May 17, 2023 Special City Commission Meeting

[1. Call to Order]

[00:00:06]

. >>MAYOR WALKER: GOOD EVENING -- GOOD AFTERNOON, EVERYONE. I WOULD LIKE TO GO AHEAD AND CALL THIS CITY COMMISSION SPECIAL MEETING.

IF EVERYBODY COULD -- HELLO, EVERYONE.

SAY HI TO EACH OTHER. OKAY.

IF I COULD CALL THIS CITY COMMISSION MEETING FOR THE CITY OF PARKLAND WEDNESDAY, MAY 17 TO ORDER.

PLEASE RISE FOR THE PLEDGE. I PLEDGE ALLEGIANCE TO THE FLAG FOR THE UNITED STATES OF AMERICA.

AND TO THE REPUBLIC FOR WHICH IT STANDS.

ONE NATION, UNDER GOD, WITH LIBERTY AND JUSTICE FOR ALL.

>>> A COUPLE OF THINGS BEFORE WE GET STARTED.

THIS AFTERNOON, WE ARE GOING TO TALK ABOUT THE RESIDENTIAL

[4.A. Heron Bay Golf Course Residential Property - Developer's Proposals and Potential Action ]

WE WERE VERY HAPPY WITH THE PROPOSALS THAT WE RECEIVED.

ONE OF THE THINGS WE SHOULD KEEP IN MIND -- AND THIS IS REALLY FOR ALL OF US HERE TONIGHT, OUR COMMISSION, AND EVERYONE.

THE OVERWHELMING SUCCESS SO FAR OF THIS RFP REALLY SAYS A LOT ABOUT THE CITY OF PARKLAND. AND IT SAYS A LOT OF THE DECISION WE MADE TO GO AHEAD AND PURCHASE THIS PROPERTY.

NOT ONLY DOES IT CONTINUE TO GIVE US ADDITIONAL SAFEGUARDS AND PROTECTIONS AS A CITY TO ENSURE WE ARE ABLE TO DO WHAT WE WANT TO DO. BUT NOW THAT THIS RESIDENTIAL PORTION IS AS SUCCESSFUL AS IT IS, IT WILL GIVE US ADDITIONAL FLEXIBILITY IN THE TOWN HALL PORTION -- THE TOWN CENTER PORTION. I CALL IT "TOWN CENTER" ONLY BECAUSE I DON'T HAVE A BETTER NAME AT JUNCTURE.

NOW THAT WE HAVE THE ABILITY TO RECOUP A LOT OF OUR INVESTMENT IN THIS 21-ACRE PURCHASE, WE NOW HAVE THE OPPORTUNITY TO POTENTIALLY LOOK AT DIFFERENT AVENUES OF HOW WE WANT TO HANDLE THE TOWN CENTER. MAYBE WE DON'T WANT TO SELL IT.

MAYBE WE WANT TO DO A LAND LEASE.

A 3-P. WE HAVE A LOT OF DIFFERENT OPTIONS AND WE ARE MAKING OUR DECISIONS TONIGHT -- OR THE NEXT MEETING, WE WANT TO MAKE SURE WE KEEP THAT IN MIND.

THAT WE NOW GIVE THE CITY MUCH MORE FLEXIBILITY WITH HOW MUCH WE CAN POTENTIALLY RECOUP IN THIS PARTICULAR PHASE OF THIS PROJECT. SO I AM LOOKING FORWARD TO SEEING THE PRESENTATIONS. WE WILL HEAR FROM FOUR PEOPLE TONIGHT -- OR TODAY. ONE OF THE THINGS FOR US AS A COMMISSION, WHICH I THINK IS CRITICAL, WHICH WE WILL OBVIOUSLY DISCUSS LATER. WE WANT TO MAKE SURE AT A BEAR MINIMUM TONIGHT WE COME OUT WITH A CONSENSUS AS TO HOW MANY HOMES WE ARE WILLING TO ACCEPT IN THIS PARTICULAR PHASE.

BECAUSE WHAT IS GOING TO BE IMPORTANT IS IF WE LOOK TO DO BEST AND FINAL AND COME BACK WITH ANOTHER ROUND OF PRICING, WE WANT TO MAKE SURE THAT EVERYBODY IS ON THE SAME PAGE.

