of the Financing Documents, the Ancillary Agreements, the Bonds and the Limited Offering Memorandum, has duly authorized and approved the performance by the District of the obligations on its part contained in the Financing Documents, the Ancillary Agreements and the Bonds and the consummation by it of all other transactions contemplated by this Purchase Contract and the Preliminary Limited Offering Memorandum in connection with the issuance of the Bonds. Upon execution and delivery by the District and the Trustee (and assuming the due authorization, execution and delivery of the Indenture by the Trustee), the Indenture will constitute a legal, valid and binding obligation of the District, enforceable in accordance with its terms, subject only to applicable bankruptcy, insolvency, and similar laws affecting creditors’ rights and subject, as to enforceability, to general principles of equity (regardless of whether enforcement

is sought in a proceeding in equity or at law). Upon execution by the District and the other parties thereto (and assuming the due authorization, execution and delivery of such agreements by the other parties thereto) the Financing Documents and the Ancillary Agreements will constitute the legal, valid and binding obligations of the District, enforceable in accordance with their respective terms; subject only to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law);
Except as disclosed in the Preliminary Limited Offering Memorandum, the District is not in material breach of or material default under any applicable provision of the Act or any applicable constitutional provision or statute or, to the best of its knowledge, administrative regulation of the State or the United States of America or any applicable judgment or decree, or any loan agreement, indenture, bond, note, resolution, agreement, or other material instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, and to the best of its knowledge, no event has occurred and is continuing which with the passage of time or the giving of notice, or both, would constitute a material default or material event of default under any such instrument; and the execution and delivery of the Bonds, the Financing Documents, the Ancillary Agreements and the Limited Offering Memorandum, the delivery of the Preliminary Limited Offering Memorandum and the adoption of the Bond Resolution and the Assessment Resolutions, and compliance with the provisions on the District’s part contained therein, will not conflict with or constitute a material breach of or material default under any applicable constitutional provision, or law, or, to the best of its knowledge, any administrative regulation, judgment, decree, loan agreement, indenture, bond, note, resolution, agreement, or other instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, nor will any such execution, delivery, adoption, or compliance result in the creation or imposition of any lien, charge, or other security interest or encumbrance of any nature whatsoever upon any of the property or assets of the District or under the terms of any such law, regulation or instrument, except as provided by the Assessment Resolutions, the Bonds and the Indenture. To the best of its knowledge, no event has occurred which, with the lapse of time or the giving of notice, or both, would constitute an event of default under the Bonds, the Ancillary Agreements or the Financing Documents;
All authorizations, approvals, licenses, permits, consents and orders of any governmental authority, legislative body, board, agency or commission having jurisdiction of the matters which are required for the due authorization by, or which would constitute a condition precedent to, or the absence of which would materially adversely affect, the due performance by the District of its obligations, to issue the Bonds, or under the Bonds, the Bond Resolution, the Assessment Resolutions, the Financing Documents or the Ancillary Agreements have been duly obtained, except for such approvals, consents and orders as may be required under the Blue Sky or securities laws of any state in connection with the offering and sale of the Bonds;
The descriptions of the Bonds, the Financing Documents, the Ancillary Agreements and the Assessment Area One - Phase One Project, to the extent referred to in the Preliminary Limited Offering Memorandum, conform (except for Permitted Omissions), or with respect to the Limited Offering Memorandum will conform, in all material respects to the Bonds,

the Financing Documents, the Ancillary Agreements and the Assessment Area One - Phase One Project, respectively;
The Bonds, when issued, executed and delivered in accordance with the Indenture and when delivered to and paid for by the Underwriter at the Closing in accordance with the provisions of this Purchase Contract, will be validly issued and outstanding obligations of the District, entitled to the benefits of the Indenture and upon such issuance, execution and delivery of the Bonds, the Indenture will provide, for the benefit of the holders from time to time of the Bonds, a legally valid and binding pledge of and first lien on the Series 2026 Pledged Revenues. On the Closing Date, all conditions precedent to the issuance of the Bonds set forth in the Indenture will have been complied with or fulfilled;
There is no claim, action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, government agency, public board or body, pending or, to its best knowledge, threatened against the District: (i) contesting the corporate existence or powers of the Board or the titles of the respective officers of the Board to their respective offices;
(ii) affecting or seeking to prohibit, restrain or enjoin the sale, issuance or delivery of the Bonds or the application of the proceeds of the sale thereof for the purposes described in the Preliminary Limited Offering Memorandum or the collection of the Assessment Area One - Phase One Special Assessments or the pledge of and lien on the Series 2026 Pledged Revenues pursuant to the Indenture; (iii) contesting or affecting specifically as to the District the validity or enforceability of the Act or any action of the District in any respect relating to the authorization for the issuance of the Bonds, or the authorization of the Assessment Area One - Phase One Project, the Bond Resolution, the Assessment Resolutions, the Financing Documents and the Ancillary Agreements, or the application of the proceeds of the Bonds for the purposes set forth in the Preliminary Limited Offering Memorandum; (iv) contesting the federal tax status of the Bonds; or (v) contesting the completeness or accuracy of the Limited Offering Memoranda or any supplement or amendment thereto, except for Permitted Omissions with respect to the Preliminary Limited Offering Memorandum;
To the extent applicable, the District will furnish such information, execute such instruments and take such other action in cooperation with the Underwriter as the Underwriter may reasonably request in order to: (i) qualify the Bonds for offer and sale under the Blue Sky or other securities laws and regulations of such states and other jurisdictions of the United States as the Underwriter may designate; and (ii) determine the eligibility of the Bonds for investment under the laws of such states and other jurisdictions, and the District will use its best efforts to continue such qualifications in effect so long as required for the initial limited offering and distribution of the Bonds; provided, however, that the District shall not be required to execute a general or special consent to service of process or to qualify to do business in connection with any such qualification or determination in any jurisdiction or register as a broker/dealer;
As of its date (unless an event occurs of the nature described in paragraph
(1) of this Section 6) and at all times subsequent thereto, up to and including the Closing Date, the statements and information contained in the Preliminary Limited Offering Memorandum (other than Permitted Omissions) and in the Limited Offering Memorandum do not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make

the statements made therein, in the light of the circumstances under which they were made, not misleading; provided, however, that no representation is made concerning information contained in the Limited Offering Memoranda under the captions “DESCRIPTION OF THE SERIES 2026 BONDS/NOTES – Book-Entry Only System,” “THE DEVELOPMENT,” “THE DEVELOPER,” “TAX MATTERS,” “LITIGATION – The Developer” and “UNDERWRITING;”
If the Limited Offering Memorandum is supplemented or amended pursuant to paragraph (1) of this Section 6, at the time of each supplement or amendment thereto and (unless subsequently again supplemented or amended pursuant to such paragraph) at all times subsequent thereto up to and including the Closing Date, the Limited Offering Memorandum as so supplemented or amended will be accurate in all material respects for the purposes for which their use is authorized and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that no representation is made concerning information contained in the Limited Offering Memoranda under the captions “DESCRIPTION OF THE SERIES 2026 BONDS/NOTES – Book-Entry Only  System,”  “THE  DEVELOPMENT,”  “THE  DEVELOPER,”  “TAX  MATTERS,”
“LITIGATION – The Developer” and “UNDERWRITING”;
If between the date of this Purchase Contract and the earlier of (i) date that is ninety (90) days from the end of the “Underwriting Period” as defined in Rule 15c2-12 or
(ii) the time when the Limited Offering Memorandum is available to any person from the MSRB’s Electronic Municipal Market Access System (but in no event less than twenty-five (25) days following the end of the Underwriting Period), any event shall occur, of which the District has actual knowledge, which might or would cause the Limited Offering Memorandum, as then supplemented or amended, to contain any untrue statement of a material fact or to omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, the District shall notify the Underwriter thereof, and, if in the opinion of the Underwriter such event requires the preparation and publication of a supplement or amendment to the Limited Offering Memorandum, the District will at its expense supplement or amend the Limited Offering Memorandum in a form and in a manner approved by the Underwriter. The end of the Underwriting Period shall be the next business day after the Closing Date;
Since the date of the Preliminary Limited Offering Memorandum, there has been no material adverse change in the properties, businesses, results of operations, prospects, management or financial or other condition of the District, except as disclosed in the Preliminary Limited Offering Memorandum, and the District has not incurred liabilities that would materially adversely affect its ability to discharge its obligations under the Bond Resolution, the Assessment Resolutions, the Bonds, the Financing Documents or the Ancillary Agreements, direct or contingent, other than as set forth in or contemplated by the Preliminary Limited Offering Memorandum;
The District is not now in default and has not been in default at any time after December 31, 1975 in the payment of the principal of or the interest on any governmental

security issued or guaranteed by it which would require the disclosure pursuant to Section 517.051, Florida Statutes or Rule 69W- 400.003 of the Florida Department of Financial Services;
The District has never undertaken any continuing disclosure obligations in accordance with the continuing disclosure requirements of the Rule;
Any certificate signed by any official of the District and delivered to the Underwriter in connection with the Closing will be deemed to be a representation by the District to the Underwriter as to the statements made therein; and
From the date of this Purchase Contract through the Closing Date, the District will not issue any bonds (other than the Bonds), notes or other obligations payable from the Series 2026 Pledged Revenues.
Closing. At 10:00 a.m. prevailing time on [Closing Date], 2025 (the “Closing Date”) or at such later time as may be mutually agreed upon by the District and the Underwriter, the District will deliver or cause to be delivered, to the Underwriter, the Bonds in definitive book-entry-only form, duly executed and authenticated, together with the other documents hereinafter mentioned, and, subject to the terms and conditions hereof, the Underwriter will accept such delivery and pay the purchase price of the Bonds as set forth in Section 1 hereof, in federal or other immediately available funds to the order of the District. Delivery of the Bonds as aforesaid shall be made pursuant to the FAST system of delivery of The Depository Trust Company, or at such other place as may be mutually agreed upon by the District and the Underwriter. The Bonds shall be typewritten, shall be prepared and delivered as fully registered bonds in book-entry-only form, with one bond for each maturity, registered in the name of Cede & Co. and shall be made available to the Underwriter at least one (1) business day before the Closing Date for purposes of inspection and packaging, unless otherwise agreed by the District and the Underwriter.
Closing Conditions. The Underwriter has entered into this Purchase Contract in reliance upon the representations, warranties and agreements of the District contained herein, and in reliance upon the representations, warranties and agreements to be contained in the documents and instruments to be delivered on the Closing Date and upon the performance by the District of its obligations hereunder, both as of the date hereof and as of the Closing Date. Accordingly, the Underwriter’s obligations under this Purchase Contract to purchase, to accept delivery of and to pay for the Bonds are conditioned upon the performance by the District of its obligations to be performed hereunder and under such documents and instruments at or prior to the Closing Date, and are also subject to the following additional conditions:
The representations and warranties of the District contained herein shall be true, complete and correct, on the date hereof and on and as of the Closing Date, as if made on the Closing Date;
At the time of the Closing, the Bond Resolution, the Assessment Resolutions, the Bonds, the Ancillary Agreements and the Financing Documents shall each be in full force and effect in accordance with their respective terms and the Bond Resolution, the Assessment Resolutions, the Indenture and the Limited Offering Memoranda shall not have been

supplemented, amended, modified or repealed, except in any such case as may have been agreed to by the Underwriter;
At or prior to the Closing Date, the Underwriter and the District shall have received each of the following:
The Limited Offering Memorandum and each supplement or amendment, if any, thereto, executed on behalf of the District by the Chairperson of the Board or such other authorized member of the Board;
A copy of each of the Bond Resolution and the Assessment Resolutions certified by the Secretary or an Assistant Secretary of the Board under seal as having been duly adopted by the Board of the District and as being in full force and effect;
An executed copy of each of the Financing Documents and the Ancillary Agreements in form acceptable to the Underwriter and its counsel;
The opinion, dated as of the Closing Date and addressed to the District, of Squire Patton Boggs (US) LLP, Bond Counsel, in the form included in the Preliminary Limited Offering Memorandum as Appendix B, together with letters of such counsel, dated as of the Closing Date and addressed to the Underwriter and Trustee, to the effect that the foregoing opinion addressed to the District may be relied upon by the Underwriter and Trustee to the same extent as if such opinion were addressed to them along with an opinion, dated the date of Closing, of Squire Patton Boggs (US) LLP, Miami, Florida, in its role as Disclosure Counsel, in form and substance acceptable to the District (the "Disclosure Opinion"), along with a reliance letter addressed to the Underwriter stating that such party may rely on the Disclosure Opinion as if it had been addressed to them;
The supplemental opinion, dated as of the Closing Date and addressed to the District and the Underwriter, of Squire Patton Boggs (US) LLP, Bond Counsel, in the form annexed as Exhibit C hereto or in form and substance otherwise acceptable to the Underwriter and its Counsel;
The opinion, dated as of the Closing Date and addressed to the District, the Trustee and the Underwriter of Billing, Cochran, Lyles, Mauro & Ramsey, P.A., counsel to the District, in the form annexed as Exhibit D hereto or in form and substance otherwise acceptable to Bond Counsel, Disclosure Counsel, the Underwriter and its counsel;
The opinion, dated as of the Closing Date and addressed to the District and the Underwriter, of Sachs Sax Caplan, P.L., counsel to the Developer and the Landowners in form and substance acceptable to the District, District Counsel, Disclosure Counsel, Bond Counsel, Underwriter and Underwriter’s counsel;
An opinion, dated as of the Closing Date and addressed to the Underwriter and the District, of counsel to the Trustee, in form and substance acceptable to Bond Counsel, Disclosure Counsel, the Underwriter, Underwriter’s Counsel and the District;

Evidence acceptable to the Underwriter in its sole discretion that the District has engaged a dissemination agent acceptable to the Underwriter (the “Dissemination Agent”) for the Bonds, with the execution of the Disclosure Agreement by the District and the other parties thereto being conclusive evidence of such acceptance by the Underwriter;
A customary authorization and incumbency certificate, dated as of the Closing Date, signed by authorized officers of the Trustee in form and substance acceptable to the Underwriter and Underwriter’s Counsel;
The Closing Certificate of the Developer and the Landowers dated as of the Closing Date, signed by an authorized officer of the Developer in the form annexed as Exhibit E hereto, or otherwise in form and substance satisfactory to Bond Counsel, the Underwriter, Underwriter’s counsel and counsel to the District.
A copy of the Ordinance;
A certificate, dated as of the Closing Date, signed by the Chairperson or Vice-Chairperson and the Secretary or an Assistant Secretary of the Board, setting forth that: (i) each of the representations of the District contained herein was true and accurate in all material respects on the date when made, has been true and accurate in all material respects at all times since, and continues to be true and accurate in all material respects on the Closing Date as if made on such date, and each of such representations relating to the Preliminary Limited Offering Memorandum and the statements contained therein, hereby also include the Limited Offering Memorandum, which representations relating to the Limited Offering Memorandum continue to be true and accurate in all material respects as of the Closing Date as if made on such date; (ii) the District has performed all of its obligations to be performed hereunder as of the Closing Date; (iii) the District has never been in default as to principal or interest with respect to any obligation issued or guaranteed by the District; (iv) upon platting, the District agrees to take all reasonable action necessary to use the Uniform Method as the means of collecting the Assessment Area One - Phase One Special Assessments in the manner described in the Indenture; and (v) the Limited Offering Memoranda (other than the information under the captions “DESCRIPTION OF THE SERIES 2026 BONDS/NOTES – Book-Entry Only System,”  “THE  DEVELOPMENT,”  “THE  DEVELOPER,”  “TAX  MATTERS,”
“LITIGATION – The Developer” and “UNDERWRITING,” as to which no view need be expressed) as of their respective dates, and as of the date hereof, do not contain any untrue statement of a material fact or omits to state a material fact which should be included therein for the purposes for which the Limited Offering Memoranda are to be used, or which is necessary in order to make the statements contained therein, in the light of the circumstances under which they were made, not misleading; and (vi) the District acknowledges its agreement to undertake its obligation under the Disclosure Agreement and is aware of the continuing disclosure requirements set forth in the Disclosure Agreement and the Rule;
A customary signature and no litigation certificate, dated as of the Closing Date, signed on behalf of the District by the Chairperson or Vice Chairperson and

Secretary or an Assistant Secretary of the Board in form and substance acceptable to the Underwriter and Underwriter’s Counsel;
Evidence of compliance by the District with the requirements of Section 189.051, Florida Statutes;
Executed copies of the District’s certification as to arbitrage and other matters relative to the tax status of the Bonds under Section 148 of the Internal Revenue Code of 1986, as amended, and a copy of the District’s Post Issuance Policies and Procedures;
Executed copy of Internal Revenue Service Form 8038-G relating
to the Bonds;
A certificate of the District’s consulting engineer, dated as of the
Closing Date, in the form annexed as Exhibit F hereto or otherwise in form and substance acceptable to Underwriter and Underwriter’s Counsel;
A certificate of the District Manager and Methodology Consultant in the form annexed as Exhibit G hereto or otherwise in form and substance acceptable to Underwriter and Underwriter’s Counsel;
A certificate of the Appraiser, dated as of the Closing Date, in the form annexed as Exhibit H hereto or otherwise in form and substance acceptable to Underwriter and Underwriter’s Counsel;
To the extent required under the First Supplemental Indenture, an investor letter from each initial beneficial owner of the Bonds in the form attached to the First Supplemental Indenture;
Such additional documents as may be required by the Indenture to be delivered as a condition precedent to the issuance of the Bonds;
Evidence of compliance by the District with the requirements of Section 215.84, Florida Statutes;
A certified copy of the final judgment of the Seventeenth Judicial Circuit Court in and for Broward County, Florida, validating the Bonds and the certificate of no-appeal;
A copy of the Engineer’s Report, dated January 6, 2025, as supplemented by the First Supplemental Engineer’s Report (Assessment Area One – Phase One and Assessment Area One – Master Infrastructure Project) dated March 25, 2026, as may be further supplemented and amended from time to time;
A certificate of the District whereby the District has deemed the Preliminary Limited Offering Memorandum final as of its date, except for Permitted

Omissions, as contemplated by Rule 15c2-12 in connection with the limited offering of the Bonds;
Copies of the Master Assessment Methodology Report (Assessment Area One) dated January 6, 2025 (the “Master Assessment Methodology”), as supplemented by the Supplemental Assessment Methodology Report (Assessment Area One – Phase One Project) to be dated [BPA Date], 2026, relating to the Bonds, as supplemented from time to time;
Acknowledgments in recordable form by all mortgage holder(s), if any, on lands within the District as to the superior lien of the Assessment Area One - Phase One Special Assessments in form and substance acceptable to Underwriter and Underwriter’s Counsel;
The Declaration of Consent to Jurisdiction of the Metropica Community Development District (Imposition of Special Assessments and Imposition of Lien of Record) executed and delivered by the Developer and any other entity owning any land in the District as of the Closing Date with respect to all real property owned by such entity(ies) within the District which is subject to the Assessment Area One - Phase One Special Assessments in recordable form and otherwise in form and substance acceptable to the Underwriter and Underwriter’s Counsel and counsel to the District; and
Such additional legal opinions, certificates, instruments and other documents as the Underwriter, Underwriter’s Counsel, Bond Counsel or counsel to the District may reasonably request to evidence the truth and accuracy, as of the date hereof and as of the Closing Date, of the District’s representations and warranties contained herein and of the statements and information contained in the Limited Offering Memoranda and the due performance or satisfaction by the District and the Developer on or prior to the Closing of all the agreements then to be performed and conditions then to be satisfied by each.
If the District shall be unable to satisfy the conditions to the obligations of the Underwriter to purchase, to accept delivery of and to pay for the Bonds contained in this Purchase Contract (unless waived by the Underwriter in its sole discretion), or if the obligations of the Underwriter to purchase, to accept delivery of and to pay for the Bonds shall be terminated for any reason permitted by this Purchase Contract, this Purchase Contract shall terminate and neither the Underwriter nor the District shall be under any further obligation hereunder, except that the respective obligations of the District and the Underwriter set forth in Section 10 hereof shall continue in full force and effect.
Termination. The Underwriter shall have the right to terminate its obligations under this Purchase Contract to purchase, to accept delivery of and to pay for the Bonds by notifying the District in writing of its election to do so if, after the execution hereof and prior to the Closing: (i) legislation shall have been introduced in or enacted by the Congress of the United States or enacted by the State, or legislation pending in the Congress of the United States shall have been amended, or legislation shall have been recommended to the Congress of the United States or otherwise endorsed for passage (by press release, other form of notice or otherwise) by

the President of the United States, the Treasury Department of the United States, the Internal Revenue Service or the Chairperson or ranking minority member of the Committee on Finance of the United States Senate or the Committee on Ways and Means of the United States House of Representatives, or legislation shall have been proposed for consideration by either such committee, by any member thereof, or legislation shall have been favorably reported for passage to either House of Congress of the United States by a committee of such House to which such legislation has been referred for consideration, or a decision shall have been rendered by a court of the United States or the State, including the Tax Court of the United States, or a ruling shall have been made or a regulation shall have been proposed or made or a press release or other form of notice shall have been issued by the Treasury Department of the United States, or the Internal Revenue Service or other federal or State authority, with respect to federal or State taxation upon revenues or other income of the general character to be derived by the District or by any similar body, or upon interest on obligations of the general character of the Bonds, which may have the purpose or effect, directly or indirectly, of materially and adversely affecting the tax-exempt status of the District, its property or income, its securities (including the Bonds) or the interest thereon, or any tax exemption granted or authorized by the State or, which in the reasonable opinion of the Underwriter, affects materially and adversely the market for the Bonds, or the market price generally of obligations of the general character of the Bonds; (ii) the District or the Developer has, without the prior written consent of the Underwriter, offered or issued any bonds, notes or other obligations for borrowed money, or incurred any material liabilities, direct or contingent, or there has been an adverse change of a material nature in the financial position, results of operations or condition, financial or otherwise, of the District, or the Developer, other than in the ordinary course of its business; (iii) any event shall have occurred or shall exist which, in the reasonable opinion of the Underwriter, would or might cause the information contained in the Limited Offering Memorandum, as then supplemented or amended, to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (iv) the District fails to adopt the Assessment Resolutions or fails to perform any action to be performed by it in connection with the levy of the Assessment Area One - Phase One Special Assessments.
Expenses.
The District agrees to pay from the proceeds of the Bonds, and the Underwriter shall not be obligated to pay, any expenses incident to the performance of the District’s obligations hereunder, including, but not limited to: (i) the cost of the preparation of the Indenture; (ii) the cost of the preparation and printing, if applicable, of the Limited Offering Memoranda and any supplements thereto, together with a reasonable number of copies which the Underwriter may request; (iii) the cost of registering the Bonds in the name of Cede & Co., as nominee of DTC, which will act as securities depository for such Bonds; (iv) the fees and disbursements of counsel to the District, the District Manager, the Dissemination Agent, Bond Counsel, Disclosure Counsel, Underwriter’s Counsel, Developer’s counsel as it relates to work incurred in connection with the Bonds, the District’s methodology consultant, the District Engineer, the Trustee, Trustee’s Counsel and any other experts or consultants retained by the District; and (v) the cost of recording in the Official Records of the County any Financing Documents, Ancillary Agreements or other documents or certificates that are required to be recorded pursuant to the terms of this Purchase Contract. It is anticipated that such expenses

shall be paid from the proceeds of the Bonds. The District shall record all documents required to be provided in recordable form hereunder within three business days after the Closing Date, which obligation shall survive the Closing.
The Underwriter agrees to pay all advertising expenses in connection with the Bonds, if any.
No Advisory or Fiduciary Role. The District acknowledges and agrees that (i) the purchase and sale of the Bonds pursuant to this Purchase Contract is an arm’s-length commercial transaction between the District and the Underwriter, (ii) in connection with such transaction and with the discussions, undertakings and procedures leading up to such transaction, the Underwriter is and has been acting solely as a principal and not as an advisor (including, without limitation, a Municipal Advisor (as such term is defined in Section 975(e) of the Dodd Frank Wall Street Reform and Consumer Protection Act)), agent or fiduciary of the District, (iii) the Underwriter has not assumed an advisory or fiduciary responsibility in favor of the District with respect to the limited offering of the Bonds or the discussions, undertakings and procedures leading thereto (whether or not the Underwriter, or any affiliate of the Underwriter, has provided any services or is currently providing other services to the District on other matters) or any other obligation to the District, and the Underwriter has no obligation to the District with respect to the limited offering contemplated hereby except the obligations expressly set forth in this Purchase Contract, (iv) the District has consulted its own legal, financial and other advisors to the extent it has deemed appropriate in connection with the offering of the Bonds, (v) the Underwriter has financial and other interests that differ from those of the District and (vi) the Underwriter has provided to the District prior disclosures under Rule G-17 of the MSRB, which have been received by the District.
Notices. Any notice or other communication to be given to the District under this Purchase Contract may be given by delivering the same in writing to Governmental Management Services – South Florida, LLC, 5385 N. Nob Hill Road, Sunrise, Florida 33351, Attention: Rich Hans and any notice or other communication to be given to the Underwriter under this Purchase Contract may be given by delivering the same in writing to FMSbonds, Inc., 20660 W. Dixie Highway, North Miami Beach, Florida 33180, Attention: Jon Kessler.
Parties in Interest; Survival of Representations. This Purchase Contract is made solely for the benefit of the District and the Underwriter (including the successors or assigns of the Underwriter) and no other person shall acquire or have any right hereunder or by virtue hereof. All of the District’s representations, warranties and agreements, contained in this Purchase Contract shall remain operative and in full force and effect and survive the closing on the Bonds, regardless of: (i) any investigations made by or on behalf of the Underwriter and (ii) delivery of and payment for the Bonds pursuant to this Purchase Contract.
Effectiveness. This Purchase Contract shall become effective upon the execution by the appropriate officials of the District and shall be valid and enforceable at the time of such acceptance. To the extent of any conflict between the provisions of this Purchase Contract and any prior contract between the parties hereto, the provisions of this Purchase Contract shall govern.
Headings. The headings of the sections of this Purchase Contract are inserted for convenience only and shall not be deemed to be a part hereof.

Amendment. No modification, alteration or amendment to this Purchase Contract shall be binding upon any party until such modification, alteration or amendment is reduced to writing and executed by all parties hereto.
Governing Law. This Purchase Contract shall be governed and construed in accordance with the laws of the State.
Counterparts; Facsimile. This Purchase Contract may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were signatures upon the same instrument. Facsimile and pdf signatures shall be deemed originals.

[Signature Page to Follow]

Very truly yours,

FMSBONDS, INC.

Accepted and agreed as of the date first written above.

By: 		 Theodore A. Swinarski,
Senior Vice President – Trading

METROPICA COMMUNITY DEVELOPMENT DISTRICT

By: 		 Bernard Werner,
Chairperson, Board of Supervisors

EXHIBIT A
DISCLOSURE AND TRUTH-IN-BONDING STATEMENT
[BPA Date], 2025
Metropica Community Development District Broward County, Florida
Re:	$[PAR] Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One - Phase One Project)
Dear Ladies and Gentlemen:
Pursuant to Chapter 218.385, Florida Statutes, and with respect to the issuance of the Bonds, FMSbonds, Inc. (the “Underwriter”), pursuant to a Bond Purchase Contract dated [BPA Date], 2025 (the “Bond Purchase Contract”), between the Underwriter and Metropica Community Development District (the “District”), furnishes the following disclosures to the District in connection with the limited offering and sale of the Bonds:
The total underwriting discount paid to the Underwriter pursuant to the Bond Purchase Contract for the Bonds is approximately $[  ] per $1,000.00 or $[  ].
The names, addresses and estimated amounts of compensation of any person who is not regularly employed by, or not a partner or officer of, the Underwriter, bank, banker, or financial consultant or advisor and who enters into an understanding with either the District or the Underwriter, or both, for any paid or promised compensation or valuable consideration directly, expressly or impliedly, to act solely as an intermediary between the District and the Underwriter for the purposes of influencing any transaction in the purchase of the Bonds are: None.
The nature and estimated amounts of expenses to be incurred by the Underwriter in connection with the issuance of the Bonds are set forth in Schedule I attached hereto.
The management fee charged by the Underwriter is: $0/$1,000 or $0.
Any other fee, bonus or other compensation estimated to be paid by the Underwriter in connection with the Bonds to any person not regularly employed or retained by the Underwriter in connection with the Bonds is as follows: None. Aponte & Associates Law Firm, PLLC has been retained as counsel to the Underwriter to prepare the Bond Purchase Contract and will be compensated by the District.
Pursuant to the provisions of Sections 218.385(2) and (3), Florida Statutes, as amended, the following truth-in-bonding statements are made with respect to the Bonds:
The District is proposing to issue $[PAR] aggregate amount of the Bonds for the purpose of providing funds to: (i) for the payment of the Costs of acquiring and/or constructing all or a

portion of the Assessment Area One - Phase One Project (as hereinafter defined); (ii) to fund the Series 2026 Reserve Account in an amount equal to the Series 2026 Reserve Requirement; (iii) to fund capitalized interest through at least November 1, 2027, and (iv) to pay the costs of issuance of the Series 2026 Bonds.
This debt or obligation is expected to be repaid over a period of approximately [ ] years and [ ] months. At a true interest cost rate of [ ]%, total interest paid over the life of the Bonds will be $[ ].
The source of repayment for the Bonds are the Assessment Area One - Phase One Special Assessments imposed and collected by the District. Based solely upon the assumptions set forth in the paragraph above, the issuance of the Bonds will result in approximately $[ ] (representing the average annual debt service payments due on the Bonds) of the District’s special assessment revenues not being available to the District on an annual basis to finance other capital projects of the District; provided however, that in the event that the Bonds were not issued, the District would not be entitled to impose and collect the Assessment Area One - Phase One Special Assessments in the amount of the principal of and interest to be paid on the Bonds.
[Signature Page to Follow]

The name and address of the Underwriter is:
FMSbonds, Inc.
20660 W. Dixie Highway
North Miami Beach, Florida 33180

Sincerely,

FMSBONDS, INC.

By: 		 Theodore A. Swinarski,
Senior Vice President – Trading

SCHEDULE I
Expenses for Bonds:

	Expense			Amount		
DALCOMP		
CLEARANCE		
CUSIP		
DTC		
FINRA/SIPC		
MSRB		
Misc.		
TOTAL:		

EXHIBIT B TERMS OF BONDS
Purchase Price for Bonds: $[ ] (representing the $[PAR].00 aggregate principal amount of the Series 2026 Bonds, less original issue discount/plus original issue premium of $[ ] and less an underwriter’s discount of $[ ]).
Principal Amounts, Maturities, Interest Rates, Yields and Prices:

Amount	Maturity Date (May 1)	Rate	Yield	Price	

					

* Term Bond.
The Underwriter represents that it has sold at least 10% of each maturity of the Series 2026 Bonds at the offering prices set forth above as of the sale date.
Redemption Provisions:
Optional Redemption. The Series 2026 Bonds may, at the option of the District, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after May 1, [  ] (less than all Series 2026 Bonds of a maturity to be selected randomly), at a Redemption Price equal to the principal amount of Series 2026 Bonds to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2026 Optional Redemption Subaccount of the Series 2026 Bond Redemption Account. If such optional redemption shall be in part, the District shall select such principal amount of Series 2026 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Bonds is substantially level.

[Remainder of page intentionally left blank.]

Mandatory Sinking Fund Redemption. The Series 2026 Bonds maturing on May 1, [ ] are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption
Year	Mandatory Sinking Fund Redemption Amount	

		

		

*Maturity

The Series 2026 Bonds maturing on May 1, [ ] are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption

Year	Mandatory Sinking Fund Redemption Amount	

		

		

		

		

*Maturity

The Series 2026 Bonds maturing on May 1, [ ] are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption

Year	Mandatory Sinking Fund Redemption Amount	

		

		

		

*Maturity
Upon any redemption or purchase of Series 2026 Bonds other than in accordance with scheduled mandatory sinking fund redemptions, the District shall cause to be recalculated and delivered to the Trustee revised mandatory sinking fund redemption amounts recalculated so as to amortize the Outstanding principal amount of Series 2026 Bonds in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining term of the Series 2026 Bonds. The mandatory sinking fund redemption amounts as so recalculated shall not result in an increase in the aggregate of the mandatory sinking fund redemption amounts for all Series 2026 Bonds in any year. In the event of a redemption or purchase occurring less than 45 days prior to a date on which a mandatory sinking fund redemption payment is due, the foregoing recalculation shall not be made to the mandatory sinking fund redemption amounts due in the year in which such redemption or purchase occurs, but shall be made to the mandatory sinking fund redemption amounts for the immediately succeeding and subsequent years.

Extraordinary Mandatory Redemption in Whole or in Part. . The Series 2026 Bonds are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole or in part, on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at a Redemption Price equal to 100% of the principal amount of the Series 2026 Bonds to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2026 Prepayment Principal (including any credit from resulting excess in the Series 2026 Reserve Account as provided herein) deposited into the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account following the

payment in whole or in part of Assessment Area One – Phase One Special Assessments on any assessable property within Assessment Area One – Phase One Area in accordance with the provisions of Section 4.05(a) of this First Supplemental Indenture.
from moneys, if any, on deposit in the Series 2026 Funds, Accounts and Subaccounts in the Funds and Accounts (other than the Series 2026 Rebate Fund and the Series 2026 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2026 Bonds and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.
upon the Completion Date, from any funds remaining on deposit in the Series 2026 Acquisition and Construction Account not otherwise reserved to complete the Assessment Area One – Phase One Project and which have been transferred to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account.
If such extraordinary mandatory redemption shall be in part, the Issuer shall select such principal amount of Series 2026 Bonds to be redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Bonds is substantially level.

[Remainder of page intentionally left blank.]

EXHIBIT C
BOND COUNSEL’S SUPPLEMENTAL OPINION
[Closing Date], 2025 Metropica Community Development District
Broward County, Florida
FMSbonds, Inc.
North Miami Beach, Florida
We have served as bond counsel to our client Metropica Community Development District (the “District”) in connection with the issuance by the District of its $[PAR] aggregate principal amount of Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One - Phase One Project) (the “Bonds”), dated the date of this letter.
We have delivered on this date our opinion letter as bond counsel in connection with the original issuance of the Bonds (the “Bond Opinion”). This supplemental opinion letter is rendered pursuant to Section 8(c)(5) of the Bond Purchase Contract, dated [BPA Date], 2026 (the “Purchase Contract”), between the District and the Underwriter identified therein. Capitalized terms not otherwise defined in this letter are used as defined in the Purchase Contract.
The Underwriter may rely on the Bond Opinion as if addressed to it.
In accordance with the terms of our engagement as bond counsel, we reviewed the Limited Offering Memorandum dated [BPA Date], 2025 (the “Limited Offering Memorandum”) relating to the Bonds. We confirm to you that we believe the statements in the Limited Offering Memorandum, as of its date and as of this date, under the captions “DESCRIPTION OF THE SERIES 2026 BONDS/NOTES” (other than the information relating to DTC and its book-entry system, as to which we express no view), and “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES” (other than the information under the subheading “Assessment Methodology/Projected Level of District Assessments”), insofar as such statements describe certain provisions of the Bonds and the Indenture, and the statements under the caption “TAX MATTERS,” are accurate and fairly present the information purported to be shown.
In our capacity as bond counsel, we have examined the transcript of proceedings relating to the issuance of the Bonds, the Purchase Contract, the Bond Resolution, the Indenture and such other documents, matters and law as we deem necessary to render the opinions set forth below.
Based on that examination and subject to the limitations stated below, we are of the opinion that under existing law, the Bonds are exempt from registration under the Securities Act of 1933, as amended, and the Indenture is exempt from qualification under the Trust Indenture Act of 1939, as amended.
The legal opinion stated immediately above is based on an analysis of existing laws, regulations, rulings and court decisions and cover certain matters not directly addressed by such authorities. In rendering all such opinions, we assume, without independent verification, and rely

upon: (i) the accuracy of the factual matters represented, warranted or certified in the proceedings and documents we have examined and (ii) the due and legal authorization, execution and delivery of those documents by, and the valid, binding and enforceable nature of those documents upon, any parties other than the District.
This letter is being furnished only to you for your use solely in connection with the transaction described herein and may not be relied upon by anyone else or for any other purpose without our prior written consent. No statements of belief or opinions other than those expressly stated herein shall be implied or inferred as a result of anything contained in or omitted from this letter. The statements of belief and opinions expressed in this letter are stated only as of the time of its delivery and we disclaim any obligation to revise or supplement this letter thereafter. Our engagement as bond counsel in connection with the original issuance and delivery of the Bonds is concluded upon delivery of this letter.
Respectfully submitted,

EXHIBIT D
OPINION OF DISTRICT COUNSEL
Metropica Community Development District Broward County, Florida
FMSbonds, Inc.
North Miami Beach, Florida
U.S. Bank Trust Company, National Association, as Trustee Fort Lauderdale, Florida
Re:	$[PAR] Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One - Phase One Project)
Ladies and Gentlemen:
We have served as counsel to Metropica Community Development District (the “District”) in connection with the issuance of the above-referenced bonds (the “Bonds”).

Unless otherwise expressly defined herein, capitalized terms used herein shall have the respective meanings assigned to them in the Master Trust Indenture dated as of [ ], 2026, as supplemented by the First Supplemental Trust Indenture, dated as of [ ], 2026 (collectively, the “Indenture”) each between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”) and in the Bond Purchase Contract dated [BPA Date], 2025 (the “Purchase Contract”), between the District and FMSbonds, Inc., as Underwriter.

Based upon the foregoing and subject to the qualifications set forth below, we are of the opinion that:
The District has been established and validly exists as a community development district and independent local unit of special-purpose government under applicable Florida law. The Purchase Contract, the Indenture, the DTC Letter of Representations, the Continuing Disclosure Agreement, the Acquisition Agreement, and the [True-Up Agreement] (collectively, the “Financing Documents”) and the Bonds have been duly authorized, executed and delivered, and assuming due execution by the other party(ies) thereto, if applicable, the Financing Documents, the Bonds, Resolution No. 2025-07 and Resolution No. 2026-[ ] adopted by the Board on January 6, 2025 and March 25, 2026, respectively (collectively, the “Bond Resolution”), and [Resolution No. 2025-05, Resolution No. 2025-06, and Resolution No. 2025-08 of the Issuer adopted on January 6, 2025, January 6, 2025, and February 13, 2025], respectively (collectively, the “Assessment Resolution”), constitute legal, valid and binding obligations of the District, enforceable in accordance with their respective terms, except to the extent that the enforceability of the rights and remedies set forth therein may be limited by bankruptcy, insolvency, and similar laws affecting creditors’ rights generally and general principles of equity. The Bond Resolution and the Assessment Resolution are in full force and effect.

There is no litigation or other proceeding now pending of which the District or its registered agent has received notice or service of process, or to our best knowledge, threatened against the District: (a) contesting the existence or powers of the Board or the titles of the respective officers of the Board to their respective offices; (b) affecting or seeking to prohibit, restrain or enjoin the sale, issuance or delivery of the Bonds or the application of the proceeds of the sale thereof for the purposes described in the Limited Offering Memorandum or the collection of Assessment Area One - Phase One Special Assessments or the pledge of and lien on the Series 2026 Pledged Revenues pursuant to the Indenture; (c) contesting or affecting specifically as to the District the validity or enforceability of the Act or any action of the District relating to authorization for the issuance of the Bonds or the authorization of the Bond Resolution, the Assessment Resolution, the Financing Documents or the application of the proceeds of the Bonds for the purposes set forth in the Limited Offering Memorandum; (d) specifically contesting the federal or state tax status of the Bonds; or (e) contesting the completeness or accuracy of the Preliminary Limited Offering Memorandum (except for permitted omissions) or the Limited Offering Memorandum or any supplement or amendment thereto.
The District has duly authorized, executed, and delivered the Limited Offering Memorandum.
Based upon our limited participation in the preparation of the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum (collectively, the “Limited Offering Memoranda”), as counsel to the District, the statements contained in the Limited Offering Memoranda as they relate to the District under the captions “LITIGATION – The District” and “VALIDATION,” are fair and accurate. The information set forth under the captions “INTRODUCTION,”  “ENFORCEMENT  OF  ASSESSMENT  COLLECTIONS,”  “THE
DISTRICT” (except as to the statements contained under “The District Manager and Other Consultants”), “ASSESSMENT METHODOLOGY” (with respect to the second paragraph only), “AGREEMENT BY THE STATE,” “LEGALITY FOR INVESTMENT,” “CONTINUING DISCLOSURE,” “ENFORCEABILITY OF REMEDIES” and “AUTHORIZATION AND
APPROVAL,” is a fair and accurate summary of the law relating to collection and enforcement of special assessments and the documents and facts summarized therein.
The District is not, in any manner material to the issuance of the Bonds, in breach of or default under any applicable provision of the Act or constitutional provision, statute, or administrative regulation of the State or the United States, or to the best of our knowledge, any applicable judgment or decree, any loan agreement, indenture, bond, note, resolution, agreement, or any other material instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, and to the best of our knowledge, no event has occurred and is continuing which with the passage of time or the giving of notice, or both, would constitute a material default or event of default by the District under any such instrument; provided, however, that no opinion is expressed as to compliance with any state or federal tax laws or with any state “Blue Sky” or other securities laws, as may be applicable.
The execution and delivery of the Bonds, the Financing Documents and the adoption of the Bond Resolution and the Assessment Resolution and compliance with the provisions on the District’s part contained therein will not conflict with or constitute a breach of or default under any applicable constitutional provision or law, or to the best of our knowledge,

under any administrative regulation, judgment, decree, loan agreement, indenture, bond, note, resolution, agreement or other instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, nor will any such execution, delivery, adoption or compliance result in the creation or imposition of any lien, charge or other security interest or encumbrance of any nature whatsoever upon any of the property or assets of the District or under the terms of any such law, regulation or instrument, except as expressly provided by the Bonds and the Indenture. To the best of our knowledge after due inquiry, the District has taken no action which, with the lapse of time or the giving of notice, or both would constitute a material default or event of default by the District under the Bonds or the Financing Documents.
To the best of our knowledge after investigation, all consents, permits or licenses, and all notices to or filings with governmental authorities necessary for the consummation by the District of the transactions described in the Limited Offering Memoranda and contemplated by the Indenture required to be obtained or made, have been obtained or made or there is no reason to believe they will not be obtained or made when required, provided that no opinion is expressed as to the applicability of or compliance with tax laws, state “Blue Sky” laws or other securities laws.
The District has the right and authority under the Act and other state law to adopt the Bond Resolution and the Assessment Resolution, to issue the Bonds, to purchase the Assessment Area One - Phase One Project being financed with the proceeds of the Bonds and to levy the Assessment Area One - Phase One Special Assessments that will secure the Bonds, and has duly adopted the Bond Resolution and the Assessment Resolution. The District has or can acquire good and marketable title to the Assessment Area One - Phase One Project free of all liens and encumbrances except such as will not materially interfere with the proposed uses thereof.
All proceedings undertaken by the District with respect to the Assessment Area One - Phase One Special Assessments securing the Bonds, including adoption of the Assessment Resolution, were undertaken in accordance with Florida law, and the District has taken all necessary action as of the date hereof to levy and impose the Assessment Area One - Phase One Special Assessments. The Assessment Area One - Phase One Special Assessments constitute legal, valid, binding and enforceable first liens upon the property against which such Assessment Area One - Phase One Special Assessments are assessed, co-equal with the lien of all state, city, county, district and municipal taxes and assessments, and superior in dignity to all other liens, titles and claims, until paid, excluding federal tax liens.
The Bonds have been validated by a final judgment of the Seventeenth Judicial Circuit Court in and for Broward County, Florida, of which no timely appeal was filed.
The District has the full power and authority to own and operate the Assessment Area One - Phase One Project, except for components thereof conveyed to the County, City, or other units of local government.
All conditions prescribed in the Indenture and the Purchase Contract to be performed by the District as precedent to the issuance of the Bonds have been fulfilled.
In rendering the foregoing opinions, we have assumed the accuracy and truthfulness of all public records and of all certifications, documents and other proceedings examined by us that have

been executed or certified by public officials acting within the scope of their official capacities and have not verified the accuracy or truthfulness thereof. Other than the signatures of District officers and members of the Board, we have also assumed the genuineness of the signatures appearing on such public records, certifications, documents and proceedings, including the Financing Documents. We have also assumed the due authorization, execution and delivery of each document by each of the other respective parties thereto.

Our opinion as to enforceability of any document is subject to limitations imposed by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting creditors’ rights generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and to the exercise of judicial discretion in appropriate cases.

The opinions or statements expressed above are based solely on the laws of Florida and the United States of America, excluding matters of compliance with or applicability of tax laws, “Blue Sky” laws or other securities laws. Accordingly, we express no opinion nor make any statement regarding the effect or application of the laws of any other state or jurisdiction.

This opinion is solely for the benefit of the addressees and this opinion may not be relied upon in any manner, nor used, by any other persons or entities.

Very truly yours,

EXHIBIT E
CERTIFICATE OF DEVELOPER AND THE LANDOWNERS
[Metropica Development, LLC, a Delaware limited liability company (the “Developer”) and Metropica Series B Venture, LLC, a Delaware limited liability company, Metropica Residential I LLC, a Delaware limited liability company, Metropica Residential II LLC, a Delaware limited liability company, and Metropica Series C Venture, LLC, a Delaware limited liability company (collectively, the “Landowners”)] DO HEREBY CERTIFY that:
The Developer and the Landowners are each limited liability limited companies organized and existing under the laws of the State of Delaware and authorized to conduct business in the State of Florida.
Representatives of the Developer and the Landowners have provided information to Metropica Community Development District (the “District”) to be used in connection with the offering by the District of its $[PAR] aggregate principal amount of Special Assessment Bonds, Series 2026 (Assessment Area One - Phase One Project) pursuant to a Preliminary Limited Offering Memorandum dated [PLOM Date], 2026 and a final Limited Offering Memorandum dated [BPA Date], 2025 (collectively, the “Limited Offering Memoranda”).
Each of the Acquisition Agreement, dated [Closing Date], 2025 among the Developer, the Landowners and the District, the Declaration of Consent to Jurisdiction of the Metropica Community Development District and to Imposition of Special Assessments (Assessment Area One - Phase One Project) executed by the Developer and the Landowners dated [Closing Date], 2025, the Continuing Disclosure Agreement, dated [Closing Date], 2025 among the Developer, the District, the Landowners and Governmental Management Services – South Florida, LLC, as dissemination agent, and the [True Up Agreement] (Assessment Area One - Phase One Project) between the District, the Developer and the Landowners dated [Closing Date], 2025 (collectively, the “Developer Documents”), are valid and binding obligations of the Developer and the Landowners, enforceable against the Developer and/or the Landowners in accordance with their terms. The execution and delivery by the Developer and the Landowners of the Developer Documents does not violate any judgment, order, writ, injunction or decree binding on the Developer and/or the Landowners or any indenture, agreement, or other instrument to which the Developer and/or the Landowners are a party. There are no proceedings pending against or threatened in writing before any court or administrative agency relating to the Developer and/or the Landowners which are either not covered by insurance or which singularly or collectively would have a material, adverse effect on the Developer’s and or Landowners’ ability to perform their obligations under the Developer Documents.
The Developer and the Landowners have reviewed and approved the Developer Documents and the information contained in the Limited Offering Memoranda under the captions “THE DEVELOPMENT” and “THE DEVELOPER” and with respect to the Developer and the Development (as such terms are used in the Limited Offering Memoranda) under the captions “BONDHOLDERS’  RISKS,”  “LITIGATION  -  The  Developer”  and  “CONTINUING
DISCLOSURE” and warrant and represent that such information does not contain any untrue statement of a material fact and does not omit to state a material fact necessary to make the

statements made therein, in light of the circumstances under which they were made, not misleading. In addition, the Developer and the Landowners are not aware of any other information in the Limited Offering Memoranda that contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
To the best of my knowledge, the Developer and/or the Landowners as the case may be, are in compliance in all material respects with all provisions of applicable law in all material matters relating to the Developer, the Landowners and the Development as described in the Limited Offering Memoranda. Except as otherwise described in the Limited Offering Memoranda, (a) all government permits and approvals required in connection with the construction of the Development and the Assessment Area One - Phase One Project as described in the Limited Offering Memoranda have been received; (b) we are not aware of any default of any zoning condition, land use permit or development agreement which would adversely affect the Developer’s ability to complete development of the Development and the Assessment Area One - Phase One Project as described in the Limited Offering Memoranda and all appendices thereto; and (c) we have no actual knowledge and are not otherwise aware of any reason to believe that any permits, approvals, consents and licenses required to complete development of the Development and the Assessment Area One - Phase One Project as described in the Limited Offering Memoranda will not be obtained in due course as required by the Developer.
The Developer and Landowners hereby represent and warrant that they have provided and will continue to provide all necessary and appropriate disclosure to prospective purchasers of residential units and commercial/retail space in the District in accordance with the Act and any declaration or restrictive covenants that have been recorded and which relate to the lands within the Development.
The Developer and the Landowners are not insolvent. The Developer and the Landowners have not made an assignment for the benefit of creditors, filed a petition in bankruptcy, petitioned or applied to any tribunal for the appointment of a custodian, receiver or any trustee or commenced any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction. The Developer and the Landowners have not indicated their consent to, or approval of, or failed to object timely to, any petition in bankruptcy, application or proceeding or order for relief or the appointment of a custodian, receiver or any trustee.
To the best of my knowledge, the levy of the Assessment Area One - Phase One Special Assessments (as defined in the Developer Documents) on the lands within the District will not conflict with or constitute a breach of or default under any agreement, indenture or other instrument to which the Developer and/or the Landowners are a party or to which the Developer and/or the Landowners or any of their property or assets is subject.
To the best of my knowledge, the Developer and the Landowners are not in default under any mortgage, trust indenture, lease or other instrument to which it or any of its assets is subject, which default would have a material adverse effect on the Series 2026 Bonds or the District.

To the best of my knowledge and in reliance on the environmental site assessments provided to the Developer and the Landowners, as the case may be, the Developer and the Landowners are not aware of any condition related to the Development and the Assessment Area One - Phase One Project which currently requires, or is reasonably expected to require in the foreseeable future, investigation or remediation under any applicable federal, state or local governmental laws or regulations relating to the environment.
Dated: [Closing Date], 2025.

METROPICA DEVELOPMENT, LLC, a
Delaware limited liability company

By: 	 Joseph Kavana, Manager

METROPICA SERIES B VENTURE,
LLC, a Delaware limited liability company By: 	
Joseph Kavana, Manager

METROPICA RESIDENTIAL I, LLC, a
Delaware limited liability company

By: 	 Joseph Kavana, Manager

METROPICA RESIDENTIAL II, LLC, a
Delaware limited liability company

By: 	 Joseph Kavana, Manager

METROPICA  SERIES  C  VENTURE,
LLC, a Delaware limited liability company

By: 	 Joseph Kavana, Manager

APPENDIX F CERTIFICATE OF ENGINEER
THOMAS	ENGINEERING  GROUP,  LLC  (the  “Engineers”),  DOES	HEREBY
CERTIFY, that:
This certificate is furnished pursuant to Section 8(c)(18) of the Bond Purchase Contract dated [BPA Date], 2025 (the “Purchase Contract”), by and between Metropica Community Development District (the “District”) and FMSbonds, Inc. with respect to the $[PAR] Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One - Phase One Project) (the “Bonds”). Capitalized terms used, but not defined, herein shall have the meaning assigned thereto in the Purchase Contract or the Preliminary Limited Offering Memorandum dated [PLOM Date], 2026 and the Limited Offering Memorandum, dated [BPA Date], 2025, including the appendices attached thereto (collectively, the “Limited Offering Memoranda”), as applicable.
The Engineers have been retained by the District as consulting engineers.
The plans and specifications for the Assessment Area One - Phase One Project (as described in the Limited Offering Memoranda) improvements were approved by all regulatory bodies required to approve them. All environmental and other regulatory permits or approvals required in connection with the construction of the Assessment Area One - Phase One Project were obtained.
The Engineers prepared a report entitled “Engineer’s Report”, dated January 6, 2025, as supplemented by the First Supplemental Engineer’s Report (Assessment Area One – Phase One and Assessment Area One – Master Infrastructure Project) dated March 25, 2026, as may be further amended and supplemented from time to time (collectively, the “Report”). The Report sets forth the estimated costs of the Assessment Area One - Phase One Project and was prepared in accordance with generally accepted engineering principles. The Report is included as “APPENDIX C – ENGINEER’S REPORT” to the Limited Offering Memoranda and a description of the Report and certain other information relating to the Assessment Area One - Phase One Project are included in the Limited Offering Memoranda under the captions “THE ASSESSMENT AREA ONE PROJECT” and “THE DEVELOPMENT.” The Report and said information are true and complete in all material respects, contain no untrue statement of a material fact, and do not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading.
The Engineers hereby consent to the inclusion of the Report as “APPENDIX C – ENGINEER’S REPORT” to the Limited Offering Memoranda and to the references to the Engineers in the Limited Offering Memoranda.
To the extent constructed, the Assessment Area One - Phase One Project improvements were constructed in sound workmanlike manner and in accordance with industry standards. The portion of the Assessment Area One - Phase One Project improvements to be acquired from the proceeds of the Bonds have been completed in accordance with the plans and specifications therefore.

The price being paid by the District to the Developer for acquisition of the improvements included within the Assessment Area One - Phase One Project did not exceed the lesser of the actual cost of the Assessment Area One - Phase One Project or the fair market value of the assets acquired by the District.
To the best of our knowledge, but without undertaking any independent investigation, the Developer is in compliance in all material respects with all provisions of applicable law in all material matters relating to the Developer and the Development as described in the Limited Offering Memoranda. Except as otherwise described in the Limited Offering Memoranda, (a) all government permits required in connection with the construction of the Development and the Assessment Area One - Phase One Project as described in the Limited Offering Memoranda have been received; (b) we are not aware of any default of any zoning condition, land use permit or development agreement which would adversely affect the ability to complete development of the Development and the Assessment Area One - Phase One Project as described in the Limited Offering Memoranda and all appendices thereto; and (c) we have no actual knowledge and are not otherwise aware of any reason to believe that any permits, consents and licenses required to complete the Development and the Assessment Area One - Phase One Project as described in the Limited Offering Memoranda will not be obtained in due course as required by the Developer, or any other person or entity, necessary for the development of the Development as described in the Limited Offering Memoranda and all appendices thereto.
There is adequate water and sewer service capacity to serve the Development within the District.
Date: [Closing Date], 2025
THOMAS ENGINEERING GROUP, LLC.

By: 		 Print Name: 	 Title: 	

EXHIBIT G
CERTIFICATE OF DISTRICT MANAGER AND METHODOLOGY CONSULTANT
The undersigned representative of Governmental Management Services – South Florida, LLC, (“GMS”), DOES HEREBY CERTIFY:
This certificate is furnished pursuant to Section 8(c)(19) of the Bond Purchase Contract dated [BPA Date], 2025 (the “Purchase Contract”), by and between Metropica Community Development District (the “District”) and FMSbonds, Inc. with respect to the $[PAR] Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One - Phase One Project) (the “Bonds”). Capitalized terms used, but not defined, herein shall have the meaning assigned thereto in the Purchase Contract or the Limited Offering Memoranda relating to the Bonds, as applicable.
GMS has acted as district manager and methodology consultant to the Metropica Community Development District (the “District”) in connection with the sale and issuance by the District of its Bonds and in connection with the preparation of the Preliminary Limited Offering Memorandum dated [PLOM Date], 2026 and the Limited Offering Memorandum dated [BPA Date], 2025, including the appendices attached thereto (collectively, the “Limited Offering Memoranda”).
In connection with the issuance of the Bonds, we have been retained by the District to prepare the Master Assessment Methodology Report (Assessment Area One) dated January 6, 2025 (the “Master Assessment Methodology”) as supplemented by the Supplemental Assessment Methodology Report (Assessment Area One – Phase One Project) relating to the Bonds dated [BPA Date], 2025 (collectively, the “Assessment Methodology”), which Assessment Methodology has been included as an appendix to the Limited Offering Memoranda. We hereby consent to the use of such Assessment Methodology in the Limited Offering Memoranda and consent to the references to us therein.
As District Manager, nothing has come to our attention that would lead us to believe that the Limited Offering Memoranda, as they relate to the District, the Assessment Area One - Phase One Project, or any information provided by us, and the Assessment Methodology, as of their respective dates and as of this date, contained or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary to be stated therein in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.
The information set forth in the Limited Offering Memoranda under the subcaptions “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026
BONDS/NOTES – Assessment Methodology / Projected Level of District Assessments”, “THE DISTRICT,” “ASSESSMENT METHODOLOGY,” “FINANCIAL INFORMATION,” “LITIGATION – The District,” “DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS,”  “CONTINUING  DISCLOSURE,”  “CONTINGENT  FEES,”  and  in
“APPENDIX D: ASSESSMENT METHODOLOGY” did not as of the respective dates of the Limited Offering Memoranda and does not as of the date hereof contain any untrue statement of a

material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
To the best of our knowledge, there has been no change which would materially adversely affect the assumptions made or the conclusions reached in the Assessment Methodology and the considerations and assumptions used in compiling the Assessment Methodology are reasonable. The Assessment Methodology and the assessment methodology set forth therein were prepared in accordance with all applicable provisions of Florida law. As described in more detail in the Assessment Methodology, the benefit to the assessable lands within the District from the Assessment Area One - Phase One Project equals or exceeds the Assessment Area One - Phase One Special Assessments, and the Assessment Area One - Phase One Special Assessments are fairly and reasonably allocated across all benefitted properties within the District.
As District Manager for the District, we are not aware of any litigation pending or, to the best of our knowledge, threatened against the District restraining or enjoining the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds or any proceedings of the District taken with respect to the issuance or sale thereof, or the pledge or application of any moneys or security provided for the payment of the Bonds, or the existence or powers of the District.
The Assessment Area One - Phase One Special Assessments, as initially levied, and as may be reallocated from time to time as permitted by resolutions adopted by the District with respect to the Assessment Area One - Phase One Special Assessments are sufficient to enable the District to pay the debt service on the Bonds through the final maturity thereof.
Dated: [Closing Date], 2025
GOVERNMENTAL MANAGEMENT SERVICES – SOUTH FLORIDA, LLC,
a Florida limited liability company

By: 	 Name: 	 Title: 	

EXHIBIT H

CERTIFICATE OF APPRAISER

The undersigned representative of WALTER DUKE + PARTNERS, INC. (the “Appraiser”) hereby states and certifies:
That he or she is an authorized principal of the Appraiser and as such is familiar with the facts herein certified and is authorized and qualified to certify the same.
That the Appraiser has prepared appraisal reports dated April 17, 2025 (collectively, the “Report”), in connection with the Preliminary Limited Offering Memorandum dated [PLOM Date], 2026 and the Limited Offering Memorandum dated [BPA Date], 2025 (collectively, the “Limited Offering Memoranda”), for the $[PAR] Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One - Phase One Project).
That we hereby consent to the reproduction and use of the Report, only in its entirety, including the letter of transmittal, appended to the Limited Offering Memoranda. We also consent to the use of the references to our firm made in the Limited Offering Memoranda.
That, as of the date of the Limited Offering Memoranda and as of the date hereof, the statements contained in the Limited Offering Memoranda as they relate to the Appraiser and the Report under the heading “THE DEVELOPMENT – Appraisal” and APPENDIX G are fair and accurate in all material respects.

Dated: [BPA Date], 2025

WALTER DUKE + PARTNERS, INC.

By:	 Name:	 Title:	

EXHIBIT A-2
FORM OF NOTE PURCHASE CONTRACT

1106889492\3\AMERICAS

A-2-1

$[PAR]
METROPICA COMMUNITY DEVELOPMENT DISTRICT BOND ANTICIPATION NOTES, SERIES 2026
(ASSESSMENT AREA ONE - MASTER INFRASTRUCTURE PROJECT)

NOTE PURCHASE CONTRACT
[BPA Date], 2025
Board of Supervisors
Metropica Community Development District Broward County, Florida
Ladies and Gentlemen:
FMSBonds, Inc. (the “Underwriter”) offers to enter into this Note Purchase Contract (the “Purchase Contract”) with the Metropica Community Development District (the “District”). The District is located entirely within the City of Sunrise, Florida which is within Broward County, Florida (the “County”). This offer of the Underwriter shall, unless accepted by the District, acting through its Board of Supervisors (the “Board”), expire at 4:00 P.M. prevailing time within the jurisdiction of the District on the date hereof, unless previously withdrawn or extended in writing by the Underwriter. This Purchase Contract shall be binding upon the District and the Underwriter upon execution and delivery. Any capitalized word not defined herein shall have the meaning ascribed thereto in the Preliminary Limited Offering Memorandum (as hereinafter defined). In conformance with Section 218.385, Florida Statutes, as amended, the Underwriter hereby delivers to the District the Disclosure and Truth-In-Bonding Statement attached hereto as Exhibit A.
Purchase and Sale. Upon the terms and conditions and upon the basis of the representations, warranties and agreements set forth herein, the Underwriter hereby agrees to purchase from the District and the District hereby agrees to sell and deliver to the Underwriter, all (but not less than all) of its aggregate principal amount of $[PAR] Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One - Master Infrastructure Project) (the “Notes”). The Notes shall be dated their date of delivery and shall mature on the dates, shall bear interest at the rates, and shall be subject to redemption prior to maturity, all as provided in Exhibit B attached hereto. The purchase price for the Notes shall be
$[ ] (representing the $[PAR].00 aggregate principal amount of the Notes, less original issue discount/plus original issue premium of $[ ] and less an underwriter’s discount of $[ ]). The payment for and delivery of the Notes and the other actions contemplated hereby to take place at the Closing Date (as hereinafter defined) being hereinafter referred to as the “Closing”.
The Notes. The Notes are to be issued by the District, a local unit of special-purpose government of the State of Florida (the “State”) created pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended, any successor statute thereto, the Florida Constitution, and other applicable provisions of law (collectively, the “Act”), and by Ordinance No. 909-X-23-A enacted by the City Commission of the City of Sunrise, Florida, on March 28, 2023 (the “Ordinance”). The Notes are being issued by the District pursuant to the Act and secured pursuant to the provisions of a Master Trust Indenture

dated as of [ ], 2026 (the “Master Indenture”), as supplemented by a First Supplemental Trust Indenture dated as of [ ], 2026 (the “First Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), each by and between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), and by Resolution No. 2025-07 and Resolution No. 2026-[ ] adopted by the Board on January 6, 2025 and March 25, 2026, respectively (collectively, the “Note Resolution”). The Series 2026 BAN Assessments, comprising a portion of the Series 2026 BAN Pledged Revenues, have been levied by the District on the lands within Assessment Area One - Master Infrastructure Note Area specially benefited by the Assessment Area One - Master Infrastructure Project pursuant to [Resolution No. 2025-05, Resolution No. 2025-06, and Resolution No. 2025-08 of the Issuer adopted on January 6, 2025, January 6, 2025, and February 13, 2025 respectively (collectively, the “Assessment Resolutions”)].
Limited Offering; Establishment of Issue Price. It shall be a condition to the District’s obligation to sell and to deliver the Notes to the Underwriter, and to the Underwriter’s obligation to purchase, accept delivery of and pay for the Notes, that the entire principal amount of the Notes be issued, sold and delivered by the District and purchased, accepted and paid for by the Underwriter at the Closing and that the District and the Underwriter receive the opinions, documents and certificates described in Section 8(c) hereof.
The Underwriter agrees to assist the District in establishing the issue price of the Notes and shall execute and deliver to the District at Closing an “issue price” or similar certificate, together with the supporting pricing wires or equivalent communications, in the form reasonably satisfactory to Note Counsel, with such modifications as may be appropriate or necessary, in the reasonable judgment of the Underwriter, the District and Note Counsel, to accurately reflect, as applicable, the sales price or prices or the initial offering price or prices to the public of the Notes.
The District will treat the first price at which 10% of each maturity of the Series 2026 Notes (the "10% test") is sold to the public as the issue price of that maturity. At or promptly after the execution of this Note Purchase Agreement, the Underwriter shall report to the District the price or prices at which it has sold to the public each maturity of the Series 2026 Notes. For purposes of this Section, if the Series 2026 Notes mature on the same date but have different rates, each separate CUSIP number within that maturity will be treated as a separate maturity of the Series 2026 Notes. If at that time the 10% test has not been satisfied as to any maturity of the Series 2026 Notes, the Underwriter agrees to promptly report to the District the prices at which it sells the unsold Series 2026 Notes of that maturity to the public. That reporting obligation shall continue, whether or not the Closing has occurred, until the 10% test has been satisfied as to the Series 2026 Notes of that maturity or until all Series 2026 Notes of that maturity have been sold to the public.
The Underwriter confirms that:
any selling group agreement and any third-party distribution agreement relating to the initial sale of the Series 2026 to the public, together with the related pricing wires, contains or will contain language obligating each dealer who is a member of the selling group and each broker-dealer that is a party to such third-party distribution agreement, as applicable:

to report the prices at which it sells to the public the unsold Series 2026 Notes of each maturity allocated to it, whether or not the Closing Date has occurred, until either all Series 2026 Notes of that maturity allocated to it have been sold or it is notified by the Underwriter that the 10% test has been satisfied as to the Series 2026 Notes of that maturity, provided that, the reporting obligation after the Closing Date may be at reasonable periodic intervals or otherwise upon request of the Underwriter,
to promptly notify the Underwriter of any sales of the Series 2026 Notes that, to its knowledge, are made to a purchaser who is a related party to an underwriter participating in the initial sale of the Series 2026 Notes to the public (each such term being used as defined below), and
to acknowledge that, unless otherwise advised by the dealer or broker-dealer, the Underwriter shall assume that each order submitted by the dealer or broker-dealer is a sale to the public; and
The District acknowledges that, in making the representations set forth in this section, the Underwriter will rely on (i) in the event a selling group has been created in connection with the initial sale of the Series 2026 Notes to the public, the agreement of each dealer who is a member of the selling group to comply with the requirements for establishing issue price of the Series 2026 Notes as set forth in a selling group agreement and the related pricing wires, and (ii) in the event that a third-party distribution agreement was employed in connection with the initial sale of the Series 2026 Notes to the public, the agreement of each broker-dealer that is a party to such agreement to comply with the requirements for establishing issue price of the Series 2026 Notes as set forth in the third-party distribution agreement and the related pricing wires. The District further acknowledges that the Underwriter shall not be liable for the failure of any dealer who is a member of a selling group, or of any broker-dealer that is a party to a third-party distribution agreement, to comply with its corresponding agreement to comply with the requirements for establishing issue price of the Series 2026 Notes
The Underwriter acknowledges that sales of any Notes to any person that is a related party to an underwriter participating in the initial sale of the Notes to the public (each such term being used as defined below) shall not constitute sales to the public for purposes of this section. Further, for purposes of this section:
“public” means any person other than an underwriter or a related
party,
“underwriter” means (A) any person that agrees pursuant to a
written contract with the District (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Notes to the public and (B) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause
(A) to participate in the initial sale of the Notes to the public (including a member of a selling group or a party to a third-party distribution agreement participating in the initial sale of the Notes to the public), and

a purchaser of any of the Notes is a “related party” to an underwriter if the underwriter and the purchaser are subject, directly or indirectly, to (i) more than 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other).
Use of Documents. Prior to the date hereof, the District has caused to be prepared and has provided to the Underwriter a Preliminary Limited Offering Memorandum dated [PLOM Date], 2026 (such Preliminary Limited Offering Memorandum, including the cover pages and all appendices thereto, and any amendments and supplements thereto that may be authorized by the District for use with respect to the Notes being herein collectively called the “Preliminary Limited Offering Memorandum”) of the District related to the Notes that the District has deemed final as of its date, except for certain permitted omissions (the “Permitted Omissions”), as contemplated by Rule 15c2-12 of the Securities and Exchange Commission (“Rule 15c2-12”) in connection with the limited offering of the Notes. The Underwriter has reviewed the Preliminary Limited Offering Memorandum prior to the execution of this Purchase Contract. The District has, prior to the date hereof, authorized the Preliminary Limited Offering Memorandum to be circulated and used by the Underwriter in connection with the limited offering of the Notes. The District shall deliver or cause to be delivered, at its expense, to the Underwriter within seven (7) business days after the date hereof but not later than the Closing Date and in sufficient time to allow the Underwriter to comply with all requirements of Rule 15c2-12 and all applicable securities laws and the rules of the Municipal Securities Rulemaking Board (the “MSRB”), a final Limited Offering Memorandum dated the date hereof (such Limited Offering Memorandum, including the cover pages and all appendices thereto, and any amendments and supplements thereto that may be authorized by the District for use with respect to the Notes being herein collectively called the “Limited Offering Memorandum” and, together with the Preliminary Limited Offering Memorandum, the “Limited Offering Memoranda”). The Underwriter agrees to file the Limited Offering Memorandum with the MSRB not later than two (2) business days after the Closing Date. The District hereby ratifies the execution and use of the Preliminary Limited Offering Memorandum and approves the circulation and use of the Limited Offering Memorandum by the Underwriter.
Definitions. For purposes hereof, (a) this Purchase Contract, the Indenture, the Notes, the Continuing Disclosure Agreement to be dated as of the Closing Date, by and among the District, [Metropica Development, LLC, a Delaware limited liability company (the “Developer”), Metropica Series B Venture, LLC, a Delaware limited liability company, Metropica Residential I LLC, a Delaware limited liability company, Metropica Residential II LLC, a Delaware limited liability company, and Metropica Series C Venture, LLC, a Delaware limited liability company (collectively, the “Landowners”)] and Governmental Management Services – South Florida, LLC, as dissemination agent (the “Dissemination Agent”), in substantially the form attached to the Limited Offering Memorandum as Appendix E thereto (the “Disclosure Agreement”) and the DTC Blanket Issuer Letter of Representations entered into by the District, are referred to herein

collectively as the “Financing Documents”, and (b) [the Acquisition Agreement by and among the District the Developer and the Landowners to be dated as of the Closing Date (the “Acquisition Agreement”), the Collateral Assignment and Assumption of Development Rights Relating to Metropica (Assessment Area One) by and between the District, the Developer, and Landowners to be dated as of the Closing Date in recordable form (the “Collateral Assignment”), the Completion Agreement (Assessment Area One) by and between the District the Landowners to be dated as of the Closing Date (the “Completion Agreement”), and the True Up Agreement by and between the District, the Developer, and the Landowners dated as of the Closing Date (the “True Up Agreement”), are collectively referred to herein as the “Ancillary Agreements”.]
Representations, Warranties and Agreements. The District hereby represents, warrants and agrees as follows:
The Board is the governing body of the District and the District is and will be on the Closing Date duly organized and validly existing as a unit of special-purpose government created pursuant to the Constitution and laws of the State, including, without limitation, the Act;
The District has full legal right, power and authority to: (i) adopt the Note Resolution and the Assessment Resolutions; (ii) enter into the Financing Documents and Ancillary Agreements; (iii) sell, issue and deliver the Notes to the Underwriter as provided herein; (iv) apply the proceeds of the sale of the Notes for the purposes described in the Preliminary Limited Offering Memorandum; (v) acknowledge and authorize the use of the Preliminary Limited Offering Memorandum and acknowledge and authorize the use and execution of the Limited Offering Memorandum; and (vi) carry out and consummate the transactions contemplated by the Note Resolution, the Assessment Resolutions, the Financing Documents, the Ancillary Agreements and the Preliminary Limited Offering Memorandum, including but not limited to entering into the collection agreement with the Broward County Tax Collector to provide for the collection of the Series 2026 BAN Assessments using the Uniform Method of collection in accordance with the Indenture. The District has complied, and on the Closing Date will be in compliance in all material respects, with the terms of the Act and with the obligations on its part contained in the Note Resolution, the Assessment Resolutions, the Financing Documents, the Ancillary Agreements and the Notes;
At meetings of the Board that were duly called and noticed and at which a quorum was present and acting throughout, the Board duly adopted the Note Resolution and the Assessment Resolutions, and the same are in full force and effect and have not been supplemented, amended, modified or repealed, except as set forth therein. By all necessary official Board action, the District has duly authorized and approved the use and delivery of the Preliminary Limited Offering Memorandum and the execution and delivery of the Financing Documents, the Ancillary Agreements, the Notes and the Limited Offering Memorandum, has duly authorized and approved the performance by the District of the obligations on its part contained in the Financing Documents, the Ancillary Agreements and the Notes and the consummation by it of all other transactions contemplated by this Purchase Contract and the Preliminary Limited Offering Memorandum in connection with the issuance of the Notes. Upon execution and delivery by the District and the Trustee (and assuming the due authorization, execution and delivery of the Indenture by the Trustee), the Indenture will constitute a legal,

valid and binding obligation of the District, enforceable in accordance with its terms, subject only to applicable bankruptcy, insolvency, and similar laws affecting creditors’ rights and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). Upon execution by the District and the other parties thereto (and assuming the due authorization, execution and delivery of such agreements by the other parties thereto) the Financing Documents and the Ancillary Agreements will constitute the legal, valid and binding obligations of the District, enforceable in accordance with their respective terms; subject only to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law);
Except as disclosed in the Preliminary Limited Offering Memorandum, the District is not in material breach of or material default under any applicable provision of the Act or any applicable constitutional provision or statute or, to the best of its knowledge, administrative regulation of the State or the United States of America or any applicable judgment or decree, or any loan agreement, indenture, Note, note, resolution, agreement, or other material instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, and to the best of its knowledge, no event has occurred and is continuing which with the passage of time or the giving of notice, or both, would constitute a material default or material event of default under any such instrument; and the execution and delivery of the Notes, the Financing Documents, the Ancillary Agreements and the Limited Offering Memorandum, the delivery of the Preliminary Limited Offering Memorandum and the adoption of the Note Resolution and the Assessment Resolutions, and compliance with the provisions on the District’s part contained therein, will not conflict with or constitute a material breach of or material default under any applicable constitutional provision, or law, or, to the best of its knowledge, any administrative regulation, judgment, decree, loan agreement, indenture, Note, note, resolution, agreement, or other instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, nor will any such execution, delivery, adoption, or compliance result in the creation or imposition of any lien, charge, or other security interest or encumbrance of any nature whatsoever upon any of the property or assets of the District or under the terms of any such law, regulation or instrument, except as provided by the Assessment Resolutions, the Notes and the Indenture. To the best of its knowledge, no event has occurred which, with the lapse of time or the giving of notice, or both, would constitute an event of default under the Notes, the Ancillary Agreements or the Financing Documents;
All authorizations, approvals, licenses, permits, consents and orders of any governmental authority, legislative body, board, agency or commission having jurisdiction of the matters which are required for the due authorization by, or which would constitute a condition precedent to, or the absence of which would materially adversely affect, the due performance by the District of its obligations, to issue the Notes, or under the Notes, the Note Resolution, the Assessment Resolutions, the Financing Documents or the Ancillary Agreements have been duly obtained, except for such approvals, consents and orders as may be required under the Blue Sky or securities laws of any state in connection with the offering and sale of the Notes;
The descriptions of the Notes, the Financing Documents, the Ancillary Agreements and the Assessment Area One - Master Infrastructure Project, to the extent referred

to in the Preliminary Limited Offering Memorandum, conform (except for Permitted Omissions), or with respect to the Limited Offering Memorandum will conform, in all material respects to the Notes, the Financing Documents, the Ancillary Agreements and the Assessment Area One - Master Infrastructure Project, respectively;
The Notes, when issued, executed and delivered in accordance with the Indenture and when delivered to and paid for by the Underwriter at the Closing in accordance with the provisions of this Purchase Contract, will be validly issued and outstanding obligations of the District, entitled to the benefits of the Indenture and upon such issuance, execution and delivery of the Notes, the Indenture will provide, for the benefit of the holders from time to time of the Notes, a legally valid and binding pledge of and first lien on the Series 2026 BAN Pledged Revenues. On the Closing Date, all conditions precedent to the issuance of the Notes set forth in the Indenture will have been complied with or fulfilled;
There is no claim, action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, government agency, public board or body, pending or, to its best knowledge, threatened against the District: (i) contesting the corporate existence or powers of the Board or the titles of the respective officers of the Board to their respective offices;
(ii) affecting or seeking to prohibit, restrain or enjoin the sale, issuance or delivery of the Notes or the application of the proceeds of the sale thereof for the purposes described in the Preliminary Limited Offering Memorandum or the collection of the Series 2026 BAN Assessments or the pledge of and lien on the Series 2026 BAN Pledged Revenues pursuant to the Indenture;
(iii) contesting or affecting specifically as to the District the validity or enforceability of the Act or any action of the District in any respect relating to the authorization for the issuance of the Notes, or the authorization of the Assessment Area One - Master Infrastructure Project, the Note Resolution, the Assessment Resolutions, the Financing Documents and the Ancillary Agreements, or the application of the proceeds of the Notes for the purposes set forth in the Preliminary Limited Offering Memorandum; (iv) contesting the federal tax status of the Notes; or (v) contesting the completeness or accuracy of the Limited Offering Memoranda or any supplement or amendment thereto, except for Permitted Omissions with respect to the Preliminary Limited Offering Memorandum;
To the extent applicable, the District will furnish such information, execute such instruments and take such other action in cooperation with the Underwriter as the Underwriter may reasonably request in order to: (i) qualify the Notes for offer and sale under the Blue Sky or other securities laws and regulations of such states and other jurisdictions of the United States as the Underwriter may designate; and (ii) determine the eligibility of the Notes for investment under the laws of such states and other jurisdictions, and the District will use its best efforts to continue such qualifications in effect so long as required for the initial limited offering and distribution of the Notes; provided, however, that the District shall not be required to execute a general or special consent to service of process or to qualify to do business in connection with any such qualification or determination in any jurisdiction or register as a broker/dealer;
As of its date (unless an event occurs of the nature described in paragraph
(1) of this Section 6) and at all times subsequent thereto, up to and including the Closing Date, the statements and information contained in the Preliminary Limited Offering Memorandum

