Integra Realty Resources irr_report_newcover_p25bleed-1 Orlando Appraisal of Real Property Windsor Cay CDD (Phase 3) - Tracts P, S, and W Vacant Land West side of U.S. Highway 27, south of County Road 474 Clermont, Lake County, Florida 34714 Prepared For: Governmental Management Services – Central Florida, LLC Date of the Report: October 17, 2025 Report Format: Appraisal Report IRR - Orlando File Number: 130-2025-0866 Windsor Cay CDD (Phase 3) - Tracts P, S, and W West side of U.S. Highway 27, south of County Road 474 Clermont, Florida View of parent parcel above View of areas to be acquired outlined in red. A aerial view of a land AI-generated content may be incorrect. A red line drawing of a building AI-generated content may be incorrect. October 17, 2025 Mr. George S. Flint Vice President Government Management Services - Central Florida, LLC 219 East Livingston Street Orlando, FL 32801 SUBJECT: Market Value Appraisal Windsor Cay CDD (Phase 3) - Tracts P, S, and W West side of U.S. Highway 27, south of County Road 474 Clermont, Lake County, Florida 34714 IRR - Orlando File No. 130-2025-0866 Dear Mr. Flint: Integra Realty Resources – Orlando is pleased to submit the accompanying appraisal of the referenced property. The purpose of the appraisal is to develop an opinion of the market value as is, pertaining to the fee simple interest for various CDD land areas situated within Phase 3 of the Windsor Cay subdivision. The client for the assignment is Governmental Management Services – Central Florida, LLC. The intended user of this report is the client. The intended use of the report is for establishing market value for the CDD lands within Windsor Cay. No other party or parties may use or rely on the information, opinions, and conclusions contained in this report. The subject of this report consists of various tracts of land situated within Phase 3 of the Windsor Cay CDD. This development is located along the west side of U.S. Highway 27, south of County Road 474 in Clermont, Lake County, Florida. The development is part of the Rubin Groves Planned Unit Development which permits a variety of residential and supporting commercial uses. In total 808 units were approved for the development, indicating a density of 3.28 units per acre. Phase 3 of the Windsor Cay CDD totals 81.53 acres. Of this total, there are three individual tracts of land that are proposed to be acquired. These tracts range in size from 1.36 to 7.49 acres and are utilized for stormwater management areas, conservation areas, and conservation buffers. In this analysis, we have individually valued the upland areas which consists of the stormwater tracts and have individually valued the conservation tracts as there are primarily wetlands. In total, the areas to be acquired in Phase 3 of the Windsor Cay CDD total 12.33 acres. The appraisal conforms to the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute, applicable state appraisal regulations. Standards Rule 2-2 (Content of a Real Property Appraisal Report) contained in the Uniform Standards of Professional Appraisal Practice (USPAP) requires each written real property appraisal report to be prepared as either an Appraisal Report or a Restricted Appraisal Report. This report is prepared as an Appraisal Report as defined by USPAP under Standards Rule 2-2(a), and incorporates practical explanation of the data, reasoning, and analysis that were used to develop the opinion of value. Based on the valuation analysis in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed in the report, the concluded opinions of value are as follows: Value Conclusions Parcels Use Interest Appraised Date of Value Indicated Value Rounded Tract P (Phase 3) Conservation/Wetland Fee Simple September 19, 2025 $29,940 $30,000 Tract S (Phase 3) Stormwater Management Area Fee Simple September 19, 2025 $469,665 $470,000 Tract W (Phase 3) Conservation Buffer Fee Simple September 19, 2025 $5,456 $10,000 Total $505,061 $510,000 Extraordinary Assumptions and Hypothetical Conditions 1. As noted, the subject of this report consists of various tracts of land situated within Phase 3 of the Windsor Cay CDD. These various portions of land are located within a larger parent tract. The values reported herein is based on the extraordinary assumption the various sites delineated herein, which are part of an overall larger parent tract, will be legally separated, as depicted in the site survey. Additionally, it is assumed that this legal separation will take place in a timely manner relevant to the effective date of value and will not incur any atypical costs and/or fees. 1. No hypothetical conditions were deemed applicable to this valuation. The use of any extraordinary assumption or hypothetical condition may have affected the assignment results. The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service. Respectfully submitted, Integra Realty Resources - Orlando Christopher D. Starkey, MAI, SGA Senior Managing Director – Orlando FL State-Certified General RE Appraiser RZ#2886 Telephone: 407-843-3377, Ext. 112 Email: cstarkey@irr.com Tyler S. Rodriguez-MacGregor Senior Analyst FL State-Certified General RE Appraiser RZ#4375 Telephone: 407-843-3377, Ext. 143 Email: trodriguez@irr.com Quality Assurance 1 Executive Summary 2 Identification of the Appraisal Problem 3 Subject Description 3 Sale History 3 Pending Transactions 3 Appraisal Purpose 3 Value Type Definitions 4 Appraisal Premise Definitions 4 Property Rights Definitions 4 Client and Intended User(s) 4 Intended Use 5 Applicable Requirements 5 Report Format 5 Prior Services 5 Appraiser Competency 5 Scope of Work 6 Economic Analysis 8 Lake County Area Analysis 8 Surrounding Area Analysis 15 Residential Market Analysis 20 Property Analysis 31 Land Description and Analysis 31 Real Estate Taxes 40 Highest and Best Use 41 Valuation 43 Valuation Methodology 43 Sales Comparison Approach 44 Upland Parcels 44 Conservation Parcels 53 Summary of Land Values 60 Reconciliation and Conclusion of Value 61 Exposure Time 61 Marketing Time 61 Certification 62 Assumptions and Limiting Conditions 64 Addenda A. Appraiser Qualifications B. IRR Quality Assurance Survey C. Definitions D. Property Information E. Comparable Data Land Sales - Upland Parcels Land Sales - Conservation Parcels F. Engagement Letter Quality Assurance IRR Quality Assurance Program At IRR, delivering a quality report is a top priority. Integra has an internal Quality Assurance Program in which managers review material and pass an exam in order to attain IRR Certified Reviewer status. By policy, every Integra valuation assignment is assessed by an IRR Certified Reviewer who holds the MAI designation, or is, at a minimum, a named Director with at least ten years of valuation experience. This quality assurance assessment consists of reading the report and providing feedback on its quality and consistency. All feedback from the IRR Certified Reviewer is then addressed internally prior to delivery. The intent of this internal assessment process is to maintain report quality. Designated IRR Certified Reviewer The IRR Certified Reviewer who provided the quality assurance assessment for this assignment is Christopher D. Starkey, MAI, SGA. Executive Summary Property Name Address Property Type Owner of Record Tax ID Land Area (Phase 3 Windsor Cay CDD) 81.525 acres Land Area (within CDD Boundaries) 12.33 acres; 537,008 SF Land Area Dedication Parcels Conservation/Wetland 7.485 acres Stormwater Management Area 3.479 acres Conservation Buffer 1.364 acres Zoning Designation Highest and Best Use Exposure Time; Marketing Period 12 months; 12 months Effective Date of the Appraisal September 19, 2025 Date of the Report October 17, 2025 Property Interest Appraised Value Conclusions Parcel Use Value Tract P (Phase 3) Conservation/Wetland $30,000 Tract S (Phase 3) Stormwater Management Area $470,000 Tract W (Phase 3) Conservation Buffer $10,000 Total $510,000 Pulte Home Company, LLC Windsor Cay CDD (Phase 3) - Tracts P, S, and W West side of U.S. Highway 27, south of County Road 474 Clermont, Lake County, Florida 34714 Land Portion of 26-24-26-0003-000-06000 The values reported above are subject to the definitions, assumptions, and limiting conditions set forth in the accompanying report of which this summary is a part. No party other than Government Management Services - Central Florida, LLC may use or rely on the information, opinions, and conclusions contained in the report. It is assumed that the users of the report have read the entire report, including all of the definitions, assumptions, and limiting conditions contained therein. PUD, Rubin Groves Planned Unit Development Residential use Fee Simple Extraordinary Assumptions and Hypothetical Conditions 1. As noted, the subject of this report consists of various tracts of land situated within Phase 3 of the Windsor Cay CDD. These various portions of land are located within a larger parent tract. The values reported herein is based on the extraordinary assumption the various sites delineated herein, which are part of an overall larger parent tract, will be legally separated, as depicted in the site survey. Additionally, it is assumed that this legal separation will take place in a timely manner relevant to the effective date of value and will not incur any atypical costs and/or fees. 1. No hypothetical conditions were deemed applicable to this valuation. The use of any extraordinary assumption or hypothetical condition may have affected the assignment results. The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. Identification of the Appraisal Problem Subject Description The subject of this report consists of various tracts of land situated within Phase 3 of the Windsor Cay CDD. This development is located along the west side of U.S. Highway 27, south of County Road 474 in Clermont, Lake County, Florida. The development is part of the Rubin Groves Planned Unit Development which permits a variety of residential and supporting commercial uses. In total 808 units were approved for the development, indicating a density of 3.28 units per acre. Phase 3 of the Windsor Cay CDD totals 81.53 acres. Of this total, there are three individual tracts of land that are proposed to be acquired. These tracts range in size from 1.36 to 7.49 acres and are utilized for stormwater management areas, conservation areas, and conservation buffers. In this analysis, we have individually valued the upland areas which consists of the stormwater tracts and have individually valued the conservation tracts as there are primarily wetlands. In total, the areas to be acquired in Phase 3 of the Windsor Cay CDD total 12.33 acres. A legal description of the property is provided in the addenda section of this report. Sale History The of record of the parent parcel is Pulte Home Company, LLC. They acquired four total parcels in September of 2024 for $3,948,682. These four parcels have since been subdivided into various lots and phases. This transaction is recorded in Official Records Book 6408, Page 330 of the Lake County Public Records. Other than the aforementioned, no other sales or transfers of ownership have taken place within a three-year period prior to the effective appraisal date. Pending Transactions Based on discussions with the appropriate contacts, the property is not subject to an agreement of sale or an option to buy, nor is it listed for sale, as of the effective appraisal date. Appraisal Purpose The purpose of the appraisal is to develop the following opinion(s) of value: • The market value as is of the fee simple interest in the subject property as of the effective date of the appraisal, September 19, 2025 Property Identification Property Name Windsor Cay CDD (Phase 3) - Tracts P, S, and W Address West side of U.S. Highway 27, south of County Road 474 Clermont, Florida 34714 Tax ID Portion of 26-24-26-0003-000-06000 Owner of Record Pulte Home Company, LLC The date of the report is October 17, 2025. The appraisal is valid only as of the stated effective date or dates. Value Type Definitions The definitions of the value types applicable to this assignment are summarized below. Market Value The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised, and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. 1 1 Code of Federal Regulations, Title 12, Chapter I, Part 34.42[h]; also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472 Appraisal Premise Definitions The definitions of the appraisal premises applicable to this assignment are specified as follows. As Is Market Value The estimate of the market value of real property in its current physical condition, use, and zoning as of the appraisal date.2 2 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) Property Rights Definitions The property rights appraised which are applicable to this assignment are defined as follows. Fee Simple Estate Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.3 3 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) Client and Intended User(s) The client and intended user is Government Management Services - Central Florida, LLC. No other party or parties may use or rely on the information, opinions, and conclusions contained in this report. Intended Use The intended use of the appraisal is for establishing market value for the CDD lands within Windsor Cay. The appraisal is not intended for any other use. Applicable Requirements This appraisal report conforms to the following requirements and regulations: • Uniform Standards of Professional Appraisal Practice (USPAP); • Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute; • Applicable state appraisal regulations; • Interagency Appraisal and Evaluation Guidelines issued December 10, 2010. Report Format Standards Rule 2-2 (Content of a Real Property Appraisal Report) contained in the Uniform Standards of Professional Appraisal Practice (USPAP) requires each written real property appraisal report to be prepared as either an Appraisal Report or a Restricted Appraisal Report. This report is prepared as an Appraisal Report as defined by USPAP under Standards Rule 2-2(a), and incorporates practical explanation of the data, reasoning, and analysis used to develop the opinion of value. Prior Services USPAP requires appraisers to disclose to the client any other services they have provided in connection with the subject property in the prior three years, including valuation, consulting, property management, brokerage, or any other services. We have previously appraised various other portions of land within the Windsor Cay CDD for the current client. Appraiser Competency No steps were necessary to meet the competency provisions established under USPAP. The assignment participants have appraised several properties similar to the subject in physical, locational, and economic characteristics, and are familiar with market conditions and trends; therefore, appraiser competency provisions are satisfied for this assignment. Appraiser qualifications and state credentials are included in the addenda of this report. Scope of Work Introduction The appraisal development and reporting processes require gathering and analyzing information about the assignment elements necessary to properly identify the appraisal problem. The scope of work decision includes the research and analyses necessary to develop credible assignment results, given the intended use of the appraisal. Sufficient information includes disclosure of research and analyses performed and might also include disclosure of research and analyses not performed. To determine the appropriate scope of work for the assignment, the intended use of the appraisal, the needs of the user, the complexity of the property, and other pertinent factors were considered. The concluded scope of work is described below. Research and Analysis The type and extent of the research and analysis conducted are detailed in individual sections of the report. The steps taken to verify comparable data are disclosed in the addenda of this report. Although effort has been made to confirm the arms-length nature of each sale with a party to the transaction, it is sometimes necessary to rely on secondary verification from sources deemed reliable. Subject Property Data Sources The legal and physical features of the subject property, including size of the site, flood plain data, property zoning, existing easements and encumbrances, access and exposure, and condition of the improvements (as applicable) were confirmed and analyzed. Inspection Tyler S. Rodriguez-MacGregor conducted an on-site inspection on September 19, 2025. Christopher D. Starkey, MAI, SGA, did not conduct an inspection of the property. However, he has reviewed this report and concurs with the value conclusions stated herein. Valuation Methodology Three approaches to value are typically considered when developing a market value opinion for real property. These are the cost approach, the sales comparison approach, and the income capitalization approach. Use of the approaches in this assignment is summarized as follows: Approaches to Value Approach Applicability to Subject Use in Assignment Cost Approach Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized In developing an opinion of value for the subject, only the sales comparison approach is used. This approach is applicable to the subject because there is an active market for similar properties, and sufficient sales data is available for analysis. The cost approach is not applicable because there are no improvements that contribute value to the property, and the income approach is not applicable because the subject is not likely to generate rental income in its current state. Economic Analysis Lake County Area Analysis Lake County is located in central Florida approximately 35 miles west of Orlando. It is 952 square miles in size and has a population density of 459 persons per square mile. Population Lake County has an estimated 2025 population of 437,191, which represents an average annual 2.6% increase over the 2020 census of 383,956. Lake County added an average of 10,647 residents per year over the 2020-2025 period, and its annual growth rate exceeded the State of Florida rate of 1.5%. Looking forward, Lake County's population is projected to increase at a 1.6% annual rate from 2025- 2030, equivalent to the addition of an average of 7,130 residents per year. Lake County's growth rate is expected to exceed that of Florida, which is projected to be 1.2%. Employment Total employment in Lake County was estimated at 119,303 jobs at year-end 2024. Between year-end 2014 and 2024, employment rose by 31,012 jobs, equivalent to a 35.1% increase over the entire period. There were gains in employment in nine out of the past ten years. Lake County's rate of employment growth over the last decade surpassed that of Florida, which experienced an increase in employment of 24.5% or 1,966,419 jobs over this period. Population Compound Ann. % Chng 2020 Census 2025 Estimate 2030 Projection 2020 - 2025 2025 - 2030 Lake County 383,956 437,191 472,843 2.6% 1.6% Florida 21,538,187 23,198,593 24,583,453 1.5% 1.2% Source: Claritas Population Trends A comparison of unemployment rates is another way of gauging an area’s economic health. Over the past decade, Lake County has had a 4.6% average unemployment rate, which is the same as the rate for Florida. The two areas are performing similarly according to this measure. Recent data shows that the Lake County unemployment rate is 4.2% in comparison to a 4.1% rate for Florida, a negative sign for the Lake County economy but one that must be tempered by the fact that Lake County has outperformed Florida in the rate of job growth over the past two years. Employment Sectors The composition of the Lake County job market is depicted in the following chart, along with that of Florida. Total employment for both areas is broken down by major employment sector, and the sectors are ranked from largest to smallest based on the percentage of Lake County jobs in each category. Employment Trends Total Employment (Year End) Unemployment Rate (Ann. Avg.) Year Lake County % Change Florida % Change Lake County Florida 2014 88,291 8,012,496 6.6% 6.5% 2015 93,279 5.6% 8,314,343 3.8% 5.6% 5.5% 2016 96,207 3.1% 8,542,086 2.7% 4.8% 4.9% 2017 98,952 2.9% 8,718,087 2.1% 4.2% 4.3% 2018 101,975 3.1% 8,907,904 2.2% 3.5% 3.7% 2019 104,446 2.4% 9,094,742 2.1% 3.2% 3.3% 2020 102,981 -1.4% 8,664,195 -4.7% 8.9% 8.1% 2021 107,925 4.8% 9,251,180 6.8% 4.6% 4.7% 2022 113,481 5.1% 9,627,996 4.1% 3.0% 3.0% 2023 118,012 4.0% 9,887,419 2.7% 3.1% 3.0% 2024 119,303 1.1% 9,978,915 0.9% 3.5% 3.4% Overall Change 2014-2024 31,012 35.1% 1,966,419 24.5% Avg Unemp. Rate 2014-2024 4.6% 4.6% Unemployment Rate - July 2025 4.2% 4.1% Source: U.S. Bureau of Labor Statistics and Moody's Analytics. Employment figures are from the Quarterly Census of Employment and Wages (QCEW). Unemployment rates are from the Current Population Survey (CPS). The figures are not seasonally adjusted. Lake County has greater concentrations than Florida in the following employment sectors: 1. Trade; Transportation; and Utilities, representing 22.2% of the Lake County payroll employment compared to 20.4% for Florida as a whole. This sector includes jobs in retail trade, wholesale trade, trucking, warehousing, and electric, gas, and water utilities. 