IF WE CAN COME OUT OF HERE TONIGHT SAYING THESE ARE THE KIND OF HOMES WE WOULD LIKE TO SEE.

THESE ARE THE AMOUNT OF HOMES WE WOULD LIKE TO SEE.

THIS IS THE DENSITY WE ARE LOOKING FOR.

IT IS GOING TO GIVE EVERYONE HERE TONIGHT A BETTER OPPORTUNITY GOING FORWARD ABLE TO PRESENT SOMETHING LATER THAT WILL ULTIMATELY BE BEST FOR THE CITY OF PARKLAND.

SO ABOUT THAT, NANCY, DO YOU WANT TO HAVE KEN --

>> YES, I WOULD LIKE KEN TO COME UP TO INTRODUCE THE FIRMS AND

EXPLAIN THE ORDER. >> GOOD AFTERNOON -- IS THIS ON? CAN YOU HEAR ME? MAYOR AND VICE MAYOR.

KEN WITH COLLIERS INTERNATIONAL. VERY GLAD TO BE HERE AS YOU

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THE FORMAT WE PICK THE FIRMS IN ALPHABETICAL ORDER AND START WITH ASCEND PROPERTIES. EACH FIRM WILL HAVE A 20-MINUTE PRESENTATION FOLLOWED BY A 20-MINUTE Q&A SESSION FROM THE DAIS. AND THEN WE WILL MOVE ON TO THE NEXT GROUP. SO THE FOUR FIRMS ALL THIS HEAR FROM TODAY STARTING AGAIN IN ALPHABETICAL ORDER, ASCEND PROPERTIES, DR HORTON, KENCO AND TOLL BROTHERS.

THE FOUR FIRMS. 20 MINUTES.

WE ARE KEEPING TABS ON THE TIME. AND HOPEFULLY YOUR QUESTIONS, AGAIN, WILL BE KIND OF POINTED AT THE FIRMS, RECOGNIZING THERE IS A TIME LIMIT THERE. AND WITH THAT, I AM GOING TO START BY HAVING THE FIRST FIRM COME UP.

THEY WILL ALL INTRODUCE THEMSELVES AND THEY WILL GO FROM THERE. AND AS THEIR TIME WINDS DOWN, WE

WILL MOVE INTO THE Q&A SESSION. >>MAYOR WALKER: GREAT.

I JUST WANT -- FOR THOSE OF YOU IN THE AUDIENCE, TONIGHT'S PRESENTATIONS, EVERYTHING THAT WE DO, IF WE WERE TO MAKE A DECISION TONIGHT, WHICH WE ARE NOT, BUT EVEN IF WE WERE, EVERYTHING STILL HAS TO GO THROUGH PLANNING AND ZONING.

EVERYTHING STILL -- SO THERE IS STILL -- THESE ARE NOT THE FINAL -- FOR THOSE WHO DID PROVIDE SITE PLANS.

THESE ARE NOT FINAL SITE PLANS. SO STILL SPECIFICS THAT WE WILL HAVE TO GET INTO. SO JUST KEEP IN MIND THESE ARE NOT -- YOU KNOW, REGARDLESS OF WHAT HAPPENS, THESE ARE TYPE THINGS. GO AHEAD.

>> THANK YOU. >> I HAVE A PACKAGE TO GIVE YOU REAL QUICK. HERE IS SOME MATERIALS.

I BROUGHT SOME PICTURES. AND A NICE

>>> GOOD AFTERNOON, MAYOR, VICE-MAYOR AND COMMISSIONERS.

THANK YOU FOR THE OPPORTUNITY. DEAN BORG, THE CO-FOUNDER OF ASCEND PROPERTIES. MICHAEL WOHL, MY PARTNER WAS VERY MUCH INVOLVED IN THIS SUBMITTAL.

AUDI STERN, MY COLLEAGUE, THE FOUNDER AND OWNER OF MIZNER DEVELOPMENT AND STU BRENNER OF BRENNER ARCHITECTURE.