(other than Permitted Omissions) and in the Limited Offering Memorandum do not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading; provided, however, that no representation is made concerning information contained in the Limited Offering Memoranda under the captions “DESCRIPTION OF THE SERIES 2026 NOTES – Book-Entry Only System,” “THE DEVELOPMENT,” “THE DEVELOPER,” “TAX MATTERS,” “LITIGATION – The Developer” and “UNDERWRITING;”
If the Limited Offering Memorandum is supplemented or amended pursuant to paragraph (1) of this Section 6, at the time of each supplement or amendment thereto and (unless subsequently again supplemented or amended pursuant to such paragraph) at all times subsequent thereto up to and including the Closing Date, the Limited Offering Memorandum as so supplemented or amended will be accurate in all material respects for the purposes for which their use is authorized and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that no representation is made concerning information contained in the Limited Offering Memoranda under the captions “DESCRIPTION OF THE SERIES 2026 BONDS/NOTES – Book-Entry Only  System,”  “THE  DEVELOPMENT,”  “THE  DEVELOPER,”  “TAX  MATTERS,”
“LITIGATION – The Developer” and “UNDERWRITING”;
If between the date of this Purchase Contract and the earlier of (i) date that is ninety (90) days from the end of the “Underwriting Period” as defined in Rule 15c2-12 or
(ii) the time when the Limited Offering Memorandum is available to any person from the MSRB’s Electronic Municipal Market Access System (but in no event less than twenty-five (25) days following the end of the Underwriting Period), any event shall occur, of which the District has actual knowledge, which might or would cause the Limited Offering Memorandum, as then supplemented or amended, to contain any untrue statement of a material fact or to omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, the District shall notify the Underwriter thereof, and, if in the opinion of the Underwriter such event requires the preparation and publication of a supplement or amendment to the Limited Offering Memorandum, the District will at its expense supplement or amend the Limited Offering Memorandum in a form and in a manner approved by the Underwriter. The end of the Underwriting Period shall be the next business day after the Closing Date;
Since the date of the Preliminary Limited Offering Memorandum, there has been no material adverse change in the properties, businesses, results of operations, prospects, management or financial or other condition of the District, except as disclosed in the Preliminary Limited Offering Memorandum, and the District has not incurred liabilities that would materially adversely affect its ability to discharge its obligations under the Note Resolution, the Assessment Resolutions, the Notes, the Financing Documents or the Ancillary Agreements, direct or contingent, other than as set forth in or contemplated by the Preliminary Limited Offering Memorandum;
The District is not now in default and has not been in default at any time after December 31, 1975 in the payment of the principal of or the interest on any governmental

security issued or guaranteed by it which would require the disclosure pursuant to Section 517.051, Florida Statutes or Rule 69W- 400.003 of the Florida Department of Financial Services;
The District has never undertaken any continuing disclosure obligations in accordance with the continuing disclosure requirements of the Rule;
Any certificate signed by any official of the District and delivered to the Underwriter in connection with the Closing will be deemed to be a representation by the District to the Underwriter as to the statements made therein; and
From the date of this Purchase Contract through the Closing Date, the District will not issue any Notes (other than the Notes), notes or other obligations payable from the Series 2026 BAN Pledged Revenues.
Closing. At 10:00 a.m. prevailing time on [Closing Date], 2025 (the “Closing Date”) or at such later time as may be mutually agreed upon by the District and the Underwriter, the District will deliver or cause to be delivered, to the Underwriter, the Notes in definitive book-entry-only form, duly executed and authenticated, together with the other documents hereinafter mentioned, and, subject to the terms and conditions hereof, the Underwriter will accept such delivery and pay the purchase price of the Notes as set forth in Section 1 hereof, in federal or other immediately available funds to the order of the District. Delivery of the Notes as aforesaid shall be made pursuant to the FAST system of delivery of The Depository Trust Company, or at such other place as may be mutually agreed upon by the District and the Underwriter. The Notes shall be typewritten, shall be prepared and delivered as fully registered Notes in book-entry-only form, with one Note for each maturity, registered in the name of Cede & Co. and shall be made available to the Underwriter at least one (1) business day before the Closing Date for purposes of inspection and packaging, unless otherwise agreed by the District and the Underwriter.
Closing Conditions. The Underwriter has entered into this Purchase Contract in reliance upon the representations, warranties and agreements of the District contained herein, and in reliance upon the representations, warranties and agreements to be contained in the documents and instruments to be delivered on the Closing Date and upon the performance by the District of its obligations hereunder, both as of the date hereof and as of the Closing Date. Accordingly, the Underwriter’s obligations under this Purchase Contract to purchase, to accept delivery of and to pay for the Notes are conditioned upon the performance by the District of its obligations to be performed hereunder and under such documents and instruments at or prior to the Closing Date, and are also subject to the following additional conditions:
The representations and warranties of the District contained herein shall be true, complete and correct, on the date hereof and on and as of the Closing Date, as if made on the Closing Date;
At the time of the Closing, the Note Resolution, the Assessment Resolutions, the Notes, the Ancillary Agreements and the Financing Documents shall each be in full force and effect in accordance with their respective terms and the Note Resolution, the Assessment Resolutions, the Indenture and the Limited Offering Memoranda shall not have been

supplemented, amended, modified or repealed, except in any such case as may have been agreed to by the Underwriter;
At or prior to the Closing Date, the Underwriter and the District shall have received each of the following:
The Limited Offering Memorandum and each supplement or amendment, if any, thereto, executed on behalf of the District by the Chairperson of the Board or such other authorized member of the Board;
A copy of each of the Note Resolution and the Assessment Resolutions certified by the Secretary or an Assistant Secretary of the Board under seal as having been duly adopted by the Board of the District and as being in full force and effect;
An executed copy of each of the Financing Documents and the Ancillary Agreements in form acceptable to the Underwriter and its counsel;
The opinion, dated as of the Closing Date and addressed to the District, of Squire Patton Boggs (US) LLP, Note Counsel, in the form included in the Preliminary Limited Offering Memorandum as Appendix B, together with letters of such counsel, dated as of the Closing Date and addressed to the Underwriter and Trustee, to the effect that the foregoing opinion addressed to the District may be relied upon by the Underwriter and Trustee to the same extent as if such opinion were addressed to them along with an opinion, dated the date of Closing, of Squire Patton Boggs (US) LLP, Miami, Florida, in its role as Disclosure Counsel, in form and substance acceptable to the District (the "Disclosure Opinion"), along with a reliance letter addressed to the Underwriter stating that such party may rely on the Disclosure Opinion as if it had been addressed to them;
The supplemental opinion, dated as of the Closing Date and addressed to the District and the Underwriter, of Squire Patton Boggs (US) LLP, Note Counsel, in the form annexed as Exhibit C hereto or in form and substance otherwise acceptable to the Underwriter and its Counsel;
The opinion, dated as of the Closing Date and addressed to the District, the Trustee and the Underwriter of Billing, Cochran, Lyles, Mauro & Ramsey, P.A., counsel to the District, in the form annexed as Exhibit D hereto or in form and substance otherwise acceptable to Note Counsel, Disclosure Counsel, the Underwriter and its counsel;
The opinion, dated as of the Closing Date and addressed to the District and the Underwriter, of Sachs Sax Caplan, P.L., counsel to the Developer and the Landowners in form and substance acceptable to the District, District Counsel, Disclosure Counsel, Note Counsel, Underwriter and Underwriter’s counsel;
An opinion, dated as of the Closing Date and addressed to the Underwriter and the District, of counsel to the Trustee, in form and substance acceptable to Note Counsel, Disclosure Counsel, the Underwriter, Underwriter’s Counsel and the District;

Evidence acceptable to the Underwriter in its sole discretion that the District has engaged a dissemination agent acceptable to the Underwriter (the “Dissemination Agent”) for the Notes, with the execution of the Disclosure Agreement by the District and the other parties thereto being conclusive evidence of such acceptance by the Underwriter;
A customary authorization and incumbency certificate, dated as of the Closing Date, signed by authorized officers of the Trustee in form and substance acceptable to the Underwriter and Underwriter’s Counsel;
The Closing Certificate of the Developer and the Landowers dated as of the Closing Date, signed by an authorized officer of the Developer in the form annexed as Exhibit E hereto, or otherwise in form and substance satisfactory to Note Counsel, the Underwriter, Underwriter’s counsel and counsel to the District.
A copy of the Ordinance;
A certificate, dated as of the Closing Date, signed by the Chairperson or Vice-Chairperson and the Secretary or an Assistant Secretary of the Board, setting forth that: (i) each of the representations of the District contained herein was true and accurate in all material respects on the date when made, has been true and accurate in all material respects at all times since, and continues to be true and accurate in all material respects on the Closing Date as if made on such date, and each of such representations relating to the Preliminary Limited Offering Memorandum and the statements contained therein, hereby also include the Limited Offering Memorandum, which representations relating to the Limited Offering Memorandum continue to be true and accurate in all material respects as of the Closing Date as if made on such date; (ii) the District has performed all of its obligations to be performed hereunder as of the Closing Date; (iii) the District has never been in default as to principal or interest with respect to any obligation issued or guaranteed by the District; (iv) upon platting, the District agrees to take all reasonable action necessary to use the Uniform Method as the means of collecting the Series 2026 BAN Assessments in the manner described in the Indenture; and (v) the Limited Offering Memoranda (other than the information under the captions “DESCRIPTION OF THE SERIES 2026 BONDS/NOTES – Book-Entry Only System,” “THE DEVELOPMENT,” “THE DEVELOPER,” “TAX MATTERS,” “LITIGATION –
The Developer” and “UNDERWRITING,” as to which no view need be expressed) as of their respective dates, and as of the date hereof, do not contain any untrue statement of a material fact or omits to state a material fact which should be included therein for the purposes for which the Limited Offering Memoranda are to be used, or which is necessary in order to make the statements contained therein, in the light of the circumstances under which they were made, not misleading; and (vi) the District acknowledges its agreement to undertake its obligation under the Disclosure Agreement and is aware of the continuing disclosure requirements set forth in the Disclosure Agreement and the Rule;
A customary signature and no litigation certificate, dated as of the Closing Date, signed on behalf of the District by the Chairperson or Vice Chairperson and

Secretary or an Assistant Secretary of the Board in form and substance acceptable to the Underwriter and Underwriter’s Counsel;
Evidence of compliance by the District with the requirements of Section 189.051, Florida Statutes;
Executed copies of the District’s certification as to arbitrage and other matters relative to the tax status of the Notes under Section 148 of the Internal Revenue Code of 1986, as amended, and a copy of the District’s Post Issuance Policies and Procedures;
Executed copy of Internal Revenue Service Form 8038-G relating
to the Notes;
A certificate of the District’s consulting engineer, dated as of the
Closing Date, in the form annexed as Exhibit F hereto or otherwise in form and substance acceptable to Underwriter and Underwriter’s Counsel;
A certificate of the District Manager and Methodology Consultant in the form annexed as Exhibit G hereto or otherwise in form and substance acceptable to Underwriter and Underwriter’s Counsel;
A certificate of the Appraiser, dated as of the Closing Date, in the form annexed as Exhibit H hereto or otherwise in form and substance acceptable to Underwriter and Underwriter’s Counsel;
To the extent required under the First Supplemental Indenture, an investor letter from each initial beneficial owner of the Notes in the form attached to the First Supplemental Indenture;
Such additional documents as may be required by the Indenture to be delivered as a condition precedent to the issuance of the Notes;
Evidence of compliance by the District with the requirements of Section 215.84, Florida Statutes;
A certified copy of the final judgment of the Seventeenth Judicial Circuit Court in and for Broward County, Florida, validating the Notes and the certificate of no-appeal;
A copy of the Engineer’s Report, dated January 6, 2025, as supplemented by the First Supplemental Engineer’s Report (Assessment Area One – Phase One and Assessment Area One – Master Infrastructure Project) dated March 25, 2026, as may be further supplemented and amended from time to time;
A certificate of the District whereby the District has deemed the Preliminary Limited Offering Memorandum final as of its date, except for Permitted

Omissions, as contemplated by Rule 15c2-12 in connection with the limited offering of the Notes;
Copies of the Master Assessment Methodology Report (Assessment Area One) dated January 6, 2025 (the “Master Assessment Methodology”), as supplemented by the Supplemental Assessment Methodology Report (Assessment Area One – Master Infrastructure Project) to be dated [BPA Date], 2026, relating to the Notes, as supplemented from time to time;
Acknowledgments in recordable form by all mortgage holder(s), if any, on lands within the District as to the superior lien of the Series 2026 BAN Assessments in form and substance acceptable to Underwriter and Underwriter’s Counsel;
The Declaration of Consent to Jurisdiction of the Metropica Community Development District (Imposition of Special Assessments and Imposition of Lien of Record) executed and delivered by the Developer and any other entity owning any land in the District as of the Closing Date with respect to all real property owned by such entity(ies) within the District which is subject to the Series 2026 BAN Assessments in recordable form and otherwise in form and substance acceptable to the Underwriter and Underwriter’s Counsel and counsel to the District; and
Such additional legal opinions, certificates, instruments and other documents as the Underwriter, Underwriter’s Counsel, Note Counsel or counsel to the District may reasonably request to evidence the truth and accuracy, as of the date hereof and as of the Closing Date, of the District’s representations and warranties contained herein and of the statements and information contained in the Limited Offering Memoranda and the due performance or satisfaction by the District and the Developer on or prior to the Closing of all the agreements then to be performed and conditions then to be satisfied by each.
If the District shall be unable to satisfy the conditions to the obligations of the Underwriter to purchase, to accept delivery of and to pay for the Notes contained in this Purchase Contract (unless waived by the Underwriter in its sole discretion), or if the obligations of the Underwriter to purchase, to accept delivery of and to pay for the Notes shall be terminated for any reason permitted by this Purchase Contract, this Purchase Contract shall terminate and neither the Underwriter nor the District shall be under any further obligation hereunder, except that the respective obligations of the District and the Underwriter set forth in Section 10 hereof shall continue in full force and effect.
Termination. The Underwriter shall have the right to terminate its obligations under this Purchase Contract to purchase, to accept delivery of and to pay for the Notes by notifying the District in writing of its election to do so if, after the execution hereof and prior to the Closing: (i) legislation shall have been introduced in or enacted by the Congress of the United States or enacted by the State, or legislation pending in the Congress of the United States shall have been amended, or legislation shall have been recommended to the Congress of the United States or otherwise endorsed for passage (by press release, other form of notice or otherwise) by the President of the United States, the Treasury Department of the United States, the Internal

Revenue Service or the Chairperson or ranking minority member of the Committee on Finance of the United States Senate or the Committee on Ways and Means of the United States House of Representatives, or legislation shall have been proposed for consideration by either such committee, by any member thereof, or legislation shall have been favorably reported for passage to either House of Congress of the United States by a committee of such House to which such legislation has been referred for consideration, or a decision shall have been rendered by a court of the United States or the State, including the Tax Court of the United States, or a ruling shall have been made or a regulation shall have been proposed or made or a press release or other form of notice shall have been issued by the Treasury Department of the United States, or the Internal Revenue Service or other federal or State authority, with respect to federal or State taxation upon revenues or other income of the general character to be derived by the District or by any similar body, or upon interest on obligations of the general character of the Notes, which may have the purpose or effect, directly or indirectly, of materially and adversely affecting the tax-exempt status of the District, its property or income, its securities (including the Notes) or the interest thereon, or any tax exemption granted or authorized by the State or, which in the reasonable opinion of the Underwriter, affects materially and adversely the market for the Notes, or the market price generally of obligations of the general character of the Notes; (ii) the District or the Developer has, without the prior written consent of the Underwriter, offered or issued any Notes, notes or other obligations for borrowed money, or incurred any material liabilities, direct or contingent, or there has been an adverse change of a material nature in the financial position, results of operations or condition, financial or otherwise, of the District, or the Developer, other than in the ordinary course of its business; (iii) any event shall have occurred or shall exist which, in the reasonable opinion of the Underwriter, would or might cause the information contained in the Limited Offering Memorandum, as then supplemented or amended, to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (iv) the District fails to adopt the Assessment Resolutions or fails to perform any action to be performed by it in connection with the levy of the Series 2026 BAN Assessments.
Expenses.
The District agrees to pay from the proceeds of the Notes, and the Underwriter shall not be obligated to pay, any expenses incident to the performance of the District’s obligations hereunder, including, but not limited to: (i) the cost of the preparation of the Indenture; (ii) the cost of the preparation and printing, if applicable, of the Limited Offering Memoranda and any supplements thereto, together with a reasonable number of copies which the Underwriter may request; (iii) the cost of registering the Notes in the name of Cede & Co., as nominee of DTC, which will act as securities depository for such Notes; (iv) the fees and disbursements of counsel to the District, the District Manager, the Dissemination Agent, Note Counsel, Disclosure Counsel, Underwriter’s Counsel, Developer’s counsel as it relates to work incurred in connection with the Notes, the District’s methodology consultant, the District Engineer, the Trustee, Trustee’s Counsel and any other experts or consultants retained by the District; and (v) the cost of recording in the Official Records of the County any Financing Documents, Ancillary Agreements or other documents or certificates that are required to be recorded pursuant to the terms of this Purchase Contract. It is anticipated that such expenses shall be paid from the proceeds of the Notes. The District shall record all documents required to

be provided in recordable form hereunder within three business days after the Closing Date, which obligation shall survive the Closing.
The Underwriter agrees to pay all advertising expenses in connection with the Notes, if any.
No Advisory or Fiduciary Role. The District acknowledges and agrees that (i) the purchase and sale of the Notes pursuant to this Purchase Contract is an arm’s-length commercial transaction between the District and the Underwriter, (ii) in connection with such transaction and with the discussions, undertakings and procedures leading up to such transaction, the Underwriter is and has been acting solely as a principal and not as an advisor (including, without limitation, a Municipal Advisor (as such term is defined in Section 975(e) of the Dodd Frank Wall Street Reform and Consumer Protection Act)), agent or fiduciary of the District, (iii) the Underwriter has not assumed an advisory or fiduciary responsibility in favor of the District with respect to the limited offering of the Notes or the discussions, undertakings and procedures leading thereto (whether or not the Underwriter, or any affiliate of the Underwriter, has provided any services or is currently providing other services to the District on other matters) or any other obligation to the District, and the Underwriter has no obligation to the District with respect to the limited offering contemplated hereby except the obligations expressly set forth in this Purchase Contract, (iv) the District has consulted its own legal, financial and other advisors to the extent it has deemed appropriate in connection with the offering of the Notes, (v) the Underwriter has financial and other interests that differ from those of the District and (vi) the Underwriter has provided to the District prior disclosures under Rule G-17 of the MSRB, which have been received by the District.
Notices. Any notice or other communication to be given to the District under this Purchase Contract may be given by delivering the same in writing to Governmental Management Services – South Florida, LLC, 5385 N. Nob Hill Road, Sunrise, Florida 33351, Attention: Rich Hans and any notice or other communication to be given to the Underwriter under this Purchase Contract may be given by delivering the same in writing to FMSBonds, Inc., 20660 W. Dixie Highway, North Miami Beach, Florida 33180, Attention: Jon Kessler.
Parties in Interest; Survival of Representations. This Purchase Contract is made solely for the benefit of the District and the Underwriter (including the successors or assigns of the Underwriter) and no other person shall acquire or have any right hereunder or by virtue hereof. All of the District’s representations, warranties and agreements, contained in this Purchase Contract shall remain operative and in full force and effect and survive the closing on the Notes, regardless of: (i) any investigations made by or on behalf of the Underwriter and (ii) delivery of and payment for the Notes pursuant to this Purchase Contract.
Effectiveness. This Purchase Contract shall become effective upon the execution by the appropriate officials of the District and shall be valid and enforceable at the time of such acceptance. To the extent of any conflict between the provisions of this Purchase Contract and any prior contract between the parties hereto, the provisions of this Purchase Contract shall govern.
Headings. The headings of the sections of this Purchase Contract are inserted for convenience only and shall not be deemed to be a part hereof.

Amendment. No modification, alteration or amendment to this Purchase Contract shall be binding upon any party until such modification, alteration or amendment is reduced to writing and executed by all parties hereto.
Governing Law. This Purchase Contract shall be governed and construed in accordance with the laws of the State.
Counterparts; Facsimile. This Purchase Contract may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were signatures upon the same instrument. Facsimile and pdf signatures shall be deemed originals.

[Signature Page to Follow]

Very truly yours,

FMSBONDS, INC.

Accepted and agreed as of the date first written above.

By: 		 Theodore A. Swinarski,
Senior Vice President – Trading

METROPICA COMMUNITY DEVELOPMENT DISTRICT

By: 		 Bernard Werner,
Chairperson, Board of Supervisors

EXHIBIT A
DISCLOSURE AND TRUTH-IN-NOTEING STATEMENT
[BPA Date], 2025
Metropica Community Development District Broward County, Florida
Re:	$[PAR] Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One - Master Infrastructure Project)
Dear Ladies and Gentlemen:
Pursuant to Chapter 218.385, Florida Statutes, and with respect to the issuance of the Notes, FMSBonds, Inc. (the “Underwriter”), pursuant to a Note Purchase Contract dated [BPA Date], 2025 (the “Note Purchase Contract”), between the Underwriter and Metropica Community Development District (the “District”), furnishes the following disclosures to the District in connection with the limited offering and sale of the Notes:
The total underwriting discount paid to the Underwriter pursuant to the Note Purchase Contract for the Notes is approximately $[  ] per $1,000.00 or $[  ].
The names, addresses and estimated amounts of compensation of any person who is not regularly employed by, or not a partner or officer of, the Underwriter, bank, banker, or financial consultant or advisor and who enters into an understanding with either the District or the Underwriter, or both, for any paid or promised compensation or valuable consideration directly, expressly or impliedly, to act solely as an intermediary between the District and the Underwriter for the purposes of influencing any transaction in the purchase of the Notes are: None.
The nature and estimated amounts of expenses to be incurred by the Underwriter in connection with the issuance of the Notes are set forth in Schedule I attached hereto.
The management fee charged by the Underwriter is: $0/$1,000 or $0.
Any other fee, bonus or other compensation estimated to be paid by the Underwriter in connection with the Notes to any person not regularly employed or retained by the Underwriter in connection with the Notes is as follows: None. Aponte & Associates Law Firm, PLLC has been retained as counsel to the Underwriter to prepare the Note Purchase Contract and will be compensated by the District.
Pursuant to the provisions of Sections 218.385(2) and (3), Florida Statutes, as amended, the following truth-in-Noteing statements are made with respect to the Notes:
The District is proposing to issue $[PAR] aggregate amount of the Notes for the purpose of providing funds to: (i) for the payment of the Costs of acquiring and/or constructing all or a portion of the Assessment Area One - Master Infrastructure Project (as hereinafter defined); (ii) to

fund the Series 2026 Reserve Account in an amount equal to the Series 2026 Reserve Requirement;
(iii) to fund capitalized interest through at least May 1, 2027, and (iv) to pay the costs of issuance of the Series 2026 Notes.
This debt or obligation is expected to be repaid over a period of approximately [ ] years and [ ] months. At a true interest cost rate of [  ]%, total interest paid over the life of the Notes will be $[ ].
The source of repayment for the Notes are the Series 2026 BAN Assessments imposed and collected by the District. Based solely upon the assumptions set forth in the paragraph above, the issuance of the Notes will result in approximately $[ ] (representing the average annual debt service payments due on the Notes) of the District’s special assessment revenues not being available to the District on an annual basis to finance other capital projects of the District; provided however, that in the event that the Notes were not issued, the District would not be entitled to impose and collect the Series 2026 BAN Assessments in the amount of the principal of and interest to be paid on the Notes.
[Signature Page to Follow]

The name and address of the Underwriter is:
FMSBonds, Inc.
20660 W. Dixie Highway
North Miami Beach, Florida 33180

Sincerely,

FMSBONDS, INC.

By: 		 Theodore A. Swinarski,
Senior Vice President – Trading

SCHEDULE I
Expenses for Notes:

	Expense			Amount		
DALCOMP		
CLEARANCE		
CUSIP		
DTC		
FINRA/SIPC		
MSRB		
Misc.		
TOTAL:		

EXHIBIT B TERMS OF NOTES
Purchase Price for Notes: $[ ] (representing the $[PAR].00 aggregate principal amount of the Series 2026 Notes, less original issue discount/plus original issue premium of $[ ] and less an underwriter’s discount of $[ ]).
Principal Amounts, Maturities, Interest Rates, Yields and Prices:

Amount	Maturity Date (May 1)	Rate	Yield	Price	

					

* Term Note.
The Underwriter represents that it has sold at least 10% of each maturity of the Series 2026 Notes at the offering prices set forth above as of the sale date.
Redemption Provisions:
Optional Redemption. The Series 2026 Notes may, at the option of the District, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after May 1, [  ] (less than all Series 2026 Notes of a maturity to be selected randomly), at a Redemption Price equal to the principal amount of Series 2026 Notes to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2026 Optional Redemption Subaccount of the Series 2026 Note Redemption Account. If such optional redemption shall be in part, the District shall select such principal amount of Series 2026 Notes to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Notes is substantially level.

[Remainder of page intentionally left blank.]

Extraordinary Mandatory Redemption in Whole or in Part. The Series 2026 Notes are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole or in part, on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at a Redemption Price equal to 100% of the principal amount of the Series 2026 Notes to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2026 Prepayment Principal (including any credit from resulting excess in the Series 2026 BAN Reserve Account as provided herein) deposited into the Series 2026 BAN Prepayment Subaccount of the Series 2026 BAN Redemption Account following the payment in whole or in part of Series 2026 BAN Assessments on any assessable property Assessment Area One – Master Infrastructure Note Area in accordance with the provisions of Section 4.05(a) of this Second Supplemental Indenture.
from moneys, if any, on deposit in the Series 2026 BAN Funds, Accounts and Subaccounts in the Funds and Accounts (other than the Series 2026 Rebate Fund and the Series 2026 BAN Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2026 Notes and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.
upon the Completion Date, from any funds remaining on deposit in the Series 2026 BAN Acquisition and Construction Account not otherwise reserved to complete the Assessment Area One – Master Infrastructure Project and which have been transferred to the Series 2026 BAN General Redemption Subaccount of the Series 2026 BAN Redemption Account.
If such extraordinary mandatory redemption shall be in part, the Issuer shall select such principal amount of Series 2026 Notes to be redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Notes is substantially level.

[Remainder of page intentionally left blank.]

EXHIBIT C
NOTE COUNSEL’S SUPPLEMENTAL OPINION
[Closing Date], 2025 Metropica Community Development District
Broward County, Florida
FMSBonds, Inc.
North Miami Beach, Florida
We have served as Note counsel to our client Metropica Community Development District (the “District”) in connection with the issuance by the District of its $[PAR] aggregate principal amount of Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One - Master Infrastructure Project) (the “Notes”), dated the date of this letter.
We have delivered on this date our opinion letter as Note counsel in connection with the original issuance of the Notes (the “Note Opinion”). This supplemental opinion letter is rendered pursuant to Section 8(c)(5) of the Note Purchase Contract, dated [BPA Date], 2026 (the “Purchase Contract”), between the District and the Underwriter identified therein. Capitalized terms not otherwise defined in this letter are used as defined in the Purchase Contract.
The Underwriter may rely on the Note Opinion as if addressed to it.
In accordance with the terms of our engagement as Note counsel, we reviewed the Limited Offering Memorandum dated [BPA Date], 2025 (the “Limited Offering Memorandum”) relating to the Notes. We confirm to you that we believe the statements in the Limited Offering Memorandum, as of its date and as of this date, under the captions “DESCRIPTION OF THE SERIES 2026 BONDS/NOTES” (other than the information relating to DTC and its book-entry system, as to which we express no view), and “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES” (other than the information under the subheading “Assessment Methodology/Projected Level of District Assessments”), insofar as such statements describe certain provisions of the Notes and the Indenture, and the statements under the caption “TAX MATTERS,” are accurate and fairly present the information purported to be shown.
In our capacity as Note counsel, we have examined the transcript of proceedings relating to the issuance of the Notes, the Purchase Contract, the Note Resolution, the Indenture and such other documents, matters and law as we deem necessary to render the opinions set forth below.
Based on that examination and subject to the limitations stated below, we are of the opinion that under existing law, the Notes are exempt from registration under the Securities Act of 1933, as amended, and the Indenture is exempt from qualification under the Trust Indenture Act of 1939, as amended.
The legal opinion stated immediately above is based on an analysis of existing laws, regulations, rulings and court decisions and cover certain matters not directly addressed by such authorities. In rendering all such opinions, we assume, without independent verification, and rely

upon: (i) the accuracy of the factual matters represented, warranted or certified in the proceedings and documents we have examined and (ii) the due and legal authorization, execution and delivery of those documents by, and the valid, binding and enforceable nature of those documents upon, any parties other than the District.
This letter is being furnished only to you for your use solely in connection with the transaction described herein and may not be relied upon by anyone else or for any other purpose without our prior written consent. No statements of belief or opinions other than those expressly stated herein shall be implied or inferred as a result of anything contained in or omitted from this letter. The statements of belief and opinions expressed in this letter are stated only as of the time of its delivery and we disclaim any obligation to revise or supplement this letter thereafter. Our engagement as Note counsel in connection with the original issuance and delivery of the Notes is concluded upon delivery of this letter.
Respectfully submitted,

EXHIBIT D
OPINION OF DISTRICT COUNSEL
Metropica Community Development District Broward County, Florida
FMSBonds, Inc.
North Miami Beach, Florida
U.S. Bank Trust Company, National Association, as Trustee Fort Lauderdale, Florida
Re:	$[PAR] Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One - Master Infrastructure Project)
Ladies and Gentlemen:
We have served as counsel to Metropica Community Development District (the “District”) in connection with the issuance of the above-referenced Notes (the “Notes”).

Unless otherwise expressly defined herein, capitalized terms used herein shall have the respective meanings assigned to them in the Master Trust Indenture dated as of [ ], 2026, as supplemented by the First Supplemental Trust Indenture, dated as of [ ], 2026 (collectively, the “Indenture”) each between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”) and in the Note Purchase Contract dated [BPA Date], 2025 (the “Purchase Contract”), between the District and FMSBonds, Inc., as Underwriter.

Based upon the foregoing and subject to the qualifications set forth below, we are of the opinion that:
The District has been established and validly exists as a community development district and independent local unit of special-purpose government under applicable Florida law. The Purchase Contract, the Indenture, the DTC Letter of Representations, the Continuing Disclosure Agreement, the Acquisition Agreement, the Completion Agreement, the Collateral Assignment, and the True-Up Agreement (collectively, the “Financing Documents”) and the Notes have been duly authorized, executed and delivered, and assuming due execution by the other party(ies) thereto, if applicable, the Financing Documents, the Notes, Resolution No. 2025-07 and Resolution No. 2026-[ ] adopted by the Board on January 6, 2025 and March 25, 2026, respectively (collectively, the “Note Resolution”), and [Resolution No. 2025-05, Resolution No. 2025-06, and Resolution No. 2025-08 of the Issuer adopted on January 6, 2025, January 6, 2025, and February 13, 2025], respectively (collectively, the “Assessment Resolution”), constitute legal, valid and binding obligations of the District, enforceable in accordance with their respective terms, except to the extent that the enforceability of the rights and remedies set forth therein may be limited by bankruptcy, insolvency, and similar laws affecting creditors’ rights generally and general principles of equity. The Note Resolution and the Assessment Resolution are in full force and effect.

There is no litigation or other proceeding now pending of which the District or its registered agent has received notice or service of process, or to our best knowledge, threatened against the District: (a) contesting the existence or powers of the Board or the titles of the respective officers of the Board to their respective offices; (b) affecting or seeking to prohibit, restrain or enjoin the sale, issuance or delivery of the Notes or the application of the proceeds of the sale thereof for the purposes described in the Limited Offering Memorandum or the collection of Series 2026 BAN Assessments or the pledge of and lien on the Series 2026 BAN Pledged Revenues pursuant to the Indenture; (c) contesting or affecting specifically as to the District the validity or enforceability of the Act or any action of the District relating to authorization for the issuance of the Notes or the authorization of the Note Resolution, the Assessment Resolution, the Financing Documents or the application of the proceeds of the Notes for the purposes set forth in the Limited Offering Memorandum; (d) specifically contesting the federal or state tax status of the Notes; or (e) contesting the completeness or accuracy of the Preliminary Limited Offering Memorandum (except for permitted omissions) or the Limited Offering Memorandum or any supplement or amendment thereto.
The District has duly authorized, executed, and delivered the Limited Offering Memorandum.
Based upon our limited participation in the preparation of the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum (collectively, the “Limited Offering Memoranda”), as counsel to the District, the statements contained in the Limited Offering Memoranda as they relate to the District under the captions “LITIGATION – The District” and “VALIDATION,” are fair and accurate. The information set forth under the captions “INTRODUCTION,”  “ENFORCEMENT  OF  ASSESSMENT  COLLECTIONS,”  “THE
DISTRICT” (except as to the statements contained under “The District Manager and Other Consultants”), “ASSESSMENT METHODOLOGY” (with respect to the second paragraph only), “AGREEMENT BY THE STATE,” “LEGALITY FOR INVESTMENT,” “CONTINUING DISCLOSURE,” “ENFORCEABILITY OF REMEDIES” and “AUTHORIZATION AND
APPROVAL,” is a fair and accurate summary of the law relating to collection and enforcement of special assessments and the documents and facts summarized therein.
The District is not, in any manner material to the issuance of the Notes, in breach of or default under any applicable provision of the Act or constitutional provision, statute, or administrative regulation of the State or the United States, or to the best of our knowledge, any applicable judgment or decree, any loan agreement, indenture, Note, note, resolution, agreement, or any other material instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, and to the best of our knowledge, no event has occurred and is continuing which with the passage of time or the giving of notice, or both, would constitute a material default or event of default by the District under any such instrument; provided, however, that no opinion is expressed as to compliance with any state or federal tax laws or with any state “Blue Sky” or other securities laws, as may be applicable.
The execution and delivery of the Notes, the Financing Documents and the adoption of the Note Resolution and the Assessment Resolution and compliance with the provisions on the District’s part contained therein will not conflict with or constitute a breach of or default under any applicable constitutional provision or law, or to the best of our knowledge, under any

administrative regulation, judgment, decree, loan agreement, indenture, Note, note, resolution, agreement or other instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, nor will any such execution, delivery, adoption or compliance result in the creation or imposition of any lien, charge or other security interest or encumbrance of any nature whatsoever upon any of the property or assets of the District or under the terms of any such law, regulation or instrument, except as expressly provided by the Notes and the Indenture. To the best of our knowledge after due inquiry, the District has taken no action which, with the lapse of time or the giving of notice, or both would constitute a material default or event of default by the District under the Notes or the Financing Documents.
To the best of our knowledge after investigation, all consents, permits or licenses, and all notices to or filings with governmental authorities necessary for the consummation by the District of the transactions described in the Limited Offering Memoranda and contemplated by the Indenture required to be obtained or made, have been obtained or made or there is no reason to believe they will not be obtained or made when required, provided that no opinion is expressed as to the applicability of or compliance with tax laws, state “Blue Sky” laws or other securities laws.
The District has the right and authority under the Act and other state law to adopt the Note Resolution and the Assessment Resolution, to issue the Notes, to purchase the Assessment Area One - Master Infrastructure Project being financed with the proceeds of the Notes and to levy the Series 2026 BAN Assessments that will secure the Notes, and has duly adopted the Note Resolution and the Assessment Resolution. The District has or can acquire good and marketable title to the Assessment Area One - Master Infrastructure Project free of all liens and encumbrances except such as will not materially interfere with the proposed uses thereof.
All proceedings undertaken by the District with respect to the Series 2026 BAN Assessments securing the Notes, including adoption of the Assessment Resolution, were undertaken in accordance with Florida law, and the District has taken all necessary action as of the date hereof to levy and impose the Series 2026 BAN Assessments. The Series 2026 BAN Assessments constitute legal, valid, binding and enforceable first liens upon the property against which such Series 2026 BAN Assessments are assessed, co-equal with the lien of all state, city, county, district and municipal taxes and assessments, and superior in dignity to all other liens, titles and claims, until paid, excluding federal tax liens.
[The Notes have been validated by a final judgment of the Seventeenth Judicial Circuit Court in and for Broward County, Florida, of which no timely appeal was filed.]
The District has the full power and authority to own and operate the Assessment Area One - Master Infrastructure Project, except for components thereof conveyed to the County, City, or other units of local government.
All conditions prescribed in the Indenture and the Purchase Contract to be performed by the District as precedent to the issuance of the Notes have been fulfilled.
In rendering the foregoing opinions, we have assumed the accuracy and truthfulness of all public records and of all certifications, documents and other proceedings examined by us that have been executed or certified by public officials acting within the scope of their official capacities and

have not verified the accuracy or truthfulness thereof. Other than the signatures of District officers and members of the Board, we have also assumed the genuineness of the signatures appearing on such public records, certifications, documents and proceedings, including the Financing Documents. We have also assumed the due authorization, execution and delivery of each document by each of the other respective parties thereto.

Our opinion as to enforceability of any document is subject to limitations imposed by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting creditors’ rights generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and to the exercise of judicial discretion in appropriate cases.

The opinions or statements expressed above are based solely on the laws of Florida and the United States of America, excluding matters of compliance with or applicability of tax laws, “Blue Sky” laws or other securities laws. Accordingly, we express no opinion nor make any statement regarding the effect or application of the laws of any other state or jurisdiction.

This opinion is solely for the benefit of the addressees and this opinion may not be relied upon in any manner, nor used, by any other persons or entities.

Very truly yours,

EXHIBIT E
CERTIFICATE OF DEVELOPER AND THE LANDOWNERS
[Metropica Development, LLC, a Delaware limited liability company (the “Developer”) and Metropica Series B Venture, LLC, a Delaware limited liability company, Metropica Residential I LLC, a Delaware limited liability company, Metropica Residential II LLC, a Delaware limited liability company, and Metropica Series C Venture, LLC, a Delaware limited liability company (collectively, the “Landowners”)] DO HEREBY CERTIFY that:
The Developer and the Landowners are each limited liability limited companies organized and existing under the laws of the State of Delaware and authorized to conduct business in the State of Florida.
Representatives of the Developer and the Landowners have provided information to Metropica Community Development District (the “District”) to be used in connection with the offering by the District of its $[PAR] aggregate principal amount of Bond Anticipation Notes, Series 2026 (Assessment Area One - Master Infrastructure Project) pursuant to a Preliminary Limited Offering Memorandum dated [PLOM Date], 2026 and a final Limited Offering Memorandum dated [BPA Date], 2025 (collectively, the “Limited Offering Memoranda”).
Each of the Acquisition Agreement, dated [Closing Date], 2025 among the Developer, the Landowners and the District, the Declaration of Consent to Jurisdiction of the Metropica Community Development District and to Imposition of Special Assessments (Assessment Area One - Master Infrastructure Project) executed by the Developer and the Landowners dated [Closing Date], 2025, the Continuing Disclosure Agreement, dated [Closing Date], 2025 among the Developer, the District, the Landowners and Governmental Management Services – South Florida, LLC, as dissemination agent, and the [True Up Agreement] (Assessment Area One - Master Infrastructure Project) between the District, the Developer and the Landowners dated [Closing Date], 2025, the True Up Agreement (Assessment Area One) between the District, the Developer and the Landowners dated [Closing Date], 2026, the Collateral Assignment and Assumption of Development Rights Relating to Metropica (Assessment Area One) by and between the District, the Developer, and Landowners dated [Closing Date], 2026, and the Completion Agreement (Assessment Area One) by and between the District and the Landowners dated [Closing Date], 2026 (collectively, the “Developer Documents”), are valid and binding obligations of the Developer and the Landowners, enforceable against the Developer and/or the Landowners in accordance with their terms. The execution and delivery by the Developer and the Landowners of the Developer Documents does not violate any judgment, order, writ, injunction or decree binding on the Developer and/or the Landowners or any indenture, agreement, or other instrument to which the Developer and/or the Landowners are a party. There are no proceedings pending against or threatened in writing before any court or administrative agency relating to the Developer and/or the Landowners which are either not covered by insurance or which singularly or collectively would have a material, adverse effect on the Developer’s and or Landowners’ ability to perform their obligations under the Developer Documents.
The Developer and the Landowners have reviewed and approved the Developer Documents and the information contained in the Limited Offering Memoranda under the captions

“THE DEVELOPMENT” and “THE DEVELOPER” and with respect to the Developer and the Development (as such terms are used in the Limited Offering Memoranda) under the captions “NOTEHOLDERS’  RISKS,”  “LITIGATION  -  The  Developer”  and  “CONTINUING
DISCLOSURE” and warrant and represent that such information does not contain any untrue statement of a material fact and does not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading. In addition, the Developer and the Landowners are not aware of any other information in the Limited Offering Memoranda that contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
To the best of my knowledge, the Developer and/or the Landowners as the case may be, are in compliance in all material respects with all provisions of applicable law in all material matters relating to the Developer, the Landowners and the Development as described in the Limited Offering Memoranda. Except as otherwise described in the Limited Offering Memoranda, (a) all government permits and approvals required in connection with the construction of the Development and the Assessment Area One - Master Infrastructure Project as described in the Limited Offering Memoranda have been received; (b) we are not aware of any default of any zoning condition, land use permit or development agreement which would adversely affect the Developer’s ability to complete development of the Development and the Assessment Area One - Master Infrastructure Project as described in the Limited Offering Memoranda and all appendices thereto; and (c) we have no actual knowledge and are not otherwise aware of any reason to believe that any permits, approvals, consents and licenses required to complete development of the Development and the Assessment Area One - Master Infrastructure Project as described in the Limited Offering Memoranda will not be obtained in due course as required by the Developer.
The Developer and Landowners hereby represent and warrant that they have provided and will continue to provide all necessary and appropriate disclosure to prospective purchasers of residential units and commercial/retail space in the District in accordance with the Act and any declaration or restrictive covenants that have been recorded and which relate to the lands within the Development.
The Developer and the Landowners are not insolvent. The Developer and the Landowners have not made an assignment for the benefit of creditors, filed a petition in bankruptcy, petitioned or applied to any tribunal for the appointment of a custodian, receiver or any trustee or commenced any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction. The Developer and the Landowners have not indicated their consent to, or approval of, or failed to object timely to, any petition in bankruptcy, application or proceeding or order for relief or the appointment of a custodian, receiver or any trustee.
To the best of my knowledge, the levy of the Series 2026 BAN Assessments (as defined in the Developer Documents) on the lands within the District will not conflict with or constitute a breach of or default under any agreement, indenture or other instrument to which the Developer and/or the Landowners are a party or to which the Developer and/or the Landowners or any of their property or assets is subject.

To the best of my knowledge, the Developer and the Landowners are not in default under any mortgage, trust indenture, lease or other instrument to which it or any of its assets is subject, which default would have a material adverse effect on the Series 2026 Notes or the District.
To the best of my knowledge and in reliance on the environmental site assessments provided to the Developer and the Landowners, as the case may be, the Developer and the Landowners are not aware of any condition related to the Development and the Assessment Area One - Master Infrastructure Project which currently requires, or is reasonably expected to require in the foreseeable future, investigation or remediation under any applicable federal, state or local governmental laws or regulations relating to the environment.
Dated: [Closing Date], 2025.

METROPICA DEVELOPMENT, LLC, a
Delaware limited liability company

By: 	 Joseph Kavana, Manager

METROPICA SERIES B VENTURE,
LLC, a Delaware limited liability company By: 	
Joseph Kavana, Manager

METROPICA RESIDENTIAL I, LLC, a
Delaware limited liability company

By: 	 Joseph Kavana, Manager

METROPICA RESIDENTIAL II, LLC, a
Delaware limited liability company

By: 	 Joseph Kavana, Manager

METROPICA  SERIES  C  VENTURE,
LLC, a Delaware limited liability company

By: 	 Joseph Kavana, Manager

APPENDIX F CERTIFICATE OF ENGINEER
THOMAS	ENGINEERING  GROUP,  LLC  (the  “Engineers”),  DOES	HEREBY
CERTIFY, that:
This certificate is furnished pursuant to Section 8(c)(18) of the Note Purchase Contract dated [BPA Date], 2025 (the “Purchase Contract”), by and between Metropica Community Development District (the “District”) and FMSBonds, Inc. with respect to the $[PAR] Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One - Master Infrastructure Project) (the “Notes”). Capitalized terms used, but not defined, herein shall have the meaning assigned thereto in the Purchase Contract or the Preliminary Limited Offering Memorandum dated [PLOM Date], 2026 and the Limited Offering Memorandum, dated [BPA Date], 2025, including the appendices attached thereto (collectively, the “Limited Offering Memoranda”), as applicable.
The Engineers have been retained by the District as consulting engineers.
The plans and specifications for the Assessment Area One - Master Infrastructure Project (as described in the Limited Offering Memoranda) improvements were approved by all regulatory bodies required to approve them. All environmental and other regulatory permits or approvals required in connection with the construction of the Assessment Area One - Master Infrastructure Project were obtained.
The Engineers prepared a report entitled “Engineer’s Report”, dated January 6, 2025, as supplemented by the First Supplemental Engineer’s Report (Assessment Area One – Phase One and Assessment Area One – Master Infrastructure Project) dated March 25, 2026, as may be further amended and supplemented from time to time (collectively, the “Report”). The Report sets forth the estimated costs of the Assessment Area One - Master Infrastructure Project and was prepared in accordance with generally accepted engineering principles. The Report is included as “APPENDIX C – ENGINEER’S REPORT” to the Limited Offering Memoranda and a description of the Report and certain other information relating to the Assessment Area One - Master Infrastructure Project are included in the Limited Offering Memoranda under the captions “THE ASSESSMENT AREA ONE PROJECT” and “THE DEVELOPMENT.” The Report and
said information are true and complete in all material respects, contain no untrue statement of a material fact, and do not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading.
The Engineers hereby consent to the inclusion of the Report as “APPENDIX C – ENGINEER’S REPORT” to the Limited Offering Memoranda and to the references to the Engineers in the Limited Offering Memoranda.
To the extent constructed, the Assessment Area One - Master Infrastructure Project improvements were constructed in sound workmanlike manner and in accordance with industry standards. The portion of the Assessment Area One - Master Infrastructure Project improvements to be acquired from the proceeds of the Notes have been completed in accordance with the plans and specifications therefore.

The price being paid by the District to the Developer for acquisition of the improvements included within the Assessment Area One - Master Infrastructure Project did not exceed the lesser of the actual cost of the Assessment Area One - Master Infrastructure Project or the fair market value of the assets acquired by the District.
To the best of our knowledge, but without undertaking any independent investigation, the Developer is in compliance in all material respects with all provisions of applicable law in all material matters relating to the Developer and the Development as described in the Limited Offering Memoranda. Except as otherwise described in the Limited Offering Memoranda, (a) all government permits required in connection with the construction of the Development and the Assessment Area One - Master Infrastructure Project as described in the Limited Offering Memoranda have been received; (b) we are not aware of any default of any zoning condition, land use permit or development agreement which would adversely affect the ability to complete development of the Development and the Assessment Area One - Master Infrastructure Project as described in the Limited Offering Memoranda and all appendices thereto; and (c) we have no actual knowledge and are not otherwise aware of any reason to believe that any permits, consents and licenses required to complete the Development and the Assessment Area One - Master Infrastructure Project as described in the Limited Offering Memoranda will not be obtained in due course as required by the Developer, or any other person or entity, necessary for the development of the Development as described in the Limited Offering Memoranda and all appendices thereto.
There is adequate water and sewer service capacity to serve the Development within the District.
Date: [Closing Date], 2025
THOMAS ENGINEERING GROUP, LLC.

By: 		 Print Name: 	 Title: 	

EXHIBIT G
CERTIFICATE OF DISTRICT MANAGER AND METHODOLOGY CONSULTANT
The undersigned representative of Governmental Management Services – South Florida, LLC, (“GMS”), DOES HEREBY CERTIFY:
This certificate is furnished pursuant to Section 8(c)(19) of the Note Purchase Contract dated [BPA Date], 2025 (the “Purchase Contract”), by and between Metropica Community Development District (the “District”) and FMSBonds, Inc. with respect to the $[PAR] Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One - Master Infrastructure Project) (the “Notes”). Capitalized terms used, but not defined, herein shall have the meaning assigned thereto in the Purchase Contract or the Limited Offering Memoranda relating to the Notes, as applicable.
GMS has acted as district manager and methodology consultant to the Metropica Community Development District (the “District”) in connection with the sale and issuance by the District of its Notes and in connection with the preparation of the Preliminary Limited Offering Memorandum dated [PLOM Date], 2026 and the Limited Offering Memorandum dated [BPA Date], 2025, including the appendices attached thereto (collectively, the “Limited Offering Memoranda”).
In connection with the issuance of the Notes, we have been retained by the District to prepare the Master Assessment Methodology Report (Assessment Area One) dated January 6, 2025 (the “Master Assessment Methodology”) as supplemented by the Supplemental Assessment Methodology Report (Assessment Area One – Master Infrastructure Project) relating to the Notes dated [BPA Date], 2026 (collectively, the “Assessment Methodology”), which Assessment Methodology has been included as an appendix to the Limited Offering Memoranda. We hereby consent to the use of such Assessment Methodology in the Limited Offering Memoranda and consent to the references to us therein.
As District Manager, nothing has come to our attention that would lead us to believe that the Limited Offering Memoranda, as they relate to the District, the Assessment Area One - Master Infrastructure Project, or any information provided by us, and the Assessment Methodology, as of their respective dates and as of this date, contained or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary to be stated therein in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.
The information set forth in the Limited Offering Memoranda under the subcaptions “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026
BONDS/NOTES – Assessment Methodology / Projected Level of District Assessments”, “THE DISTRICT,” “ASSESSMENT METHODOLOGY,” “FINANCIAL INFORMATION,” “LITIGATION – The District,” “DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS,”  “CONTINUING  DISCLOSURE,”  “CONTINGENT  FEES,”  and  in
“APPENDIX D: ASSESSMENT METHODOLOGY” did not as of the respective dates of the Limited Offering Memoranda and does not as of the date hereof contain any untrue statement of a

material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
To the best of our knowledge, there has been no change which would materially adversely affect the assumptions made or the conclusions reached in the Assessment Methodology and the considerations and assumptions used in compiling the Assessment Methodology are reasonable. The Assessment Methodology and the assessment methodology set forth therein were prepared in accordance with all applicable provisions of Florida law. As described in more detail in the Assessment Methodology, the benefit to the assessable lands within the District from the Assessment Area One - Master Infrastructure Project equals or exceeds the Series 2026 BAN Assessments, and the Series 2026 BAN Assessments are fairly and reasonably allocated across all benefitted properties within the District.
As District Manager for the District, we are not aware of any litigation pending or, to the best of our knowledge, threatened against the District restraining or enjoining the issuance, sale, execution or delivery of the Notes, or in any way contesting or affecting the validity of the Notes or any proceedings of the District taken with respect to the issuance or sale thereof, or the pledge or application of any moneys or security provided for the payment of the Notes, or the existence or powers of the District.
The Series 2026 BAN Assessments, as initially levied, and as may be reallocated from time to time as permitted by resolutions adopted by the District with respect to the Series 2026 BAN Assessments are sufficient to enable the District to pay the debt service on the Notes through the final maturity thereof.
Dated: [Closing Date], 2025
GOVERNMENTAL MANAGEMENT SERVICES – SOUTH FLORIDA, LLC,
a Florida limited liability company

By: 	 Name: 	 Title: 	

EXHIBIT H

CERTIFICATE OF APPRAISER

The undersigned representative of WALTER DUKE + PARTNERS, INC. (the “Appraiser”) hereby states and certifies:
That he or she is an authorized principal of the Appraiser and as such is familiar with the facts herein certified and is authorized and qualified to certify the same.
That the Appraiser has prepared appraisal reports dated April 17, 2025 (collectively, the “Report”), in connection with the Preliminary Limited Offering Memorandum dated [PLOM Date], 2026 and the Limited Offering Memorandum dated [BPA Date], 2025 (collectively, the “Limited Offering Memoranda”), for the $[PAR] Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One - Master Infrastructure Project).
That we hereby consent to the reproduction and use of the Report, only in its entirety, including the letter of transmittal, appended to the Limited Offering Memoranda. We also consent to the use of the references to our firm made in the Limited Offering Memoranda.
That, as of the date of the Limited Offering Memoranda and as of the date hereof, the statements contained in the Limited Offering Memoranda as they relate to the Appraiser and the Report under the heading “THE DEVELOPMENT – Appraisal” and APPENDIX G are fair and accurate in all material respects.

Dated: [BPA Date], 2025

WALTER DUKE + PARTNERS, INC.

By:	 Name:	 Title:	

EXHIBIT B
FORM OF PRELIMINARY LIMITED OFFERING MEMORANDUM

B-1

This Preliminary Limited Offering Memorandum and the information contained herein are subject to completion or amendment without notice. These securities may not be sold nor may an offer to buy be accepted prior to the time the Limited Offering Memorandum is delivered in final form. Under no circumstances shall this Preliminary Limited Offering Memorandum constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or exemption under the securities laws of any such jurisdiction.

PRELIMINARY LIMITED OFFERING MEMORANDUM DATED 	, 2026

NEW ISSUE - BOOK-ENTRY ONLY	NOT RATED	
LIMITED OFFERING		
In the opinion of Squire Patton Boggs (US) LLP, Bond Counsel, under existing law, (i) assuming continuing compliance with certain covenants and the accuracy of certain representations, interest on the Series 2026 Bonds/Notes (as hereinafter defined) is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals, and (ii) the Series 2026 Bonds/Notes and the income thereon are exempt from taxation under the laws of the State of Florida, except estate taxes imposed by Chapter 198, Florida Statutes, as amended, and net income and franchise taxes imposed by Chapter 220, Florida Statutes, as amended. Interest on the Series 2026 Bonds/Notes may be subject to certain federal taxes imposed only on certain corporations. For a more complete discussion of the tax aspects, see “TAX MATTERS” herein.
METROPICA COMMUNITY DEVELOPMENT DISTRICT
(Broward County, Florida)

$3,145,000*
Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project)	$13,255,000*
Bond Anticipation Notes, Series 2026 (Assessment Area One - Master Infrastructure Project)	

Dated: Date of Delivery	Due: May 1, as shown on the inside cover	
The Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project) (the ‘Series 2026 Bonds”) and the Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One – Master Infrastructure Project Area) (the “Series 2026 Notes” and, together with the Series 2026 Bonds, the “Series 2026 Bonds/Notes”) are being issued by the Metropica Community Development District (the “District”) only in fully registered form, without coupons, in denominations of $5,000 and any integral multiple thereof.
The District is a local unit of special purpose government of the State of Florida, created pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), and by Ordinance No. 909-X-23-A enacted by the City Commission of the City of Sunrise, Florida, on March 28, 2023. The District was created for the purpose of delivering certain community development services and facilities for the benefit of District Lands (as hereinafter defined), and has previously determined to undertake the acquisition and/or construction of public improvements and community facilities as set forth in the Act for the special benefit of certain District Lands.
The Series 2026 Bonds/Notes will bear interest at the fixed rates set forth on the inside cover, calculated on the basis of a 360-day year comprised of twelve 30-day months, payable semi-annually on each May 1 and November 1, commencing November 1, 2026. The Series 2026 Bonds/Notes, when issued, will be registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company (“DTC”). Purchases of beneficial interests in the Series 2026 Bonds/Notes will be made only in book-entry form. Accordingly, principal of and interest on the Series 2026 Bonds/Notes will be paid from sources described below by U.S. Bank Trust Company, National Association, a national banking association duly organized and existing under the laws of the United States and having a designated corporate trust office in Ft. Lauderdale, Florida (the “Trustee”) directly to DTC or its nominee as the registered owner thereof. Disbursements of such payments to the Direct Participants (as hereinafter defined) is the responsibility of DTC and disbursements of such payments to the beneficial owners is the responsibility of the Direct Participants and the Indirect Participants (as hereinafter defined), as more fully described herein. Any purchaser of a beneficial interest in a Series 2026 Bond/Note must maintain an account with a broker or dealer who is, or acts through, a Direct Participant to receive payment of the principal of and interest on such Series 2026 Bond/Note. See “DESCRIPTION OF THE SERIES 2026 BONDS/NOTES – Book-Entry Only System” herein.
The Series 2026 Bonds/Notes are being issued by the District pursuant to the Act, Resolutions No. 2025-07 and No. 2026-  adopted by the Board of Supervisors of the District (the “Board”) on January 6, 2025 and March 25, 2026, respectively, and a Master Trust Indenture dated as of 	 1, 2026 (the “Master Indenture”), as supplemented, with respect to the Series 2026 Bonds, by a First Supplemental Trust Indenture dated as of 	 1, 2026 (the “First Supplemental Indenture” and, together with the Master Indenture, the “Series 2026 Bonds Indenture”), and with respect to the Series 2026 Notes, by a Second Supplemental Trust Indenture dated as of 		 1, 2026 (the “Second Supplemental Indenture” and, together with the Master Indenture, the “Series 2026 Notes Indenture”) (the Series 2026 Bonds Indenture and the Series 2026 Notes Indenture being

* Preliminary, subject to change.

collectively referred to herein as the “Indentures”), each by and between the District and the Trustee. Capitalized terms not defined herein shall have the meanings assigned to them in the Indentures.
Proceeds of the Series 2026 Bonds will be used to provide funds (i) for the payment of the Costs of acquiring and/or constructing all or a portion of the Assessment Area One – Phase One Project (as hereinafter defined); (ii) to fund the Series 2026 Reserve Account in an amount equal to the Series 2026 Reserve Requirement; (iii) to fund capitalized interest through at least November 1, 2026, and (iv) to pay the costs of issuance of the Series 2026 Bonds. See “THE ASSESSMENT AREA ONE PROJECT” and “ESTIMATED SOURCES AND USES OF FUNDS” herein.
Proceeds of the Series 2026 Notes will be used to provide funds (i) for the payment of the Costs of acquiring and/or constructing all or a portion of the Assessment Area One – Master Infrastructure Project (as hereinafter defined); (ii) to fund the Series 2026 BAN Reserve Account in an amount equal to the Series 2026 BAN Reserve Requirement; (iii) to fund capitalized interest through at least May 1, 2027, and (iv) to pay the costs of issuance of the Series 2026 Notes. See “THE ASSESSMENT AREA ONE PROJECT” and “ESTIMATED SOURCES AND USES OF FUNDS” herein.
The Series 2026 Bonds will be secured by a pledge of the Series 2026 Pledged Revenues. “Series 2026 Pledged Revenues” shall mean (a) all revenues received by the District from Assessment Area One – Phase One Special Assessments levied and collected on the assessable lands within Assessment Area One – Phase One Area, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Assessment Area One – Phase One Special Assessments or from the issuance and sale of tax certificates with respect to such Assessment Area One – Phase One Special Assessments, and (b) all moneys on deposit in the Funds and Accounts established under the Series 2026 Bonds Indenture created and established with respect to or for the benefit of the Series 2026 Bonds; provided, however, that Series 2026 Pledged Revenues shall not include (A) any moneys transferred to the Series 2026 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2026 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the District under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the District under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Series 2026 Bonds Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso). See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES” herein.
The Series 2026 Notes will be secured by a pledge of the Series 2026 BAN Pledged Revenues. “Series 2026 BAN Pledged Revenues” shall mean (a) the proceeds of Bonds (the “Take-Out Bonds”) issued to pay and redeem the Outstanding Series 2026 Notes, when and if issued, (b) all revenues received by the District from Series 2026 BAN Assessments levied and collected on the assessable lands within Assessment Area One – Master Infrastructure Note Area, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Assessment Area One Special Assessments or from the issuance and sale of tax certificates with respect to such Assessment Area One Special Assessments, and (c) all moneys on deposit in the Funds and Accounts established under the Series 2026 Notes Indenture created and established with respect to or for the benefit of the Series 2026 Notes; provided, however, that Series 2026 Pledged Revenues shall not include (A) any moneys transferred to the Series 2026 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2026 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the District under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the District under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Series 2026 Notes Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso). See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES” herein. The Series 2026 Pledged Revenues and Series 2026 BAN Pledged Revenues are collectively referred to herein as the “Assessment Area One Pledged Revenues.”
The Series 2026 Bonds are subject to optional, mandatory sinking fund and extraordinary mandatory redemption at the times, in the amounts and at the redemption prices as more fully described herein. The Series 2026 Notes are subject to optional redemption and extraordinary mandatory redemption at the times, in the amounts, and at the redemption prices as more fully described herein. See “DESCRIPTION OF THE SERIES 2026 BONDS/NOTES – Redemption Provisions” herein.
THE SERIES 2026 BONDS/NOTES ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY OUT OF THE APPLICABLE ASSESSMENT AREA ONE PLEDGED REVENUES PLEDGED THEREFOR UNDER THE RESPECTIVE INDENTURES AND NEITHER THE PROPERTY, THE FULL FAITH AND CREDIT, NOR THE TAXING POWER OF THE DISTRICT, THE CITY, THE COUNTY, THE STATE OF FLORIDA (THE “STATE”), OR ANY OTHER POLITICAL SUBDIVISION THEREOF, IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE SERIES 2026 BONDS/NOTES, EXCEPT THAT THE DISTRICT IS OBLIGATED UNDER THE RESPECTIVE INDENTURES TO USE ITS BEST EFFORTS TO PURSUE AND ACCOMPLISH THE ISSUANCE, SALE AND DELIVERY OF THE TAKE-OUT BONDS AND TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, ASSESSMENT AREA ONE SPECIAL ASSESSMENTS TO SECURE AND PAY THE SERIES 2026 BONDS/NOTES. THE SERIES 2026 BONDS/NOTES DO NOT CONSTITUTE AN INDEBTEDNESS OF THE DISTRICT, THE CITY, THE COUNTY, THE STATE, OR ANY OTHER POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION.
The Series 2026 Bonds/Notes involve a degree of risk (see “BONDOWNERS’ RISKS” herein) and are not suitable for all investors (see “SUITABILITY FOR INVESTMENT” herein). The Underwriter named below is limiting this offering

to “accredited investors” within the meaning of Chapter 517, Florida Statutes, as amended, and the rules of the Florida Department of Financial Services promulgated thereunder. The limitation of the initial offering to accredited investors does not denote restrictions on transfer in any secondary market for the Series 2026 Bonds/Notes. The Series 2026 Bonds/Notes are not credit enhanced or rated and no application has been made for credit enhancement or a rating with respect to the Series 2026 Bonds/Notes.
This cover page contains information for quick reference only. It is not a summary of the Series 2026 Bonds/Notes. Investors must read this entire Limited Offering Memorandum to obtain information essential to the making of an informed investment decision.
The Series 2026 Bonds/Notes are offered for delivery when, as and if issued and received by the Underwriter, subject to the opinion on legal matters relating to their issuance of Squire Patton Boggs (US) LLP, Bond Counsel. Certain legal matters will be passed upon for the District by its counsel, Billing Cochran, P.A., Fort Lauderdale, Florida, and by Squire Patton Boggs (US) LLP, as Disclosure Counsel, for the Developer and the Landowners (each as defined herein) by their counsel, Sachs Sax Caplan, P.L., Boca Raton, Florida. Aponte & Associates Law Firm, PLLC, Orlando, Florida is serving as counsel to the Underwriter. It is expected that the Series 2026 Bonds/Notes will be delivered in book-entry form through the facilities of DTC on or about
	, 2026.

[FMSbonds, Inc. Logo]

Dated: 	, 2026

PRINCIPAL AMOUNTS, INTEREST RATES, MATURITIES, YIELDS, PRICES AND CUSIP NUMBERS

$3,145,000*
Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project)

$	 – 	% Series 2026 Term Bond due May 1, 20   – Yield 	% – Price 	 – CUSIP Number 	†	
$	 – 	% Series 2026 Term Bond due May 1, 20   – Yield 	% – Price 	 – CUSIP Number 	†	
$	 – 	% Series 2026 Term Bond due May 1, 20   – Yield 	% – Price 	 – CUSIP Number 	†	

$13,255,000*
Bond Anticipation Notes, Series 2026 (Assessment Area One - Master Infrastructure Project)

$	 – 	% Series 2026 Term Note due May 1, 20   – Yield 	% – Price 	 – CUSIP Number 	†

* Preliminary, subject to change.
† CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (“CGS”) is managed on behalf of the American Bankers Association by FactSet Research Systems Inc. Copyright© 2026 CUSIP Global Services. All rights reserved. CUSIP® data herein is provided by CGS. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP® numbers are provided for convenience of reference only. None of the District, the Underwriter or their agents or counsel assume responsibility for the accuracy of such numbers.

METROPICA COMMUNITY DEVELOPMENT DISTRICT	
BOARD OF SUPERVISORS	
Bernard Werner*, Chairperson	
Joseph Kavana*, Vice Chairperson	
Michel Besso*, Assistant Secretary	
Erick Collazo*, Assistant Secretary	
Diana Cordon*, Assistant Secretary	

*Employee of, or affiliated with, the Developer.	

