Continued Meeting Minutes for May 9, 2022
Community Development District
The continued April 18, 2022 meeting of the Board of Supervisors of the Renaissance Community Development District was held on Monday, May 9, 2022 at 8:47 a.m. at the Club Renaissance on 12801 Renaissance Way in Fort Myers, Florida and via web conference.
Present (or attending via web conference and constituting a quorum were:
Doug Dickey – Chair
Sam Martin – Vice Chair
Jim Mercer – Assistant Secretary
John Huether – Assistant Secretary
Linda Stuart – Assistant Secretary
Also present (or attending via web conference) were:
Cal Teague – District Manager from Premier District Management (PDM)
Gaby Novak – PDM
The following is a summary of the actions taken at the Renaissance Community Development District (CDD) Board of Supervisors meeting.
FIRST ORDER OF BUSINESS Call to Order and Roll Call
The Renaissance Community Development District meeting was called to order, and District Manager Cal Teague called the roll. All Board members were present, with Supervisor Huether attending via web conference. Also present was Cal Teague, District Manager. Attending via web conference was Gaby Novak, Project Specialist of PDM.
SECOND ORDER OF BUSINESS Audience Comments on Agenda Items
THIRD ORDER OF BUSINESS Old Business
A. I-75 Perimeter Wall Five Year Plan/Capital Improvement Plan Updates
FOURTH ORDER OF BUSINESS District Manager
A. FY 2023 Preliminary Draft of Budget
The purpose of the continuation meeting was to review and discuss the proposed budget for Fiscal Year 2023. The following was discussed and actions taken:
The Budget was prepared on two premises. The first was holding expenses at current levels, but this would require another use of the fund balance, and the Board felt that this was bad financial management. Vice Chair Martin had requested a budget with various changes, which included a $450 assessment increase, an 8% increase to offset C.P.I. increases, and funding for community improvements, such as lake maintenance, and installing vegetation along the West and East perimeters.
Another goal to be included in the Budget was an aggressive approach for midge fly control in the lakes, plus other needed improvements on CDD properties. After discussion, the Board approved incorporating the $450 per unit increase in assessments to meet expenses, as discussed. The Budget will be tentatively approved and moved on to set the Public Hearing for adoption of the Budget, which will be set at the June meeting.
On MOTION by Vice Chair Martin, seconded by Supervisor Mercer, with all in favor, the Board approved proceeding with the proposed budget, incorporating the $450 per unit increase in assessments.
The Board also discussed refunding options for the current debt, since the current interest rates were not sufficient to generate ample funds to address lake banks, and the I-75 wall, if it needs to be repaired or replaced. District Manager Teague suggested extending the current debt from 11 years until maturity, to fifteen years, at an interest rate of 4.2%. In addition, the refunded bond would be for $5.5 million , which is $1 million more than the current debt. The $1 million would be used for capital repairs, as identified by the Board. The extension of the current bond will keep the rates similar to the current annual debt service. In addition, it will generate over $1 million for community improvements.
On MOTION by Chair Dickey, seconded by Supervisor Stuart, with all in favor, the Board approved procuring a commitment letter from Valley National Bank to obtain a loan.
B. Financial 3-year Review-Bond Financing
FIFTH ORDER OF BUSINESS Field Manager
SIXTH ORDER OF BUSINESS Attorney
SEVENTH ORDER OF BUSINESS Engineer
EIGHTH ORDER OF BUSINESS Supervisor Requests/Comments
It was commented that the fountain has been out on Lake 0.3 for awhile, and that maintenance tracking and status on the aerators and fountains of the lakes needs to be done.
It was requested by Supervisor Stuart that she have a ride around of the community with Field Manager Pepin.
It was also commented that Gaby Novak needs to update the website to indicate the changes in the Board.