YOU HAVE SEEN OUR PRESENTATION AND IN THE PACKAGE ADDITIONAL PHOTOGRAPHS AND MARKETING MATERIAL AND I INVITE YOU TO FLIP THROUGH IT. WE ALSO HAVE A POWERPOINT PRESENTATION HERE. AND SCOTT, YOUR TECHNIAL EXPERT PROMISED HE WOULDN'T ABANDON ME BECAUSE I AM A LITTLE TECHNOLOGICALLY CHALLENGED, BUT I THINK I GOT IT.

IT IS 4:00. THE HEAT DON'T START UNTIL 8:30.

I THINK WE ARE GOOD THERE. I WANT TO KNOW MY AUDIENCE.

ANY BOSTON CELTICS FANS? GOOD.

ALL OF A LIKE MIND. GOOD.

A GREAT START. I WILL GIVE A LITTLE BACKGROUND IF I MAY AND HAVE AVY AND STEWART -- I WILL INTRODUCE THEM AND SHARE SOME THOUGHTS. A COUPLE OF UNDER LYING THEME WITH OUR TEAMS, FIRMS. COLLABORATION AND MAYOR, YOUR THOUGHTS, WE AGREE COMPLETELY. THIS IS A BEAUTIFUL PIECE OF PROPERTY. AN OPPORTUNITY FOR A REALLY TERRIFIC PUBLIC-PRIVATE COLLABORATIVE COOPERATION.

AND I AM GOING TO TOUCH ON A FEW INSTANCES IN THE LAST 30 YEARS THAT MY PARTNERS AND I HAVE BEEN HERE IN SOUTH FLORIDA WHERE WE HAVE DONE THAT SUCCESSFUL LY AN STARTED WITH A CLEAN CANVAS.

YOU SENT US A SURVEY AND GOT THREE OTHER TERRIFIC SUBMITTALS AND SEVEN OTHERS AS WELL. YOU NOW HAVE CONTEXT, WHICH IS TERRIFIC, AND YOU HAVE BEEN EMPOWERED WITH A LOT OF INFORMATION AND WE CERTAINLY MENTIONED -- THE POSSIBILITY OF A BEST AND FINAL. I THINK THAT WILL BE TERRIFIC PARTICULARLY WHAT YOU GLEAN FROM TONIGHT AND GIVE US MAYBE ALL FOUR OF US DIRECTION AND FEEDBACK WHAT IS IMPORTANT BECAUSE TO MY KNOWLEDGE, WE STARTED WITH A CLEAN CANVAS AND ABLE TO TAKE IT IN THE DIRECTION THAT WE CHOSE.

IRONICALLY, WE ALL SAW THAT NEWSPAPER ARTICLE IN THE LAST DAY OR TWO AND I AM ASSUMING THAT IS FACTUALLY CORRECT AND TO SEE THAT THE FOUR OF US IN MANY INSTANCES ARE CLOSE TOGETHER IN A LOT OF WAYS. WHICH IS GOOD.

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WE HAVE BEEN HERE -- MY PARTNERS AND I HAVE BEEN IN BUSINESS FOR 31 YEARS SINCE 1992. WE HAVE A VERY BIG FOOTPRINT IN BROWARD COUNTY. WE OWN 800 APARTMENTS IN BROWARD COUNTY. MANY OF YOU MAY HAVE SEEN THE NEW BUILDING WE ARE BUILDING ON THE MALL -- CORAL SQUARE MALL, ARE THE EIGHT-STORY METROPOLITAN JUST ACROSS FROM MACY'S AND /* JC PENNY'S BOND THE ROAD. NOT HIGH CUSTOM HOMES THAT WE NORMALLY DO, OUR STRENGTH, CREATIVITY.

WE CORK CLOSELY WITH THE CITY OF CORAL SPRINGS ON ENTITLEMENTS AND UNIQUE VARIANCES AND BUILD TO STRIKING EIGHT-STORY STRUCTURE. IN THE PACK CADGE IS A GLOSSY RED CARD. YOU WILL SEE THE ELEVATION THERE, AND I WILL INVITE YOU TO RIDE SOUTH ON YAPP UNIVERSITY TO RAMBLEWOOD. MAKE A LEFT AND YOU WILL SEE IT.

WE EXPECT TO OPEN IT IN JANUARY. ICONIC BUILDING.

HUGE TAX BENEFIT CITY OF CORAL SPRINGS, ETC., ETC.