DISTRICT MANAGER/METHODOLOGY CONSULTANT	
Governmental Management Services – South Florida, LLC	
Sunrise, Florida	
DISTRICT COUNSEL	
Billing Cochran, P.A.	
Fort Lauderdale, Florida	
BOND COUNSEL AND DISCLOSURE COUNSEL	
Squire Patton Boggs (US) LLP	
Miami, Florida	
DISTRICT ENGINEER	
Thomas Engineering Group, LLC	
Fort Lauderdale, Florida	

NO DEALER, BROKER, SALESPERSON OR OTHER PERSON HAS BEEN AUTHORIZED BY THE DISTRICT TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS, OTHER THAN THOSE CONTAINED IN THIS LIMITED OFFERING MEMORANDUM, AND IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE DISTRICT. THIS LIMITED OFFERING MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY OF THE SERIES 2026 BONDS/NOTES AND THERE SHALL BE NO OFFER, SOLICITATION, OR SALE OF THE SERIES 2026 BONDS/NOTES BY ANY PERSON IN ANY JURISDICTION IN WHICH IT IS UNLAWFUL FOR SUCH PERSON TO MAKE SUCH OFFER, SOLICITATION OR SALE.
THE INFORMATION SET FORTH HEREIN HAS BEEN OBTAINED FROM THE DEVELOPER (AS HEREINAFTER DEFINED), THE DISTRICT, PUBLIC DOCUMENTS, RECORDS AND OTHER SOURCES, WHICH SOURCES ARE BELIEVED TO BE RELIABLE BUT WHICH INFORMATION IS NOT GUARANTEED AS TO ACCURACY OR COMPLETENESS BY, AND IS NOT TO BE CONSTRUED AS A REPRESENTATION OF, THE UNDERWRITER NAMED ON THE COVER PAGE OF THIS LIMITED OFFERING MEMORANDUM. THE UNDERWRITER HAS REVIEWED THE INFORMATION IN THIS LIMITED OFFERING MEMORANDUM IN ACCORDANCE WITH, AND AS PART OF, ITS RESPONSIBILITIES TO INVESTORS UNDER THE FEDERAL SECURITIES LAWS AS APPLIED TO THE FACTS AND CIRCUMSTANCES OF THIS TRANSACTION, BUT THE UNDERWRITER DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. THE INFORMATION AND EXPRESSIONS OF OPINION HEREIN CONTAINED ARE SUBJECT TO CHANGE WITHOUT NOTICE AND NEITHER THE DELIVERY OF THIS LIMITED OFFERING MEMORANDUM, NOR ANY SALE MADE HEREUNDER, SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE DISTRICT OR THE DEVELOPER OR IN THE STATUS OF THE DEVELOPMENT OR THE ASSESSMENT AREA ONE PROJECT (AS SUCH TERMS ARE HEREINAFTER DEFINED) SINCE THE DATE HEREOF. THE TRUSTEE HAS NOT PARTICIPATED IN THE PREPARATION OF THIS LIMITED OFFERING MEMORANDUM AND MAKES NO REPRESENTATION WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF ANY OF THE MATERIAL CONTAINED IN THIS LIMITED OFFERING MEMORANDUM. THE TRUSTEE HAS NO DUTY OR OBLIGATION TO PAY THE SERIES 2026 BONDS/NOTES FROM ITS OWN FUNDS, ASSETS OR CORPORATE CAPITAL OR TO MAKE INQUIRY REGARDING, OR INVESTIGATE THE USE OF, AMOUNTS DISBURSED FROM THE TRUST.
THE SERIES 2026 BONDS/NOTES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR HAS THE INDENTURE BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED, IN RELIANCE UPON CERTAIN EXEMPTIONS SET FORTH IN SUCH ACTS. THE REGISTRATION, QUALIFICATION OR EXEMPTION OF THE SERIES 2026 BONDS/NOTES IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAW PROVISIONS OF ANY JURISDICTIONS WHEREIN THESE SECURITIES HAVE BEEN OR WILL BE REGISTERED, QUALIFIED OR EXEMPTED SHOULD NOT BE REGARDED AS A RECOMMENDATION THEREOF. NEITHER THE DISTRICT, THE CITY, THE COUNTY, THE STATE, NOR ANY OTHER POLITICAL SUBDIVISIONS THEREOF HAVE GUARANTEED OR PASSED UPON THE MERITS OF THE SERIES 2026 BONDS/NOTES, UPON THE PROBABILITY OF ANY EARNINGS THEREON OR UPON THE ACCURACY OR ADEQUACY OF THIS LIMITED OFFERING MEMORANDUM.
“FORWARD-LOOKING STATEMENTS” ARE USED IN THIS DOCUMENT BY USING FORWARD LOOKING WORDS SUCH AS “MAY,” “WILL,” “SHOULD,” “INTENDS,” “EXPECTS,” “BELIEVES,” “ANTICIPATES,” “ESTIMATES,” OR OTHERS. THE READER IS CAUTIONED

THAT FORWARD-LOOKING STATEMENTS ARE SUBJECT TO A VARIETY OF UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER FROM THE PROJECTED RESULTS. THOSE RISKS AND UNCERTAINTIES INCLUDE GENERAL ECONOMIC AND BUSINESS CONDITIONS, CONDITIONS IN THE FINANCIAL MARKETS AND REAL ESTATE MARKET, THE DISTRICT’S COLLECTION OF THE ASSESSMENT AREA ONE SPECIAL ASSESSMENTS, AND VARIOUS OTHER FACTORS WHICH MAY BE BEYOND THE DISTRICT’S AND THE DEVELOPER’S CONTROL. BECAUSE THE DISTRICT AND THE DEVELOPER CANNOT PREDICT ALL FACTORS THAT MAY AFFECT FUTURE DECISIONS, ACTIONS, EVENTS, OR FINANCIAL CIRCUMSTANCES, WHAT ACTUALLY HAPPENS MAY BE DIFFERENT FROM WHAT IS INCLUDED IN FORWARD-LOOKING STATEMENTS.
THE ACHIEVEMENT OF CERTAIN RESULTS OR OTHER EXPECTATIONS CONTAINED IN SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS DESCRIBED TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THE DISTRICT AND THE DEVELOPER DO NOT PLAN TO ISSUE ANY UPDATES OR REVISIONS TO THOSE FORWARD-LOOKING STATEMENTS IF OR WHEN ANY OF ITS EXPECTATIONS OR EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH SUCH STATEMENTS ARE BASED OCCUR, OTHER THAN AS DESCRIBED UNDER “CONTINUING DISCLOSURE” HEREIN.
THE DISTRICT HAS DEEMED THIS PRELIMINARY LIMITED OFFERING MEMORANDUM “FINAL,” EXCEPT FOR PERMITTED OMISSIONS WITHIN THE CONTEMPLATION OF RULE 15c2-12(b)(1) PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION.

TABLE OF CONTENTS
(continued)
INTRODUCTION	1
DESCRIPTION OF THE SERIES 2026 BONDS/NOTES	5
General Description	5
Redemption Provisions	5
Book-Entry Only System	8
SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES	10
General	10
Assessment Methodology / Level of District Assessments	13
Additional Obligations	14
Covenant Against Sale or Encumbrance	14
Reserve Accounts	14
Acquisition and Construction Accounts	16
Deposit and Application of the Assessment Area One Pledged Revenues	18
Investments	20
Covenant to Levy the Assessment Area One Special Assessments	21
Prepayment of Assessment Area One Special Assessments	21
Indenture Provisions Relating to Bankruptcy or Insolvency of Certain Landowners	21
Events of Default and Remedies	23
ENFORCEMENT OF ASSESSMENT COLLECTIONS	25
General	25
Alternative Uniform Tax Collection Procedure for Assessment Area One Special Assessments	26
Foreclosure	29
BONDOWNERS’ RISKS	31
ESTIMATED SOURCES AND USES OF FUNDS	40
DEBT SERVICE REQUIREMENTS	41
THE DISTRICT	42
General Information	42
Legal Powers and Authority	42
Board of Supervisors	42
The District Manager and Other Consultants	43
No Existing Indebtedness	44
THE ASSESSMENT AREA ONE PROJECT	45
ASSESSMENT METHODOLOGY	48
General	48
Level of District Assessments	48

TABLE OF CONTENTS
(continued)
Page
True-Up Mechanism	49
THE DEVELOPMENT	51
General	51
Appraisal	55
Land Acquisition and Development Finance Plan	56
Development Plan / Status	56
Parcel Sales within Assessment Area One	58
Zoning and Permitting	61
Environmental	61
Utilities	61
Taxes, Fees and Assessments	62
Education	63
Competition	63
THE DEVELOPER	63
TAX MATTERS	64
General	64
Risk of Future Legislative Changes and/or Court Decisions	65
Original Issue Discount and Original Issue Premium	66
AGREEMENT BY THE STATE	67
LEGALITY FOR INVESTMENT	67
SUITABILITY FOR INVESTMENT	67
ENFORCEABILITY OF REMEDIES	67
LITIGATION	68
The District	68
The Developer	68
CONTINGENT FEES	68
NO RATING	68
EXPERTS	68
FINANCIAL INFORMATION	69
DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS	69
CONTINUING DISCLOSURE	69
UNDERWRITING	70
VALIDATION	70

TABLE OF CONTENTS
(continued)
Page
LEGAL MATTERS	70
MISCELLANEOUS	71
AUTHORIZATION AND APPROVAL	71

APPENDIX A:	PROPOSED FORMS OF INDENTURES
APPENDIX B:	PROPOSED FORM OF OPINION OF BOND COUNSEL APPENDIX C:	ENGINEER’S REPORT
APPENDIX D:	ASSESSMENT METHODOLOGY
APPENDIX E:	PROPOSED FORMS OF CONTINUING DISCLOSURE AGREEMENTS APPENDIX F:	DISTRICT’S FINANCIAL STATEMENTS
APPENDIX G:	APPRAISAL REPORT

v

METROPICA COMMUNITY DEVELOPMENT DISTRICT
(Broward County, Florida)

$3,145,000*
Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project)	$13,255,000*
Bond Anticipation Notes, Series 2026 (Assessment Area One - Master Infrastructure Project)	

INTRODUCTION
The purpose of this Limited Offering Memorandum is to set forth certain information in connection with the offering for sale by the Metropica Community Development District (the “District”) of its
$3,145,000* Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project) (the “Series 2026 Bonds”) and $13,255,000* Bond Anticipation Notes, Series 2026 (Assessment Area One – Master Infrastructure Project) (the “Series 2026 Notes” and, together with the Series 2026 Bonds, the “Series 2026 Bonds/Notes”).
THE SERIES 2026 BONDS/NOTES ARE NOT A SUITABLE INVESTMENT FOR ALL INVESTORS. PURSUANT TO APPLICABLE STATE LAW, THE UNDERWRITER IS LIMITING THIS INITIAL OFFERING OF THE SERIES 2026 BONDS/NOTES TO ONLY ACCREDITED INVESTORS WITHIN THE MEANING OF CHAPTER 517, FLORIDA STATUTES, AS AMENDED, AND THE RULES OF THE FLORIDA DEPARTMENT OF FINANCIAL SERVICES. THE LIMITATION OF THE INITIAL OFFERING TO ACCREDITED INVESTORS DOES NOT DENOTE RESTRICTIONS ON TRANSFER IN ANY SECONDARY MARKET FOR THE SERIES 2026 BONDS/NOTES. POTENTIAL INVESTORS ARE SOLELY RESPONSIBLE FOR EVALUATING THE MERITS AND RISKS OF AN INVESTMENT IN THE SERIES 2026 BONDS/NOTES. SEE “BONDOWNERS’ RISKS” AND “SUITABILITY FOR INVESTMENT” HEREIN.
The District was created pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), and Ordinance No. 909-X-23-A enacted by the City Commission of the City of Sunrise, Florida, on March 28, 2023. The District was created for the purpose of financing the acquisition and construction of and managing the maintenance and operation of certain community development services and facilities for the benefit of District Lands (as defined in the herein defined Indentures), and has previously determined to undertake the acquisition and/or construction of public improvements and community facilities as set forth in the Act for the special benefit of certain District Lands. The Act authorizes the District to issue bonds for the purpose of, among others, financing, funding, planning, establishing, acquiring, constructing or reconstructing, enlarging or extending, equipping water management, water supply, sewer and wastewater management, bridges or culverts, public roads, street lights and other basic infrastructure projects within or without the boundaries of the District as provided in the Act.
The boundaries of the District include approximately 49.83+/- gross acres of land located entirely within the City of Sunrise, Florida (the “City”) within Broward County, Florida (the “County”). The District Lands are being developed into a mixed-use community to be known as “Metropica” (the “Development”). The Development is planned to contain (i) 650,000 square feet of office space, (ii) 485,000 square feet of commercial/retail space, (iii) two hotels containing an aggregate of 480 rooms, and
(iv) 2,643 residential units.
Land development associated with the Development will occur in phases. The first phase of land development consists of approximately 26.31+/- gross acres of land within the District (“Assessment Area

* Preliminary, subject to change.

One”) that is planned to contain (i) six residential buildings (one completed 263 unit condominium building known as “One Metropica” and five additional planned residential rental buildings) containing an aggregate of 1,653 residential units, (ii) 200,000+/- square feet of office space in one office building, (iii) two hotels containing an aggregate of 480 rooms, (iv) up to 120,000+/- square feet of commercial/retail space which will be located on the lower floors of several residential and commercial/retail buildings and (v) 60,000+/-square feet of commercial/retail space to be located within five to six separate free standing buildings planned entirely for commercial/retail space. The remaining phases of the Development consist of approximately 23.52+/- gross acres of land within the District planned to contain multiple buildings, containing an aggregate of approximately 990 residential units and 755,000 square feet of office/commercial/retail space.
The portion of the District’s Capital Improvement Plan that was necessary for the development of One Metropica within Assessment Area One is herein referred to as the “Assessment Area One – Phase One Project.” The Series 2026 Bonds are being issued to finance a portion of the Assessment Area One – Phase One Project.
The portion of the District’s Capital Improvement Plan that is necessary for the development of Assessment Area One (excluding One Metropica) is herein referred to as the “Assessment Area One – Master Infrastructure Project.” The Series 2026 Notes are being issued to finance a portion of the Assessment Area One – Master Infrastructure Project.
The District anticipates issuing one or more additional series of bonds, including but not limited to, the Take-Out Bonds, in the future to finance the remaining portion of the Capital Improvement Plan not financed by the proceeds of the Series 2026 Bonds/Notes. Such bonds will be secured by special assessments levied on lands which are separate and distinct from the Assessment Area One – Phase One Area. The District also anticipates issuing one or more additional series of bonds in the future to finance a parking facility. Such bonds will not be secured by special assessments levied on the lands within Assessment Area One. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026
BONDS/NOTES – Additional Obligations” herein for more information.
The Series 2026 Bonds and the Series 2026 Notes are payable from and secured solely by the Series 2026 Pledged Revenues and the Series 2026 BAN Pledged Revenues, respectively, which consist primarily of the Assessment Area One – Phase One Special Assessments and the Series 2026 BAN Assessments (each term as hereinafter defined). The Assessment Area One – Phase One Special Assessments will be at issuance levied on the 263 completed condominium units (One Metropica) and the 5,024 square feet of ground floor commercial/retail space located in One Metropica (the “Assessment Area One – Phase One Area”). The Series 2026 BAN Assessments will be levied on the remaining 25.87+/- unplatted gross acres of lands within Assessment Area One (the “Assessment Area One – Master Infrastructure Note Area”) until such time as either (a) such land is platted, (b) a declaration of condominium is recorded on such lands or
(c) parcels of such land are sold to a new landowner with specific development entitlements assigned to such parcels, as set forth in the Assessment Methodology attached hereto. See “APPENDIX D – ASSESSMENT METHODOLOGY” herein. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES” herein.
Metropica Development, LLC, a Delaware limited liability company (the “Developer”) is the master developer of the Development. Metropica Series B Venture, LLC, a Delaware limited liability company, Metropica Residential I LLC, a Delaware limited liability company, Metropica Residential II LLC, a Delaware limited liability company, and Metropica Series C Venture, LLC, a Delaware limited liability company (collectively, the “Landowners”), are the landowners of the lands within Assessment Area One (other than the 239 residential units closed with homebuyers within One Metropica, the completed condominium building). The Landowners are special purpose entities that are indirectly wholly-

owned subsidiaries of Metropica Lands, LLC, a Delaware limited liability company (“Metropica Lands”). See “THE DEVELOPER” herein for more information.
The Developer constructed and marketed the 263-unit condominium building within Assessment Area One that includes 5,024 square feet of ground floor commercial/retail space and plans to finance a portion of the costs of the installation of the infrastructure improvements associated with Assessment Area One with the proceeds of the Series 2026 Bonds/Notes. The Developer intends to market the remaining parcels in Assessment Area One to third-party developers/builders, who will construct the planned uses on each parcel. As of March 2026, approximately 239 of the 263 residential units within One Metropica, the completed condominium building within Assessment Area One, have closed with buyers. The 5,024 square foot commercial/retail space on the ground floor of the completed condominium building within Assessment Area One, which is currently vacant, of which 4,990 square feet is expected to be sold to Poag (as hereinafter defined) as part of the overall commercial/retail development by Poag within Assessment Area One. See “THE DEVELOPMENT – Parcel Sales within Assessment Area One” herein for more information.
Metropica Series C Venture, LLC and Metropica Residential I, LLC, have signed a letter of intent and are currently negotiating to enter into a purchase and sale contract with Poag (as hereinafter defined) for the sale of the commercial/retail portion of parcel A1, parcel A2, parcel B1, parcel B2, parcel A3 (planned to contain approximately 20,000 square feet), parcel A4.1 (planned to contain approximately 30,000 square feet), parcel A6.2 (planned to contain approximately 25,000 square feet), parcel A7.1 (planned to contain approximately 30,000 square feet) and other lands within Assessment Area One, planned to contain an aggregate of approximately 180,000 square feet of commercial/retail space within Assessment Area One. See “THE DEVELOPMENT – Parcel Sales within Assessment Area One” and “BONDOWNERS’ RISKS – Insufficient Resources or Other Factors Causing Failure to Complete Assessment Area One” for more information on parcel sales within Assessment Area One.
The Series 2026 Bonds/Notes are being issued by the District pursuant to the Act, Resolutions No. 2025-07 and No. 2026-  adopted by the Board of Supervisors of the District (the “Board”) on January 6, 2025 and March 25, 2026, respectively, and a Master Trust Indenture dated as of 	 1, 2026 (the “Master Indenture”), as supplemented, with respect to the Series 2026 Bonds, by a First Supplemental Trust Indenture dated as of 	 1, 2026 (the “First Supplemental Indenture” and, together with the Master Indenture, the “Series 2026 Bonds Indenture”), and with respect to the Series 2026 Notes, by a Second Supplemental Trust Indenture dated as of 	 1, 2026 (the “Second Supplemental Indenture” and, together with the Master Indenture, the “Series 2026 Notes Indenture”) (the Series 2026 Bonds Indenture and the Series 2026 Notes Indenture being collectively referred to herein as the “Indentures”), each by and between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). Capitalized terms not defined herein shall have the meanings assigned to them in the Indentures. See “APPENDIX A – PROPOSED FORMS OF INDENTURES” herein.
Proceeds of the Series 2026 Bonds will be used to provide funds (i) for the payment of the Costs of acquiring and/or constructing all or a portion of the Assessment Area One – Phase One Project; (ii) to fund the Series 2026 Reserve Account in an amount equal to the Series 2026 Reserve Requirement (as hereinafter defined); (iii) to fund capitalized interest through at least November 1, 2026; and (iv) to pay the costs of issuance of the Series 2026 Bonds. See “THE ASSESSMENT AREA ONE PROJECT” and “ESTIMATED SOURCES AND USES OF FUNDS” herein.
Proceeds of the Series 2026 Notes will be used to provide funds (i) for the payment of the Costs of acquiring and/or constructing all or a portion of the Assessment Area One – Master Infrastructure Project;
(ii) to fund the Series 2026 BAN Reserve Account in an amount equal to the Series 2026 BAN Reserve Requirement (as hereinafter defined); (iii) to fund capitalized interest through at least May 1, 2027; and (iv)

to pay the costs of issuance of the Series 2026 Notes. See “THE ASSESSMENT AREA ONE PROJECT” and “ESTIMATED SOURCES AND USES OF FUNDS” herein.
The Series 2026 Bonds will be secured by a pledge of the Series 2026 Pledged Revenues. “Series 2026 Pledged Revenues” shall mean (a) all revenues received by the District from Assessment Area One – Phase One Special Assessments levied and collected on the assessable lands within Assessment Area One – Phase One Area, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Assessment Area One – Phase One Special Assessments or from the issuance and sale of tax certificates with respect to such Assessment Area One – Phase One Special Assessments, and (b) all moneys on deposit in the Funds and Accounts established under the Series 2026 Bonds Indenture created and established with respect to or for the benefit of the Series 2026 Bonds; provided, however, that Series 2026 Pledged Revenues shall not include (A) any moneys transferred to the Series 2026 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2026 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the District under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the District under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Series 2026 Bonds Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso). See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES” herein.
The Series 2026 Notes will be secured by a pledge of the Series 2026 BAN Pledged Revenues. “Series 2026 BAN Pledged Revenues” shall mean (a) the proceeds of Bonds (the “Take-Out Bonds”) issued to pay and redeem the Outstanding Series 2026 Notes, when and if issued, (b) all revenues received by the District from Series 2026 BAN Assessments levied and collected on the assessable lands within Assessment Area One – Master Infrastructure Note Area, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Assessment Area One Special Assessments or from the issuance and sale of tax certificates with respect to such Assessment Area One Special Assessments, and (c) all moneys on deposit in the Funds and Accounts established under the Series 2026 Notes Indenture created and established with respect to or for the benefit of the Series 2026 Notes; provided, however, that Series 2026 Pledged Revenues shall not include (A) any moneys transferred to the Series 2026 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2026 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the District under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the District under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Series 2026 Notes Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso). See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES” herein. The Series 2026 Pledged Revenues and Series 2026 BAN Pledged Revenues are collectively referred to herein as the “Assessment Area One Pledged Revenues.”
There follows in this Limited Offering Memorandum a brief description of the District, the Assessment Area One Project, the Development, the Developer, the Landowners, a description of the terms of the Series 2026 Bonds/Notes and summaries of certain terms of the Indentures and certain provisions of the Act and other sections of Florida Statutes. All references herein to the Indentures and the Act are qualified in their entirety by reference to such documents and statute, and all references to the Series 2026 Bonds/Notes are qualified by reference to the definitive form thereof and the information with respect thereto contained in the Indenture. The proposed forms of the Master Indenture, the First Supplemental Indenture and the Second Supplemental Indenture appear in APPENDIX A hereto.
This Limited Offering Memorandum speaks only as of its date and the information contained herein is subject to change.

DESCRIPTION OF THE SERIES 2026 BONDS/NOTES
General Description
The Series 2026 Bonds/Notes are issuable only as fully registered bonds, without coupons, in the denominations of $5,000 and any integral multiple thereof. The Series 2026 Bonds/Notes will mature, subject to the redemption provisions set forth herein, on the dates and in the amounts set forth on the inside cover page hereof.
The Series 2026 Bonds/Notes shall be dated as of the date of initial delivery. Interest on the Series 2026 Bonds/Notes shall be payable on each Interest Payment Date to maturity or prior redemption. “Interest Payment Date” means May 1 and November 1 of each year, commencing November 1, 2026, and with respect to the Series 2026 Bonds, any other date the principal of the Series 2026 Bonds is paid. Interest on the Series 2026 Bonds/Notes will be computed in all cases on the basis of a 360-day year of twelve 30-day months. “Quarterly Redemption Date” means February 1, May 1, August 1, and November 1of any year.
Upon initial issuance, the ownership of the Series 2026 Bonds/Notes will be registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”), and purchases of beneficial interests in the Series 2026 Bonds/Notes will be made in book-entry only form. The Series 2026 Bonds/Notes will initially be sold only to “accredited investors” within the meaning under Chapter 517, Florida Statutes, as amended, and the rules of the Florida Department of Financial Services promulgated thereunder, although there is no limitation on resales of the Series 2026 Bonds/Notes. See “DESCRIPTION OF THE SERIES 2026 BONDS/NOTES – Book-Entry Only System” and “SUITABILITY FOR INVESTMENT” below.
U.S. Bank Trust Company, National Association is initially serving as the Trustee, Registrar and Paying Agent for the Series 2026 Bonds/Notes.
Redemption Provisions
Optional Redemption.
Series 2026 Bonds. The Series 2026 Bonds may, at the option of the District, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after May 1, 20  (less than all Series 2026 Bonds of a maturity to be selected randomly), at a Redemption Price equal to the principal amount of Series 2026 Bonds to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2026 Optional Redemption Subaccount of the Series 2026 Bond Redemption Account. If such optional redemption shall be in part, the District shall select such principal amount of Series 2026 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Bonds is substantially level.
Series 2026 Notes. The Series 2026 Notes may, at the option of the Issuer, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after May 1, 20  (less than all Series 2026 Notes of a maturity to be selected randomly), at a Redemption Price equal to the principal amount of Series 2026 Notes to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2026 BAN Optional Redemption Subaccount of the Series 2026 BAN Redemption Account. If such optional redemption shall be in part, the Issuer shall select such principal

amount of Series 2026 Notes to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Notes is substantially level.
Mandatory Sinking Fund Redemption.
The Series 2026 Bonds. The Series 2026 Bonds maturing on May 1, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity
The Series 2026 Bonds maturing on May 1, 20   are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity
The Series 2026 Bonds maturing on May 1, 20   are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity

Upon any redemption or purchase of Series 2026 Bonds other than in accordance with scheduled mandatory sinking fund redemptions, the District shall cause to be recalculated and delivered to the Trustee revised mandatory sinking fund redemption amounts recalculated so as to amortize the Outstanding principal amount of Series 2026 Bonds in substantially equal annual installments of principal and interest (subject to rounding up to Authorized Denominations of principal) over the remaining term of the Series 2026 Bonds. The mandatory sinking fund redemption amounts as so recalculated shall not result in an increase in the aggregate of the mandatory sinking fund redemption amounts for all Series 2026 Bonds in any year. In the event of a redemption or purchase occurring less than 45 days prior to a date on which a mandatory sinking fund redemption payment is due, the foregoing recalculation shall not be made to the mandatory sinking fund redemption amounts due in the year in which such redemption or purchase occurs, but shall be made to the mandatory sinking fund redemption amounts for the immediately succeeding and subsequent years.
Series 2026 Notes. The Series 2026 Notes are not subject to mandatory redemption. Extraordinary Mandatory Redemption in Whole or in Part.
The Series 2026 Bonds. The Series 2026 Bonds are subject to extraordinary mandatory redemption prior to maturity by the District in whole or in part, on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at a Redemption Price equal to 100% of the principal amount of the Series 2026 Bonds to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2026 Prepayment Principal (including any credit from resulting excess in the Series 2026 Reserve Account as provided herein) deposited into the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account following the payment in whole or in part of Assessment Area One – Phase One Special Assessments on any assessable property within Assessment Area One in accordance with the provisions of the First Supplemental Indenture.
from moneys, if any, on deposit in the Series 2026 Funds, Accounts and subaccounts in the Funds and Accounts (other than the Series 2026 Rebate Fund and the Series 2026 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2026 Bonds and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Series 2026 Bonds Indenture.
Upon the Completion Date, from any funds remaining on deposit in the Series 2026 Acquisition and Construction Account not otherwise reserved to complete the Assessment Area One Project and which have been transferred to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account.
The Series 2026 Notes. The Series 2026 Notes are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole or in part, on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at a Redemption Price equal to 100% of the principal amount of the Series 2026 Notes to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2026 Prepayment Principal (including any credit from resulting excess in the Series 2026 BAN Reserve Account as provided herein) deposited into the Series 2026 BAN Prepayment Subaccount of the Series 2026 BAN Redemption Account following the payment in whole or in part of Series 2026 BAN Assessments on any assessable property Assessment Area

One – Master Infrastructure Note Area in accordance with the provisions of the Second Supplemental Indenture.
from moneys, if any, on deposit in the Series 2026 BAN Funds, Accounts and Subaccounts in the Funds and Accounts (other than the Series 2026 Rebate Fund and the Series 2026 BAN Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2026 Notes and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Series 2026 Notes Indenture.
upon the Completion Date, from any funds remaining on deposit in the Series 2026 BAN Acquisition and Construction Account not otherwise reserved to complete the Assessment Area One – Master Infrastructure Project and which have been transferred to the Series 2026 BAN General Redemption Subaccount of the Series 2026 BAN Redemption Account.
Notice of Redemption and of Purchase. When required to redeem or purchase Series 2026 Bonds/Notes under any provision of the applicable Indentures or directed in writing to do so by the District, the Trustee shall give or cause notice of the redemption, either in whole or in part, to be given by Electronic Means or mailed by first class mail, postage prepaid, at least thirty (30) but not more than sixty (60) days prior to the redemption or purchase date to all Owners of Series 2026 Bonds/Notes to be redeemed or purchased (as such Owners appear on the Bond Register on the fifth (5th) day prior to such mailing), at their registered addresses, but failure to give any such notice or defect in the notice or in the giving notice thereof shall not affect the validity of the redemption or purchase of the Series 2026 Bonds/Notes for which notice was duly given in accordance with the applicable Indentures.
If at the time of mailing of notice of redemption or purchase, the District shall not have deposited with the Trustee or Paying Agent moneys sufficient to redeem or purchase all the Series 2026 Bonds/Notes called for redemption or purchase, such notice shall state that it is subject to the deposit of the redemption or purchase moneys with the Trustee or Paying Agent, as the case may be, not later than the opening of business on the redemption or purchase date, and such notice shall be of no effect unless such moneys are so deposited.
Book-Entry Only System
The information in this caption concerning DTC and DTC’s book-entry system has been obtained from DTC and neither the District nor the Underwriter make any representation or warranty or take any responsibility for the accuracy or completeness of such information.
The Depository Trust Company (“DTC”) will act as securities depository for the Series 2026 Bonds/Notes. The Series 2026 Bonds/Notes will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Series 2026 Bond/Note certificate will be issued for each maturity of the Series 2026 Bonds/Notes, each in the aggregate principal amount of such maturity, and will be deposited with DTC.
DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also

facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com.
Purchases of Series 2026 Bonds/Notes under the DTC system must be made by or through Direct Participants, which will receive a credit for the Series 2026 Bonds/Notes on DTC’s records. The ownership interest of each actual purchaser of each Series 2026 Bond/Note (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Series 2026 Bonds/Notes are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the Series 2026 Bonds/Notes, except in the event that use of the book-entry system for the Series 2026 Bonds/Notes is discontinued.
To facilitate subsequent transfers, all Series 2026 Bonds/Notes deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of the Series 2026 Bonds/Notes with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Series 2026 Bonds/Notes; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Series 2026 Bonds/Notes are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Series 2026 Bonds/Notes may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Series 2026 Bonds/Notes, such as redemptions, tenders, defaults, and proposed amendments to the Series 2026 Bond/Note documents. For example, Beneficial Owners of Series 2026 Bonds/Notes may wish to ascertain that the nominee holding the Series 2026 Bonds/Notes for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.
Redemption notices shall be sent to DTC. If less than all of the Series 2026 Bonds/Notes are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such Series 2026 Bonds/Notes to be redeemed.

Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the Series 2026 Bonds/Notes unless authorized by a Direct Participant in accordance with DTC’s MMI procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the District as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts the Series 2026 Bonds/Notes are credited on the record date (identified in a listing attached to the Omnibus Proxy).
Redemption proceeds, distributions, and interest payments on the Series 2026 Bonds/Notes will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the District or the Paying Agent on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC nor its nominee, the Trustee, or the District, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and interest payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the District and/or the Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.
DTC may discontinue providing its services as depository with respect to the Series 2026 Bonds/Notes at any time by giving reasonable notice to the District and the Trustee. Under such circumstances, in the event that a successor depository is not obtained, Series 2026 Bond/Note certificates are required to be printed and delivered.
The District may decide to discontinue use of the system of book-entry only transfers through DTC (or a successor securities depository). In that event, Series 2026 Bond/Note certificates will be printed and delivered to DTC.
SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES
General
THE SERIES 2026 BONDS/NOTES ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY OUT OF THE ASSESSMENT AREA ONE PLEDGED REVENUES PLEDGED THEREFOR UNDER THE RESPECTIVE INDENTURES AND NEITHER THE PROPERTY, THE FULL FAITH AND CREDIT, NOR THE TAXING POWER OF THE DISTRICT, THE CITY, THE COUNTY, THE STATE OF FLORIDA (THE “STATE”), OR ANY OTHER POLITICAL SUBDIVISION THEREOF, IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE SERIES 2026 BONDS/NOTES, EXCEPT THAT THE DISTRICT IS OBLIGATED UNDER THE RESPECTIVE INDENTURES TO USE ITS BEST EFFORTS TO PURSUE AND ACCOMPLISH THE ISSUANCE, SALE AND DELIVERY OF THE TAKE-OUT BONDS AND TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, ASSESSMENT AREA ONE SPECIAL ASSESSMENTS TO SECURE AND PAY THE SERIES 2026 BONDS/NOTES. THE SERIES 2026 BONDS/NOTES DO NOT CONSTITUTE AN INDEBTEDNESS OF THE DISTRICT, THE CITY, THE COUNTY, THE STATE, OR ANY OTHER POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION.
The Series 2026 Bonds. The Series 2026 Bonds will be secured by a pledge of the Series 2026 Pledged Revenues. “Series 2026 Pledged Revenues” shall mean (a) all revenues received by the District

from Assessment Area One – Phase One Special Assessments levied and collected on the assessable lands within Assessment Area One – Phase One Area, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Assessment Area One – Phase One Special Assessments or from the issuance and sale of tax certificates with respect to such Assessment Area One – Phase One Special Assessments, and (b) all moneys on deposit in the Funds and Accounts established under the Series 2026 Bonds Indenture created and established with respect to or for the benefit of the Series 2026 Bonds; provided, however, that Series 2026 Pledged Revenues shall not include (A) any moneys transferred to the Series 2026 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2026 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the District under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the District under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Series 2026 Bonds Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso). See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES” herein.
The “Assessment Area One – Phase One Special Assessments” shall mean the Special Assessments levied on the assessable lands within Assessment Area One – Phase One Area as a result of the District’s acquisition and/or construction of the Assessment Area One – Phase One Project. The Assessment Area One – Phase One Special Assessments correspond in amount to the debt service on the Series 2026 Bonds and are designated as such in the Assessment Methodology. The Assessment Methodology, which describes the methodology for allocating the Assessment Area One – Phase One Special Assessments to the assessable lands within Assessment Area One – Phase One Area is included as APPENDIX D hereto.
The Series 2026 Notes. The Series 2026 Notes will be secured by a pledge of the Series 2026 BAN Pledged Revenues. “Series 2026 BAN Pledged Revenues” shall mean (a) the proceeds of Bonds (the “Take-Out Bonds”) issued to pay and redeem the Outstanding Series 2026 Notes, when and if issued, (b) all revenues received by the District from Series 2026 BAN Assessments levied and collected on the assessable lands within Assessment Area One – Master Infrastructure Note Area, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Assessment Area One Special Assessments or from the issuance and sale of tax certificates with respect to such Assessment Area One Special Assessments, and (c) all moneys on deposit in the Funds and Accounts established under the Series 2026 Notes Indenture created and established with respect to or for the benefit of the Series 2026 Notes; provided, however, that Series 2026 Pledged Revenues shall not include (A) any moneys transferred to the Series 2026 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2026 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the District under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the District under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Series 2026 Notes Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso). See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES” herein. The
Series 2026 Pledged Revenues and Series 2026 BAN Pledged Revenues are collectively referred to herein as the “Assessment Area One Pledged Revenues.”
The “Series 2026 BAN Assessments” shall mean the Special Assessments levied on the assessable lands within Assessment Area One – Master Infrastructure Note Area as a result of the Issuer’s acquisition and/or construction of the Assessment Area One – Master Infrastructure Project. The Series 2026 BAN Assessments correspond in amount to the debt service on the Series 2026 Notes and are designated as such in the Assessment Methodology. The Assessment Methodology, which describes the methodology for allocating the Series 2026 BAN Assessments to the assessable lands within Assessment Area One – Master Infrastructure Note Area is included as APPENDIX D hereto. The Assessment Area One – Phase One

Special Assessments and the Series 2026 BAN Assessments are collectively referred to herein as the “Assessment Area One Special Assessments.”
The District has covenanted and agreed with the Owners, from time to time, of the Series 2026 Notes, that it will use its best efforts to accomplish the issuance, sale and delivery of Take-Out Bonds in such amount and at such time as necessary to pay the principal of and interest on the Series 2026 Notes on or before the maturity date thereof and will do all things within its power to effect such issuance, sale and delivery. In addition, the District has covenanted and agreed with the Owners, from time to time, of the Seeris 2026 Notes that if Take-Out Bonds have not been issued on or prior to the maturity date of the Series 2026 Bonds, the District will endeavor, in good faith, to issue another series of Bond Anticipation Notes to pay, to the extent necessary, the principal of the Series 2026 Notes and interest thereon as the same comes due. In addition, the District has covenanted and agreed with the Owners, from time to time, of the Series 2026 Notes, that it will enforce the Series 2026 BAN Assessments on the Assessment Area One – Master Infrastructure Note Area specially benefitted by the Assessment Area One – Master Infrastructure Project, which have been imposed, levied and shall be collected at times, and in amounts, necessary in order to pay the principal of and interest on the Series 2026 Notes, when due, and in the event that proceeds of Take-Out Bonds or another series of Bond Anticipation Notes are not available for such purpose. Anything in the Series 2026 Notes Indenture to the contrary notwithstanding, the District shall collect all Series 2026 BAN Assessments necessary for the payment, when due, of the Series 2026 Notes directly, including any Delinquent Assessments; provided, however, the District may determine to collect any Delinquent Assessments using the Uniform Method of Collection if and when directed to do so by the Trustee acting at the direction of the Majority Owners.
The Assessment Area One Special Assessments were levied pursuant to Section 190.022 of the Act, and the Assessment Resolutions (as defined in the Indentures) and assessment proceedings conducted by the District (together with the Assessment Resolutions, the “Assessment Proceedings”). Non-ad valorem assessments are not based on millage and are not taxes, but are a lien against the lands receiving special benefit, including, but not limited to, homestead property, as permitted in Section 4, Article X of the Florida State Constitution. The Assessment Area One Special Assessments will constitute a lien against the land as to which the Assessment Area One Special Assessments are imposed. See “ENFORCEMENT OF ASSESSMENT COLLECTIONS” herein.

Assessment Methodology / Level of District Assessments
Series 2026 Bonds. As set forth in the Assessment Methodology, the Assessment Area One – Phase One Special Assessments will be at issuance levied on the Assessment Area One – Phase One Area, which consists of (i) 263 completed condominium units and (ii) the 5,024 square feet of ground floor commercial/retail space located in the completed condominium building within Assessment Area One on a per unit basis as set forth below. See “APPENDIX D – ASSESSMENT METHODOLOGY” herein.

Product Type		No. of
Units/Rooms/Sq.Ft.		Annual Assessment Area One – Phase
One Special Assessments Per Unit(1)/(2)		Series 2026 Bonds Par
Debt Per Unit(1)	
Residential Units		263		$[905.00]		$12,944.34	
Commercial/Retail		5,000		[2.81]		40.13	

(1) Preliminary, subject to change.
(2) This amount is grossed up to include early payment discounts and County collection fees, currently 6%.

Series 2026 Notes. As set forth in the Assessment Methodology, the Series 2026 BAN Assessments will be at issuance levied on the Assessment Area One – Master Infrastructure Note Area, which consists of the remaining 25.87+/- unplatted gross acres of lands within Assessment Area One until such time as either (a) such land is platted, (b) a declaration of condominium is recorded on such lands or (c) parcels of such land are sold to a new landowner with specific development entitlements assigned to such parcels. Upon platting, recording of a declaration of condominium, or transfer of parcel and based on the planned uses for the parcels within Assessment Area One, the following table shows the Series 2026 BAN Assessments per unit levied on the lands within Assessment Area One – Master Infrastructure Note Area. See “APPENDIX D – ASSESSMENT METHODOLOGY” herein.

Product Type		No. of
Units/Rooms/Sq.Ft.		Annual Series 2026 BAN
Assessments Per Unit(1)/(2)		Series 2026 Notes Par
Debt Per Unit(1)	
Residential Units		1,390		$[905.00]		$4,736.47	
Hotels		480		[633.50]		3,315.53	
Office		200,000		[2.40]		12.55	
Commercial/Retail		175,000		[2.81]		14.68	

(1) Preliminary, subject to change.
(2) This amount is grossed up to include early payment discounts and County collection fees, currently 6%.

The District anticipates levying assessments to cover its operation and maintenance costs that will be approximately $0.50 per square foot annually; which amount is subject to change. In addition, residents within the completed condominium building currently pay homeowners/condominium association fees which are approximately $1,500 per residential unit monthly, which amount is subject to change. The land within Assessment Area One has been and is expected to continue to be subject to taxes and assessments imposed by taxing authorities other than the District. The total millage rate in the District for 2025 was approximately 20.4527 mills, which millage rate is subject to change. These taxes would be payable in addition to the Assessment Area One Special Assessments and any other assessments levied by the District. In addition, exclusive of voter approved millages levied for general obligation bonds, as to which no limit applies, the County and the School District of Broward County, Florida each levy ad valorem taxes upon the land in the District. The District has no control over the level of ad valorem taxes and/or special assessments levied by other taxing authorities. It is possible that in future years taxes levied by these other entities could be substantially higher than in the current year. See “THE DEVELOPMENT – Taxes, Fees and Assessments” for more information.

Additional Obligations
Series 2026 Bonds. Pursuant to the First Supplemental Indenture, the District will covenant not to issue any other Bonds or other debt obligations secured by the Assessment Area One – Phase One Special Assessments. Such covenant shall not prohibit the District from issuing refunding bonds. In addition, the District will covenant not to issue any other Bonds or debt obligations secured by Special Assessments on assessable lands within the Assessment Area One – Phase One Area that are subject to the Assessment Area One – Phase One Special Assessments; provided, however, the District may impose Special Assessments securing other Bonds or debt obligations for capital projects on lands subject to the Assessment Area One – Phase One Assessments without the written consent of the Majority Holders to finance any capital projects if the initial par debt per unit of such proposed Bonds or other obligations does not exceed $15,000 per unit. Notwithstanding the foregoing, the District shall not be precluded from the imposition of Special Assessments or other non-ad valorem assessments on such lands in connection with other capital projects that are necessary for health, safety or welfare reasons or to remediate a natural disaster.
Notwithstanding any provision in the Indenture to the contrary, the District may issue other Bonds or debt obligations secured by Special Assessments, other than the Assessment Area One – Phase One Special Assessments, at any time upon the written consent of the Majority Holders.
Series 2026 Notes. Pursuant to the Second Supplemental Indenture, the District covenants and agrees that so long as there are any Series 2026 Notes Outstanding, it shall not cause or permit to be caused any lien, charge or claim against the Series 2026 BAN Pledged Revenues other than the lien in favor of the Series 2026 Notes or Bonds issued to redeem the Series 2026 Notes or any remaining portion thereof. The District further covenants and agrees that so long as there are any Series 2026 Notes Outstanding, it shall not issue any Bond Anticipation Notes or Bonds secured by Assessments on property secured by the Series 2026 BAN Assessments unless the proceeds of such Bond Anticipation Notes or Bonds discharge in full the principal amount of the Series 2026 Notes.
The District and/or other public entities may impose taxes or other special assessments on the same properties encumbered by the Assessment Area One Special Assessments without the consent of the Owners of the Series 2026 Bonds/Notes. The District expects to impose certain non-ad valorem special assessments called maintenance assessments, which are of equal dignity with the Assessment Area One Special Assessments, on the same lands upon which the Assessment Area One Special Assessments are imposed, to fund the maintenance and operation of the District. See “THE DEVELOPMENT – Taxes, Fees and Assessments” and “BONDOWNERS’ RISKS” herein for more information.
Covenant Against Sale or Encumbrance
In the Master Indenture, the District will covenant that (a) except for those improvements comprising the Assessment Area One Project that are to be conveyed by the District to the City, the County, the State Department of Transportation or another governmental entity, and (b) except as otherwise permitted in the Indentures, it will not sell, lease or otherwise dispose of or encumber the Assessment Area One Project or any part thereof. See “APPENDIX A – PROPOSED FORMS OF INDENTURES” herein for more information.
Reserve Accounts
Series 2026 Bonds. The Series 2026 Bonds Indenture establishes a Series 2026 Reserve Account within the Debt Service Reserve Fund for the Series 2026 Bonds. The Series 2026 Reserve Account will, at the time of delivery of the Series 2026 Bonds, be funded from a portion of the proceeds of the Series 2026 Bonds in an amount equal to the Series 2026 Reserve Requirement.  “Series 2026 Reserve

Requirement” or “Reserve Requirement” shall mean an amount equal to twenty-five percent (25%) of the maximum annual debt service with respect to the initial principal amount of the Series 2026 Bonds determined on the date of issuance. Any amount in the Series 2026 Reserve Account may, upon final maturity or redemption of all Outstanding Series 2026 Bonds be used to pay principal of and interest on the Series 2026 Bonds at that time.  The initial Series 2026 Reserve Requirement shall be equal to
$	.
On each March 15 and September 15 (or, if such date is not a Business Day, on the Business Day next preceding such day), the Trustee shall determine the amount on deposit in the Series 2026 Reserve Account and transfer any excess therein above the Reserve Requirement for the Series 2026 Bonds caused by investment earnings to the Series 2026 Revenue Account.
Notwithstanding any of the foregoing, amounts on deposit in the Series 2026 Reserve Account shall be transferred by the Trustee, in the amounts directed in writing by the Majority Holders of the Series 2026 Bonds to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account, if as a result of the application of Article X of the Master Indenture, the proceeds received from lands sold subject to the Assessment Area One Special Assessments and applied to redeem a portion of the Series 2026 Bonds is less than the principal amount of Series 2026 Bonds indebtedness attributable to such lands.
Subject to the provisions of the First Supplemental Indenture, on any date the District or the District Manager, on behalf of the District, receives notice that a landowner wishes to prepay its Assessment Area One Special Assessments relating to the benefited property of such landowner within the District, or as a result of a mandatory true-up payment, the District shall, or cause the District Manager, on behalf of the District to, calculate the principal amount of such Prepayment taking into account a credit against the amount of the Series 2026 Prepayment Principal due by the amount of money in the Series 2026 Reserve Account that will be in excess of the Reserve Requirement, taking into account the proposed Prepayment. Such excess in the Series 2026 Reserve Account shall be transferred by the Trustee to the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account, as a result of such Prepayment. The District Manager, on behalf of the District, shall make such calculation within ten (10) Business Days after receiving notice of such Prepayment and shall instruct the Trustee in writing to transfer such amount of credit given to the landowner from the Series 2026 Reserve Account to the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account to be used for the extraordinary mandatory redemption of the Series 2026 Bonds in accordance with the provisions of the First Supplemental Indenture. The Trustee is authorized to make such transfers and has no duty to verify such calculations.
In addition, in the event of an extraordinary mandatory redemption pursuant to the First Supplemental Indenture, the District Manager, on behalf of the District, shall calculate the Reserve Requirement and communicate the same to the Trustee in writing and the Trustee shall apply any excess in the Series 2026 Reserve Account toward such extraordinary mandatory redemption.
Series 2026 Notes. The Series 2026 Notes Indenture establishes a Series 2026 BAN Reserve Account within the Debt Service Reserve Fund for the Series 2026 Notes. The Series 2026 BAN Reserve Account will, at the time of delivery of the Series 2026 Notes, be funded from a portion of the proceeds of the Series 2026 Notes in an amount equal to the Series 2026 BAN Reserve Requirement. Series 2026 BAN Reserve Requirement” or “BAN Reserve Requirement” shall mean an amount equal to the maximum annual debt service with respect to the initial principal amount of the Series 2026 Notes determined on the date of issuance. Any amount in the Series 2026 BAN Reserve Account may, upon final maturity or redemption of all Outstanding Series 2026 Notes be used to pay principal of and interest on the Series 2026 Notes at that time. The initial Series 2026 BAN Reserve Requirement shall be equal to $	.

On each March 15 and September 15 (or, if such date is not a Business Day, on the Business Day next preceding such day), the Trustee shall determine the amount on deposit in the Series 2026 BAN Reserve Account and transfer any excess therein above the Reserve Requirement for the Series 2026 Notes caused by investment earnings to the Series 2026 BAN Revenue Account.
Notwithstanding any of the foregoing, amounts on deposit in the Series 2026 BAN Reserve Account shall be transferred by the Trustee, in the amounts directed in writing by the Majority Holders of the Series 2026 Notes to the Series 2026 BAN General Redemption Subaccount of the Series 2026 BAN Redemption Account, if as a result of the application of Article X of the Master Indenture, the proceeds received from lands sold subject to the Series 2026 BAN Assessments and applied to redeem a portion of the Series 2026 Notes is less than the principal amount of Series 2026 Notes indebtedness attributable to such lands.
Subject to the provisions of the Second Supplemental Indenture, on any date the District or the District Manager, on behalf of the District, receives notice that a landowner wishes to prepay its Series 2026 BAN Assessments relating to the benefited property of such landowner within Assessment Area One – Master Infrastructure Note Area, or as a result of a mandatory true-up payment, the District shall, or cause the District Manager, on behalf of the District to, calculate the principal amount of such Prepayment taking into account a credit against the amount of the Series 2026 BAN Prepayment Principal due by the amount of money in the Series 2026 BAN Reserve Account that will be in excess of the BAN Reserve Requirement, taking into account the proposed Prepayment. Such excess in the Series 2026 BAN Reserve Account shall be transferred by the Trustee to the Series 2026 BAN Prepayment Subaccount of the Series 2026 BAN Redemption Account, as a result of such Prepayment. The District Manager, on behalf of the District, shall make such calculation within ten (10) Business Days after receiving notice of such Prepayment and shall instruct the Trustee in writing to transfer such amount of credit given to the landowner from the Series 2026 BAN Reserve Account to the Series 2026 BAN Prepayment Subaccount of the Series 2026 BAN Redemption Account to be used for the extraordinary mandatory redemption of the Series 2026 Notes in accordance with Section 3.01(b)(i) hereof. The Trustee is authorized to make such transfers and has no duty to verify such calculations.
In addition, in the event of an extraordinary mandatory redemption pursuant to the Second Supplemental Indenture, the District Manager, on behalf of the District, shall calculate the BAN Reserve Requirement and communicate the same to the Trustee in writing, and the Trustee shall apply any excess in the Series 2026 BAN Reserve Account toward such extraordinary mandatory redemption.
It shall be an Event of Default under the Indentures if at any time the amount in the applicable Reserve Account is less than the applicable Reserve Requirement as a result of the Trustee withdrawing an amount therefrom to satisfy the Debt Service Requirement on the Series 2026 Bonds/Notes and such amount has not been restored within thirty (30) days of such withdrawal.
Acquisition and Construction Accounts
Series 2026 Bonds. Pursuant to the Series 2026 Bonds Indenture, the Trustee shall establish a separate account within the Acquisition and Construction Fund designated as the “Series 2026 Acquisition and Construction Account.” Proceeds of the Series 2026 Bonds shall be deposited into the Series 2026 Acquisition and Construction Account in the amount set forth in the Series 2026 Bonds Indenture, together with any moneys transferred or deposited thereto, and such moneys shall be applied as set forth in the Series 2026 Bonds Indenture, the Acquisition Agreement and the Engineer’s Report. Funds on deposit in the Series 2026 Acquisition and Construction Account shall only be requested by the District to be applied to the Costs of the Assessment Area One – Phase One Project, subject to the provisions in the First Supplemental Indenture.

Subject to the provisions of the First Supplemental Indenture, any moneys remaining in the Series 2026 Acquisition and Construction Account after the Completion Date, and after the expenditure of all moneys remaining therein that have not been requisitioned, notice of the same given to the Trustee by the District Manager, except for any moneys reserved therein for the payment of any costs of the Assessment Area One – Phase One Project owed but not yet requisitioned, as evidenced in a certificate from the District Engineer to the Trustee, upon which the Trustee may conclusively rely, and the adoption of a resolution by the District accepting the Assessment Area One – Phase One Project, as evidenced by a certificate from the District Manager delivered to the Trustee, upon which the Trustee may conclusively rely, shall be transferred by the Trustee to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account. Subject to the provisions of the First Supplemental Indenture, the Series 2026 Acquisition and Construction Account shall be closed upon the expenditure or transfer of all funds therein. Upon presentment by the District Manager or the District to the Trustee of a properly signed requisition in substantially the form attached Exhibit C of the First Supplemental Indenture, the Trustee shall withdraw moneys from the Series 2026 Acquisition and Construction Account and pay such moneys to the Person such requisition so directs. Pursuant to the Series 2026 Bonds Indenture, the Trustee shall establish a separate Account within the Acquisition and Construction Fund designated as the “Series 2026 Costs of Issuance Account.” Net proceeds of the Series 2026 Bonds shall be deposited into the Series 2026 Costs of Issuance Account in the amount set forth in the First Supplemental Indenture. Upon presentment by the District Manager or the District to the Trustee of a properly signed requisition in substantially the form attached as Exhibit C of the First Supplemental Indenture, the Trustee shall withdraw moneys from the Series 2026 Costs of Issuance Account to pay the costs of issuing the Series 2026 Bonds. Six months after the issuance of the Series 2026 Bonds, any moneys remaining in the Series 2026 Costs of Issuance Account in excess of the amount requested to be disbursed by the District shall be deposited into the Series 2026 Interest Account. Any deficiency in the amount allocated to pay the cost of issuing the Series 2026 Bonds shall be paid from excess Series 2026 Pledged Revenues on deposit in the Series 2026 Revenue Account pursuant to paragraph SEVENTH below. When there are no further moneys therein, the Series 2026 Costs of Issuance Account shall be closed.
Series 2026 Notes. Pursuant to the Series 2026 Notes Indenture, the Trustee shall establish a separate account within the Acquisition and Construction Fund designated as the “Series 2026 BAN Acquisition and Construction Account.” Proceeds of the Series 2026 Notes shall be deposited into the Series 2026 BAN Acquisition and Construction Account in the amount set forth in the Series 2026 Notes Indenture, together with any moneys transferred or deposited thereto, and such moneys shall be applied as set forth in the Series 2026 Notes Indenture, the Acquisition Agreement and the Engineer’s Report. Funds on deposit in the Series 2026 BAN Acquisition and Construction Account shall only be requested by the District to be applied to the Costs of the Assessment Area One – Master Infrastructure Project, subject to the provisions in the Second Supplemental Indenture.
Subject to the provisions of the Second Supplemental Indenture, any moneys remaining in the Series 2026 BAN Acquisition and Construction Account after the Completion Date, and after the expenditure of all moneys remaining therein that have not been requisitioned, notice of the same given to the Trustee by the District Manager, except for any moneys reserved therein for the payment of any costs of the Assessment Area One – Master Infrastructure Project owed but not yet requisitioned, as evidenced in a certificate from the District Engineer to the Trustee, upon which the Trustee may conclusively rely, and the adoption of a resolution by the District accepting the Assessment Area One – Master Infrastructure Project, as evidenced by a certificate from the District Manager delivered to the Trustee, upon which the Trustee may conclusively rely, shall be transferred by the Trustee to the Series 2026 BAN General Redemption Subaccount of the Series 2026 BAN Bond Redemption Account. Subject to the provisions of the Second Supplemental Indenture, the Series 2026 BAN Acquisition and Construction Account shall be closed upon the expenditure or transfer of all funds therein. Upon presentment by the District Manager or the District to the Trustee of a properly signed requisition in substantially the form attached as Exhibit C of

the Second Supplemental Indenture, the Trustee shall withdraw moneys from the Series 2026 BAN Acquisition and Construction Account and pay such moneys to the Person such requisition so directs. Pursuant to the Series 2026 Notes Indenture, the Trustee shall establish a separate Account within the Acquisition and Construction Fund designated as the “Series 2026 BAN Costs of Issuance Account.” Net proceeds of the Series 2026 Notes shall be deposited into the Series 2026 BAN Costs of Issuance Account in the amount set forth in the Second Supplemental Indenture. Upon presentment by the District Manager or the District to the Trustee of a properly signed requisition in substantially the form attached as Exhibit C of the Second Supplemental Indenture, the Trustee shall withdraw moneys from the Series 2026 BAN Costs of Issuance Account to pay the costs of issuing the Series 2026 Notes. Six months after the issuance of the Series 2026 Notes, any moneys remaining in the Series 2026 BAN Costs of Issuance Account in excess of the amount requested to be disbursed by the District shall be deposited into the Series 2026 BAN Interest Account. Any deficiency in the amount allocated to pay the cost of issuing the Series 2026 Notes shall be paid from excess Series 2026 BAN Pledged Revenues on deposit in the Series 2026 BAN Revenue Account pursuant to paragraph FIFTH below. When there are no further moneys therein, the Series 2026 BAN Costs of Issuance Account shall be closed.
See “ESTIMATED SOURCES AND USES OF FUNDS” herein for the amounts to be deposited within each subaccount within the Series 2026 Acquisition and Construction Account and the Series 2026 BAN Acquisition and Construction Account. See “Appendix A – PROPOSED FORMS OF INDENTURES” herein for more information.
Deposit and Application of the Assessment Area One Pledged Revenues
Series 2026 Bonds. Pursuant to the Series 2026 Bonds Indenture, the Trustee shall transfer from amounts on deposit in the Series 2026 Revenue Account to the Funds and Accounts designated below, the following amounts, at the following times and in the following order of priority:
FIRST, upon receipt but no later than the Business Day next preceding each November 1 commencing November 1, 2026, to the Series 2026 Interest Account of the Debt Service Fund, an amount from the Series 2026 Revenue Account equal to the interest on the Series 2026 Bonds becoming due on the next succeeding November 1, less any amount on deposit in the Series 2026 Capitalized Interest Account, then less any amount on deposit in the Series 2026 Interest Account not previously credited;
SECOND, upon receipt but no later than the Business Day next preceding each May 1 commencing May 1, 2027, to the Series 2026 Interest Account of the Debt Service Fund, an amount from the Series 2026 Revenue Account equal to the interest on the Series 2026 Bonds becoming due on the next succeeding May 1, less any amount on deposit in the Series 2026 Capitalized Interest Account, then less any amount on deposit in the Series 2026 Interest Account not previously credited;
THIRD, no later than the Business Day next preceding each May 1, commencing May 1, 20 , to the Series 2026 Sinking Fund Account of the Debt Service Fund, an amount from the Series 2026 Revenue Account equal to the principal amount of Series 2026 Bonds subject to sinking fund redemption on such May 1, less any amount on deposit in the Series 2026 Sinking Fund Account not previously credited;
FOURTH, no later than the Business Day next preceding the May 1, which is the principal payment date for any Series 2026 Bonds, to the Series 2026 Principal Account of the Debt Service Fund, an amount from the Series 2026 Revenue Account equal to the principal amount of Series

2026 Bonds Outstanding maturing on such May 1, less any amounts on deposit in the Series 2026 Principal Account not previously credited;
FIFTH, upon receipt but no later than the Business Day next preceding each Interest Payment Date while Series 2026 Bonds remain Outstanding, to the Series 2026 Reserve Account, an amount from the Series 2026 Revenue Account equal to the amount, if any, which is necessary to make the amount on deposit therein equal to the Reserve Requirement for the Series 2026 Bonds;
SIXTH, notwithstanding the foregoing, at any time the Series 2026 Bonds are subject to redemption on a date which is not a May 1 or November 1 Interest Payment Date, the Trustee shall be authorized to transfer from the Series 2026 Revenue Account to the Series 2026 Interest Account, the amount necessary to pay interest on the Series 2026 Bonds subject to redemption on such date;
SEVENTH, subject to the foregoing paragraphs, the balance of any moneys remaining after making the foregoing deposits shall be first deposited into the Series 2026 Costs of Issuance Account to cover any deficiencies in the amount allocated to pay the cost of issuing the Series 2026 Bonds and next, any balance in the Series 2026 Revenue Account shall remain on deposit in such Series 2026 Revenue Account, unless pursuant to the Tax Compliance Certificate, it is necessary to make a deposit into the Series 2026 Rebate Fund, in which case, the District shall direct the Trustee to make such deposit thereto.
Notwithstanding that the District has funded the Series 2026 Capitalized Interest Account to pay interest on the Series 2026 Bonds through at least November 1, 2026, moneys on deposit in the Series 2026 Capitalized Interest Account, including all investment earnings thereon, shall remain on deposit in such Account and be used by the Trustee to pay interest on the Series 2026 Bonds on any subsequent Interest Payment Date if moneys remain after November 1, 2026. When such Account has been depleted of all funds, the Trustee shall be authorized to close such Account.
Series 2026 Notes. Pursuant to the Series 2026 Notes Indenture, the Trustee shall transfer from amounts on deposit in the Series 2026 BAN Revenue Account to the Funds and Accounts designated below, the following amounts, at the following times and in the following order of priority:
FIRST, upon receipt but no later than the Business Day next preceding each November 1 commencing November 1, 2026, to the Series 2026 BAN Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2026 Notes becoming due on the next succeeding November 1, less any amount on deposit in the Series 2026 BAN Capitalized Interest Account, then less any amount on deposit in the Series 2026 BAN Interest Account not previously credited;
SECOND, upon receipt but no later than the Business Day next preceding each May 1 commencing May 1, 2027, to the Series 2026 BAN Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2026 Notes becoming due on the next succeeding May 1, less any amount on deposit in the Series 2026 BAN Capitalized Interest Account, then less any amount on deposit in the Series 2026 BAN Interest Account not previously credited;
THIRD, upon receipt but no later than the Business Day next preceding each Interest Payment Date while Series 2026 Notes remain Outstanding, to the Series 2026 BAN Reserve Account, an amount equal to the amount, if any, which is necessary to make the amount on deposit therein equal to the BAN Reserve Requirement for the Series 2026 Notes; and

FOURTH, notwithstanding the foregoing, at any time the Series 2026 Notes are subject to redemption on a date which is not a May 1 or November 1 Interest Payment Date, the Trustee shall be authorized to transfer to the Series 2026 BAN Interest Account, the amount necessary to pay interest on the Series 2026 Notes subject to redemption on such date; and
FIFTH, subject to the foregoing paragraphs, the balance of any moneys remaining after making the foregoing deposits shall be first deposited into the Series 2026 BAN Costs of Issuance Account to cover any deficiencies in the amount allocated to pay the cost of issuing the Series 2026 Notes and next, any balance in the Series 2026 BAN Revenue Account shall remain on deposit in such Series 2026 BAN Revenue Account, unless pursuant to the Tax Compliance Certificate, it is necessary to make a deposit into the Series 2026 BAN Rebate Fund, in which case, the Issuer shall direct the Trustee in writing to make such deposit thereto.
Notwithstanding that the Issuer has funded the Series 2026 BAN Capitalized Interest Account to pay interest on the Series 2026 Notes through at least May 1, 2027, moneys on deposit in the Series 2026 BAN Capitalized Interest Account, including all investment earnings thereon, shall remain on deposit in such Account and be used by the Trustee to pay interest on the Series 2026 Notes on any subsequent interest Payment Date if moneys remain after May 1, 2027. When such Account has been depleted of all funds, the Trustee shall be authorized to close such Account.
Investments
The Trustee shall, as directed by the District in writing, invest moneys held in the Accounts in the Debt Service Fund and the Accounts in the Bond Redemption Fund related to the Series 2026 Bonds/Notes only in Government Obligations and certain types of securities listed within the definition of Investment Securities. The Trustee shall, as directed by the District in writing, invest moneys held in the Series 2026 Debt Service Reserve Account in Investment Securities. All deposits in time accounts shall be subject to withdrawal without penalty and all investments shall mature or be subject to redemption by the holder without penalty, not later than the date when the amounts will foreseeably be needed for the purposes set forth in the Indentures. All securities securing investments shall be deposited with a Federal Reserve Bank, with the trust department of the Trustee, as authorized by law with respect to trust funds in the State, or with a bank or trust company having a combined net capital and surplus of not less than $50,000,000. The interest and income received upon such investments and any interest paid by the Trustee or any other depository of any Fund or Account and any profit or loss resulting from the sale of securities shall be added or charged to the Fund or Account for which such investments are made; provided, however, that if the amount in any Fund or Account equals or exceeds the amount required to be on deposit therein, subject to the provisions of the Indentures, any interest and other income so received shall be deposited in the Series 2026 Revenue Account. Upon request of the District, or on its own initiative whenever payment is to be made out of any Fund or Account, the Trustee shall sell such securities as may be requested to make the payment and restore the proceeds to the Fund or Account in which the securities were held. The Trustee shall not be accountable for any depreciation in the value of any such security or for any loss resulting from the sale thereof. The Trustee shall not be liable or responsible for any loss or entitled to any gain resulting from any investment or sale. The Trustee may make any permitted investments through its own bond department or investment department. The Trustee shall value the assets in each of the Funds and Accounts forty-five (45) days prior to each Interest Payment Date, and as soon as practicable after each such valuation date (but no later than ten (10) Business Days after each such valuation date) and shall provide the District a report of the status of each Fund and Account as of the valuation date. See “APPENDIX A – PROPOSED FORMS OF INDENTURES” hereto.

Covenant to Levy the Assessment Area One Special Assessments
The District has covenanted to levy the Assessment Area One Special Assessments to the extent and in the amount sufficient to pay debt service on the Series 2026 Bonds/Notes when due. If any Assessment Area One Special Assessment shall be either in whole or in part annulled, vacated or set aside by the judgment of any court, or if the District shall be satisfied that any such Assessment Area One Special Assessment is so irregular or defective that the same cannot be enforced or collected, or if the District shall have omitted to make such Assessment Area One Special Assessment when it might have done so, the District has additionally covenanted to either (i) take all necessary steps to cause a new Assessment Area One Special Assessment to be made for the whole or any part of such improvement or against any property benefited by such improvement, or (ii) in its sole discretion, make up the amount of such Assessment Area One Special Assessment from legally available moneys, which moneys shall be deposited into the applicable Revenue Account. In case such second Assessment Area One Special Assessment shall be annulled, the District shall obtain and make other Assessment Area One Special Assessments until a valid Assessment Area One Special Assessment shall be made.
Prepayment of Assessment Area One Special Assessments
Pursuant to the Indentures, at any time any owner of property subject to the applicable Assessment Area One Special Assessments may, at its option, or as a result of acceleration of the applicable Assessment Area One Special Assessments because of non-payment thereof, or as a result of true-up payment, shall require the District to reduce or release and extinguish the lien upon its property by virtue of the levy of the applicable Assessment Area One Special Assessments by paying or causing there to be paid, to the District all or a portion of the applicable Assessment Area One Special Assessment, which shall constitute applicable Prepayment Principal, plus, except as provided below, accrued interest to the next succeeding Quarterly Redemption Date (or the next succeeding Quarterly Redemption Date if such Prepayment is made within forty-five (45) calendar days before a Quarterly Redemption Date), attributable to the property subject to the applicable Assessment Area One Special Assessment owned by such owner.
Pursuant to the Act, an owner of property subject to the levy of applicable Assessment Area One Special Assessments may pay the entire balance of the applicable Assessment Area One Special Assessments remaining due, without interest, within thirty (30) days after the Assessment Area One Project has been completed or acquired by the District, and the Board has adopted a resolution accepting the Assessment Area One Project pursuant to Chapter 170.09, Florida Statutes. The Landowners, as the owners of the lands within Assessment Area One (other than the 239 residential units closed with homebuyers within One Metropica, the completed condominium building), will covenant to waive this right on behalf of itself and its respective successors and assigns in connection with the issuance of the Series 2026 Bonds/Notes pursuant to a “Declaration of Consent to Jurisdiction of Metropica Community Development District and to Imposition of Special Assessments”.
Any prepayment of the applicable Assessment Area One Special Assessments will result in the extraordinary mandatory redemption of a portion of the applicable Series 2026 Bonds/Notes as indicated under “DESCRIPTION OF THE SERIES 2026 BONDS/NOTES - Redemption Provisions - Extraordinary Mandatory Redemption.” The prepayment of Assessment Area One Special Assessments does not entitle the owner of the property to a discount for early payment.
Indenture Provisions Relating to Bankruptcy or Insolvency of Certain Landowners
The following provisions of the Indentures shall be applicable both before and after the commencement, whether voluntary or involuntary, of any case, proceeding or other action by or against the Landowners, the Developer or other Obligated Person (as defined under the Disclosure Agreements)

(hereinafter referred to under this heading as the “Landowner”) under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization, assignment for the benefit of creditors, or relief of debtors (a “Proceeding”). For as long as any Series 2026 Bonds/Notes remain Outstanding, in any Proceeding involving the District or any Landowner, the District shall be obligated to act in accordance with direction from the Trustee and the Trustee shall be obligated to act in accordance with the direction from the Beneficial Owners of at least twenty-five percent (25%) of the aggregate principal amount of all Outstanding Bonds/Notes with regard to all matters directly or indirectly affecting the Series 2026 Bonds/Notes.
In the Indentures, the District acknowledges and agrees that, although the Series 2026 Bonds/Notes will be issued by the District, the Beneficial Owners of such Series 2026 Bonds/Notes are categorically the party with a financial stake in the repayment of the Series 2026 Bonds/Notes and, consequently, the party with a vested interest in a Proceeding. In the event of any Proceeding involving any Landowner (a) the District agrees that it shall seek to secure the written consent of the Trustee, acting at the direction of the Majority Holders of the Series 2026 Bonds/Notes Outstanding, prior to making any election, giving any consent, commencing any action or filing any motion, claim, obligation, notice or application or in taking any other action or position in any Proceedings or in any action related to a Proceeding that affects, either directly or indirectly, the Assessment Area One Special Assessments relating to the Series 2026 Bonds/Notes Outstanding, the Outstanding Series 2026 Bonds/Notes or any rights of the Trustee under the Indenture (provided, however, the Trustee shall be deemed to have consented, on behalf of the Majority Holders of the Series 2026 Bonds/Notes Outstanding, to the proposed action if the District does not receive a written response from the Trustee within thirty (30) days following receipt by the Trustee of the written request for consent); (b) the District agrees that it shall not make any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other action or position in any Proceeding or in any action related to a Proceeding that affects, either directly or indirectly, the Assessment Area One Special Assessments, the Series 2026 Bonds/Notes or any rights of the Trustee or holders of the Series 2026 Bonds/Notes under the Master Indenture, First Supplemental Indenture or Second Supplemental Indenture that is inconsistent with any direction from the Trustee; (c) the District agrees that it shall seek the written consent of the Trustee prior to filing and voting in any such Proceeding (provided, however, the Trustee shall be deemed to have consented, on behalf of the Majority Holders of the Series 2026 Bonds/Notes Outstanding, to the proposed action if the District does not receive a written response from the Trustee within thirty (30) days following receipt by the Trustee of the written request for consent); (d) the Trustee shall have the right, by interpleader or otherwise, to seek or oppose any relief in any such Proceeding that the District, as claimant with respect to the Assessment Area One Special Assessments relating to the Series 2026 Bonds/Notes would have the right to pursue, and, if the Trustee chooses to exercise any such rights, the District shall not oppose the Trustee in seeking to exercise any and all rights and taking any and all actions available to the District in connection with any Proceeding of any Landowner, including without limitation, the right to file and/or prosecute and/or defend any claims and proofs of claims, to vote to accept or reject a plan, to seek dismissal of the Proceeding, to seek stay relief to commence or continue foreclosure or pursue any other available remedies as to the Assessment Area One Special Assessments relating to the Series 2026 Bonds/Notes Outstanding, to seek substantive consolidation, to seek to shorten the Landowner’s exclusivity periods or to oppose any motion to extend such exclusivity periods, to oppose any motion for use of cash collateral or for authority to obtain financing, to oppose any sale procedures motion or any sale motion, to propose a competing plan of reorganization or liquidation, or to make any election under Section 1111(b) of the Bankruptcy Code; (e) the District shall not challenge the validity or amount of any claim submitted in such Proceeding by the Trustee in good faith or any valuations of any lands submitted by the Trustee in good faith in such Proceeding or take any other action in such Proceeding, which is adverse to the Trustee’s enforcement of the District’s claim with respect to the Assessment Area One Special Assessments or receipt of adequate protection (as that term is defined in the Bankruptcy Code). Without limiting the generality of the foregoing, the District agrees that the Trustee shall have the right (i) to file a proof of claim with respect to the Assessment Area One Special

Assessments, (ii) to deliver to the District a copy thereof, together with evidence of the filing with the appropriate court or other authority, and (iii) to defend any objection filed to said proof of claim.
Notwithstanding the provisions of the immediately preceding paragraphs, nothing hereinabove shall preclude the District from becoming a party to a Proceeding in order to enforce a claim for operation and maintenance assessments, and the District shall be free to pursue such claim in such manner as it shall deem appropriate in its sole and absolute discretion. Any actions taken by the District in pursuance of its claim for operation and maintenance assessments in any Proceeding shall not be considered an action adverse or inconsistent with the Trustee’s rights or consents with respect to the Assessment Area One Special Assessments relating to the Series 2026 Bonds/Notes Outstanding whether such claim is pursued by the District or the Trustee; provided, however, that the District shall not oppose any relief sought by the Trustee under the authority granted to the Trustee as described in the preceding paragraphs, unless such has a negative effect on the District’s operation and maintenance claim.
Further, notwithstanding anything hereinabove to the contrary, the Trustee shall only act in connection with a Proceeding upon timely written direction of the Majority Holders, upon which the Trustee may conclusively rely, together with indemnity satisfactory to the Trustee sufficient to cover any fees, costs and expenses (including attorney’s fees, costs and expenses) of the Trustee or that may be incurred by the Trustee in connections with such Proceeding. The Trustee shall have no liability for any failure to act with respect to any Proceeding if it does not receive such written direction and indemnity in a sufficiently timely manner in order for the Trustee to meet any deadline, applicable to such Proceeding and the Trustee shall be entitled to all of the rights and protections granted to it under Article XI of the Master Indenture regardless of whether there exists an Event of Default. The District shall notify a Responsible Officer of the Trustee in writing (the “Bankruptcy Notice”) immediately upon obtaining knowledge of any Proceeding. In addition to giving notice of the Proceeding in reasonable detail, the Bankruptcy Notice shall also specifically reference Section 9.34(c) of the Master Indenture. In the event that the Trustee receives any moneys as the result of a Proceeding, the Trustee shall first reimburse any of its outstanding fees and/or the fees, costs and expenses incurred in connection with the Proceedings (including attorney’s fees, costs and expenses) prior to otherwise distributing such moneys.

