PIER PARK COMMUNITY DEVELOPMENT DISTRICT
May 30, 2018 Minutes of Meeting
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MINUTES OF MEETING

Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.

PIER PARK
COMMUNITY DEVELOPMENT DISTRICT

The special meeting of the Board of Supervisors for Pier Park Community Development District was held on Wednesday, May 30, 2018 at 10:01 a.m. (CDT) at Panama City Beach City Hall, located at 110 South Arnold Road, Panama City Beach, Florida 34213.

Present:

Chris Tilley Marek Bakun Ken Goldberg Wes Payne

Mike Denton Also present were:
Justin Croom Anthony Jeancola Joseph Brown

Courtney Mattern

FIRST ORDER OF BUSINESS

Board Supervisor, Chairman Board Supervisor, Vice Chairman
Board Supervisor, Assistant Secretary Board Supervisor, Assistant Secretary (via speakerphone)
Board Supervisor, Assistant Secretary

District Manager, Rizzetta & Company, Inc. District Manager, Rizzetta & Company, Inc. District Counsel, Hopping Green & Sams (via speakerphone)
Rizzetta & Company, Inc.

Call to Order

Mr. Croom called the meeting to order at 10:01 a.m. (CDT) and conducted roll call, confirming a quorum for the meeting.

SECOND ORDER OF BUSINESS

There were no audience members present.

THIRD ORDER OF BUSINESS

Audience Comments

Consideration of Minutes of the Land Owner Election Meeting held on November 13, 2017

Mr. Croom stated that the minutes were reviewed by District Counsel.

PIER PARK COMMUNITY DEVELOPMENT DISTRICT
May 30, 2018 Minutes of Meeting
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On a Motion by Mr. Goldberg, seconded by Mr. Tilley, with all in favor, the Board approved the Minutes of the Land Owner Election Meeting held on November 13, 2017, for Pier Park Community Development District.

FOURTH ORDER OF BUSINESS	Consideration of Minutes of the Board of
Supervisors' Meeting held on November 13, 2017

Mr. Croom stated that the minutes were reviewed by District Counsel.

On a Motion by Mr. Tilley, seconded by Mr. Goldberg, with all in favor, the Board approved the Minutes of the Board of Supervisors' Meeting held on November 13, 2017, for Pier Park Community Development District.

FIFTH ORDER OF BUSINESS	Ratification of Operation and Maintenance Expenditures for September through December 2017 and January through February 2018

Mr. Croom reviewed the expenditures for September 2017 through December 2017 and January through February 2018 with the Board.

On a Motion by Mr. Goldberg, seconded by Mr. Tilley, with all in favor, the Board ratified the Operation and Maintenance Expenditures for September 2017 ($25,222.12), October 2017 ($29,881.96), November 2017 ($29,700.71), December 2017 ($26,895.66), January 2018 ($29,307.18) and February 2018 ($14,273.31), for Pier Park Community Development District.

SIXTH ORDER OF BUSINESS	Ratification of Operation and Maintenance Expenditures from OLTR Fund for September through December 2017 and January through February 2018

Mr. Croom reviewed the expenditures for September 2017 through December 2017 and January through February 2018 from the OLTR Fund with the Board.

On a Motion by Mr. Tilley, seconded by Mr. Payne, with all in favor, the Board ratified the OLTR Operation and Maintenance Expenditures for September 2017 ($31,621.03), October
2017 ($20,790.99), November 2017 ($16,962.90), December 2017 ($11,894.15), January 2018
($19,634.08) and February 2018 ($20,782.48), for Pier Park Community Development District.

SEVENTH ORDER OF BUSINESS	Presentation of Proposed Budget for
Fiscal Year 2018/2019 Review of Proposed Budget Fiscal Year 2018/2019

Mr. Jeancola presented the proposed budget. Stating that in looking at year-to-date, this

PIER  PARK  COMMUNITY  DEVELOPMENT DISTRICT
May 30, 2018  Minutes of Meeting
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budget was prepared through the March financial and based on the general fund it appears that we will be running under budget by around $25,000.00.