IN THAT PACKAGE THAT I GAVE YOU, THE CITY OFFICIALS WITH HER PHONE NUMBER AND E-MAIL, I INVITE YOU THROUGH CITY MANAGER OR PLANNING PEOPLE TO CONTACT THEM AND ASK THEM ABOUT OUR LEVEL OF COLLABORATION, TRANSPARENCY AVAILABILITY.

WE ARE PRINCIPALS. WE ARE OWNERS.

AVI, STEWART AND I OWN OUR COMPANIES.

I DON'T HAVE TO CALL CHICAGO, NEW YORK OR PHILADELPHIA TO GET A DECISION. WE MAKE DECISIONS QUICKLY AND WE IMPLEMENT CONFIDENTLY. WE ARE AVAILABLE LITERALLY SEVEN DAYS A WEEK. EVERYONE WHO NEEDS IT, WILL HAVE MY CELL NUMBER. AVI'S CELL PHONE NUMBER.

STEWART'S CELL PHONE NUMBER. YOU WILL FIND US TO BE AVAILABLE AND EXTREMELY USER FRIENDLY AND COLLABORATIVE.

I WILL GIVE YOU ANOTHER CASE STUDY THAT IS MORE ANALOGOUS OF WHAT WE ARE DISCUSSING TONIGHT. EIGHT YEARS AGO WE BOUGHT THE FINAL PARCEL IN ABOUT BOCA POINTE COUNTRY CLUB.

MANY MAY DINE ON 18TH STREET AT THE GREEK RESTAURANT, THE POWER LINE. I SEE YOU SHAKING YOUR HEAD.

THE BIG LAKE WITH THOSE RESTAURANTS, YOU LOOK ACROSS THE LAKE, STRIKING HOMES, COASTAL MODERN ARCHITECTURES.

THEY ARE OURS. WE BUILT THEM.

THE LAST COMMUNITY IN BOCA POINTE AND IT IS CALLED POINTE 100. VERY INTERESTING TRANSACTION.

THE MOBILE LAND DEVELOPED THAT PROPERTY ORIGINALLY LIKE WCI DEVELOPED HERON BAY AND THEY DID NOT USE ALL THEIR DENSITY.

BOCA POINTE WAS BUILT OUT AND HAS BEEN OPERATING 25, 30 YEARS.

THE CLUB ENTITY OWNED THAT PARCEL.

WE BOUGHT IT FROM THE CLUB ENTITY WITH THE MONEY THEY RECEIVED FROM US, THEY BUILT A NEW STATE-OF-THE-ART FITNESS POOL, TENNIS CLUB, ADJACENT TO THE GOLF COUNTRY CLUB ON THE WEST SIDE OF POWERLINE. YOU CAN VISUALIZE THAT IF YOU GO UP BOCA POINTE OF POWERLINE. MOST TO THE EAST AND WEST OF POWERLINE. TALK ABOUT A WIN-WIN.

THE COMMUNITY GOT A BRAND-NEW STATE STATE-OF-THE-ART FITNESS CENTER, POOL, AND, ETC. AND NEW ARCHITECTURE 100-HOME COMMUNITY AND WE WERE VERY SUCCESSFUL THERE AND I INVITE YOU AND GIVE YOU THE CONTACTS TO BOTH PALM BEACH COUNTY THAT WE WORKED CLOSELY WITH TO EN TITLE AND IMPLEMENT THAT, AND OF COURSE THE MASTERS HOMEOWNERS ASSOCIATION CLUB ENTITY AT BOCA POINTE . WE WORKED IN A VERY CREATIVE MANNER WITH THEM. THAT IS REALLY THE QUICK BACKGROUND ON US. WE CAN GO ON AND ON.

IT IS IN OUR PACKAGE. BETWEEN THE PACKAGE WE SENT YOU THREE WEEKS AGO AND THE INFORMATION YOU HAVE IN THE FOLDER I GAVE YOU. BUT, AGAIN, I REALLY WANT TO STRESS WITH STEWART, AVI AND I. YOU GET INSTITUTIONAL FINANCIAL STRENGTH. YOU SAW THE LETTER FROM OUR FINANCIAL PEOPLE IN TERMS OF OUR FINANCIAL CAPABILITIES, BUT YOU GET A HIGHLY CURATED, HIGHLY FOCUSED BOUTIQUE TEAM OF PROFESSIONALS BETWEEN THE THREE OF US.