2. Education and Health Services, representing 19.7% of the Lake County payroll employment compared to 15.6% for Florida as a whole. This sector includes employment in public and private schools, colleges, hospitals, and social service agencies. 3. Construction, representing 10.3% of the Lake County payroll employment compared to 6.5% for Florida as a whole. This sector includes construction of buildings, roads, and utility systems. 4. Natural Resources & Mining, representing 2.0% of the Lake County payroll employment compared to 0.7% for Florida as a whole. Agriculture, mining, quarrying, and oil and gas extraction are included in this sector. Lake County is underrepresented in the following sectors: 1. Leisure and Hospitality, representing 12.6% of the Lake County payroll employment compared to 13.3% for Florida as a whole. This sector includes employment in hotels, restaurants, recreation facilities, and arts and cultural institutions. Employment Sectors - 2024 22.2% 19.7% 12.6% 11.3% 10.5% 10.3% 4.0% 3.6% 2.8% 2.0% 0.9% 20.4% 15.6% 13.3% 11.3% 16.4% 6.5% 4.3% 6.8% 3.0% 0.7% 1.6% 0% 5% 10% 15% 20% 25% Trade; Transportation; and Utilities Education and Health Services Leisure and Hospitality Government Professional and Business Services Construction Manufacturing Financial Activities Other Services Natural Resources & Mining Information Lake County Florida Source: U.S. Bureau of Labor Statistics and Moody's Analytics 2. Professional and Business Services, representing 10.5% of the Lake County payroll employment compared to 16.4% for Florida as a whole. This sector includes legal, accounting, and engineering firms, as well as management of holding companies. 3. Manufacturing, representing 4.0% of the Lake County payroll employment compared to 4.3% for Florida as a whole. This sector includes all establishments engaged in the manufacturing of durable and nondurable goods. 4. Financial Activities, representing 3.6% of the Lake County payroll employment compared to 6.8% for Florida as a whole. Banking, insurance, and investment firms are included in this sector, as are real estate owners, managers, and brokers. Major Employers Major employers in Lake County are shown in the following table. Gross Domestic Product Gross Domestic Product (GDP) is a measure of economic activity based on the total value of goods and services produced in a defined geographic area, and annual changes in Gross Domestic Product (GDP) are a gauge of economic growth. Economic growth, as measured by annual changes in GDP, has been somewhat higher in Lake County than Florida overall during the past decade. Lake County has grown at a 4.2% average annual rate while the State of Florida has grown at a 3.9% rate. Lake County continues to perform better than Florida. GDP for Lake County rose by 5.4% in 2023 while Florida's GDP rose by 4.3%. Lake County has a per capita GDP of $29,404, which is 48% less than Florida's GDP of $56,442. This means that Lake County industries and employers are adding relatively less value to the economy than their counterparts in Florida. Name Number of Employees 1 Lake County Public Schools 5,846 2 Publix Supermarkets 3,021 3 Advent Health Waterman 2,413 4 Lake County Government 2,239 5 Walmart Supercenter 2,115 6 Orlando Health South Lake Hospital 1,851 7 UF Health Leesburg Hospital 1,690 8 The Kroger Co. 1,020 9 Lowes 1,019 10 LifeStream Behavioral Center 699 Major Employers - Lake County Source: ANNUAL COMPREHENSIVE FINANCIAL REPORT Household Income Lake County has a slightly lower level of household income than Florida. Median household income for Lake County is $71,973, which is 0.7% less than the corresponding figure for Florida. The following chart shows the distribution of households across twelve income levels. Lake County has a greater concentration of households in the middle income levels than Florida. Specifically, 51% of Lake County households are between the $50,000 - $150,000 levels in household income as compared to 47% of Florida households. A lesser concentration of households is apparent in the higher income levels, as 15% of Lake County households are at the $150,000 or greater levels in household income versus 19% of Florida households. Gross Domestic Product Year ($,000s) Lake County % Change ($,000s) Florida % Change 2013 8,290,007 – 880,183,500 – 2014 8,547,997 3.1% 905,648,500 2.9% 2015 9,163,309 7.2% 945,929,000 4.4% 2016 9,326,692 1.8% 978,989,700 3.5% 2017 9,661,005 3.6% 1,014,866,900 3.7% 2018 9,929,514 2.8% 1,050,433,800 3.5% 2019 10,247,135 3.2% 1,084,913,900 3.3% 2020 10,530,820 2.8% 1,069,758,800 -1.4% 2021 11,473,971 9.0% 1,170,526,300 9.4% 2022 11,905,415 3.8% 1,239,883,600 5.9% 2023 12,548,919 5.4% 1,292,787,600 4.3% Compound % Chg (2013-2023) 4.2% 3.9% GDP Per Capita 2023 $29,404 $56,442 Source: U.S. Bureau of Economic Analysis (BEA) and Moody's Analytics; data released December 2024. The release of state and local GDP data has a longer lag time than national data. The data represents inflation-adjusted "real" GDP stated in 2017 dollars. Median Lake County $71,973 Florida $72,478 Comparison of Lake County to Florida - 0.7% Source: Claritas Median Household Income - 2025 Education & Age Residents of Lake County have a lower level of educational attainment than those of Florida. An estimated 27% of Lake County residents are college graduates with four-year degrees, versus 34% of Florida residents. People in Lake County are older than their Florida counterparts. The median age for Lake County is 47 years, while the median age for Florida is 43 years. Household Income Distribution - 2025 8.6% 7.0% 7.7% 11.5% 16.8% 13.0% 9.8% 6.9% 7.8% 3.9% 4.5% 2.6% 6.4% 6.2% 9.1% 12.0% 18.3% 14.6% 10.6% 7.3% 7.6% 3.4% 3.2% 1.2% 0.0% 5.0% 10.0% 15.0% 20.0% Less than $15,000 $15,000 - $24,999 $25,000 - $34,999 $35,000 - $49,999 $50,000 - $74,999 $75,000 - $99,999 $100,000 - $124,999 $125,000 - $149,999 $150,000 - $199,999 $200,000 - $249,999 $250,000 - 499,999 $500,000 and more Lake County Florida Source: Claritas Education & Age - 2025 Source: Claritas 10% 20% 30% 40% 50% 60% 70% 80% Lake County Florida 27% 34% Percent College Graduate 10 15 20 25 30 35 40 45 50 Lake County Florida 47 43 Median Age Conclusion The Lake County economy will be affected by a growing population base and lower income and education levels. Lake County experienced growth in the number of jobs over the past decade, and it is reasonable to assume that employment growth will occur in the future. It is anticipated that the Lake County economy will improve and employment will grow, strengthening the demand for real estate. Surrounding Area Analysis This section introduces and analyzes the subject’s surrounding market area. For this analysis, the surrounding area is defined as the area that most directly influences the subject’s real estate market. Usually, although not always, a property’s surrounding market area is a smaller geographic area than the region analyzed in the preceding section. Boundaries The subject is located in the southeast portion of Lake County, Florida. More specifically, the subject is located on the west side of U.S. Highway 27, south of County Road 474 in Clermont, Lake County, Florida. Area boundaries and delineation are indicated in the following table. A map identifying the location of the property follows this section. Access and Linkages Primary access and linkages to the subject area, including highways, roadways, public transit, traffic counts, and airports, are summarized in the following table. Boundaries & Delineation Boundaries Market Area Orlando MSA Submarket Lake County Area Type Suburban Delineation North Sawgrass Bay Boulevard South West Irlo Bronson Memorial Highway East State Road 429 West State Road 33 Access & Linkages Vehicular Access Major Highways Interstate 4 Primary Corridors U.S. Highway 27, U.S. Highway 192, State Road 429 Vehicular Access Rating Average Public Transit Providers Lynx Transit Access Rating Average Airport(s) Orlando International Airport Distance 30.8 miles northeast Driving Time 45-50 minutes Primary Transportation Mode Automobile Land Use Predominant land uses in the immediate vicinity of the subject include a mix of residential, vacant land and commercial along the primary corridors. Land use characteristics of the area are summarized below. Demographic Factors A demographic profile of the surrounding area, including population, households, and income data, is presented in the following table. Surrounding Area Land Uses Character of Area Suburban Predominant Age of Improvements (Years) New to 20+ years Predominant Quality and Condition Average Approximate Percent Developed 50% Infrastructure and Planning Average Predominant Location of Undeveloped Land East and West Prevailing Direction of Growth South and East Immediate Surroundings North Vacant Land South Vacant Land East Commercial West Vacant Land Surrounding Area Demographics 2025 Estimates 1-Mile Radius 3-Mile Radius 5-Mile Radius Lake County Florida Population 2020 6,752 27,189 54,367 383,956 21,538,187 Population 2025 8,599 34,166 68,656 437,191 23,198,593 Population 2030 9,815 38,795 78,595 472,843 24,583,453 Compound % Change 2020-2025 5.0% 4.7% 4.8% 2.6% 1.5% Compound % Change 2025-2030 2.7% 2.6% 2.7% 1.6% 1.2% Households 2020 3,115 10,673 20,250 156,923 8,529,067 Households 2025 3,818 12,844 25,020 179,140 9,207,674 Households 2030 4,286 14,426 28,489 194,047 9,782,949 Compound % Change 2020-2025 4.2% 3.8% 4.3% 2.7% 1.5% Compound % Change 2025-2030 2.3% 2.4% 2.6% 1.6% 1.2% Median Household Income 2025 $71,133 $72,361 $78,572 $71,973 $72,478 Average Household Size 2.3 2.6 2.8 2.4 2.5 College Graduate % 32% 29% 35% 27% 34% Owner Occupied % 12% 46% 53% 74% 65% Renter Occupied % 88% 54% 47% 26% 35% Median Owner Occupied Housing Value $337,032 $336,619 $413,530 $359,049 $411,697 Median Year Structure Built 2005 2003 2006 1998 1989 Average Travel Time to Work in Minutes 29 32 33 33 30 Source: Claritas As shown above, the current population within a 3-mile radius of the subject is 34,166, and the average household size is 2.6. Population in the area has grown since the 2020 census, and this trend is projected to continue over the next five years. Compared to Lake County overall, the population within a 3-mile radius is projected to grow at a faster rate. Median household income is $72,361, which is similar to the household income for Lake County. Residents within a 3-mile radius have a higher level of educational attainment than those of Lake County, while median owner-occupied home values are lower. Demand Generators Clermont is considered a “bedroom” community of the Orlando MSA. Employers and employment centers in the area include the local retail and commercial uses located along US Highway 27 and US Highway 192. The primary employers in the immediate area include the Lake County Schools, South Lake Hospital, Lake County Government, amongst others. Further, the immediate area is influenced by the Walt Disney World Resort and other tourism industries located to the east. Walt Disney World is a 40-square mile, entertainment and recreation center, featuring four theme parks; two water adventure parks; 33 resort hotels (23 owned and operated by Walt Disney World, includes six Disney Vacation Club resort properties); 81 holes of golf on five courses; two full-service spas; Disney's Wedding Pavilion; Disney's Wide World of Sports Complex; and Downtown Disney, an entertainmentshopping- dining complex. Walt Disney World is also the region’s largest private employer, with approximately 62,000 employees. On a micro level, the primary employment centers in the neighborhood consist of the retail and commercial businesses concentrated along the primary commercial corridors within the market area, including the roadways discussed previously. Other demand generators in the subject’s area include Posner Park, ChampionsGate, as well as the Reunion and Celebration areas near Interstate 4. The subject’s location in relation to these tourist attractions are positive, as development of new vacation homes and supporting residential development has occurred and is expected to continue into the future as market conditions remain strong. It is expected the tourism influences near the subject property will continue to be the primary driver for the surrounding area and continue to be the primary employment driver for residents moving forward. Other employment centers in the market area consist of local retail and attractions located along U.S. Highway 192 to the east and northeast in the Walt Disney World and Lake Buena Vista areas. The largest employers in this general area are Walt Disney World, Universal Studios, and Sea World. Additional demand generators in the area include a multitude of tourist related hotels and restaurants. Noteworthy resorts include Champions World Resort, Holiday Inn Club Vacations Orlando Breeze Resort, Summer Bay Orlando Resort, Liki Tiki Village by Diamond Resorts, among others. Nearby Retail Uses The nearest shopping facilities serving the area are located along north and south along U.S. Highway 27, in close proximity to the subject. They offer basic convenience goods and personal services. Restaurants, principally along major arterials, such as U.S. Highway 27 and West Irlo Bronson Memorial Highway are within a 10-minute travel time of the property. The closest lodging facilities are located within a 5-minute drive of the subject and include WoodSpring Suites, Liki Tiki Village, Holiday Inn and Margaritaville Resort. Outlook and Conclusions The subject is located in the southeast portion of Lake County, in an area known as “Four Corners.” The overall market area is in the growth stage of its life cycle, with pockets of new development (redevelopment) scattered throughout. Given the existence of the demand generators discussed earlier and the positive demographic characteristics and trends, we expect property values in the market area to increase at a moderate rate over the long-term. Surrounding Area Map Residential Market Analysis The S&P/Case-Shiller Home Price Index tracks housing prices for 20 U.S. metro areas going back to 1890, and is based on existing, not new, construction. The index results were released on August 26, 2025 for data as of June 30, 2025. The data shows that home prices continued their rise across the country for the last 10+ years. The 10-city and 20-city composites increased 3.18% and 3.44% over the prior year, respectively. National Association of Homebuilders (NAHB) Survey The National Association of Homebuilders (NAHB) conducts a monthly survey of homebuilders asking them to rate the current conditions within the single-family home market and their near-term future expectations (i.e., 6-month forecast). Indexes over 50 indicate positive responses. The preliminary August 2025 NAHB/Wells Fargo Housing Market Index (HMI) was reported at 32, which is down from the 39 reported in August 2025. The recent survey continues to be impacted by rising mortgage rates and inflationary pressures in the market. National Association of Realtors (NAR) – Median Prices / Supply / Affordability As of August 21, 2025, NAR is reporting that existing-home sales rose 2.0% in August of 2025. Overall, sales rose in the south, northeast, and Midwest, and declined in the west. The national existing home sales (condo, townhomes and single-family) increased 0.8% to a seasonally adjusted annual rate of 4.1 million. The median sales price was reported to be $422,400, which is an increase of 0.2% from the previous year. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.72% as of August 2025. That's down from 6.82% reported in June and the 6.85% reported over one year ago. The preliminary June 2025 NAR Affordability Index was reported at 94.4, which is higher than what was reported in June of 2024 at 91.6, but well below the 197 and 177 average index levels reported during 2012 and 2013, respectively. Affordability levels have declined consecutively over the past several years. Federal Housing Finance Agency’s (FHFA) House Price Index (HPI) According to the Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), which is a broad measure of movement in purchase-only single-family home prices, seasonally adjusted prices rose 2.9% from the second quarter of 2024 to the second quarter of 2025. Additionally, housing prices for the second quarter of 2025 remained unchanged compared to the first quarter of 2025. Historical movements in the HPI are displayed in the following chart: Market Delineation Market area identification serves to identify the sources of demand as well as the location, type, quantity, quality and price points of existing and potential competition. The delineation of the market begins with an examination of the site and proposed development and a general indication of what demographic and geographic area it will serve. The subject is located in the Orlando MSA. More specifically, the subject is located in Clermont, Lake County, Florida. The characteristics of development and construction for the market area are summarized as follows: • The market has historically had multiple local, regional, and national builders. Currently, home builders in the market area include Lennar, D.R. Horton, Taylor Morrisson, Pulte Homes, among others. • Land development and construction is done by both developers who sell finished lots to home builders and developer / builders who develop the lots and build the residential units. • In the peak of the market, builders offered two to four model homes in each community. During the residential downturn, the model homes were eliminated in many communities or constructed in a nearby development. However, as conditions have gradually improved, the return of model and spec homes is becoming more prevalent. A typical end-user single family home purchaser would look at both the lot prices and the cost to build a home as well as currently constructed home prices. A prudent home buyer would compare prices to consider which options would be more financially feasible for them. On the following pages, we will examine supply and demand indicators pertinent to the residential market in Orlando MSA area, as well as within the subject’s marketing area. Building Permits A good indicator of activity in the housing market is the trend in building permits pulled for new development. The following table shows building permit trends in the subject’s market area of Lake County, followed by the trends in neighboring counties. As noted above, permits decreased from 2016 to 2018. An increase occurred in 2019 that followed throughout 2023. In 2024, there was a significant decrease in permit activity. As of June 2025, permit activity in Lake County was reported at 2,015. This indicates an annualized 2025 figure of 4,030, which if the figures hold steady, will be slightly above the figure reported in 2024. Over the last several years, the overall volume of new building permits has been impacted as a result of slowing housing conditions as a result of elevated interest rates and inflation. A table with numbers and a number of numbers AI-generated content may be incorrect. Demand Analysis – Lake County The following data was obtained from Florida Realtors County Monthly Report, as of August 2025 (most recent data available). As of August 2025, the number of closings in the area were reported at 550 closings, which is up 6.0% from the same time the prior year. The number of closings has gradually decreased over the past several years as market conditions have continued to remain uncertain due to interest rate activity and inflationary pressures. Additionally, inventory levels have begun to increase. Overall, market conditions appear to be negatively impacted by inflationary pressures and increased inventory in the market. As shown in the chart on the next page, the number of closings from August 2024 through August of 2025 have fluctuated. This fluctuation is most likely the result of inflationary pressures and rising interest rates that continue to impact home sales. A map of florida with numbers and numbers AI-generated content may be incorrect. Moving forward, we expect overall sales volume to remain adequate with possible short-term increases in the later part of the year. This considers the Fed cut in September of 2025 and possibly one or two more cuts in the later part of the year. This could positively impact sales for the remainder of 2025 in 2026. However, the 10-year Treasury yield has continued to fluctuate, which could impact overall mortgage rates moving forward. Of the total closed sales reported, 546 sales were reported as traditional, three were foreclosure/REO sales, and one were short sales. Moreover, most of the sales in the broader market area have occurred within the $300,000 to $599,999. A table with numbers and a number of sales AI-generated content may be incorrect. A graph with numbers and letters AI-generated content may be incorrect. A table with numbers and text AI-generated content may be incorrect. A table with numbers and numbers AI-generated content may be incorrect. As of August 2025, there were 633 new pending sales, which is up 14.9% from the previous year. Because of the typical length of time it takes for a sale to close, economists consider Pending Sales to be a decent indicator of potential future Closed Sales. However, Pending Sales are susceptible to changes in market conditions such as the availability of financing and the inventory of distressed properties for sale. The median sales price was reported at $393,775 as of August 2025, which is up 1.0% overall for the last 12 months. The median sale price is less sensitive to high sale price for small numbers of homes that may not be characteristic of the market area. A table with numbers and a number of sales AI-generated content may be incorrect. The average sale price reported in August 2025 was $459,673 which is down 2.0% from the prior year. Moving forward, the interest rate environment and inflation/recession fears have continued to impact demand (demand destruction). A table with numbers and a number of months AI-generated content may be incorrect. In addition to the previous sale statistics, we also analyze the current supply of single-family housing units. The table below summarizes the active listings of single-family homes in the greater area. A table with numbers and a number of months AI-generated content may be incorrect. A graph of a graph AI-generated content may be incorrect. There are 2,636 active listings within the area, which is a 22.1% increase from 2024 and an overall supply of 4.9 months. The month’s supply is a good indicator for the market and generally reflects whether it is a buyer’s market or a seller’s market. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. A higher number indicates a buyer’s market, while a lower number indicate a seller’s market. Based on the preceding, the market is favoring the buyer. Market Outlook and Conclusions The subject is located in the southeast portion of Lake County. More specifically, the subject property is situated west of U.S. Highway 27, just north of the Osceola and Polk County lines in Clermont, Florida. Current trends within the residential market indicate that the market continues to remain adequate, although at lower levels experienced over the recent past. Overall, we expect demand for real estate to remain stable into the foreseeable future even though inventory remains high. Over the short term forecast, we expect home prices and absorption to be negatively impacted due to inflation and interest rates continue to remain elevated. A table with numbers and a number of months AI-generated content may be incorrect. A table with numbers and a number of months AI-generated content may be incorrect. A graph with numbers and lines AI-generated content may be incorrect. Property Analysis Land Description and Analysis Location The subject property is located along the west side of U.S. Highway 27, south of County Road 474 in Clermont, Lake County, Florida. Land Area As discussed, the subject of this report consists of various land components situated within Phase 3 of the Windsor Cay CDD totaling 12.33 acres. Phase 3 totals 81.53 acres of land. Within this total land area are the subject’s individual tracts that are to be appraised. We have delineated each of these areas in the table below. Shape and Dimensions The site is irregular in shape. Site utility based on shape and dimensions is average. Topography The site is generally level and at street grade. The topography does not result in any particular development limitations. Drainage No particular drainage problems were observed or disclosed at the time of field inspection. This appraisal assumes that surface water collection, both on-site and in public streets adjacent to the subject, is adequate. Flood Hazard Status The following table indicates applicable flood hazard information for the subject property, as determined by review of available flood maps obtained from the Federal Emergency Management Agency (FEMA). Land Area Summary Tax ID Legal Description Use SF Acres Portion of 26-24-26-0003-000-06000 Tract P (Phase 3) Conservation/Wetland 326,047 7.485 Portion of 26-24-26-0003-000-06000 Tract S (Phase 3) Stormwater Management Area 151,545 3.479 Portion of 26-24-26-0003-000-06000 Tract W (Phase 3) Conservation Buffer 59,416 1.364 Total 537,008 12.33 Source: Engineering Report Environmental Hazards An environmental assessment report was not provided for review, and during the inspection, no obvious signs of contamination on or near the subject were observed. However, environmental issues are beyond the scope of expertise of the assignment participants. It is assumed the property is not adversely affected by environmental hazards. Ground Stability A soils report was not provided for review. Based on the inspection of the subject and observation of development on nearby sites, there are no apparent ground stability problems. However, soils analyses are beyond the scope of expertise of the assignment participants. It is assumed the subject’s soil bearing capacity is sufficient to support a variety of uses, including those permitted by zoning. Utilities Utilities available to the subject are summarized below. Zoning The subject is part of the Rubin Groves Planned Unit Development. The following table summarizes the applicable zoning requirements affecting the subject. Flood Hazard Status Community Panel Number 12069C0750E Date December 18, 2012 Zone X Description Outside of 500-year floodplain Insurance Required? No Utilities Service Provider Water Lake County Sewer Lake County Electricity Duke Energy Local Phone Multiple Providers According to the local planning department, there are no pending or prospective zoning changes. Interpretation of zoning ordinances is beyond the scope of expertise of the assignment participants. An appropriately qualified land use attorney should be engaged if a determination of compliance is required. Of note, there are a total of 152 lots planned for Phase 3. Other Land Use Regulations There are no other known land use regulations that would affect the property. Easements, Encroachments and Restrictions Based upon a review of the deed and property survey, there are no apparent easements, encroachments, or restrictions that would adversely affect value. This valuation assumes no adverse impacts from easements, encroachments, or restrictions, and further assumes that the subject has clear and marketable title. Conclusion of Site Analysis Overall, the physical characteristics and the availability of utilities result in a functional site, suitable for a variety of uses including those permitted by zoning. Uses permitted by zoning include singlefamily residential, multifamily residential (consisting of townhomes or condominiums), up to 400 multifamily units, residential resort units, supporting commercial uses, recreational facilities, and accessory uses. No other restrictions on development are apparent. Zoning Summary Zoning Jurisdiction City of Clermont Zoning Designation PUD Description Rubin Groves Planned Unit Development Legally Conforming? Appears to be legally conforming Zoning Change Likely? No Permitted Uses Include single-family residential, multifamily residential (consisting of townhomes or condominiums), up to 400 multifamily units, residential resort units, supporting commercial uses, recreational facilities, and accessory uses. Category Zoning Requirement Minimum Lot Area Site specific depending on use (i.e., single-family detached, duplexes, townhomes, commercial) Minimum Street Frontage (Feet) Site specific depending on use (i.e., single-family detached, duplexes, townhomes, commercial) Minimum Lot Width (Feet) Site specific depending on use (i.e., single-family detached, duplexes, townhomes, commercial) Minimum Lot Depth (Feet) Site specific depending on use (i.e., single-family detached, duplexes, townhomes, commercial) Minimum Setbacks (Feet) Site specific depending on use (i.e., single-family detached, duplexes, townhomes, commercial) Maximum Building Height 40' Maximum Site Coverage Site specific depending on use (i.e., single-family detached, duplexes, townhomes, commercial) Maximum Density 3.58 Maximum Floor Area Ratio 0.25 (for commercial uses) Parking Requirement Dependent on use Source: Rubin Groves Planned Unit Development Site Survey (Phase 3 Page 1 of 2) A blueprint of a building AI-generated content may be incorrect. Tract W Tract P Site Survey (Phase 3 Page 2 of 2) Remaining Portion of Tract W Tract S A blueprint of a building AI-generated content may be incorrect. Remaining Portion of Tract P Overall Survey of Areas to be Acquired A red line drawing of a building AI-generated content may be incorrect. Aerial View of Parent Parcel A aerial view of a land AI-generated content may be incorrect. A aerial view of a land Description automatically generated View of the subject property (Photo Taken on September 19, 2025) View of the subject property (Photo Taken on September 19, 2025) View of the subject property (Photo Taken on September 19, 2025) View of the subject property (Photo Taken on September 19, 2025) View of the subject property (Photo Taken on September 19, 2025) View of the subject property (Photo Taken on September 19, 2025) Real Estate Taxes Real estate tax assessments are administered by Lake County and are estimated by jurisdiction on a countywide basis. Real estate taxes in this state and this jurisdiction represent ad valorem taxes, meaning a tax applied in proportion to value. The real estate taxes for an individual property may be determined by dividing the assessed value by 1,000 and then multiplying the estimate by a composite rate. The composite rate is based on a consistent tax rate throughout the state in addition to one or more local taxing district rates. The assessed values are based upon the current conversion assessment of the Lake County Property Appraiser’s market value. State law requires that all real property be re-valued each year. The millage rate is generally finalized in October of each year, and tax bills are generally received in late October or early November. The gross taxes are due by March 31st of the following year. If the taxes are paid prior to November 30th, the State of Florida allows a 4% discount for early payment. The discount then becomes 3% if paid by December 31st, 2% if paid by January 31st, and 1% if paid by February 28th. After March 31st, the taxes are subject to late penalties and interest. Real estate taxes and assessments for the preliminary tax year are shown in the following table. The individual tracts that are part of this report are part of the overall parent parcel, which is noted above. Upon legal separation, these areas will most likely be delineated as residential common areas and assigned an appropriate tax liability. Taxes and Assessments - 2025 - "working" Assessed Value Taxes and Assessments Tax ID Land Improvements Total Tax Rate Ad Valorem Taxes Direct Assessments Total 26-24-26-0003-000-0600 $9,120,480 $0 $9,120,480 1.316210% $120,045 $0 $120,045 Highest and Best Use The highest and best use of a property is the reasonably probable use resulting in the highest value, and represents the use of an asset that maximizes its productivity. Process Before a property can be valued, an opinion of highest and best use must be developed for the subject site, both as though vacant, and as improved or proposed. By definition, the highest and best use must be: • Physically possible. • Legally permissible under the zoning regulations and other restrictions that apply to the site. • Financially feasible. • Maximally productive, i.e., capable of producing the highest value from among the permissible, possible, and financially feasible uses. As Though Vacant First, the property is evaluated as though vacant, with no improvements. Physically Possible The physical characteristics of the site do not appear to impose any unusual restrictions on development. Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses. Legally Permissible The site is zoned PUD, Rubin Groves Planned Unit Development. Permitted uses include single-family residential, multifamily residential (consisting of townhomes or condominiums), up to 400 multifamily units, residential resort units, supporting commercial uses, recreational facilities, and accessory uses. There are no apparent legal restrictions, such as easements or deed restrictions, effectively limiting the use of the property. Given prevailing land use patterns in the area, only residential use is given further consideration in determining highest and best use of the site, as though vacant. Financially Feasible Based on the accompanying analysis of the market, there is currently adequate demand for residential subdivision development in the subject’s area. It appears a newly developed residential subdivision development on the site would have a value commensurate with its cost. Therefore, residential subdivision development is considered to be financially feasible. Maximally Productive There does not appear to be any reasonably probable use of the site that would generate a higher residual land value than residential subdivision development. Accordingly, residential subdivision development, developed to the normal market density level permitted by zoning, is the maximally productive use of the property. Conclusion Development of the site for residential subdivision development is the only use which meets the four tests of highest and best use. Therefore, it is concluded to be the highest and best use of the property as though vacant. As Improved There are no improvements situated on the subject parcels as they relate to common area elements within the subdivision. However, it is noted that horizontal infrastructure is in-place for Phase 3 of Windsor Cay (i.e., roadways, lights, utilities, landscaping, etc.). Accordingly, the highest and best use is to develop the site for residential use. Most Probable Buyer Taking into account the characteristics of the site, as well as area development trends, the probable buyer is a developer. Valuation Valuation Methodology Appraisers usually consider three approaches to estimating the market value of real property. These are the cost approach, sales comparison approach and the income capitalization approach. The cost approach assumes that the informed purchaser would pay no more than the cost of producing a substitute property with the same utility. This approach is particularly applicable when the improvements being appraised are relatively new and represent the highest and best use of the land or when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. The sales comparison approach assumes that an informed purchaser would pay no more for a property than the cost of acquiring another existing property with the same utility. This approach is especially appropriate when an active market provides sufficient reliable data. The sales comparison approach is less reliable in an inactive market or when estimating the value of properties for which no directly comparable sales data is available. The sales comparison approach is often relied upon for owner-user properties and vacant land. The income capitalization approach reflects the market’s perception of a relationship between a property’s potential income and its market value. This approach converts the anticipated net income from ownership of a property into a value indication through capitalization. The primary methods are direct capitalization and discounted cash flow analysis, with one or both methods applied, as appropriate. This approach is widely used in appraising income-producing properties. Reconciliation of the various indications into a conclusion of value is based on an evaluation of the quantity and quality of available data in each approach and the applicability of each approach to the property type. The methodology employed in this assignment is summarized as follows: Approaches to Value Approach Applicability to Subject Use in Assignment Cost Approach Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized Sales Comparison Approach To develop an opinion of the subject’s land value, as though vacant and available to be developed to its highest and best use, the sales comparison approach is used. This approach develops an indication of value by researching, verifying, and analyzing sales of similar properties. As discussed, the tracts to be acquired range from 1.36 to 7.49 acres and are utilized for stormwater management areas, conservation areas, and conservation buffers. In this analysis, we have first valued Tract S which consists of the stormwater management area. We then individually value the conservation tracts as there are primarily wetlands. The tracts and their sizes are identified in the tables below. Upland Parcels To apply the sales comparison approach to the Upland Parcels, the research focused on transactions within the following parameters: • Location: Lake County • Use: Residential • Transaction Date: Past three years through our effective date of value For this analysis, price per acre is used as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. The most relevant sales are summarized in the following table: Parcels to be Appraised Parcels Use Total Acres Upland/Conservation Tract Tract P (Phase 3) Conservation/Wetland 7.49 Conservation/Wetland Tract S (Phase 3) Stormwater Management Area 3.48 Stormwater Management Area Tract W (Phase 3) Conservation Buffer 1.36 Conservation Buffer Total 12.33 Summary of Comparable Land Sales - Upland Parcels No. Name/Address Sale Date; Status Sale Price SF; Acres Units; Density (Units/Ac.) Zoning $/SF Land $/Acre 1 Residential Land Oct-24 $14,500,000 5,176,235 PUD $2.80 $122,023 N. Bradshaw Rd. Closed 118.83 Clermont Lake County FL 2 Hickory Grove May-24 $59,980,100 18,110,941 A $3.31 $144,263 Schofield Rd. Closed 415.77 Clermont Lake County FL 3 Wellness Ridge CDD Land Aug-23 $21,415,200 8,539,938 883 WRCDD $2.51 $109,233 Five Mile Rd. Closed 196.05 4.5 Clermont Lake County FL 4 Wind Crest Site Jul-23 $23,585,000 6,620,684 361 PD $3.56 $155,175 Wind Crest Ln. Closed 151.99 2.4 Groveland Lake County FL Comments: This is the sale of a vacant tract of land located along the west side of Schofield Road, south of Wellness Way in Clermont, Lake County, Florida. The site is rectangular in shape and totals 118.83 acres. However, only 92.83 acres are considered usable uplands. The unusable area consists of submerged land within Trout Lake. Sun Terra Communities purchased this site in October of 2024 for $14,500,000, or $156,200 per usable acre. The site is part of a larger Planned Unit Develop that is entitled for 300+ single-family residential units and some multifamily. Comments: This is the sale of two contiguous tracts of land located along the north side of Schofield Road, immediately west of the Orange County line in Clermont, Lake County, Florida. The sites total 415.77 gross acres, however, only 406.77 acres are considered to be usable uplands. The unusable area consists of wetlands. Richland Communities purchased the sites in May of 2024 for $59,980,100, or $147,455 per usable acre. The site currently has an agricultural zoning, however, is part of the Wellness Way future land use. The sellers had originally applied for a comprehensive plan amendment and PUD for a master planned community. The initial PUD would have been entitled for 1,200 residential units and 48 acres of commercial uses. It was noted that Richland Communities is expected to resubmit a PUD and comprehensive plan amendment. Comments: This is the sale of two tracts of vacant land at the northwest and southwest corners of Wellness Way and Five Mile Road in Clermont, Lake County, Florida. The two tracts total 196.05 acres and are part of the Wellness Ridge Community Development District. The entire master development has a PUD zoning and is permitted for up to 1,850 attached and detached residential homes. This area is delineated as Assessment Area 2 and is entitled for 682 single-family homes with lot sizes ranging from 32 to 60-feet and 201, 22-foot, townhome units for a total of 883 units. This indicates a density of 4.50 dwelling units per acre. Starwood Land group purchased these two sites in August of 2023 for $21,415,200, or $109,233 per usable acre. Comments: This is the sale of the vacant tract of land located at the terminus of Wind Crest Land, south of Libby Road in Groveland, Lake County, Florida. The property contains a total area of 151.99 acres, all of which were reported to be usable uplands. Historically, the property was utilized for cattle grazing, under an agricultural zoning. In fact, the majority of the land immediately surrounding this site to the north and to the west is zoned A, Agricultural, by the city of Groveland. However, this property underwent a zoning change to a higher-density Planned Development district prior to the closing of this sale. The path of development in this immediate area is sweeping to the west, from U.S. Highway 27. Much of the area's former agricultural land is being redeveloped with higher density residential uses. The property sold in July of 2023 for a recorded price of $25,585,000. Reportedly, the buyer plans to develop the site as a continuation of the contiguous Cherry Lake single family residential subdivision. The site is planned for 361 lots, indicating a price of $65,332 per lot. Comparable Land Sales Map – Upland Parcels Sale 1 Residential Land Sale 2 Hickory Grove Sale 3 Wellness Ridge CDD Land Sale 4 Wind Crest Site Analysis and Adjustment of Sales Adjustments are based on a rating of each comparable sale in relation to the subject. The adjustment process is typically applied through either quantitative or qualitative analysis, or a combination of both analyses. Quantitative adjustments are often developed as dollar or percentage amounts, and are most credible when there is sufficient data to perform a paired sales analysis. While percentage adjustments are presented in the adjustment grid, they are based on qualitative judgment rather than empirical research, as there is not sufficient data to develop a sound quantitative estimate. Although the adjustments appear to be mathematically precise, they are merely intended to illustrate an opinion of typical market activity and perception. With the exception of market conditions, the adjustments are based on a scale, with a minor adjustment in the range of 1- 5% and a substantial adjustment considered to be 20% or greater. The rating of each comparable sale in relation to the subject is the basis for the adjustments. If the comparable is superior to the subject, its sale price is adjusted downward to reflect the subject’s relative attributes; if the comparable is inferior, its price is adjusted upward. Transactional adjustments are applied for property rights conveyed, financing, conditions of sale, expenditures made immediately after purchase, and market conditions. In addition, property adjustments include – but are not limited to – location, access/exposure, size, quality, effective age, economic and legal characteristics, and non-realty components of value. Adjustments are considered for the following factors, in the sequence shown below. Transactional Adjustments Real Property Rights Conveyed The opinion of value in this report is based on a fee simple estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat, as well as non-detrimental easements, community facility districts, and conditions, covenants and restrictions (CC&Rs). All the comparables represent fee simple estate transactions. Therefore, adjustments for property rights are not necessary. Financing Terms In analyzing the comparables, it is necessary to adjust for financing terms that differ from market terms. Typically, if the buyer retained third-party financing (other than the seller) for the purpose of purchasing the property, a cash price is presumed and no adjustment is required. However, in instances where the seller provides financing as a debt instrument, a premium may have been paid by the buyer for below-market financing terms, or a discount may have been demanded by the buyer if the financing terms were above market. The premium or discounted price must then be adjusted to a cash equivalent basis. The comparable sales represented cash-to-seller transactions and, therefore, do not require adjustment. Conditions of Sale Adverse conditions of sale can account for a significant discrepancy from the sale price actually paid, compared to that of the market. This discrepancy in price is generally attributed to the motivations of the buyer and the seller. Certain conditions of sale are considered non-market and may include the following: • a seller acting under duress (e.g., eminent domain, foreclosure); • buyer motivation (e.g., premium paid for assemblage, certain 1031 exchanges); • a lack of exposure to the open market; • an unusual tax consideration; • a sale at legal auction. None of the comparable sales had atypical or unusual conditions of sale. Thus, adjustments are not necessary. Expenditures Made Immediately After Purchase This category considers expenditures incurred immediately after the purchase of a property. There were no issues of deferred maintenance reported for any of the properties. No adjustments are required for expenditures after sale. Market Conditions A market conditions adjustment is applied when market conditions at the time of sale differ from market conditions as of the effective date of value. Adjustments can be positive when prices are rising, or negative when markets are challenged by factors such as a deterioration of the economy or adverse changes in supply and/or demand in the market area. Consideration must also be given to when the property was placed under contract, versus when the sale actually closed. In evaluating market conditions, changes between the comparable sale date and the effective date of this appraisal may warrant adjustment; however, if market conditions have not changed, then no adjustment is required. The sales took place from July 2023 to October 2024. Market conditions over this time period have generally been stable. As a result, an adjustment for market conditions has not been made herein. Property Adjustments Location Factors considered in evaluating location include, but are not limited to, demographics, growth rates, surrounding uses and property values. Sales 1, 2 and 3 are similar to the subject. No adjustments are necessary. Sale 4 is adjusted upward for inferior location. Access/Exposure Convenience to transportation facilities, ease of site access, and overall visibility of a property can have a direct impact on property value. High visibility, however, may not translate into higher value if it is not accompanied by good access. In general, high visibility and convenient access, including proximity to major linkages, are considered positive amenities when compared to properties with inferior attributes. All of the comparables are similar to the subject. No adjustments are necessary. Size Due to economies of scale, the market exhibits an inverse relationship between land area and price per square foot, such that larger sites generally sell for a lower price per square foot than smaller lots, all else being equal. To account for this relationship, applicable adjustments are applied for differences in land area. The comparables that are larger than the subject are adjusted upward, and vice versa. All of the comparables are larger than the subject and require upward adjustments. Shape and Topography This category accounts for the shape of the site influencing its overall utility and/or development potential, as well as the grade of the land. All of the comparables are similar to the subject. No adjustments are necessary. Zoning This element of comparison accounts for government regulations that can affect the types and intensities of uses allowable on a site. Moreover, this category includes considerations such as allowable density or floor area ratio, structure height, setbacks, parking requirements, landscaping, and other development standards. The subject has a zoning designation of PUD - Rubin Groves Planned Unit Development. Sales 1, 3 and 4 are similar to the subject and require no adjustment. The buyer of Sale 2 is expected to resubmit a PUD and comprehensive plan amendment to the county. As a result, this sale is considered inferior to the subject and upward adjustments have been applied. Adjustments Summary The sales are compared to the subject and adjusted to account for material differences that affect value. The following table summarizes the adjustments applied to each sale. Land Sales Adjustment Grid - Upland Parcels Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4 Name Windsor Cay CDD (Phase 3) - Tracts P, S, and W Residential Land Hickory Grove Wellness Ridge CDD Land Wind Crest Site Address West side of U.S. Highway 27, south of County Road 474 N. Bradshaw Rd. Schofield Rd. Five Mile Rd. Wind Crest Ln. City Clermont Clermont Clermont Clermont Groveland County Lake Lake Lake Lake Lake State Florida FL FL FL FL Sale Date Oct-24 May-24 Aug-23 Jul-23 Sale Status Closed Closed Closed Closed Sale Price $14,500,000 $59,980,100 $21,415,200 $23,585,000 Square Feet 5,176,235 18,110,941 8,539,938 6,620,684 Acres 118.83 415.77 196.05 151.99 Price per Acre $122,023 $144,263 $109,233 $155,175 Transactional Adjustments Property Rights Fee Simple Fee Simple Fee Simple Fee Simple % Adjustment – – – – Financing Terms Cash to seller Cash to seller Cash to seller Cash to seller % Adjustment – – – – Conditions of Sale Arm's-length Arm's-length Arm's-length Arm's-length % Adjustment – – – – Market Conditions 9/19/2025 Oct-24 May-24 Aug-23 Jul-23 Annual % Adjustment – – – – Cumulative Adjusted Price $122,023 $144,263 $109,233 $155,175 Property Adjustments Location – – – 5% Access/Exposure – – – – Size 5% 10% 5% 5% Shape and Topography – – – – Zoning – 5% – – Net Property Adjustments ($) $6,101 $21,639 $5,462 $15,517 Net Property Adjustments (%) 5% 15% 5% 10% Final Adjusted Price $128,124 $165,902 $114,695 $170,692 Range of Adjusted Prices $114,695 - $170,692 Average $144,853 Indicated Value $135,000 Land Value Conclusion – Upland Parcels Prior to adjustments, the sales reflect a range of $109,233 - $155,175 per acre. After adjustment, the range is $114,695 - $170,692 per acre, with an average of $144,853 per acre. Primary weight was placed on Land Sales 1, 2, and 3 given that these are located within Clermont, just north of the subject property. Given the subject’s location (within the Four Corners area), density, and market conditions, we have reconciled to a unit value as follows: We have applied the concluded unit value above, to the upland areas within the subject property as shown in the table below. Land Value Conclusion Indicated Value per Acre $135,000 Summary of Upland Parcels Parcel Identification Use Total Acres Indicated Value per Acre Indicated Value Rounded Tract S (Phase 3) Stormwater Management Area 3.48 $135,000 $469,665 $470,000 Conservation Parcels To apply the sales comparison approach to the Conservation Parcels, the research focused on transactions within the following parameters: • Location: Orlando MSA • Use: Conservation/Wetlands • Transaction Date: Past three years through our effective date of value For this analysis, price per acre is used as the appropriate unit of comparison. The most relevant sales are summarized in the following table. Summary of Comparable Land Sales - Conservation Parcels No. Name/Address Sale Date; Status Sale Price SF; Acres Zoning $/SF Land $/Acre 1 Wet Lands Jun-25 $10,000 108,464 A-4 $0.09 $4,016 3989 Cresthill Ln. Closed 2.49 New Smyrna Beach Volusia County FL 2 Lake Sheen Wetlands Mar-25 $1,386,000 15,748,454 ORG-R-CE $0.09 $3,834 Kilgore Rd. Closed 361.53 Orlando Orange County FL 3 Tavares Wetlands May-24 $250,000 4,051,080 A $0.06 $2,688 Beauclaire Ct. Closed 93.00 Tavares Lake County FL Comments: This is the sale of a vacant tract of land located along the north side of Cresthill Lane, southwest of Crestridge Drive in New Smyrna Beach, Volusia County, Florida. The site totals 2.49 acres is nearly 100% encumbered by wetlands. Additionally, the site is zoned A-4, Transitional Agriculture, and contains a future land use of R, Rural, by Volusia County. This future land use permits one dwelling unit per five acres. This transaction occurred in June of 2025 and sold for $10,000, or $4,016 per gross acre. Comments: In March 2025 this property was purchased by Orange County for a price of $1,386,000 or $3,833 per acre. This 361.53 acre parcel is located in between Pocket Lake and Winter Garden Vineland Road, in Orlando, Orange County, Florida. The property is comprised of a portion of Lake Sheen as well as 100% wetlands. Comments: This sale comparable represents two contiguous vacant tracts of land located on the west side of