Events of Default and Remedies
Events of Default Defined. The Indenture provides that each of the following shall be an “Event of Default” under the Indenture, with respect to the Series 2026 Bonds/Notes:
if payment of any installment of interest on any Series 2026 Bond/Note is not made when it becomes due and payable; or
if payment of the principal or Redemption Price of any Series 2026 Bond/Note is not made when it becomes due and payable at maturity or upon call or presentation for redemption; or
if the District, for any reason, fails in, or is rendered incapable of, fulfilling its obligations under the Indenture or under the Act which failure or incapacity may be reasonably determined solely by the Majority Holders; or
if the District proposes or makes an assignment for the benefit of creditors or enters into a composition agreement with all or a material part of its creditors, or a trustee, receiver, executor, conservator, liquidator, sequestrator or other judicial representative, similar or dissimilar, is appointed for the District or any of its assets or revenues, or there is commenced any proceeding in liquidation, bankruptcy, reorganization, arrangement of debts, debtor rehabilitation, creditor adjustment or insolvency,

local, state or federal, by or against the District and if such is not vacated, dismissed or stayed on appeal within ninety (90) days; or
if the District defaults in the due and punctual performance of any other covenant in the Indenture or in the Series 2026 Bonds/Notes and such default continues for sixty (60) days after written notice requiring the same to be remedied shall have been given to the District by the Trustee, which may give such notice in its discretion and shall give such notice at the written request of the Holders of not less than a majority in aggregate principal amount of the Outstanding Series 2026 Bonds/Notes; provided, however, that if such performance requires work to be done, actions to be taken, or conditions to be remedied, which by their nature cannot reasonably be done, taken or remedied, as the case may be, within such sixty (60) day period, no Event of Default shall be deemed to have occurred or exist if, and so long as the District shall commence such performance within such sixty (60) day period and shall diligently and continuously prosecute the same to completion; or
if at any time the amount in the applicable Reserve Account is less than the applicable Reserve Requirement as a result of the Trustee withdrawing an amount therefrom to satisfy the Debt Service Requirement on the Series 2026 Bonds/Notes and such amount has not been restored within thirty (30) days of such withdrawal.
more than twenty percent (20%) of the “maintenance special assessments” levied by the District on District lands upon which the Special Assessments are levied to secure one or more Series of Bonds/Notes pursuant to Section 190.021(3), Florida Statutes, as amended, and collected directly by the District have become due and payable and have not been paid, within ninety (90) days after the date when due.
The Trustee shall not be required to rely on any official action, admission or declaration by the District before recognizing that an Event of Default under (e) above has occurred.
No Acceleration; Redemption. No Series 2026 Bonds/Notes shall be subject to acceleration. Upon an Event of Default, no optional redemption or extraordinary mandatory redemption of the Series 2026 Bonds/Notes pursuant to the Indenture shall occur unless all of the Series 2026 Bonds/Notes where an Event of Default has occurred will be redeemed or if 100% of the Holders of the Outstanding Series 2026 Bonds/Notes agree to such redemption; provided, however, that the foregoing shall not prevent a pro rata default distribution pursuant to the Master Indenture.
Legal Proceedings by Trustee. If any Event of Default with respect to the Series 2026 Bonds/Notes has occurred and is continuing, the Trustee, in its discretion may, and upon the written request of the Majority Holders and receipt of indemnity to its satisfaction shall, in its own name:
by mandamus, or other suit, action or proceeding at law or in equity, enforce all rights of the Holders of the Series 2026 Bonds/Notes, including, without limitation, the right to require the District to carry out any agreements with, or for the benefit of, the holders of the Series 2026 Bonds/Notes and to perform its or their duties under the Act;
bring suit upon the Series 2026 Bonds/Notes;
by action or suit in equity require the District to account as if it were the trustee of an express trust for the Holders of the Series 2026 Bonds/Notes;
by action or suit in equity enjoin any acts or things which may be unlawful or in violation of the rights of the Holders of the Series 2026 Bonds/Notes; and

by other proceeding in law or equity, exercise all rights and remedies provided for by any other document or instrument securing the Series 2026 Bonds/Notes.
If any proceeding taken by the Trustee on account of any Event of Default is discontinued or is determined adversely to the Trustee, the District, the Trustee, the Paying Agent and the holders of the Series 2026 Bonds/Notes shall be restored to their former positions and rights hereunder as though no such proceeding had been taken.
The Majority Holders then subject to remedial proceedings under the Indenture shall have the right to direct the method and place of conducting all remedial proceedings by the Trustee under the Indenture, provided that such directions shall not be otherwise than in accordance with law or the provisions of the Indenture.
Application of Moneys in Event of Default. Any moneys received by the Trustee or the Paying Agent, as the case may be, in connection with any proceedings brought under Article X of the Master Indenture with respect to the Series 2026 Bonds/Notes shall be applied in the following order of priority:
to the payment of the fees, costs and expenses of the Trustee and Paying Agent incurred in connection with actions taken under Article X of the Master Indenture with respect to such Series 2026 Bonds/Notes, including counsel fees and any disbursements of the Trustee and the Paying Agent and payment of unpaid fees and expenses owed to the Trustee.
then:
FIRST: to payment of all installments of interest then due on the Series 2026 Bonds/Notes in the order of maturity of such installments of interest, and, if the amount available shall not be sufficient to pay in full any particular installment, then to the payment ratably, according to the amounts due on such installment, to the persons entitled thereto, without any preference or priority of one installment of interest over any other installment; and
SECOND: to payment to the persons entitled thereto of the unpaid principal or Redemption Price of any of the Series 2026 Bonds/Notes which shall have become due in the order of their due dates, with interest on such Series 2026 Bonds/Notes from the respective dates upon which they become due and, if the amount available shall not be sufficient to pay in full the principal or Redemption Price coming due on such Series 2026 Bonds/Notes on any particular date, together with such interest, then to the payment ratably, according to the amount of principal due on such date, to the persons entitled thereto without any preference or priority of one such Series 2026 Bond/Note over another Bond/Note or of any installment of interest over another.
Any surplus remaining after the payments described above shall be paid to the District or to the Person lawfully entitled to receive the same or as a court of competent jurisdiction may direct.
ENFORCEMENT OF ASSESSMENT COLLECTIONS
General
The primary source of payment for the Series 2026 Bonds/Notes is the Assessment Area One Special Assessments imposed on the assessable lands within Assessment Area One specially benefited by the Assessment Area One Project pursuant to the Assessment Proceedings. See “ASSESSMENT METHODOLOGY” herein and “APPENDIX D – ASSESSMENT METHODOLOGY.”

The determination, order, levy, and collection of Assessment Area One Special Assessments must be done in compliance with procedural requirements and guidelines provided by State law. Failure by the District, the Broward County Tax Collector (the “Tax Collector”) or the Broward County Property Appraiser (the “Property Appraiser”) to comply with such requirements could result in delay in the collection of, or the complete inability to collect, Assessment Area One Special Assessments during any year. Such delays in the collection of Assessment Area One Special Assessments, or complete inability to collect any of the Assessment Area One Special Assessments, would have a material adverse effect on the ability of the District to make full or punctual payment of the debt service requirements on such Series 2026 Bonds/Notes. See “BONDOWNERS’ RISKS.” To the extent that landowners fail to pay the Assessment Area One Special Assessments, delay payments, or are unable to pay the same, the successful pursuance of collection procedures available to the District is essential to continued payment of principal of and interest on the Series 2026 Bonds/Notes. The Act provides for various methods of collection of delinquent Assessment Area One Special Assessments by reference to other provisions of the Florida Statutes. See “BONDOWNERS’ RISKS” herein. The following is a description of certain statutory provisions of assessment payment and collection procedures appearing in the Florida Statutes but is qualified in its entirety by reference to such statutes.
Alternative Uniform Tax Collection Procedure for Assessment Area One Special Assessments
The District has agreed in the Indentures to collect the Assessment Area One Special Assessments through the Uniform Method (as herein defined) with respect to platted lots. Pursuant to the Indentures, the District shall, pursuant to the provisions of the Assessment Resolutions, directly collect the Assessment Area One Special Assessments in lieu of the Uniform Method with respect to any assessable lands which are still owned by the Landowners or an entity affiliated with the Landowners until such time lots are platted, unless the District is directed otherwise by the holders of the majority of Bonds/Notes Outstanding or where the timing for using the Uniform Method will not yet allow for using such method. At such time as the Assessment Area One Special Assessments are collected pursuant to the Uniform Method, the provisions under this heading shall become applicable.
The Florida Statutes provide that, subject to certain conditions, non-ad valorem special assessments may be collected by using the uniform method of collection (the “Uniform Method”). The Uniform Method is available only in the event the District complies with statutory and regulatory requirements and enters into agreements with the Tax Collector and Property Appraiser providing for the Assessment Area One Special Assessments to be levied and then collected in this manner. The District’s election to use a certain collection method with respect to the Assessment Area One Special Assessments does not preclude it from electing to use another collection method in the future. See “Foreclosure” below with respect to collection of delinquent assessments not collected pursuant to the Uniform Method.
If the Uniform Method is utilized, the Assessment Area One Special Assessments will be collected together with City, County, school board, special district, and other ad valorem taxes and non-ad valorem assessments, all of which will appear on the tax bill (also referred to as a “tax notice”) issued to each landowner in the District. The statutes relating to enforcement of ad valorem taxes and non-ad valorem assessments provide that such taxes and assessments become due and payable on November 1 of the year when assessed, or as soon thereafter as the certified tax roll is received by the Tax Collector, and constitute a lien upon the land from January 1 of such year until paid or barred by operation of law. Such taxes and assessments (including the Assessment Area One Special Assessments, if any, being collected by the Uniform Method) are to be billed, and landowners in the District are required to pay all such taxes and assessments, without preference in payment of any particular increment of the tax bill, such as the increment owing for the Assessment Area One Special Assessments.

All City, County, school and special district, including the District, ad valorem taxes, non-ad valorem special assessments, including the Assessment Area One Special Assessments, and voter-approved ad valorem taxes levied to pay principal of and interest on bonds, are payable at one time, except for partial payment schedules as may be provided by Sections 197.374 and 197.222, Florida Statutes. Partial payments made pursuant to Sections 197.374 and 197.222, Florida Statutes, are distributed in equal proportion to all taxing districts and levying authorities applicable to that account. If a taxpayer does not make complete payment of the total amount, he or she cannot designate specific line items on his or her tax bill as deemed paid in full. Therefore, in the event the Assessment Area One Special Assessments are to be collected pursuant to the Uniform Method, any failure to pay any one line item, would cause the Assessment Area One Special Assessments to not be collected to that extent, which could have a significant adverse effect on the ability of the District to make full or punctual payment of the debt service requirements on the Series 2026 Bonds/Notes.
Under the Uniform Method, if the Assessment Area One Special Assessments are paid during November when due or during the following three months, the taxpayer is granted a variable discount equal to 4% in November and decreasing one percentage point per month to 1% in February. All unpaid taxes and assessments become delinquent on April 1 of the year following assessment. The Tax Collector is required to collect the ad valorem taxes and non-ad valorem special assessments on the tax bill prior to April 1 and, after that date, to institute statutory procedures upon delinquency to collect such taxes and assessments through the sale of “tax certificates,” as discussed below. Delay in the mailing of tax notices to taxpayers may result in a delay throughout this process.
Neither the District nor the Underwriter can give any assurance to the holders of the Series 2026 Bonds/Notes (1) that the past experience of the Tax Collector with regard to tax and special assessment delinquencies is applicable in any way to the Assessment Area One Special Assessments, (2) that future landowners and taxpayers in the District will pay such Assessment Area One Special Assessments, (3) that a market may exist in the future for tax certificates in the event of sale of such certificates for taxable units within Assessment Area One, and (4) that the eventual sale of tax certificates for real property Assessment Area One, if any, will be for an amount sufficient to pay amounts due under the Assessment Proceedings to discharge the lien of the Assessment Area One Special Assessments and all other liens that are coequal therewith.
Collection of delinquent Assessment Area One Special Assessments under the Uniform Method is, in essence, based upon the sale by the Tax Collector of “tax certificates” and remittance of the proceeds of such sale to the District for payment of the Assessment Area One Special Assessments due. In the event of a delinquency in the payment of taxes and assessments on real property, the landowner may, prior to the sale of tax certificates, pay the total amount of delinquent ad valorem taxes and non-ad valorem assessments plus the cost of advertising and the applicable interest charge on the amount of such delinquent taxes and assessments. If the landowner does not act, the Tax Collector is required to attempt to sell tax certificates on such property to the person who pays the delinquent taxes and assessments owing, penalties and interest thereon and certain costs, and who accepts the lowest interest rate per annum to be borne by the certificates (but not more than 18%). Tax certificates are sold by public bid. If there are no bidders, the tax certificate is issued to the County. During the pendency of any litigation arising from the contest of a landowner’s tax assessment collected through the Uniform Method, which may possibly include non-ad valorem special assessments such as the Assessment Area One Special Assessments, it is possible that the tax collector will not sell tax certificates with respect to such property. The County is to hold, but not pay for, the tax certificate with respect to the property, bearing interest at the maximum legal rate of interest (currently 18%). The Tax Collector does not collect any money if tax certificates are “struck off” (issued) to the County. The County may sell such certificates to the public at any time at the principal amount thereof plus interest at the rate of not more than 18% per annum and a fee. Proceeds from the sale of tax certificates are required to be used to pay taxes and assessments (including the Assessment Area One Special

Assessments), interest, costs and charges on the real property described in the certificate. The demand for such certificates is dependent upon various factors, which include the rate of interest that can be earned by ownership of such certificates and the underlying value of the land that is the subject of such certificates and which may be subject to sale at the demand of the certificate holder. Therefore, the underlying market value of the property within Assessment Area One may affect the demand for certificates and the successful collection of the Assessment Area One Special Assessments, which are the primary source of payment of the Series 2026 Bonds/Notes. Legal proceedings under Federal bankruptcy law brought by or against a landowner who has not yet paid his or her property taxes or assessments would likely result in a delay in the sale of tax certificates.
Any tax certificate in the hands of a person other than the County may be redeemed and canceled, in whole or in part (under certain circumstances), at any time before a tax deed is issued (unless full payment for a tax deed is made to the clerk of court, including documentary stamps and recording fees), at a price equal to the face amount of the certificate or portion thereof together with all interest, costs, charges and omitted taxes due. Regardless of the interest rate actually borne by the certificates, persons redeeming tax certificates must pay a minimum interest rate of 5%, unless the rate borne by the certificates is zero percent. The proceeds of such a redemption are paid to the Tax Collector who transmits to the holder of the tax certificate such proceeds less service charges, and the certificate is canceled. Redemption of tax certificates held by the County is effected by purchase of such certificates from the County, as described in the preceding paragraph.
Any holder, other than the County, of a tax certificate that has not been redeemed has seven years from the date of issuance of the tax certificate during which to act against the land that is the subject of the tax certificate. After an initial period ending two years from April 1 of the year of issuance of a certificate, during which period actions against the land are held in abeyance to allow for sales and redemptions of tax certificates, and before the expiration of seven years from the date of issuance, the holder of a certificate may apply for a tax deed to the subject land. The applicant is required to pay to the Tax Collector at the time of application all amounts required to redeem or purchase all outstanding tax certificates covering the land, plus interest, any omitted taxes or delinquent taxes and interest, and current taxes, if due (as well as any costs of resale, if applicable). If the County holds a tax certificate on property valued at $5,000 or more and has not succeeded in selling it, the County must apply for a tax deed two years after April 1 of the year of issuance of the certificate. The County pays costs and fees to the Tax Collector but not any amount to redeem any other outstanding certificates covering the land. Thereafter, the property is advertised for public sale.
In any such public sale conducted by the Clerk of the Circuit Court, the private holder of the tax certificate who is seeking a tax deed for non-homestead property is deemed to submit a minimum bid equal to the amount required to redeem the tax certificate, charges for the cost of sale, including costs incurred for the service of notice required by statute, redemption of other tax certificates on the land, and the amount paid by such holder in applying for the tax deed, plus interest thereon. In the case of homestead property, the minimum bid is also deemed to include, in addition to the amount of money required for the minimum bid on non-homestead property, an amount equal to one-half of the latest assessed value of the homestead. If there are no higher bids, the holder receives title to the land, and the amounts paid for the certificate and in applying for a tax deed are credited toward the purchase price. If there are other bids, the holder may enter the bidding. The highest bidder is awarded title to the land. The portion of proceeds of such sale needed to redeem the tax certificate, and all other amounts paid by such person in applying for a tax deed, are forwarded to the holder thereof or credited to such holder if such holder is the successful bidder. Excess proceeds are distributed first to satisfy governmental liens against the land and then to the former title holder of the property (less service charges), lienholder of record, mortgagees of record, vendees of recorded contracts for deeds, and other lienholders and any other person to whom the land was last assessed on the tax roll for the year in which the land was assessed, all as their interest may appear.

Except for certain governmental liens and certain restrictive covenants and restrictions, no right, interest, restriction or other covenant survives the issuance of a tax deed. Thus, for example, outstanding mortgages on property subject to a tax deed would be extinguished.
If there are no bidders at the public sale, the County may, at any time within ninety (90) days from the date of offering for public sale, purchase the land without further notice or advertising for a statutorily prescribed opening bid. After ninety (90) days have passed, any person or governmental unit may purchase the land by paying the amount of the opening bid. Ad valorem taxes and non-ad valorem assessments accruing after the date of public sale do not require repetition of the bidding process but are added to the minimum bid. Three years from the date of delinquency, unsold lands escheat to the County in which they are located and all tax certificates and liens against the property are canceled and a deed is executed vesting title in the governing board of such County.
Foreclosure
The following discussion regarding foreclosure is not applicable if the Assessment Area One Special Assessments are being collected pursuant to the Uniform Method. In the event that the District, itself, directly levies and enforces, pursuant to Chapters 170 and 190, Florida Statutes, the collection of the Assessment Area One Special Assessments levied on the land within Assessment Area One, Section 170.10, Florida Statutes provides that upon the failure of any property owner to pay all or any part of the principal of a special assessment, including an Assessment Area One Special Assessment, or the interest thereon, when due, all of the Assessment Area One Special Assessments shall be accelerated and the governing body of the entity levying the assessment, including the Assessment Area One Special Assessments, is authorized to commence legal proceedings for the enforcement of the payment thereof, including commencement of an action in chancery, commencement of a foreclosure proceeding in the same manner as the foreclosure of a real estate mortgage, or commencement of an action under Chapter 173, Florida Statutes relating to foreclosure of municipal tax and special assessment liens. Such proceedings would be in rem, meaning that each would be brought against the land not against the owner. In light of the one year tolling period required before the District may commence a foreclosure action under Chapter 173, Florida Statutes, it is likely the District would commence an action to foreclose in the same manner as the foreclosure of a real estate mortgage rather than proceeding under Chapter 173, Florida Statutes.
Enforcement of the obligation to pay Assessment Area One Special Assessments and the ability to foreclose the lien of such Assessment Area One Special Assessments upon the failure to pay such Assessment Area One Special Assessments may not be readily available or may be limited as such enforcement is dependent upon judicial action which is often subject to discretion and delay.

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BONDOWNERS’ RISKS
There are certain risks inherent in an investment in bonds issued by a public authority or governmental body in the State and secured by special assessments. Certain of these risks are described in other sections of this Limited Offering Memorandum. Certain additional risks are associated with the Series 2026 Bonds/Notes offered hereby and are set forth below. Prospective investors in the Series 2026 Bonds/Notes should have such knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of an investment in the Series 2026 Bonds/Notes and have the ability to bear the economic risks of such prospective investment, including a complete loss of such investment. The information under this heading does not purport to summarize all risks that may be associated with purchasing or owning the Series 2026 Bonds/Notes and prospective purchasers are advised to read this Limited Offering Memorandum in its entirety for a more complete description of investment considerations relating to the Series 2026 Bonds/Notes.
Concentration of Land Ownership
As of March 2026, the Landowners own (i) 24 residential units of the 263 residential units within Assessment Area One – Phase One Area, which are the lands that will be subject to the Assessment Area One Special – Phase One Special Assessments securing the Series 2026 Bonds, and (ii) all of the lands within Assessment Area One – Master Infrastructure Note Area, which are the lands that will be subject to the Series 2026 BAN Assessments securing the Series 2026 Notes. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES” herein. Payment of the Assessment Area One Special Assessments is primarily dependent upon their timely payment by the Landowners and subsequent landowners in the District. See “THE DEVELOPER” herein.

Bankruptcy and Related Risks
In the event of the institution of bankruptcy or similar proceedings with respect to the Landowners or any other owner of benefited property, delays could occur in the payment of debt service on the Series 2026 Bonds/Notes as such bankruptcy could negatively impact the ability of: (i) the Landowners and any other landowner being able to pay the Assessment Area One Special Assessments; (ii) the Tax Collector to sell tax certificates in relation to such property with respect to the Assessment Area One Special Assessments being collected pursuant to the Uniform Method; and (iii) the District to foreclose the lien of the Assessment Area One Special Assessments not being collected pursuant to the Uniform Method. The Uniform Method will not be used with respect to any assessable lands which are still owned by the Landowners or an entity affiliated with the Landowners until such time lots are platted unless the majority of the owners of the Bonds/Notes Outstanding direct the District to use the Uniform Method or where the timing for using the Uniform Method will not yet allow for using such method. In addition, the remedies available to the Owners of the Series 2026 Bonds/Notes under the Indenture are in many respects dependent upon judicial actions which are often subject to discretion and delay. Under existing constitutional and statutory law and judicial decisions, the remedies specified by federal, state and local law and in the Indenture and the Series 2026 Bonds/Notes, including, without limitation, enforcement of the obligation to pay Assessment Area One Special Assessments and the ability of the District to foreclose the lien of the Assessment Area One Special Assessments if not being collected pursuant to the Uniform Method, may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the delivery of the Series 2026 Bonds/Notes (including Bond Counsel’s approving opinion) will be qualified as to the enforceability of the various legal instruments by limitations imposed by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors enacted before or after such delivery. The inability, either partially or fully, to enforce remedies available with respect to the Series 2026 Bonds/Notes could have a material adverse impact on the interest of the Owners thereof.

Assessment Area One Special Assessments are Non-Recourse
The principal security for the payment of the principal and interest on the Series 2026 Bonds/Notes is the timely collection of the Assessment Area One Special Assessments. The Assessment Area One Special Assessments do not constitute a personal indebtedness of the landowners of the land subject thereto, but are secured by a lien on such land. There is no assurance that the landowners will be able to pay the Assessment Area One Special Assessments or that they will pay such Assessment Area One Special Assessments even though financially able to do so. Beyond legal delays that could result from bankruptcy or other legal proceedings contesting an ad valorem tax or non-ad valorem assessment, the ability of the Tax Collector to sell tax certificates in regard to delinquent Assessment Area One Special Assessments collected pursuant to the Uniform Method will be dependent upon various factors, including the interest rate which can be earned by ownership of such certificates and the value of the land which is the subject of such certificates and which may be subject to sale at the demand of the certificate holder after two years. The assessment of the benefits to be received by the benefited land within Assessment Area One as a result of implementation and development of the Assessment Area One Project is not indicative of the realizable or market value of the land, which value may actually be higher or lower than the assessment of benefits. To the extent that the realizable or market value of the land benefited by the Assessment Area One Project is lower than the assessment of benefits, the ability of the Tax Collector to sell tax certificates relating to such land or the ability of the District to realize sufficient value from a foreclosure action to pay debt service on the applicable Series 2026 Bonds/Notes may be adversely affected. Such adverse effect could render the District unable to collect delinquent Assessment Area One Special Assessments, if any, and provided such delinquencies are significant, could negatively impact the ability of the District to make the full or punctual payment of debt service on the Series 2026 Bonds/Notes.
Neither the Landowners nor any other subsequent landowner in the District has any obligation to pay the applicable Assessment Area One Special Assessments. As described herein, the Assessment Area One Special Assessments are an imposition against the land only. Neither the Landowners nor any other subsequent landowner is a guarantor of payment of any Assessment Area One Special Assessment and the recourse for the failure of the Landowners or any other landowner to pay the Assessment Area One Special Assessments is limited to the collection proceedings against the land as described herein.

Regulatory and Environmental Risks
The development of the Assessment Area One Project is subject to comprehensive federal, state and local regulations and future changes to such regulations. Approval is required from various public agencies in connection with, among other things, the design, nature and extent of planned improvements, both public and private, and construction of the infrastructure in accordance with applicable zoning, land use and environmental regulations. Although all such approvals required to date have been received and any further approvals are anticipated to be received as needed, failure to obtain any such approvals in a timely manner could delay or adversely affect the completion of the development of the District Lands (excluding the development of the Assessment Area One – Phase One Area, which has already been completed). See “THE DEVELOPMENT – Development Approvals,” and “– Environmental” herein for more information.
The value of the land within the District, the success of the development of the Development (excluding the development of the Assessment Area One – Phase One Area, which has already been completed) and the likelihood of timely payment of principal and interest on the Series 2026 Bonds/Notes could be affected by environmental factors with respect to the land in the District. Should the land be contaminated by hazardous materials, this could materially and adversely affect the value of the land in the District, which could materially and adversely affect the success of the development of the lands within the District and the likelihood of the timely payment of the Series 2026 Bonds/Notes. Although the District

does not reasonably believe that any such hazardous environmental conditions currently exist the District has not performed, nor has the District requested that there be performed on its behalf, any independent assessment of the environmental conditions within the District. The Developer is not aware of any condition which currently requires, or is reasonably expected to require in the foreseeable future, investigation or remediation under any applicable federal, state or local governmental laws or regulations relating to the environment. See “THE DEVELOPMENT – Environmental” for more information on the Developer’s environmental site assessments. Nevertheless, it is possible that hazardous environmental conditions could exist within the District and that such conditions could have a material and adverse impact upon the value of the benefited lands within the District and no assurance can be given that unknown hazardous materials, protected animals or vegetative species, etc., do not currently exist or may not develop in the future whether originating within the District or from surrounding property, and what effect such may have on the development of the District lands.

Catastrophic Event Risks
The value of the lands subject to the Assessment Area One Special Assessments could also be adversely impacted by flooding or wind damage caused by hurricanes, tropical storms, or other catastrophic events. In addition to potential damage or destruction to any existing development or construction in or near the District, such catastrophic events could potentially render the District lands unable to support future development. Changing weather patterns have increased the likelihood of flooding within the County. The occurrence of any such events could materially adversely impact the District’s ability to pay principal and interest on the Series 2026 Bonds/Notes. The Series 2026 Bonds/Notes are not insured and the District’s casualty insurance policies do not insure against losses incurred on private lands within its boundaries.

Economic Conditions and Changes in Development Plans
The successful sale and/or lease of property within the Development may be affected by unforeseen changes in general economic conditions, fluctuations in the real estate market and other factors beyond the control of the Developer. Moreover, the Developer has the right to modify or change its plan for development of the Development, from time to time, including, without limitation, land use changes, changes in the overall land and phasing plans, and changes to the type, mix, size and number of units to be developed, and may seek in the future, in accordance with, and subject to the provisions of the Act, to contract or expand the boundaries of the District.

Other Taxes and Assessments
The willingness and/or ability of an owner of benefited land to pay the Assessment Area One Special Assessments could be affected by the existence of other taxes and assessments imposed upon such property by the District, the City, the County or any other local special purpose or general purpose governmental entities. City, County, school, special district taxes and special assessments, and voter-approved ad valorem taxes levied to pay principal of and interest on debt, including the Assessment Area One Special Assessments, collected pursuant to the Uniform Method are payable at one time. Public entities whose boundaries overlap those of the District, could, without the consent of the owners of the land within the District, impose additional taxes on the property within the District. The District anticipates imposing operation and maintenance assessments encumbering the same property encumbered by the Assessment Area One Special Assessments. In addition, lands within the District may also be subject to assessments by property, home owner and condominium associations.

Under Florida law, a landowner may contest the assessed valuation determined for its property which forms the basis of ad-valorem taxes such landowner must pay. During this contest period, the sale of a tax certificate under the Uniform Method will be suspended. If the Assessment Area One Special

Assessments are being collected along with ad valorem taxes pursuant to the Uniform Method, tax certificates will not be sold with respect to the Assessment Area One Special Assessment even though the landowner is not contesting the amount of such Assessment Area One Special Assessment. However, Section 194.014, Florida Statutes, requires taxpayers to pay all non-ad valorem taxes and at least 75% of their ad valorem taxes before they become delinquent. Likewise, taxpayers who challenge the denial of an exemption or classification or a determination that their improvements were substantially complete must pay all non-ad valorem assessments and the amount of ad valorem taxes that they admit in good faith to be owing. In the event a taxpayer fails to pay their property taxes by April 1, the Value Adjustment Board is required to deny their petition by written decision by April 20 of such year.

Limited Secondary Market for Series 2026 Bonds/Notes
The Series 2026 Bonds/Notes may not constitute a liquid investment, and there is no assurance that a liquid secondary market will exist for the Series 2026 Bonds/Notes in the event an Owner thereof determines to solicit purchasers of the Series 2026 Bonds/Notes. The Series 2026 Bonds/Notes are being sold pursuant to exemptions from registration under applicable securities laws. No secondary market may develop and an owner may not be able to resell the Series 2026 Bonds/Notes. Even if a liquid secondary market exists, there can be no assurance as to the price for which the Series 2026 Bonds/Notes may be sold. Such price may be lower than that paid by the current Owners of the Series 2026 Bonds/Notes, depending on the progress of development of the Development and the lands within the District, existing real estate and financial market conditions and other factors.

Inadequacy of Reserve Account
In addition to legal delays that could result from bankruptcy or legal proceedings contesting an ad valorem tax or non-ad valorem assessment, the ability of the District to enforce collection of delinquent Assessment Area One Special Assessments will be dependent upon various factors, including the delay inherent in any judicial proceeding to enforce the lien of the Assessment Area One Special Assessments and the value of the land which is the subject of such proceedings and which may be subject to sale. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES” herein. If
the District has difficulty in collecting the applicable Assessment Area One Special Assessments, the applicable Reserve Account could be rapidly depleted and the ability of the District to pay debt service would be materially adversely affected. In addition, during an Event of Default under the applicable Indenture, the Trustee may withdraw moneys from the applicable Reserve Account and such other Funds, Accounts and subaccounts created under the Indenture to pay its extraordinary fees and expenses incurred in connection with such Event of Default. If in fact such Reserve Account is accessed for such purpose, the District does not have a designated revenue source for replenishing such account. Moreover, the District may not be permitted to re-assess real property then burdened by the applicable Assessment Area One Special Assessments in order to provide for the replenishment of the applicable Reserve Account.

Legal Delays
If the District should commence a foreclosure action against a landowner for nonpayment of Assessment Area One Special Assessments and if the Assessment Area One Special Assessments are not being collected pursuant to the Uniform Method, such landowners, and any other lien holders, including mortgagees under recorded mortgage instruments, may raise affirmative defenses to such foreclosure action, which although such affirmative defenses would likely be proven to be without merit, could result in delays in completing the foreclosure action. In addition, the District is required under the Indentures to fund the costs of such foreclosure. It is possible that the District will not have sufficient funds and will be compelled to request the holders of the Series 2026 Bonds/Notes to allow funds on deposit under the Indentures to be used to pay the costs of the foreclosure action. Under the Code, there are limitations on

the amounts of Series 2026 Bond/Note proceeds that can be used for such purpose.	See “THE DEVELOPMENT – Land Acquisition and Finance Plan” herein.

IRS Examination and Audit Risk
The Internal Revenue Service (the “IRS”) routinely examines bonds issued by state and local governments, including bonds issued by community development districts. The IRS conducted a lengthy examination of certain issues of bonds (for purposes of this paragraph, the “Audited Bonds”) issued by Village Center Community Development District (the “Village Center CDD”). During the course of the audit of the Audited Bonds, Village Center CDD received a ruling dated May 30, 2013, in the form of a non-precedential technical advice memorandum (“TAM”) concluding that Village Center CDD is not a political subdivision for purposes of Section 103(a) of the Code because Village Center CDD was organized and operated to perpetuate private control and avoid indefinite responsibility to an electorate, either directly or through another elected state or local government body. Such a conclusion could lead to the further conclusion that the interest on the Audited Bonds was not excludable from gross income of the owners of such bonds for federal income tax purposes. Village Center CDD received a second TAM dated June 17, 2015, which granted relief to Village Center CDD from retroactive application of the IRS’s conclusion regarding its failure to qualify as a political subdivision. Prior to the conclusion of the audits, the Audited Bonds were all refunded with taxable bonds. The audit of the Audited Bonds that were issued for utility improvements were closed without change to the tax exempt status of those Audited Bonds on April 25, 2016, and the audit of the remainder of the Audited Bonds (which funded recreational amenity acquisitions from entities related to the principal landowner in the Village Center CDD) was closed on July 14, 2016, without the IRS making a final determination that the interest on the Audited Bonds in question was required to be included in gross income. However, the IRS letter to the Village Center CDD with respect to this second set of Audited Bonds noted that the IRS found that the Village Center CDD was not a “proper issuer of tax-exempt bonds” and that those Audited Bonds were private-activity bonds that did not fall in any of the categories that qualify for tax-exemption. Although the TAMs and the letters to the Village Center CDD from the IRS referred to above are addressed to, and binding only on, the IRS and Village Center CDD in connection with the Audited Bonds, they reflect the audit position of the IRS, and there can be no assurance that the IRS would not commence additional audits of bonds issued by other community development districts raising issues similar to the issues raised in the case of the Audited Bonds based on the analysis set forth in the first TAM or on the related concerns addressed in the July 14, 2016 letter to the Village Center CDD.
On February 23, 2016, the IRS published proposed regulations designed to provide prospective guidance with respect to potential private business control of issuers by providing a new definition of political subdivision for purposes of determining whether an entity is an appropriate issuer of bonds the interest on which is excluded from gross income for federal tax purposes. The proposed regulations require that a political subdivision (i) have the power to exercise at least one sovereign power, (ii) be formed and operated for a governmental purpose, and (iii) have a governing body controlled by or have significant uses of its funds or assets otherwise controlled by a government unit with all three sovereign powers or by an electorate that is not controlled by an unreasonably small number of unrelated electors. On October 4, 2017, the Treasury Department (“Treasury”) announced that it will withdraw the proposed regulations stating that, “while Treasury and the IRS continue to study the legal issues relating to political subdivisions, Treasury and the IRS currently believe that these proposed regulations should be withdrawn in their entirety. On October 20, 2017, a notice of withdrawal was published in the Federal Register. Treasury and the IRS may propose more targeted guidance in the future after further study of the relevant legal issues.

It has been reported that the IRS has closed audits of other community development districts in Florida with no change to such districts’ bonds’ tax-exempt status, but has advised such districts that such districts must have public electors within five years of the issuance of tax-exempt bonds or their bonds may

be determined to be taxable retroactive to the date of issuance. Pursuant to the Act, general elections are not held until the later of six years and there are 250 qualified electors in the district. The District, unlike Village Center CDD, was formed with the intent that it will contain a sufficient number of residents to allow for a transition to control by a general electorate. Currently, all members of the Board of the District were elected by the Developer and none were elected by qualified electors. The Developer will certify as to its expectations as to the timing of the transition of control of the Board of the District to qualified electors pursuant to the Act, and its expectations as to compliance with the Act by any members of the Board that they elect. Such certification by the Developer does not ensure that such certification shall be determinative of, or may influence the outcome of any audit by the IRS, or any appeal from such audit, that may result in an adverse ruling that the District is not a political subdivision for purposes of Section 103(a) of the Code. Further, there can be no assurance that an audit by the IRS of the Series 2026 Bonds/Notes will not be commenced. The District has no reason to believe that any such audit will be commenced, or that any such audit, if commenced, would result in a conclusion of noncompliance with any applicable state or federal law.
Owners of the Series 2026 Bonds/Notes are advised that, if the IRS does audit the Series 2026 Bonds/Notes, under its current procedures, at least during the early stages of an audit, the IRS will treat the District as the taxpayer, and the Owners of the Series 2026 Bonds/Notes may have limited rights to participate in those proceedings. The commencement of such an audit could adversely affect the market value and liquidity of the Series 2026 Bonds/Notes until the audit is concluded, regardless of the ultimate outcome. In addition, in the event of an adverse determination by the IRS with respect to the tax-exempt status of interest on the Series 2026 Bonds/Notes, it is unlikely the District will have available revenues to enable it to contest such determination or enter into a voluntary financial settlement with the IRS. Further, an adverse determination by the IRS with respect to the tax-exempt status of interest on the Series 2026 Bonds/Notes would adversely affect the availability of any secondary market for the Series 2026 Bonds/Notes. Should interest on the Series 2026 Bonds/Notes become includable in gross income for federal income tax purposes, not only will Owners of Series 2026 Bonds/Notes be required to pay income taxes on the interest received on such Series 2026 Bonds/Notes and related penalties, but because the interest rate on such Series 2026 Bonds/Notes will not be adequate to compensate Owners of the Series 2026 Bonds/Notes for the income taxes due on such interest, the value of the Series 2026 Bonds/Notes may decline.
THE INDENTURES DO NOT PROVIDE FOR ANY ADJUSTMENT IN THE INTEREST RATE ON THE SERIES 2026 BONDS/NOTES IN THE EVENT OF AN ADVERSE DETERMINATION BY THE IRS WITH RESPECT TO THE TAX-EXEMPT STATUS OF INTEREST ON THE SERIES 2026 BONDS/NOTES. PROSPECTIVE PURCHASERS OF THE SERIES 2026 BONDS/NOTES SHOULD EVALUATE WHETHER THEY CAN OWN THE SERIES 2026 BONDS/NOTES IN THE EVENT THAT THE INTEREST ON THE SERIES 2026 BONDS/NOTES BECOMES TAXABLE AND/OR THE DISTRICT IS EVER DETERMINED TO NOT BE A POLITICAL SUBDIVISION FOR PURPOSES OF THE CODE AND/OR SECURITIES ACT (AS HEREINAFTER DEFINED).

Loss of Exemption from Securities Registration
In addition to a possible determination by the IRS that the District is not a political subdivision for purposes of the Code, and regardless of the IRS determination, it is possible that federal or state regulatory authorities could also determine that the District is not a political subdivision for purposes of the federal and state securities laws. Accordingly, the District and purchasers of Series 2026 Bonds/Notes may not be able to rely on the exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”), relating to securities issued by political subdivisions. In that event the Owners of the Series 2026 Bonds/Notes would need to ensure that subsequent transfers of the Series 2026 Bonds/Notes are made pursuant to a transaction that is not subject to the registration requirements of the Securities Act.

Federal Tax Reform
Various proposals are mentioned from time to time by members of the Congress of the United States of America and others concerning reform of the internal revenue (tax) laws of the United States. In addition, the IRS may, in the future, issue rulings that have the effect of changing the interpretation of existing tax laws. Certain of these proposals and interpretations, if implemented or upheld, could have the effect of diminishing the value of obligations of states and their political subdivisions, such as the Series 2026 Bonds/Notes, by eliminating or changing the tax-exempt status of interest on certain of such bonds. Whether any of such proposals will ultimately become or be upheld as law, and if so, the effect such proposals could have upon the value of bonds such as the Series 2026 Bonds/Notes, cannot be predicted. However, it is possible that any such law or interpretation could have a material and adverse effect upon the availability of a liquid secondary market and/or the value of the Series 2026 Bonds/Notes. See also “TAX MATTERS.”

Insufficient Resources or Other Factors Causing Failure to Complete Assessment Area One
There can be no assurance, in the event the District does not have sufficient moneys on hand to complete the Assessment Area One Project, that the District will be able to raise through the issuance of bonds, or otherwise, the moneys necessary to complete the Assessment Area One Project. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES – Additional
Obligations” for more information regarding the conditions for the District to issue additional Bonds or other debt obligations. Metropica Series C Venture, LLC will enter into a completion agreement with the District with respect to any unfinished portions of the Assessment Area One Project, if any, which are not funded with the proceeds of the applicable Series 2026 Bonds/Notes. The other Landowners are not entering into completion agreements because the installation of the infrastructure on and related to their respective parcels has been completed. The Landowners will execute and deliver to the District a collateral assignment agreement, pursuant to which the Landowners will collaterally assign to the District, to the extent assignable and to the extent that they are solely owned or controlled by the Landowners, development rights relating to the Assessment Area One Project. Notwithstanding such collateral assignment agreement, in the event the District forecloses on the lands subject to the Assessment Area One Special Assessments as a result of the Landowners’ or subsequent landowners’ failure to pay such assessments, there is a risk that the District or its designee will not have all permits and entitlements necessary to complete the development of Assessment Area One (excluding the development of the Assessment Area One – Phase One Area, which has already been completed). All such obligations of the Landowners are unsecured obligations. See “THE ASSESSMENT AREA ONE PROJECT” and “THE DEVELOPMENT” herein for more information.
Any developers, who have each agreed or agree in the future to purchase parcels within Assessment Area One (excluding the Assessment Area One – Phase One Area, which has already been completed) from the applicable Landowner, have, or will have, the right to terminate their respective contracts (if entered into) in the event that certain conditions are not met, including without limitation, the satisfactory completion of an inspection period and completion of development of the Assessment Area One Project and, in certain instances, the developer obtaining the necessary development permits and approvals. If their respective contracts are (i) not finalized or (ii) if they are finalized, but they do not each complete their purchase of their respective parcels and residential units or commercial/retail space is not built and sold to buyers or leased to lessees, the burden for payment of the Assessment Area One Special Assessments with respect to any unsold portions of Assessment Area One will lie solely with the Landowners and/or any subsequent landowner(s) in Assessment Area One, if and to the extent applicable. See “THE ASSESSMENT AREA ONE PROJECT” and “THE DEVELOPMENT – Parcel Sales within Assessment Area One” herein for more information.

State Tax Reform
It is impossible to predict what new proposals may be presented regarding ad valorem tax reform and/or community development districts during upcoming legislative sessions, whether such new proposals or any previous proposals regarding the same will be adopted by the Florida Senate and House of Representatives and signed by the Governor, and, if adopted, the form thereof. On October 31, 2014, the Auditor General of the State released a 31-page report which requests legislative action to establish parameters on the amount of bonds a community development district may issue and provide additional oversight for community development district bonds. This report renews requests made by the Auditor General in 2011 that led to the Governor of the State issuing an Executive Order on January 11, 2012 (the “Executive Order”) directing the Office of Policy and Budget in the Executive Office of the Governor (“OPB”) to examine the role of special districts in the State. As of the date hereof, the OPB has not made any recommendations pursuant to the Executive Order nor has the Florida legislature passed any related legislation. It is impossible to predict with certainty the impact that any future legislation will or may have on the security for the Series 2026 Bonds/Notes. It should be noted that Section 190.16(14) of the Act provides in pertinent part that “The state pledges to the holders of any bonds issued under the Act that it will not limit or alter the rights of the district to levy and collect the … assessments… and to fulfill the terms of any agreement made with the holders of such bonds … and that it will not impair the rights or remedies of such holders.”

Payment of Assessment Area One Special Assessments after Bank Foreclosure
In the event a bank forecloses on property within Assessment Area One because of a default on a mortgage on such property in favor of such bank and then the bank itself fails, the Federal Deposit Insurance Corporation (the “FDIC”), as receiver will then become the fee owner of such property. In such event, the FDIC will not, pursuant to its own rules and regulations, likely be liable to pay the Assessment Area One Special Assessments levied on such property. In addition, the District require the consent of the FDIC prior to commencing a foreclosure action.

Cybersecurity
The District relies on a technological environment to conduct its operations. The District, its agents and other third parties the District does business with or otherwise relies upon are subject to cyber threats including, but not limited to, hacking, viruses, malware and other attacks on computer and other sensitive digital networks and systems. Entities or individuals may attempt to gain unauthorized access to such parties’ digital systems for the purposes of misappropriating assets or information or causing operational disruption and damage. No assurances can be given that any such attack(s) will not materially impact the operations or finances of the District, which could impact the timely payment of debt service on the Series 2026 Bonds/Notes.

Pandemics and Other Public Health Emergencies
The COVID-19 pandemic severely impacted global financial markets, unemployment levels and commerce generally. It is possible that, in the future, the spread of epidemic or pandemic diseases and/or government health and public safety restrictions imposed in response thereto could adversely impact the District, the Developer, the Landowners, the timely and successful completion of the Development (excluding the development of the Assessment Area One – Phase One Area, which has already been completed) and the construction and sale to purchasers of residential units therein. Such impacts could include delays in obtaining development approvals, construction delays, supply chain delays, or increased

costs. See also “BONDOWNERS’ RISKS – Insufficient Resources or Other factors Causing Failure to Complete Assessment Area One” herein.

Prepayment and Redemption Risk
In addition to being subject to optional and mandatory sinking fund redemptions, the Series 2026 Bonds/Notes are subject to extraordinary mandatory redemption as a result of prepayments of the applicable Assessment Area One Special Assessments by owners of the property within the Development. Any such redemptions of the Series 2026 Bonds/Notes would be at the principal amount of such Series 2026 Bonds/Notes being redeemed plus accrued interest to the date of redemption. In such event, owners of the Series 2026 Bonds/Notes may not realize their anticipated rate of return on the Series 2026 Bonds/Notes and owners of any Premium Bonds/Notes (as defined herein) may receive less than the price they paid for the Series 2026 Bonds/Notes.  See “DESCRIPTION OF THE SERIES 2026 BONDS/NOTES –
Redemption Provisions” and “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES – Prepayment of Assessment Area One Special Assessments” herein for more information.
Pursuant to the Act, within thirty (30) days after the Assessment Area One Project has been completed or acquired by the District and the Board has adopted a resolution accepting the Assessment Area One Project pursuant to Chapter 170.09, Florida Statutes, any of the 239 condominium owners within One Metropica may prepay the entire balance of the Assessment Area One Special Assessments remaining due, without interest. To the extent any such prepayment without interest is made, it may result in a shortfall in the amount of Series 2026 Special Assessments available to pay debt service on the Series 2026 Bonds/Notes. In such event, the District may need to fund that shortfall from other available moneys or from amounts on deposit in the Series 2026 Reserve Account. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES – Prepayment of Assessment Area One Special Assessments” herein for more information.

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ESTIMATED SOURCES AND USES OF FUNDS
The table that follows summarizes the estimated sources and uses of proceeds of the Series 2026 Bonds/Notes:

Source of Funds	Series 2026 Bonds	Series 2026 Notes	
Par Amount of Series 2026 Bonds/Notes	$	$	
[Plus][Less][Net] Original Issue [Premium][Discount]	 		 		
Total Sources	$		$		
Use of Funds			
Deposit to Series 2026 Acquisition and Construction Account	$	$	
Deposit to Series 2026 BAN Acquisition and Construction
Account			
Deposit to Series 2026 Reserve Account			
Deposit to Series 2026 BAN Reserve Account			
Deposit to Series 2026 Capitalized Interest Account(1)			
Deposit to Series 2026 BAN Capitalized Interest Account(2)			
Costs of Issuance, including Underwriter’s Discount(3)	

Total Uses	$		$		

(1) Interest on the Series 2026 Bonds has been capitalized through at least November 1, 2026.
(2) Interest on the Series 2026 Notes has been capitalized through at least May 1, 2027.
(2) Costs of issuance includes, without limitation, legal fees and other costs associated with the issuance of the Series 2026 Bonds/Notes.

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DEBT SERVICE REQUIREMENTS
The following table sets forth the scheduled debt service on the Series 2026 Bonds/Notes:

Series 2026 Bonds	Series 2026 Notes	Total	
Period Ending November 1	Principal (Amortization)	
Interest	Principal
(Amortization)	
Interest	
Debt Service	
2026						
2027						
2028						
2029						
2030						
2031						
2032						
2033						
2034						
2035						
2036						
2037						
2038						
2039						
2040						
2041						
2042						
2043						
2044						
2045						
2046						
2047						
2048						
2049						
2050						
2051						
2052						
2053						
2054						
2055						
2056**						
TOTALS						

* The Series 2026 Notes mature on May 1, 20 .
**The Series 2026 Bonds mature on May 1, 20  .

THE DISTRICT
General Information
The District was established under the provisions of the Act by Ordinance No. 909-X-23-A enacted by the City Commission of the City of Sunrise, Florida, on March 28, 2023. The boundaries of the District include approximately 49.83+/- gross acres of land (the “District Lands”) located entirely within the City within the County.
Legal Powers and Authority
The District is an independent unit of local government created pursuant to, and established in accordance with, the Act. The Act was enacted in 1980 to provide a uniform method for the establishment of independent districts to manage and finance basic community development services, including capital infrastructure required for community developments throughout the State of Florida. The Act provides legal authority for community development districts (such as the District) to finance the acquisition, construction, operation and maintenance of the major infrastructure for community development pursuant to its general law charter. The District is classified as an independent district under Chapter 189, Florida Statutes.
Among other provisions, the Act gives the District’s Board of Supervisors the authority to, among other things, (a) plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate and maintain systems and facilities for, among other things: (i) water management and control for lands within the District and to connect any of such facilities with roads and bridges; (ii) water supply, sewer and waste-water management, reclamation and reuse systems or any combination thereof and to construct and operate connecting intercept or outlet sewers and sewer mains and pipes and water mains, conduits, or pipelines in, along, and under any street, alley, highway, or other public place or ways, and to dispose of any effluent, residue, or other byproducts of such system or sewer system; (iii) District roads equal to or exceeding the specifications of the county in which such District roads are located and street lights, landscaping, hardscaping and undergrounding of electric utility lines; and (iv) with the consent of the local general-purpose government within the jurisdiction of which the power is to be exercised, parks and facilities for indoor and outdoor recreational uses and security; (b) borrow money and issue bonds of the District; (c) impose and foreclose special assessments liens as provided in the Act; and (d) exercise all other powers, necessary, convenient, incidental or proper in connection with any of the powers or duties of the District stated in the Act.
The Act does not empower the District to adopt and enforce any land use plans or zoning ordinances and the Act does not empower the District to grant building permits; these functions are to be performed by general purpose local governments having jurisdiction over the lands within the District.
The Act exempts all property owned by the District from levy and sale by virtue of an execution and from judgment liens, but does not limit the right of the District to pursue any remedy for enforcement of any lien or pledge of the Series 2026 Pledge Revenues in connection with the Series 2026 Bonds/Notes.
Board of Supervisors
The governing body of the District is its Board of Supervisors (the “Board”), which is composed of five Supervisors (the “Supervisors”). The Act provides that, at the initial meeting of the landowners, Supervisors must be elected by the landowners with the two Supervisors receiving the highest number of votes to serve for four years and the remaining Supervisors to serve for a two-year term. Three of the five Supervisors are elected to the Board every two years in November. At such election the two Supervisors

receiving the highest number of votes are elected to four-year terms and the remaining Supervisor is elected to a two-year term. Until the later of six (6) years after the initial appointment of Supervisors or the year in which there are at least 250 qualified electors in the District, or such earlier time as the Board may decide to exercise its ad valorem taxing power, the Supervisors are elected by vote of the landowners of the District. Ownership of the land within the District entitles the owner to one vote per acre (with fractions thereof rounded upward to the nearest whole number and, for purposes of determining voting interests, platted lots shall be counted individually and rounded up to the nearest whole acre and shall not be aggregated for determining the number of voting units held). Upon the later of six (6) years after the initial appointment of Supervisors or the year in which there are at least 250 qualified electors in the District, the Supervisors whose terms are expiring will be elected (as their terms expire) by qualified electors of the District, except as described below. A qualified elector is a registered voter who is at least eighteen years of age, a resident of the District and the State of Florida and a citizen of the United States. At the election where Supervisors are first elected by qualified electors, two Supervisors must be qualified electors and be elected by qualified electors, both to four-year terms. Thereafter, as terms expire, all Supervisors must be qualified electors and are elected to serve four-year terms. If there is a vacancy on the Board, whether as a result of the resignation or removal of a Supervisor or because no elector qualifies for a seat to be filled in an election, the remaining Board members are to fill such vacancy for the unexpired term.
Notwithstanding the foregoing, if at any time the Board proposes to exercise its ad valorem taxing power, prior to the exercise of such power, it shall call an election at which all Supervisors shall be qualified electors and shall be elected by qualified electors in the District. Elections subsequent to such decision shall be held in a manner such that the Supervisors will serve four-year terms with staggered expiration dates in the manner set forth in the Act.
The Act provides that it shall not be an impermissible conflict of interest under Florida law governing public officials for a Supervisor to be a stockholder, officer or employee of a landowner or of any entity affiliated with a landowner.
The current members of the Board and the expiration of the term of each member are set forth
below:

Name	Title	Term Expires	
Bernard Werner*	Chairperson	November, 2029	
Joseph Kavana*	Vice-Chairperson	November, 2027	
Michel Besso*	Assistant Secretary	November, 2027	
Erick Collazo*	Assistant Secretary	November, 2029	
Diana Cordon*	Assistant Secretary	November, 2027	

* Employee of, or affiliated with, the Developer.

A majority of the members of the Board constitutes a quorum for the purposes of conducting its business and exercising its powers and for all other purposes. Action taken by the District shall be upon a vote of a majority of the members present unless general law or a rule of the District requires a greater number. All meetings of the Board are open to the public under Florida’s open meeting or “Sunshine” law.
The District Manager and Other Consultants
The chief administrative official of the District is the District Manager (as hereinafter defined). The Act provides that a district manager has charge and supervision of the works of the District and is responsible for preserving and maintaining any improvement or facility constructed or erected pursuant to

the provisions of the Act, for maintaining and operating the equipment owned by the District, and for performing such other duties as may be prescribed by the Board.
The District has retained Governmental Management Services – South Florida, LLC, Sunrise, Florida, to serve as its district manager (“District Manager”). The District Manager’s office is located at 5385 N. Nob Hill Road, Sunrise, Florida 33351.
The Act further authorizes the Board to hire such employees and agents as it deems necessary. Thus, the District has employed the services of Squire Patton Boggs (US) LLP, Miami, Florida, as Bond Counsel and Disclosure Counsel; Thomas Engineering Group, LLC, Fort Lauderdale, Florida, as District Engineer; and Billing Cochran, P.A., Fort Lauderdale, Florida, as District Counsel. The Board has also retained the District Manager to serve as Methodology Consultant and to prepare the Assessment Methodology and to serve as dissemination agent for the Series 2026 Bonds/Notes.
No Existing Indebtedness
The District has not previously issued any other bonds or indebtedness.

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THE ASSESSMENT AREA ONE PROJECT
Thomas Engineering Group, LLC (the “District Engineer”) prepared a report entitled Engineer’s Report, dated January 6, 2025, as supplemented by the First Supplemental Engineer’s Report (Assessment Area One – Phase One and Assessment Area One – Master Infrastructure Project) dated March 25, 2026, as may be further amended and supplemented from time to time (collectively, the “Engineer’s Report”). The Engineer’s Report sets forth certain public infrastructure improvements, including without limitation, water and sewer system, franchise utility improvements, stormwater management system, roadway and transportation improvements, landscaping improvements, park improvements, and all related soft and incidental costs. The District Engineer, in the Engineer’s Report, estimates that the public infrastructure and related soft costs associated with the Development totals $66,335,632, as more particularly described below (the “Capital Improvement Plan”).
Land development associated with the Development will occur in phases. The first phase of land development consists of approximately 26.31+/- gross acres of land within the District (“Assessment Area One”) that is planned to contain (i) six residential buildings (one completed 263 unit condominium building known as “One Metropica” and five additional planned residential rental buildings) containing an aggregate of 1,653 residential units, (ii) 200,000+/- square feet of office space in one office building, (iii) two hotels containing an aggregate of 480 rooms, (iv) up to 120,000+/- square feet of commercial/retail space which will be located on the lower floors of several residential and commercial/retail buildings and (v) 60,000+/-square feet of commercial/retail space to be located within five to six separate free standing buildings planned entirely for commercial/retail space. The remaining phases of the Development consist of approximately 23.52+/- gross acres of land within the District planned to contain multiple buildings, containing an aggregate of approximately 990 residential units and 755,000 square feet of office/commercial/retail space.
The 263 completed condominium units within One Metropica and the 5,024 square feet of ground floor commercial/retail space located within One Metropica are referred to herein as the “Assessment Area One – Phase One Area.” The portion of the Capital Improvement Plan associated with the development of the Assessment Area One – Phase One Area within Assessment Area One is referred to herein as the “Assessment Area One – Phase One Project.” The Series 2026 Bonds are being issued to finance all or a portion of the Assessment Area One – Phase One Project.
The remaining 25.87+/- unplatted gross acres of lands within Assessment Area One are referred to herein as the “Assessment Area One – Master Infrastructure Note Area.” The portion of the Capital Improvement Plan associated with the development of the Assessment Area One – Master Infrastructure Note Area is referred to herein as the “Assessment Area One – Master Infrastructure Project.” The Series 2026 Notes are being issued to finance all or a portion of the Assessment Area One – Master Infrastructure Project. The Assessment Area One – Phase One Project and the Assessment Area One – Master Infrastructure Project are collectively referred to herein as the “Assessment Area One Project.”

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The District Engineer, in the Engineer’s Report, estimates the total cost of the Assessment Area One Project, to be approximately $15,125,399, as more particularly described below.

Assessment Area One Project	Phase One	Master Infrastructure	Total	
Stormwater Management System	$  791,440	$2,565,324	$ 8,744,250	
Water and Sewer Systems	491,994	4,353,068	5,435,817	
Roadways and Transportation Improvements	946,694	3,840,229	10,459,584	
Park Improvements	110,514	-	1,221,015	
Landscaping Improvements	381,415	1,524,760	4,258,275	
Franchise Utility Improvements		115,961		-	  1,281,200	
Total	$2,842,018	$12,283,381	$15,125,399	

Land development associated with Assessment Area One – Phase One Area was completed in June 2020 and consists of the One Metropica residential condominium building that contains 263 residential units and 5,024 square feet of ground floor commercial/retail space. Land development associated with the Assessment Area One – Master Infrastructure Note Area, which is Assessment Area One (excluding One Metropica), commenced in the first calendar quarter of 2026 and is expected to be completed by the end of the first calendar quarter of 2027. As of March 2026, the Developer has spent approximately $12 million toward land development costs associated with Assessment Area One. See “THE DEVELOPMENT – Development Plan / Status” for more information.
The net proceeds from the (i) Series 2026 Bonds will be approximately $2.84 million∗ and (ii) Series 2026 Notes will be approximately $11 million,* and such proceeds of the Series 2026 Bonds/Notes will be used by the District towards the funding and/or acquisition of the applicable portions of the Assessment Area One Project. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES – Series 2026 Acquisition and Construction Account” herein for more information. Metropica Series C Venture, LLC will enter into a completion agreement with the District with respect to any unfinished portions of the Assessment Area One Project, if any, which are not funded with the proceeds of the Series 2026 Bonds/Notes. The other Landowners are not entering into completion agreements because the installation of the infrastructure on and related to their respective parcels has been completed. See “BONDOWNERS’ RISKS – Insufficient Resources or Other Factors Causing Failure to Complete Assessment Area One” herein.
The District anticipates issuing one or more additional series of bonds, including but not limited to, the Take-Out Bonds, in the future to finance the remaining portion of the Capital Improvement Plan not financed by the proceeds of the Series 2026 Bonds/Notes. Such bonds will be secured by special assessments levied on lands which are separate and distinct from the Assessment Area One – Phase One Area. The District also anticipates issuing one or more additional series of bonds in the future to finance a parking facility. Such bonds will not be secured by special assessments levied on the lands within Assessment Area One. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026
BONDS/NOTES – Additional Obligations” herein for more information.
The District Engineer has indicated that all engineering permits necessary to construct the Assessment Area One Project that are set forth in the Engineer’s Report have been obtained or will be obtained in the ordinary course of business. In addition to the Engineer’s Report, please refer to “THE DEVELOPMENT – Zoning and Permitting” for a more detailed description of certain zoning and

∗ Preliminary, subject to change.

development approvals relating to the Development. See “APPENDIX C – ENGINEER’S REPORT” for more information regarding the above improvements.

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ASSESSMENT METHODOLOGY
General
The Master Assessment Methodology Report (Assessment Area One) dated January 6, 2025 (the “Master Assessment Methodology”), as supplemented by the Supplemental Assessment Methodology Report (Assessment Area One – Phase One Project) and the Supplemental Assessment Methodology Report (Assessment Area One – Master Infrastructure Project), each to be dated the sale date of the Series 2026 Bonds/Notes (collectively, the “Supplemental Methodology” and collectively with the Master Assessment Methodology, the “Assessment Methodology”) describes the methodology for allocation of the Assessment Area One Special Assessments to lands within Assessment Area One, and has been prepared by Governmental Management Services – South Florida, LLC (the “Methodology Consultant”). See “EXPERTS” herein for more information. The Assessment Methodology is included herein as APPENDIX
D. Once the final terms of the Series 2026 Bonds/Notes are determined, the Supplemental Methodology will be amended to reflect such final terms.
Once levied and imposed, the Assessment Area One Special Assessments are a first lien on the land against which assessed until paid or barred by operation of law, co-equal with other taxes and assessments levied by the District and other units of government. See “ENFORCEMENT OF ASSESSMENT COLLECTIONS” herein.
Level of District Assessments
Series 2026 Bonds. As set forth in the Assessment Methodology, the Assessment Area One – Phase One Special Assessments will be at issuance levied on the Assessment Area One – Phase One Area, which consists of (i) 263 completed condominium units and (ii) the 5,024 square feet of ground floor commercial/retail space located in the completed condominium building within Assessment Area One on a per unit basis as set forth below. See “APPENDIX D – ASSESSMENT METHODOLOGY” herein.

Product Type		No. of
Units/Rooms/Sq.Ft.		Annual Assessment Area One – Phase
One Special Assessments Per Unit(1)/(2)		Series 2026 Bonds Par
Debt Per Unit(1)	
Residential Units		263		$[905.00]		$12,944.34	
Commercial/Retail		5,000		[2.81]		40.13	

(1) Preliminary, subject to change.
(2) This amount is grossed up to include early payment discounts and County collection fees, currently 6%.

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Series 2026 Notes. As set forth in the Assessment Methodology, the Series 2026 BAN Assessments will be at issuance levied on the Assessment Area One – Master Infrastructure Note Area, which consists of the remaining 25.87+/- unplatted gross acres of lands within Assessment Area One until such time as either (a) such land is platted, (b) a declaration of condominium is recorded on such lands or (c) parcels of such land are sold to a new landowner with specific development entitlements assigned to such parcels. Upon platting, recording of a declaration of condominium, or transfer of parcel and based on the planned uses for the parcels within Assessment Area One, the following table shows the Series 2026 BAN Assessments per unit levied on the lands within Assessment Area One – Master Infrastructure Note Area. See “APPENDIX D – ASSESSMENT METHODOLOGY” herein.

Product Type		No. of
Units/Rooms/Sq.Ft.		Annual Series 2026 BAN
Assessments Per Unit(1)/(2)		Series 2026 Notes Par
Debt Per Unit(1)	
Residential Units		1,390		$[905.00]		$4,736.47	
Hotels		480		[633.50]		3,315.53	
Office		200,000		[2.40]		12.55	
Commercial/Retail		175,000		[2.81]		14.68	

(1) Preliminary, subject to change.
(2) This amount is grossed up to include early payment discounts and County collection fees, currently 6%.
The District anticipates levying assessments to cover its operation and maintenance costs that will be approximately $0.50 per square foot annually; which amount is subject to change. In addition, residents within the completed condominium building currently pay homeowners/condominium association fees which are approximately $1,500 per residential unit monthly, which amount is subject to change. The land within Assessment Area One has been and is expected to continue to be subject to taxes and assessments imposed by taxing authorities other than the District. The total millage rate in the District for 2025 was approximately 20.4527 mills, which millage rate is subject to change. These taxes would be payable in addition to the Assessment Area One Special Assessments and any other assessments levied by the District. In addition, exclusive of voter approved millages levied for general obligation bonds, as to which no limit applies, the County and the School District of Broward County, Florida each levy ad valorem taxes upon the land in the District. The District has no control over the level of ad valorem taxes and/or special assessments levied by other taxing authorities. It is possible that in future years taxes levied by these other entities could be substantially higher than in the current year.
True-Up Mechanism
The Assessment Methodology sets forth a “true-up mechanism” which prevents any buildup of debt on properties that have not been platted, re-platted, assigned development entitlements or subjected to a declaration of condominium on land within Assessment Area One (“Unassigned Properties”). At the time Unassigned Properties becomes platted, subject to a declaration of condominium or sale of land with development entitlements or other means of identifying individual lots (“Assigned Properties”), the District will determine the amount of anticipated assessment revenue that remains on the Unassigned Properties, taking into account the proposed plat or site plan approval. If the total anticipated assessment revenue to be generated from the Assigned and Unassigned Properties is less than the required amount to pay maximum annual debt service on the Series 2026 Bonds/Notes, then a debt reduction payment by the landowner in the amount necessary to reduce the par amount of the outstanding Series 2026 Bonds/Notes plus accrued interest to a level that will be supported by the new maximum annual debt service will be required. This debt reduction payment would result in the extraordinary mandatory redemption of a portion of the Series 2026 Bonds/Notes. The Landowners are expected to enter into a True-up Agreement in connection with its obligations to pay true-up payments. All such obligations of the Landowners are unsecured obligations.

See “APPENDIX D – ASSESSMENT METHODOLOGY” herein for additional information regarding the “true-up mechanism”.

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The information appearing below under the captions “THE DEVELOPMENT” and “THE DEVELOPER” has been furnished by the Developer for inclusion in this Limited Offering Memorandum and, although believed to be reliable, such information has not been independently verified by Bond Counsel, Disclosure Counsel, the District or its counsel, or the Underwriter or its counsel, and no persons other than the Developer make any representation or warranty as to the accuracy or completeness of such information supplied by them. The following information is provided by the Developer as a means for the prospective bondholders to understand the anticipated development plan and risks associated with the Development. The Developer is not guaranteeing payment of the Series 2026 Bonds/Notes or the Assessment Area One Special Assessments.
THE DEVELOPMENT
General
The District Lands encompass approximately 49.83+/- gross acres of land located entirely within the City of Sunrise, Florida (the “City”) within Broward County, Florida (the “County”) and are being developed into a mixed-use community to be known as “Metropica” (the “Development”). The Development is bounded on the north by Red Snapper Road, on the east by Sawgrass Mills Circle, on the west by NW 136th Avenue, and on the south by Sunrise Boulevard.
The Development is bordered to the east by the Sawgrass Mills Mall and to the north by the Amerant Bank Arena, the home venue for the National Hockey League’s Florida Panthers. In 2024, the Florida Panthers and the County agreed to extend their lease on the arena that will keep the team in the City through 2043. The Sawgrass Mills Mall is a regional shopping center owned by Simon Property Group. The mall consists of 2.37 million square feet of retail space and is the eleventh largest mall in Florida, the largest shopping mall in Broward County, and the third largest shopping mall in the Southeastern United States. Sawgrass Mills Mall attracts approximately 25 million visitors per year. The Development is also in close proximity to Sawgrass International Corporate Park, which is one of the largest corporate parks in south Florida consisting of 612 acres. The Development is also surrounded by the following major South Florida transportation arteries: Sawgrass Expressway, Interstate 75, Interstate 595 and State Road 84. Downtown Fort Lauderdale, Florida and the Fort Lauderdale-Hollywood International Airport are located approximately 18 miles to the southeast of the Development. Set forth below is a map which depicts the location of the Development.

Set forth below are conceptual renderings of the Development.

Set forth below is a site plan of the Development outlining the three different Assessment Area.

The Development is planned to contain (i) 650,000 square feet of office space, (ii) 485,000 square feet of commercial/retail space, (iii) two hotels containing an aggregate of 480 rooms, and (iv) 2,643 residential units. Land development associated with the Development will occur in phases. The first phase of land development consists of approximately 26.31+/- gross acres of land within the District (“Assessment Area One”) that is planned to contain (i) six residential buildings (one completed 263 unit condominium building known as “One Metropica” and five additional planned residential rental buildings) containing an aggregate of 1,653 residential units, (ii) 200,000+/- square feet of office space in one office building, (iii) two hotels containing an aggregate of 480 rooms, (iv) up to 120,000+/- square feet of commercial/retail space which will be located on the lower floors of several residential and commercial/retail buildings and
(v) 60,000+/- square feet of commercial/retail space to be located within five to six separate free standing buildings planned entirely for commercial/retail space. The remaining phases of the Development consist of approximately 23.52+/- gross acres of land within the District planned to contain multiple buildings, containing an aggregate of approximately 990 residential units and 755,000 square feet of office/commercial/retail space.