WE HAVE BEEN DOING THIS COLLECTIVELY 80 YEARS.

STEWART AND I ARE 30-PLUS AND AVI IS THE YOUNG GUY AT 20.

WE ARE VERY FOCUSED ON WHAT WE DO.

WE ARE ME LICK US WILL. WE ARE CREATIVE.

AND I THINK WHEN YOU LOOK AT OUR ELEVATIONS AND OUR HOMES, IT REFLECTS THAT. DO YOU SEE THIS ON YOUR COMPUTERS? OKAY, I WANTED TO MAKE SURE.

THIS IS REALLY FOR THE AUDIENCE, BUT THE FIRST TWO SLIDES HIGHLY

[00:15:07]

A TUSCAN SPANISH HOME IN A COUNTRY CLUB SETTING THERE.

HERE AGAIN, THAT COASTAL MODERN HOUSE THAT YOU SEE WITH THE SHUTTERS IS IN -- IS IN POINT 100, WHICH I SPOKE OF.

AGAIN, VERY CAREFUL ELEMENTS, BOTH MODERN AND STILL WITH A KEY WEST TRADITION. AND THESE ARE AVI'S HOMES BEHIND MIZNER PARK, AVI. AVI WILL SPEAK IN A MOMENT.

AVI HAVE BUILT 40 CUSTOMS HOMES MIZNER PARK AND YOU PROBABLY SEEN THEM OR HAVE FRIENDS THAT LIVE THERE.

A VERY SUCCESSFUL ENDEAVOR OF HIS AMONG OTHERS.

THOSE ARE MORE OF AVI'S HOMES. AND THEN STEWART -- STEWART JUST -- WHEN YOU TALK OF A SIGNATURE AWARD-WINNING ARCHITECT, THAT IS STEWART BRENNER. MANY OF THE ARCHITECTS WE WORK WITH HAVE LARGE EGOS AND A LITTLE -- LESS INCLINED TO COLLABORATE. NOT STEWART.

STEWART IS NOT ONLY A FINE TECHNICAL ARCHITECT BUT COLLABORATIVE, INNOVATIVE. AND YOU SEE THAT IN HIS HOMES.

SO YOU ARE GETTING A TEAM OF REALLY SEASONED VETERAN DEVELOPERS, ARCHITECTS, PRACTITIONERS, AGAIN, COMBINED WITH THE FINANCIAL STRENGTH THAT IS EMPHASIZED AND SHARED WITH YOU IN THEIR PACKAGE. I WILL LET -- AVI, GIVE A LITTLE BACKGROUND, AVI ON YOUR MIZNER PARK COLLECTION.

AND THEN WE WILL LET STEWART GIVE YOU A LITTLE BIT OF THE ARCHITECTURAL AND I WILL COME BACK AND TALK OF THE SITE PLAN AND LOT LAYOUT AND SOME OF THE MORE GRANULAR THINGS.

THANK YOU. >> THANK YOU, DEAN.

AND THANK YOU EVERYONE FOR GIVING US THE OPPORTUNITY TO BE HERE TODAY. WE REALLY LOOK FORWARD TO WORKING WITH YOU. MY NAME IS AVI STERN FROM MIZNER DEVELOPMENT. WE HAVE BEEN IN BUSINESS A LITTLE OVER 15 YEARS. OUR MAIN FOCUS IS CUSTOM HOMES, CUSTOM INFILL TYPE DEVELOPMENT IN BROWARD AND PALM BEACH COUNTY. WE BUILD BETWEEN 40 AND 50 SINGLE-FAMILY HOMES EACH YEAR. EAST FT. LAUDERDALE, EAST BOCA, EAST DELRAY BEACH HAVE AS WELL AS PARK CITY, UTAH.