Beauclaire Drive, just south of Deer Island Road in Tavares, Lake County, Florida. The site contains 93 acres and is 100% encumbered by wetlands. The property is zoned A, Agriculture, with a future land use of Rural Transition. In May 2024, the site sold for a recorded price of $250,000 or $2,688 per acre. Summary of Comparable Land Sales No. Name/Address Sale Date; Status Sale Price SF; Acres Zoning $/SF Land $/Acre 4 Hiawassee Road Wetlands Apr-23 $6,000 89,734 R-1A $0.07 $2,913 Hiawassee Rd. Closed 2.06 Orlando Orange County FL 5 GreenPlace Parcel 161 Aug-22 $20,000 186,194 A-2 $0.11 $4,679 14551 Lake Pickett Road Closed 4.27 Orlando Orange County FL Tax ID: 12-22-31-0000-00-076 Grantor: James R. Mativa and Jane Mativa Grantee: William G. Krause Subject 0 PUD Windsor Cay CDD (Phase 3) - Tracts P, S, and W 0.00 Comments: This sale comparable represents a vacant tract of land located on the east side of Hiawassee Road, just north of Anoka Drive in Orlando, Orange County, Florida. The property contains 2.06 acres or 89,743 square feet. However, the property is entirely encumbered by wetlands. The site is zoned R-1A with a future land use of Rural, which permits one dwelling unit per ten acres. On April 3, 2023, the site sold for a recorded price of $6,000 or $2,913 per acre. Comments: This is a sale of vacant land located on the north side of Lake Pickett Road, just east of North Tanner Road in Orlando, Orange County, Florida. This sale is irregular in shape and contains 4.27 acres. The site is entirely encumbered by wetlands and located within the Econlockhatchee River Protection Zone. The property is zoned A-2, Farmland Rural District, which allows a variety of uses, including residential and agriculture. The property is considered to have nominal overall utility for any potential development, and the purchase of offsite mitigation credits that would allow for further development would likely be a prohibitive cost. Therefore, the site is likely to remain vacant agricultural, conservation or recreational in its use. The sale took place in August 2022, for $20,000, or $4,679 per acre. Comparable Land Sales Map – Conservation Parcels Sale 1 Wet Lands Sale 2 Lake Sheen Wetlands Sale 3 Tavares Wetlands Sale 4 Hiawassee Road Wetlands Sale 5 GreenPlace Parcel 161 Analysis and Adjustment of Sales Adjustments are considered for the following factors in the sequence shown below. Transactional Adjustments Real Property Rights Conveyed All the comparables represent fee simple estate transactions. Therefore, adjustments for property rights are not necessary. Financing Terms The comparable sales represented cash-to-seller transactions and, therefore, do not require adjustment. Conditions of Sale None of the comparable sales had atypical or unusual conditions of sale. Thus, adjustments are not necessary. Expenditures Made Immediately After Purchase There were no issues of deferred maintenance reported for any of the properties. No adjustments are required for expenditures after sale. Market Conditions The sales took place from May 2022 through June of 2025. Market conditions have generally been stable. Also, wetland property values typically do not experience material fluctuation due to the limitations on use. Property Adjustments Location Factors considered in evaluating location include, but are not limited to, demographics, growth rates, surrounding uses and property values. Sale 2 is adjusted downward for superior location. Sales 1, 3, 4 and 5 are adjusted upward for inferior location. Access/Exposure Convenience to transportation facilities, ease of site access, and overall visibility of a property can have a direct impact on property value. High visibility, however, may not translate into higher value if it is not accompanied by good access. In general, high visibility and convenient access, including proximity to major linkages, are considered positive amenities when compared to properties with inferior attributes. Sales 1, 3 and 5 are similar to the subject and require no adjustment. Sale 2 is accessed via a dirt road and Sale 4 is landlocked. Both of these sales are considered to be inferior to the subject. An upward adjustment is applied. Size Due to economies of scale, the market exhibits an inverse relationship between land area and price per square foot, such that larger sites generally sell for a lower price per square foot than smaller lots, all else being equal. To account for this relationship, applicable adjustments are applied for differences in land area. The comparables that are larger than the subject are adjusted upward, and vice versa. Sales 1, 4 and 5 are similar to the subject and require no adjustment. Sales 2 and 3 are larger than the subject and require upward adjustments. Shape and Topography This category accounts for the shape of the site influencing its overall utility and/or development potential, as well as the grade of the land. All of the comparables are similar to the subject. No adjustments are necessary. Zoning This element of comparison accounts for government regulations that can affect the types and intensities of uses allowable on a site. Moreover, this category includes considerations such as allowable density or floor area ratio, structure height, setbacks, parking requirements, landscaping, and other development standards. The subject has a zoning designation of PUD - Rubin Groves Planned Unit Development. All of the comparables are similar to the subject. No adjustments are necessary. Adjustments Summary The sales are compared to the subject and adjusted to account for material differences that affect value. The following table summarizes the adjustments applied to each sale. Land Sales Adjustment Grid - Conservation Parcels Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4 Comparable 5 Name Windsor Cay CDD (Phase 3) - Tracts P, S, and W Wet Lands Lake Sheen Wetlands Tavares Wetlands Hiawassee Road Wetlands GreenPlace Parcel 161 Address West side of U.S. Highway 27, south of County Road 474 3989 Cresthill Ln. Kilgore Rd. Beauclaire Ct. Hiawassee Rd. 14551 Lake Pickett Road City Clermont New Smyrna Beach Orlando Tavares Orlando Orlando County Lake Volusia Orange Lake Orange Orange State Florida FL FL FL FL FL Sale Date Jun-25 Mar-25 May-24 Apr-23 Aug-22 Sale Status Closed Closed Closed Closed Closed Sale Price $10,000 $1,386,000 $250,000 $6,000 $20,000 Square Feet 108,464 15,748,454 4,051,080 89,734 186,194 Acres 2.49 361.53 93.00 2.06 4.27 Price per Acre $4,016 $3,834 $2,688 $2,913 $4,679 Transactional Adjustments Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple % Adjustment – – – – – Financing Terms Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller % Adjustment – – – – – Conditions of Sale Arm's-length Arm's-length Arm's-length Arm's-length Arm's-length % Adjustment – – – – – Market Conditions 9/19/2025 Jun-25 Mar-25 May-24 Apr-23 Aug-22 Annual % Adjustment – – – – – Cumulative Adjusted Price $4,016 $3,834 $2,688 $2,913 $4,679 Property Adjustments Location 10% -5% 10% 10% 5% Access/Exposure – 5% – 5% – Size – 15% 10% – – Shape and Topography – – – – – Zoning – – – – – Net Property Adjustments ($) $402 $575 $538 $437 $234 Net Property Adjustments (%) 10% 15% 20% 15% 5% Final Adjusted Price $4,418 $4,409 $3,226 $3,350 $4,913 Range of Adjusted Prices $3,226 - $4,913 Average $4,063 Indicated Value $4,000 Land Value Conclusion – Conservation Parcels Prior to adjustments, the sales reflect a range of $2,688 - $4,679 per acre. After adjustment, the range is $3,226 - $4,913 per acre, with an average of $4,063 per acre. Based on the analysis of comparable sales within the market, we have concluded near the mid-point of the indicated range, which is considered reasonable and supported by the available data. Given the subject’s location (within the Four Corners area) and market conditions, we have reconciled to a unit value as follows: We have applied the concluded unit value above, to the conservation areas within the subject property as shown in the table below. Summary of Land Values Based on this analysis, the individual values are combined into a final value as follows: Land Value Conclusion Indicated Value per Acre $4,000 Summary of Conservation/Wetland Parcels Parcel Identification Use Total Acres Indicated Value per Acre Indicated Value Rounded Tract P (Phase 3) Conservation/Wetland 7.49 $4,000 $29,940 $30,000 Tract W (Phase 3) Conservation Buffer 1.36 $4,000 $5,456 $5,000 Summary of all Land Values Parcels Use Total Acres Indicated Value per Acre Indicated Value Rounded Tract P (Phase 3) Conservation/Wetland 7.49 $4,000 $29,940 $30,000 Tract S (Phase 3) Stormwater Management Area 3.48 $135,000 $469,665 $470,000 Tract W (Phase 3) Conservation Buffer 1.36 $4,000 $5,456 $10,000 Total 12.33 $505,061 $510,000 Reconciliation and Conclusion of Value As discussed previously, only the sales comparison approach is used to develop an opinion of value for the subject. The cost and income approaches are not applicable, and are not used. Based on the preceding valuation analysis and subject to the definitions, assumptions, and limiting conditions expressed in the report, the concluded opinion of value is as follows: Exposure Time Exposure time is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Exposure time is always presumed to precede the effective date of the appraisal. Based on review of recent sales transactions for similar properties and analysis of supply and demand in the local land market, the probable exposure time for the subject at the concluded market values stated previously is 12 months. Marketing Time Marketing time is an estimate of the amount of time it might take to sell a property at the concluded market value immediately following the effective date of value. As no significant changes in market conditions are foreseen in the near term, a reasonable marketing period for the subject is likely to be the same as the exposure time. Accordingly, the subject’s marketing period is estimated at 12 months. Value Conclusions Parcels Use Interest Appraised Date of Value Indicated Value Rounded Tract P (Phase 3) Conservation/Wetland Fee Simple September 19, 2025 $29,940 $30,000 Tract S (Phase 3) Stormwater Management Area Fee Simple September 19, 2025 $469,665 $470,000 Tract W (Phase 3) Conservation Buffer Fee Simple September 19, 2025 $5,456 $10,000 Total $505,061 $510,000 Extraordinary Assumptions and Hypothetical Conditions 1. As noted, the subject of this report consists of various tracts of land situated within Phase 3 of the Windsor Cay CDD. These various portions of land are located within a larger parent tract. The values reported herein is based on the extraordinary assumption the various sites delineated herein, which are part of an overall larger parent tract, will be legally separated, as depicted in the site survey. Additionally, it is assumed that this legal separation will take place in a timely manner relevant to the effective date of value and will not incur any atypical costs and/or fees. 1. No hypothetical conditions were deemed applicable to this valuation. The use of any extraordinary assumption or hypothetical condition may have affected the assignment results. The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. Certification We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. 4. We have previously appraised various other portions of land within the Windsor Cay CDD for the current client. 5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice as well as applicable state appraisal regulations. 9. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 10. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 11. Christopher D. Starkey, MAI, SGA has not made a personal inspection of the property that is the subject of this report. Tyler S. Rodriguez-MacGregor has personally inspected the subject. 12. No one provided significant real property appraisal assistance to the persons signing this certification. 13. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. 14. As of the date of this report, Christopher D. Starkey, MAI, SGA has completed the continuing education program for Designated Members of the Appraisal Institute. 15. As of the date of this report, Tyler S. Rodriguez-MacGregor has completed the Standards and Ethics Education Requirements for Practicing Affiliates of the Appraisal Institute. Christopher D. Starkey, MAI, SGA Senior Managing Director – Orlando FL State-Certified General RE Appraiser RZ#2886 Telephone: 407-843-3377, Ext. 112 Email: cstarkey@irr.com Tyler S. Rodriguez-MacGregor Senior Analyst FL State-Certified General RE Appraiser RZ#4375 Telephone: 407-843-3377, Ext. 143 Email: trodriguez@irr.com Assumptions and Limiting Conditions This appraisal and any other work product related to this engagement are limited by the following standard assumptions, except as otherwise noted in the report: 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal and any other work product related to this engagement are subject to the following limiting conditions, except as otherwise noted in the report: 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability; and civil, mechanical, electrical, structural and other engineering and environmental matters. Such considerations may also include determinations of compliance with zoning and other federal, state, and local laws, regulations and codes. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the persons signing the report. 11. Information, estimates and opinions contained in the report and obtained from third-party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. Unless otherwise stated in the report, no consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the values stated in the appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The values found herein are subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of the property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. We claim no expertise in ADA issues, and render no opinion regarding compliance of the subject with ADA regulations. Inasmuch as compliance matches each owner’s financial ability with the cost to cure the nonconforming physical characteristics of a property, a specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of you, your subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property. IRR - Orlando, Integra Realty Resources, Inc., and their respective officers, owners, managers, directors, agents, subcontractors or employees (the “Integra Parties”), shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The persons signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. However, we are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. We are not a building or environmental inspector. The Integra Parties do not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. 23. The appraisal report and value conclusions for an appraisal assume the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. IRR - Orlando is an independently owned and operated company. The parties hereto agree that Integra shall not be liable for any claim arising out of or relating to any appraisal report or any information or opinions contained therein as such appraisal report is the sole and exclusive responsibility of IRR - Orlando. In addition, it is expressly agreed that in any action which may be brought against the Integra Parties arising out of, relating to, or in any way pertaining to the engagement letter, the appraisal reports or any related work product, the Integra Parties shall not be responsible or liable for any incidental or consequential damages or losses, unless the appraisal was fraudulent or prepared with intentional misconduct. It is further expressly agreed that the collective liability of the Integra Parties in any such action shall not exceed the fees paid for the preparation of the assignment (unless the appraisal was fraudulent or prepared with intentional misconduct). It is expressly agreed that the fees charged herein are in reliance upon the foregoing limitations of liability. 25. IRR - Orlando is an independently owned and operated company, which has prepared the appraisal for the specific intended use stated elsewhere in the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report or any other work product related to the engagement (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 26. The conclusions of this report are estimates based on known current trends and reasonably foreseeable future occurrences. These estimates are based partly on property information, data obtained in public records, interviews, existing trends, buyer-seller decision criteria in the current market, and research conducted by third parties, and such data are not always completely reliable. The Integra Parties are not responsible for these and other future occurrences that could not have reasonably been foreseen on the effective date of this assignment. Furthermore, it is inevitable that some assumptions will not materialize and that unanticipated events may occur that will likely affect actual performance. While we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we assume competent and effective management and marketing for the duration of the projected holding period of this property. 27. All prospective value opinions presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. 