The 263 completed condominium units within One Metropica and the 5,024 square feet of ground floor commercial/retail space located within One Metropica are referred to herein as the “Assessment Area One – Phase One Area.” The portion of the Capital Improvement Plan associated with the development of the Assessment Area One – Phase One Area within Assessment Area One is referred to herein as the “Assessment Area One – Phase One Project.” The Series 2026 Bonds are being issued to finance all or a portion of the Assessment Area One – Phase One Project.
The remaining 25.87+/- unplatted gross acres of lands within Assessment Area One are referred to herein as the “Assessment Area One – Master Infrastructure Note Area.” The portion of the Capital Improvement Plan associated with the development of the Assessment Area One – Master Infrastructure Note Area is referred to herein as the “Assessment Area One – Master Infrastructure Project.” The Series 2026 Notes are being issued to finance all or a portion of the Assessment Area One – Master Infrastructure Project. The Assessment Area One – Phase One Project and the Assessment Area One – Master Infrastructure Project are collectively referred to herein as the “Assessment Area One Project.”
The Assessment Area One – Phase One Special Assessments will be at issuance levied on the 263 completed condominium units (One Metropica) and the 5,024 square feet of ground floor commercial/retail space located in One Metropica (the “Assessment Area One – Phase One Area”). The Series 2026 BAN Assessments will be levied on the remaining 25.87+/- unplatted gross acres of lands within Assessment Area One (the “Assessment Area One – Master Infrastructure Note Area”) until such time as either (a) such land is platted, (b) a declaration of condominium is recorded on such lands or (c) parcels of such land are sold to a new landowner with specific development entitlements assigned to such parcels, as set forth in the Assessment Methodology attached hereto. See “APPENDIX D – ASSESSMENT METHODOLOGY” attached hereto and “– Taxes, Fees and Assessments” herein for more information.
Metropica Development, LLC, a Delaware limited liability company (the “Developer”) is the master developer of the Development. Metropica Series B Venture, LLC, a Delaware limited liability company, Metropica Residential I LLC, a Delaware limited liability company, Metropica Residential II LLC, a Delaware limited liability company, and Metropica Series C Venture, LLC, a Delaware limited liability company (collectively, the “Landowners”), are the landowners of the lands within Assessment Area One (other than the 239 residential units closed with homebuyers within One Metropica, the completed condominium building). The Landowners are special purpose entities that are indirectly wholly-owned subsidiaries of Metropica Lands, LLC, a Delaware limited liability company (“Metropica Lands”).
The Developer constructed and marketed the 263-unit condominium building within Assessment Area One that includes 5,024 square feet of ground floor commercial/retail space and plans to finance a portion of the costs of the installation of the infrastructure improvements associated with Assessment Area One with the proceeds of the Series 2026 Bonds/Notes. The Developer intends to market the remaining parcels in Assessment Area One to third-party developers/builders, who will construct the planned uses on each parcel. The remaining parcels within Assessment Area One are planned to contain (i) five additional planned residential rental buildings) containing an aggregate of 1,390 residential units, (ii) 200,000+/-square feet of office space in one office building, (iii) two hotels containing an aggregate of 480 rooms, (iv) up to 120,000+/- square feet of commercial/retail space which will be located on the lower floors of several residential and commercial/retail buildings and (v) 60,000+/- square feet of commercial/retail space to be located within five to six separate free standing buildings planned entirely for commercial/retail space.
As of March 2026, approximately 239 of the 263 residential units within One Metropica, the completed condominium building within Assessment Area One, have closed with buyers. The 5,024 square foot commercial/retail space on the ground floor of the completed condominium building within Assessment Area One, which is currently vacant, of which 4,990 square feet is expected to be sold to Poag

as part of the overall commercial/retail development by Poag within Assessment Area One. See “– Parcel Sales within Assessment Area One” and “THE DEVELOPER” herein for more information.
Metropica Series C Venture, LLC and Metropica Residential I, LLC, have signed a letter of intent and are currently negotiating to enter into a purchase and sale contract with Poag Shopping Centers, LLC, a Delaware limited liability company (“Poag”), for the sale of the commercial/retail portion of parcel A1, parcel A2, parcel B1, parcel B2, parcel A3 (planned to contain approximately 20,000 square feet), parcel A4.1 (planned to contain approximately 30,000 square feet), parcel A6.2 (planned to contain approximately 25,000 square feet), parcel A7.1 (planned to contain approximately 30,000 square feet) and other lands within Assessment Area One, planned to contain an aggregate of approximately 180,000 square feet of commercial/retail space within Assessment Area One. Metropica Series C Venture, LLC is currently marketing the other parcels on which residential units, office space and hotel rooms will be developed. See “– Development Plan / Status” for more information on the parcels within Assessment Area One. See “–Parcel Sales within Assessment Area One” and “BONDOWNERS’ RISKS – Insufficient Resources or Other Factors Causing Failure to Complete Assessment Area One” for more information on parcel sales within Assessment Area One.
Appraisal
An appraisal of the value of the land comprising Assessment Area One was conducted by Walter Duke + Partners, Inc. (the “Appraiser”) on April 17, 2025 (the “Appraisal Report”). The Appraisal Report determined the approximate values of Assessment Area One, excluding One Metropica, at different times in the development process to be as follows: (i) as of April 3, 2025, an “as is” value, $77 million, (ii) as of April 3, 2025, assuming horizontal land development is complete, $100 million and (iii) as of April 3, 2025, assuming completion of all vertical construction within Assessment Area One, $1.23 billion. The Appraisal Report was commissioned by the Developer. According to the County Property Appraiser, the combined market value of One Metropica is $136,875,420. See “APPENDIX G – APPRAISAL REPORT” herein for more information.
Neither the District, the Developer, nor the Underwriter make any representation as to the accuracy, completeness, assumptions, or information contained in the Appraisal Report. The assumptions or qualifications with respect to the Appraisal Report are contained therein. There can be no assurance that any such assumptions will be realized, and the District, the Developer, and the Underwriter make no representation as to the reasonableness of such assumptions.
The Appraiser has consented to the inclusion of the Appraisal Report in this Limited Offering Memorandum. Prospective investors in the Series 2026 Bonds/Notes should read the Appraisal Report in its entirety. The Appraisal Report was provided by the Appraiser to the District for informational purposes and may not be relied upon by third parties other than the recipient thereof.

The Appraisal Report sets forth the methodology used to determine the value of the landowners’ property in the District, but there can be no assurance that the Property Appraiser will use the same methodology to determine the assessed values of such lands. As noted above, the Appraisal Report makes certain assumptions and qualifications and there can be no assurance that any such assumptions will be realized. An appraisal is only an estimate of value, as of the specific date stated in the appraisal, and is subject to the assumptions and limiting conditions in the respective reports. As an opinion it is not a measure of realizable value and may not reflect the amount which would be realized if the property was sold.
The District and the Underwriter make no representation as to the accuracy of the Appraisal Report or the reasonableness of the assumptions contained therein.

Land Acquisition and Development Finance Plan
Land Acquisition
Subsidiaries of Metropica Lands, including the Landowners, acquired the lands within the Development on March 31, 1994, for an aggregate purchase price of approximately $4.8 million. There is currently a mortgage dated September 10, 2020, encumbering approximately 20+/- gross acres of land within Assessment Area One (other than the 263 residential units within One Metropica, the completed condominium building) (the “Mortgage”), in favor of Lisbon Investments LLC, a Delaware limited liability company (the “Lender”). The Lender is an entity affiliated with the Developer. The Mortgage secures a
$36,000,000 loan (the “Loan”), currently outstanding in the amount of $36,000,000 and maturing on such date on which the full principal and interest is paid on the note evidencing such Loan from proceeds from the sale of land secured by the Mortgage. The Loan bears interest at a fixed per annum rate of three percent (3%). The proceeds of the Loan were used for various purposes, including, but not limited to, refinancing prior indebtedness and financing land development, hard and soft costs within the Development.
[Which of the Landowners own the remaining 24 unsold units and 5,000 sq. ft. within One Metropica?]
Horizontal Land Development
The total land development costs associated with Assessment Area One are approximately $31.4 million. As of March 2026, the Developer has spent approximately $12 million toward land development costs associated with Assessment Area One. The net proceeds from the (i) Series 2026 Bonds will be approximately $2.84 million∗ and (ii) Series 2026 Notes will be approximately $11 million,* and such proceeds of the Series 2026 Bonds/Notes will be used by the District towards the funding and/or acquisition of the applicable portions of the Assessment Area One Project. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS/NOTES – Series 2026 Acquisition and Construction Account” herein for more information. Metropica Series C Venture, LLC will enter into a completion agreement with the District with respect to any unfinished portions of the Assessment Area One Project, if any, which are not funded with the proceeds of the Series 2026 Bonds/Notes. The other Landowners are not entering into completion agreements because the installation of the infrastructure on and related to their respective parcels has been completed. See “BONDOWNERS’ RISKS – Insufficient Resources or Other Factors Causing Failure to Complete Assessment Area One” herein.
Development Plan / Status
Assessment Area One consists of approximately 26.31+/- gross acres of land within the District that is planned to contain (i) six residential buildings (comprised of the One Metropica residential condominium building and five additional planned residential rental buildings) containing an aggregate of 1,653 residential units, (ii) 200,000+/- square feet of office space in one office building, (iii) two hotels containing an aggregate of 480 rooms, (iv) up to 120,000+/- square feet of commercial/retail space which will be located on the lower floors of several residential and commercial/retail buildings and (v) 60,000+/-square feet of commercial/retail space to be located within five to six separate free standing buildings planned entirely for commercial/retail space, as more particularly described below.
Land development associated with Assessment Area One – Phase One Area was completed in June 2020 and consists of the One Metropica residential condominium building that contains 263 residential units and 5,024 square feet of ground floor commercial/retail space. As of March 2026, approximately 239

∗ Preliminary, subject to change.

of the 263 residential units within One Metropica, the completed condominium building within Assessment Area One, have closed with buyers. The 5,024 square foot commercial/retail space on the ground floor of the completed condominium building within Assessment Area One, which is currently vacant, of which 4,990 square feet is expected to be sold to Poag as part of the overall commercial/retail development by Poag within Assessment Area One.
Land development associated with the Assessment Area One – Master Infrastructure Note Area, which is Assessment Area One (excluding One Metropica), commenced in the first calendar quarter of 2026 and is expected to be completed by the end of the first calendar quarter of 2027.
Vertical construction for each parcel within Assessment Area One will be completed in phases and based upon market demand. Set forth below is a table that depicts the planned uses and timing of vertical construction for each parcel within Assessment Area One.

Parcel		Buildable
Acres		Residential
Units		Hotel
Rooms		Commercial/Retail
Sq. Ft.		Office
Sq. Ft.		Vertical
Start		Vertical
Completion		Expected
Land Closing	
A1		1.63		-		240		20,000		200,000		2028		2030		2028	
A2		1.39		250		-		45,000		-		2029		2031		2029	
A3		1.93		275		-		20,000		-		2027		2029		2027	
A4.1		1.41		-		-		30,000		-		2027		2029		2027	
A4.2*		0.84		-		-		-		-		2028		2029		N/A	
A5		1.11		-		240		-		-		2027		2029		2027	
A6.1		1.68		325		-		-		-		2027		2029		2027	
A6.2		0.58		-		-		25,000		-		2027		2029		2027	
A7.1		1.64		-		-		30,000		-		2027		2029		2027	
A7.2/A8		2.15		340		-		-		-		2029		2031		2028	
B1		1.80		263		-		5,024		-		2018		2020		N/A	
B2		 1.69		  200		-		  4,976		-		2029		2031		2029	
Total		17.85		1,653		480		180,000**		200,000							
* Parcel A4.2 will be used as a non-residential parking structure.
** Total may not add due to rounding.

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Set forth below is a rendering of the parcels within Assessment Area One.

Parcel Sales within Assessment Area One
Metropica Series C Venture, LLC and Metropica Residential I, LLC, have signed a letter of intent and are currently negotiating to enter into contracts with Poag for the sale of the commercial/retail portions of parcel A1, parcel A2, parcel B1, parcel B2, parcel A3, parcel A4.1, parcel A6.2, parcel A7.1 and other lands within Assessment Area One, planned to contain an aggregate of approximately 180,000 square feet of commercial/retail space within Assessment Area One. The Developer estimates that the total consideration for the sale of all parcels within Assessment Area One, excluding the residential portion of the completed One Metropica residential condominium building, is approximately $90 million.

Set forth below is a table that depicts the anticipated sale price and par amount of Series 2026 Bonds/Notes assigned for each parcel within Assessment Area One.

Anticipated Sale Price			Par Amount – Series 2026	
Parcel	Office	Retail	Hotel	Residential	Total	Notes	Bonds	
A1	$10,000,000	$  2,000,000	$ 7,200,000	$	-	$ 19,200,000	$	$	-	
A2	-	4,500,000	-	8,750,000	13,250,000		-	
A3	-	2,000,000	-	9,625,000	11,625,000		-	
A4.1	-	3,000,000	-	-	3,000,000		-	
A5	-	-	7,200,000	-	7,200,000		-	
A6.1	-	-	-	11,375,000	11,375,000		-	
A6.2	-	2,500,000	-	-	2,500,000		-	
A7.1		3,000,000	-	-	3,000,000		-	
A7.2/A8	-	-	-	11,900,000	11,900,000		-	
B1*	-	499,000	-	136,875,420	137,374,420		3,145,000	
B2		-		47,600		-		7,000,000		7,497,600			-	
Total	$10,000,000	$17,996,600	$14,400,000	$185,525,420	$227,922,020	$13,255,000**	$3,145,000**	

* According to the County Property Appraiser, the combined market value of One Metropica is $136,875,420.
** Preliminary, subject to change.

Set forth below is a table that depicts the status of each parcel within Assessment Area One, excluding the completed One Metropica residential condominium building in parcel B1.

Parcel	Residential Units	Hotel Rooms	Commercial/Retail Sq. Ft.	Office Sq. Ft.	Status	
A1	-	240	20,000	200,000	LOI (Retail) Received
LOI (Office/Hotel) Projected 2027	
A2	250	-	45,000	-	LOI (Retail) Received
LOI (Residential) Projected 2027	
A3	275	-	20,000	-	LOI (Residential) Projected 2026 LOI (Retail) Received	
A4.1	-	-	30,000	-	LOI Received	
A5	-	240	-	-	LOI Projected 2026	
A6.1	325	-	-	-	LOI (Residential) Projected 2026	
A6.2	-	-	25,000	-	LOI Received	
A7.1	-	-	30,000	-	LOI Received	
A7.2/A8	340	-	-	-	LOI (Residential) Projected 2027	
B2	  200	-	  4,976	-	LOI Projected 2029	
Total	1,390	480	175,000*	200,000		

* Total may not add due to rounding.

Poag. Metropica Series C Venture, LLC and Metropica Residential I, LLC, have signed a letter of intent (the “Commercial/Retail LOI”) and are negotiating to enter into a purchase and sale agreement with Poag Shopping Centers, LLC, a Delaware limited liability company (“Poag”) for the sale of the commercial/retail portion of parcel A1, parcel A2, parcel B1, parcel B2, parcel A3, parcel A4.1, parcel A6.2, parcel A7.1 and the commercial/retail portion of other lands within Assessment Area One, planned to contain an aggregate of up to approximately 180,000 square feet of commercial/retail space within Assessment Area One, and is expected to be under contract in the second calendar quarter of 2026. The Commercial/Retail LOI provides for a purchase price of approximately $100 per square foot of commercial/retail space or up to $18,000,000 in the aggregate. Poag is expected to close on parcel A4.1,

and parcel A7.1 and 4,990 square feet of commercial/retail space contained within the completed condominium building (One Metropica) in the first calendar quarter of 2027 and the ground floor of other lands planned for commercial/retail space within Assessment Area One once vertical construction of such lands are completed.
Poag is a mixed-use developer that focuses on retail and experiential retail. Poag focuses on placemaking and experiential retail as the basis for value creation. Poag seeks to maximize opportunities with public/private partnerships and by creating environments authentically engaging people in their daily lives where they work, live and shop. Poag has developed over 20 vibrant lifestyle retail projects across the United States.
Remaining Parcels. The Landowners are in discussions with third-party developers/builders and marketing certain of the remaining parcels within Assessment Area One, including: (i) parcel A1 planned for 200,000 square feet of office space for a purchase price ranging from approximately $9,000,000 to
$10,000,000 in the aggregate and a hotel with up to 240 rooms with a purchase price ranging from approximately $6,000,000 to $7,200,000 in the aggregate, (ii) parcel A2 planned for 250 residential units with a purchase price ranging from $7,500,000 to $10,000,000 in the aggregate, (iii) parcel A5 planned for a hotel with 240 rooms for a purchase price ranging from $6,000,000 to $7,200,000 in the aggregate, (iv) parcel A3 planned for 275 residential units with a purchase price ranging from $8,000,000 to $11,000,000 in the aggregate, (v) parcel A6.1 planned for 325 residential units with a purchase price ranging from
$9,750,000 to $13,000,000 in the aggregate, and (vi) parcel A7.2/A8 planned for 340 residential units with a purchase price ranging from $10,200,000 to $13,600,000 in the aggregate.
There can be no assurance that the Landowners will enter into a purchase contract pursuant to the Commercial/Retail LOI discussed above or any other developer will satisfy their closing conditions or close on their respective contracts. See “BONDOWNERS’ RISKS – Insufficient Resources or Other Factors Causing Failure to Complete Assessment Area One” herein.
None of the entities listed herein are guaranteeing payment of the Series 2026 Bonds/Notes or the Assessment Area One Special Assessments. None of the entities listed herein have entered into any agreements in connection with the Series 2026 Bonds/Notes.

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Zoning and Permitting
The land within the District, including, without limitation, the land therein subject to the Assessment Area One Special Assessments, is zoned to allow for the contemplated residential uses described herein. The land within the Development is located within flood zone X (moderate-to-low flooding risk). Set forth below is a table that depicts the permits/approvals received and/or needed within the Development.

Permit Applications/Approvals	Department		Approval Status	
Master Plan	City		Approved	
Development Agreement	City		Approved	
Site Clearing & Grading Permit	City		Approved	
Demolition Permit	City		Approved	
Environmental Resource Permit (ERP)	South Florida Water Management District and Broward County Surface Water Management		Approved	
Florida Department of Environmental Protection for Water	Florida Department of Environmental Protection		Approved	
Broward County of Environmental Protection for Sewer	Florida Department of Environmental Protection		Approved	
Proposed water and sewer improvements	City of Sunrise Engineering Department		Approved	
Proposed City of Sunrise roadway improvements	City of Sunrise Engineering Department		Approved	
Proposed County roadway improvements	Broward County Highway Construction & Engineering		Approved	

All permits have been received by jurisdictional agencies to allow for the development contemplated herein or are reasonably expected to be received in the ordinary course.
Environmental
A Phase I Environmental Site Assessment was prepared by Vertical V – Southeast, Inc., dated December 10, 2013 (the “ESA”), covering the land in the Development. The ESA revealed no recognized environmental conditions in connection with the Development. See “BONDOWNERS’ RISK – Regulatory and Environmental Risks” herein for more information regarding potential environmental risks.
Utilities
Potable water, wastewater treatment and reclaimed wastewater (reuse services) for the Development are expected to be provided by the City. Electric power is expected to be provided by Florida, Power & Light. Cable television and broadband cable services are expected to be provided by Hotwire Communications. All utility services are available to the property.

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Taxes, Fees and Assessments
Series 2026 Bonds. As set forth in the Assessment Methodology, the Assessment Area One – Phase One Special Assessments will be at issuance levied on the Assessment Area One – Phase One Area, which consists of (i) 263 completed condominium units and (ii) the 5,024 square feet of ground floor commercial/retail space located in the completed condominium building within Assessment Area One on a per unit basis as set forth below. See “APPENDIX D – ASSESSMENT METHODOLOGY” herein.

Product Type		No. of
Units/Rooms/Sq.Ft.		Annual Assessment Area One – Phase
One Special Assessments Per Unit(1)/(2)		Series 2026 Bonds Par
Debt Per Unit(1)	
Residential Units		263		$[905.00]		$12,944.34	
Commercial/Retail		5,000		[2.81]		40.13	

(1) Preliminary, subject to change.
(2) This amount is grossed up to include early payment discounts and County collection fees, currently 6%.
Series 2026 Notes. As set forth in the Assessment Methodology, the Series 2026 BAN Assessments will be at issuance levied on the Assessment Area One – Master Infrastructure Note Area, which consists of the remaining 25.87+/- unplatted gross acres of lands within Assessment Area One until such time as either (a) such land is platted, (b) a declaration of condominium is recorded on such lands or (c) parcels of such land are sold to a new landowner with specific development entitlements assigned to such parcels. Upon platting, recording of a declaration of condominium, or transfer of parcel and based on the planned uses for the parcels within Assessment Area One, the following table shows the Series 2026 BAN Assessments per unit levied on the lands within Assessment Area One – Master Infrastructure Note Area. See “APPENDIX D – ASSESSMENT METHODOLOGY” herein.

Product Type		No. of
Units/Rooms/Sq.Ft.		Annual Series 2026 BAN
Assessments Per Unit(1)/(2)		Series 2026 Notes Par
Debt Per Unit(1)	
Residential Units		1,390		$[905.00]		$4,736.47	
Hotels		480		[633.50]		3,315.53	
Office		200,000		[2.40]		12.55	
Commercial/Retail		175,000		[2.81]		14.68	

(1) Preliminary, subject to change.
(2) This amount is grossed up to include early payment discounts and County collection fees, currently 6%.

The District anticipates levying assessments to cover its operation and maintenance costs that will be approximately $0.50 per square foot annually; which amount is subject to change. In addition, residents within the completed condominium building currently pay homeowners/condominium association fees which are approximately $1,500 per residential unit monthly, which amount is subject to change. The land within Assessment Area One has been and is expected to continue to be subject to taxes and assessments imposed by taxing authorities other than the District. The total millage rate in the District for 2025 was approximately 20.4527 mills, which millage rate is subject to change. These taxes would be payable in addition to the Assessment Area One Special Assessments and any other assessments levied by the District. In addition, exclusive of voter approved millages levied for general obligation bonds, as to which no limit applies, the County and the School District of Broward County, Florida each levy ad valorem taxes upon the land in the District. The District has no control over the level of ad valorem taxes and/or special assessments levied by other taxing authorities. It is possible that in future years taxes levied by these other entities could be substantially higher than in the current year.

Education
Students in elementary school are expected to attend Sawgrass Elementary School, which was rated “A” by the Florida Department of Education for 2025. Students in middle school are expected to attend Bair Middle School, which was rated “C” by the Florida Department of Education for 2025. Students in high school are expected to attend Plantation High School, which was rated “B” by the Florida Department of Education for 2025.
Competition
While there are residential communities surrounding the Development, there are no mixed-use communities in the vicinity of the Development that would be competitive with the Development. However, the following residential rental communities have been identified by the Developer as being competitive with the Development, because of their proximity to the Development, price ranges and product types. Those communities include 10X at Sawgrass, Portico Apartments and The Retreat at Sawgrass.
The information under this heading does not purport to list all of the existing or planned communities in the area of, or that may be competitive with, the Development, but rather provide a list of those that the Developer feels pose primary competition to the Development.
THE DEVELOPER
Metropica Development, LLC, a Delaware limited liability company (the “Developer”) is the master developer of the Development. Metropica Series B Venture, LLC, a Delaware limited liability company, Metropica Residential I LLC, a Delaware limited liability company, Metropica Residential II LLC, a Delaware limited liability company, and Metropica Series C Venture, LLC, a Delaware limited liability company (collectively, the “Landowners”), are the landowners of the lands within Assessment Area One (other than the 239 residential units closed with homebuyers within One Metropica, the completed condominium building). The Landowners are special purpose entities that are indirectly wholly owned subsidiaries of Metropica Lands, LLC, a Delaware limited liability company (“Metropica Lands”).
Joseph Kavana is the owner/manager of the Developer and 50% owner of Metropica Lands. Mr. Kavana is also Chairman and Chief Executive officer of K Group Holdings, Inc., a Florida corporation and holding company with various real estate development and investment interests that also participates as a venture capital investor in media/communications, and internet technology start-ups.
As an active developer and investor in the real estate industry for more than 30 years, Mr. Kavana’s experience spans different asset classes; land development, commercial/retail, multi-family, and industrial. Mr. Kavana founded Sagaz Industries, Inc. in 1980, a company which had manufacturing operations throughout the United States, Canada, Argentina, Mexico, and Italy. In 2000, the United States entity and its international subsidiaries were sold to Pennzoil Quaker-State, which is currently owner by the Shell Oil Company. In the 1980s, Mr. Kavana was involved in land development deals including Jacaranda West (Plantation, Florida) and Chapel Trail (Pembroke Pines, Florida), which represented over 400 acres of land. Mr. Kavana is also involved in several other international real estate development projects including YOO on the Park in Atlanta, Georgia, YOO Punta del Este in Uruguay and YOO Nordelta in Buenos Aires, Argentina. In the early 1990’s, Mr. Kavana was one of the managing partners of Equinvest Marymont Ltd., a multi-family entity that, together with the Ibex Group – representing interests of the Bacardi family, acquired over 2,500 multifamily units in San Antonio, Texas. Mr. Kavana has also bought and sold several industrial buildings.

Born in Uruguay in 1949, Mr. Kavana has lived permanently in Miami, Florida since 1980. He studied Medicine at Montevideo’s School of Medicine. He was a member of the Board of Directors of the Greater Miami Jewish Federation and has served in its Executive Committee as Secretary. He has also been a member of the Investment Committee for the Foundation of Jewish Philanthropies.
Neither the Developer nor any of the other entities listed above are guaranteeing payment of the Series 2026 Bonds/Notes or the Assessment Area One Special Assessments. None of the entities listed herein, other than the Developer, has entered into any agreements in connection with the issuance of the Series 2026 Bonds/Notes.
TAX MATTERS
General
In the opinion of Squire Patton Boggs (US) LLP, Bond Counsel, under existing law: (i) interest on the Series 2026 Bonds/Notes is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals; and (ii) the Series 2026 Bonds/Notes and the income thereon are exempt from taxation under the laws of the State of Florida, except estate taxes imposed by Chapter 198, Florida Statutes, as amended, and net income and franchise taxes imposed by Chapter 220, Florida Statutes, as amended. Bond Counsel expresses no opinion as to any other tax consequences regarding the Series 2026 Bonds/Notes.
The opinion on federal tax matters will be based on and will assume the accuracy of certain representations and certifications, and continuing compliance with certain covenants, of the District contained in the transcript of proceedings and that are intended to evidence and assure the foregoing, including that the Series 2026 Bonds/Notes are and will remain obligations the interest on which is excluded from gross income for federal income tax purposes. Bond Counsel will not independently verify the accuracy of the District’s representations and certifications or the continuing compliance with the District’s covenants.
The opinion of Bond Counsel is based on current legal authority and covers certain matters not directly addressed by such authority. It represents Bond Counsel’s legal judgment as to exclusion of interest on the Series 2026 Bonds/Notes from gross income for federal income tax purposes but is not a guaranty of that conclusion. The opinion is not binding on the Internal Revenue Service (the “IRS”) or any court. Bond Counsel expresses no opinion about (i) the effect of future changes in the Code and the applicable regulations under the Code or (ii) the interpretation and the enforcement of the Code or those regulations by the IRS.
The Code prescribes a number of qualifications and conditions for the interest on state and local government obligations to be and to remain excluded from gross income for federal income tax purposes, some of which require future or continued compliance after issuance of the obligations. Noncompliance with these requirements by the District may cause loss of such status and result in the interest on the Series 2026 Bonds/Notes being included in gross income for federal income tax purposes retroactively to the date of issuance of the Series 2026 Bonds/Notes. The District has covenanted to take the actions required of it for the interest on the Series 2026 Bonds/Notes to be and to remain excluded from gross income for federal income tax purposes, and not to take any actions that would adversely affect that exclusion. After the date of issuance of the Series 2026 Bonds/Notes, Bond Counsel will not undertake to determine (or to so inform any person) whether any actions taken or not taken, or any events occurring or not occurring, or any other matters coming to Bond Counsel’s attention, may adversely affect the exclusion from gross income for

federal income tax purposes of interest on the Series 2026 Bonds/Notes or the market value of the Series 2026 Bonds/Notes.
Interest on the Series 2026 Bonds/Notes may be subject: (1) to a federal branch profits tax imposed on certain foreign corporations doing business in the United States; (2) to a federal tax imposed on excess net passive income of certain S corporations; and (3) to the alternative minimum tax imposed under Section 55(b) of the Code on “applicable corporations” (within the meaning of Section 59(k) of the Code). Under the Code, the exclusion of interest from gross income for federal income tax purposes may have certain adverse federal income tax consequences on items of income, deduction or credit for certain taxpayers, including financial institutions, certain insurance companies, recipients of Social Security and Railroad Retirement benefits, those that are deemed to incur or continue indebtedness to acquire or carry tax-exempt obligations, and individuals otherwise eligible for the earned income tax credit. The applicability and extent of these and other tax consequences will depend upon the particular tax status or other tax items of the owner of the Series 2026 Bonds/Notes. Bond Counsel will express no opinion regarding those consequences.
Payments of interest on tax-exempt obligations, including the Series 2026 Bonds/Notes, are generally subject to IRS Form 1099-INT information reporting requirements. If a Series 2026 Bond/Note owner is subject to backup withholding under those requirements, then payments of interest will also be subject to backup withholding. Those requirements do not affect the exclusion of such interest from gross income for federal income tax purposes.
Bond Counsel’s engagement with respect to the Series 2026 Bonds/Notes ends with the issuance of the Series 2026 Bonds/Notes, and, unless separately engaged, Bond Counsel is not obligated to defend the District or the owners of the Series 2026 Bonds/Notes regarding the tax status of interest thereon in the event of an audit examination by the IRS. The IRS has a program to audit tax-exempt obligations to determine whether the interest thereon is includible in gross income for federal income tax purposes. If the IRS does audit the Series 2026 Bonds/Notes, under current IRS procedures, the IRS will treat the District as the taxpayer and the beneficial owners of the Series 2026 Bonds/Notes will have only limited rights, if any, to obtain and participate in judicial review of such audit. Any action of the IRS, including but not limited to selection of the Series 2026 Bonds/Notes for audit, or the course or result of such audit, or an audit of other obligations presenting similar tax issues, may affect the market value of the Series 2026 Bonds/Notes.
Prospective purchasers of the Series 2026 Bonds/Notes upon their original issuance at prices other than the respective prices indicated on the inside cover of this Limited Offering Memorandum, and prospective purchasers of the Series 2026 Bonds/Notes at other than their original issuance, should consult their own tax advisors regarding other tax considerations such as the consequences of market discount, as to all of which Bond Counsel expresses no opinion.

Risk of Future Legislative Changes and/or Court Decisions
Legislation affecting tax-exempt obligations is regularly considered by the United States Congress and may also be considered by the State legislature. Court proceedings may also be filed, the outcome of which could modify the tax treatment of obligations such as the Series 2026 Bonds/Notes. There can be no assurance that legislation enacted or proposed, or actions by a court, after the date of issuance of the Series 2026 Bonds/Notes will not have an adverse effect on the tax status of interest or other income on the Series 2026 Bonds/Notes or the market value or marketability of the Series 2026 Bonds/Notes. These adverse effects could result, for example, from changes to federal or state income tax rates, changes in the structure of federal or state income taxes (including replacement with another type of

tax), or repeal (or reduction in the benefit) of the exclusion of interest on the Series 2026 Bonds/Notes from gross income for federal or state income tax purposes for all or certain taxpayers.
For example, federal tax legislation that was enacted on December 22, 2017 reduced corporate tax rates, modified individual tax rates, eliminated many deductions, repealed the corporate alternative minimum tax that was in effect at that time, and eliminated the tax-exempt advance refunding of tax-exempt Bonds/Notes and tax-advantaged bonds, among other things. Additionally, investors in the Series 2026 Bonds/Notes should be aware that future legislative actions might increase, reduce or otherwise change (including retroactively) the financial benefits and the treatment of all or a portion of the interest on the Series 2026 Bonds/Notes for federal income tax purposes for all or certain taxpayers. In all such events, the market value of the Series 2026 Bonds/Notes may be affected and the ability of holders to sell their Series 2026 Bonds/Notes in the secondary market may be reduced.
Investors should consult their own financial and tax advisors to analyze the importance of these
risks.

Original Issue Discount and Original Issue Premium
Certain of the Series 2026 Bonds/Notes (“Discount Bonds/Notes”) may be offered and sold to the public at an original issue discount (“OID”). OID is the excess of the stated redemption price at maturity (the principal amount) over the “issue price” of a Discount Bond. The issue price of a Discount Bond is the initial offering price to the public (other than to bond houses, brokers or similar persons acting in the capacity of underwriters or wholesalers) at which a substantial amount of the Discount Bonds/Notes of the same maturity is sold pursuant to that offering. For federal income tax purposes, OID accrues to the owner of a Discount Bond over the period to maturity based on the constant yield method, compounded semiannually (or over a shorter permitted compounding interval selected by the owner). The portion of OID that accrues during the period of ownership of a Discount Bond (i) is interest excluded from the owner’s gross income for federal income tax purposes to the same extent, and subject to the same considerations discussed above, as other interest on the Series 2026 Bonds/Notes, and (ii) is added to the owner’s tax basis for purposes of determining gain or loss on the maturity, redemption, sale or other disposition of that Discount Bond. A purchaser of a Discount Bond in the initial public offering at the issue price (described above) for that Discount Bond who holds that Discount Bond to maturity will realize no gain or loss upon the retirement of that Discount Bond.
Certain of the Series 2026 Bonds/Notes (“Premium Bonds/Notes”) may be offered and sold to the public at a price in excess of their stated redemption price at maturity (the principal amount). That excess constitutes bond premium. For federal income tax purposes, bond premium is amortized over the period to maturity of a Premium Bond, based on the yield to maturity of that Premium Bond (or, in the case of a Premium Bond callable prior to its stated maturity, the amortization period and yield may be required to be determined on the basis of an earlier call date that results in the lowest yield on that Premium Bond), compounded semiannually. No portion of that bond premium is deductible by the owner of a Premium Bond. For purposes of determining the owner’s gain or loss on the sale, redemption (including redemption at maturity) or other disposition of a Premium Bond, the owner’s tax basis in the Premium Bond is reduced by the amount of bond premium that is amortized during the period of ownership. As a result, an owner may realize taxable gain for federal income tax purposes from the sale or other disposition of a Premium Bond for an amount equal to or less than the amount paid by the owner for that Premium Bond. A purchaser of a Premium Bond in the initial public offering who holds that Premium Bond to maturity (or, in the case of a callable Premium Bond, to its earlier call date that results in the lowest yield on that Premium Bond) will realize no gain or loss upon the retirement of that Premium Bond.

Owners of Discount and Premium Bonds/Notes should consult their own tax advisors as to the determination for federal income tax purposes of the existence of OID or bond premium, the determination for federal income tax purposes of the amount of OID or bond premium properly accruable or amortizable in any period with respect to the Discount or Premium Bonds/Notes, other federal tax consequences in respect of OID and bond premium, and the treatment of OID and bond premium for purposes of state and local taxes on, or based on, income.
AGREEMENT BY THE STATE
Under the Act, the State of Florida pledges to the holders of any bonds issued thereunder, including the Series 2026 Bonds/Notes, that it will not limit or alter the rights of the District to own, acquire, construct, reconstruct, improve, maintain, operate or furnish the Assessment Area One Project subject to the Act or to levy and collect taxes, assessments, rentals, rates, fees, and other charges provided for in the Act and to fulfill the terms of any agreement made with the holders of such bonds and that it will not in any way impair the rights or remedies of such holders.
LEGALITY FOR INVESTMENT
The Act provides that the Series 2026 Bonds/Notes are legal investments for savings banks, banks, trust companies, insurance companies, executors, administrators, trustees, guardians, and other fiduciaries, and for any board, body, agency, instrumentality, county, municipality or other political subdivision of the State of Florida, and constitute securities which may be deposited by banks or trust companies as security for deposits of state, county, municipal or other public funds, or by insurance companies as required or voluntary statutory deposits.
SUITABILITY FOR INVESTMENT
In accordance with applicable provisions of Florida law, the Series 2026 Bonds/Notes may initially be sold by the District only to “accredited investors” within the meaning of Chapter 517, Florida Statutes, as amended, and the rules promulgated thereunder. The limitation of the initial offering to accredited investors does not denote restrictions on transfer in any secondary market for the Series 2026 Bonds/Notes. Investment in the Series 2026 Bonds/Notes poses certain economic risks. No dealer, broker, salesperson or other person has been authorized by the District or the Underwriter to give any information or make any representations, other than those contained in this Limited Offering Memorandum.
The Series 2026 Bonds/Notes will be issued in fully registered form, without coupons, in authorized denominations of $5,000 and any integral multiple thereof, provided, however, if any initial beneficial owner of Series 2026 Bonds/Notes does not purchase at least $100,000 of the Series 2026 Bonds/Notes at the time of initial delivery of the Series 2026 Bonds/Notes, such beneficial owner must execute and deliver to the District and the Underwriter on the date of delivery of the Series 2026 Bonds/Notes the investor letter in the form attached to the Indenture or otherwise establish to the satisfaction of the Underwriter that such beneficial owner is an “accredited investor,” as described in Rule 501(a) under Regulation D of the Securities Act of 1933, as amended.
ENFORCEABILITY OF REMEDIES
The remedies available to the Owners of the Series 2026 Bonds/Notes upon an Event of Default under the Indenture are in many respects dependent upon judicial actions which are often subject to discretion and delay. Under existing constitutional and statutory law and judicial decisions, including the federal bankruptcy code, the remedies specified by the Indenture and the Series 2026 Bonds/Notes may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the

delivery of the Series 2026 Bonds/Notes will be qualified as to the enforceability of the remedies provided in the various legal instruments, by limitations imposed by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors enacted before or after such delivery.
LITIGATION
The District
There is no litigation against the District of any nature now pending or, to the knowledge of the District threatened, seeking to restrain or enjoin the issuance, sale, execution or delivery of the Series 2026 Bonds/Notes, or in any way contesting or affecting (i) the validity of the Series 2026 Bonds/Notes or any proceedings of the District taken with respect to the issuance or sale thereof, (ii) the pledge or application of any moneys or security provided for the payment of the Series 2026 Bonds/Notes, (iii) the existence or powers of the District or (iv) the validity of the Assessment Proceedings.
The Developer
The Developer will represent that there is no litigation of any nature now pending or, to the knowledge of the Developer, threatened, which could reasonably be expected to have a material and adverse effect upon the completion of the Assessment Area One Project or the development of the District Lands, as described herein, materially and adversely affect the ability of the Developer to pay the Assessment Area One Special Assessments imposed against the land within Assessment Area One owned by the Developer or materially and adversely affect the ability of the Developer to perform its various obligations described in this Limited Offering Memorandum.
CONTINGENT FEES
The District has retained Bond Counsel, Disclosure Counsel, District Counsel, the District Engineer, the Methodology Consultant, the Underwriter (who has retained Underwriter’s counsel) and the Trustee (who has retained Trustee’s Counsel), with respect to the authorization, sale, execution and delivery of the Series 2026 Bonds/Notes. Except for the payment of fees to District Counsel, the District Engineer and the Methodology Consultant, the payment of fees of the other professionals is each contingent upon the issuance of the Series 2026 Bonds/Notes.
NO RATING
No application for a rating for the Series 2026 Bonds/Notes has been made to any rating agency, nor is there any reason to believe that an investment grade rating for the Series 2026 Bonds/Notes would have been obtained if application had been made.
EXPERTS
The Engineer’s Report included in APPENDIX C to this Limited Offering Memorandum has been prepared by Thomas Engineering Group, LLC, Fort Lauderdale, Florida, the District Engineer. APPENDIX C should be read in its entirety for complete information with respect to the subjects discussed therein. Governmental Management Services – South Florida, LLC, as Methodology Consultant, has prepared the Assessment Methodology set forth as APPENDIX D hereto. APPENDIX D should be read in its entirety for complete information with respect to the subjects discussed therein. As a condition to closing on the Series 2026 Bonds/Notes, both the District Engineer and the Methodology Consultant have consented to the inclusion of their reports in this Limited Offering Memorandum.

FINANCIAL INFORMATION
The District will covenant in the Disclosure Agreements (as defined below), the form of which is set forth in APPENDIX E hereto, to provide its annual audit to the Municipal Securities Rulemaking Board’s (“MSRB”) Electronic Municipal Markets Access repository (“EMMA”) as described in APPENDIX E. The audited financial statements of the District for the Fiscal Year ended September 30, 2024 are included herewith as “APPENDIX F: DISTRICT’S FINANCIAL STATEMENTS.” The consent of the District’s auditor for the use of the financial statements herein has not been sought as the District’s financial statements are publicly available documents.
Each community development district in Florida must have a separate website with certain information as set forth in Section 189.069, Florida Statutes, as amended. Under such statute, each district must post its proposed budget and final budget and a link to the auditor general’s website (and the district’s audit) on a district website or the website of the municipal or county government. The District currently has a website in place and is presently in compliance with the statutory guidelines required by Section 189.069, Florida Statutes, as amended.
DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS
Section 517.051, Florida Statutes, and the regulations promulgated thereunder requires that the District make a full and fair disclosure of any bonds or other debt obligations that it has issued or guaranteed and that are or have been in default as to principal or interest at any time after December 31, 1975 (including bonds or other debt obligations for which it has served only as a conduit issuer such as industrial development or private activity bonds issued on behalf of private business). The District has not previously issued any bonds or other debt obligations. Accordingly, the District is not and has never been in default as to principal or interest on its bonds or other debt obligations.
CONTINUING DISCLOSURE
The District, the Developer and the Landowners will enter into two separate Continuing Disclosure Agreements (collectively, the “Disclosure Agreements”), the proposed forms of which is set forth in APPENDIX E, for the benefit of the holders of the Series 2026 Bonds/Notes (including owners of beneficial interests in such Series 2026 Bonds/Notes), respectively, to provide certain financial information and operating data relating to the District, the Assessment Area One – Phase One Area and the Assessment Area One – Master Infrastructure Note Area, as applicable, by certain dates prescribed in the Disclosure Agreements (the “Reports”) through EMMA. In addition, certain listed events must be disclosed through EMMA within a prescribed time period. The specific nature of the information to be contained in the Reports is set forth in “APPENDIX E – PROPOSED FORMS OF CONTINUING DISCLOSURE
AGREEMENTS.” Under certain circumstances, the failure of the District, the Developer or the Landowners to comply with their respective obligations under the Disclosure Agreements constitutes an event of default thereunder. Such a default will not constitute an Event of Default under the Indenture, but such event of default under the Disclosure Agreements would allow the holders of the Series 2026 Bonds/Notes (including owners of beneficial interests in such Bonds/Notes), as applicable, to bring an action for specific performance.
The District has not previously entered into any continuing disclosure obligation in connection with Rule 15c2-12 of the Securities Exchange Act of 1934, as amended (the “Rule”). The District has appointed the District Manager to serve as the Dissemination Agent for the Series 2026 Bonds/Notes.
Also, pursuant to the Disclosure Agreements, the Developer and the Landowners have covenanted to provide certain financial information and operating data relating to Assessment Area One – Phase One

Area, Assessment Area One – Master Infrastructure Note Area, the Developer and the Landowners, as applicable, on a quarterly basis, upon the written request of the Dissemination Agent. See “APPENDIX E – PROPOSED FORMS OF CONTINUING DISCLOSURE AGREEMENTS.” Neither the Developer nor
the Landowners has previously entered into any continuing disclosure obligation in connection with the Rule.
UNDERWRITING
FMSbonds, Inc. (the “Underwriter”) has agreed, pursuant to a contract with the District, subject to certain conditions, to purchase the (i) Series 2026 Bonds from the District at a purchase price of
$	 (representing the par amount of the Series 2026 Bonds, [plus/less net original issue premium/discount of $	] and less an Underwriter’s discount of $	) and (ii) Series 2026 Notes from the District at a purchase price of $	(representing the par amount of the Series 2026 Notes, [plus/less net original issue premium/discount of $		] and less an Underwriter’s discount of

$	). The Underwriter’s obligations are subject to certain conditions precedent and the Underwriter will be obligated to purchase all of the Series 2026 Bonds/Notes if any are purchased.
The Underwriter intends to offer the Series 2026 Bonds/Notes to accredited investors at the offering prices set forth on the cover page of this Limited Offering Memorandum, which may subsequently change without prior notice. The Series 2026 Bonds/Notes may be offered and sold to certain dealers, banks and others at prices lower than the initial offering prices set forth on the cover page of this Limited Offering Memorandum, and such initial offering prices may be changed from time to time by the Underwriter.
VALIDATION
The Series 2026 Bonds/Notes to be issued pursuant to the Indenture were validated by final judgment of the Circuit Court of the Seventeenth Judicial Circuit of Florida in and for the County, rendered March 5, 2025. The period of time during which an appeal can be taken from such judgment expired on April 4, 2025, with no appeals being filed.
LEGAL MATTERS
Certain legal matters incident to the issuance of the Series 2026 Bonds/Notes and with respect to the tax-exempt status of the interest on the Series 2026 Bonds/Notes (see “TAX MATTERS” herein) are subject to the legal opinion of Squire Patton Boggs (US) LLP, Bond Counsel, whose opinion will be delivered at the time of issuance of the Series 2026 Bonds/Notes. Certain legal matters will be passed upon for the District by its counsel, Billing Cochran, P.A., Fort Lauderdale, Florida, and by Squire Patton Boggs (US) LLP, as Disclosure Counsel, for the Developer and the Landowners by their counsel, Sachs Sax Caplan, P.L., Boca Raton, Florida. Aponte & Associates Law Firm, PLLC, Orlando, Florida is serving as counsel to the Underwriter.
The proposed text of the legal opinion of Bond Counsel is set forth as APPENDIX B to this Limited Offering Memorandum. The actual legal opinion to be delivered may vary from the text of APPENDIX B, if necessary, to reflect facts and law on the date of delivery of the Series 2026 Bonds/Notes.
While Squire Patton Boggs (US) LLP, in its capacity as Bond Counsel has participated in the preparation of certain portions of this Limited Offering Memorandum, Bond Counsel has not been engaged by the District to confirm or verify, and except as may be set forth in the opinion of Bond Counsel delivered to the Underwriter, expresses and will express no opinion as to the accuracy, completeness or fairness of any statements in this Limited Offering Memorandum, or in any other reports, financial information offering or disclosure documents or other information pertaining to the District or the Series 2026

Bonds/Notes that may be prepared or made available by the District, the Underwriter or others to the Owners of the Series 2026 Bonds/Notes or other parties.
The legal opinions of Bond Counsel, Disclosure Counsel, counsel to the District, Underwriter’s counsel, and Developer’s counsel are based on existing law, which is subject to change. Such legal opinions are further based on factual representations made to Bond Counsel, Disclosure Counsel, the counsel to the District, Underwriter’s counsel, and Developer’s counsel as of the date thereof. Bond Counsel, Disclosure Counsel, counsel to the District, Underwriter’s counsel, and Developer’s counsel assume no duty to update or supplement their respective opinions to reflect any facts or circumstances, including changes in law, that may thereafter occur or become effective.
The legal opinions to be delivered concurrently with the delivery of the Series 2026 Bonds/Notes express the professional judgment of the attorneys rendering the opinions regarding the legal issues expressly addressed therein. By rendering a legal opinion, the opinion giver does not become an insurer or guarantor of the result indicated by that expression of professional judgment, of the transaction on which the opinion is rendered, or of the future performance of parties to the transaction, nor does the rendering of an opinion guarantee the outcome of any legal dispute that may arise out of the transaction.
MISCELLANEOUS
Any statements made in this Limited Offering Memorandum involving matters of opinion or estimates, whether or not expressly so stated, are set forth as such and not as representations of fact, and no representations are made that any of the estimates will be realized.
The references herein to the Series 2026 Bonds/Notes and other documents referred to herein are brief summaries of certain provisions thereof. Such summaries do not purport to be complete and reference is made to such documents for full and complete statements of such provisions.
This Limited Offering Memorandum is submitted in connection with the limited offering of the Series 2026 Bonds/Notes and may not be reproduced or used, as a whole or in part, for any purpose. This Limited Offering Memorandum is not to be construed as a contract with the purchaser or the Beneficial Owners of any of the Series 2026 Bonds/Notes.
AUTHORIZATION AND APPROVAL
The execution and delivery of this Limited Offering Memorandum has been duly authorized by the Board of the District.
METROPICA COMMUNITY DEVELOPMENT DISTRICT

By: 		 Chairperson, Board of Supervisors

APPENDIX A
PROPOSED FORMS OF INDENTURES

APPENDIX B
PROPOSED FORM OF OPINION OF BOND COUNSEL

APPENDIX C ENGINEER’S REPORT

APPENDIX D ASSESSMENT METHODOLOGY

APPENDIX E
PROPOSED FORMS OF CONTINUING DISCLOSURE AGREEMENTS

APPENDIX F
DISTRICT’S FINANCIAL STATEMENTS

APPENDIX G APPRAISAL REPORT

G-1

EXHIBIT C-1
FORM OF SERIES 2026 BONDS CONTINUING DISCLOSURE AGREEMENT

C-1-1

CONTINUING DISCLOSURE AGREEMENT

This  Continuing  Disclosure  Agreement  (this  “Disclosure  Agreement”)  dated
	, 2026 is executed and delivered by the Metropica Community Development District (the “Issuer” or the “District”), [Metropica Development, LLC, a Delaware limited liability company (the “Developer”), Metropica Series B Venture, LLC, a Delaware limited liability company, Metropica Residential II LLC, a Delaware limited liability company, and Metropica Series C Venture, LLC, a Delaware limited liability company][Confirm which own the remaining units/square footage in One Metropica] (collectively, the “Landowners”), and Governmental Management Services – South Florida, LLC, as dissemination agent (together with its successors and assigns, the “Dissemination Agent”) in connection with the Issuer’s Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project) (the “Bonds”). The Bonds are secured pursuant to a Master Trust Indenture dated as of 	 1, 2026 (the “Master Indenture”) and a First Supplemental Trust Indenture dated as of
	 1, 2026 (the “First Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), each entered into by and between the Issuer and U.S. Bank Trust Company, National Association, a national banking association duly organized and existing under the laws of the United States of America and having a designated corporate trust office initially in Fort Lauderdale, Florida as trustee (the “Trustee”). The Issuer, the Developer, the Landowners and the Dissemination Agent covenant and agree as follows:
Purpose of this Disclosure Agreement. This Disclosure Agreement is being executed and delivered by the Issuer, the Developer, the Landowners and the Dissemination Agent for the benefit of the Beneficial Owners (as defined herein) of the Bonds and to assist the Participating Underwriter (as defined herein) of the Bonds in complying with the Rule (as defined herein). The Issuer, the Developer and the Landowners have no reason to believe that this Disclosure Agreement does not satisfy the requirements of the Rule and the execution and delivery of this Disclosure Agreement is intended to comply with the Rule. To the extent it is later determined by a court of competent jurisdiction, a governmental regulatory agency, or an attorney specializing in federal securities law, that the Rule requires the Issuer or other Obligated Person to provide additional information, the Issuer and each Obligated Person agree to promptly provide such additional information.
The provisions of this Disclosure Agreement are supplemental and in addition to the provisions of the Indenture with respect to reports, filings and notifications provided for therein, and do not in any way relieve the Issuer, the Trustee or any other person of any covenant, agreement or obligation under the Indenture (or remove any of the benefits thereof) nor shall anything herein prohibit the Issuer, the Trustee or any other person from making any reports, filings or notifications required by the Indenture or any applicable law.
Definitions. Capitalized terms not otherwise defined in this Disclosure Agreement shall have the meaning assigned in the Rule or, to the extent not in conflict with the Rule, in the Indenture. The following capitalized terms as used in this Disclosure Agreement shall have the following meanings:

“Annual Filing Date” means the date set forth in Section 3(a) hereof by which the Annual Report is to be filed with each Repository.
“Annual Financial Information” means annual financial information as such term is used in paragraph (b)(5)(i)(A) of the Rule and specified in Section 4(a) of this Disclosure Agreement.
“Annual Report” shall mean any Annual Report provided by the Issuer pursuant to, and as described in, Sections 3 and 4 of this Disclosure Agreement.
“Assessment Area One – Phase One Area” shall have the meaning ascribed thereto in the Limited Offering Memorandum.
“Assessments” shall mean the non-ad valorem special assessments pledged to the payment of the Bonds pursuant to the Indenture.
“Audited Financial Statements” means the financial statements (if any) of the Issuer for the prior fiscal year, certified by an independent auditor as prepared in accordance with generally accepted accounting principles or otherwise, as such term is used in paragraph (b)(5)(i) of the Rule and specified in Section 4(a) of this Disclosure Agreement.
“Audited Financial Statements Filing Date” means the date set forth in Section 3(a) hereof by which the Audited Financial Statements are to be filed with each Repository if the same are not included as part of the Annual Report.
“Beneficial Owner” shall mean any person which, (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes.
“Business Day” means any day other than (a) a Saturday, Sunday or a day on which banks located in the city in which the designated corporate trust office of the Trustee is located are required or authorized by law or executive order to close for business, and (b) a day on which the New York Stock Exchange is closed.
“Disclosure Representative” shall mean (i) as to the Issuer, the District Manager or its designee, or such other person as the Issuer shall designate in writing to the Dissemination Agent from time to time as the person responsible for providing information to the Dissemination Agent; and (ii) as to each entity constituting an Obligated Person (other than the Issuer), the individuals executing this Disclosure Agreement on behalf of such entity or such person(s) as such entity shall designate in writing to the Dissemination Agent from time to time as the person(s) responsible for providing information to the Dissemination Agent.
“Dissemination Agent” shall mean the Issuer or an entity appointed by the Issuer to act in the capacity as Dissemination Agent hereunder, or any successor Dissemination Agent designated in writing by the Issuer pursuant to Section 9 hereof. Governmental Management Services – South Florida, LLC, has been designated as the initial Dissemination Agent hereunder.

“District Manager” shall mean Governmental Management Services – South Florida, LLC, and its successors and assigns.
“EMMA” means the Electronic Municipal Market Access system for municipal securities disclosures located at http://emma.msrb.org/.
“EMMA Compliant Format” shall mean a format for any document provided to the MSRB (as hereinafter defined) which is in an electronic format and is accompanied by identifying information, all as prescribed by the MSRB.
“Financial Obligation” means a (a) debt obligation, (b) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation, or (c) guarantee of an obligation or instrument described in either clause (a) or (b). Financial Obligation shall not include municipal securities as to which a final official statement has been provided to the MSRB consistent with the Rule.
“Fiscal Year” shall mean the period commencing on October 1 and ending on September 30 of the next succeeding year, or such other period of time provided by applicable law.
“Limited Offering Memorandum” shall mean the final Limited Offering Memorandum dated 	, 2026 relating to the Bonds.
“Listed Event” shall mean any of the events listed in Section 6(a) of this Disclosure Agreement.
“MSRB” means the Municipal Securities Rulemaking Board.
“Obligated Person(s)” shall mean, those person(s) who either generally or through an enterprise fund or account of such persons are committed by contract or other arrangement to support payment of all or a part of the obligations on such Bonds (other than providers of municipal bond insurance, letters of credit, or other liquidity facilities), which person(s) shall include the Issuer, and for the purposes of this Disclosure Agreement, the Landowners, and their affiliates, successors or assigns (excluding homebuyers who are end users), for so long as such Landowners or their affiliates, successors or assigns (excluding homebuyers who are end users) is the owner or optionee (or is responsible for developing, as the case may be) of lands responsible for payment of any portion of the Assessments on their respective parcels. The Developer shall be an Obligated Person until the Landowners, collectively, are no longer responsible for payment of any portion of the Assessments within Assessment Area One – Phase One Area.
“Participating Underwriter” shall mean FMSbonds, Inc.
“Repository” shall mean each entity authorized and approved by the SEC (as hereinafter defined) from time to time to act as a repository for purposes of complying with the Rule. The Repositories approved by the SEC may be found by visiting the SEC’s website at http://www.sec.gov/info/municipal/nrmsir.htm. As of the date hereof, the Repository recognized by the SEC for such purpose is the MSRB, which currently accepts continuing disclosure

submissions through its EMMA web portal. As used herein, “Repository” shall include the State Repository, if any.
“Rule” shall mean Rule 15c2-12(b)(5) adopted by the SEC under the Securities Exchange Act of 1934, as the same has and may be amended from time to time.
“SEC” means the Securities and Exchange Commission.
“Semi-Annual Filing Date” shall mean for the six-month period ending: (i) March 31, each May 1; and (iii) September 30, each November 1. The first Semi-Annual Filing Date shall be November 1, 2026.
“Semi-Annual Report” shall mean any Semi-Annual Report provided by the Developer, the Landowners and any other Obligated Person (other than the Issuer) pursuant to, and as described in, Section 5 of this Disclosure Agreement.
“State” shall mean the State of Florida.
“State Repository” shall mean any public or private repository or entity designated by the State as a state repository for the purposes of the Rule.
Provision of Annual Reports.
Subject to the following sentence, the Issuer shall provide the Annual Report to the Dissemination Agent no later than one hundred eighty (180) days after the close of the Issuer’s Fiscal Year (the “Annual Filing Date”), commencing with the Annual Report for the Fiscal Year ending September 30, 2026, with the initial Annual Filing Date being March 29, 2027. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross-reference other information as provided in Section 4 of this Disclosure Agreement; provided that the Audited Financial Statements of the Issuer may be submitted separately from the balance of the Annual Report, and may be submitted in accordance with State law, which currently requires such Audited Financial Statements to be provided up to, but no later than, nine (9) months after the close of the Issuer’s Fiscal Year (the “Audited Financial Statements Filing Date”). The initial Audited Financial Statements Filing Date shall be June 30, 2027, which shall include the Audited Financial Statements for Fiscal Year ending September 30, 2026 The Issuer shall file unaudited financial statements if Audited Financial Statements are not ready by the Audited Financial Statements Filing Date, to be followed up with the Audited Financial Statements when available. The Issuer shall, or shall cause the Dissemination Agent to, provide to the Repository the components of an Annual Report which satisfies the requirements of Section 4(a) of this Disclosure Agreement within thirty (30) days after same becomes available, but in no event later than the Annual Filing Date or Audited Financial Statements Filing Date, as applicable. If the Issuer’s Fiscal Year changes, the Issuer shall give notice of such change in the same manner as for a Listed Event under Section 6.
If on the fifteenth (15th) day prior to each Annual Filing Date or the Audited Financial Statements Filing Date, as applicable, the Dissemination Agent has not received a copy of the Annual Report or Audited Financial Statements, as applicable, the

Dissemination Agent shall contact the Disclosure Representative by telephone and in writing (which may be via email) to remind the Issuer of its undertaking to provide the Annual Report or Audited Financial Statements, as applicable, pursuant to Section 3(a). Upon such reminder, the Disclosure Representative shall either (i) provide the Dissemination Agent with an electronic copy of the Annual Report or the Audited Financial Statements, as applicable, in accordance with Section 3(a) above, or (ii) advise the Dissemination Agent in writing that the Issuer will not be able to file the Annual Report or Audited Financial Statements, as applicable, within the times required under this Disclosure Agreement, state the date by which the Annual Report or the Audited Financial Statements for such year, as applicable, will be provided and instruct the Dissemination Agent that a Listed Event as described in Section 6(a)(xvii) has occurred and to immediately send a notice to the Repository in substantially the form attached hereto as Exhibit A.
If the Dissemination Agent has not received an Annual Report by 12:00 noon on the first (1st) Business Day following the Annual Filing Date for the Annual Report or the Audited Financial Statements by 12:00 noon on the first (1st) Business Day following the Audited Financial Statements Filing Date for the Audited Financial Statements, then a Listed Event as described in Section 6(a)(xvii) shall have occurred and the Issuer irrevocable directs the Dissemination Agent to immediately send a notice to the Repository in substantially the form attached as Exhibit A.
The Dissemination Agent shall:
determine each year prior to the Annual Filing Date the name, address and filing requirements of the Repository; and
promptly upon fulfilling its obligations under Section 3(a) above, file a notice with the Issuer stating that the Annual Report or Audited Financial Statements, as applicable, has been provided pursuant to this Disclosure Agreement, stating the date(s) it was provided, and listing all Repositories with which it was filed.
All documents, reports, notices, statements, information and other materials provided to the MSRB under this Disclosure Agreement shall be provided in an EMMA Compliant Format.
Content of Annual Reports.
Each Annual Report shall contain or incorporate by reference Annual Financial Information with respect to the Issuer, including the following:
The amount of Assessments levied for the most recent prior Fiscal
Year.
The amount of Assessments collected from the property owners
during the most recent prior Fiscal Year.

If available, the amount of delinquencies greater than one hundred fifty (150) days, and, in the event that delinquencies amount to more than ten percent (10%) of the amounts of the Assessments due in any fiscal year, a list of delinquent property owners.
If available, the amount of tax certificates sold, if any, and the balance, if any, remaining for sale from the most recent Fiscal Year.
All fund balances in all Funds and Accounts for the Bonds. In addition, the Issuer shall provide any Bondholder with this information no more frequently than annually within thirty (30) days of the written request of the Bondholder.
The total amount of Bonds Outstanding.
The amount of principal and interest to be paid on the Bonds in the
current Fiscal Year.
The most recent Audited Financial Statements of the Issuer.
To the extent available, the certified tax roll for the current Fiscal
Year (certified in the prior Fiscal Year) that contains the folio numbers, the Assessments to be levied in the then current Fiscal Year (both debt assessments and operation and maintenance assessments broken out separately), the assessed value associated with each folio, and the total assessed value for all of the land within the District.
In the event of any amendment or waiver of a provision of this Disclosure Agreement, a description of such amendment or waiver shall be included in the next Annual Report, and in each case shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or, in the case of a change in accounting principles, or the presentation) of financial information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements: (i) notice of such change shall be given in the same manner as for a Listed Event under Section 6(b); and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.
To the extent any of the items set forth in subsections (i) through (vii) above are included in the Audited Financial Statements referred to in subsection (viii) above, they do not have to be separately set forth (unless Audited Financial Statements are being delivered more than 180 days after the close of the Issuer’s Fiscal Year pursuant to Section 3(a) hereof). Any or all of the items listed above may be incorporated by reference from other documents, including limited offering memorandums and official statements of debt issues of the Issuer or related public entities, which have been submitted to the MSRB or the SEC. If the document incorporated by reference is a final limited offering memorandum or official statement, it must be available from the MSRB. The Issuer shall clearly identify each such other document so incorporated by reference.

Any Annual Financial Information containing modified operating data or financial information is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided.
The Developer and the Landowners agree to assist the Issuer and the Dissemination Agent in providing the information necessary to prepare the Annual Report and the applicable Semi-Annual Reports described below. If one of the Landowners transfer the lands within the District to an entity which will in turn own or have the option to acquire any portion of the lands within Assessment Area One – Phase One Area as determined at the time of delivery of the Bonds, which lands are responsible for the payment of any portion of the Assessments, such Landowner agrees to assign and retain, if applicable, its respective obligations set forth herein to its successor in interest. The Developer will be considered an Obligated Person until the Landowners, collectively, are no longer responsible for payment of any portion of the Assessments within Assessment Area One – Phase One Area.
Semi-Annual Reports.
Each Obligated Person (other than the Issuer) shall provide an electronic copy of the Semi-Annual Report to the Dissemination Agent no later than fifteen (15) days prior to each Semi-Annual Filing Date, commencing with the six-month period ending September 30, 2026. Promptly upon receipt of an electronic copy of the Semi-Annual Report, but in any event within ten (10) days after receipt thereof, the Dissemination Agent shall provide a Semi-Annual Report to the Repository. At such time as the Developer or the Landowners (or its successors or assigns) is no longer an Obligated Person, the Developer or the Landowners (or its successors or assigns) will no longer be obligated to prepare the Semi-Annual Reports as it relates to the District.
Each Semi-Annual Report shall contain an update of the following information for each Obligated Person with respect to Assessment Area One – Phase One Area only, to the extent available:
The number of units/square feet planned.
Unit/Square Feet Ownership Information
The number of units/square feet owned by the Developer.
The number of units owned by homebuyers or square feet owned

by builders.

Units/Square Feet Status Information
The number of units/square feet developed.
The number of units/square feet platted. Units/Square Feet Sales Status Information

The number of units/square feet under contract for sale by the Developer (but not closed) with homebuyers/builders, during the quarter.
The number of units/square feet sold by the Developer (and closed) with homebuyers/builders, during the quarter.
The number of units/square feet sold by the Developer (and closed) with homebuyers/builders (cumulative).
Materially adverse changes to (a) builder contracts, if applicable,
(b) the number of units planned to be developed, (c) permits/approvals, or (d) the Obligated Person, including, but not limited to, changes in financial status, ownership and corporate structure.
The occurrence of any new or modified mortgage debt on the land owned by the Obligated Person in the Assessment Area One – Phase One Area, including the amount, interest rate and terms of repayment.
Any sale, assignment or transfer of ownership of lands by the Obligated Person in the Assessment Area One – Phase One Area to a third party.
If an Obligated Person sells, assigns or otherwise transfers ownership of real property within in the Assessment Area One – Phase One Area (a “Transferor Obligated Person”) to a third party (excluding homebuyers) (a “Transferee”), which will in turn be an Obligated Person for purposes of this Disclosure Agreement as a result thereof (a “Transfer”), the Transferor Obligated Person hereby agrees to use its best efforts to contractually obligate such Transferee to agree to comply with the disclosure obligations of an Obligated Person hereunder for so long as such Transferee is an Obligated Person hereunder, to the same extent as if such Transferee were a party to this Disclosure Agreement (an “Assignment”). The Transferor Obligated Person shall notify the District and the Dissemination Agent in writing of any Transfer within five (5) Business Days of the occurrence thereof. Nothing herein shall be construed to relieve the Developer and the Landowners from their obligations hereunder except to the extent a written Assignment from a Transferee is obtained and delivered to the Dissemination Agent and then only to the extent of such Assignment.
If the Dissemination Agent has not received a Semi-Annual Report from each Obligated Person that contains, at a minimum, the information in Section 5(b) of this Disclosure Agreement by 12:00 noon on the first (1st) Business Day following each Semi-Annual Filing Date, a Listed Event described in Section 6(a)(xvii) shall have occurred and the District and each Obligated Person hereby direct the Dissemination Agent to send a notice to the Repository in substantially the form attached as Exhibit A, with a copy to the District. The Dissemination Agent shall file such notice no later than thirty (30) days following the applicable Semi-Annual Filing Date.
Reporting of Listed Events.
This Section 6 shall govern the giving of notices by the Issuer of the occurrence of any of the following Listed Events with respect to the Bonds:

financial difficulties; difficulties;
perform;

Principal and interest payment delinquencies;
Non-payment related defaults, if material;
Unscheduled draws on the Debt Service Reserve Fund reflecting

Unscheduled draws on credit enhancements reflecting financial

Substitution of credit or liquidity providers, or their failure to

Adverse tax opinions, the issuance by the Internal Revenue Service

of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the Bonds, or other material events affecting the tax status of the Bonds;
Modifications to rights of Bond holders, if material;
Bond calls, if material, and tender offers;
Defeasances;
Release, substitution, or sale of property securing repayment of the
Bonds, if material;
Rating changes;
Bankruptcy, insolvency, receivership or similar event of the Issuer
or any other Obligated Person (which is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the Issuer or any other Obligated Person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Issuer or any other Obligated Person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Issuer or any other Obligated Person);
Consummation of a merger, consolidation, or acquisition involving the Issuer or any other Obligated Person or the sale of all or substantially all of the assets of the Issuer or any other Obligated Person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material;

Appointment of a successor or additional trustee or the change of name of the Trustee, if material; and
The incurrence of a Financial Obligation of the Obligated Person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the Obligated Person, any of which affect Bond holders, if material.
Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of the Obligated Person, any of which reflect financial difficulties.
Failure to provide (A) any Annual Report or Audited Financial Statements as required under this Disclosure Agreement that contains, in all material respects, the information required to be included therein under Section 4(a) of this Disclosure Agreement, or (B) any Semi-Annual Report that contains, in all material respects, the information required to be included therein under Section 5(b) of this Disclosure Agreement, which failure shall, in all cases, be deemed material under federal securities laws.
The Issuer shall give, or cause to be given, notice of the occurrence of any of the above subsection (a) Listed Events to the Dissemination Agent in writing in sufficient time in order to allow the Dissemination Agent to file notice of the occurrence of such Listed Event in a timely manner not in excess of ten (10) Business Days after its occurrence, with the exception of the Listed Event described in Section 6(a)(xvii), which notice will be given in a timely manner. Such notice shall instruct the Dissemination Agent to report the occurrence pursuant to subsection (d) below. Such notice shall identify the Listed Event that has occurred, include the text of the disclosure that the Issuer desires to make, contain the written authorization of the Issuer for the Dissemination Agent to disseminate such information, and identify the date the Issuer desires for the Disclosure Dissemination Agent to disseminate the information (provided that such date is not later than the tenth (10th) Business Day after the occurrence of the Listed Event or such earlier time period as required under this Agreement).
Each Obligated Person shall notify the Issuer of the occurrence of a Listed Event described in subsections (a)(x), (xii), (xiii), (xv), (xvi) or (xvii) above as to such Obligated Person within five (5) Business Days after the occurrence of the Listed Event so as to enable the Issuer to comply with its obligations under this Section 6.
If the Dissemination Agent has been instructed by the Issuer to report the occurrence of a Listed Event, the Dissemination Agent shall immediately file a notice of such occurrence with each Repository.
Termination of Disclosure Agreement. This Disclosure Agreement shall terminate with respect to the Bonds upon the defeasance, prior redemption or payment in full of all of the Bonds.
No Prior Undertakings. Neither the Developer nor the Landowners has entered into any prior continuing disclosure undertakings in connection with the Rule.

Dissemination Agent. Upon termination of the Dissemination Agent’s services as Dissemination Agent, whether by notice of the Issuer or the Dissemination Agent, the Issuer agrees to appoint a successor Dissemination Agent or, alternatively, agrees to assume all responsibilities of Dissemination Agent under this Disclosure Agreement for the benefit of the Holders of the Bonds. If at any time there is not any other designated Dissemination Agent, the District shall be deemed to be the Dissemination Agent. Notwithstanding any replacement or appointment of a successor, the Issuer shall remain liable until payment in full for any and all sums owed and payable to the Dissemination Agent hereunder. The initial Dissemination Agent shall be Governmental Management Services – South Florida, LLC. The acceptance of such designation is evidenced by the execution of this Disclosure Agreement by a duly authorized signatory of Governmental Management Services – South Florida, LLC. Governmental Management Services – South Florida, LLC, may terminate its role as Dissemination Agent at any time upon delivery of thirty (30) days prior written notice to the District and each Obligated Person.
Amendment; Waiver. Notwithstanding any other provision of this Disclosure Agreement, the Issuer, the Developer, the Landowners and the Dissemination Agent may amend this Disclosure Agreement, and any provision of this Disclosure Agreement may be waived, if such amendment or waiver is supported by an opinion of counsel expert in federal securities laws, acceptable to the Issuer, to the effect that such amendment or waiver would not, in and of itself, cause the undertakings herein to violate the Rule if such amendment or waiver had been effective on the date hereof but taking into account any subsequent change in or official interpretation of the Rule.
In the event of any amendment or waiver of a provision of this Disclosure Agreement, the Issuer shall describe such amendment and/or waiver in the next Annual Report and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or, in the case of a change in accounting principles, or the presentation) of financial information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements: (i) notice of such change shall be given in the same manner as for a Listed Event under Section 6(b); and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.
Notwithstanding the above provisions of this Section 10, no amendment to the provisions of Section 5(b) hereof may be made without the consent of each Obligated Person, if any.
Additional Information. Nothing in this Disclosure Agreement shall be deemed to prevent the Issuer from disseminating any other information, using the means of dissemination set forth in this Disclosure Agreement or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Agreement. If the Issuer chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Agreement, the Issuer shall have no obligation

under this Disclosure Agreement to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event.
Default. In the event of a failure of the Issuer, the Disclosure Representative, any Obligated Person or the Dissemination Agent to comply with any provision of this Disclosure Agreement, the Trustee shall, at the request of any Participating Underwriter or the Beneficial Owners of at least twenty-five percent (25%) aggregate principal amount of Outstanding Bonds and receipt of indemnity satisfactory to the Trustee, or any Beneficial Owner of a Bond may take such actions as may be necessary and appropriate, including seeking mandamus or specific performance by court order, to cause the Issuer, the Disclosure Representative, any Obligated Person or a Dissemination Agent, as the case may be, to comply with its obligations under this Disclosure Agreement. A default under this Disclosure Agreement by any other Obligated Person, the Disclosure Representative or Dissemination Agent shall not be deemed a default by the Issuer hereunder and no default hereunder shall be deemed an Event of Default under the Indenture, and the sole remedy under this Disclosure Agreement in the event of any failure of the Issuer, the Disclosure Representative, any Obligated Person, or a Dissemination Agent, to comply with this Disclosure Agreement shall be an action to compel performance.
Duties of Dissemination Agent. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Agreement among the District, the Developer, the Landowners and such Dissemination Agent. The Dissemination Agent shall have no obligation to notify any other party hereto of an event that may constitute a Listed Event. The District, each Obligated Person and the Disclosure Representative covenant that they will supply, in a timely fashion, any information reasonably requested by the Dissemination Agent that is necessary in order for the Dissemination Agent to carry out its duties under this Disclosure Agreement. The District, the Developer, the Landowners and the Disclosure Representative acknowledge and agree that the information to be collected and disseminated by the Dissemination Agent will be provided by the District, Obligated Person(s), the Disclosure Representative and others. The Dissemination Agent’s duties do not include authorship or production of any materials, and the Dissemination Agent shall have no responsibility hereunder for the content of the information provided to it by the District, any Obligated Person or the Disclosure Representative as thereafter disseminated by the Dissemination Agent. Any filings under this Disclosure Agreement made to the MSRB through EMMA shall be in an EMMA Compliant Format and shall include the applicable CUSIP number(s) for the Bonds set forth in Exhibit A hereto, to which any such filing relates.
Beneficiaries. This Disclosure Agreement shall inure solely to the benefit of the Issuer, the Developer, the Landowners, the Dissemination Agent, the Trustee, the Participating Underwriter and the Owners of the Bonds (the Dissemination Agent, the Participating Underwriter and Owners of the Bonds being hereby deemed express third party beneficiaries of this Disclosure Agreement), and shall create no rights in any other person or entity.
Tax Roll and Budget. Upon the request of the Dissemination Agent, the Trustee or any Bondholder, the Issuer, through its District Manager, if applicable, agrees to provide such party with a certified copy of its most recent tax roll provided to the Broward County Tax Collector and the Issuer’s most recent adopted budget.