Under AB Park and Beachfront there will also be an excess revenue running about 1/3 under budget and having excess funds available because of the OLTR funds.

Mr. Jeancola stated that it is safe to say that the general fund will maintain an overall expenditure around $336,036.00 that has been done the last couple of fiscal years. As for AB Park and Beach front, there is a slight reduction in the amount of $319,936.00.

EIGHTH ORDER OF BUSINESS		Consideration of Resolution 2018-04, Approving Proposed Budget and Setting the Public Hearing
Mr. Jeancola advised that the Public Hearing is currently set for August 13, 2018 at 10:00
at the usual meeting location, Panama City Beach City Hall, located at 11O South Arnold Road, Panama City Beach, Florida 34213.

Discussion ensued on the proposed budget.

On a Motion by Mr. Goldberg, seconded by Mr. Bakun, with all in favor, the Board approved Resolution 2018-04, Approving Proposed Budget and Setting the Public Hearing, for Pier Park Community Development District.

NINTH ORDER OF BUSINESS	Presentation of Registered Voter Count
Mr. Croom stated that as of April 15, 2018 there are O registered voters.

TENTH ORDER OF BUSINESS		Consideration of Resolution 2018-05, Re­ Designating the Assistant Secretary
Mr. Croom presented Resolution 2018-05 for consideration. Re-designating the Assistant Secretary to himself. This re-designation will be for administrative and signing purposes.

On a Motion by Mr. Payne, seconded by Mr. Tilley, with all in favor, the Board approved Resolution 2018-05, Re-Designating the Assistant Secretary position to Justin Croom, for Pier Park Community Development District.

ELEVENTH ORDER OF BUSINESS
District Counsel

Staff Reports

Mr. Brown stated that he had two brief updates. 1) The PIPA flow of funds. In

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particular this is in regards to the payment of subordinator notes. At the November meeting a Resolution was passed formalizing an informal process for the timing and calculation of excess OLRT funds available to repay outstanding subordinated notes. Staff is also continuing to look into the timing of the transition under the PIPA from  the current formula that applies  to determining how much OLTR and
TIF revenues are available to the district for funding payments on the outstanding bonds and the point at which funding will be limited to 61.17% of the of the installment amounts. This transition will happen no later than September 2022 by the terms of the PIPA itself. We are looking at any chances of this occurring sooner as a result of earlier payment of subordinated notes. At this time, St. Joe is the only remaining subordinated note holder.

Mr. Goldberg asked what would happen to the District once the debts are paid. Discussion ensued. The district cannot dissolve and will continue to exist essentially until the debt is paid off. At that time, it is possible the District's remaining assets, principally the stormwater system, could be conveyed to the property owners association.

2) Mr. Brown provided an update on a trip-and-fall claim from 2014. He has not had any indication that the District's insurer would deny coverage if a suit is filed. This has been a slow-moving claim and he does not see it as being "overly serious."
District Engineer
The District Engineer was not present.
District Manager
Mr. Croom stated that the next regular meeting of the Board is scheduled for Monday, August 13, 2018 at 10:00 a.m. (CST) at Panama City Beach City Hall, located at 110 South Arnold Road, Panama City Beach, Florida 34213.
Property Manager
The Property Manager was not present.
TWELFTH ORDER OF BUSINESS	Supervisor Requests
There were no supervisor requests at this time.

THIRTEENTH ORDER OF BUSINESS	Adjournment

On a Motion by Mr. Tilley, seconded by Mr. Goldberg, with all in favor, the Board of Supervisors adjourned the meeting at 10:29 a.m., for Pier Park Community Development District.

PIER  PARK  COMMUNITY  DEVELOPMENT DISTRICT
May 30, 2018 Minutes of  Meeting

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