28. The appraisal is also subject to the following: Extraordinary Assumptions and Hypothetical Conditions 1. As noted, the subject of this report consists of various tracts of land situated within Phase 3 of the Windsor Cay CDD. These various portions of land are located within a larger parent tract. The values reported herein is based on the extraordinary assumption the various sites delineated herein, which are part of an overall larger parent tract, will be legally separated, as depicted in the site survey. Additionally, it is assumed that this legal separation will take place in a timely manner relevant to the effective date of value and will not incur any atypical costs and/or fees. 1. No hypothetical conditions were deemed applicable to this valuation. The use of any extraordinary assumption or hypothetical condition may have affected the assignment results. The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. Addendum A Appraiser Qualifications Christopher D. Starkey, MAI, SGA Integra Realty Resources - Orlando irr.com T 407.843.3377 F 407.841.3823 326 North Magnolia Avenue Orlando, FL 32801 Experience Mr. Starkey is a Florida State-Certified General Appraiser and Senior Managing Director of Integra Realty Resources – Orlando, a full-service regional valuation and consulting firm located in Orlando, Florida. Mr. Starkey began his career in appraising with Integra in 2002 and has performed appraisals for buyers, sellers, financial institutions, and insurance companies, among others. During his time with Integra Mr. Starkey has specialized in investment grade income producing properties as well as various special use properties. In 2013, Mr. Starkey was promoted to Senior Managing Director of the Orlando office and is responsible for day to day operations as well as managing the appraisal staff in the Orlando office. Mr. Starkey has experience in appraising the following types of properties, among others: CBD and Suburban Office Developments Medical Office Developments National expert in the valuation of Religious Facilities Office Condominium Developments Shopping Center Properties Public and Private Golf Courses Single and Multi-tenant Commercial Developments Multi-family Properties, including low income housing Industrial Properties Mixed Use Developments Full Service & Limited Service Hotels Vacant Land (Commercial, Industrial, Residential & Agricultural) Residential Subdivisions (Single Family Homes, Townhomes, Villas & Condominiums) Mr. Starkey also has experience preparing market studies and feasibility analyses for proposed and existing properties. Professional Activities & Affiliations MAI Designation, Appraisal Institute Appraisal Institute, February 2009 Licenses Florida, State-Certified General Real Estate Appraiser, RZ2886, Expires November 2026 Alabama, Certified General Real Property Appraiser, G00999, Expires September 2027 North Carolina, Certified General Appraisal, A8198, Expires June 2026 Michigan, Certified General Appraiser, 1205075871, Expires July 2026 South Carolina, Certified General Appraiser, AB.7871 CG, Expires June 2026 Illinois, Certified General Real Estate Appraiser, 553.002743, Expires September 2027 Texas, Certified General Real Estate Appraiser, TX 1380893 G, Expires April 2027 Arizona, Certified General RE Appraiser, CGA-1004269, Expires September 2025 Ohio, Cert. General R.E. Appraiser, 2022005302, Expires September 2025 Georgia, Certified General Real Property Appraiser, 345457, Expires January 2026 cstarkey@irr.com - 407.367.0159 Christopher D. Starkey, MAI, SGA Integra Realty Resources - Orlando irr.com T 407.843.3377 F 407.841.3823 326 North Magnolia Avenue Orlando, FL 32801 Education Bachelor of Science – Florida State University, Tallahassee, FL Major – Hospitality and Business Administration Graduate of the Dale Carnegie - Effective Communications and Human Relations Course - Orlando, 2012 Appraisal Institute Courses: Mr. Starkey has completed numerous courses through the Appraisal Institute as well as other accredited professional education companies over the course of his career. Qualified Before Courts & Administrative Bodies In addition to the previous experience noted, Mr. Starkey has also worked with attorneys throughout the State of Florida on various litigation matters and has been qualified as an expert witness in both Circuit and Federal Courts. Miscellaneous Received the SGA Designation from the Society of Golf Appraisers in February of 2017 Served on the Florida State University Real Estate Trends Conference Planning Committee, 2012-2015 Member of the University of Central Florida Real Estate Council, 2012-present East Florida Chapter Appraisal Institute Officer, 2019 Chapter President (Incoming) IRR Hotels: Regional Practice Leader, Chair IRR Hotel Governance Committee IRR Litigation Practice Group: Management Committee Member - Southeast cstarkey@irr.com - 407.367.0159 Tyler S. Rodriguez-MacGregor Integra Realty Resources - Orlando irr.com T 407.843.3377 F 407.841.3823 326 North Magnolia Avenue Orlando, FL 32801 Experience Mr. Rodriguez is a State-Certified General Appraiser and Senior Analyst with Integra Realty Resources - Orlando, a full-service regional valuation and consulting firm located in Orlando, Florida. Mr. Rodriguez has been actively engaged in real estate valuation and consulting assignments since 2017. Mr. Rodriguez has performed appraisals for buyers, sellers, attorneys, financial institutions, and insurance companies. Mr. Rodriguez has experience in appraising the following types of properties, among others: Public, Semi-Private, and Private Golf Courses Limited and Full-Service Hotels Residential Subdivisions (Single Family Homes and Townhomes) Owner-occupied, Single, and Multi-tenant Office Properties Owner-occupied, Single and Multi-tenant Medical Office Properties Shopping Center Properties Single-tenant Retail Facilities Industrial Properties (Single and Multi-tenant) Vacant Land (Commercial, Industrial & Residential) Religious and Educational Facilities Professional Affiliations: Candidate for Designation, Appraisal Institute Licenses Florida, Certified General Appraiser, RZ4375, Expires November 2026 Education Education: Graduate of University of Central Florida, Orlando, Florida – 2016 Bachelor of Science in Finance Real Estate Courses Completed: General Appraiser Income Approach Part 2 - 2020 General Appraiser Income Approach Part 1 - 2019 National USPAP Update (2020-2021) Real Estate Law Update (2018-2019) Real Estate Statistics, Finance, and Valuation Modeling (2018) Basic Appraisal Principles Basic Appraisal Procedures Practicing Affiliate, Appraisal Institute General Appraiser Market Analysis Highest & Best Use General Appraiser Site Valuation and Cost Approach General Appraiser Sales Comparison Approach General Report Writing & Case Studies Expert Witness for Commercial Appraisers - Subject Matter Elective Commercial Appraisal Review - Subject Matter Elective trodriguez@irr.com - 407.843.3377 x143 Tyler S. Rodriguez-MacGregor Integra Realty Resources - Orlando irr.com T 407.843.3377 F 407.841.3823 326 North Magnolia Avenue Orlando, FL 32801 trodriguez@irr.com - 407.843.3377 x143 About IRR Integra Realty Resources, Inc. (IRR) provides world-class commercial real estate valuation, counseling, and advisory services. Routinely ranked among leading property valuation and consulting firms, we are now the largest independent firm in our industry in the United States, with local offices coast to coast and in the Caribbean. IRR offices are led by MAI-designated Senior Managing Directors, industry leaders who have over 25 years, on average, of commercial real estate experience in their local markets. This experience, coupled with our understanding of how national trends affect the local markets, empowers our clients with the unique knowledge, access, and historical perspective they need to make the most informed decisions. Many of the nation's top financial institutions, developers, corporations, law firms, and government agencies rely on our professional real estate opinions to best understand the value, use, and feasibility of real estate in their market. Local Expertise...Nationally! irr.com Addendum B IRR Quality Assurance Survey IRR Quality Assurance Survey We welcome your feedback! At IRR, providing a quality work product and delivering on time is what we strive to accomplish. Our local offices are determined to meet your expectations. Please reach out to your local office contact so they can resolve any issues. Integra Quality Control Team Integra does have a Quality Control Team that responds to escalated concerns related to a specific assignment as well as general concerns that are unrelated to any specific assignment. We also enjoy hearing from you when we exceed expectations! You can communicate with this team by clicking on the link below. If you would like a follow up call, please provide your contact information and a member of this Quality Control Team will call contact you. Link to the IRR Quality Assurance Survey: quality.irr.com Addendum C Definitions Definitions The source of the following definitions is the Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022), unless otherwise noted. As Is Market Value The estimate of the market value of real property in its current physical condition, use, and zoning as of the appraisal date. Disposition Value The most probable price that a specified interest in property should bring under the following conditions: 1. Consummation of a sale within a specified time, which is shorter than the typical exposure time for such a property in that market. 2. The property is subjected to market conditions prevailing as of the date of valuation. 3. Both the buyer and seller are acting prudently and knowledgeably. 4. The seller is under compulsion to sell. 5. The buyer is typically motivated. 6. Both parties are acting in what they consider to be their best interests. 7. An adequate marketing effort will be made during the exposure time. 8. Payment will be made in cash in U.S. dollars (or the local currency) or in terms of financial arrangements comparable thereto. 9. The price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. This definition can also be modified to provide for valuation with specified financing terms. Effective Date 1. The date on which the appraisal opinion applies. (SVP) 2. The date to which an appraiser’s analysis, opinions, and conclusions apply; also referred to as date of value. (USPAP, 2020-2021 ed.) 3. The date that a lease goes into effect. Entitlement In the context of ownership, use, or development of real estate, governmental approval for annexation, zoning, utility extensions, number of lots, total floor area, construction permits, and occupancy or use permits. Entrepreneurial Incentive The amount an entrepreneur expects or wants to receive as compensation for providing coordination and expertise and assuming the risks associated with the development of a project. Entrepreneurial incentive is the expectation of future reward as opposed to the profit actually earned on the project. Entrepreneurial Profit 1. A market-derived figure that represents the amount an entrepreneur receives for his or her contribution to a past project to compensate for his or her time, effort, knowledge, and risk; the difference between the total cost of a property (cost of development) and its market value (property value after completion), which represents the entrepreneur’s compensation for the risk and expertise associated with development. An entrepreneur is motived by the prospect of future value enhancement (i.e., the entrepreneurial incentive). An entrepreneur who successfully creates value through new development, expansion, renovation, or an innovation change of use is rewarded by entrepreneurial profit. Entrepreneurs may also fail and suffer losses. 2. In economics, the actual return on successful management practices, often identified with coordination, the fourth factor of production following land, labor, and capital; also called entrepreneurial return or entrepreneurial reward. Exposure Time 1. The time a property remains on the market. 2. An opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Fee Simple Estate Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Floor Area Ratio (FAR) The relationship between the above-ground floor area of a building, as described by the zoning or building code, and the area of the plot on which it stands; in planning and zoning, often expressed as a decimal, e.g., a ratio of 2.0 indicates that the permissible floor area of a building is twice the total land area. Highest and Best Use 1. The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset’s existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (ISV) 3. [The] highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions) Investment Value 1. The value of a property to a particular investor or class of investors based on the investor’s specific requirements. Investment value may be different from market value because it depends on a set of investment criteria that are not necessarily typical of the market. 2. The value of an asset to the owner or a prospective owner given individual investment or operational objectives (may also be known as worth). (IVS) Lease A contract in which rights to use and occupy land, space, or structures are transferred by the owner to another for a specified period of time in return for a specified rent. Leased Fee Interest The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. Leasehold Estate The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease. Liquidation Value The most probable price that a specified interest in real property should bring under the following conditions: 1. Consummation of a sale within a short time period. 2. The property is subjected to market conditions prevailing as of the date of valuation. 3. Both the buyer and seller are acting prudently and knowledgeably. 4. The seller is under extreme compulsion to sell. 5. The buyer is typically motivated. 6. Both parties are acting in what they consider to be their best interests. 7. A normal marketing effort is not possible due to the brief exposure time. 8. Payment will be made in cash in U.S. dollars (or the local currency) or in terms of financial arrangements comparable thereto. 9. The price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. This definition can also be modified to provide for valuation with specified financing terms. Marketing Time An opinion of the amount of time to sell a property interest at the concluded market value or at a benchmark price during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which precedes the effective date of an appraisal. Market Value The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • buyer and seller are typically motivated; • both parties are well informed or well advised, and acting in what they consider their own best interests; • a reasonable time is allowed for exposure in the open market; • payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and • the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. (Source: Code of Federal Regulations, Title 12, Chapter I, Part 34.42[h]; also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472) Prospective Opinion of Value A value opinion effective as of a specified future date. The term does not define a type of value. Instead, it identifies a value opinion as being effective at some specific future date. An opinion of value as of a prospective date is frequently sought in connection with projects that are proposed, under construction, or under conversion to a new use, or those that have not yet achieved sellout or a stabilized level of long-term occupancy. Retrospective Value Opinion A value opinion effective as of a specified historical date. The term retrospective does not define a type of value. Instead, it identifies a value opinion as being effective at some specific prior date. Value as of a historical date is frequently sought in connection with property tax appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of the type of value with this term is appropriate, e.g., “retrospective market value opinion.” Addendum D Property Information Property Record Card General Information Name: PULTE HOME COMPANY LLC Alternate Key: 3957570 Mailing Address: 4901 VINELAND RD STE 500 ORLANDO, FL 32811 Update Mailing Address Parcel Number: 26-24-26-0003-000- 06000 Millage Group and City: WC05 Unincorporated 2024 Total Certified Millage Rate: 13.1621 Trash/Recycling/Water/Info: My Public Services Map Property Location: 0 UNASSIGNED CLERMONT FL, 34714 Property Name: -- Submit Property Name School Information: School Locator & Bus Stop Map School Boundary Maps Property Description: FROM THE SOUTHEAST CORNER OF THE SOUTHWEST 1/4 OF SECTION 26 TOWNSHIP 24 SOUTH RANGE 26 EAST RUN SOUTH 89- 58-40 WEST 2281.35 FEET FOR POINT OF BEGINNING, THENCE RUN NORTH 00-01-45 WEST 152.73 FEET, NORTH 03-50-24 WEST 50.11 FEET, SOUTH 89-58-15 WEST 100 FEET, NORTH 00-01-45 WEST 514.90 FEET TO THE SOUTHERLY LINE OF WINDSOR CAY PHASE 1 PB 80 PG 78, RUN SOUTH 89-58-15 WEST 184.72 FEET, NORTH 00-01-45 WEST 470 FEET, SOUTH 89-58-15 WEST 866.62 FEET, SOUTH 75-23-36 WEST 64.23 FEET, SOUTH 85-33-54 WEST 471.31 FEET TO THE SOUTHWEST CORNER OF TRACT P OF SAID PLAT AND TO THE WEST LINE OF THE EAST 1/2 OF THE SOUTHEAST 1/4 OF SECTION 27 TOWNSHIP 24 SOUTH RANGE 26 EAST, RUN SOUTH 00-27-00 WEST 1134.69 FEET TO THE SOUTH LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 27, NORTH 89-59-42 EAST 1330.57 FEET TO THE SOUTHWEST CORNER OF THE SOUTHWEST 1/4 OF SAID SECTION 26, NORTH 89-58-40 EAST 365.88 FEET TO THE POINT OF BEGINNING ORB 6408 PG 330 NOTE: This property description is a condensed/abbreviated version of the original description as recorded on deeds or other legal instruments in the public records of the Lake County Clerk of Court. It may not include the Public Land Survey System’s Section, Township, Range information or the county in which the property is located. It is intended to represent the land boundary only and does not include easements or other interests of record. This description should not be used for purposes of conveying property title. The Property Appraiser assumes no responsibility for the consequences of inappropriate uses or interpretations of the property description. Land Data Line Land Use Frontage Depth Notes No. Units Type Class Value Land Value 1 VACANT RESIDENTIAL (0000) 0 0   152.000 Lot $9,120,000.00 $9,120,000.00 2 WETLAND (9600) 0 0   10.670 Acre $480.00 $480.00 Click here for Zoning Info If you experience problems using this feature, it is most likely your web browser. Currently, Google Chrome is the recommended browser for displaying this data. The Property Appraiser does not maintain Zoning/Future Land Use Data and cannot confirm the accuracy of the data accessed from these web links. Should you have questions, contact the appropriate Zoning / Planning / Community Development department. FEMA Flood Map Miscellaneous Improvements There is no improvement information to display. Sales History NOTE: This section is not intended to be a complete chain of title. Additional official book/page numbers may be listed in the property description above and/or recorded and indexed with the Clerk of Court. Follow this link to search all documents by owner's name.. Book/Page Sale Date Instrument Qualified/Unqualified Vacant/Improved Sale Price 6408 / 330 09/30/2024 Warranty Deed Qualified Vacant $3,948,700.00 Click here to search for mortgages, liens, and other legal documents. Values and Estimated Ad Valorem Taxes Values shown below are 2025 CERTIFIED VALUES. The Market Value listed below is not intended to represent the anticipated selling price of the property and should not be relied upon by any individual or entity as a determination of current market value. Tax Authority Market Value Assessed Value Taxable Value Millage Estimated Taxes LAKE COUNTY BCC GENERAL FUND $9,120,480 $9,120,480 $9,120,480 5.0364 $45,934.39 SCHOOL BOARD STATE $9,120,480 $9,120,480 $9,120,480 3.1240 $28,492.38 SCHOOL BOARD LOCAL $9,120,480 $9,120,480 $9,120,480 2.9980 $27,343.20 LAKE COUNTY WATER AUTHORITY $9,120,480 $9,120,480 $9,120,480 0.2940 $2,681.42 ST JOHNS RIVER FL WATER MGMT DIST $9,120,480 $9,120,480 $9,120,480 0.1793 $1,635.30 LAKE COUNTY MSTU STORMWATER $9,120,480 $9,120,480 $9,120,480 0.4957 $4,521.02 LAKE COUNTY MSTU AMBULANCE $9,120,480 $9,120,480 $9,120,480 0.4629 $4,221.87 LAKE COUNTY VOTED DEBT SERVICE $9,120,480 $9,120,480 $9,120,480 0.0918 $837.26 LAKE COUNTY MSTU FIRE $9,120,480 $9,120,480 $9,120,480 0.4800 $4,377.83         Total: 13.1621 Total: $120,044.67 Exemptions Information This property is benefitting from the following exemptions with a checkmark . Homestead Exemption (first exemption up to $25,000) Learn More View the Law Additional Homestead Exemption (up to an additional $25,000)  Learn More View the Law Limited Income Senior Exemption (applied to county millage - up to $50,000) Learn More View the Law Limited Income Senior Exemption (applied to city millage - up to $25,000) Learn More View the Law Limited Income Senior 25 Year Residency (county millage only-exemption amount varies) Learn More View the Law Widow / Widower Exemption (up to $5,000) Learn More View the Law Blind Exemption (up to $500) Learn More View the Law Disability Exemption (up to $5,000) Learn More View the Law Total and Permanent Disability Exemption (amount varies) Learn More View the Law Veteran’s Disability Exemption ($5,000) Learn More View the Law Veteran’s Total and Permanent Disability Exemption (amount varies)  Learn More View the Law Veteran’s Combat Related Disability Exemption (amount varies) Learn More View the Law Deployed Servicemember Exemption (amount varies) Learn More View the Law  First Responder Total and Permanent Disability Exemption (amount varies) Learn More View the Law  Surviving Spouse of First Responder Exemption (amount varies) Learn More View the Law Conservation Exemption (amount varies) Learn More View the Law Tangible Personal Property Exemption (up to $25,000) Learn More View the Law Religious, Charitable, Institutional, and Organizational Exemptions (amount varies) Learn More View the Law Economic Development Exemption Learn More View the Law Government Exemption (amount varies) Learn More View the Law NOTE: Information on this Property Record Card is compiled and used by the Lake County Property Appraiser for the sole purpose of ad valorem property tax assessment administration in accordance with the Florida Constitution, Statutes, and Administrative Code. The Lake County Property Appraiser makes no representations or warranties regarding the completeness and accuracy of the data herein, its use or interpretation, the fee or beneficial/equitable title ownership or encumbrances of the property, and assumes no liability associated with its use or misuse. See the posted Site Notice.     