Governing Law. The laws of the State of Florida and Federal law shall govern this Disclosure Agreement and venue shall be any state or federal court having jurisdiction in Broward County, Florida.
Counterparts. This Disclosure Agreement may be executed in several counterparts and by PDF signature and all of which shall constitute but one and the same instrument.
Trustee Cooperation. The Issuer represents that the Dissemination Agent is a bona fide agent of the Issuer and the Issuer instructs the Trustee to deliver to the Dissemination Agent at the expense of the Issuer, any information or reports in the possession of or readily available to the Trustee that the Issuer has a right to request from the Trustee to make the required reporting under this Disclosure Agreement which the Dissemination Agent requests in writing.
Binding Effect. This Disclosure Agreement shall be binding upon each party to this Disclosure Agreement and upon each successor and assignee of each party to this Disclosure Agreement and shall inure to the benefit of, and be enforceable by, each party to this Disclosure Agreement and each successor and assignee of each party to this Disclosure Agreement. Notwithstanding the foregoing, as to any entity comprising the Developer, the Landowners or any assignee or successor thereto that becomes an Obligated Person pursuant to the terms of this Disclosure Agreement, only successor or assignees to such parties who are, by definition, Obligated Persons, shall be bound or benefited by this Disclosure Agreement.
[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned has executed this Disclosure Agreement as of the date and year set forth above.

[SEAL]

METROPICA COMMUNITY DEVELOPMENT DISTRICT, as Issuer

ATTEST:

By: 	 Secretary/Assistant Secretary

By:		 Chairperson, Board of Supervisors

METROPICA DEVELOPMENT, LLC,
as Developer

By:	 Name:	 Title:	

METROPICA SERIES B VENTURE, LLC,
as Landowner

By:	 Name:	 Title:	

METROPICA RESIDENTIAL II LLC,
as Landowner

By:	 Name:	 Title:	

METROPICA SERIES C VENTURE, LLC,
as Landowner

By:	 Name:	 Title:	

GOVERNMENTAL MANAGEMENT SERVICES – SOUTH FLORIDA, LLC,
as Dissemination Agent

By:	 Name: 	 Title: 	

CONSENTED TO AND AGREED TO BY: DISTRICT MANAGER
GOVERNMENTAL MANAGEMENT SERVICES – SOUTH FLORIDA, LLC,
as District Manager

By:	 Name: 	 Title: 	

Acknowledged and agreed to for purposes of Sections 12, 14 and 18 only:
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee

By:	 Name:	 Title:	

15

EXHIBIT A

FORM OF NOTICE TO REPOSITORIES OF FAILURE TO FILE [ANNUAL REPORT] [AUDITED FINANCIAL STATEMENTS] [SEMI-ANNUAL REPORT]

Name of Issuer:	Metropica Community Development District	
Name of Bond Issue:	$	 original aggregate principal amount of Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project)	
Obligated Person(s):	Metropica Community Development District; Metropica Development, LLC; Metropica Series B Venture, LLC; Metropica Residential II LLC; Metropica Series C Venture, LLC	
Original Date of Issuance:		, 2026	
CUSIP Numbers:		

NOTICE IS HEREBY GIVEN that the [Issuer][Obligated Person] has not provided an [Annual Report] [Audited Financial Statements] [Semi-Annual Report] with respect to the above-named Bonds as required by [Section 3] [Section 5] of the Continuing Disclosure Agreement dated 	, 2026 by and among the Issuer, the Developer, the Landowners and the Dissemination Agent named therein. The [Issuer][Obligated Person] has advised the undersigned that it anticipates that the [Annual Report] [Audited Financial Statements] [Semi-Annual Report] will be filed by 	, 20  .

Dated: 	

cc: Issuer
Trustee

	, as Dissemination Agent

By:	 Name:	 Title:	

A-1

EXHIBIT C-2
FORM OF SERIES 2026 NOTES CONTINUING DISCLOSURE AGREEMENT

C-2-1

CONTINUING DISCLOSURE AGREEMENT

This  Continuing  Disclosure  Agreement  (this  “Disclosure  Agreement”)  dated
	, 2026 is executed and delivered by the Metropica Community Development District (the “Issuer” or the “District”), Metropica Development, LLC, a Delaware limited liability company (the “Developer”), Metropica Series B Venture, LLC, a Delaware limited liability company, Metropica Residential II LLC, a Delaware limited liability company, and Metropica Series C Venture, LLC, a Delaware limited liability company (collectively, the “Landowners”), and Governmental Management Services – South Florida, LLC, as dissemination agent (together with its successors and assigns, the “Dissemination Agent”) in connection with the Issuer’s Bond Anticipation Notes, Series 2026 (Assessment Area One – Master Infrastructure Project) (the “Notes”). The Notes are secured pursuant to a Master Trust Indenture dated as of 	 1, 2026 (the “Master Indenture”) and a Second Supplemental Trust Indenture dated as of
	 1, 2026 (the “Second Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), each entered into by and between the Issuer and U.S. Bank Trust Company, National Association, a national banking association duly organized and existing under the laws of the United States of America and having a designated corporate trust office initially in Fort Lauderdale, Florida as trustee (the “Trustee”). The Issuer, the Developer, the Landowners and the Dissemination Agent covenant and agree as follows:
Purpose of this Disclosure Agreement. This Disclosure Agreement is being executed and delivered by the Issuer, the Developer, the Landowners and the Dissemination Agent for the benefit of the Beneficial Owners (as defined herein) of the Notes and to assist the Participating Underwriter (as defined herein) of the Notes in complying with the Rule (as defined herein). The Issuer, the Developer and the Landowners have no reason to believe that this Disclosure Agreement does not satisfy the requirements of the Rule and the execution and delivery of this Disclosure Agreement is intended to comply with the Rule. To the extent it is later determined by a court of competent jurisdiction, a governmental regulatory agency, or an attorney specializing in federal securities law, that the Rule requires the Issuer or other Obligated Person to provide additional information, the Issuer and each Obligated Person agree to promptly provide such additional information.
The provisions of this Disclosure Agreement are supplemental and in addition to the provisions of the Indenture with respect to reports, filings and notifications provided for therein, and do not in any way relieve the Issuer, the Trustee or any other person of any covenant, agreement or obligation under the Indenture (or remove any of the benefits thereof) nor shall anything herein prohibit the Issuer, the Trustee or any other person from making any reports, filings or notifications required by the Indenture or any applicable law.
Definitions. Capitalized terms not otherwise defined in this Disclosure Agreement shall have the meaning assigned in the Rule or, to the extent not in conflict with the Rule, in the Indenture. The following capitalized terms as used in this Disclosure Agreement shall have the following meanings:
“Annual Filing Date” means the date set forth in Section 3(a) hereof by which the Annual Report is to be filed with each Repository.

“Annual Financial Information” means annual financial information as such term is used in paragraph (b)(5)(i)(A) of the Rule and specified in Section 4(a) of this Disclosure Agreement.
“Annual Report” shall mean any Annual Report provided by the Issuer pursuant to, and as described in, Sections 3 and 4 of this Disclosure Agreement.
“Assessment Area One – Master Infrastructure Note Area” shall have the meaning ascribed thereto in the Limited Offering Memorandum.
“Assessments” shall mean the non-ad valorem special assessments pledged to the payment of the Notes pursuant to the Indenture.
“Audited Financial Statements” means the financial statements (if any) of the Issuer for the prior fiscal year, certified by an independent auditor as prepared in accordance with generally accepted accounting principles or otherwise, as such term is used in paragraph (b)(5)(i) of the Rule and specified in Section 4(a) of this Disclosure Agreement.
“Audited Financial Statements Filing Date” means the date set forth in Section 3(a) hereof by which the Audited Financial Statements are to be filed with each Repository if the same are not included as part of the Annual Report.
“Beneficial Owner” shall mean any person which, (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Notes (including persons holding Notes through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Notes for federal income tax purposes.
“Business Day” means any day other than (a) a Saturday, Sunday or a day on which banks located in the city in which the designated corporate trust office of the Trustee is located are required or authorized by law or executive order to close for business, and (b) a day on which the New York Stock Exchange is closed.
“Disclosure Representative” shall mean (i) as to the Issuer, the District Manager or its designee, or such other person as the Issuer shall designate in writing to the Dissemination Agent from time to time as the person responsible for providing information to the Dissemination Agent; and (ii) as to each entity constituting an Obligated Person (other than the Issuer), the individuals executing this Disclosure Agreement on behalf of such entity or such person(s) as such entity shall designate in writing to the Dissemination Agent from time to time as the person(s) responsible for providing information to the Dissemination Agent.
“Dissemination Agent” shall mean the Issuer or an entity appointed by the Issuer to act in the capacity as Dissemination Agent hereunder, or any successor Dissemination Agent designated in writing by the Issuer pursuant to Section 9 hereof. Governmental Management Services – South Florida, LLC, has been designated as the initial Dissemination Agent hereunder.
“District Manager” shall mean Governmental Management Services – South Florida, LLC, and its successors and assigns.

“EMMA” means the Electronic Municipal Market Access system for municipal securities disclosures located at http://emma.msrb.org/.
“EMMA Compliant Format” shall mean a format for any document provided to the MSRB (as hereinafter defined) which is in an electronic format and is accompanied by identifying information, all as prescribed by the MSRB.
“Financial Obligation” means a (a) debt obligation, (b) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation, or (c) guarantee of an obligation or instrument described in either clause (a) or (b). Financial Obligation shall not include municipal securities as to which a final official statement has been provided to the MSRB consistent with the Rule.
“Fiscal Year” shall mean the period commencing on October 1 and ending on September 30 of the next succeeding year, or such other period of time provided by applicable law.
“Limited Offering Memorandum” shall mean the final Limited Offering Memorandum dated 	, 2026 relating to the Notes.
“Listed Event” shall mean any of the events listed in Section 6(a) of this Disclosure Agreement.
“MSRB” means the Municipal Securities Rulemaking Board.
“Obligated Person(s)” shall mean, those person(s) who either generally or through an enterprise fund or account of such persons are committed by contract or other arrangement to support payment of all or a part of the obligations on such Notes (other than providers of municipal bond insurance, letters of credit, or other liquidity facilities), which person(s) shall include the Issuer, and for the purposes of this Disclosure Agreement, the Landowners, and their affiliates, successors or assigns (excluding homebuyers who are end users), for so long as such Landowners or their affiliates, successors or assigns (excluding homebuyers who are end users) is the owner or optionee (or is responsible for developing, as the case may be) of lands responsible for payment of 10% of the Assessments on their respective parcels. The Developer shall be an Obligated Person until the Landowners, collectively, are no longer responsible for payment of 10% of the Assessments within Assessment Area One – Master Infrastructure Note Area.
“Participating Underwriter” shall mean FMSbonds, Inc.
“Repository” shall mean each entity authorized and approved by the SEC (as hereinafter defined) from time to time to act as a repository for purposes of complying with the Rule. The Repositories approved by the SEC may be found by visiting the SEC’s website at http://www.sec.gov/info/municipal/nrmsir.htm. As of the date hereof, the Repository recognized by the SEC for such purpose is the MSRB, which currently accepts continuing disclosure submissions through its EMMA web portal. As used herein, “Repository” shall include the State Repository, if any.

“Rule” shall mean Rule 15c2-12(b)(5) adopted by the SEC under the Securities Exchange Act of 1934, as the same has and may be amended from time to time.
“SEC” means the Securities and Exchange Commission.
“Semi-Annual Filing Date” shall mean for the six-month period ending: (i) March 31, each May 1; and (iii) September 30, each November 1. The first Semi-Annual Filing Date shall be November 1, 2026.
“Semi-Annual Report” shall mean any Semi-Annual Report provided by the Developer, the Landowners and any other Obligated Person (other than the Issuer) pursuant to, and as described in, Section 5 of this Disclosure Agreement.
“State” shall mean the State of Florida.
“State Repository” shall mean any public or private repository or entity designated by the State as a state repository for the purposes of the Rule.
Provision of Annual Reports.
Subject to the following sentence, the Issuer shall provide the Annual Report to the Dissemination Agent no later than one hundred eighty (180) days after the close of the Issuer’s Fiscal Year (the “Annual Filing Date”), commencing with the Annual Report for the Fiscal Year ending September 30, 2026, with the initial Annual Filing Date being March 29, 2027. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross-reference other information as provided in Section 4 of this Disclosure Agreement; provided that the Audited Financial Statements of the Issuer may be submitted separately from the balance of the Annual Report, and may be submitted in accordance with State law, which currently requires such Audited Financial Statements to be provided up to, but no later than, nine (9) months after the close of the Issuer’s Fiscal Year (the “Audited Financial Statements Filing Date”). The initial Audited Financial Statements Filing Date shall be June 30, 2027, which shall include the Audited Financial Statements for Fiscal Year ending September 30, 2026 The Issuer shall file unaudited financial statements if Audited Financial Statements are not ready by the Audited Financial Statements Filing Date, to be followed up with the Audited Financial Statements when available. The Issuer shall, or shall cause the Dissemination Agent to, provide to the Repository the components of an Annual Report which satisfies the requirements of Section 4(a) of this Disclosure Agreement within thirty (30) days after same becomes available, but in no event later than the Annual Filing Date or Audited Financial Statements Filing Date, as applicable. If the Issuer’s Fiscal Year changes, the Issuer shall give notice of such change in the same manner as for a Listed Event under Section 6.
If on the fifteenth (15th) day prior to each Annual Filing Date or the Audited Financial Statements Filing Date, as applicable, the Dissemination Agent has not received a copy of the Annual Report or Audited Financial Statements, as applicable, the Dissemination Agent shall contact the Disclosure Representative by telephone and in writing (which may be via email) to remind the Issuer of its undertaking to provide the Annual Report or Audited Financial Statements, as applicable, pursuant to Section 3(a). Upon such reminder, the

Disclosure Representative shall either (i) provide the Dissemination Agent with an electronic copy of the Annual Report or the Audited Financial Statements, as applicable, in accordance with Section 3(a) above, or (ii) advise the Dissemination Agent in writing that the Issuer will not be able to file the Annual Report or Audited Financial Statements, as applicable, within the times required under this Disclosure Agreement, state the date by which the Annual Report or the Audited Financial Statements for such year, as applicable, will be provided and instruct the Dissemination Agent that a Listed Event as described in Section 6(a)(xvii) has occurred and to immediately send a notice to the Repository in substantially the form attached hereto as Exhibit A.
If the Dissemination Agent has not received an Annual Report by 12:00 noon on the first (1st) Business Day following the Annual Filing Date for the Annual Report or the Audited Financial Statements by 12:00 noon on the first (1st) Business Day following the Audited Financial Statements Filing Date for the Audited Financial Statements, then a Listed Event as described in Section 6(a)(xvii) shall have occurred and the Issuer irrevocable directs the Dissemination Agent to immediately send a notice to the Repository in substantially the form attached as Exhibit A.
The Dissemination Agent shall:
determine each year prior to the Annual Filing Date the name, address and filing requirements of the Repository; and
promptly upon fulfilling its obligations under Section 3(a) above, file a notice with the Issuer stating that the Annual Report or Audited Financial Statements, as applicable, has been provided pursuant to this Disclosure Agreement, stating the date(s) it was provided, and listing all Repositories with which it was filed.
All documents, reports, notices, statements, information and other materials provided to the MSRB under this Disclosure Agreement shall be provided in an EMMA Compliant Format.
Content of Annual Reports.
Each Annual Report shall contain or incorporate by reference Annual Financial Information with respect to the Issuer, including the following:
The amount of Assessments levied for the most recent prior Fiscal
Year.
The amount of Assessments collected from the property owners
during the most recent prior Fiscal Year.
If available, the amount of delinquencies greater than one hundred fifty (150) days, and, in the event that delinquencies amount to more than ten percent (10%) of the amounts of the Assessments due in any fiscal year, a list of delinquent property owners.

If available, the amount of tax certificates sold, if any, and the balance, if any, remaining for sale from the most recent Fiscal Year.
All fund balances in all Funds and Accounts for the Notes. In addition, the Issuer shall provide any Bondholder with this information no more frequently than annually within thirty (30) days of the written request of the Bondholder.
The total amount of Notes Outstanding.
The amount of principal and interest to be paid on the Notes in the

current Fiscal Year.

The most recent Audited Financial Statements of the Issuer.
To the extent available, the certified tax roll for the current Fiscal

Year (certified in the prior Fiscal Year) that contains the folio numbers, the Assessments to be levied in the then current Fiscal Year (both debt assessments and operation and maintenance assessments broken out separately), the assessed value associated with each folio, and the total assessed value for all of the land within the District.
In the event of any amendment or waiver of a provision of this Disclosure Agreement, a description of such amendment or waiver shall be included in the next Annual Report, and in each case shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or, in the case of a change in accounting principles, or the presentation) of financial information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements: (i) notice of such change shall be given in the same manner as for a Listed Event under Section 6(b); and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.
To the extent any of the items set forth in subsections (i) through (vii) above are included in the Audited Financial Statements referred to in subsection (viii) above, they do not have to be separately set forth (unless Audited Financial Statements are being delivered more than 180 days after the close of the Issuer’s Fiscal Year pursuant to Section 3(a) hereof). Any or all of the items listed above may be incorporated by reference from other documents, including limited offering memorandums and official statements of debt issues of the Issuer or related public entities, which have been submitted to the MSRB or the SEC. If the document incorporated by reference is a final limited offering memorandum or official statement, it must be available from the MSRB. The Issuer shall clearly identify each such other document so incorporated by reference.
Any Annual Financial Information containing modified operating data or financial information is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided.

The Developer and the Landowners agree to assist the Issuer and the Dissemination Agent in providing the information necessary to prepare the Annual Report and the applicable Semi-Annual Reports described below. If one of the Landowners transfer the lands within the District to an entity which will in turn own or have the option to acquire 10% of the lands within Assessment Area One – Master Infrastructure Note Area as determined at the time of delivery of the Notes, which lands are responsible for the payment of 10% of the Assessments, such Landowner agrees to assign and retain, if applicable, its respective obligations set forth herein to its successor in interest. The Developer will be considered an Obligated Person until the Landowners, collectively, are no longer responsible for payment of 10% of the Assessments within Assessment Area One – Master Infrastructure Note Area.
Semi-Annual Reports.
Each Obligated Person (other than the Issuer) shall provide an electronic copy of the Semi-Annual Report to the Dissemination Agent no later than fifteen (15) days prior to each Semi-Annual Filing Date, commencing with the six-month period ending September 30, 2026. Promptly upon receipt of an electronic copy of the Semi-Annual Report, but in any event within ten (10) days after receipt thereof, the Dissemination Agent shall provide a Semi-Annual Report to the Repository. At such time as the Developer or the Landowners (or its successors or assigns) is no longer an Obligated Person, the Developer or the Landowners (or its successors or assigns) will no longer be obligated to prepare the Semi-Annual Reports as it relates to the District.
Each Semi-Annual Report shall contain an update of the following information for each Obligated Person with respect to Assessment Area One – Master Infrastructure Note Area only, to the extent available:
An update to the following tables from the Limited Offering Memorandum, along with any updates for units and buildings as the result of any rezoning:

Parcel		Buildable Acres		Residential Units		Hotel Rooms		Commercial/Retail Sq. Ft.		Office Sq. Ft.		Vertical Start		Vertical Completion		Expected Land
Closing	
A1		1.63		-		240		20,000		200,000		2028		2030		2028	
A2		1.39		250		-		45,000		-		2029		2031		2029	
A3		1.93		275		-		20,000		-		2027		2029		2027	
A4.1		1.41		-		-		30,000		-		2027		2029		2027	
A4.2*		0.84		-		-		-		-		2028		2029		N/A	
A5		1.11		-		240		-		-		2027		2029		2027	
A6.1		1.68		325		-		-		-		2027		2029		2027	
A6.2		0.58		-		-		25,000		-		2027		2029		2027	
A7.1		1.64		-		-		30,000		-		2027		2029		2027	
A7.2/A8		2.15		340		-		-		-		2029		2031		2028	
B2		 1.69		  200		-		  4,976		-		2029		2031		2029	
Total		17.85		1,390		480		175,000**		200,000							
* Parcel A4.2 will be used as a non-residential parking structure.
** Total may not add due to rounding.

Parcel		Status	
A1		LOI (Retail) Received
LOI (Office/Hotel) Projected 2027	
A2		LOI (Retail) Received
LOI (Residential) Projected 2027	
A3		LOI (Residential) Projected 2026
LOI (Retail) Received	
A4.1		LOI Received	
A5		LOI Projected 2026	
A6.1		LOI (Residential) Projected 2026	
A6.2		LOI Received	
A7.1		LOI Received	
A7.2/A8		LOI (Residential) Projected 2027	
B2		LOI Projected 2029	

An update on the status of development and ownership for lands in Assessment Area One – Master Infrastructure Note Area not included in the tables above, if any.
The	number	of	units	subject	to	recorded	condominium
declarations.
The number of units that have received certificates of occupancy.
Materially adverse changes to (a) builder contracts, if applicable,
(b) the number of lots planned to be developed, (c) permits/approvals, or (d) the Obligated Person, including, but not limited to, changes in financial status, ownership and corporate structure.
The occurrence of any new or modified mortgage debt on the land owned by the Obligated Person in the Assessment Area One – Master Infrastructure Note Area, including the amount, interest rate and terms of repayment.
Any sale, assignment or transfer of ownership of lands by the Obligated Person in the Assessment Area One – Master Infrastructure Note Area to a third party.
If an Obligated Person sells, assigns or otherwise transfers ownership of real property within the Assessment Area One – Master Infrastructure Note Area (a “Transferor Obligated Person”) to a third party (excluding homebuyers) (a “Transferee”), which will in turn be an Obligated Person for purposes of this Disclosure Agreement as a result thereof (a “Transfer”), the Transferor Obligated Person hereby agrees to use its best efforts to contractually obligate such Transferee to agree to comply with the disclosure obligations of an Obligated Person hereunder for so long as such Transferee is an Obligated Person hereunder, to the same extent as if such Transferee were a party to this Disclosure Agreement (an “Assignment”). The Transferor Obligated Person shall notify the District and the Dissemination

Agent in writing of any Transfer within five (5) Business Days of the occurrence thereof. Nothing herein shall be construed to relieve the Developer and the Landowners from their obligations hereunder except to the extent a written Assignment from a Transferee is obtained and delivered to the Dissemination Agent and then only to the extent of such Assignment.
If the Dissemination Agent has not received a Semi-Annual Report from each Obligated Person that contains, at a minimum, the information in Section 5(b) of this Disclosure Agreement by 12:00 noon on the first (1st) Business Day following each Semi-Annual Filing Date, a Listed Event described in Section 6(a)(xvii) shall have occurred and the District and each Obligated Person hereby direct the Dissemination Agent to send a notice to the Repository in substantially the form attached as Exhibit A, with a copy to the District. The Dissemination Agent shall file such notice no later than thirty (30) days following the applicable Semi-Annual Filing Date.
Reporting of Listed Events.
This Section 6 shall govern the giving of notices by the Issuer of the occurrence of any of the following Listed Events with respect to the Notes:
Principal and interest payment delinquencies;
Non-payment related defaults, if material;
Unscheduled draws on the Debt Service Reserve Fund reflecting

financial difficulties; difficulties;
perform;

Unscheduled draws on credit enhancements reflecting financial

Substitution of credit or liquidity providers, or their failure to

Adverse tax opinions, the issuance by the Internal Revenue Service

of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the Notes, or other material events affecting the tax status of the Notes;
Modifications to rights of Bond holders, if material;
Bond calls, if material, and tender offers;
Defeasances;
Release, substitution, or sale of property securing repayment of the
Notes, if material;
Rating changes;

Bankruptcy, insolvency, receivership or similar event of the Issuer or any other Obligated Person (which is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the Issuer or any other Obligated Person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Issuer or any other Obligated Person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Issuer or any other Obligated Person);
Consummation of a merger, consolidation, or acquisition involving the Issuer or any other Obligated Person or the sale of all or substantially all of the assets of the Issuer or any other Obligated Person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material;
Appointment of a successor or additional trustee or the change of name of the Trustee, if material; and
The incurrence of a Financial Obligation of the Obligated Person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the Obligated Person, any of which affect Bond holders, if material.
Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of the Obligated Person, any of which reflect financial difficulties.
Failure to provide (A) any Annual Report or Audited Financial Statements as required under this Disclosure Agreement that contains, in all material respects, the information required to be included therein under Section 4(a) of this Disclosure Agreement, or (B) any Semi-Annual Report that contains, in all material respects, the information required to be included therein under Section 5(b) of this Disclosure Agreement, which failure shall, in all cases, be deemed material under federal securities laws.
The Issuer shall give, or cause to be given, notice of the occurrence of any of the above subsection (a) Listed Events to the Dissemination Agent in writing in sufficient time in order to allow the Dissemination Agent to file notice of the occurrence of such Listed Event in a timely manner not in excess of ten (10) Business Days after its occurrence, with the exception of the Listed Event described in Section 6(a)(xvii), which notice will be given in a timely manner. Such notice shall instruct the Dissemination Agent to report the occurrence pursuant to subsection (d) below. Such notice shall identify the Listed Event that has occurred, include the text of the disclosure that the Issuer desires to make, contain the written authorization of the Issuer for the Dissemination Agent to disseminate such information, and identify the date the Issuer desires for the Disclosure Dissemination Agent to disseminate the information (provided

that such date is not later than the tenth (10th) Business Day after the occurrence of the Listed Event or such earlier time period as required under this Agreement).
Each Obligated Person shall notify the Issuer of the occurrence of a Listed Event described in subsections (a)(x), (xii), (xiii), (xv), (xvi) or (xvii) above as to such Obligated Person within five (5) Business Days after the occurrence of the Listed Event so as to enable the Issuer to comply with its obligations under this Section 6.
If the Dissemination Agent has been instructed by the Issuer to report the occurrence of a Listed Event, the Dissemination Agent shall immediately file a notice of such occurrence with each Repository.
Termination of Disclosure Agreement. This Disclosure Agreement shall terminate with respect to the Notes upon the defeasance, prior redemption or payment in full of all of the Notes.
No Prior Undertakings. Neither the Developer nor the Landowners has entered into any prior continuing disclosure undertakings in connection with the Rule.
Dissemination Agent. Upon termination of the Dissemination Agent’s services as Dissemination Agent, whether by notice of the Issuer or the Dissemination Agent, the Issuer agrees to appoint a successor Dissemination Agent or, alternatively, agrees to assume all responsibilities of Dissemination Agent under this Disclosure Agreement for the benefit of the Holders of the Notes. If at any time there is not any other designated Dissemination Agent, the District shall be deemed to be the Dissemination Agent. Notwithstanding any replacement or appointment of a successor, the Issuer shall remain liable until payment in full for any and all sums owed and payable to the Dissemination Agent hereunder. The initial Dissemination Agent shall be Governmental Management Services – South Florida, LLC. The acceptance of such designation is evidenced by the execution of this Disclosure Agreement by a duly authorized signatory of Governmental Management Services – South Florida, LLC. Governmental Management Services – South Florida, LLC, may terminate its role as Dissemination Agent at any time upon delivery of thirty (30) days prior written notice to the District and each Obligated Person.
Amendment; Waiver. Notwithstanding any other provision of this Disclosure Agreement, the Issuer, the Developer, the Landowners and the Dissemination Agent may amend this Disclosure Agreement, and any provision of this Disclosure Agreement may be waived, if such amendment or waiver is supported by an opinion of counsel expert in federal securities laws, acceptable to the Issuer, to the effect that such amendment or waiver would not, in and of itself, cause the undertakings herein to violate the Rule if such amendment or waiver had been effective on the date hereof but taking into account any subsequent change in or official interpretation of the Rule.
In the event of any amendment or waiver of a provision of this Disclosure Agreement, the Issuer shall describe such amendment and/or waiver in the next Annual Report and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or, in the case of a change in accounting principles, or the presentation) of financial

information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements: (i) notice of such change shall be given in the same manner as for a Listed Event under Section 6(b); and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.
Notwithstanding the above provisions of this Section 10, no amendment to the provisions of Section 5(b) hereof may be made without the consent of each Obligated Person, if any.
Additional Information. Nothing in this Disclosure Agreement shall be deemed to prevent the Issuer from disseminating any other information, using the means of dissemination set forth in this Disclosure Agreement or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Agreement. If the Issuer chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Agreement, the Issuer shall have no obligation under this Disclosure Agreement to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event.
Default. In the event of a failure of the Issuer, the Disclosure Representative, any Obligated Person or the Dissemination Agent to comply with any provision of this Disclosure Agreement, the Trustee shall, at the request of any Participating Underwriter or the Beneficial Owners of at least twenty-five percent (25%) aggregate principal amount of Outstanding Notes and receipt of indemnity satisfactory to the Trustee, or any Beneficial Owner of a Bond may take such actions as may be necessary and appropriate, including seeking mandamus or specific performance by court order, to cause the Issuer, the Disclosure Representative, any Obligated Person or a Dissemination Agent, as the case may be, to comply with its obligations under this Disclosure Agreement. A default under this Disclosure Agreement by any other Obligated Person, the Disclosure Representative or Dissemination Agent shall not be deemed a default by the Issuer hereunder and no default hereunder shall be deemed an Event of Default under the Indenture, and the sole remedy under this Disclosure Agreement in the event of any failure of the Issuer, the Disclosure Representative, any Obligated Person, or a Dissemination Agent, to comply with this Disclosure Agreement shall be an action to compel performance.
Duties of Dissemination Agent. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Agreement among the District, the Developer, the Landowners and such Dissemination Agent. The Dissemination Agent shall have no obligation to notify any other party hereto of an event that may constitute a Listed Event. The District, each Obligated Person and the Disclosure Representative covenant that they will supply, in a timely fashion, any information reasonably requested by the Dissemination Agent that is necessary in order for the Dissemination Agent to carry out its duties under this Disclosure Agreement. The District, the Developer, the Landowners and the Disclosure Representative acknowledge and agree that the information to be collected and disseminated by the Dissemination Agent will be provided by the District, Obligated Person(s), the Disclosure Representative and others.  The Dissemination Agent’s duties do not include authorship or

production of any materials, and the Dissemination Agent shall have no responsibility hereunder for the content of the information provided to it by the District, any Obligated Person or the Disclosure Representative as thereafter disseminated by the Dissemination Agent. Any filings under this Disclosure Agreement made to the MSRB through EMMA shall be in an EMMA Compliant Format and shall include the applicable CUSIP number(s) for the Notes set forth in Exhibit A hereto, to which any such filing relates.
Beneficiaries. This Disclosure Agreement shall inure solely to the benefit of the Issuer, the Developer, the Landowners, the Dissemination Agent, the Trustee, the Participating Underwriter and the Owners of the Notes (the Dissemination Agent, the Participating Underwriter and Owners of the Notes being hereby deemed express third party beneficiaries of this Disclosure Agreement), and shall create no rights in any other person or entity.
Tax Roll and Budget. Upon the request of the Dissemination Agent, the Trustee or any Bondholder, the Issuer, through its District Manager, if applicable, agrees to provide such party with a certified copy of its most recent tax roll provided to the Broward County Tax Collector and the Issuer’s most recent adopted budget.
Governing Law. The laws of the State of Florida and Federal law shall govern this Disclosure Agreement and venue shall be any state or federal court having jurisdiction in Broward County, Florida.
Counterparts. This Disclosure Agreement may be executed in several counterparts and by PDF signature and all of which shall constitute but one and the same instrument.
Trustee Cooperation. The Issuer represents that the Dissemination Agent is a bona fide agent of the Issuer and the Issuer instructs the Trustee to deliver to the Dissemination Agent at the expense of the Issuer, any information or reports in the possession of or readily available to the Trustee that the Issuer has a right to request from the Trustee to make the required reporting under this Disclosure Agreement which the Dissemination Agent requests in writing.
Binding Effect. This Disclosure Agreement shall be binding upon each party to this Disclosure Agreement and upon each successor and assignee of each party to this Disclosure Agreement and shall inure to the benefit of, and be enforceable by, each party to this Disclosure Agreement and each successor and assignee of each party to this Disclosure Agreement. Notwithstanding the foregoing, as to any entity comprising the Developer, the Landowners or any assignee or successor thereto that becomes an Obligated Person pursuant to the terms of this Disclosure Agreement, only successor or assignees to such parties who are, by definition, Obligated Persons, shall be bound or benefited by this Disclosure Agreement.
[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned has executed this Disclosure Agreement as of the date and year set forth above.

[SEAL]

METROPICA COMMUNITY DEVELOPMENT DISTRICT, as Issuer

ATTEST:

By: 	 Secretary/Assistant Secretary

By:		 Chairperson, Board of Supervisors

METROPICA DEVELOPMENT, LLC,
as Developer

By:	 Name:	 Title:	

METROPICA SERIES B VENTURE, LLC,
as Landowner

By:	 Name:	 Title:	

METROPICA RESIDENTIAL II LLC,
as Landowner

By:	 Name:	 Title:	

METROPICA SERIES C VENTURE, LLC,
as Landowner

By:	 Name:	 Title:	

GOVERNMENTAL MANAGEMENT SERVICES – SOUTH FLORIDA, LLC,
as Dissemination Agent

By:	 Name: 	 Title: 	

CONSENTED TO AND AGREED TO BY: DISTRICT MANAGER
GOVERNMENTAL MANAGEMENT SERVICES – SOUTH FLORIDA, LLC,
as District Manager

By:	 Name: 	 Title: 	

Acknowledged and agreed to for purposes of Sections 12, 14 and 18 only:
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee

By:	 Name:	 Title:	

15

EXHIBIT A

FORM OF NOTICE TO REPOSITORIES OF FAILURE TO FILE [ANNUAL REPORT] [AUDITED FINANCIAL STATEMENTS] [SEMI-ANNUAL REPORT]

Name of Issuer:	Metropica Community Development District	
Name of Bond Issue:	$	 original aggregate principal amount of Bond Anticipation Notes, Series 2026 (Assessment Area One – Master Infrastructure Project)	
Obligated Person(s):	Metropica Community Development District; Metropica Development, LLC; Metropica Series B Venture, LLC; Metropica Residential II LLC; Metropica Series C Venture, LLC	
Original Date of Issuance:		, 2026	
CUSIP Numbers:		

NOTICE IS HEREBY GIVEN that the [Issuer][Obligated Person] has not provided an [Annual Report] [Audited Financial Statements] [Semi-Annual Report] with respect to the above-named Notes as required by [Section 3] [Section 5] of the Continuing Disclosure Agreement dated 	, 2026 by and among the Issuer, the Developer, the Landowners and the Dissemination Agent named therein. The [Issuer][Obligated Person] has advised the undersigned that it anticipates that the [Annual Report] [Audited Financial Statements] [Semi-Annual Report] will be filed by 	, 20  .

Dated: 	

cc: Issuer
Trustee

	, as Dissemination Agent

By:	 Name:	 Title:	

A-1

EXHIBIT D-1
FORM OF FIRST SUPPLEMENTAL TRUST INDENTURE

D-1-1

FIRST SUPPLEMENTAL TRUST INDENTURE BETWEEN
METROPICA COMMUNITY DEVELOPMENT DISTRICT AND
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

as Trustee

Dated as of 	 1, 2026

Authorizing and Securing

$[PAR]
METROPICA COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2026 (ASSESSMENT AREA ONE – PHASE ONE PROJECT)

TABLE OF CONTENTS

Page
ARTICLE I DEFINITIONS	4
ARTICLE II THE SERIES 2026 BONDS	9
SECTION 2.01. Amounts and Terms of Series 2026 Bonds; Issue of Series 2026 Bonds	9
SECTION 2.02. Execution	9
SECTION 2.03. Authentication	9
SECTION 2.04. Purpose, Designation and Denominations of, and Interest Accruals on,
the Series 2026 Bonds	9
SECTION 2.05. Debt Service on the Series 2026 Bonds	10
SECTION 2.06. Disposition of Series 2026 Bond Proceeds	10
SECTION 2.07. Book-Entry Form of Series 2026 Bonds	11
SECTION 2.08. Appointment of Registrar and Paying Agent	12
SECTION 2.09. Conditions Precedent to Issuance of the Series 2026 Bonds	12
ARTICLE III REDEMPTION OF SERIES 2026 BONDS	13
SECTION 3.01. Redemption Dates and Prices	13
SECTION 3.02. Notice of Redemption	15
ARTICLE IV ESTABLISHMENT OF CERTAIN FUNDS AND ACCOUNTS; ADDITIONAL COVENANTS OF THE ISSUER; PREPAYMENTS; REMOVAL OF
ASSESSMENT AREA ONE – PHASE ONE SPECIAL ASSESSMENT LIENS	16
SECTION 4.01. Establishment of Certain Funds and Accounts	16
SECTION 4.02. Series 2026 Revenue Account	18
SECTION 4.03. Power to Issue Series 2026 Bonds and Create Lien	19
SECTION 4.04. The Assessment Area One – Phase One Project to Conform to
Consulting Engineers Report	20
SECTION 4.05. Prepayments; Removal of Assessment Area One – Phase One Special Assessment Liens.	20
ARTICLE V COVENANTS AND DESIGNATIONS OF THE ISSUER	22
SECTION 5.01. Collection of Assessment Area One – Phase One Special Assessments	22
SECTION 5.02. Continuing Disclosure	22
SECTION 5.03. Investment of Funds and Accounts	22
SECTION 5.04. Additional Obligations	22
SECTION 5.05. Requisite Owners for Direction or Consent	23
SECTION 5.06. Acknowledgement Regarding Series 2026 Acquisition and Construction Account Moneys Following an Event of Default	23
ARTICLE VI THE TRUSTEE; THE PAYING AGENT AND REGISTRAR	24

TABLE OF CONTENTS
(continued)
Page
SECTION 6.01. Acceptance of Trust	24
SECTION 6.02. Trustee’s Duties	24
ARTICLE VII MISCELLANEOUS PROVISIONS	25
SECTION 7.01. Interpretation of First Supplemental Indenture	25
SECTION 7.02. Amendments	25
SECTION 7.03. Counterparts	25
SECTION 7.04. Appendices and Exhibits	25
SECTION 7.05. Payment Dates	25
SECTION 7.06. No Rights Conferred on Others	25
SECTION 7.07. Patriot Act Requirements of the Trustee	25
EXHIBIT A	DESCRIPTION OF THE ASSESSMENT AREA ONE - PHASE ONE PROJECT EXHIBIT B	 FORM OF SERIES 2026 BOND
EXHIBIT C	FORMS OF REQUISITIONS EXHIBIT D	FORM OF INVESTOR LETTER

THIS FIRST SUPPLEMENTAL TRUST INDENTURE (the “First Supplemental Indenture”), dated as of 	 1, 2026 between the METROPICA COMMUNITY DEVELOPMENT DISTRICT (together with its successors and assigns, the “Issuer”), a local unit of special-purpose government organized and existing under the laws of the State of Florida, and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States of America and having a designated corporate trust office in Fort Lauderdale, Florida, as trustee (said banking association and any bank or trust company becoming successor trustee under this First Supplemental Indenture being hereinafter referred to as the “Trustee”);
W I T N E S S E T H:
WHEREAS, the Issuer is a local unit of special purpose government duly organized and existing under the provisions of the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), by Ordinance No. 909-X-23-A enacted by the City Commission of the City of Sunrise, Florida, on March 28, 2023 (the “Ordinance”); and
WHEREAS, the premises governed by the Issuer, as described more fully in the Ordinance, consisting of approximately 49.83+/- gross acres of land (herein, the “District Lands” or “District”), are located entirely within the City of Sunrise, Florida (the “City”) within Broward County, Florida (the “County”); and
WHEREAS, the Issuer has been created for the purpose of delivering certain community development services and facilities for the benefit of the District Lands; and
WHEREAS, the Issuer has determined to undertake, in one or more phases, the acquisition and/or construction of public improvements and community facilities as set forth in the Act for the special benefit of the District Lands; and
WHEREAS, the Issuer has previously adopted Resolution No. 2025-07 on January 6, 2025, authorizing the issuance of not to exceed $43,250,000 in aggregate principal amount of its special assessment bonds to finance all or a portion of the design, acquisition and construction costs of certain improvements pursuant to the Act for the special benefit of Assessment Area One (as defined herein) and approving the form of and authorizing the execution and delivery of a master trust indenture and supplemental indenture; and
WHEREAS, to the extent not constructed by the Issuer, Metropica Development, LLC, a Delaware limited liability company (the “Developer”) is the master developer of a mixed use development to be located within the District and may construct all of the public infrastructure necessary to serve such mixed use development (herein, the “Development”); and
WHEREAS, to align with the Developer’s phased development plan for the Development, the District is creating assessment areas corresponding to such phases, with the assessment area corresponding to the first phase of the Development being herein referred to as “Assessment Area One”; and
WHEREAS, Assessment Area One consists of approximately 26.31+/- gross acres of land within the District that is currently planned to contain (i) six residential buildings (one completed 263 unit condominium building known as “One Metropica” and five additional planned residential rental buildings) containing an aggregate of 1,653 residential units, (ii) 200,000+/- square feet of office space in one office building, (iii) two hotels containing an aggregate of 480 rooms, (iv) up to 120,000+/- square feet of commercial/retail space which will be located on the lower floors of several residential and

1

commercial/retail buildings and (v) 60,000+/- square feet of commercial/retail space to be located within five to six separate free standing buildings planned entirely for commercial/retail space; and
WHEREAS, the portion of the District’s Capital Improvement Plan that was necessary for the development of One Metropica within Assessment Area One is herein referred to as the “Assessment Area One – Phase One Project;” and
WHEREAS, the Series 2026 Bonds (as defined below) are being issued for the primary purpose of financing a portion of Assessment Area One - Phase One Project, being a portion of the Capital Improvement Plan (as defined herein) necessary for the development of and specially benefiting Assessment Area One – Phase One Area, and more particularly described on Exhibit A; and
WHEREAS, the Issuer has determined to issue a (i) Series of Bonds, designated as the Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project) (the “Series 2026 Bonds”), pursuant to the Master Indenture and this First Supplemental Indenture (hereinafter sometimes collectively referred to as the “Indenture”) and (ii) Series of Notes, designated as the Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One – Master Infrastructure Project) (the “Series 2026 Notes”), pursuant to the Master Indenture and this Second Supplemental Indenture (as herein defined); and
WHEREAS, in the manner provided herein, the proceeds of the Series 2026 Bonds will be used to provide funds for (i) the Costs of acquiring and/or constructing all or a portion of the Assessment Area One
- Phase One Project, (ii) the funding of the Series 2026 Reserve Account, (iii) the funding of Capitalized Interest through at least November 1, 2026, and (iv) the payment of the costs of issuance of the Series 2026 Bonds; and
WHEREAS, the Series 2026 Bonds will be secured by a pledge of Series 2026 Pledged Revenues (as hereinafter defined) to the extent provided herein.
NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH, that to
provide for the issuance of the Series 2026 Bonds, the security and payment of the principal or redemption price thereof (as the case may be) and interest thereon, the rights of the Bondholders and the performance and observance of all of the covenants contained herein and in said Series 2026 Bonds, and for and in consideration of the mutual covenants herein contained and of the purchase and acceptance of the Series 2026 Bonds by the Owners thereof, from time to time, and of the acceptance by the Trustee of the trusts hereby created, and intending to be legally bound hereby, the Issuer does hereby assign, transfer, set over and pledge to the Trustee, its successors in trust and its assigns forever, and grants a lien on all of the right, title and interest of the Issuer in and to the Series 2026 Pledged Revenues as security for the payment of the principal, redemption or purchase price of (as the case may be) and interest on the Series 2026 Bonds issued hereunder, all in the manner hereinafter provided, and the Issuer further hereby agrees with and covenants unto the Trustee as follows:
TO HAVE AND TO HOLD the same and any other revenues, property, contracts or contract rights, accounts receivable, chattel paper, instruments, general intangibles or other rights and the proceeds thereof, which may, by delivery, assignment or otherwise, be subject to the lien created by the Indenture with respect to the Series 2026 Bonds.
IN TRUST NEVERTHELESS, for the equal and ratable benefit and security of all present and future Owners of the Series 2026 Bonds issued and to be issued under this First Supplemental Indenture, without preference, priority or distinction as to lien or otherwise (except as otherwise specifically provided

in this First Supplemental Indenture) of any one Series 2026 Bond over any other Series 2026 Bond, all as provided in the Indenture.
PROVIDED, HOWEVER, that if the Issuer, its successors or assigns, shall well and truly pay, or cause to be paid, or make due provision for the payment of the principal or redemption price of the Series 2026 Bonds issued, secured and Outstanding hereunder and the interest due or to become due thereon, at the times and in the manner mentioned in such Series 2026 Bonds and the Indenture, according to the true intent and meaning thereof and hereof, and the Issuer shall well and truly keep, perform and observe all the covenants and conditions pursuant to the terms of the Indenture to be kept, performed and observed by it, and shall pay or cause to be paid to the Trustee all sums of money due or to become due to it in accordance with the terms and provisions hereof, then upon such final payments this First Supplemental Indenture and the rights hereby granted shall cease and terminate, otherwise this First Supplemental Indenture to be and remain in full force and effect.

ARTICLE I DEFINITIONS
In this First Supplemental Indenture capitalized terms used without definition shall have the meanings ascribed thereto in the Master Indenture and, in addition to certain terms defined in the recitals above, the following terms shall have the meanings specified below, unless otherwise expressly provided or unless the context otherwise requires:
“Acquisition Agreement” shall mean that certain Acquisition Agreement relating to the acquisition of the Assessment Area One - Phase One Project, by and between the Developer and the Issuer.
“Assessment Area One – Phase One Area” shall mean the area within the District which benefits from the Assessment Area One - Phase One Project and on which the District will levy the Assessment Area One – Phase One Special Assessments.
“Assessment Area One – Phase One Project” shall mean the portion of the Capital Improvement Plan special benefitting the lands within the Assessment Area One – Phase One Area generally described on Exhibit A attached hereto.
“Assessment Area One – Phase One Special Assessments” shall mean the Special Assessments levied on the assessable lands within Assessment Area One – Phase One Area as a result of the Issuer’s acquisition and/or construction of the Assessment Area One Project – Phase One Project, corresponding in amount to the debt service on the Series 2026 Bonds and designated as such in the methodology report relating thereto.
“Assessment Resolutions” shall mean Resolution No. 2025-05, Resolution No. 2025-06 and Resolution No. 2025-08 of the Issuer adopted on January 6, 2025, January 6, 2025 and February 13, 2025, respectively, as amended and supplemented from time to time.
“Authorized Denomination” shall mean, with respect to the Series 2026 Bonds, on the date of issuance, in the denominations of $5,000 and any integral multiple thereof provided, however, if any initial beneficial owner does not purchase at least $100,000 of the Series 2026 Bonds at the time of initial delivery of the Series 2026 Bonds, such beneficial owner must either execute and deliver to the Underwriter on the date of delivery of the Series 2026 Bonds the investor letter substantially in the form attached hereto as Exhibit D or otherwise establish to the satisfaction of the Underwriter that such Beneficial Owner is an “accredited investor,” as described in Rule 501(a) under Regulation D of the Securities Act of 1933, as amended.
“Bonds” shall mean the Issuer’s Special Assessments Bonds issued pursuant to the Master Indenture.
“Capital Improvement Plan” shall mean the public infrastructure specially benefiting the District, including, but is not limited to, a water and sewer system, franchise utility improvements, stormwater management system, roadway and transportation improvements, landscaping improvements, park improvements; and all related soft and incidental costs, pursuant to the Act, as more particularly described in the Consulting Engineer’s Report.
“Capitalized Interest” shall mean interest due or to become due on the Series 2026 Bonds which will be paid from the proceeds of the Series 2026 Bonds.

“Consulting Engineer’s Report” shall mean the Engineer’s Report dated January 6, 2025, as supplemented by the First Supplemental Engineer’s Report (Assessment Area One – Phase One and Assessment Area One – Master Infrastructure Project) dated March 25, 2026, as may be further supplemented and/or amended from time to time.
“Continuing Disclosure Agreement” shall mean the Continuing Disclosure Agreement for the benefit of the owners of the Series 2026 Bonds, dated 	, 2026, by and among the Issuer, the dissemination agent named therein, the Developer and joined by the parties named therein, in connection with the issuance of the Series 2026 Bonds.
“Defeasance Securities” shall mean, with respect to the Series 2026 Bonds, to the extent permitted by law, (a) cash deposits and (b) direct obligations of the United States of America (including obligations issued or held in book entry form on the books of the Department of Treasury) which are non-callable and non-prepayable.
“District Manager” shall mean Governmental Management Services – South Florida, LLC, and its successors and assigns.
“Indenture” shall mean collectively, the Master Indenture and this First Supplemental Indenture. “Interest Payment Date” shall mean May 1 and November 1 of each year, commencing November
1, 2026, and any other date the principal of the Series 2026 Bonds is paid.
“Majority Holders” means the beneficial owners of more than fifty percent (50%) of the Outstanding Series 2026 Bonds.
“Master Indenture” shall mean the Master Trust Indenture, dated as of 	 1, 2026, by and between the Issuer and the Trustee, as supplemented and amended with respect to matters pertaining solely to the Master Indenture or the Series 2026 Bonds (as opposed to supplements or amendments relating to any Series of Bonds other than the Series 2026 Bonds as specifically defined in this First Supplemental Indenture).
“Paying Agent” shall mean U.S. Bank Trust Company, National Association, and its successors and assigns as Paying Agent hereunder.
“Prepayment” shall mean the payment by any owner of property within Assessment Area One – Phase One Area of the amount of the Assessment Area One – Phase One Special Assessments encumbering its property, in whole or in part, prior to its scheduled due date, including optional prepayments. The term “Prepayment” also means any proceeds received as a result of accelerating and/or foreclosing the Assessment Area One – Phase One Special Assessments. “Prepayments” shall include, without limitation, Series 2026 Prepayment Principal.
“Quarterly Redemption Date” shall mean February 1, May 1, August 1 and November 1 of any calendar year.
“Redemption Price” shall mean the principal amount of any Series 2026 Bond payable upon redemption thereof pursuant to this First Supplemental Indenture.
“Registrar” shall mean U.S. Bank Trust Company, National Association and its successors and assigns as Registrar hereunder.

“Regular Record Date” shall mean the fifteenth day (whether or not a Business Day) of the calendar month next preceding each Interest Payment Date.
“Resolution” shall mean, collectively, (i) Resolution No. 2025-07 of the Issuer adopted on January 6, 2025, pursuant to which the Issuer authorized the issuance of not exceeding $43,250,000 aggregate principal amount of its Bonds to finance the construction or acquisition of the Assessment Area One Project, and (ii) Resolution No. 2026-  of the Issuer adopted on March 25, 2026, pursuant to which the Issuer authorized, among other things, the issuance of (A) the Series 2026 Bonds in an aggregate principal amount of not exceeding $4,500,000 to finance the acquisition of the Assessment Area One – Phase One Project, specifying the details of the Series 2026 Bonds and awarding the Series 2026 Bonds to the purchasers of the Series 2026 Bonds and (B) the Series 2026 Notes in an aggregate principal amount of not exceeding
$15,000,000 to finance the acquisition of the Assessment Area One – Master Infrastructure Project, specifying the details of the Series 2026 Notes and awarding the Series 2026 Notes to the purchasers of the Series 2026 Notes.
“Second Supplemental Indenture” shall mean that certain Second Supplemental Trust Indenture dated as of 	 1, 2026, pursuant to which the Series 2026 Notes will be issued.
“Series 2026 Acquisition and Construction Account” shall mean the Account so designated, established as a separate account within the Acquisition and Construction Fund pursuant to Section 4.01(a) of this First Supplemental Indenture.
“Series 2026 Bond Redemption Account” shall mean the Series 2026 Bond Redemption Account established as a separate Account within the Bond Redemption Fund pursuant to Section 4.01(g) of this First Supplemental Indenture.
“Series 2026 Bonds” shall mean the $[PAR] aggregate principal amount of Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project), to be issued as fully registered Bonds in accordance with the provisions of the Master Indenture and this First Supplemental Indenture, and secured and authorized by the Master Indenture and this First Supplemental Indenture.
“Series 2026 Capitalized Interest Account” shall mean the Account so designated, established as a separate Account within the Debt Service Fund pursuant to Section 4.01(d) of this First Supplemental Indenture.
“Series 2026 Costs of Issuance Account” shall mean the Account so designated, established as a separate Account within the Acquisition and Construction Fund pursuant to Section 4.01(a) of this First Supplemental Indenture.
“Series 2026 General Redemption Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2026 Bond Redemption Account pursuant to Section 4.01(g) of this First Supplemental Indenture.
“Series 2026 Interest Account” shall mean the Account so designated, established as a separate Account within the Debt Service Fund pursuant to Section 4.01(d) of this First Supplemental Indenture.
“Series 2026 Optional Redemption Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2026 Bond Redemption Account pursuant to Section 4.01(g) of this First Supplemental Indenture.

“Series 2026 Pledged Revenues” shall mean (a) all revenues received by the Issuer from Assessment Area One – Phase One Special Assessments levied and collected on the assessable lands within Assessment Area One – Phase One Area, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Assessment Area One – Phase One Special Assessments or from the issuance and sale of tax certificates with respect to such Assessment Area One – Phase One Special Assessments, and (b) all moneys on deposit in the Funds and Accounts established under the Indenture created and established with respect to or for the benefit of the Series 2026 Bonds; provided, however, that Series 2026 Pledged Revenues shall not include (A) any moneys transferred to the Series 2026 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2026 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the Issuer under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the Issuer under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso).
“Series 2026 Prepayment Principal” shall mean the portion of a Prepayment corresponding to the principal amount of Assessment Area One – Phase One Special Assessments being prepaid pursuant to Section 4.05 of this First Supplemental Indenture or Assessment Area One – Phase One Special Assessments collected as a result of an acceleration of the Assessment Area One – Phase One Special Assessments pursuant to Section 170.10, Florida Statutes, if such Assessment Area One – Phase One Special Assessments are being collected through a direct billing method.
“Series 2026 Prepayment Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2026 Bond Redemption Account pursuant to Section 4.01(g) of this First Supplemental Indenture.
“Series 2026 Principal Account” shall mean the account so designated, established as a separate account within the Debt Service Fund pursuant to Section 4.01(c) of this First Supplemental Indenture.
“Series 2026 Rebate Fund” shall mean the Fund so designated, established pursuant to Section 4.01(j) of this First Supplemental Indenture.
“Series 2026 Reserve Account” shall mean the Series 2026 Reserve Account established as a separate Account within the Debt Service Reserve Fund pursuant to Section 4.01(f) of this First Supplemental Indenture.
“Series 2026 Reserve Requirement” or “Reserve Requirement” shall mean an amount equal to twenty-five percent (25%) of the maximum annual debt service with respect to the initial principal amount of the Series 2026 Bonds determined on the date of issuance. Any amount in the Series 2026 Reserve Account may, upon final maturity or redemption of all Outstanding Series 2026 Bonds be used to pay principal of and interest on the Series 2026 Bonds at that time. The initial Series 2026 Reserve Requirement shall be equal to $	.
“Series 2026 Revenue Account” shall mean the Account so designated, established as a separate Account within the Revenue Fund pursuant to Section 4.01(b) of this First Supplemental Indenture.
“Series 2026 Sinking Fund Account” shall mean the Account so designated, established as a separate Account within the Debt Service Fund pursuant to Section 4.01(e) of this First Supplemental Indenture.

“Tax Compliance Certificate” shall mean that certain Tax Compliance Certificate, including arbitrage rebate covenants, of the Issuer, dated 	, 2026, relating to certain restrictions on arbitrage under the Code with respect to the Series 2026 Bonds.
“Underwriter” shall mean FMSbonds, Inc., the underwriter of the Series 2026 Bonds.
The words “hereof,” “herein,” “hereto,” “hereby,” and “hereunder” (except in the form of Series 2026 Bonds), refer to the entire Indenture.
Every “request,” “requisition,” “order,” “demand,” “application,” “notice,” “statement,” “certificate,” “consent,” or similar action hereunder by the Issuer shall, unless the form or execution thereof is otherwise specifically provided, be in writing signed by the Chairperson or Vice Chairperson and the Treasurer or Assistant Treasurer or the Secretary or Assistant Secretary or Responsible Officer of the Issuer.
All words and terms importing the singular number shall, where the context requires, import the plural number and vice versa.
[END OF ARTICLE I]

ARTICLE II
THE SERIES 2026 BONDS
SECTION 2.01. Amounts and Terms of Series 2026 Bonds; Issue of Series 2026 Bonds. No Series 2026 Bonds may be issued under this First Supplemental Indenture except in accordance with the provisions of this Article and Articles II and III of the Master Indenture.
The total principal amount of Series 2026 Bonds that may be issued under this First Supplemental Indenture is expressly limited to $[PAR]. The Series 2026 Bonds shall be numbered consecutively from R-1 and upwards.
Any and all Series 2026 Bonds shall be issued substantially in the form attached hereto as Exhibit B, with such appropriate variations, omissions and insertions as are permitted or required by the Indenture and with such additional changes as may be necessary or appropriate to conform to the provisions of the Resolution. The Issuer shall issue the Series 2026 Bonds upon execution of this First Supplemental Indenture and satisfaction of the requirements of Section 3.01 of the Master Indenture; and the Trustee shall, at the Issuer’s request, authenticate such Series 2026 Bonds and deliver them as specified in the request.
SECTION 2.02. Execution. The Series 2026 Bonds shall be executed by the Issuer as set forth in the Master Indenture.
SECTION 2.03. Authentication. The Series 2026 Bonds shall be authenticated as set forth in the Master Indenture. No Series 2026 Bond shall be valid until the certificate of authentication shall have been duly executed by the Trustee, as provided in the Master Indenture.
SECTION 2.04. Purpose, Designation and Denominations of, and Interest Accruals on, the Series 2026 Bonds.
The Series 2026 Bonds are being issued hereunder in order to provide funds (i) for the payment of the Costs of acquiring and/or constructing all or a portion of the Assessment Area One – Phase One Project, (ii) to fund the Series 2026 Reserve Account in an amount equal to the Series 2026 Reserve Requirement; (iii) for the funding of Capitalized Interest through at least November 1, 2026; and
(iv) to pay the costs of issuance of the Series 2026 Bonds. The Series 2026 Bonds shall be designated “Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project),” and shall be issued as fully registered bonds without coupons in Authorized Denominations.
The Series 2026 Bonds shall be dated as of the date of initial delivery. Interest on the Series 2026 Bonds shall be payable on each Interest Payment Date to maturity or prior redemption. Interest on the Series 2026 Bonds shall be payable from the most recent Interest Payment Date next preceding the date of authentication thereof to which interest has been paid, unless the date of authentication thereof is a May 1 or November 1 to which interest has been paid, in which case from such date of authentication, or unless the date of authentication thereof is prior to November 1, 2026, in which case from the date of initial delivery or unless the date of authentication thereof is between a Record Date and the next succeeding Interest Payment Date, in which case from such Interest Payment Date.
Except as otherwise provided in Section 2.07 of this First Supplemental Indenture in connection with a book entry only system of registration of the Series 2026 Bonds, the principal or Redemption Price of the Series 2026 Bonds shall be payable in lawful money of the United States of America at the designated corporate trust office of the Paying Agent upon presentation of such Series 2026

Bonds. Except as otherwise provided in Section 2.07 of this First Supplemental Indenture in connection with a book entry only system of registration of the Series 2026 Bonds, the payment of interest on the Series 2026 Bonds shall be made on each Interest Payment Date to the Owners of the Series 2026 Bonds by check or draft drawn on the Paying Agent and mailed on the applicable Interest Payment Date to each Owner as such Owner appears on the Bond Register maintained by the Registrar as of the close of business on the Regular Record Date, at his address as it appears on the Bond Register. Any interest on any Series 2026 Bond which is payable, but is not punctually paid or provided for on any Interest Payment Date (hereinafter called “Defaulted Interest”) shall be paid to the Owner in whose name the Series 2026 Bond is registered at the close of business on a Special Record Date to be fixed by the Trustee, such date to be not more than fifteen (15) nor less than ten (10) days prior to the date of proposed payment. The Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given by Electronic Means or mailed, first-class, postage-prepaid, to each Owner of record as of the fifth (5th) day prior to giving such notice or mailing such notice, at his address as it appears in the Bond Register not less than ten (10) days prior to such Special Record Date. The foregoing notwithstanding, any Owner of Series 2026 Bonds in an aggregate principal amount of at least $1,000,000 shall be entitled to have interest paid by wire transfer to such Owner to the bank account number on file with the Paying Agent, upon requesting the same in a writing received by the Paying Agent at least fifteen (15) days prior to the relevant Record Date, which writing shall specify the bank, which shall be a bank within the continental United States, and bank account number to which interest payments are to be wired. Any such request for interest payments by wire transfer shall remain in effect until rescinded or changed, in a writing delivered by the Owner to the Paying Agent, and any such rescission or change of wire transfer instructions must be received by the Paying Agent at least fifteen (15) days prior to the relevant Record Date.
SECTION 2.05. Debt Service on the Series 2026 Bonds.
The Series 2026 Bonds will mature on May 1 in the years and in the principal amounts, and bear interest at the rates as set forth below, subject to the right of prior redemption in accordance with their terms.
Year	Amount	Interest Rate

*Term Bonds
Interest on the Series 2026 Bonds will be computed in all cases on the basis of a 360 day year of twelve 30 day months. Interest on overdue principal and, to the extent lawful, on overdue interest will be payable at the numerical rate of interest borne by the Series 2026 Bonds on the day before the default occurred.
SECTION 2.06. Disposition of Series 2026 Bond Proceeds. The net proceeds of the Series 2026 Bonds received by the Trustee in the amount of $	 shall be applied as follows:
$	 derived from the net proceeds of the Series 2026 Bonds (which is an amount equal to the Series 2026 Reserve Requirement) shall be deposited in the Series 2026 Reserve Account of the Debt Service Reserve Fund;

$	 derived from the net proceeds of the Series 2026 Bonds shall be deposited into the Series 2026 Capitalized Interest Account in the Debt Service Fund and applied to pay interest on the Series 2026 Bonds when due and payable through at least November 1, 2026;
$	 derived from the net proceeds of the Series 2026 Bonds shall be deposited into the Series 2026 Costs of Issuance Account of the Acquisition and Construction Fund for payment of the costs of issuing the Series 2026 Bonds; and
$	 derived from the net proceeds of the Series 2026 Bonds shall be deposited in the Series 2026 Acquisition and Construction Account of the Acquisition and Construction Fund which the Issuer shall cause to be applied in accordance with Article V of the Master Indenture, Section 4.01(a) of this First Supplemental Indenture and the terms of the Acquisition Agreement.
SECTION 2.07. Book-Entry Form of Series 2026 Bonds. The Series 2026 Bonds shall be issued as one fully registered bond for each maturity of Series 2026 Bonds and deposited with The Depository Trust Company (“DTC”), which is responsible for establishing and maintaining records of ownership for its participants.
As long as the Series 2026 Bonds are held in book-entry-only form, Cede & Co. shall be considered the registered owner for all purposes hereof and in the Master Indenture. DTC shall be responsible for maintaining a book-entry-only system for recording the ownership interest of its participants (“Direct Participants”) and other institutions that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). The Direct Participants and Indirect Participants will be responsible for maintaining records with respect to the beneficial ownership interests of individual purchasers of the Series 2026 Bonds (“Beneficial Owners”).
Principal and interest on the Series 2026 Bonds registered in the name of Cede & Co. prior to and at maturity shall be payable directly to Cede & Co. in care of DTC. Disbursal of such amounts to Direct Participants shall be the responsibility of DTC. Payments by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners shall be the responsibility of Direct Participants and Indirect Participants and not of DTC, the Trustee or the Issuer.
Individuals may purchase beneficial interests in Authorized Denominations in book-entry-only form, without certificated Series 2026 Bonds, through Direct Participants and Indirect Participants.
During the period for which Cede & Co. is registered owner of the Series 2026 Bonds, any notices to be provided to any Beneficial Owner will be provided to Cede & Co. DTC shall be responsible for notices to Direct Participants and Direct Participants shall be responsible for notices to Indirect Participants, and Direct Participants and Indirect Participants shall be responsible for notices to Beneficial Owners.
The Issuer shall enter into a blanket letter of representations with DTC providing for such book-entry-only system. Such agreement may be terminated at any time by either DTC or the Issuer in accordance with the procedures of DTC. In the event of such termination, the Issuer shall select another securities depository and in that event, all references herein to DTC or Cede & Co., shall be deemed to be for reference to such successor. If the Issuer does not replace DTC, the Trustee will register and deliver to the Beneficial Owners replacement Series 2026 Bonds in the form of fully registered Series 2026 Bonds in accordance with the instructions from Cede & Co.
In the event DTC, any successor of DTC or the Issuer, but only in accordance with the procedures of DTC, elects to discontinue the book-entry only system, the Trustee shall deliver bond certificates in accordance with the instructions from DTC or its successor and after such time Series 2026 Bonds may be

exchanged for an equal aggregate principal amount of Series 2026 Bonds in other Authorized Denominations upon surrender thereof at the designated corporate trust office of the Trustee.
SECTION 2.08. Appointment of Registrar and Paying Agent. The Issuer shall keep, at the designated corporate trust office of the Registrar, books (the “Bond Register”) for the registration, transfer and exchange of the Series 2026 Bonds, and hereby appoints U.S. Bank Trust Company, National Association, as its Registrar to keep such books and make such registrations, transfers, and exchanges as required hereby. U.S. Bank Trust Company, National Association hereby accepts its appointment as Registrar and its duties and responsibilities as Registrar hereunder. Registrations, transfers and exchanges shall be without charge to the Bondholder requesting such registration, transfer or exchange, but such Bondholder shall pay any taxes or other governmental charges on all registrations, transfers and exchanges.
The Issuer hereby appoints U.S. Bank Trust Company, National Association as Paying Agent for the Series 2026 Bonds. U.S. Bank Trust Company, National Association hereby accepts its appointment as Paying Agent and its duties and responsibilities as Paying Agent hereunder.
SECTION 2.09. Conditions Precedent to Issuance of the Series 2026 Bonds. In addition to complying with the requirements set forth in the Master Indenture in connection with the issuance of the Series 2026 Bonds, all the Series 2026 Bonds shall be executed by the Issuer for delivery to the Trustee and thereupon shall be authenticated by the Trustee and delivered to the Issuer or upon its order, but only upon the further receipt by the Trustee of:
Certified copies of the Assessment Resolutions;
Executed originals of the Master Indenture and this First Supplemental Indenture;
An opinion of Counsel to the District, also addressed to the Trustee, substantially to the effect that (i) the Issuer has been duly established and validly exists as a community development district under the Act, (ii) the Issuer has good right and lawful authority under the Act to construct and/or purchase the Assessment Area One – Phase One Project being financed with the proceeds of the Series 2026 Bonds, subject to obtaining such licenses, orders or other authorizations as are, at the date of such opinion, required to be obtained from any agency or regulatory body having lawful jurisdiction in order to own and operate the Assessment Area One – Phase One Project, (iii) all proceedings undertaken by the Issuer with respect to the Assessment Area One – Phase One Special Assessments have been in accordance with Florida law, (iv) the Issuer has taken all action necessary to levy and impose the Assessment Area One – Phase One Special Assessments, and (v) the Assessment Area One – Phase One Special Assessments are legal, valid and binding liens upon the property against which such Assessment Area One – Phase One Special Assessments are made, coequal with the lien of all state, county, district and municipal taxes, superior in dignity to all other liens, titles and claims, until paid; and
A certificate of an Authorized Officer to the effect that, upon the authentication and delivery of the Series 2026 Bonds, the Issuer will not be in default in the performance of the terms and provisions of the Master Indenture or this First Supplemental Indenture; and
A copy of the Collateral Assignment;
Delivery to the Trustee of the net proceeds from the initial issuance of the Series 2026 Bonds shall be conclusive evidence that the conditions precedent for authenticating the Series 2026 Bonds have been met to the satisfaction of the Issuer and the Underwriter.
[END OF ARTICLE II]

ARTICLE III REDEMPTION OF SERIES 2026 BONDS
SECTION 3.01. Redemption Dates and Prices. The Series 2026 Bonds shall be subject to redemption at the times and in the manner provided in Article VIII of the Master Indenture and in this Article III. All payments of the Redemption Price of the Series 2026 Bonds shall be made on the dates hereinafter required. Except as otherwise provided in this Section 3.01, if less than all the Series 2026 Bonds of a maturity are to be redeemed pursuant to an extraordinary mandatory redemption, the Trustee shall select the Series 2026 Bonds or portions of the Series 2026 Bonds to be redeemed randomly. Partial redemptions of Series 2026 Bonds shall be made in such a manner that the remaining Series 2026 Bonds held by each Bondholder shall be in Authorized Denominations, except for the last remaining Series 2026 Bond.
The Series 2026 Bonds are subject to redemption prior to maturity in the amounts, at the times and in the manner provided below. All payments of the Redemption Price of the Series 2026 Bonds shall be made on the dates specified below.
Optional Redemption. The Series 2026 Bonds may, at the option of the Issuer, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after May 1, 20  (less than all Series 2026 Bonds of a maturity to be selected randomly), at a Redemption Price equal to the principal amount of Series 2026 Bonds to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2026 Optional Redemption Subaccount of the Series 2026 Bond Redemption Account. If such optional redemption shall be in part, the Issuer shall select such principal amount of Series 2026 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Bonds is substantially level.
Extraordinary Mandatory Redemption in Whole or in Part. The Series 2026 Bonds are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole or in part, on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at a Redemption Price equal to 100% of the principal amount of the Series 2026 Bonds to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2026 Prepayment Principal (including any credit from resulting excess in the Series 2026 Reserve Account as provided herein) deposited into the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account following the payment in whole or in part of Assessment Area One – Phase One Special Assessments on any assessable property within Assessment Area One – Phase One Area in accordance with the provisions of Section 4.05(a) of this First Supplemental Indenture.
from moneys, if any, on deposit in the Series 2026 Funds, Accounts and Subaccounts in the Funds and Accounts (other than the Series 2026 Rebate Fund and the Series 2026 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2026 Bonds and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.
upon the Completion Date, from any funds remaining on deposit in the Series 2026 Acquisition and Construction Account not otherwise reserved to complete the Assessment Area One – Phase One Project and which have been transferred to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account.

If such extraordinary mandatory redemption shall be in part, the Issuer shall select such principal amount of Series 2026 Bonds to be redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Bonds is substantially level.
Mandatory Sinking Fund Redemption. The Series 2026 Bonds maturing on May 1, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity
The Series 2026 Bonds maturing on May 1, 20   are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity
The Series 2026 Bonds maturing on May 1, 20   are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity

The Series 2026 Bonds maturing on May 1, 20   are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity
Upon any redemption or purchase of Series 2026 Bonds other than in accordance with scheduled mandatory sinking fund redemptions, the District shall cause to be recalculated and delivered to the Trustee revised mandatory sinking fund redemption amounts recalculated so as to amortize the Outstanding principal amount of Series 2026 Bonds in substantially equal annual installments of principal and interest (subject to rounding up to Authorized Denominations of principal) over the remaining term of the Series 2026 Bonds. The mandatory sinking fund redemption amounts as so recalculated shall not result in an increase in the aggregate of the mandatory sinking fund redemption amounts for all Series 2026 Bonds in any year. In the event of a redemption or purchase occurring less than 45 days prior to a date on which a mandatory sinking fund redemption payment is due, the foregoing recalculation shall not be made to the mandatory sinking fund redemption amounts due in the year in which such redemption or purchase occurs, but shall be made to the mandatory sinking fund redemption amounts for the immediately succeeding and subsequent years.
SECTION 3.02. Notice of Redemption. When required to redeem Series 2026 Bonds under any provision of this First Supplemental Indenture or directed in writing to redeem Series 2026 Bonds by the Issuer, the Trustee shall give or cause to be given to Owners of the Series 2026 Bonds to be redeemed, notice of the redemption, as set forth in Article VIII of the Master Indenture.
[END OF ARTICLE III]

ARTICLE IV
ESTABLISHMENT OF CERTAIN FUNDS AND ACCOUNTS; ADDITIONAL COVENANTS OF THE ISSUER; PREPAYMENTS;
REMOVAL OF ASSESSMENT AREA ONE – PHASE ONE SPECIAL ASSESSMENT LIENS
SECTION 4.01. Establishment of Certain Funds and Accounts.
The Trustee shall establish a separate account within the Acquisition and Construction Fund designated as the “Series 2026 Acquisition and Construction Account.” Proceeds of the Series 2026 Bonds shall be deposited into the Series 2026 Acquisition and Construction Account in the amount set forth in Section 2.06 of this First Supplemental Indenture, together with any moneys transferred or deposited thereto, as certified in writing by the District Manager and upon which the Trustee may conclusively rely, to the Series 2026 Acquisition and Construction Account, and such moneys in such Account shall be applied as set forth in this Section 4.01(a), Section 5.01 of the Master Indenture and the Acquisition Agreement. Funds on deposit in the Series 2026 Acquisition and Construction Account shall only be requested by the Issuer to be applied to the Costs of the Assessment Area One – Phase One Project, except as otherwise provided below, and subject to Sections 3.01(b)(iii), 4.01(f) and 5.06 herein. Subject to the provisions of Section 4.01(f) hereof, any moneys remaining in the Series 2026 Acquisition and Construction Account after the Completion Date, except for any moneys reserved therein for the payment of any costs of the Assessment Area One – Phase One Project owed but not yet requisitioned, as evidenced in a certificate from the District Engineer to the Trustee, upon which the Trustee may conclusively rely, and the adoption of a resolution by the Issuer accepting the Assessment Area One – Phase One Project, as evidenced by a certificate from the District Manager delivered to the Trustee, upon which the Trustee may conclusively rely, shall be transferred by the Trustee to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account. Upon presentment by the District Manager or the Issuer to the Trustee of a properly signed requisition in substantially the form attached hereto as Exhibit C, the Trustee shall withdraw moneys from the Series 2026 Acquisition and Construction Account and pay such moneys to the Person such requisition so directs. Pursuant to the Master Indenture, the Trustee shall establish a separate Account within the Acquisition and Construction Fund designated as the “Series 2026 Costs of Issuance Account.” Net proceeds of the Series 2026 Bonds shall be deposited into the Series 2026 Costs of Issuance Account in the amount set forth in Section 2.06 of this First Supplemental Indenture. Upon presentment by the District Manager or the Issuer to the Trustee of a properly signed requisition in substantially the form attached hereto as Exhibit C, the Trustee shall withdraw moneys from the Series 2026 Costs of Issuance Account to pay the costs of issuing the Series 2026 Bonds. Six months after the issuance of the Series 2026 Bonds, any moneys remaining in the Series 2026 Costs of Issuance Account in excess of the amount requested to be disbursed by the Issuer shall be deposited into the Series 2026 Interest Account. Any deficiency in the amount allocated to pay the cost of issuing the Series 2026 Bonds shall be paid from excess Series 2026 Pledged Revenues on deposit in the Series 2026 Revenue Account pursuant to paragraph SEVENTH of Section 4.02 hereof. When there are no further moneys therein, the Series 2026 Costs of Issuance Account shall be closed. The Trustee shall have no duty to independently verify that any requested disbursement from the Series 2026 Acquisition and Construction Account is for a Cost of the Assessment Area One – Phase One Project.
Pursuant to Section 6.03 of the Master Indenture, the Trustee shall establish a separate Account within the Revenue Fund designated as the “Series 2026 Revenue Account.” Assessment Area One – Phase One Special Assessments (except for Prepayments of Assessment Area One – Phase One Special Assessments which are identified as such by the Issuer to the Trustee and deposited in the Series 2026 Prepayment Subaccount) shall be deposited by the Trustee into the Series 2026 Revenue Account which shall be applied as set forth in Section 6.03 of the Master Indenture and Section 4.02 of this First Supplemental Indenture.

Pursuant to Section 6.04 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Fund designated as the “Series 2026 Principal Account.” Moneys shall be deposited into the Series 2026 Principal Account as provided in Section 6.04 of the Master Indenture and Section 4.02 of this First Supplemental Indenture, and applied for the purposes provided therein.
Pursuant to Section 6.04 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Fund designated as the “Series 2026 Interest Account.” Moneys deposited into the Series 2026 Interest Account pursuant to Section 6.04 of the Master Indenture and Section
4.02 of this First Supplemental Indenture, shall be applied for the purposes provided therein.
Pursuant to Section 6.04 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Fund designated as the “Series 2026 Capitalized Interest Account.” Moneys deposited into the Series 2026 Capitalized Interest Account pursuant to Section 6.04 of the Master Indenture and Section 2.06 of this First Supplemental Indenture, shall be applied for the purposes provided therein.
Pursuant to Section 6.04 of the Master Indenture, the Trustee shall establish another separate Account within the Debt Service Fund designated as the “Series 2026 Sinking Fund Account.” Moneys shall be deposited into the Series 2026 Sinking Fund Account as provided in Section
6.04 of the Master Indenture and applied for the purposes provided therein and in Section 3.01(c) of this First Supplemental Indenture.
Pursuant to Section 6.05 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Reserve Fund designated as the “Series 2026 Reserve Account.” Proceeds of the Series 2026 Bonds shall be deposited into the Series 2026 Reserve Account in the amount set forth in Section 2.06 of this First Supplemental Indenture, and such moneys, together with any other moneys deposited into the Series 2026 Reserve Account shall be applied for the purposes provided therein and in this Section 4.01(f) of this First Supplemental Indenture. Subject to the next succeeding paragraph, all investment earnings on moneys in the Series 2026 Reserve Account shall remain on deposit therein.
On each March 15 and September 15 (or, if such date is not a Business Day, on the Business Day next preceding such day), the Trustee shall determine the amount on deposit in the Series 2026 Reserve Account and transfer any excess therein above the Reserve Requirement for the Series 2026 Bonds caused by investment earnings to the Series 2026 Revenue Account.
Notwithstanding any of the foregoing, amounts on deposit in the Series 2026 Reserve Account shall be transferred by the Trustee, in the amounts directed in writing by the Majority Holders of the Series 2026 Bonds to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account, if as a result of the application of Article X of the Master Indenture, the proceeds received from lands sold subject to the Assessment Area One – Phase One Special Assessments and applied to redeem a portion of the Series 2026 Bonds is less than the principal amount of Series 2026 Bonds indebtedness attributable to such lands.
Subject to the provisions of Section 4.05 hereof, on any date the Issuer or the District Manager, on behalf of the Issuer, receives notice that a landowner wishes to prepay its Assessment Area One – Phase One Special Assessments relating to the benefited property of such landowner within Assessment Area One – Phase One Area, or as a result of a mandatory true-up payment, the Issuer shall, or cause the District Manager, on behalf of the Issuer to, calculate the principal amount of such Prepayment taking into account a credit against the amount of the Series 2026 Prepayment Principal due by the amount of money in the Series 2026 Reserve Account that will be in excess of the Reserve Requirement, taking into account the proposed Prepayment. Such excess in the Series 2026 Reserve Account shall be transferred by the Trustee

to the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account, as a result of such Prepayment. The District Manager, on behalf of the Issuer, shall make such calculation within ten
(10) Business Days after receiving notice of such Prepayment and shall instruct the Trustee in writing to transfer such amount of credit given to the landowner from the Series 2026 Reserve Account to the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account to be used for the extraordinary mandatory redemption of the Series 2026 Bonds in accordance with Section 3.01(b)(i) hereof. The Trustee is authorized to make such transfers and has no duty to verify such calculations.
In addition, in the event of an extraordinary mandatory redemption pursuant to Section 3.01(b)(iii), the District Manager, on behalf of the Issuer, shall calculate the Reserve Requirement and communicate the same to the Trustee in writing, and the Trustee shall apply any excess in the Series 2026 Reserve Account toward such extraordinary mandatory redemption. Further, moneys on deposit in the Series 2026 Reserve Account may be used to pay interest on the Series 2026 Bonds pursuant to the provisions of the last paragraph of Section 4.05 hereof. Notwithstanding any provision in the Master Indenture to the contrary, a draw on the Series 2026 Reserve Account for such purpose shall not constitute an Event of Default whether or not such draw is replenished within thirty (30) days.
Pursuant to Section 6.06 of the Master Indenture, the Trustee shall establish a separate Series Bond Redemption Account within the Bond Redemption Fund designated as the “Series 2026 Bond Redemption Account” and within such Account, a “Series 2026 General Redemption Subaccount,” a “Series 2026 Optional Redemption Subaccount,” and a “Series 2026 Prepayment Subaccount.” Except as otherwise provided in this First Supplemental Indenture regarding Prepayments or in connection with the optional redemption of the Series 2026 Bonds, moneys to be deposited into the Series 2026 Bond Redemption Account as provided in Section 6.06 of the Master Indenture, shall be deposited to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account.
Moneys that are deposited into the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account (including all earnings on investments held therein) shall be used to call Series 2026 Bonds for the extraordinary mandatory redemption in whole, pursuant to Section 3.01(b)(ii) hereof or in part pursuant to Section 3.01(b)(iii) hereof.
Moneys in the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account (including all earnings on investments held in such Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account) shall be accumulated therein to be used to call for redemption pursuant to Section 3.01(b)(i) hereof an amount of Series 2026 Bonds equal to the amount of money transferred to the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account for the purpose of such extraordinary mandatory redemption on the dates and at the price provided in such Section 3.01(b)(i) hereof.
The Issuer hereby directs the Trustee to establish a Series 2026 Rebate Fund designated as the “Series 2026 Rebate Fund.” Moneys shall be deposited into the Series 2026 Rebate Fund, as provided in the Tax Compliance Certificate and applied for the purposes provided therein.
Moneys on deposit in the Series 2026 Optional Redemption Subaccount shall be used to optionally redeem all or a portion of the Series 2026 Bonds pursuant to Section 3.01(a) hereof.
SECTION 4.02. Series 2026 Revenue Account. The Trustee shall transfer from amounts on deposit in the Series 2026 Revenue Account to the Funds and Accounts designated below, the following amounts, at the following times and in the following order of priority:

FIRST, upon receipt but no later than the Business Day next preceding each November 1 commencing November 1, 2026, to the Series 2026 Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2026 Bonds becoming due on the next succeeding November 1, less any amount on deposit in the Series 2026 Capitalized Interest Account, then less any amount on deposit in the Series 2026 Interest Account not previously credited;
SECOND, upon receipt but no later than the Business Day next preceding each May 1 commencing May 1, 2027, to the Series 2026 Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2026 Bonds becoming due on the next succeeding May 1, less any amount on deposit in the Series 2026 Capitalized Interest Account, then less any amount on deposit in the Series 2026 Interest Account not previously credited;
THIRD, no later than the Business Day next preceding each May 1, commencing May 1, 20 , to the Series 2026 Sinking Fund Account of the Debt Service Fund, an amount equal to the principal amount of Series 2026 Bonds subject to sinking fund redemption on such May 1, less any amount on deposit in the Series 2026 Sinking Fund Account not previously credited;
FOURTH, no later than the Business Day next preceding each May 1, which is the principal payment date for any Series 2026 Bonds, to the Series 2026 Principal Account of the Debt Service Fund, an amount equal to the principal amount of Series 2026 Bonds Outstanding maturing on such May 1, less any amounts on deposit in the Series 2026 Principal Account not previously credited;
FIFTH, upon receipt but no later than the Business Day next preceding each Interest Payment Date while Series 2026 Bonds remain Outstanding, to the Series 2026 Reserve Account, an amount equal to the amount, if any, which is necessary to make the amount on deposit therein equal to the Reserve Requirement for the Series 2026 Bonds; and
SIXTH, notwithstanding the foregoing, at any time the Series 2026 Bonds are subject to redemption on a date which is not a May 1 or November 1 Interest Payment Date, the Trustee shall be authorized to transfer to the Series 2026 Interest Account, the amount necessary to pay interest on the Series 2026 Bonds subject to redemption on such date; and
SEVENTH, subject to the foregoing paragraphs, the balance of any moneys remaining after making the foregoing deposits shall be first deposited into the Series 2026 Costs of Issuance Account to cover any deficiencies in the amount allocated to pay the cost of issuing the Series 2026 Bonds and next, any balance in the Series 2026 Revenue Account shall remain on deposit in such Series 2026 Revenue Account, unless pursuant to the Tax Compliance Certificate, it is necessary to make a deposit into the Series 2026 Rebate Fund, in which case, the Issuer shall direct the Trustee in writing to make such deposit thereto.
Notwithstanding that the Issuer has funded the Series 2026 Capitalized Interest Account to pay interest on the Series 2026 Bonds through at least November 1, 2026, moneys on deposit in the Series 2026 Capitalized Interest Account, including all investment earnings thereon, shall remain on deposit in such Account and be used by the Trustee to pay interest on the Series 2026 Bonds on any subsequent interest Payment Date if moneys remain after November 1, 2026. When such Account has been depleted of all funds, the Trustee shall be authorized to close such Account.
SECTION 4.03. Power to Issue Series 2026 Bonds and Create Lien. The Issuer is duly authorized under the Act and all applicable laws of the State to issue the Series 2026 Bonds, to execute and deliver the Indenture and to pledge the Series 2026 Pledged Revenues for the benefit of the Series 2026 Bonds to the extent set forth herein. The Series 2026 Pledged Revenues are not and shall not be subject to any other lien

senior to or on a parity with the lien created in favor of the Series 2026 Bonds, except as otherwise permitted under the Master Indenture. The Series 2026 Bonds and the provisions of the Indenture are and will be valid and legally enforceable obligations of the Issuer in accordance with their respective terms. The Issuer shall, at all times, to the extent permitted by law, defend, preserve and protect the pledge created by the Indenture and all the rights of the Owners of the Series 2026 Bonds under the Indenture against all claims and demands of all persons whomsoever.
SECTION 4.04. The Assessment Area One – Phase One Project to Conform to Consulting Engineers Report. Upon the issuance of the Series 2026 Bonds, the Issuer will promptly proceed to construct or acquire the Assessment Area One – Phase One Project, as described in Exhibit A hereto and in the Consulting Engineer’s Report relating thereto, all pursuant to the terms and provisions of the Acquisition Agreement.
SECTION 4.05. Prepayments; Removal of Assessment Area One – Phase One Special Assessment Liens.
At any time any owner of property subject to the Assessment Area One – Phase One Special Assessments may, at its option, or as a result of acceleration of the Assessment Area One – Phase One Special Assessments because of non-payment thereof, or as a result of true-up payment, shall require the Issuer to reduce or release and extinguish the lien upon its property by virtue of the levy of the Assessment Area One – Phase One Special Assessments by paying or causing there to be paid, to the Issuer all or a portion of the Assessment Area One – Phase One Special Assessment, which shall constitute Series 2026 Prepayment Principal, plus, except as provided below, accrued interest to the next succeeding Quarterly Redemption Date (or the next succeeding Quarterly Redemption Date if such Prepayment is made within forty-five (45) calendar days before a Quarterly Redemption Date), attributable to the property subject to Assessment Area One – Phase One Special Assessment owned by such owner. In connection with such Prepayments, in the event the amount in the Series 2026 Reserve Account will exceed the Reserve Requirement as a result of a Prepayment in accordance with this Section 4.05(a) and Section 4.01(f) hereof and the resulting redemption of the Series 2026 Bonds in accordance with Section 3.01(b)(i) of this First Supplemental Indenture, the excess amount shall be transferred from the Series 2026 Reserve Account to the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account as a credit against the Series 2026 Prepayment Principal otherwise required to be paid by the owner of such lot or parcel, upon written instructions to the Trustee of the District Manager upon which the Trustee may conclusively rely, on behalf of the Issuer, together with a certification stating that, after giving effect to such transfers sufficient moneys will be on deposit in the Series 2026 Reserve Account to equal or exceed the then Reserve Requirement for the Series 2026 Bonds and which certificate of the District Manager will further state that, after giving effect to the proposed redemption of Series 2026 Bonds, there will be sufficient Series 2026 Pledged Revenues to pay the principal and interest, when due, on all Series 2026 Bonds that will remain Outstanding.
Upon receipt of Series 2026 Prepayment Principal as described in paragraph (a) above, subject to satisfaction of the conditions set forth therein, the Issuer shall immediately pay the amount so received to the Trustee, and the Issuer shall take such action as is necessary to record in the official records of the District that the Assessment Area One – Phase One Special Assessment has been paid in whole or in part and that such Assessment Area One – Phase One Special Assessment lien is thereby reduced, or released and extinguished, as the case may be.
The Trustee may conclusively rely on the Issuer’s determination of what moneys constitute Series 2026 Prepayment Principal. The Issuer or the District Manager, on behalf of the Issuer, shall calculate the amount available for extraordinary mandatory redemption of the Series 2026 Bonds pursuant to Section 3.01(b)(i) hereof forty-five (45) days before each Quarterly Redemption Date and will

withdraw money from the Series 2026 Reserve Account as a credit against the amount of Prepayment that is owed in an amount as directed in writing by the Issuer or the District Manager in accordance with Section 4.01(f) and Section 4.05(a) hereof. No credit shall be given if as a result the Reserve Requirement shall be less than is required after taking into account the proposed extraordinary mandatory redemption pursuant to Section 3.01(b)(i) hereof. At any time such Prepayment is not in an integral multiple of $5,000, the Trustee shall withdraw moneys from the Series 2026 Revenue Account to round-up to the nearest integral multiple of $5,000 and deposit such amount into the Series 2026 Prepayment Subaccount. Notwithstanding the foregoing, the Trustee shall not be authorized to withdraw any moneys from the Series 2026 Revenue Account unless all of the deposits required under Section 4.02 hereof have or can be made to the next succeeding Interest Payment Date. If any landowner shall prepay the Assessment Area One – Phase One Special Assessments without interest as permitted by Section 170.09, Florida Statutes, the Trustee is authorized, pursuant to written direction from the Issuer or from the written direction from the District Manager on behalf of the Issuer, to first withdraw any available money from the Series 2026 Revenue Account and next from the Series 2026 Reserve Account if moneys are not available in the Series 2026 Revenue Account, in either case in the amount of such interest which would otherwise be owed in connection with such Prepayment.
[END OF ARTICLE IV]

ARTICLE V
COVENANTS AND DESIGNATIONS OF THE ISSUER
SECTION 5.01. Collection of Assessment Area One – Phase One Special Assessments. Pursuant to the terms and provisions of the Master Indenture and except as provided in the next succeeding sentence, the Issuer shall collect the Assessment Area One – Phase One Special Assessments relating to the acquisition and construction of the Assessment Area One – Phase One Project through the Uniform Method of Collection (the “Uniform Method”) afforded by Chapter 197, Florida Statutes. Pursuant to the terms and provisions of the Master Indenture, the Issuer shall, pursuant to the provisions of the Assessment Resolutions, directly collect the Assessment Area One – Phase One Special Assessments levied in lieu of the Uniform Method with respect to any assessable lands which have not yet been platted or the timing for using the Uniform Method will not yet allow for using such method, unless the Trustee at the direction of the Majority Holders directs the Issuer otherwise. In addition, and not in limitation of, the covenants contained elsewhere in this First Supplemental Indenture and in the Master Indenture, the Issuer covenants to comply with the terms of the proceedings heretofore adopted with respect to the Assessment Area One – Phase One Special Assessments, and to levy the Assessment Area One – Phase One Special Assessments in such manner as will generate funds sufficient to pay debt service on the Series 2026 Bonds when due. All Assessment Area One – Phase One Special Assessments that are collected directly by the Issuer shall be due and payable by the landowner not later than thirty (30) days prior to each Interest Payment Date.
SECTION 5.02. Continuing Disclosure. Contemporaneously with the execution and delivery hereof, the Issuer has executed and delivered a Continuing Disclosure Agreement in order to comply with the requirements of Rule 15c2-12 promulgated under the Securities and Exchange Act of 1934. The Issuer covenants and agrees to comply with the provisions of such Continuing Disclosure Agreement applicable to it; however, as set forth therein, failure to so comply shall not constitute and Event of Default hereunder, but shall instead be enforceable by mandamus or any other means of specific performance.
SECTION 5.03. Investment of Funds and Accounts. The provisions of Section 7.02 of the Master Indenture shall apply to the investment and reinvestment of moneys in the Series 2026 Accounts and subaccounts therein created hereunder.
SECTION 5.04. Additional Obligations. The Issuer covenants not to issue any other Bonds or other debt obligations secured by the Assessment Area One – Phase One Special Assessments. Such covenant shall not prohibit the Issuer from issuing refunding bonds. In addition, the Issuer covenants not to issue any other Bonds or debt obligations secured by Special Assessments on assessable lands within the Assessment Area One – Phase One Area that are subject to the Assessment Area One – Phase One Special Assessments; provided, however, the Issuer may impose Special Assessments securing other Bonds or debt obligations for capital projects on lands subject to the Assessment Area One – Phase One Assessments without the written consent of the Majority Holders to finance any capital projects if the initial par debt per unit of such proposed Bonds or other obligations does not exceed $15,000 per unit. Notwithstanding the foregoing, the Issuer shall not be precluded from the imposition of Special Assessments or other non-ad valorem assessments on such lands in connection with other capital projects that are necessary for health, safety or welfare reasons or to remediate a natural disaster. Notwithstanding any provision in the Indenture to the contrary, the Issuer may issue other Bonds or debt obligations secured by Special Assessments, other than the Assessment Area One – Phase One Special Assessments, at any time upon the written consent of the Majority Holders. No consent shall be required if Bonds are issued which are secured by Special Assessments that are levied on any lands within the District which are not subject to the Assessment Area One – Phase One Special Assessments.

SECTION 5.05. Requisite Owners for Direction or Consent. Anything in the Master Indenture to the contrary notwithstanding, any direction or consent or similar provision which requires more than fifty percent (50%) of the Owners, shall in each case be deemed to refer to, and shall mean, the Majority Holders.
SECTION 5.06. Acknowledgement Regarding Series 2026 Acquisition and Construction Account Moneys Following an Event of Default. In accordance with the provisions of the Indenture, the Series 2026 Bonds are payable solely from the Series 2026 Pledged Revenues and any other moneys held by the Trustee under the Indenture for such purpose. Anything in the Indenture to the contrary notwithstanding and provided, however, that such actions shall not affect the tax exempt status of the Series 2026 Bonds, the Issuer hereby acknowledges that, upon the occurrence of an Event of Default with respect to the Series 2026 Bonds, (i) the Series 2026 Pledged Revenues include, without limitation, all amounts on deposit in the Series 2026 Acquisition and Construction Account of the Acquisition and Construction Fund then held by the Trustee, (ii) the Series 2026 Pledged Revenues may not be used by the Issuer (whether to pay costs of the Assessment Area One – Phase One Project or otherwise) without the consent of the Majority Holders, and (iii) the Series 2026 Pledged Revenues may be used by the Trustee, at the direction or with the approval of the Majority Holders, to pay the reasonable costs and expenses incurred in connection with the pursuit of remedies under the Indenture. The Issuer also acknowledges and agrees that from and after an Event of Default, as more fully provided in the Collateral Assignment, the Trustee is authorized to exercise the Issuer’s rights under the Collateral Assignment at the direction of the Majority Holders but without the consent or approval of the Issuer and the Issuer covenants not to enter into any contract regarding the Assessment Area One – Phase One Project from and after the occurrence of an Event of Default without the written direction of the Majority Holders.
[END OF ARTICLE V]

ARTICLE VI
THE TRUSTEE; THE PAYING AGENT AND REGISTRAR
SECTION 6.01. Acceptance of Trust. The Trustee accepts and agrees to execute the trusts hereby created and agrees to perform such trusts upon the terms and conditions set forth in the Indenture. The Trustee agrees to act as Paying Agent and Registrar for the Series 2026 Bonds.
SECTION 6.02. Trustee’s Duties. The Trustee shall not be responsible in any manner for the due execution of this First Supplemental Indenture by the Issuer or for the recitals contained herein (except for the certificate of authentication on the Series 2026 Bonds), all of which are made solely by the Issuer. Nothing contained herein shall limit the rights, benefits, privileges, protection and entitlement inuring to the Trustee under the Master Indenture.
[END OF ARTICLE VI]

ARTICLE VII MISCELLANEOUS PROVISIONS
SECTION 7.01. Interpretation of First Supplemental Indenture. This First Supplemental Indenture amends and supplements the Master Indenture with respect to the Series 2026 Bonds, and all of the provisions of the Master Indenture, to the extent not inconsistent herewith, are incorporated in this First Supplemental Indenture by reference. To the maximum extent possible, the Master Indenture and the First Supplemental Indenture shall be read and construed as one document.
SECTION 7.02. Amendments. Any amendments to this First Supplemental Indenture shall be made pursuant to the provisions for amendment contained in the Master Indenture.
SECTION 7.03. Counterparts. This First Supplemental Indenture may be executed in any number of counterparts, each of which when so executed and delivered shall be an original; but such counterparts shall together constitute but one and the same instrument.
SECTION 7.04. Appendices and Exhibits. Any and all schedules, appendices or exhibits referred to in and attached to this First Supplemental Indenture are hereby incorporated herein and made a part of this First Supplemental Indenture for all purposes.
SECTION 7.05. Payment Dates. In any case in which an Interest Payment Date or the maturity date of the Series 2026 Bonds or the date fixed for the redemption of any Series 2026 Bonds shall be other than a Business Day, then payment of interest, principal or Redemption Price need not be made on such date but may be made on the next succeeding Business Day, with the same force and effect as if made on the due date, and no interest on such payment shall accrue for the period after such due date if payment is made on such next succeeding Business Day.
SECTION 7.06. No Rights Conferred on Others. Nothing herein contained shall confer any right upon any Person other than the parties hereto and the Holders of the Series 2026 Bonds.
SECTION 7.07. Patriot Act Requirements of the Trustee. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Trustee will ask for documentation to verify such non-individual person’s formation and existence as a legal entity. The Trustee may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation.
[Remainder of page intentionally left blank.]

25

IN WITNESS WHEREOF, Metropica Community Development District has caused this First Supplemental Trust Indenture to be executed by the Chairperson of its Board of Supervisors and its corporate seal to be hereunto affixed and attested by the Assistant Secretary of its Board of Supervisors and
U.S. Bank Trust Company, National Association has caused this First Supplemental Trust Indenture to be executed by one of its authorized signatories, all as of the day and year first above written.

METROPICA COMMUNITY DEVELOPMENT
DISTRICT	
[SEAL]	
Attest:	
By:		
Name: Bernard Werner	
Title: Chairperson, Board of Supervisors	
By:		
Name: Juliana Duque	
Title: Assistant Secretary, Board of Supervisors	
U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION, as Trustee, Paying Agent and Registrar	

By:		
Name: Scott A. Schuhle	
Title: Vice President	

25

STATE OF FLORIDA	)
) SS: COUNTY OF BROWARD	)
The foregoing instrument was acknowledged before me by means of  physical presence or  online notarization, this   day of 		 2026 by Bernard Werner and Juliana Duque, Chairperson and Assistant Secretary of Metropica Community Development District, who is personally known to me or who has produced 	 as identification.

[NOTARY SEAL]	(Signature of person taking acknowledgment)	
	(Name typed, printed or stamped)	
	(Title or Rank)	
	(Serial number, if any)	

STATE OF FLORIDA	)
) SS: COUNTY OF BROWARD	)
The foregoing instrument was acknowledged before me by means of  physical presence or  online notarization, this   day of 	 2026, by Scott A. Schuhle, Vice President of U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States of America. He is personally known to me or has produced
	 as identification.

[NOTARY SEAL]	(Signature of person taking acknowledgment)	
	(Name typed, printed or stamped)	
	(Title or Rank)	
	(Serial number, if any)	

27

EXHIBIT A
DESCRIPTION OF THE ASSESSMENT AREA ONE – PHASE ONE PROJECT
The Assessment Area One – Phase One Project includes, but is not limited to, the following improvements:
Water and sewer system; Franchise utility improvements; Stormwater management system;
Roadway and transportation improvements; Landscaping improvements;
Park improvements; and
All related soft and incidental costs.
As more particularly set forth in the Engineer’s Report dated January 6, 2025, as supplemented by the First Supplemental Engineer’s Report (Assessment Area One – Phase One and Assessment Area One – Master Infrastructure Project) dated March 25, 2026, each prepared by Thomas Engineering Group, LLC, as such report may be supplemented and/or amended from time to time.

A-1

EXHIBIT B
[FORM OF SERIES 2026 BOND]

R-1	$		

UNITED STATES OF AMERICA STATE OF FLORIDA
COUNTY OF BROWARD
METROPICA COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BOND, SERIES 2026 (ASSESSMENT AREA ONE – PHASE ONE PROJECT)

Interest Rate	Maturity Date	Date of Original Issuance	CUSIP	
	%	May 1, 			, 20 		
Registered Owner:	Cede & Co.			
Principal Amount:				

KNOW ALL PERSONS BY THESE PRESENTS that the Metropica Community Development District (the “Issuer”), for value received, hereby promises to pay to the registered owner shown above or registered assigns, on the date specified above, from the sources hereinafter mentioned, upon presentation and surrender hereof (except while the herein defined Series 2026 Bonds are in book-entry only form such presentation shall not be required), at the designated corporate trust office of U.S. Bank Trust Company, National Association, as paying agent (said U.S. Bank Trust Company, National Association and any successor paying agent being herein called the “Paying Agent”), the Principal Amount set forth above (with interest thereon at the Interest Rate per annum set forth above, computed on 360-day year of 30-day months), said principal payable on the Maturity Date stated above. Principal of this Bond is payable at the designated corporate trust office of U.S. Bank Trust Company, National Association in lawful money of the United States of America. Interest on this Bond is payable by check or draft of the Paying Agent made payable to the registered owner and mailed on each May 1 and November 1, commencing November 1, 2026 to the address of the registered owner as such name and address shall appear on the registry books of the Issuer maintained by U.S. Bank Trust Company, National Association, as Registrar (said U.S. Bank Trust Company, National Association and any successor registrar being herein called the “Registrar”) at the close of business on the fifteenth day of the calendar month preceding each interest payment date or the date on which the principal of a Bond is to be paid (the “Record Date”). Such interest shall be payable from the most recent interest payment date next preceding the date of authentication hereof to which interest has been paid, unless the date of authentication hereof is a May 1 or November 1 to which interest has been paid, in which case from the date of authentication hereof, or unless such date of authentication is prior to November 1, 2026, in which case from the date of initial delivery, or unless the date of authentication hereof is between a Record Date and the next succeeding interest payment date, in which case from such interest payment date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the registered owner on such Record Date and may be paid to the person in whose name this Bond is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by U.S. Bank Trust Company, National Association, as trustee (said U.S. Bank Trust Company, National Association and any successor trustee being herein called the “Trustee”), notice whereof shall be given to Bondholders of record as of the fifth (5th) day prior to such mailing, at their registered addresses, not less than ten (10) days prior to such Special Record Date, or may be paid, at any

time in any other lawful manner, as more fully provided in the Indenture (defined below). Any capitalized term used in this Bond and not otherwise defined shall have the meaning ascribed to such term in the Indenture.
THE BONDS ARE LIMITED OBLIGATIONS OF THE ISSUER PAYABLE SOLELY OUT OF THE PLEDGED REVENUES PLEDGED THEREFOR UNDER THE INDENTURE AND NEITHER THE PROPERTY, THE FULL FAITH AND CREDIT, NOR THE TAXING POWER OF THE ISSUER, THE CITY OF SUNRISE, FLORIDA (THE “CITY”), BROWARD COUNTY, FLORIDA (THE “COUNTY”), THE STATE OF FLORIDA (THE “STATE”), OR ANY OTHER POLITICAL SUBDIVISION THEREOF, IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE BONDS; HOWEVER, THE ISSUER IS OBLIGATED UNDER THE INDENTURE TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, ASSESSMENT AREA ONE – PHASE ONE SPECIAL ASSESSMENTS (AS DEFINED IN THE INDENTURE) TO SECURE AND PAY THE BONDS. THE BONDS DO NOT CONSTITUTE AN INDEBTEDNESS OF THE ISSUER, THE CITY, THE COUNTY, THE STATE, OR ANY OTHER POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION.
This Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Indenture until it shall have been authenticated by execution of the Trustee of the certificate of authentication endorsed hereon.
This Bond is one of an authorized issue of Bonds of the Metropica Community Development District, a community development district duly created, organized and existing under Chapter 190, Florida Statutes (the Uniform Community Development District Act of 1980), as amended (the “Act”) and Ordinance No. 909-X-23-A enacted by the City Commission of the City of Sunrise, Florida, on March 28, 2023, designated as “Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project)” (the “Bonds” or the “Series 2026 Bonds”), in the aggregate principal amount of 	 AND 00/100 DOLLARS ($[PAR]) of like date, tenor and effect, except as to number, denomination, interest rate and maturity date. The Series 2026 Bonds are being issued under authority of the laws and Constitution of the State of Florida, including particularly the Act, to pay the costs of constructing and/or acquiring the Assessment Area One – Phase One Project (as defined in the herein referred to Indenture). The Series 2026 Bonds shall be issued as fully registered bonds in authorized denominations, as set forth in the Indenture. The Bonds are issued under and secured by a Master Trust Indenture dated as of 		 1, 2026 (the “Master Indenture”), as amended and supplemented by a First Supplemental Trust Indenture dated as of 	 1, 2026 (the “First Supplemental Indenture” and together with the Master Indenture, the “Indenture”), each by and between the Issuer and the Trustee, executed counterparts of which are on file at the designated corporate trust office of the Trustee in Fort Lauderdale, Florida.
Reference is hereby made to the Indenture for the provisions, among others, with respect to the custody and application of the proceeds of the Series 2026 Bonds issued under the Indenture, the operation and application of the Debt Service Fund, the Series 2026 Reserve Account within the Debt Service Reserve Fund and other Funds and Accounts (each as defined in the Indenture) charged with and pledged to the payment of the principal of and the interest on the Series 2026 Bonds, the levy and the evidencing and certifying for collection, of the Assessment Area One – Phase One Special Assessments, the nature and extent of the security for the Bonds, the terms and conditions on which the Series 2026 Bonds are issued, the rights, duties and obligations of the Issuer and of the Trustee under the Indenture, the conditions under which such Indenture may be amended without the consent of the registered owners of the Series 2026 Bonds, the conditions under which such Indenture may be amended with the consent of the Majority

Holders of the Series 2026 Bonds outstanding, and as to other rights and remedies of the registered owners of the Series 2026 Bonds.
The owner of this Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any event of default under the Indenture or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture.
It is expressly agreed by the owner of this Bond that such owner shall never have the right to require or compel the exercise of the ad valorem taxing power of the Issuer, the City, the County, the State or any other political subdivision thereof, or taxation in any form of any real or personal property of the Issuer, the City, the County, the State or any other political subdivision thereof, for the payment of the principal of and interest on this Bond or the making of any other sinking fund and other payments provided for in the Indenture, except for Assessment Area One – Phase One Special Assessments to be assessed and levied by the Issuer as set forth in the Indenture.
By the acceptance of this Bond, the owner hereof assents to all the provisions of the Indenture.
This Bond is payable from and secured by Series 2026 Pledged Revenues, as such term is defined in the Indenture, all in the manner provided in the Indenture. The Indenture provides for the levy and the evidencing and certifying, of non-ad valorem assessments in the form of Assessment Area One – Phase One Special Assessments to secure and pay the Bonds.
The Series 2026 Bonds are subject to redemption prior to maturity in the amounts, at the times and in the manner provided below. All payments of the redemption price of the Series 2026 Bonds shall be made on the dates specified below. Upon any redemption of Series 2026 Bonds other than in accordance with scheduled mandatory sinking fund redemption, the Issuer shall cause to be recalculated and delivered to the Trustee revised mandatory sinking fund redemption amounts recalculated so as to amortize the Outstanding principal amount of Series 2026 Bonds in substantially equal annual installments of principal and interest (subject to rounding up to Authorized Denominations of principal) over the remaining term of the Series 2026 Bonds. The mandatory sinking fund redemption amounts as so recalculated shall not result in an increase in the aggregate of the mandatory sinking fund redemption amounts for all Series 2026 Bonds in any year. In the event of a redemption or purchase occurring less than 45 days prior to a date on which a mandatory sinking fund redemption payment is due, the foregoing recalculation shall not be made to the mandatory sinking fund redemption amounts due in the year in which such redemption or purchase occurs, but shall be made to the mandatory sinking fund redemption amounts for the immediately succeeding and subsequent years.
Optional Redemption
The Series 2026 Bonds are subject to redemption prior to maturity at the option of the Issuer, as a whole or in part, at any time, on or after May 1, 20  (less than all Series 2026 Bonds of a maturity to be selected randomly), at a Redemption Price equal to the principal amount of the Series 2026 Bonds to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date.
[Remainder of page intentionally left blank.]

Mandatory Sinking Fund Redemption
The Series 2026 Bonds maturing on May 1, 20   are subject to mandatory sinking fund redemption on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption. Such principal amounts shall be reduced as specified by the Issuer by the principal amount of any Series 2026 Bonds redeemed pursuant to optional or extraordinary mandatory redemption as set forth herein or purchased and cancelled pursuant to the provisions of the Indenture.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity
The Series 2026 Bonds maturing on May 1, 20   are subject to mandatory sinking fund redemption on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption. Such principal amounts shall be reduced as specified by the Issuer by the principal amount of any Series 2026 Bonds redeemed pursuant to optional or extraordinary mandatory redemption as set forth herein or purchased and cancelled pursuant to the provisions of the Indenture.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity
The Series 2026 Bonds maturing on May 1, 20   are subject to mandatory sinking fund redemption on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption. Such principal amounts shall be reduced as specified by the Issuer by the principal amount of any Series 2026 Bonds redeemed pursuant to optional or extraordinary mandatory redemption as set forth herein or purchased and cancelled pursuant to the provisions of the Indenture.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity

The Series 2026 Bonds maturing on May 1, 20   are subject to mandatory sinking fund redemption on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption. Such principal amounts shall be reduced as specified by the Issuer by the principal amount of any Series 2026 Bonds redeemed pursuant to optional or extraordinary mandatory redemption as set forth herein or purchased and cancelled pursuant to the provisions of the Indenture.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity
Extraordinary Mandatory Redemption in Whole or in Part
The Bonds are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole or in part on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at an extraordinary mandatory redemption price equal to 100% of the principal amount of the Bonds to be redeemed, plus interest accrued to the redemption date.
from Series 2026 Prepayment Principal (including any credit from resulting excess in the Series 2026 Reserve Account) deposited into the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account following the payment in whole or in part of Assessment Area One – Phase One Special Assessments on any assessable property within Assessment Area One – Phase One Area in accordance with the provisions of Section 4.05(a) of the First Supplemental Indenture.
from moneys, if any, on deposit in the Series 2026 Funds, Accounts and Subaccounts in the Funds and Accounts (other than the Series 2026 Rebate Fund and the Series 2026 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2026 Bonds and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.
upon the Completion Date, from any funds remaining on deposit in the Series 2026 Acquisition and Construction Account not otherwise reserved to complete the Assessment Area One – Phase One Project and which have been transferred to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account.
Except as otherwise provided in the Indenture, if less than all of the Bonds subject to redemption shall be called for redemption, the particular such Bonds or portions of such Bonds to be redeemed shall be selected randomly by the Trustee, as provided in the Indenture.

Notice of each redemption of the Bonds is required to be mailed by the Trustee by first class mail, postage prepaid, not less than thirty (30) nor more than sixty (60) days prior to the redemption date to each Registered Owner of the Bonds to be redeemed at the address of such Registered Owner recorded on the bond register maintained by the Registrar. On the date designated for redemption, notice having been given and money for the payment of the Redemption Price being held by the Trustee or the Paying Agent, all as provided in the Indenture, the Bonds or such portions thereof so called for redemption shall become and be due and payable at the Redemption Price provided for the redemption of such Bonds or such portions thereof on such date, interest on such Bonds or such portions thereof so called for redemption shall cease to accrue, such Bonds or such portions thereof so called for redemption shall cease to be entitled to any benefit or security under the Indenture and the Owners thereof shall have no rights in respect of such Bonds or such portions thereof so called for redemption except to receive payments of the Redemption Price thereof so held by the Trustee or the Paying Agent. Further notice of redemption shall be given by the Trustee to certain registered securities depositories and information services as set forth in the Indenture, but no defect in said further notice nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as above prescribed. Notwithstanding the foregoing, the Trustee is authorized to give conditional notice of redemption as provided in the Master Indenture.
The Owner of this Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any Event of Default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture.
Modifications or alterations of the Indenture or of any indenture supplemental thereto may be made only to the extent and in the circumstances permitted by the Indenture.
Any moneys held by the Trustee or Paying Agent in trust for the payment and discharge of any Bond which remain unclaimed for three (3) years after the date when such Bond has become due and payable, either at its stated maturity date or by call for earlier redemption shall be paid to the Issuer, thereupon and thereafter no claimant shall have any rights against the Trustee or Paying Agent to or in respect of such moneys.
If the Issuer deposits or causes to be deposited with the Trustee funds or Defeasance Securities (as defined in the Master Indenture) sufficient to pay the principal or Redemption Price of any Bonds becoming due at maturity or by call for redemption in the manner set forth in the Indenture, together with the interest accrued to the due date, the lien of such Bonds as to the trust estate with respect to such Bonds shall be discharged, except for the rights of the Owners thereof with respect to the funds so deposited as provided in the Indenture.
This Bond shall have all the qualities and incidents, including negotiability, of investment securities within the meaning and for all the purposes of the Uniform Commercial Code of the State of Florida.
The Issuer shall keep books for the registration of the Bonds at the designated corporate trust office of the Registrar in Fort Lauderdale, Florida. Subject to the restrictions contained in the Indenture, the Bonds may be transferred or exchanged by the registered owner thereof in person or by his attorney duly authorized in writing only upon the books of the Issuer kept by the Registrar and only upon surrender thereof together with a written instrument of transfer satisfactory to the Registrar duly executed by the registered owner or his duly authorized attorney. In all cases in which the privilege of transferring or exchanging Bonds is exercised, the Issuer shall execute and the Trustee shall authenticate and deliver a new Bond or Bonds in authorized form and in like aggregate principal amount in accordance with the provisions of the Indenture. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or accompanied by a

written instrument of transfer in form satisfactory to the Trustee, Paying Agent or the Registrar, duly executed by the Bondholder or his attorney duly authorized in writing. Transfers and exchanges shall be made without charge to the Bondholder, except that the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds.
The Issuer, the Trustee, the Paying Agent and the Registrar shall deem and treat the person in whose name any Bond shall be registered upon the books kept by the Registrar as the absolute owner thereof (whether or not such Bond shall be overdue) for the purpose of receiving payment of or on account of the principal of, premium, if any, and interest on such Bond as the same becomes due, and for all other purposes. All such payments so made to any such registered owner or upon his order shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid, and neither the Issuer, the Trustee, the Paying Agent, nor the Registrar shall be affected by any notice to the contrary.
It is hereby certified and recited that all acts, conditions and things required to exist, to happen, and to be performed, precedent to and in connection with the issuance of this Bond exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, including particularly the Act, and that the issuance of this Bond, and of the issue of the Bonds of which this Bond is one, is in full compliance with all constitutional and statutory limitations or provisions.
[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, Metropica Community Development District has caused this Bond to be signed by the manual signature of the Chairperson of its Board of Supervisors and a facsimile of its seal to be imprinted hereon, and attested by the manual signature of the Assistant Secretary of its Board of Supervisors, all as of the date hereof.

METROPICA COMMUNITY DEVELOPMENT DISTRICT

(SEAL)
Attest:

By:		 Assistant Secretary, Board of Supervisors

By: 		 Chairperson, Board of Supervisors

CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds delivered pursuant to the within mentioned Indenture.
Date of Authentication: 	, 2026

U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION, as Trustee

By: 		 Authorized Signatory

STATEMENT OF VALIDATION
This Bond is one of a series of Bonds which were validated by judgment of the Circuit Court of the Seventeenth Judicial Circuit of Florida, in and for Broward County, Florida, rendered on the 5th day of March, 2025.

METROPICA COMMUNITY DEVELOPMENT DISTRICT

By: 		 Chairperson, Board of Supervisors
(SEAL)
Attest:

By:		 Assistant Secretary, Board of Supervisors

ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of the within Bond, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM	–	as tenants in common		
TEN ENT	–	as tenants by the entireties		
JT TEN	–	as joint tenants with the right of survivorship and not as tenants in common	
UNIFORM GIFT MIN ACT	–	Custodian	
			
(Cust)	
(Minor)	
Under Uniform Gifts to Minors	
Act 		
(State)	
Additional abbreviations may also be used though not in the above list.	

ASSIGNMENT AND TRANSFER
FOR	VALUE	RECEIVED	the	undersigned	sells,	assigns	and	transfers	unto

(please print or typewrite name and address of assignee)

the  within  Bond  and  all  rights  thereunder,  and  hereby  irrevocably  constitutes  and  appoints

Attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises.

Signature Guarantee:		

NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company	
NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatsoever.	
Please insert social security or other identifying number of Assignee.		

EXHIBIT C FORMS OF REQUISITIONS
METROPICA COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2026 (ASSESSMENT AREA ONE – PHASE ONE PROJECT)
(Acquisition and Construction)
The undersigned, a Responsible Officer of the Metropica 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 U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), dated as of 		 1, 2026, as supplemented by that certain First Supplemental Trust Indenture dated as of 	 1, 2026 (collectively, the “Indenture”) (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture):
Requisition Number:
Identify Acquisition Agreement, if applicable;
Name of Payee pursuant to Acquisition Agreement:
Amount Payable:
Purpose for which paid or incurred (refer also to specific contract if amount is due and payable pursuant to a contract involving progress payments):
Fund or Account and subaccount, if any, from which disbursement to be made:
Series 2026 Acquisition and Construction Account of the Acquisition and Construction Fund.
The undersigned hereby certifies that:
obligations in the stated amount set forth above have been incurred by the District,
each disbursement set forth above is a proper charge against the Series 2026 Acquisition and Construction Account;
each disbursement set forth above was incurred in connection with the Cost of the Assessment Area One – Phase One Project; and
each disbursement represents a Cost of the Assessment Area One – Phase One Project which has not previously been paid.
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 date of such certificate entitled to retain.
Originals of the invoice(s) from the vendor of the property acquired or the services rendered with respect to which disbursement is hereby requested are on file with the District.

METROPICA COMMUNITY DEVELOPMENT DISTRICT

By:	 Responsible Officer
Date:	
CONSULTING ENGINEER’S APPROVAL
The undersigned Consulting Engineer hereby certifies that this disbursement is for the Cost of the Assessment Area One – Phase One Project and is consistent with: (i) the Acquisition Agreement; and (ii) the report of the Consulting Engineer, as such report shall have been amended or modified.

Consulting Engineer

METROPICA COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2026 (ASSESSMENT AREA ONE – PHASE ONE PROJECT)
(Costs of Issuance)
The undersigned, a Responsible Officer of the Metropica 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 U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), dated as of 		 1, 2026, as supplemented by that certain First Supplemental Trust Indenture dated as of 	 1, 2026 (collectively, the “Indenture”) (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture):
Requisition Number:
Amount Payable:
Purpose for which paid or incurred: Costs of Issuance
Fund or Account and subaccount, if any, from which disbursement to be made:
Series 2026 Costs of Issuance Account of the Acquisition and Construction Fund
The undersigned hereby certifies that:
this requisition is for costs of issuance payable from the Series 2026 Costs of Issuance Account that have not previously been paid;
each disbursement set forth above is a proper charge against the Series 2026 Costs of Issuance Account;
each disbursement set forth above was incurred in connection with the issuance of the Series 2026 Bonds; and
each disbursement represents a cost of issuance which has not previously been paid.
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 date of such certificate entitled to retain.

Attached hereto are copies of the invoice(s) from the vendor of the services rendered with respect to which disbursement is hereby requested.

METROPICA COMMUNITY DEVELOPMENT DISTRICT

By:	 Responsible Officer

Date:	

EXHIBIT D
FORM OF INVESTOR LETTER
[Date]
FMSbonds, Inc.
20660 W. Dixie Highway North Miami Beach, FL 33180
Re:	$[PAR] Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project)
Ladies and Gentlemen:
The undersigned is authorized to sign this letter [on behalf of Name of Non-Individual Investor], as the beneficial owner (the “Investor”) of $	 of the above-referenced Bonds [state maturing on May 1, 	, bearing interest at the rate of  % per annum and CUSIP #] (herein, the “Investor Bonds”).
In connection with the purchase of the Investor Bonds by the Investor, the Investor hereby makes the following representations upon which you may rely:
The Investor has authority to purchase the Investor Bonds and to execute this letter, any other instruments and documents required to be executed by the Investor in connection with the purchase of the Investor Bonds.
The Investor meets the criteria of an “accredited investor” as described in one or more of the categories derived from Rule 501(a) under Regulation D of the Securities Act of 1933, as amended (the “Securities Act”) summarized below, and therefore, has sufficient knowledge and experience in financial and business matters, including purchase and ownership of municipal and other tax-exempt obligations including those which are not rated or credit-enhanced, to be able to evaluate the risks and merits of the investment represented by the Bonds. Please check the appropriate box below to indicate the type of accredited investor:
a bank, registered broker, dealer or investment adviser (or investment adviser exempt from registration under Section 203(l) or (m) within the meaning of the Investment Advisers Act of 1940), insurance company, registered investment company, business development company, small business investment company; or rural business investment company;
an employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the employee benefit plan has total assets in excess of $5 million;
an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, corporation, Massachusetts or similar business trust partnership, or limited liability company, not formed for the specific purpose of acquiring the Investor Bonds with assets exceeding $5 million;
a business in which all the equity owners are “accredited investors”;

a natural person who has individual net worth, or joint net worth with the person’s spouse or spousal equivalent, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person, except that mortgage indebtedness on the primary residence shall not be included as a liability;
a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse or spousal equivalent exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year;
a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Investor Bonds whose purchase is directed by a sophisticated person;
an entity, of a type other than those set forth above, that owns investments in excess of
$5,000,000 and that was not formed for the specific purpose of acquiring the Investor Bonds;
a natural person holding in good standing one or more professional certifications or designations or credentials from a designated accredited educational institution qualifying an individual for “accredited investor” status;
a “family office” with at least $5,000,000 in assets under management, that was not formed for the specific purpose of acquiring the Investor Bonds, and whose prospective investment is directed by a person capable of evaluating the merits and risks of the prospective investment; or
a “family client” of a family office described in the prior bullet point whose prospective investment is directed by that family office.
The Investor has been supplied with an (electronic) copy of the Preliminary Limited Offering Memorandum dated 	, 2026 of the Issuer and relating to the Bonds (the “Offering Document”) and has reviewed the Offering Document and represents that such Offering Document has provided full and meaningful disclosure in order to make an informed decision to invest in the Investor Bonds.
Capitalized terms used herein and not otherwise defined have the meanings given to such terms in the Indenture.
Very truly yours, [Name], [Type of Entity]
By:	
Name:	
Title:	
Date:	
Or

[Name], an Individual

EXHIBIT D-2
FORM OF SECOND SUPPLEMENTAL TRUST INDENTURE

D-2-1

SECOND SUPPLEMENTAL TRUST INDENTURE BETWEEN
METROPICA COMMUNITY DEVELOPMENT DISTRICT AND
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

as Trustee

Dated as of 	 1, 2026

Authorizing and Securing

$[PAR]
METROPICA COMMUNITY DEVELOPMENT DISTRICT BOND ANTICIPATION NOTES, SERIES 2026
(ASSESSMENT AREA ONE – MASTER INFRASTRUCTURE PROJECT)

TABLE OF CONTENTS

Page
ARTICLE I DEFINITIONS	4
ARTICLE II THE SERIES 2026 NOTES	9
SECTION 2.01. Amounts and Terms of Series 2026 Notes; Issue of Series 2026 Notes	9
SECTION 2.02. Execution	9
SECTION 2.03. Authentication	9
SECTION 2.04. Purpose, Designation and Denominations of, and Interest Accruals on,
the Series 2026 Notes	9
SECTION 2.05. Debt Service on the Series 2026 Notes.	10
SECTION 2.06. Disposition of Series 2026 Note Proceeds	10
SECTION 2.07. Book-Entry Form of Series 2026 Notes	11
SECTION 2.08. Appointment of Registrar and Paying Agent	12
SECTION 2.09. Conditions Precedent to Issuance of the Series 2026 Notes	12
ARTICLE III REDEMPTION OF SERIES 2026 NOTES	14
SECTION 3.01. Redemption Dates and Prices	14
SECTION 3.02. Notice of Redemption	15
ARTICLE IV ESTABLISHMENT OF CERTAIN FUNDS AND ACCOUNTS; ADDITIONAL COVENANTS OF THE ISSUER; PREPAYMENTS; REMOVAL OF SERIES
2026 BAN ASSESSMENT LIENS	16
SECTION 4.01. Establishment of Certain Funds and Accounts	16
SECTION 4.02. Series 2026 BAN Revenue Account	18
SECTION 4.03. Power to Issue Series 2026 Notes and Create Lien	19
SECTION 4.04. The Assessment Area One – Master Infrastructure Project to Conform
to Consulting Engineers Report	19
SECTION 4.05. Prepayments; Removal of Series 2026 BAN Assessment Liens.	20
ARTICLE V COVENANTS AND DESIGNATIONS OF THE ISSUER	22
SECTION 5.01. Collection of Series 2026 BAN Assessments	22
SECTION 5.02. Continuing Disclosure	22
SECTION 5.03. Investment of Funds and Accounts	22
SECTION 5.04. Additional Obligations	22
SECTION 5.05. Requisite Owners for Direction or Consent	22
SECTION 5.06. Acknowledgement Regarding Series 2026 BAN Acquisition and
Construction Account Moneys Following an Event of Default	22
SECTION 5.07. Special Covenants of the Issuer	23
ARTICLE VI THE TRUSTEE; THE PAYING AGENT AND REGISTRAR	24

TABLE OF CONTENTS
(continued)
Page
SECTION 6.01. Acceptance of Trust	24
SECTION 6.02. Trustee’s Duties	24
ARTICLE VII MISCELLANEOUS PROVISIONS	25
SECTION 7.01. Interpretation of Second Supplemental Indenture	25
SECTION 7.02. Amendments	25
SECTION 7.03. Counterparts	25
SECTION 7.04. Appendices and Exhibits	25
SECTION 7.05. Payment Dates	25
SECTION 7.06. No Rights Conferred on Others	25
SECTION 7.07. Patriot Act Requirements of the Trustee	25
EXHIBIT A	DESCRIPTION OF THE ASSESSMENT AREA ONE – MASTER INFRASTRUCTURE PROJECT
EXHIBIT B	FORM OF SERIES 2026 NOTE EXHIBIT C	FORMS OF REQUISITIONS EXHIBIT D	FORM OF INVESTOR LETTER

THIS SECOND SUPPLEMENTAL TRUST INDENTURE (the “Second Supplemental Indenture”), dated as of 	 1, 2026 between the METROPICA COMMUNITY DEVELOPMENT DISTRICT (together with its successors and assigns, the “Issuer”), a local unit of special-purpose government organized and existing under the laws of the State of Florida, and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States of America and having a designated corporate trust office in Fort Lauderdale, Florida, as trustee (said banking association and any bank or trust company becoming successor trustee under this Second Supplemental Indenture being hereinafter referred to as the “Trustee”);
W I T N E S S E T H:
WHEREAS, the Issuer is a local unit of special purpose government duly organized and existing under the provisions of the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), by Ordinance No. 909-X-23-A enacted by the City Commission of the City of Sunrise, Florida, on March 28, 2023 (the “Ordinance”); and
WHEREAS, the premises governed by the Issuer, as described more fully in the Ordinance, consisting of approximately 49.83+/- gross acres of land (herein, the “District Lands” or “District”), are located entirely within the City of Sunrise, Florida (the “City”) within Broward County, Florida (the “County”); and
WHEREAS, the Issuer has been created for the purpose of delivering certain community development services and facilities for the benefit of the District Lands; and
WHEREAS, the Issuer has determined to undertake, in one or more phases, the acquisition and/or construction of public improvements and community facilities as set forth in the Act for the special benefit of the District Lands; and
WHEREAS, the Issuer has previously adopted Resolution No. 2025-07 on January 6, 2025, authorizing the issuance of not to exceed $43,250,000 in aggregate principal amount of its special assessment bonds to finance all or a portion of the design, acquisition and construction costs of certain improvements pursuant to the Act for the special benefit of Assessment Area One (as defined herein) and approving the form of and authorizing the execution and delivery of a master trust indenture and supplemental indenture; and
WHEREAS, to the extent not constructed by the Issuer, Metropica Development, LLC, a Delaware limited liability company (the “Developer”) is the master developer of a mixed use development to be located within the District and may construct all of the public infrastructure necessary to serve such mixed use development (herein, the “Development”); and
WHEREAS, to align with the Developer’s phased development plan for the Development, the District is creating assessment areas corresponding to such phases, with the assessment area corresponding to the first phase of the Development being herein referred to as “Assessment Area One”; and
WHEREAS, Assessment Area One consists of approximately 26.31+/- gross acres of land within the District that is currently planned to contain (i) six residential buildings (one completed 263 unit condominium building known as “One Metropica” and five additional planned residential rental buildings) containing an aggregate of 1,653 residential units, (ii) 200,000+/- square feet of office space in one office building, (iii) two hotels containing an aggregate of 480 rooms, (iv) up to 120,000+/- square feet of commercial/retail space which will be located on the lower floors of several residential and

1

commercial/retail buildings and (v) 60,000+/- square feet of commercial/retail space to be located within five to six separate free standing buildings planned entirely for commercial/retail space; and
WHEREAS, the portion of the District’s Capital Improvement Plan that was necessary for the development of Assessment Area One (excluding One Metropica) is herein referred to as the “Assessment Area One – Master Infrastructure Project;” and
WHEREAS, the Series 2026 Notes (as defined below) are being issued for the primary purpose of financing a portion of Assessment Area One – Master Infrastructure Project, being a portion of the Capital Improvement Plan (as defined herein) necessary for the development of and specially benefiting Assessment Area One – Master Infrastructure Note Area (as defined herein), and more particularly described on Exhibit A; and
WHEREAS, the Issuer has determined to issue a (i) Series of Bonds, designated as the Metropica Community Development District Special Assessment Bonds, Series 2026 (Assessment Area One – Phase One Project) (the “Series 2026 Bonds”), pursuant to the Master Indenture and the First Supplemental Indenture (as herein defined) and (ii) Series of Notes, designated as the Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One – Master Infrastructure Project) (the “Series 2026 Notes”), pursuant to the Master Indenture and this Second Supplemental Indenture (hereinafter sometimes collectively referred to as the “Indenture”); and
WHEREAS, in the manner provided herein, the proceeds of the Series 2026 Notes will be used to provide funds for (i) the Costs of acquiring and/or constructing all or a portion of the Assessment Area One – Master Infrastructure Project, (ii) the funding of the Series 2026 BAN Reserve Account, (iii) the funding of Capitalized Interest through at least May 1, 2027, and (iv) the payment of the costs of issuance of the Series 2026 Notes; and
WHEREAS, the Series 2026 Notes will be secured by a pledge of Series 2026 BAN Pledged Revenues (as hereinafter defined) to the extent provided herein.
NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH, that to
provide for the issuance of the Series 2026 Notes, the security and payment of the principal or redemption price thereof (as the case may be) and interest thereon, the rights of the Bondholders and the performance and observance of all of the covenants contained herein and in said Series 2026 Notes, and for and in consideration of the mutual covenants herein contained and of the purchase and acceptance of the Series 2026 Notes by the Owners thereof, from time to time, and of the acceptance by the Trustee of the trusts hereby created, and intending to be legally bound hereby, the Issuer does hereby assign, transfer, set over and pledge to the Trustee, its successors in trust and its assigns forever, and grants a lien on all of the right, title and interest of the Issuer in and to the Series 2026 BAN Pledged Revenues as security for the payment of the principal, redemption or purchase price of (as the case may be) and interest on the Series 2026 Notes issued hereunder, all in the manner hereinafter provided, and the Issuer further hereby agrees with and covenants unto the Trustee as follows:
TO HAVE AND TO HOLD the same and any other revenues, property, contracts or contract rights, accounts receivable, chattel paper, instruments, general intangibles or other rights and the proceeds thereof, which may, by delivery, assignment or otherwise, be subject to the lien created by the Indenture with respect to the Series 2026 Notes.
IN TRUST NEVERTHELESS, for the equal and ratable benefit and security of all present and future Owners of the Series 2026 Notes issued and to be issued under this Second Supplemental Indenture, without preference, priority or distinction as to lien or otherwise (except as otherwise specifically provided

in this Second Supplemental Indenture) of any one Series 2026 Note over any other Series 2026 Note, all as provided in the Indenture.
PROVIDED, HOWEVER, that if the Issuer, its successors or assigns, shall well and truly pay, or cause to be paid, or make due provision for the payment of the principal or redemption price of the Series 2026 Notes issued, secured and Outstanding hereunder and the interest due or to become due thereon, at the times and in the manner mentioned in such Series 2026 Notes and the Indenture, according to the true intent and meaning thereof and hereof, and the Issuer shall well and truly keep, perform and observe all the covenants and conditions pursuant to the terms of the Indenture to be kept, performed and observed by it, and shall pay or cause to be paid to the Trustee all sums of money due or to become due to it in accordance with the terms and provisions hereof, then upon such final payments this Second Supplemental Indenture and the rights hereby granted shall cease and terminate, otherwise this Second Supplemental Indenture to be and remain in full force and effect.

ARTICLE I DEFINITIONS
In this Second Supplemental Indenture capitalized terms used without definition shall have the meanings ascribed thereto in the Master Indenture and, in addition to certain terms defined in the recitals above, the following terms shall have the meanings specified below, unless otherwise expressly provided or unless the context otherwise requires:
“Acquisition Agreement” shall mean that certain Acquisition Agreement relating to the acquisition of the Assessment Area One – Master Infrastructure Project, by and between the Developer and the Issuer.
“Assessment Area One – Master Infrastructure Note Area” shall mean the area within the District which benefits from the Assessment Area One – Master Infrastructure Project and on which the District will levy the Series 2026 BAN Assessments.
“Assessment Area One – Master Infrastructure Project” shall mean the portion of the Capital Improvement Plan special benefitting the lands within the Assessment Area One – Master Infrastructure Note Area generally described on Exhibit A attached hereto.
“Assessment Resolutions” shall mean Resolution No. 2025-05, Resolution No. 2025-06 and Resolution No. 2025-08 of the Issuer adopted on January 6, 2025, January 6, 2025 and February 13, 2025, respectively, as amended and supplemented from time to time.
“Authorized Denomination” shall mean, with respect to the Series 2026 Notes, on the date of issuance, in the denominations of $5,000 and any integral multiple thereof provided, however, if any initial beneficial owner does not purchase at least $100,000 of the Series 2026 Notes at the time of initial delivery of the Series 2026 Notes, such beneficial owner must either execute and deliver to the Underwriter on the date of delivery of the Series 2026 Notes the investor letter substantially in the form attached hereto as Exhibit D or otherwise establish to the satisfaction of the Underwriter that such Beneficial Owner is an “accredited investor,” as described in Rule 501(a) under Regulation D of the Securities Act of 1933, as amended.
“Bonds” shall mean the Issuer’s Special Assessments Bonds issued pursuant to the Master Indenture.
“Capital Improvement Plan” shall mean the public infrastructure specially benefiting the District, including, but is not limited to, a water and sewer system, franchise utility improvements, stormwater management system, roadway and transportation improvements, landscaping improvements, park improvements; and all related soft and incidental costs, pursuant to the Act, as more particularly described in the Consulting Engineer’s Report.
“Capitalized Interest” shall mean interest due or to become due on the Series 2026 Notes which will be paid from the proceeds of the Series 2026 Notes.
“Consulting Engineer’s Report” shall mean the Engineer’s Report dated January 6, 2025, as supplemented by the First Supplemental Engineer’s Report (Assessment Area One – Phase One and Assessment Area One – Master Infrastructure Project) dated March 25, 2026, as may be further supplemented and/or amended from time to time.
“Continuing Disclosure Agreement” shall mean the Continuing Disclosure Agreement for the benefit of the owners of the Series 2026 Notes, dated 	, 2026, by and among the Issuer, the

dissemination agent named therein, the Developer and joined by the parties named therein, in connection with the issuance of the Series 2026 Notes.
“Defeasance Securities” shall mean, with respect to the Series 2026 Notes, to the extent permitted by law, (a) cash deposits and (b) direct obligations of the United States of America (including obligations issued or held in book entry form on the books of the Department of Treasury) which are non-callable and non-prepayable.
“District Manager” shall mean Governmental Management Services – South Florida, LLC, and its successors and assigns.
“First Supplemental Indenture” shall mean that certain First Supplemental Trust Indenture dated as of 	 1, 2026, pursuant to which the Series 2026 Bonds will be issued.
“Indenture” shall mean collectively, the Master Indenture and this Second Supplemental Indenture. “Interest Payment Date” shall mean May 1 and November 1 of each year, commencing May 1,
2026, and any other date the principal of the Series 2026 Notes is paid.
“Majority Holders” means the beneficial owners of more than fifty percent (50%) of the Outstanding Series 2026 Notes.
“Master Indenture” shall mean the Master Trust Indenture, dated as of 	 1, 2026, by and between the Issuer and the Trustee, as supplemented and amended with respect to matters pertaining solely to the Master Indenture or the Series 2026 Notes (as opposed to supplements or amendments relating to any Series of Bonds other than the Series 2026 Notes as specifically defined in this Second Supplemental Indenture).
“Notes” shall mean the Issuer’s Bond Anticipation Notes issued pursuant to the Master Indenture. “Paying Agent” shall mean U.S. Bank Trust Company, National Association, and its successors
and assigns as Paying Agent hereunder.
“Prepayment” shall mean the payment by any owner of property within Assessment Area One – Master Infrastructure Note Area of the amount of the Series 2026 BAN Assessments encumbering its property, in whole or in part, prior to its scheduled due date, including optional prepayments. The term “Prepayment” also means any proceeds received as a result of accelerating and/or foreclosing the Series 2026 BAN Assessments. “Prepayments” shall include, without limitation, Series 2026 Prepayment Principal.
“Quarterly Redemption Date” shall mean February 1, May 1, August 1 and November 1 of any calendar year.
“Redemption Price” shall mean the principal amount of any Series 2026 Note payable upon redemption thereof pursuant to this Second Supplemental Indenture.
“Registrar” shall mean U.S. Bank Trust Company, National Association and its successors and assigns as Registrar hereunder.
“Regular Record Date” shall mean the fifteenth day (whether or not a Business Day) of the calendar month next preceding each Interest Payment Date.

“Resolution” shall mean, collectively, (i) Resolution No. 2025-07 of the Issuer adopted on January 6, 2025, pursuant to which the Issuer authorized the issuance of not exceeding $43,250,000 aggregate principal amount of its Bonds to finance the construction or acquisition of the Assessment Area One Project, and (ii) Resolution No. 2026-  of the Issuer adopted on March 25, 2026, pursuant to which the Issuer authorized, among other things, the issuance of (A) the Series 2026 Bonds in an aggregate principal amount of not exceeding $4,500,000 to finance the acquisition of the Assessment Area One – Phase One Project, specifying the details of the Series 2026 Bonds and awarding the Series 2026 Bonds to the purchasers of the Series 2026 Bonds and (B) the Series 2026 Notes in an aggregate principal amount of not exceeding
$15,000,000 to finance the acquisition of the Assessment Area One – Master Infrastructure Project, specifying the details of the Series 2026 Notes and awarding the Series 2026 Notes to the purchasers of the Series 2026 Notes.
“Series 2026 BAN Acquisition and Construction Account” shall mean the Account so designated, established as a separate account within the Acquisition and Construction Fund pursuant to Section 4.01(a) of this Second Supplemental Indenture.
“Series 2026 BAN Assessments” shall mean the Special Assessments levied on the assessable lands within Assessment Area One – Master Infrastructure Note Area as a result of the Issuer’s acquisition and/or construction of the Assessment Area One – Master Infrastructure Project, corresponding in amount to the debt service on the Series 2026 Notes and designated as such in the methodology report relating thereto.
“Series 2026 BAN Redemption Account” shall mean the Series 2026 BAN Redemption Account established as a separate Account within the Bond Redemption Fund pursuant to Section 4.01(g) of this Second Supplemental Indenture.
“Series 2026 Notes” shall mean the $[PAR] aggregate principal amount of Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One – Master Infrastructure Project), to be issued as fully registered Bonds in accordance with the provisions of the Master Indenture and this Second Supplemental Indenture, and secured and authorized by the Master Indenture and this Second Supplemental Indenture.
“Series 2026 BAN Capitalized Interest Account” shall mean the Account so designated, established as a separate Account within the Debt Service Fund pursuant to Section 4.01(d) of this Second Supplemental Indenture.
“Series 2026 BAN Costs of Issuance Account” shall mean the Account so designated, established as a separate Account within the Acquisition and Construction Fund pursuant to Section 4.01(a) of this Second Supplemental Indenture.
“Series 2026 BAN General Redemption Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2026 BAN Redemption Account pursuant to Section 4.01(g) of this Second Supplemental Indenture.
“Series 2026 BAN Interest Account” shall mean the Account so designated, established as a separate Account within the Debt Service Fund pursuant to Section 4.01(d) of this Second Supplemental Indenture.
“Series 2026 BAN Optional Redemption Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2026 BAN Redemption Account pursuant to Section 4.01(g) of this Second Supplemental Indenture.

“Series 2026 BAN Pledged Revenues” shall mean (a) the proceeds of Bonds (herein defined as Take-Out Bonds) issued to pay and redeem the Outstanding Series 2026 Notes, when and if issued, (b) all revenues received by the Issuer from Series 2026 BAN Assessments levied and collected on the assessable lands within Assessment Area One – Master Infrastructure Note Area, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2026 BAN Assessments or from the issuance and sale of tax certificates with respect to such Series 2026 BAN Assessments, and (c) all moneys on deposit in the Funds and Accounts established under the Indenture created and established with respect to or for the benefit of the Series 2026 Notes; provided, however, that Series 2026 BAN Pledged Revenues shall not include (A) any moneys transferred to the Series 2026 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2026 BAN Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the Issuer under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the Issuer under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Indenture shall not apply to any of the moneys described in the foregoing clauses (A),
(B) and (C) of this proviso).
“Series 2026 Prepayment Principal” shall mean the portion of a Prepayment corresponding to the principal amount of Series 2026 BAN Assessments being prepaid pursuant to Section 4.05 of this Second Supplemental Indenture or Series 2026 BAN Assessments collected as a result of an acceleration of the Series 2026 BAN Assessments pursuant to Section 170.10, Florida Statutes, if such Series 2026 BAN Assessments are being collected through a direct billing method.
“Series 2026 BAN Prepayment Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2026 BAN Redemption Account pursuant to Section 4.01(g) of this Second Supplemental Indenture.
“Series 2026 BAN Principal Account” shall mean the account so designated, established as a separate account within the Debt Service Fund pursuant to Section 4.01(c) of this Second Supplemental Indenture.
“Series 2026 BAN Rebate Fund” shall mean the Fund so designated, established pursuant to Section 4.01(j) of this Second Supplemental Indenture.
“Series 2026 BAN Reserve Account” shall mean the Series 2026 BAN Reserve Account established as a separate Account within the Debt Service Reserve Fund pursuant to Section 4.01(f) of this Second Supplemental Indenture.
“Series 2026 BAN Reserve Requirement” or “BAN Reserve Requirement” shall mean an amount equal to the maximum annual debt service with respect to the initial principal amount of the Series 2026 Notes determined on the date of issuance. Any amount in the Series 2026 BAN Reserve Account may, upon final maturity or redemption of all Outstanding Series 2026 Notes be used to pay principal of and interest on the Series 2026 Notes at that time. The initial Series 2026 BAN Reserve Requirement shall be equal to $	.
“Series 2026 BAN Revenue Account” shall mean the Account so designated, established as a separate Account within the Revenue Fund pursuant to Section 4.01(b) of this Second Supplemental Indenture.
“Take-Out Bonds” shall mean the Bonds issued to pay and redeem the Outstanding Series 2026 Notes, when and if issued.