Copyright © 2014 Lake County Property Appraiser. All rights reserved. Property data updated nightly. Site Notice Addendum E Comparable Data Land Sales - Upland Parcels Land Sale Profile Sale No. 1 Location & Property Identification Residential Land Property Name: Sub-Property Type: Residential, Single Family Development Land N. Bradshaw Rd. Address: Clermont, FL 34714 City/State/Zip: Lake County: Suburban Market Orientation: IRR Event ID: 3410351 Sale Information $14,500,000 Sale Price: $14,500,000 Effective Sale Price: 10/04/2024 Sale Date: Sale Status: Closed $/Acre(Gross): $122,023 $/Land SF(Gross): $2.80 $/Acre(Usable): $156,200 $/Land SF(Usable): $3.59 Grantor/Seller: Clonts Groves, Inc. Grantee/Buyer: Jen Florida 56, LLC Assemblage: No Portfolio Sale: No Assets Sold: Real estate only Property Rights: Fee Simple % of Interest Conveyed: 100.00 Financing: Cash to seller Conditions of Sale: Arm's-length Document Type: Warranty Deed Recording No.: Book 6411, Page 1503 Verified By: Tyler S. Rodriguez-MacGregor Verification Date: 09/22/2025 Confirmation Source: Public Records, CoStar, Assessor Verification Type: Confirmed-Other Improvement and Site Data 3929596 Legal/Tax/Parcel ID: 92.83/118.83 Acres(Usable/Gross): 4,043,675/5,176,235 Land-SF(Usable/Gross): Usable/Gross Ratio: 0.78 Shape: Rectangular Vegetation: Minimal AccessibilityRating: Average Visibility Rating: Average Zoning Code: PUD Zoning Desc.: Planned Unit Development Utilities: Electricity, Water Public, Sewer Source of Land Info.: Public Records Comments This is the sale of a vacant tract of land located along the west side of Schofield Road, south of Wellness Way in Clermont, Lake County, Florida. The site is rectangular in shape and totals 118.83 acres. However, only 92.83 acres are considered usable uplands. The unusable area consists of submerged land within Trout Lake. Sun Terra Communities purchased this site in October of 2024 for $14,500,000, or $156,200 per usable acre. The site is part of a larger Planned Unit Develop that is entitled for 300+ single-family residential units and some multifamily. Residential Land Land Sale Profile Sale No. 1 Comments (Cont'd) Residential Land Land Sale Profile Sale No. 2 Location & Property Identification Hickory Grove Property Name: Sub-Property Type: Residential, Single Family Development Land Schofield Rd. Address: Clermont, FL 34711 City/State/Zip: Lake County: Suburban Market Orientation: IRR Event ID: 3410281 Sale Information $59,980,100 Sale Price: $59,980,100 Effective Sale Price: 05/22/2024 Sale Date: Sale Status: Closed $/Acre(Gross): $144,263 $/Land SF(Gross): $3.31 $/Acre(Usable): $147,455 $/Land SF(Usable): $3.39 Grantor/Seller: Hickory Groves, LLC Grantee/Buyer: Legacy Inspirada, LLC, Triology Inspirada, LLC, RHV Edison Avenue, LLC, EPC Holdings 1041/1042, LLC Assets Sold: Real estate only Property Rights: Fee Simple % of Interest Conveyed: 10.00 Financing: Cash to seller Conditions of Sale: Arm's-length Document Type: Warranty Deed Recording No.: Book 6340, Page 970 Verified By: Tyler S. Rodriguez-MacGregor Verification Date: 09/22/2025 Confirmation Source: Colliers, CoStar, Public Records Verification Type: Confirmed-Other Improvement and Site Data 25-23-26-0003-000-00800 25-23-26-0002-000-00200 Legal/Tax/Parcel ID: 406.77/415.77 Acres(Usable/Gross): 17,718,901/18,110,941 Land-SF(Usable/Gross): Usable/Gross Ratio: 0.98 Shape: Irregular Topography: Level AccessibilityRating: Average Visibility Rating: Average Zoning Code: A Zoning Desc.: Agricultural Source of Land Info.: Public Records Comments This is the sale of two contiguous tracts of land located along the north side of Schofield Road, immediately west of the Orange County line in Clermont, Lake County, Florida. The sites total 415.77 gross acres, however, only 406.77 acres are considered to be usable uplands. The unusable area consists of wetlands. Richland Communities purchased the sites in May of 2024 for $59,980,100, or $147,455 per usable acre. The site currently has an agricultural zoning, however, is part of the Wellness Way future land use. The sellers had originally applied for a comprehensive plan amendment and PUD for a master planned community. The initial PUD would have been entitled for 1,200 residential units and 48 acres of Hickory Grove Land Sale Profile Sale No. 2 Comments (Cont'd) commercial uses. It was noted that Richland Communities is expected to resubmit a PUD and comprehensive plan amendment. Hickory Grove Land Sale Profile Sale No. 3 Location & Property Identification Wellness Ridge CDD Land Property Name: Sub-Property Type: Residential, Single Family Development Land Five Mile Rd. Address: Clermont, FL 34711 City/State/Zip: Lake County: Suburban Market Orientation: IRR Event ID: 3221564 Sale Information $21,415,200 Sale Price: $21,415,200 Effective Sale Price: 08/16/2023 Sale Date: Sale Status: Closed $/Unit: $24,253 /Unit $/Acre(Gross): $109,233 $/Land SF(Gross): $2.51 $/Acre(Usable): $109,233 $/Land SF(Usable): $2.51 $24,253 /Approved Lot $/Unit (Potential): Grantor/Seller: South Lake Crossing I, LLC Grantee/Buyer: LSMA Wellness, LLC Assemblage: No Portfolio Sale: No Assets Sold: Real estate only Property Rights: Fee Simple % of Interest Conveyed: 100.00 Financing: Cash to seller Conditions of Sale: Arm's-length Document Type: Warranty Deed Recording No.: 2023101862 Verified By: Tyler S. Rodriguez-MacGregor Verification Date: 04/11/2024 Confirmation Source: Wellness Ridge CDD team, CoStar, Public Records Verification Type: Confirmed-Other Sale Analysis Expenditures Description: None Improvement and Site Data 22-23-26-0004-000-00600 22-23-26-0001-000-00900 Legal/Tax/Parcel ID: 196.05/196.05 Acres(Usable/Gross): 8,539,938/8,539,938 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 No. of Units (Potential): 883 AccessibilityRating: Average Visibility Rating: Average Density-Unit/Gross Acre: 4.50 Density-Unit/Usable Acre: 4.50 Zoning Code: WRCDD Zoning Desc.: Wellness Ridge Community Development District Flood Plain: No Utilities: Electricity, Water Public, Sewer Source of Land Info.: Public Records Comments This is the sale of two tracts of vacant land at the northwest and southwest corners of Wellness Way and Five Mile Road in Clermont, Lake County, Florida. The two tracts Wellness Ridge CDD Land Land Sale Profile Sale No. 3 Comments (Cont'd) total 196.05 acres and are part of the Wellness Ridge Community Development District. The entire master development has a PUD zoning and is permitted for up to 1,850 attached and detached residential homes. This area is delineated as Assessment Area 2 and is entitled for 682 single-family homes with lot sizes ranging from 32 to 60-feet and 201, 22-foot, townhome units for a total of 883 units. This indicates a density of 4.50 dwelling units per acre. Starwood Land group purchased these two sites in August of 2023 for $21,415,200, or $109,233 per usable acre. Wellness Ridge CDD Land Land Sale Profile Sale No. 4 Location & Property Identification Wind Crest Site Property Name: Sub-Property Type: Residential, Single Family Development Land Wind Crest Ln. Address: Groveland, FL 34736 City/State/Zip: Lake County: Rural Market Orientation: Terminus of Wind Crest Lane, South of Libby Road Property Location: IRR Event ID: 3206397 Sale Information $23,585,000 Sale Price: $23,585,000 Effective Sale Price: 07/19/2023 Sale Date: Sale Status: Closed $/Unit: $65,332 /Unit $/Acre(Gross): $155,175 $/Land SF(Gross): $3.56 $/Acre(Usable): $155,175 $/Land SF(Usable): $3.56 $65,332 /Approved Lot $/Unit (Potential): Grantor/Seller: ORSI Development, Inc. Grantee/Buyer: Lennar Homes, LLC Assets Sold: Real estate only Property Rights: Fee Simple % of Interest Conveyed: 100.00 Financing: Cash to seller Conditions of Sale: Arm's-length Document Type: Deed Recording No.: OR Book 6189, Page 0630 Verification Type: Secondary Verification Improvement and Site Data MSA: Orlando 33-21-25-0004-000-01600 Legal/Tax/Parcel ID: 151.99/151.99 Acres(Usable/Gross): 6,620,684/6,620,684 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 No. of Units (Potential): 361 Shape: Irregular Topography: Level Vegetation: Trees and grasses Frontage Type: 1 way, 2 lanes Traffic Flow: Low AccessibilityRating: Below average Visibility Rating: Below average Density-Unit/Gross Acre: 2.38 Density-Unit/Usable Acre: 2.38 Zoning Code: PD Zoning Desc.: Planned Development, Village Flood Plain: No Source of Land Info.: Public Records Comments This is the sale of the vacant tract of land located at the terminus of Wind Crest Land, south of Libby Road in Groveland, Lake County, Florida. The property contains a total area of 151.99 acres, all of which were reported to be usable uplands. Historically, the property was utilized for cattle grazing, under an agricultural zoning. In fact, the majority of the land immediately surrounding this site to the north and to the west is zoned A, Agricultural, by the city of Groveland. However, this property underwent a Wind Crest Site Land Sale Profile Sale No. 4 Comments (Cont'd) zoning change to a higher-density Planned Development district prior to the closing of this sale. The path of development in this immediate area is sweeping to the west, from U.S. Highway 27. Much of the area's former agricultural land is being redeveloped with higher density residential uses. The property sold in July of 2023 for a recorded price of $25,585,000. Reportedly, the buyer plans to develop the site as a continuation of the contiguous Cherry Lake single family residential subdivision. The site is planned for 361 lots, indicating a price of $65,332 per lot. Wind Crest Site Land Sales - Conservation Parcels Land Sale Profile Sale No. 1 Location & Property Identification Wet Lands Property Name: Sub-Property Type: Specialty, Wetland/Marshland 3989 Cresthill Ln. Address: New Smyrna Beach, FL 32168 City/State/Zip: Volusia County: CBD Market Orientation: IRR Event ID: 3412342 Sale Information $10,000 Sale Price: $10,000 Effective Sale Price: 06/02/2025 Sale Date: Sale Status: Closed $/Acre(Gross): $4,016 $/Land SF(Gross): $0.09 $/Acre(Usable): $4,016 $/Land SF(Usable): $0.09 Grantor/Seller: Stillwater Properties of Central Florida, LLC Grantee/Buyer: Nextacre South, LLC Assemblage: No Portfolio Sale: No Assets Sold: Real estate only Property Rights: Fee Simple % of Interest Conveyed: 100.00 Financing: Cash to seller Conditions of Sale: Arm's-length Document Type: Warranty Deed Recording No.: 8712 / 3666 Verified By: Tyler S. Rodriguez-MacGregor Verification Date: 09/25/2025 Confirmation Source: Volusia County Verification Type: Confirmed-Other Improvement and Site Data 722601030059 Legal/Tax/Parcel ID: 2.49/2.49 Acres(Usable/Gross): 108,464/108,464 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 Shape: Rectangular Topography: Level AccessibilityRating: Average Visibility Rating: Average Zoning Code: A-4 Zoning Desc.: Transitional Agriculture Flood Plain: Yes Source of Land Info.: Public Records Comments This is the sale of a vacant tract of land located along the north side of Cresthill Lane, southwest of Crestridge Drive in New Smyrna Beach, Volusia County, Florida. The site totals 2.49 acres is nearly 100% encumbered by wetlands. Additionally, the site is zoned A-4, Transitional Agriculture, and contains a future land use of R, Rural, by Volusia County. This future land use permits one dwelling unit per five acres. This transaction occurred in June of 2025 and sold for $10,000, or $4,016 per gross acre. Wet Lands Land Sale Profile Sale No. 2 Location & Property Identification Lake Sheen Wetlands Property Name: Sub-Property Type: Specialty, Conservation/Preservation Kilgore Rd. Address: Orlando, FL 32836 City/State/Zip: Orange County: Suburban Market Orientation: IRR Event ID: 3389026 Sale Information $1,386,000 Sale Price: $1,386,000 Effective Sale Price: 03/21/2025 Sale Date: Sale Status: Closed $/Acre(Gross): $3,834 $/Land SF(Gross): $0.09 Grantor/Seller: Akula Family, LP Grantee/Buyer: Orange County BCC Assets Sold: Real estate only Property Rights: Fee Simple Financing: Cash to seller Conditions of Sale: Arm's-length Document Type: Deed Recording No.: 20250173842 Verification Type: Secondary Verification Occupancy Occupancy at Time of Sale: 0.00% Improvement and Site Data 04-24-28-0000-00-077 Legal/Tax/Parcel ID: 361.53 Acres(Gross): 15,748,454 Land-SF(Gross): Zoning Code: ORG-R-CE Source of Land Info.: Public Records Comments In March 2025 this property was purchased by Orange County for a price of $1,386,000 or $3,833 per acre. This 361.53 acre parcel is located in between Pocket Lake and Winter Garden Vineland Road, in Orlando, Orange County, Florida. The property is comprised of a portion of Lake Sheen as well as 100% wetlands. Lake Sheen Wetlands Land Sale Profile Sale No. 3 Location & Property Identification Tavares Wetlands Property Name: Sub-Property Type: Specialty, Wetland/Marshland Beauclaire Ct. Address: Tavares, FL 32778 City/State/Zip: Lake County: Rural Market Orientation: IRR Event ID: 3240691 Sale Information $250,000 Sale Price: $250,000 Effective Sale Price: 05/01/2024 Sale Date: Sale Status: Closed $/Acre(Gross): $2,688 $/Land SF(Gross): $0.06 Assets Sold: Real estate only Property Rights: Fee Simple % of Interest Conveyed: 100.00 Financing: Cash to seller Conditions of Sale: Arm's-length Document Type: Deed Recording No.: O.R. Book 6327, Page 1386 Verified By: Jordan J. Wright Verification Date: 06/04/2024 Confirmation Source: Max Parsons Verification Type: Confirmed-Seller Broker Improvement and Site Data 02-20-26-0004-000-02000, 11-20-26-0001-000-00700 Legal/Tax/Parcel ID: 0.00/93.00 Acres(Usable/Gross): 0/4,051,080 Land-SF(Usable/Gross): Zoning Code: A Zoning Desc.: Agriculture Source of Land Info.: Broker Comments This sale comparable represents two contiguous vacant tracts of land located on the west side of Beauclaire Drive, just south of Deer Island Road in Tavares, Lake County, Florida. The site contains 93 acres and is 100% encumbered by wetlands. The property is zoned A, Agriculture, with a future land use of Rural Transition. In May 2024, the site sold for a recorded price of $250,000 or $2,688 per acre. Tavares Wetlands Land Sale Profile Sale No. 4 Location & Property Identification Hiawassee Road Wetlands Property Name: Sub-Property Type: Specialty, Wetland/Marshland Hiawassee Rd. Address: Orlando, FL 32818 City/State/Zip: Orange County: Suburban Market Orientation: Located on the east side of Hiawassee Road, just north of Anoka Drive in Orlando, Orange County, Florida. Property Location: IRR Event ID: 3028459 Sale Information $6,000 Sale Price: $6,000 Effective Sale Price: 04/03/2023 Sale Date: Sale Status: Closed $/Acre(Gross): $2,913 $/Land SF(Gross): $0.07 Grantor/Seller: Salmons Jerome C Jr Estate Grantee/Buyer: Burgos Negron Hiram O Portfolio Sale: No Property Rights: Fee Simple % of Interest Conveyed: 100.00 Financing: Cash to seller Conditions of Sale: Arm's-length Document Type: Deed Recording No.: O.R. Instrument Number 20230180988 Verification Type: Secondary Verification Sale Analysis Expenditures Description: None Improvement and Site Data 13-22-28-0000-00-019 Legal/Tax/Parcel ID: 0.00/2.06 Acres(Usable/Gross): 0/89,734 Land-SF(Usable/Gross): Shape: Irregular Corner Lot: No Zoning Code: R-1A Source of Land Info.: Public Records Comments This sale comparable represents a vacant tract of land located on the east side of Hiawassee Road, just north of Anoka Drive in Orlando, Orange County, Florida. The property contains 2.06 acres or 89,743 square feet. However, the property is entirely encumbered by wetlands. The site is zoned R-1A with a future land use of Rural, which permits one dwelling unit per ten acres. On April 3, 2023, the site sold for a recorded price of $6,000 or $2,913 per acre. Hiawassee Road Wetlands Land Sale Profile Sale No. 5 Location & Property Identification GreenPlace Parcel 161 Property Name: Sub-Property Type: Specialty, Wetland/Marshland 14551 Lake Pickett Road Address: Orlando, FL 32826 City/State/Zip: Orange County: Suburban Market Orientation: IRR Event ID: 2969657 Sale Information $20,000 Sale Price: $20,000 Effective Sale Price: 08/04/2022 Sale Date: Sale Status: Closed $/Acre(Gross): $4,679 $/Land SF(Gross): $0.11 Grantor/Seller: James R. Mativa and Jane Mativa Grantee/Buyer: William G. Krause Property Rights: Fee Simple % of Interest Conveyed: 100.00 Financing: Cash to seller Conditions of Sale: Arm's-length Document Type: Deed Recording No.: 20220481763 Verification Type: Secondary Verification Sale Analysis Expenditures Description: None Improvement and Site Data 12-22-31-0000-00-076 Legal/Tax/Parcel ID: 0.00/4.27 Acres(Usable/Gross): 0/186,194 Land-SF(Usable/Gross): Shape: Irregular Topography: Steep Corner Lot: No Frontage Feet: 446 Frontage Desc.: Lake Pickett Road Frontage Type: 2 way, 1 lane each way Traffic Control at Entry: None Traffic Flow: Moderate Visibility Rating: Average Zoning Code: A-2 Zoning Desc.: Farmland Rural District Flood Plain: Yes Flood Zone Designation: AE Comm. Panel No.: 12095C0285F Date: 09/25/2009 Source of Land Info.: Public Records Comments This is a sale of vacant land located on the north side of Lake Pickett Road, just east of North Tanner Road in Orlando, Orange County, Florida. This sale is irregular in shape and contains 4.27 acres. The site is entirely encumbered by wetlands and located within the Econlockhatchee River Protection Zone. The property is zoned A-2, Farmland Rural District, which allows a variety of uses, including residential and agriculture. The property is considered to have nominal overall utility for any potential development, and the purchase of offsite mitigation credits that would allow for further development would likely be a prohibitive cost. Therefore, GreenPlace Parcel 161 Land Sale Profile Sale No. 5 Comments (Cont'd) the site is likely to remain vacant agricultural, conservation or recreational in its use. The sale took place in August 2022, for $20,000, or $4,679 per acre. GreenPlace Parcel 161 Addendum F Engagement Letter REBATE REPORT $9,615,000 Windsor Cay Community Development District (Lake County, Florida) Special Assessment Bonds, Series 2024 (Assessment Area One Project) Dated: May 2, 2024 Delivered: May 2, 2024 __________________________________ Rebate Report to the Computation Date May 2, 2029 Reflecting Activity Through November 30, 2025 TABLE OF CONTENTS AMTEC Opinion 3 Summary of Rebate Computations 4 Summary of Computational Information and Definitions 5 Methodology 7 Sources and Uses 8 Proof of Arbitrage Yield 9 Bond Debt Service 11 Arbitrage Rebate Calculation Detail Report – Acquisition and Construction Fund 13 Arbitrage Rebate Calculation Detail Report – Reserve Fund 15 Arbitrage Rebate Calculation Detail Report – Capitalized Interest Fund 16 Arbitrage Rebate Calculation Detail Report – Cost of Issuance Fund 17 Arbitrage Rebate Calculation Detail Report – Rebate Computation Credit 18 December 19, 2025 Windsor Cay Community Development District c/o Ms. Katie Costa Director of Operations – Accounting Division Government Management Services – CF, LLC 6200 Lee Vista Boulevard, Suite 300 Orlando, FL 32822 Re: $9,615,000 Windsor Cay Community Development District (Lake County, Florida), Special Assessment Bonds, Series 2024 (Assessment Area One Project) Dear Ms. Costa: AMTEC has prepared certain computations relating to the above referenced bond issue (the "Bonds") at the request of Windsor Cay Community Development District (the “District”). The scope of our engagement consisted of preparing computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the “Code”), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions. Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage. We have scheduled our next Report as of April 30, 2026. Thank you for this engagement and should you have any questions, please do not hesitate to contact us. Very truly yours, Michael J. Scarfo Senior Vice President Trong M. Tran Assistant Vice President SUMMARY OF REBATE COMPUTATIONS Our computations, contained in the attached schedules, are summarized as follows: For the May 2, 2029 Computation Date Reflecting Activity from May 2, 2024 through November 30, 2025 Fund Description Taxable Inv Yield Net Income Rebatable Arbitrage Acquisition and Construction Fund 5.265213% 50,152.57 (4,239.74) Reserve Fund 4.575907% 23,750.46 (6,692.49) Capitalized Interest Fund 5.214749% 6,759.86 (659.27) Cost of Issuance Fund 5.134498% 2.90 (0.34) Totals 5.042007% $80,665.79 $(11,591.84) Bond Yield 5.611166% Rebate Computation Credit (2,645.27) Net Rebatable Arbitrage $(14,237.11) Based upon our computations, no rebate liability exists. SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS COMPUTATIONAL INFORMATION 1. For the purpose of computing Rebatable Arbitrage, investment activity is reflected from May 2, 2024, the date of the closing, through November 30, 2025, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of May 2, 2029. 2. Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior. 3. For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules. 4. Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction. 5. During the period between May 2, 2024 and November 30, 2025, the District made periodic payments into the Interest, Sinking, and Prepayment Accounts (collectively, the “Debt Service Fund”, that were used, along with the interest earned, to provide the required debt service payments. Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year. We have reviewed the Debt Service Fund and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement. DEFINITIONS 6. Computation Date May 2, 2029. 7. Computation Period The period beginning on May 2, 2024, the date of the closing, and ending on November 30, 2025. 8. Bond Year Each one-year period (or shorter period from the date of issue) that ends at the close of business on the day in the calendar year that is selected by the issuer. If no day is selected by the issuer before the earlier of the final maturity date of the issue or the date that is five years after the date of issue, each bond year ends at the close of business on the anniversary date of the issuance. 9. Bond Yield The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds. 10. Taxable Investment Yield The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment. 11. Issue Price The price determined on the basis of the initial offering price to the public at which price a substantial amount of the Bonds was sold. 12. Rebatable Arbitrage The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield. 13. Funds and Accounts The Funds and Accounts activity used in the compilation of this Report was received from the District and U.S. Bank, Trustee, as follows: Fund / Account Account Number Revenue 231161000 Interest 231161001 Sinking 231161002 Prepayment 231161003 Reserve 231161004 Acquisition and Construction 231161005 Cost of Issuance 231161006 METHODOLOGY Bond Yield The methodology used to calculate the bond yield was to determine the discount rate that produces the present value of all payments of principal and interest through the maturity date of the Bonds. Investment Yield and Rebate Amount The methodology used to calculate the Rebatable Arbitrage, as of November 30, 2025, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to May 2, 2029. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on May 2, 2029, is the Rebatable Arbitrage. $9,615,000 Windsor Cay Community Development District (Lake County, Florida) Special Assessment Bonds, Series 2024 (Assessment Area One Project) Delivered: May 2, 2024 Sources of Funds Par Amount $9,615,000.00 Total $9,615,000.00 Uses of Funds Acquisition and Construction Fund $8,638,181.63 Reserve Fund 332,621.25 Capitalized Interest Fund 263,422.12 Cost of Issuance Fund 188,475.00 Underwriter’s Discount 192,300.00 Total $9,615,000.00 Prepared by AMTEC (Finance 8.901) PROOF OF ARBITRAGE YIELD $9,615,000 Windsor Cay Community Development District (Lake County, Florida) Special Assessment Bonds, Series 2024 (Assessment Area One Project) Present Value to 05/02/2024 Date Debt Service @ 5.6111658933% 11/01/2024 263,422.12 256,272.67 05/01/2025 399,893.75 378,423.39 11/01/2025 261,788.75 240,972.59 05/01/2026 406,788.75 364,224.28 11/01/2026 258,453.75 225,095.13 05/01/2027 408,453.75 346,026.57 11/01/2027 255,003.75 210,134.05 05/01/2028 410,003.75 328,640.43 11/01/2028 251,438.75 196,041.79 05/01/2029 416,438.75 315,828.19 11/01/2029 247,643.75 182,688.17 05/01/2030 417,643.75 299,690.06 11/01/2030 243,733.75 170,123.90 05/01/2031 423,733.75 287,690.83 11/01/2031 239,593.75 158,231.06 05/01/2032 429,593.75 275,967.23 11/01/2032 234,416.25 146,477.38 05/01/2033 434,416.25 264,041.52 11/01/2033 228,966.25 135,369.53 05/01/2034 438,966.25 252,443.32 11/01/2034 223,243.75 124,880.71 05/01/2035 443,243.75 241,180.38 11/01/2035 217,248.75 114,984.67 05/01/2036 452,248.75 232,832.36 11/01/2036 210,845.00 105,587.51 05/01/2037 460,845.00 224,485.06 11/01/2037 204,032.50 96,675.23 05/01/2038 464,032.50 213,868.86 11/01/2038 196,947.50 88,294.35 05/01/2039 471,947.50 205,806.67 11/01/2039 189,453.75 80,362.28 05/01/2040 479,453.75 197,824.05 11/01/2040 181,551.25 72,864.32 05/01/2041 491,551.25 191,896.81 11/01/2041 173,103.75 65,733.80 05/01/2042 498,103.75 183,986.25 11/01/2042 164,247.50 59,012.99 05/01/2043 509,247.50 177,975.85 11/01/2043 154,846.25 52,640.03 05/01/2044 519,846.25 171,899.13 11/01/2044 144,900.00 46,606.92 05/01/2045 529,900.00 165,790.36 11/01/2045 133,831.25 40,729.23 05/01/2046 538,831.25 159,508.83 11/01/2046 122,187.50 35,183.74 05/01/2047 552,187.50 154,662.54 11/01/2047 109,825.00 29,921.48 05/01/2048 564,825.00 149,685.27 11/01/2048 96,743.75 24,938.56 05/01/2049 581,743.75 145,869.16 11/01/2049 82,800.00 20,195.07 05/01/2050 592,800.00 140,639.25 11/01/2050 68,137.50 15,724.17 05/01/2051 608,137.50 136,510.72 11/01/2051 52,612.50 11,487.81 05/01/2052 627,612.50 133,297.85 Prepared by AMTEC (Finance 8.901) PROOF OF ARBITRAGE YIELD $9,615,000 Windsor Cay Community Development District (Lake County, Florida) Special Assessment Bonds, Series 2024 (Assessment Area One Project) Present Value to 05/02/2024 Date Debt Service @ 5.6111658933% 11/01/2052 36,081.25 7,454.12 05/01/2053 646,081.25 129,833.06 11/01/2053 18,543.75 3,624.76 05/01/2054 663,543.75 126,163.67 20,147,758.37 9,615,000.00 Proceeds Summary Delivery date 05/02/2024 Par Value 9,615,000.00 Target for yield calculation 9,615,000.00 Prepared by AMTEC (Finance 8.901) BOND DEBT SERVICE $9,615,000 Windsor Cay Community Development District (Lake County, Florida) Special Assessment Bonds, Series 2024 (Assessment Area One Project) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 05/02/2024 11/01/2024 263,422.12 263,422.12 05/01/2025 135,000 4.600% 264,893.75 399,893.75 663,315.87 11/01/2025 261,788.75 261,788.75 05/01/2026 145,000 4.600% 261,788.75 406,788.75 668,577.50 11/01/2026 258,453.75 258,453.75 05/01/2027 150,000 4.600% 258,453.75 408,453.75 666,907.50 11/01/2027 255,003.75 255,003.75 05/01/2028 155,000 4.600% 255,003.75 410,003.75 665,007.50 11/01/2028 251,438.75 251,438.75 05/01/2029 165,000 4.600% 251,438.75 416,438.75 667,877.50 11/01/2029 247,643.75 247,643.75 05/01/2030 170,000 4.600% 247,643.75 417,643.75 665,287.50 11/01/2030 243,733.75 243,733.75 05/01/2031 180,000 4.600% 243,733.75 423,733.75 667,467.50 11/01/2031 239,593.75 239,593.75 05/01/2032 190,000 5.450% 239,593.75 429,593.75 669,187.50 11/01/2032 234,416.25 234,416.25 05/01/2033 200,000 5.450% 234,416.25 434,416.25 668,832.50 11/01/2033 228,966.25 228,966.25 05/01/2034 210,000 5.450% 228,966.25 438,966.25 667,932.50 11/01/2034 223,243.75 223,243.75 05/01/2035 220,000 5.450% 223,243.75 443,243.75 666,487.50 11/01/2035 217,248.75 217,248.75 05/01/2036 235,000 5.450% 217,248.75 452,248.75 669,497.50 11/01/2036 210,845.00 210,845.00 05/01/2037 250,000 5.450% 210,845.00 460,845.00 671,690.00 11/01/2037 204,032.50 204,032.50 05/01/2038 260,000 5.450% 204,032.50 464,032.50 668,065.00 11/01/2038 196,947.50 196,947.50 05/01/2039 275,000 5.450% 196,947.50 471,947.50 668,895.00 11/01/2039 189,453.75 189,453.75 05/01/2040 290,000 5.450% 189,453.75 479,453.75 668,907.50 11/01/2040 181,551.25 181,551.25 05/01/2041 310,000 5.450% 181,551.25 491,551.25 673,102.50 11/01/2041 173,103.75 173,103.75 05/01/2042 325,000 5.450% 173,103.75 498,103.75 671,207.50 11/01/2042 164,247.50 164,247.50 05/01/2043 345,000 5.450% 164,247.50 509,247.50 673,495.00 11/01/2043 154,846.25 154,846.25 05/01/2044 365,000 5.450% 154,846.25 519,846.25 674,692.50 11/01/2044 144,900.00 144,900.00 05/01/2045 385,000 5.750% 144,900.00 529,900.00 674,800.00 11/01/2045 133,831.25 133,831.25 05/01/2046 405,000 5.750% 133,831.25 538,831.25 672,662.50 11/01/2046 122,187.50 122,187.50 05/01/2047 430,000 5.750% 122,187.50 552,187.50 674,375.00 11/01/2047 109,825.00 109,825.00 05/01/2048 455,000 5.750% 109,825.00 564,825.00 674,650.00 11/01/2048 96,743.75 96,743.75 05/01/2049 485,000 5.750% 96,743.75 581,743.75 678,487.50 11/01/2049 82,800.00 82,800.00 05/01/2050 510,000 5.750% 82,800.00 592,800.00 675,600.00 11/01/2050 68,137.50 68,137.50 05/01/2051 540,000 5.750% 68,137.50 608,137.50 676,275.00 11/01/2051 52,612.50 52,612.50 05/01/2052 575,000 5.750% 52,612.50 627,612.50 680,225.00 Prepared by AMTEC (Finance 8.901) BOND DEBT SERVICE $9,615,000 Windsor Cay Community Development District (Lake County, Florida) Special Assessment Bonds, Series 2024 (Assessment Area One Project) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 11/01/2052 36,081.25 36,081.25 05/01/2053 610,000 5.750% 36,081.25 646,081.25 682,162.50 11/01/2053 18,543.75 18,543.75 05/01/2054 645,000 5.750% 18,543.75 663,543.75 682,087.50 9,615,000 10,532,758.37 20,147,758.37 20,147,758.37 $9,615,000 Windsor Cay Community Development District (Lake County, Florida) Special Assessment Bonds, Series 2024 (Assessment Area One Project) Acquisition and Construction Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.611166%) 05/02/24 Beg Bal -8,638,181.63 -11,391,720.79 05/02/24 5,819,785.86 7,674,922.62 06/04/24 -1,431.37 -1,878.38 07/02/24 -1,431.57 -1,870.57 08/02/24 -1,478.41 -1,922.89 08/15/24 7,378.00 9,577.00 08/15/24 1,480.00 1,921.11 08/15/24 4,505.00 5,847.71 08/15/24 1,365.00 1,771.84 08/15/24 3,469.73 4,503.88 08/29/24 2,818,135.44 3,650,211.31 09/03/24 900.00 1,165.02 09/03/24 730.00 944.96 09/03/24 3,555.08 4,601.91 09/04/24 -1,478.16 -1,913.13 09/25/24 2,903.00 3,745.13 10/02/24 -1,375.95 -1,773.19 10/07/24 840.00 1,081.68 11/04/24 -1,337.26 -1,714.88 11/08/24 154.30 197.75 12/03/24 -1,242.22 -1,585.91 01/03/25 -1,237.27 -1,572.33 01/17/25 2,500.00 3,170.18 02/04/25 -1,199.64 -1,517.26 03/04/25 -1,083.56 -1,364.14 04/02/25 -1,199.62 -1,503.77 04/03/25 1,380.00 1,729.61 04/18/25 855.00 1,069.14 04/18/25 265.50 332.00 05/02/25 -1,160.94 -1,448.58 06/03/25 -1,199.50 -1,489.58 07/02/25 -1,160.94 -1,435.28 07/22/25 2,125.00 2,619.10 08/04/25 -1,199.63 -1,475.84 08/05/25 190.00 233.71 09/03/25 -1,198.55 -1,467.95 10/02/25 -1,123.58 -1,370.01 11/04/25 -1,124.43 -1,364.32 11/25/25 231.25 279.68 $9,615,000 Windsor Cay Community Development District (Lake County, Florida) Special Assessment Bonds, Series 2024 (Assessment Area One Project) Acquisition and Construction Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.611166%) 11/25/25 147.50 178.39 11/30/25 Bal 37,979.87 45,898.78 11/30/25 Acc 121.27 146.56 ---------------------------------------------------------------- 05/02/29 TOTALS: 50,152.57 -4,239.74 ---------------------------------------------------------------- ISSUE DATE: 05/02/24 REBATABLE ARBITRAGE: -4,239.74 COMP DATE: 05/02/29 NET INCOME: 50,152.57 BOND YIELD: 5.611166% TAX INV YIELD: 5.265213% $9,615,000 Windsor Cay Community Development District (Lake County, Florida) Special Assessment Bonds, Series 2024 (Assessment Area One Project) Reserve Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.611166%) 05/02/24 Beg Bal -332,621.25 -438,648.85 06/04/24 1,431.37 1,878.38 07/02/24 1,431.57 1,870.57 08/02/24 1,478.41 1,922.89 09/04/24 1,478.16 1,913.13 10/02/24 1,375.95 1,773.19 11/04/24 1,337.26 1,714.88 12/03/24 1,242.22 1,585.91 01/03/25 1,237.27 1,572.33 02/04/25 1,199.64 1,517.26 03/04/25 1,083.56 1,364.14 04/02/25 1,199.62 1,503.77 05/02/25 1,160.94 1,448.58 06/03/25 1,199.50 1,489.58 07/02/25 1,160.64 1,434.91 08/04/25 1,199.63 1,475.84 09/03/25 1,198.55 1,467.95 10/02/25 1,123.58 1,370.01 11/04/25 1,124.43 1,364.32 11/30/25 Bal 332,621.25 401,973.69 11/30/25 Acc 1,088.16 1,315.04 ---------------------------------------------------------------- 05/02/29 TOTALS: 23,750.46 -6,692.49 ---------------------------------------------------------------- ISSUE DATE: 05/02/24 REBATABLE ARBITRAGE: -6,692.49 COMP DATE: 05/02/29 NET INCOME: 23,750.46 BOND YIELD: 5.611166% TAX INV YIELD: 4.575907% $9,615,000 Windsor Cay Community Development District (Lake County, Florida) Special Assessment Bonds, Series 2024 (Assessment Area One Project) Capitalized Interest Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.611166%) 05/02/24 Beg Bal -263,422.12 -347,391.54 06/04/24 1,133.58 1,487.59 07/02/24 1,133.74 1,481.41 08/02/24 1,170.84 1,522.85 09/04/24 1,170.64 1,515.12 10/02/24 1,089.70 1,404.30 11/01/24 263,422.11 337,963.10 11/04/24 1,059.05 1,358.10 11/25/24 -102.90 -131.53 12/03/24 0.49 0.63 01/03/25 0.38 0.48 01/10/25 -0.01 -0.01 02/04/25 0.37 0.47 03/04/25 0.34 0.43 04/02/25 0.37 0.46 05/01/25 -264,790.83 -330,448.13 05/01/25 264,893.75 330,576.57 05/02/25 0.36 0.45 ---------------------------------------------------------------- 05/02/29 TOTALS: 6,759.86 -659.27 ---------------------------------------------------------------- ISSUE DATE: 05/02/24 REBATABLE ARBITRAGE: -659.27 COMP DATE: 05/02/29 NET INCOME: 6,759.86 BOND YIELD: 5.611166% TAX INV YIELD: 5.214749% $9,615,000 Windsor Cay Community Development District (Lake County, Florida) Special Assessment Bonds, Series 2024 (Assessment Area One Project) Cost of Issuance Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.611166%) 05/02/24 Beg Bal -188,475.00 -248,554.00 05/02/24 55,000.00 72,532.01 05/02/24 42,000.00 55,388.08 05/02/24 45,000.00 59,344.37 05/02/24 1,750.00 2,307.84 05/02/24 2,500.00 3,296.91 05/02/24 6,000.00 7,912.58 05/02/24 30,000.00 39,562.91 05/02/24 6,125.00 8,077.43 11/25/24 102.90 131.53 ---------------------------------------------------------------- 05/02/29 TOTALS: 2.90 -0.34 ---------------------------------------------------------------- ISSUE DATE: 05/02/24 REBATABLE ARBITRAGE: -0.34 COMP DATE: 05/02/29 NET INCOME: 2.90 BOND YIELD: 5.611166% TAX INV YIELD: 5.134498% $9,615,000 Windsor Cay Community Development District (Lake County, Florida) Special Assessment Bonds, Series 2024 (Assessment Area One Project) Rebate Computation Credit ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.611166%) 05/02/25 -2,120.00 -2,645.27 ---------------------------------------------------------------- 05/02/29 TOTALS: -2,120.00 -2,645.27 ---------------------------------------------------------------- ISSUE DATE: 05/02/24 REBATABLE ARBITRAGE: -2,645.27 COMP DATE: 05/02/29 BOND YIELD: 5.611166%