“Tax Compliance Certificate” shall mean that certain Tax Compliance Certificate, including arbitrage rebate covenants, of the Issuer, dated 	, 2026, relating to certain restrictions on arbitrage under the Code with respect to the Series 2026 Notes.
“Underwriter” shall mean FMSbonds, Inc., the underwriter of the Series 2026 Notes.
The words “hereof,” “herein,” “hereto,” “hereby,” and “hereunder” (except in the form of Series 2026 Notes), refer to the entire Indenture.
Every “request,” “requisition,” “order,” “demand,” “application,” “notice,” “statement,” “certificate,” “consent,” or similar action hereunder by the Issuer shall, unless the form or execution thereof is otherwise specifically provided, be in writing signed by the Chairperson or Vice Chairperson and the Treasurer or Assistant Treasurer or the Secretary or Assistant Secretary or Responsible Officer of the Issuer.
All words and terms importing the singular number shall, where the context requires, import the plural number and vice versa.
[END OF ARTICLE I]

ARTICLE II
THE SERIES 2026 NOTES
SECTION 2.01. Amounts and Terms of Series 2026 Notes; Issue of Series 2026 Notes. No Series 2026 Notes may be issued under this Second Supplemental Indenture except in accordance with the provisions of this Article and Articles II and III of the Master Indenture.
The total principal amount of Series 2026 Notes that may be issued under this Second Supplemental Indenture is expressly limited to $[PAR]. The Series 2026 Notes shall be numbered consecutively from R-1 and upwards.
Any and all Series 2026 Notes shall be issued substantially in the form attached hereto as Exhibit B, with such appropriate variations, omissions and insertions as are permitted or required by the Indenture and with such additional changes as may be necessary or appropriate to conform to the provisions of the Resolution. The Issuer shall issue the Series 2026 Notes upon execution of this Second Supplemental Indenture and satisfaction of the requirements of Section 3.01 of the Master Indenture; and the Trustee shall, at the Issuer’s request, authenticate such Series 2026 Notes and deliver them as specified in the request.
SECTION 2.02. Execution. The Series 2026 Notes shall be executed by the Issuer as set forth in the Master Indenture.
SECTION 2.03. Authentication. The Series 2026 Notes shall be authenticated as set forth in the Master Indenture. No Series 2026 Note shall be valid until the certificate of authentication shall have been duly executed by the Trustee, as provided in the Master Indenture.
SECTION 2.04. Purpose, Designation and Denominations of, and Interest Accruals on, the Series 2026 Notes.
The Series 2026 Notes are being issued hereunder in order to provide funds (i) for the payment of the Costs of acquiring and/or constructing all or a portion of the Assessment Area One – Master Infrastructure Project, (ii) to fund the Series 2026 BAN Reserve Account in an amount equal to the Series 2026 BAN Reserve Requirement; (iii) for the funding of Capitalized Interest through at least May 1, 2027; and (iv) to pay the costs of issuance of the Series 2026 Notes. The Series 2026 Notes shall be designated “Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One – Master Infrastructure Project),” and shall be issued as fully registered bonds without coupons in Authorized Denominations.
The Series 2026 Notes shall be dated as of the date of initial delivery. Interest on the Series 2026 Notes shall be payable on each Interest Payment Date to maturity or prior redemption. Interest on the Series 2026 Notes shall be payable from the most recent Interest Payment Date next preceding the date of authentication thereof to which interest has been paid, unless the date of authentication thereof is a May 1 or November 1 to which interest has been paid, in which case from such date of authentication, or unless the date of authentication thereof is prior to November 1, 2026, in which case from the date of initial delivery or unless the date of authentication thereof is between a Record Date and the next succeeding Interest Payment Date, in which case from such Interest Payment Date.
Except as otherwise provided in Section 2.07 of this Second Supplemental Indenture in connection with a book entry only system of registration of the Series 2026 Notes, the principal or Redemption Price of the Series 2026 Notes shall be payable in lawful money of the United States of America at the designated corporate trust office of the Paying Agent upon presentation of such Series 2026

Notes. Except as otherwise provided in Section 2.07 of this Second Supplemental Indenture in connection with a book entry only system of registration of the Series 2026 Notes, the payment of interest on the Series 2026 Notes shall be made on each Interest Payment Date to the Owners of the Series 2026 Notes by check or draft drawn on the Paying Agent and mailed on the applicable Interest Payment Date to each Owner as such Owner appears on the Bond Register maintained by the Registrar as of the close of business on the Regular Record Date, at his address as it appears on the Bond Register. Any interest on any Series 2026 Note which is payable, but is not punctually paid or provided for on any Interest Payment Date (hereinafter called “Defaulted Interest”) shall be paid to the Owner in whose name the Series 2026 Note is registered at the close of business on a Special Record Date to be fixed by the Trustee, such date to be not more than fifteen (15) nor less than ten (10) days prior to the date of proposed payment. The Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given by Electronic Means or mailed, first-class, postage-prepaid, to each Owner of record as of the fifth (5th) day prior to giving such notice or mailing such notice, at his address as it appears in the Bond Register not less than ten (10) days prior to such Special Record Date. The foregoing notwithstanding, any Owner of Series 2026 Notes in an aggregate principal amount of at least $1,000,000 shall be entitled to have interest paid by wire transfer to such Owner to the bank account number on file with the Paying Agent, upon requesting the same in a writing received by the Paying Agent at least fifteen (15) days prior to the relevant Record Date, which writing shall specify the bank, which shall be a bank within the continental United States, and bank account number to which interest payments are to be wired. Any such request for interest payments by wire transfer shall remain in effect until rescinded or changed, in a writing delivered by the Owner to the Paying Agent, and any such rescission or change of wire transfer instructions must be received by the Paying Agent at least fifteen (15) days prior to the relevant Record Date.
SECTION 2.05. Debt Service on the Series 2026 Notes.
The Series 2026 Notes will mature on May 1 in the years and in the principal amounts, and bear interest at the rates as set forth below, subject to the right of prior redemption in accordance with their terms.
Year	Amount	Interest Rate

*Term Bonds
Interest on the Series 2026 Notes will be computed in all cases on the basis of a 360 day year of twelve 30 day months. Interest on overdue principal and, to the extent lawful, on overdue interest will be payable at the numerical rate of interest borne by the Series 2026 Notes on the day before the default occurred.
SECTION 2.06. Disposition of Series 2026 Note Proceeds. The net proceeds of the Series 2026 Notes received by the Trustee in the amount of $	 shall be applied as follows:
$	 derived from the net proceeds of the Series 2026 Notes (which is an amount equal to the Series 2026 BAN Reserve Requirement) shall be deposited in the Series 2026 BAN Reserve Account of the Debt Service Reserve Fund;

$	 derived from the net proceeds of the Series 2026 Notes shall be deposited into the Series 2026 BAN Capitalized Interest Account in the Debt Service Fund and applied to pay interest on the Series 2026 Notes when due and payable through at least May 1, 2027;
$	 derived from the net proceeds of the Series 2026 Notes shall be deposited into the Series 2026 BAN Costs of Issuance Account of the Acquisition and Construction Fund for payment of the costs of issuing the Series 2026 Notes; and
$	 derived from the net proceeds of the Series 2026 Notes shall be deposited in the Series 2026 BAN Acquisition and Construction Account of the Acquisition and Construction Fund which the Issuer shall cause to be applied in accordance with Article V of the Master Indenture, Section 4.01(a) of this Second Supplemental Indenture and the terms of the Acquisition Agreement.
SECTION 2.07. Book-Entry Form of Series 2026 Notes. The Series 2026 Notes shall be issued as one fully registered bond for each maturity of Series 2026 Notes and deposited with The Depository Trust Company (“DTC”), which is responsible for establishing and maintaining records of ownership for its participants.
As long as the Series 2026 Notes are held in book-entry-only form, Cede & Co. shall be considered the registered owner for all purposes hereof and in the Master Indenture. DTC shall be responsible for maintaining a book-entry-only system for recording the ownership interest of its participants (“Direct Participants”) and other institutions that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). The Direct Participants and Indirect Participants will be responsible for maintaining records with respect to the beneficial ownership interests of individual purchasers of the Series 2026 Notes (“Beneficial Owners”).
Principal and interest on the Series 2026 Notes registered in the name of Cede & Co. prior to and at maturity shall be payable directly to Cede & Co. in care of DTC. Disbursal of such amounts to Direct Participants shall be the responsibility of DTC. Payments by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners shall be the responsibility of Direct Participants and Indirect Participants and not of DTC, the Trustee or the Issuer.
Individuals may purchase beneficial interests in Authorized Denominations in book-entry-only form, without certificated Series 2026 Notes, through Direct Participants and Indirect Participants.
During the period for which Cede & Co. is registered owner of the Series 2026 Notes, any notices to be provided to any Beneficial Owner will be provided to Cede & Co. DTC shall be responsible for notices to Direct Participants and Direct Participants shall be responsible for notices to Indirect Participants, and Direct Participants and Indirect Participants shall be responsible for notices to Beneficial Owners.
The Issuer shall enter into a blanket letter of representations with DTC providing for such book-entry-only system. Such agreement may be terminated at any time by either DTC or the Issuer in accordance with the procedures of DTC. In the event of such termination, the Issuer shall select another securities depository and in that event, all references herein to DTC or Cede & Co., shall be deemed to be for reference to such successor. If the Issuer does not replace DTC, the Trustee will register and deliver to the Beneficial Owners replacement Series 2026 Notes in the form of fully registered Series 2026 Notes in accordance with the instructions from Cede & Co.
In the event DTC, any successor of DTC or the Issuer, but only in accordance with the procedures of DTC, elects to discontinue the book-entry only system, the Trustee shall deliver bond certificates in

accordance with the instructions from DTC or its successor and after such time Series 2026 Notes may be exchanged for an equal aggregate principal amount of Series 2026 Notes in other Authorized Denominations upon surrender thereof at the designated corporate trust office of the Trustee.
SECTION 2.08. Appointment of Registrar and Paying Agent. The Issuer shall keep, at the designated corporate trust office of the Registrar, books (the “Bond Register”) for the registration, transfer and exchange of the Series 2026 Notes, and hereby appoints U.S. Bank Trust Company, National Association, as its Registrar to keep such books and make such registrations, transfers, and exchanges as required hereby. U.S. Bank Trust Company, National Association hereby accepts its appointment as Registrar and its duties and responsibilities as Registrar hereunder. Registrations, transfers and exchanges shall be without charge to the Bondholder requesting such registration, transfer or exchange, but such Bondholder shall pay any taxes or other governmental charges on all registrations, transfers and exchanges.
The Issuer hereby appoints U.S. Bank Trust Company, National Association as Paying Agent for the Series 2026 Notes. U.S. Bank Trust Company, National Association hereby accepts its appointment as Paying Agent and its duties and responsibilities as Paying Agent hereunder.
SECTION 2.09. Conditions Precedent to Issuance of the Series 2026 Notes. In addition to complying with the requirements set forth in the Master Indenture in connection with the issuance of the Series 2026 Notes, all the Series 2026 Notes shall be executed by the Issuer for delivery to the Trustee and thereupon shall be authenticated by the Trustee and delivered to the Issuer or upon its order, but only upon the further receipt by the Trustee of:
Certified copies of the Assessment Resolutions;
Executed originals of the Master Indenture and this Second Supplemental
Indenture;
An opinion of Counsel to the District, also addressed to the Trustee, substantially to the effect that (i) the Issuer has been duly established and validly exists as a community development district under the Act, (ii) the Issuer has good right and lawful authority under the Act to construct and/or purchase the Assessment Area One – Master Infrastructure Project being financed with the proceeds of the Series 2026 Notes, subject to obtaining such licenses, orders or other authorizations as are, at the date of such opinion, required to be obtained from any agency or regulatory body having lawful jurisdiction in order to own and operate the Assessment Area One – Master Infrastructure Project, (iii) all proceedings undertaken by the Issuer with respect to the Series 2026 BAN Assessments have been in accordance with Florida law, (iv) the Issuer has taken all action necessary to levy and impose the Series 2026 BAN Assessments, and (v) the Series 2026 BAN Assessments are legal, valid and binding liens upon the property against which such Series 2026 BAN Assessments are made, coequal with the lien of all state, county, district and municipal taxes, superior in dignity to all other liens, titles and claims, until paid; and
A certificate of an Authorized Officer to the effect that, upon the authentication and delivery of the Series 2026 Notes, the Issuer will not be in default in the performance of the terms and provisions of the Master Indenture or this Second Supplemental Indenture; and
A copy of the Collateral Assignment;
Delivery to the Trustee of the net proceeds from the initial issuance of the Series 2026 Notes shall be conclusive evidence that the conditions precedent for authenticating the Series 2026 Notes have been met to the satisfaction of the Issuer and the Underwriter.

[END OF ARTICLE II]

ARTICLE III REDEMPTION OF SERIES 2026 NOTES
SECTION 3.01. Redemption Dates and Prices. The Series 2026 Notes shall be subject to redemption at the times and in the manner provided in Article VIII of the Master Indenture and in this Article III. All payments of the Redemption Price of the Series 2026 Notes shall be made on the dates hereinafter required. Except as otherwise provided in this Section 3.01, if less than all the Series 2026 Notes of a maturity are to be redeemed pursuant to an extraordinary mandatory redemption, the Trustee shall select the Series 2026 Notes or portions of the Series 2026 Notes to be redeemed randomly. Partial redemptions of Series 2026 Notes shall be made in such a manner that the remaining Series 2026 Notes held by each Bondholder shall be in Authorized Denominations, except for the last remaining Series 2026 Note.
The Series 2026 Notes are subject to redemption prior to maturity in the amounts, at the times and in the manner provided below. All payments of the Redemption Price of the Series 2026 Notes shall be made on the dates specified below.
Optional Redemption. The Series 2026 Notes may, at the option of the Issuer, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after May 1, 20  (less than all Series 2026 Notes of a maturity to be selected randomly), at a Redemption Price equal to the principal amount of Series 2026 Notes to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2026 BAN Optional Redemption Subaccount of the Series 2026 BAN Redemption Account. If such optional redemption shall be in part, the Issuer shall select such principal amount of Series 2026 Notes to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Notes is substantially level.
Extraordinary Mandatory Redemption in Whole or in Part. The Series 2026 Notes are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole or in part, on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at a Redemption Price equal to 100% of the principal amount of the Series 2026 Notes to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2026 Prepayment Principal (including any credit from resulting excess in the Series 2026 BAN Reserve Account as provided herein) deposited into the Series 2026 BAN Prepayment Subaccount of the Series 2026 BAN Redemption Account following the payment in whole or in part of Series 2026 BAN Assessments on any assessable property Assessment Area One – Master Infrastructure Note Area in accordance with the provisions of Section 4.05(a) of this Second Supplemental Indenture.
from moneys, if any, on deposit in the Series 2026 BAN Funds, Accounts and Subaccounts in the Funds and Accounts (other than the Series 2026 Rebate Fund and the Series 2026 BAN Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2026 Notes and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.
upon the Completion Date, from any funds remaining on deposit in the Series 2026 BAN Acquisition and Construction Account not otherwise reserved to complete the Assessment Area One – Master Infrastructure Project and which have been transferred to the Series 2026 BAN General Redemption Subaccount of the Series 2026 BAN Redemption Account.

If such extraordinary mandatory redemption shall be in part, the Issuer shall select such principal amount of Series 2026 Notes to be redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Notes is substantially level.
SECTION 3.02. Notice of Redemption. When required to redeem Series 2026 Notes under any provision of this Second Supplemental Indenture or directed in writing to redeem Series 2026 Notes by the Issuer, the Trustee shall give or cause to be given to Owners of the Series 2026 Notes to be redeemed, notice of the redemption, as set forth in Article VIII of the Master Indenture.
[Upon any optional redemption of a portion of the Series 2026 Notes from the proceeds of Take-Out Bonds or any extraordinary mandatory redemption of a portion of the Series 2026 Notes from Prepayments of Series 2026 BAN Assessments, the District shall cooperate with any landowner of lands subject to the Series 2026 BAN Assessments for which Assessments have been imposed corresponding to such Take-Out Bonds or Prepayments to release the lien of the Series 2026 BAN Assessments there.]

[END OF ARTICLE III]

ARTICLE IV
ESTABLISHMENT OF CERTAIN FUNDS AND ACCOUNTS; ADDITIONAL COVENANTS OF THE ISSUER; PREPAYMENTS; REMOVAL OF SERIES 2026 BAN ASSESSMENT LIENS
SECTION 4.01. Establishment of Certain Funds and Accounts.
The Trustee shall establish a separate account within the Acquisition and Construction Fund designated as the “Series 2026 BAN Acquisition and Construction Account.” Proceeds of the Series 2026 Notes shall be deposited into the Series 2026 BAN Acquisition and Construction Account in the amount set forth in Section 2.06 of this Second Supplemental Indenture, together with any moneys transferred or deposited thereto, and such moneys in such Account shall be applied as set forth in this Section 4.01(a), Section 5.01 of the Master Indenture and the Acquisition Agreement. Funds on deposit in the Series 2026 BAN Acquisition and Construction Account shall only be requested by the Issuer to be applied to the Costs of the Assessment Area One – Master Infrastructure Project, except as otherwise provided below, and subject to Sections 3.01(b)(iii), 4.01(f) and 5.06 herein. Subject to the provisions of Section 4.01(f) hereof, any moneys remaining in the Series 2026 BAN Acquisition and Construction Account after the Completion Date, notice of the same given to the Trustee by the District Manager, except for any moneys reserved therein for the payment of any costs of the Assessment Area One – Master Infrastructure Project owed but not yet requisitioned, as evidenced in a certificate from the District Engineer to the Trustee, upon which the Trustee may conclusively rely, and the adoption of a resolution by the Issuer accepting the Assessment Area One – Master Infrastructure Project, as evidenced by a certificate from the District Manager delivered to the Trustee, upon which the Trustee may conclusively rely, shall be transferred by the Trustee to the Series 2026 BAN General Redemption Subaccount of the Series 2026 BAN Redemption Account. Subject to the provisions of Section 4.01(f) hereof, the Series 2026 BAN Acquisition and Construction Account shall be closed upon the expenditure or transfer of all funds therein. Upon presentment by the District Manager or the Issuer to the Trustee of a properly signed requisition in substantially the form attached hereto as Exhibit C, the Trustee shall withdraw moneys from the Series 2026 BAN Acquisition and Construction Account and pay such moneys to the Person such requisition so directs. Pursuant to the Master Indenture, the Trustee shall establish a separate Account within the Acquisition and Construction Fund designated as the “Series 2026 BAN Costs of Issuance Account.” Net proceeds of the Series 2026 Notes shall be deposited into the Series 2026 BAN Costs of Issuance Account in the amount set forth in Section 2.06 of this Second Supplemental Indenture. Upon presentment by the District Manager or the Issuer to the Trustee of a properly signed requisition in substantially the form attached hereto as Exhibit C, the Trustee shall withdraw moneys from the Series 2026 BAN Costs of Issuance Account to pay the costs of issuing the Series 2026 Notes. Six months after the issuance of the Series 2026 Notes, any moneys remaining in the Series 2026 BAN Costs of Issuance Account in excess of the amount requested to be disbursed by the Issuer shall be deposited into the Series 2026 BAN Interest Account. Any deficiency in the amount allocated to pay the cost of issuing the Series 2026 Notes shall be paid from excess Series 2026 BAN Pledged Revenues on deposit in the Series 2026 BAN Revenue Account pursuant to paragraph SEVENTH of Section 4.02 hereof. When there are no further moneys therein, the Series 2026 BAN Costs of Issuance Account shall be closed. The Trustee shall have no duty to independently verify that any requested disbursement from the Series 2026 BAN Acquisition and Construction Account is for a Cost of the Assessment Area One – Master Infrastructure Project.
Pursuant to Section 6.03 of the Master Indenture, the Trustee shall establish a separate Account within the Revenue Fund designated as the “Series 2026 BAN Revenue Account.” Series 2026 BAN Assessments (except for Prepayments of Series 2026 BAN Assessments which are identified as such by the Issuer to the Trustee and deposited in the Series 2026 BAN Prepayment Subaccount) shall be deposited by the Trustee into the Series 2026 BAN Revenue Account which shall be applied as set forth in Section 6.03 of the Master Indenture and Section 4.02 of this Second Supplemental Indenture.

Pursuant to Section 6.04 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Fund designated as the “Series 2026 BAN Principal Account.” Moneys shall be deposited into the Series 2026 BAN Principal Account as provided in Section 6.04 of the Master Indenture and Section 4.02 of this Second Supplemental Indenture, and applied for the purposes provided therein.
Pursuant to Section 6.04 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Fund designated as the “Series 2026 BAN Interest Account.” Moneys deposited into the Series 2026 BAN Interest Account pursuant to Section 6.04 of the Master Indenture and Section 4.02 of this Second Supplemental Indenture, shall be applied for the purposes provided therein.
Pursuant to Section 6.04 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Fund designated as the “Series 2026 BAN Capitalized Interest Account.” Moneys deposited into the Series 2026 BAN Capitalized Interest Account pursuant to Section 6.04 of the Master Indenture and Section 2.06 of this Second Supplemental Indenture, shall be applied for the purposes provided therein.
Pursuant to Section 6.05 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Reserve Fund designated as the “Series 2026 BAN Reserve Account.” Proceeds of the Series 2026 Notes shall be deposited into the Series 2026 Reserve Account in the amount set forth in Section 2.06 of this Second Supplemental Indenture, and such moneys, together with any other moneys deposited into the Series 2026 BAN Reserve Account shall be applied for the purposes provided therein and in this Section 4.01(f) of this Second Supplemental Indenture. Subject to the next succeeding paragraph, all investment earnings on moneys in the Series 2026 BAN Reserve Account shall remain on deposit therein.
On each March 15 and September 15 (or, if such date is not a Business Day, on the Business Day next preceding such day), the Trustee shall determine the amount on deposit in the Series 2026 BAN Reserve Account and transfer any excess therein above the BAN Reserve Requirement for the Series 2026 Notes caused by investment earnings to the Series 2026 BAN Revenue Account.
Notwithstanding any of the foregoing, amounts on deposit in the Series 2026 BAN Reserve Account shall be transferred by the Trustee, in the amounts directed in writing by the Majority Holders of the Series 2026 Notes to the Series 2026 BAN General Redemption Subaccount of the Series 2026 BAN Redemption Account, if as a result of the application of Article X of the Master Indenture, the proceeds received from lands sold subject to the Series 2026 BAN Assessments and applied to redeem a portion of the Series 2026 Notes is less than the principal amount of Series 2026 Notes indebtedness attributable to such lands.
Subject to the provisions of Section 4.05 hereof, on any date the Issuer or the District Manager, on behalf of the Issuer, receives notice that a landowner wishes to prepay its Series 2026 BAN Assessments relating to the benefited property of such landowner within Assessment Area One – Master Infrastructure Note Area, or as a result of a mandatory true-up payment, the Issuer shall, or cause the District Manager, on behalf of the Issuer to, calculate the principal amount of such Prepayment taking into account a credit against the amount of the Series 2026 BAN Prepayment Principal due by the amount of money in the Series 2026 BAN Reserve Account that will be in excess of the BAN Reserve Requirement, taking into account the proposed Prepayment. Such excess in the Series 2026 BAN Reserve Account shall be transferred by the Trustee to the Series 2026 BAN Prepayment Subaccount of the Series 2026 BAN Redemption Account, as a result of such Prepayment. The District Manager, on behalf of the Issuer, shall make such calculation within ten (10) Business Days after receiving notice of such Prepayment and shall instruct the Trustee in

writing to transfer such amount of credit given to the landowner from the Series 2026 BAN Reserve Account to the Series 2026 BAN Prepayment Subaccount of the Series 2026 BAN Redemption Account to be used for the extraordinary mandatory redemption of the Series 2026 Notes in accordance with Section 3.01(b)(i) hereof. The Trustee is authorized to make such transfers and has no duty to verify such calculations.
In addition, in the event of an extraordinary mandatory redemption pursuant to Section 3.01(b)(iii), the District Manager, on behalf of the Issuer, shall calculate the BAN Reserve Requirement and communicate the same to the Trustee in writing, and the Trustee shall apply any excess in the Series 2026 BAN Reserve Account toward such extraordinary mandatory redemption. Further, moneys on deposit in the Series 2026 BAN Reserve Account may be used to pay interest on the Series 2026 Notes pursuant to the provisions of the last paragraph of Section 4.05 hereof. Notwithstanding any provision in the Master Indenture to the contrary, a draw on the Series 2026 BAN Reserve Account for such purpose shall not constitute an Event of Default whether or not such draw is replenished within thirty (30) days.
Pursuant to Section 6.06 of the Master Indenture, the Trustee shall establish a separate Series BAN Redemption Account within the Bond Redemption Fund designated as the “Series 2026 BAN Redemption Account” and within such Account, a “Series 2026 BAN General Redemption Subaccount,” a “Series 2026 BAN Optional Redemption Subaccount,” and a “Series 2026 BAN Prepayment Subaccount.” Except as otherwise provided in this Second Supplemental Indenture regarding Prepayments or in connection with the optional redemption of the Series 2026 Notes, moneys to be deposited into the Series 2026 BAN Redemption Account as provided in Section 6.06 of the Master Indenture, shall be deposited to the Series 2026 BAN General Redemption Subaccount of the Series 2026 BAN Redemption Account.
Moneys that are deposited into the Series 2026 BAN General Redemption Subaccount of the Series 2026 BAN Redemption Account (including all earnings on investments held therein) shall be used to call Series 2026 Notes for the extraordinary mandatory redemption in whole, pursuant to Section 3.01(b)(ii) hereof or in part pursuant to Section 3.01(b)(iii) hereof.
Moneys in the Series 2026 BAN Prepayment Subaccount of the Series 2026 Note Redemption Account (including all earnings on investments held in such Series 2026 BAN Prepayment Subaccount of the Series 2026 BAN Redemption Account) shall be accumulated therein to be used to call for redemption pursuant to Section 3.01(b)(i) hereof an amount of Series 2026 Notes equal to the amount of money transferred to the Series 2026 BAN Prepayment Subaccount of the Series 2026 BAN Redemption Account for the purpose of such extraordinary mandatory redemption on the dates and at the price provided in such Section 3.01(b)(i) hereof.
The Issuer hereby directs the Trustee to establish a Series 2026 Rebate Fund designated as the “Series 2026 Rebate Fund.” Moneys shall be deposited into the Series 2026 Rebate Fund, as provided in the Tax Compliance Certificate and applied for the purposes provided therein.
Moneys on deposit in the Series 2026 BAN Optional Redemption Subaccount shall be used to optionally redeem all or a portion of the Series 2026 Notes pursuant to Section 3.01(a) hereof.
SECTION 4.02. Series 2026 BAN Revenue Account. The Trustee shall transfer from amounts on deposit in the Series 2026 BAN Revenue Account to the Funds and Accounts designated below, the following amounts, at the following times and in the following order of priority:
FIRST, upon receipt but no later than the Business Day next preceding each November 1 commencing November 1, 2026, to the Series 2026 BAN Interest Account of the Debt Service

Fund, an amount equal to the interest on the Series 2026 Notes becoming due on the next succeeding November 1, less any amount on deposit in the Series 2026 BAN Capitalized Interest Account, then less any amount on deposit in the Series 2026 BAN Interest Account not previously credited;
SECOND, upon receipt but no later than the Business Day next preceding each May 1 commencing May 1, 2027, to the Series 2026 BAN Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2026 Notes becoming due on the next succeeding May 1, less any amount on deposit in the Series 2026 BAN Capitalized Interest Account, then less any amount on deposit in the Series 2026 BAN Interest Account not previously credited;
THIRD, upon receipt but no later than the Business Day next preceding each Interest Payment Date while Series 2026 Notes remain Outstanding, to the Series 2026 BAN Reserve Account, an amount equal to the amount, if any, which is necessary to make the amount on deposit therein equal to the BAN Reserve Requirement for the Series 2026 Notes; and
FOURTH, notwithstanding the foregoing, at any time the Series 2026 Notes are subject to redemption on a date which is not a May 1 or November 1 Interest Payment Date, the Trustee shall be authorized to transfer to the Series 2026 BAN Interest Account, the amount necessary to pay interest on the Series 2026 Notes subject to redemption on such date; and
FIFTH, subject to the foregoing paragraphs, the balance of any moneys remaining after making the foregoing deposits shall be first deposited into the Series 2026 BAN Costs of Issuance Account to cover any deficiencies in the amount allocated to pay the cost of issuing the Series 2026 Notes and next, any balance in the Series 2026 BAN Revenue Account shall remain on deposit in such Series 2026 BAN Revenue Account, unless pursuant to the Tax Compliance Certificate, it is necessary to make a deposit into the Series 2026 BAN Rebate Fund, in which case, the Issuer shall direct the Trustee in writing to make such deposit thereto.
Notwithstanding that the Issuer has funded the Series 2026 BAN Capitalized Interest Account to pay interest on the Series 2026 Notes through at least May 1, 2027, moneys on deposit in the Series 2026 BAN Capitalized Interest Account, including all investment earnings thereon, shall remain on deposit in such Account and be used by the Trustee to pay interest on the Series 2026 Notes on any subsequent interest Payment Date if moneys remain after May 1, 2027. When such Account has been depleted of all funds, the Trustee shall be authorized to close such Account.
SECTION 4.03. Power to Issue Series 2026 Notes and Create Lien. The Issuer is duly authorized under the Act and all applicable laws of the State to issue the Series 2026 Notes, to execute and deliver the Indenture and to pledge the Series 2026 BAN Pledged Revenues for the benefit of the Series 2026 Notes to the extent set forth herein. The Series 2026 BAN Pledged Revenues are not and shall not be subject to any other lien senior to or on a parity with the lien created in favor of the Series 2026 Notes, except as otherwise permitted under the Master Indenture. The Series 2026 Notes and the provisions of the Indenture are and will be valid and legally enforceable obligations of the Issuer in accordance with their respective terms. The Issuer shall, at all times, to the extent permitted by law, defend, preserve and protect the pledge created by the Indenture and all the rights of the Owners of the Series 2026 Notes under the Indenture against all claims and demands of all persons whomsoever.
SECTION 4.04. The Assessment Area One – Master Infrastructure Project to Conform to Consulting Engineers Report. Upon the issuance of the Series 2026 Notes, the Issuer will promptly proceed to construct or acquire the Assessment Area One – Master Infrastructure Project, as described in Exhibit A

hereto and in the Consulting Engineer’s Report relating thereto, all pursuant to the terms and provisions of the Acquisition Agreement.
SECTION 4.05. Prepayments; Removal of Series 2026 BAN Assessment Liens.
At any time any owner of property subject to the Series 2026 BAN Assessments may, at its option, or as a result of acceleration of the Series 2026 BAN Assessments because of non-payment thereof, or as a result of true-up payment, shall require the Issuer to reduce or release and extinguish the lien upon its property by virtue of the levy of the Series 2026 BAN Assessments by paying or causing there to be paid, to the Issuer all or a portion of the Series 2026 BAN Assessment, which shall constitute Series 2026 Prepayment Principal, plus, except as provided below, accrued interest to the next succeeding Quarterly Redemption Date (or the next succeeding Quarterly Redemption Date if such Prepayment is made within forty-five (45) calendar days before a Quarterly Redemption Date), attributable to the property subject to Series 2026 BAN Assessment owned by such owner. In connection with such Prepayments, in the event the amount in the Series 2026 BAN Reserve Account will exceed the applicable BAN Reserve Requirement as a result of a Prepayment in accordance with this Section 4.05(a) and Section 4.01(f) hereof and the resulting redemption of the Series 2026 Notes in accordance with Section 3.01(b)(i) of this Second Supplemental Indenture, the excess amount shall be transferred from the Series 2026 BAN Reserve Account to the Series 2026 BAN Prepayment Subaccount of the Series 2026 Note Redemption Account as a credit against the Series 2026 BAN Prepayment Principal otherwise required to be paid by the owner of such lot or parcel, upon written instructions to the Trustee of the District Manager upon which the Trustee may conclusively rely, on behalf of the Issuer, together with a certification stating that, after giving effect to such transfers sufficient moneys will be on deposit in the Series 2026 BAN Reserve Account to equal or exceed the then BAN Reserve Requirement for the Series 2026 Notes and which certificate of the District Manager will further state that, after giving effect to the proposed redemption of Series 2026 Notes, there will be sufficient Series 2026 BAN Pledged Revenues to pay the principal and interest, when due, on all Series 2026 Notes that will remain Outstanding.
Upon receipt of Series 2026 Prepayment Principal as described in paragraph (a) above, subject to satisfaction of the conditions set forth therein, the Issuer shall immediately pay the amount so received to the Trustee, and the Issuer shall take such action as is necessary to record in the official records of the District that the Series 2026 BAN Assessment has been paid in whole or in part and that such Series 2026 BAN Assessment lien is thereby reduced, or released and extinguished, as the case may be.
The Trustee may conclusively rely on the Issuer’s determination of what moneys constitute Series 2026 Prepayment Principal. The Issuer or the District Manager, on behalf of the Issuer, shall calculate the amount available for extraordinary mandatory redemption of the Series 2026 Notes pursuant to Section 3.01(b)(i) hereof forty-five (45) days before each Quarterly Redemption Date and will withdraw money from the Series 2026 BAN Reserve Account as a credit against the amount of Prepayment that is owed in an amount as directed in writing by the Issuer or the District Manager in accordance with Section 4.01(f) and Section 4.05(a) hereof. No credit shall be given if as a result the BAN Reserve Requirement shall be less than is required after taking into account the proposed extraordinary mandatory redemption pursuant to Section 3.01(b)(i) hereof. At any time such Prepayment is not in an integral multiple of $5,000, the Trustee shall withdraw moneys from the Series 2026 BAN Revenue Account to round-up to the nearest integral multiple of $5,000 and deposit such amount into the Series 2026 BAN Prepayment Subaccount. Notwithstanding the foregoing, the Trustee shall not be authorized to withdraw any moneys from the Series 2026 BAN Revenue Account unless all of the deposits required under Section 4.02 hereof have or can be made to the next succeeding Interest Payment Date. If any landowner shall prepay the Series 2026 BAN Assessments without interest as permitted by Section 170.09, Florida Statutes, the Trustee is authorized, pursuant to written direction from the Issuer or from the written direction from the District Manager on behalf of the Issuer, to first withdraw any available money from the Series 2026 BAN Revenue

Account and next from the Series 2026 BAN Reserve Account if moneys are not available in the Series 2026 BAN Revenue Account, in either case in the amount of such interest which would otherwise be owed in connection with such Prepayment.
[END OF ARTICLE IV]

ARTICLE V
COVENANTS AND DESIGNATIONS OF THE ISSUER
SECTION 5.01. Collection of Series 2026 BAN Assessments. Pursuant to the terms and provisions of the Master Indenture and except as provided in the next succeeding sentence, the Issuer shall collect the Series 2026 BAN Assessments relating to the acquisition and construction of the Assessment Area One – Master Infrastructure Project through the Uniform Method of Collection (the “Uniform Method”) afforded by Chapter 197, Florida Statutes. Pursuant to the terms and provisions of the Master Indenture, the Issuer shall, pursuant to the provisions of the Assessment Resolutions, directly collect the Series 2026 BAN Assessments levied in lieu of the Uniform Method with respect to any assessable lands which have not yet been platted or the timing for using the Uniform Method will not yet allow for using such method, unless the Trustee at the direction of the Majority Holders directs the Issuer otherwise. In addition, and not in limitation of, the covenants contained elsewhere in this Second Supplemental Indenture and in the Master Indenture, the Issuer covenants to comply with the terms of the proceedings heretofore adopted with respect to the Series 2026 BAN Assessments, and to levy the Series 2026 BAN Assessments in such manner as will generate funds sufficient to pay debt service on the Series 2026 Notes when due. All Series 2026 BAN Assessments that are collected directly by the Issuer shall be due and payable by the landowner not later than thirty (30) days prior to each Interest Payment Date.
SECTION 5.02. Continuing Disclosure. Contemporaneously with the execution and delivery hereof, the Issuer has executed and delivered a Continuing Disclosure Agreement in order to comply with the requirements of Rule 15c2-12 promulgated under the Securities and Exchange Act of 1934. The Issuer covenants and agrees to comply with the provisions of such Continuing Disclosure Agreement applicable to it; however, as set forth therein, failure to so comply shall not constitute and Event of Default hereunder, but shall instead be enforceable by mandamus or any other means of specific performance.
SECTION 5.03. Investment of Funds and Accounts. The provisions of Section 7.02 of the Master Indenture shall apply to the investment and reinvestment of moneys in the Series 2026 BAN Accounts and subaccounts therein created hereunder.
SECTION 5.04. Additional Obligations. The Issuer covenants and agrees that so long as there are any Series 2026 Notes Outstanding, it shall not cause or permit to be caused any lien, charge or claim against the Series 2026 BAN Pledged Revenues other than the lien in favor of the Series 2026 Notes or Bonds issued to redeem the Series 2026 Notes or any remaining portion thereof. The Issuer further covenants and agrees that so long as there are any Series 2026 Notes Outstanding, it shall not issue any Bond Anticipation Notes or Bonds secured by Assessments on property secured by the Series 2026 BAN Assessments unless the proceeds of such Bond Anticipation Notes or Bonds discharge in full the principal amount of the Series 2026 Notes.
SECTION 5.05. Requisite Owners for Direction or Consent. Anything in the Master Indenture to the contrary notwithstanding, any direction or consent or similar provision which requires more than fifty percent (50%) of the Owners, shall in each case be deemed to refer to, and shall mean, the Majority Holders.
SECTION 5.06. Acknowledgement Regarding Series 2026 BAN Acquisition and Construction Account Moneys Following an Event of Default. In accordance with the provisions of the Indenture, the Series 2026 Notes are payable solely from the Series 2026 BAN Pledged Revenues and any other moneys held by the Trustee under the Indenture for such purpose. Anything in the Indenture to the contrary notwithstanding and provided, however, that such actions shall not affect the tax exempt status of the Series 2026 Notes, the Issuer hereby acknowledges that, upon the occurrence of an Event of Default with respect to the Series 2026 Notes, (i) the Series 2026 BAN Pledged Revenues include, without limitation, all amounts on deposit in the Series 2026 BAN Acquisition and Construction Account of the Acquisition and

Construction Fund then held by the Trustee, (ii) the Series 2026 BAN Pledged Revenues may not be used by the Issuer (whether to pay costs of the Assessment Area One – Master Infrastructure Project or otherwise) without the consent of the Majority Holders, and (iii) the Series 2026 BAN Pledged Revenues may be used by the Trustee, at the direction or with the approval of the Majority Holders, to pay the reasonable costs and expenses incurred in connection with the pursuit of remedies under the Indenture. The Issuer also acknowledges and agrees that from and after an Event of Default, as more fully provided in the Collateral Assignment, the Trustee is authorized to exercise the Issuer’s rights under the Collateral Assignment at the direction of the Majority Holders but without the consent or approval of the Issuer and the Issuer covenants not to enter into any contract regarding the Assessment Area One – Master Infrastructure Project from and after the occurrence of an Event of Default without the written direction of the Majority Holders.
SECTION 5.07. Special Covenants of the Issuer. The Issuer hereby covenants and agrees with the Owners, from time to time, of the Series 2026 Notes, that it will use its best efforts to accomplish the issuance, sale and delivery of Take-Out Bonds in such amount and at such time as necessary to pay the principal of and interest on the Series 2026 Notes on or before the maturity date thereof and will do all things within its power to effect such issuance, sale and delivery. In addition, the Issuer hereby covenant and agrees with the Owners, from time to time, of the Seeris 2026 Notes that if Take-Out Bonds have not been issued on or prior to the maturity date of the Series 2026 Bonds, the Issuer will endeavor, in good faith, to issue another series of Bond Anticipation Notes to pay, to the extent necessary, the principal of the Series 2026 Notes and interest thereon as the same comes due. In addition, the Issuer hereby covenants and agrees with the Owners, from time to time, of the Series 2026 Notes, that it will enforce the Series 2026 BAN Assessments on the Assessment Area One – Master Infrastructure Note Area specially benefitted by the Assessment Area One – Master Infrastructure Project, which have been imposed, levied and shall be collected at times, and in amounts, necessary in order to pay the principal of and interest on the Series 2026 Notes, when due, and in the event that proceeds of Take-Out Bonds or another series of Bond Anticipation Notes are not available for such purpose. Anything in the Indenture to the contrary notwithstanding, the Issuer shall collect all Series 2026 BAN Assessments necessary for the payment, when due, of the Series 2026 Notes directly, including any Delinquent Assessments; provided, however, the Issuer may determine to collect any Delinquent Assessments using the Uniform Method of Collection if and when directed to do so by the Trustee acting at the direction of the Majority Owners.
The Series 2026 BAN Pledged Revenues are hereby pledged for the payment of the principal or Redemption Price of and interest on all Series 2026 Notes issued and Outstanding under this Second Supplemental Indenture. The Series 2026 BAN Pledged Revenues shall immediately be subject to the lien and pledge of the Series 2026 Notes Indenture without any physical delivery hereof or further act; provided, however, that the lien and pledge of the Series 2026 Notes Indenture shall not apply any moneys transferred by the Trustee to the Series 2026 BAN Rebate Account.
[END OF ARTICLE V]

ARTICLE VI
THE TRUSTEE; THE PAYING AGENT AND REGISTRAR
SECTION 6.01. Acceptance of Trust. The Trustee accepts and agrees to execute the trusts hereby created and agrees to perform such trusts upon the terms and conditions set forth in the Indenture. The Trustee agrees to act as Paying Agent and Registrar for the Series 2026 Notes.
SECTION 6.02. Trustee’s Duties. The Trustee shall not be responsible in any manner for the due execution of this Second Supplemental Indenture by the Issuer or for the recitals contained herein (except for the certificate of authentication on the Series 2026 Notes), all of which are made solely by the Issuer. Nothing contained herein shall limit the rights, benefits, privileges, protection and entitlement inuring to the Trustee under the Master Indenture.
[END OF ARTICLE VI]

ARTICLE VII MISCELLANEOUS PROVISIONS
SECTION 7.01. Interpretation of Second Supplemental Indenture. This Second Supplemental Indenture amends and supplements the Master Indenture with respect to the Series 2026 Notes, and all of the provisions of the Master Indenture, to the extent not inconsistent herewith, are incorporated in this Second Supplemental Indenture by reference. To the maximum extent possible, the Master Indenture and the Second Supplemental Indenture shall be read and construed as one document.
SECTION 7.02. Amendments. Any amendments to this Second Supplemental Indenture shall be made pursuant to the provisions for amendment contained in the Master Indenture.
SECTION 7.03. Counterparts. This Second Supplemental Indenture may be executed in any number of counterparts, each of which when so executed and delivered shall be an original; but such counterparts shall together constitute but one and the same instrument.
SECTION 7.04. Appendices and Exhibits. Any and all schedules, appendices or exhibits referred to in and attached to this Second Supplemental Indenture are hereby incorporated herein and made a part of this Second Supplemental Indenture for all purposes.
SECTION 7.05. Payment Dates. In any case in which an Interest Payment Date or the maturity date of the Series 2026 Notes or the date fixed for the redemption of any Series 2026 Notes shall be other than a Business Day, then payment of interest, principal or Redemption Price need not be made on such date but may be made on the next succeeding Business Day, with the same force and effect as if made on the due date, and no interest on such payment shall accrue for the period after such due date if payment is made on such next succeeding Business Day.
SECTION 7.06. No Rights Conferred on Others. Nothing herein contained shall confer any right upon any Person other than the parties hereto and the Holders of the Series 2026 Notes.
SECTION 7.07. Patriot Act Requirements of the Trustee. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Trustee will ask for documentation to verify such non-individual person’s formation and existence as a legal entity. The Trustee may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation.
[Remainder of page intentionally left blank.]

25

IN WITNESS WHEREOF, Metropica Community Development District has caused this Second Supplemental Trust Indenture to be executed by the Chairperson of its Board of Supervisors and its corporate seal to be hereunto affixed and attested by the Assistant Secretary of its Board of Supervisors and
U.S. Bank Trust Company, National Association has caused this Second Supplemental Trust Indenture to be executed by one of its authorized signatories, all as of the day and year first above written.

METROPICA COMMUNITY DEVELOPMENT
DISTRICT	
[SEAL]	
Attest:	
By:		
Name: Bernard Werner	
Title: Chairperson, Board of Supervisors	
By:		
Name: Juliana Duque	
Title: Assistant Secretary, Board of Supervisors	
U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION, as Trustee, Paying Agent and Registrar	

By:		
Name: Scott A. Schuhle	
Title: Vice President	

25

STATE OF FLORIDA	)
) SS: COUNTY OF BROWARD	)
The foregoing instrument was acknowledged before me by means of  physical presence or  online notarization, this   day of 		 2026 by Bernard Werner and Juliana Duque, Chairperson and Assistant Secretary of Metropica Community Development District, who is personally known to me or who has produced 	 as identification.

[NOTARY SEAL]	(Signature of person taking acknowledgment)	
	(Name typed, printed or stamped)	
	(Title or Rank)	
	(Serial number, if any)	

STATE OF FLORIDA	)
) SS: COUNTY OF BROWARD	)
The foregoing instrument was acknowledged before me by means of  physical presence or  online notarization, this   day of 	 2026, by Scott A. Schuhle, Vice President of U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States of America. He is personally known to me or has produced
	 as identification.

[NOTARY SEAL]	(Signature of person taking acknowledgment)	
	(Name typed, printed or stamped)	
	(Title or Rank)	
	(Serial number, if any)	

28

EXHIBIT A
DESCRIPTION OF THE ASSESSMENT AREA ONE – MASTER INFRASTRUCTURE PROJECT
The Assessment Area One Project – Master Infrastructure Project includes, but is not limited to, the following improvements:
Water and sewer system; Stormwater management system;
Roadway and transportation improvements; Landscaping improvements; and
All related soft and incidental costs.
As more particularly set forth in the Engineer’s Report dated January 6, 2025, as supplemented by the First Supplemental Engineer’s Report (Assessment Area One – Phase One and Assessment Area One – Master Infrastructure Project) dated March 25, 2026, each prepared by Thomas Engineering Group, LLC, as such report may be supplemented and/or amended from time to time.

A-1

EXHIBIT B
[FORM OF SERIES 2026 NOTE]

R-1	$		

UNITED STATES OF AMERICA STATE OF FLORIDA
COUNTY OF BROWARD
METROPICA COMMUNITY DEVELOPMENT DISTRICT BOND ANTICIPATION NOTE, SERIES 2026
(ASSESSMENT AREA ONE – MASTER INFRASTRUCTURE PROJECT)

Interest Rate	Maturity Date	Date of Original Issuance	CUSIP	
	%	May 1, 			, 20 		
Registered Owner:	Cede & Co.			
Principal Amount:				

KNOW ALL PERSONS BY THESE PRESENTS that the Metropica Community Development District (the “Issuer”), for value received, hereby promises to pay to the registered owner shown above or registered assigns, on the date specified above, from the sources hereinafter mentioned, upon presentation and surrender hereof (except while the herein defined Series 2026 Notes are in book-entry only form such presentation shall not be required), at the designated corporate trust office of U.S. Bank Trust Company, National Association, as paying agent (said U.S. Bank Trust Company, National Association and any successor paying agent being herein called the “Paying Agent”), the Principal Amount set forth above (with interest thereon at the Interest Rate per annum set forth above, computed on 360-day year of 30-day months), said principal payable on the Maturity Date stated above. Principal of this Bond is payable at the designated corporate trust office of U.S. Bank Trust Company, National Association in lawful money of the United States of America. Interest on this Bond is payable by check or draft of the Paying Agent made payable to the registered owner and mailed on each May 1 and November 1, commencing November 1, 2026 to the address of the registered owner as such name and address shall appear on the registry books of the Issuer maintained by U.S. Bank Trust Company, National Association, as Registrar (said U.S. Bank Trust Company, National Association and any successor registrar being herein called the “Registrar”) at the close of business on the fifteenth day of the calendar month preceding each interest payment date or the date on which the principal of a Bond is to be paid (the “Record Date”). Such interest shall be payable from the most recent interest payment date next preceding the date of authentication hereof to which interest has been paid, unless the date of authentication hereof is a May 1 or November 1 to which interest has been paid, in which case from the date of authentication hereof, or unless such date of authentication is prior to November 1, 2026, in which case from the date of initial delivery, or unless the date of authentication hereof is between a Record Date and the next succeeding interest payment date, in which case from such interest payment date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the registered owner on such Record Date and may be paid to the person in whose name this Bond is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by U.S. Bank Trust Company, National Association, as trustee (said U.S. Bank Trust Company, National Association and any successor trustee being herein called the “Trustee”), notice whereof shall be given to Bondholders of record as of the fifth (5th) day prior to such mailing, at their registered addresses, not less than ten (10) days prior to such Special Record Date, or may be paid, at any

time in any other lawful manner, as more fully provided in the Indenture (defined below). Any capitalized term used in this Bond and not otherwise defined shall have the meaning ascribed to such term in the Indenture.
THE BONDS ARE LIMITED OBLIGATIONS OF THE ISSUER PAYABLE SOLELY OUT OF THE PLEDGED REVENUES PLEDGED THEREFOR UNDER THE INDENTURE AND NEITHER THE PROPERTY, THE FULL FAITH AND CREDIT, NOR THE TAXING POWER OF THE ISSUER, THE CITY OF SUNRISE, FLORIDA (THE “CITY”), BROWARD COUNTY, FLORIDA (THE “COUNTY”), THE STATE OF FLORIDA (THE “STATE”), OR ANY OTHER POLITICAL SUBDIVISION THEREOF, IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE BONDS; HOWEVER, THE ISSUER IS OBLIGATED UNDER THE INDENTURE TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, SERIES 2026 BAN ASSESSMENTS (AS DEFINED IN THE INDENTURE) TO SECURE AND PAY THE BONDS. THE BONDS DO NOT CONSTITUTE AN INDEBTEDNESS OF THE ISSUER, THE CITY, THE COUNTY, THE STATE, OR ANY OTHER POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION.
This Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Indenture until it shall have been authenticated by execution of the Trustee of the certificate of authentication endorsed hereon.
This Bond is one of an authorized issue of Bonds of the Metropica Community Development District, a community development district duly created, organized and existing under Chapter 190, Florida Statutes (the Uniform Community Development District Act of 1980), as amended (the “Act”) and Ordinance No. 909-X-23-A enacted by the City Commission of the City of Sunrise, Florida, on March 28, 2023, designated as “Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One – Master Infrastructure Project)” (the Notes” or the “Series 2026 Notes”), in the aggregate principal amount of 	 AND 00/100 DOLLARS ($[PAR]) of like date, tenor and effect, except as to number, denomination, interest rate and maturity date. The Series 2026 Notes are being issued under authority of the laws and Constitution of the State of Florida, including particularly the Act, to pay the costs of constructing and/or acquiring the Assessment Area One – Master Infrastructure Project (as defined in the herein referred to Indenture). The Series 2026 Notes shall be issued as fully registered bonds in authorized denominations, as set forth in the Indenture. The Bonds are issued under and secured by a Master Trust Indenture dated as of 		 1, 2026 (the “Master Indenture”), as amended and supplemented by a Second Supplemental Trust Indenture dated as of
	 1, 2026 (the “Second Supplemental Indenture” and together with the Master Indenture, the “Indenture”), each by and between the Issuer and the Trustee, executed counterparts of which are on file at the designated corporate trust office of the Trustee in Fort Lauderdale, Florida.
Reference is hereby made to the Indenture for the provisions, among others, with respect to the custody and application of the proceeds of the Series 2026 Notes issued under the Indenture, the operation and application of the Debt Service Fund, the Series 2026 BAN Reserve Account within the Debt Service Reserve Fund and other Funds and Accounts (each as defined in the Indenture) charged with and pledged to the payment of the principal of and the interest on the Series 2026 Notes, the levy and the evidencing and certifying for collection, of the Series 2026 BAN Assessments, the nature and extent of the security for the Bonds, the terms and conditions on which the Series 2026 Notes are issued, the rights, duties and obligations of the Issuer and of the Trustee under the Indenture, the conditions under which such Indenture may be amended without the consent of the registered owners of the Series 2026 Notes, the conditions under which such Indenture may be amended with the consent of the Majority Holders of the Series 2026 Notes outstanding, and as to other rights and remedies of the registered owners of the Series 2026 Notes.

The owner of this Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any event of default under the Indenture or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture.
It is expressly agreed by the owner of this Bond that such owner shall never have the right to require or compel the exercise of the ad valorem taxing power of the Issuer, the City, the County, the State or any other political subdivision thereof, or taxation in any form of any real or personal property of the Issuer, the City, the County, the State or any other political subdivision thereof, for the payment of the principal of and interest on this Bond and other payments provided for in the Indenture, except for Series 2026 BAN Assessments to be assessed and levied by the Issuer as set forth in the Indenture.
By the acceptance of this Bond, the owner hereof assents to all the provisions of the Indenture.
This Bond is payable from and secured by Series 2026 BAN Pledged Revenues, as such term is defined in the Indenture, all in the manner provided in the Indenture. The Indenture provides for the levy and the evidencing and certifying, of non-ad valorem assessments in the form of Series 2026 BAN Assessments to secure and pay the Bonds.
The Series 2026 Notes are subject to redemption prior to maturity in the amounts, at the times and in the manner provided below. All payments of the redemption price of the Series 2026 Notes shall be made on the dates specified below.
Optional Redemption
The Series 2026 Notes are subject to redemption prior to maturity at the option of the Issuer, as a whole or in part, at any time, on or after May 1, 20  (less than all Series 2026 Notes of a maturity to be selected randomly), at a Redemption Price equal to the principal amount of the Series 2026 Notes to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date.
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Extraordinary Mandatory Redemption in Whole or in Part
The Bonds are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole or in part on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at an extraordinary mandatory redemption price equal to 100% of the principal amount of the Bonds to be redeemed, plus interest accrued to the redemption date.
from Series 2026 Prepayment Principal (including any credit from resulting excess in the Series 2026 BAN Reserve Account) deposited into the Series 2026 BAN Prepayment Subaccount of the Series 2026 BAN Redemption Account following the payment in whole or in part of Series 2026 BAN Assessments on any assessable property within Assessment Area One – Master Infrastructure Note Area in accordance with the provisions of Section 4.05(a) of the Second Supplemental Indenture.
from moneys, if any, on deposit in the Series 2026 BAN Funds, Accounts and Subaccounts in the Funds and Accounts (other than the Series 2026 BAN Rebate Fund and the Series 2026 BAN Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2026 Notes and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.
upon the Completion Date, from any funds remaining on deposit in the Series 2026 BAN Acquisition and Construction Account not otherwise reserved to complete the Assessment Area One – Master Infrastructure Project and which have been transferred to the Series 2026 BAN General Redemption Subaccount of the Series 2026 BAN Redemption Account.
Except as otherwise provided in the Indenture, if less than all of the Bonds subject to redemption shall be called for redemption, the particular such Bonds or portions of such Bonds to be redeemed shall be selected randomly by the Trustee, as provided in the Indenture.
Notice of each redemption of the Bonds is required to be mailed by the Trustee by first class mail, postage prepaid, not less than thirty (30) nor more than sixty (60) days prior to the redemption date to each Registered Owner of the Bonds to be redeemed at the address of such Registered Owner recorded on the bond register maintained by the Registrar. On the date designated for redemption, notice having been given and money for the payment of the Redemption Price being held by the Trustee or the Paying Agent, all as provided in the Indenture, the Bonds or such portions thereof so called for redemption shall become and be due and payable at the Redemption Price provided for the redemption of such Bonds or such portions thereof on such date, interest on such Bonds or such portions thereof so called for redemption shall cease to accrue, such Bonds or such portions thereof so called for redemption shall cease to be entitled to any benefit or security under the Indenture and the Owners thereof shall have no rights in respect of such Bonds or such portions thereof so called for redemption except to receive payments of the Redemption Price thereof so held by the Trustee or the Paying Agent. Further notice of redemption shall be given by the Trustee to certain registered securities depositories and information services as set forth in the Indenture, but no defect in said further notice nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as above prescribed. Notwithstanding the foregoing, the Trustee is authorized to give conditional notice of redemption as provided in the Master Indenture.
The Owner of this Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any Event of Default under the

Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture.
Modifications or alterations of the Indenture or of any indenture supplemental thereto may be made only to the extent and in the circumstances permitted by the Indenture.
Any moneys held by the Trustee or Paying Agent in trust for the payment and discharge of any Bond which remain unclaimed for three (3) years after the date when such Bond has become due and payable, either at its stated maturity date or by call for earlier redemption shall be paid to the Issuer, thereupon and thereafter no claimant shall have any rights against the Trustee or Paying Agent to or in respect of such moneys.
If the Issuer deposits or causes to be deposited with the Trustee funds or Defeasance Securities (as defined in the Master Indenture) sufficient to pay the principal or Redemption Price of any Bonds becoming due at maturity or by call for redemption in the manner set forth in the Indenture, together with the interest accrued to the due date, the lien of such Bonds as to the trust estate with respect to such Bonds shall be discharged, except for the rights of the Owners thereof with respect to the funds so deposited as provided in the Indenture.
This Bond shall have all the qualities and incidents, including negotiability, of investment securities within the meaning and for all the purposes of the Uniform Commercial Code of the State of Florida.
The Issuer shall keep books for the registration of the Bonds at the designated corporate trust office of the Registrar in Fort Lauderdale, Florida. Subject to the restrictions contained in the Indenture, the Bonds may be transferred or exchanged by the registered owner thereof in person or by his attorney duly authorized in writing only upon the books of the Issuer kept by the Registrar and only upon surrender thereof together with a written instrument of transfer satisfactory to the Registrar duly executed by the registered owner or his duly authorized attorney. In all cases in which the privilege of transferring or exchanging Bonds is exercised, the Issuer shall execute and the Trustee shall authenticate and deliver a new Bond or Bonds in authorized form and in like aggregate principal amount in accordance with the provisions of the Indenture. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee, Paying Agent or the Registrar, duly executed by the Bondholder or his attorney duly authorized in writing. Transfers and exchanges shall be made without charge to the Bondholder, except that the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds.
The Issuer, the Trustee, the Paying Agent and the Registrar shall deem and treat the person in whose name any Bond shall be registered upon the books kept by the Registrar as the absolute owner thereof (whether or not such Bond shall be overdue) for the purpose of receiving payment of or on account of the principal of, premium, if any, and interest on such Bond as the same becomes due, and for all other purposes. All such payments so made to any such registered owner or upon his order shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid, and neither the Issuer, the Trustee, the Paying Agent, nor the Registrar shall be affected by any notice to the contrary.
It is hereby certified and recited that all acts, conditions and things required to exist, to happen, and to be performed, precedent to and in connection with the issuance of this Bond exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, including particularly the Act, and that the issuance of this Bond, and of the issue of the Bonds of which this Bond is one, is in full compliance with all constitutional and statutory limitations or provisions.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, Metropica Community Development District has caused this Bond to be signed by the manual signature of the Chairperson of its Board of Supervisors and a facsimile of its seal to be imprinted hereon, and attested by the manual signature of the Assistant Secretary of its Board of Supervisors, all as of the date hereof.

METROPICA COMMUNITY DEVELOPMENT DISTRICT

(SEAL)
Attest:

By:		 Assistant Secretary, Board of Supervisors

By: 		 Chairperson, Board of Supervisors

CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds delivered pursuant to the within mentioned Indenture.
Date of Authentication: 	, 2026

U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION, as Trustee

By: 		 Authorized Signatory

STATEMENT OF VALIDATION
This Bond is one of a series of Bonds which were validated by judgment of the Circuit Court of the Seventeenth Judicial Circuit of Florida, in and for Broward County, Florida, rendered on the 5th day of March, 2025.

METROPICA COMMUNITY DEVELOPMENT DISTRICT

By: 		 Chairperson, Board of Supervisors
(SEAL)
Attest:

By:		 Assistant Secretary, Board of Supervisors

ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of the within Bond, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM	–	as tenants in common		
TEN ENT	–	as tenants by the entireties		
JT TEN	–	as joint tenants with the right of survivorship and not as tenants in common	
UNIFORM GIFT MIN ACT	–	Custodian	
			
(Cust)	
(Minor)	
Under Uniform Gifts to Minors	
Act 		
(State)	
Additional abbreviations may also be used though not in the above list.	

ASSIGNMENT AND TRANSFER
FOR	VALUE	RECEIVED	the	undersigned	sells,	assigns	and	transfers	unto

(please print or typewrite name and address of assignee)

the  within  Bond  and  all  rights  thereunder,  and  hereby  irrevocably  constitutes  and  appoints

Attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises.

Signature Guarantee:		

NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company	
NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatsoever.	
Please insert social security or other identifying number of Assignee.		

EXHIBIT C FORMS OF REQUISITIONS
METROPICA COMMUNITY DEVELOPMENT DISTRICT BOND ANTICIPATION NOTES, SERIES 2026
(ASSESSMENT AREA ONE – MASTER INFRASTRUCTURE PROJECT)
(Acquisition and Construction)
The undersigned, a Responsible Officer of the Metropica 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 U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), dated as of 	 1, 2026, as supplemented by that certain Second Supplemental Trust Indenture dated as of 		 1, 2026 (collectively, the “Indenture”) (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture):
Requisition Number:
Identify Acquisition Agreement, if applicable;
Name of Payee pursuant to Acquisition Agreement:
Amount Payable:
Purpose for which paid or incurred (refer also to specific contract if amount is due and payable pursuant to a contract involving progress payments):
Fund or Account and subaccount, if any, from which disbursement to be made:
Series 2026 BAN Acquisition and Construction Account of the Acquisition and Construction Fund.
The undersigned hereby certifies that:
obligations in the stated amount set forth above have been incurred by the District,
each disbursement set forth above is a proper charge against the Series 2026 BAN Acquisition and Construction Account;
each disbursement set forth above was incurred in connection with the Cost of the Assessment Area One – Master Infrastructure Project; and
each disbursement represents a Cost of the Assessment Area One – Master Infrastructure Project which has not previously been paid.
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 date of such certificate entitled to retain.
Originals of the invoice(s) from the vendor of the property acquired or the services rendered with respect to which disbursement is hereby requested are on file with the District.

METROPICA COMMUNITY DEVELOPMENT DISTRICT

By:	 Responsible Officer
Date:	
CONSULTING ENGINEER’S APPROVAL
The undersigned Consulting Engineer hereby certifies that this disbursement is for the Cost of the Assessment Area One – Master Infrastructure Project and is consistent with: (i) the Acquisition Agreement; and (ii) the report of the Consulting Engineer, as such report shall have been amended or modified.

Consulting Engineer

METROPICA COMMUNITY DEVELOPMENT DISTRICT BOND ANTICIPATION NOTES, SERIES 2026
(ASSESSMENT AREA ONE – MASTER INFRASTRUCTURE PROJECT)
(Costs of Issuance)
The undersigned, a Responsible Officer of the Metropica 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 U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), dated as of 	 1, 2026, as supplemented by that certain Second Supplemental Trust Indenture dated as of 		 1, 2026 (collectively, the “Indenture”) (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture):
Requisition Number:
Amount Payable:
Purpose for which paid or incurred: Costs of Issuance
Fund or Account and subaccount, if any, from which disbursement to be made:
Series 2026 BAN Costs of Issuance Account of the Acquisition and Construction Fund
The undersigned hereby certifies that:
this requisition is for costs of issuance payable from the Series 2026 BAN Costs of Issuance Account that have not previously been paid;
each disbursement set forth above is a proper charge against the Series 2026 BAN Costs of Issuance Account;
each disbursement set forth above was incurred in connection with the issuance of the Series 2026 Notes; and
each disbursement represents a cost of issuance which has not previously been paid.
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 date of such certificate entitled to retain.

Attached hereto are copies of the invoice(s) from the vendor of the services rendered with respect to which disbursement is hereby requested.

METROPICA COMMUNITY DEVELOPMENT DISTRICT

By:	 Responsible Officer

Date:	

EXHIBIT D
FORM OF INVESTOR LETTER
[Date]
FMSbonds, Inc.
20660 W. Dixie Highway North Miami Beach, FL 33180
Re:	$[PAR] Metropica Community Development District Bond Anticipation Notes, Series 2026 (Assessment Area One – Master Infrastructure Project)
Ladies and Gentlemen:
The undersigned is authorized to sign this letter [on behalf of Name of Non-Individual Investor], as the beneficial owner (the “Investor”) of $	 of the above-referenced Notes [state maturing on May 1, 	, bearing interest at the rate of  % per annum and CUSIP #] (herein, the “Investor Notes”).
In connection with the purchase of the Investor Notes by the Investor, the Investor hereby makes the following representations upon which you may rely:
The Investor has authority to purchase the Investor Notes and to execute this letter, any other instruments and documents required to be executed by the Investor in connection with the purchase of the Investor Notes.
The Investor meets the criteria of an “accredited investor” as described in one or more of the categories derived from Rule 501(a) under Regulation D of the Securities Act of 1933, as amended (the “Securities Act”) summarized below, and therefore, has sufficient knowledge and experience in financial and business matters, including purchase and ownership of municipal and other tax-exempt obligations including those which are not rated or credit-enhanced, to be able to evaluate the risks and merits of the investment represented by the Notes. Please check the appropriate box below to indicate the type of accredited investor:
a bank, registered broker, dealer or investment adviser (or investment adviser exempt from registration under Section 203(l) or (m) within the meaning of the Investment Advisers Act of 1940), insurance company, registered investment company, business development company, small business investment company; or rural business investment company;
an employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the employee benefit plan has total assets in excess of $5 million;
an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, corporation, Massachusetts or similar business trust partnership, or limited liability company, not formed for the specific purpose of acquiring the Investor Notes with assets exceeding $5 million;
a business in which all the equity owners are “accredited investors”;

a natural person who has individual net worth, or joint net worth with the person’s spouse or spousal equivalent, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person, except that mortgage indebtedness on the primary residence shall not be included as a liability;
a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse or spousal equivalent exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year;
a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Investor Notes whose purchase is directed by a sophisticated person;
an entity, of a type other than those set forth above, that owns investments in excess of
$5,000,000 and that was not formed for the specific purpose of acquiring the Investor Notes;
a natural person holding in good standing one or more professional certifications or designations or credentials from a designated accredited educational institution qualifying an individual for “accredited investor” status;
a “family office” with at least $5,000,000 in assets under management, that was not formed for the specific purpose of acquiring the Investor Notes, and whose prospective investment is directed by a person capable of evaluating the merits and risks of the prospective investment; or
a “family client” of a family office described in the prior bullet point whose prospective investment is directed by that family office.
The Investor has been supplied with an (electronic) copy of the Preliminary Limited Offering Memorandum dated 	, 2026 of the Issuer and relating to the Notes (the “Offering Document”) and has reviewed the Offering Document and represents that such Offering Document has provided full and meaningful disclosure in order to make an informed decision to invest in the Investor Notes.
Capitalized terms used herein and not otherwise defined have the meanings given to such terms in the Indenture.
Very truly yours, [Name], [Type of Entity]
By:	
Name:	
Title:	
Date:	
Or

[Name], an Individual

Metropica
Community Development District

Funding Request #21
March 25, 2026

PAYEE	GENERAL FUND

1	Billing, Cochran, Lyles, Mauro & Ramsey, PA
Inv# 196747 - Attorneys Fees (Dec 25)	
$	500.00	
Inv# 197076 - Attorneys Fees (Jan 26)	$	1,300.00	
Inv# 197433 - Attorneys Fees (Feb 26)	$	747.50	
2	GMS-SF, LLC
Inv# 37 - Management Fees & Expenses (Jan 26)	
$	3,208.33	
Inv# 38- Management Fees & Expenses (Feb 26)	$	3,208.33	
Inv# 39- Management Fees & Expenses (Mar 26)	$	3,208.33	
TOTAL	$	12,172.49	

Please make check payable to:		

Metropica Community Development District
5385 N Nob Hill Road Sunrise, FL 33351

Metropica
Community Development District

Unaudited Financial Reporting
February 28, 2026

Table of Contents

	Balance Sheet

	General Fund

	Month to Month

	Metropica		
	Community Development District Combined Balance Sheet February 28, 2026		
		General	
		Fund	

Assets:			
Cash:			
Operating Account	$	30,955	
Accounts Receivable		14,145	
Assessments Receivable		-	
Due from General Fund		-	
Total Assets	$	45,100	

Liabilities:			
Accounts Payable	$	45,722	
Total Liabilites	$	45,722	

Fund Balance:			
Unassigned		(622)	
Total Fund Balances	$	(622)	

Total Liabilities & Fund Balance	$	45,100

Metropica
Community Development District General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending February 28, 2026

	Adopted	Prorated Budget	Actual		
	Budget	Thru 02/28/26	Thru 02/28/26	Variance	

Revenues:					
Developer Contributions/Assessments	$	107,843	$	26,494	$	26,494	$	-	
Total Revenues	$	107,843	$	26,494	$	26,494	$	-	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	12,000	$	5,000	$	-	$	5,000	
PR-FICA	918	-	383	-	383	
Engineering	10,000	4,167	-	4,167	
Attorney	12,000	5,000	8,189	(3,189)	
Annual Audit	5,000	-	-	-	
Assessment Administration	5,000	-	-	-	
Arbitrage Rebate	550	-	-	-	
Dissemination Agent	5,000	-	-	-	
Trustee Fees	5,000	-	-	-	
Management Fees	37,000	15,417	15,417	0	
Website Maintenance	1,500	625	625	-	
Telephone	200	83	-	83	
Postage & Delivery	750	313	-	313	
Insurance General Liability	6,500	6,500	5,512	988	
Printing & Binding	1,000	417	-	417	
Legal Advertising	2,000	833	501	332	
Other Current Charges	750	313	1	312	
Dues, Licenses & Subscriptions	175	175	175	-	
Contingency	2,500	1,042	-	1,042	
Total General & Administrative	$	107,843	$	40,266	$	30,419	$	9,847	
					
Excess (Deficiency) of Revenues over Expenditures	$	-	$	(13,771)	$	(3,925)	$	9,847	
					
Net Change in Fund Balance	$	-	$	(13,771)	$	(3,925)	$	9,847	
					
Fund Balance - Beginning	$	-		$	3,303		
					
Fund Balance - Ending	$	-		$	(622)		

Metropica
Community Development District Month to Month

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

Revenues:

Developer Contributions/Assessments	$	-		$	-	$	19,070	$	-		$	7,424	$	-		$	-	$	-		$	-		$	-		$	-		$	-	$	26,494	
Interest Income		-	-	-		-	-		-	-		-		-		-		-	-	-	

Total Revenues	$	-	$	-	$	19,070	$	-	$	7,424	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	26,494	

Expenditures:				
General & Administrative:				
Supervisor Fees	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
PR-FICA	-	-	-	-	-	-	-	-	-	-	-	-	-	
Engineering	-	-	-	-	-	-	-	-	-	-	-	-	-	
Attorney	2,981	2,660	500	1,300	748	-	-	-	-	-	-	-	8,189	
Annual Audit	-	-	-	-	-	-	-	-	-	-	-	-	-	
Assessment Administration	-	-	-	-	-	-	-	-	-	-	-	-	-	
Arbitrage Rebate	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dissemination Agent	-	-	-	-	-	-	-	-	-	-	-	-	-	
Trustee Fees	-	-	-	-	-	-	-	-	-	-	-	-	-	
Management Fees	3,083	3,083	3,083	3,083	3,083	-	-	-	-	-	-	-	15,417	
Information Technology	-	-	-	-	-	-	-	-	-	-	-	-	-	
Website Maintenance	125	125	125	125	125	-	-	-	-	-	-	-	625	
Telephone	-	-	-	-	-	-	-	-	-	-	-	-	-	
Postage & Delivery	-	-	-	-	-	-	-	-	-	-	-	-	-	
Insurance General Liability	5,512	-	-	-	-	-	-	-	-	-	-	-	5,512	
Printing & Binding	-	-	-	-	-	-	-	-	-	-	-	-	-	
Legal Advertising	-	501	-	-	-	-	-	-	-	-	-	-	501	
Other Current Charges	-	-	1	-	-	-	-	-	-	-	-	-	1	
Office Supplies	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dues, Licenses & Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	
Total General & Administrative	$	11,877	$	6,370	$	3,709	$	4,508	$	3,956	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	30,419	
							
Total Expenditures	$	11,877	$	6,370	$	3,709	$	4,508	$	3,956	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	30,419	

Excess (Deficiency) of Revenues over Expenditures $	(11,877)  $	(6,370)  $	15,361  $	(4,508)  $	3,468  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	(3,925)