BUILDING CUSTOM HOMES IN SELECT COMMUNITIES AND THROUGHOUT THE YEARS HAVE HELPED TRAFRNS FORM MANY OF THESE NEIGHBORHOODS BY INCREASING AESTHETICS, CHARACTERS, AND MOST IMPORTANTLY PROPERTY VALUE. THIS HAS HELPED US TO BE ONE OF THE LARGEST CUSTOM HOME DEVELOPERS IN BROWARD AND PALM BEACH COUNTIES OF COUNTIES. GOLDEN TRIANGLE BEHIND MIZNER PARK IS EXAMPLE OF THE WORK WE HAVE DONE.

EARLY DEVELOPERS AND BROUGHT IT TO WHERE IT IS TODAY.

WE BUILT OVER 40 HOMES AND OUR ARCHITECTURE STYLE TO BUILD OUR HOMES FASTER AND AT A HIGHER PRICE THAN COMPETITORS IN THE NEIGHBORHOOD. I TRULY BELIEVE WE HAVE PUT TOGETHER A GREAT TEAM BETWEEN MY CUSTOM EXPERIENCE, DEAN'S MASTER DEVELOPMENT EXPERIENCE AND STEWART'S WORLD-CLASS ARCHITECTURE THAT WILL HELP TO DIFFERENTIATE THIS DEVELOPMENT FROM A LOT OF THE COOKIE CUTTER NEIGHBORHOODS YOU WILL SEE THROUGHOUT SOUTH FLORIDA. WE ARE GOING TO OFFER MODERN CUSTOM DESIGN TO EACH HOME WITH CERTAIN FIRST-FLOOR PLANS AND ELEVATIONS FOR FUTURE HOMEOWNERS TO CHOOSE FROM.

AS DEAN SAID, WE ARE THE DECISION-MAKER.

WE ARE LOCAL. WE DON'T HAVE TO GO THROUGH SEVERAL COMMITTEES FOR APPROVAL. WE ARE THERE EVERY STEP OF THE WAY AND WORK WITH THE TOWN AND HOA BOARD TO COME UP WITH SOMETHING THAT ONE WILL WILL LOVE.

WE LOOK FORWARD TO WORKING WITH CITY OF PARKLAND AND HERON BAY ON THIS PROJECT. THANK YOU FOR YOUR TIME MUCH.

>> THANKS. AVI.

STEWART WILL INTRODUCE HIMSELF AND GIVE YOU SOME OF THE ARCHITECTURAL RESPONSIBILITIES WE ARE EXPLOREING AND WE WELCOME DIRECTION FROM THE CITY STYLE, MASSING, HEIGHT, SETBACKS AND SO FORTH. I IMAGINE AT SOME POINT WE WILL WORK WITH YOUR PLANNING AND BUILDING DEPARTMENT ON ALL THAT, BUT STEWART BUILT -- CURRENTLY IN THE LAST 12, 28 MONTHS SOME TERRIFIC HOMES ON THE INTERCOASTAL, LIGHTHOUSE POINT TO PALM BEACH. STONE CREEK RANCH.

STEWART HAS DONE THREE, FOUR HOMES IN THERE, STEWART.

ACTUALLY A COMMUNITY I WAS INVOLVED WITH YEARS AGO AND TOOK THROUGH THE PROCESS FROM -- FROM FARMLAND.

SO I JUST WANTED STEWART TO GIVE CURRENT TRENDS AND WHAT HE HAS

[00:20:01]

STEWART, I WILL LET YOU TAKE IT FROM THERE.

>> GOOD AFTERNOON. MY NAME IS STU BRENNER, ARCHITECT. I HAVE BEEN HERE IN SOUTH FLORIDA. OFFICE IN BOCA RATON.

I HAVE A STAFF OF SEVEN. PART OF THE REASON WE ARE THAT SIZE IS I LIKE TO BE HANDS-ON. I LIKE TO WORK WITH THE CLIENTS DAY TO DAY AND BE INVOLVED IN EVERYTHING THAT WE DO.

HARD TO BELIEVE I HAVE BEEN DOWN HERE FOR FOUR YEARS PRACTICING ARCHITECTURE BUT TIME DOES FLY. I HAVE SEEN HOW THE TRENDS HAVE CHANGED, STYLES HAVE CHANGED, BUT STILL SOMETHING COMMON AMONG EVERYTHING WHICH IS TEAMWORK AND WORKING TOGETHER, WHETHER IT IS WITH MY INDIVIDUAL CLIENTELE OR GROUPS LIKE YOURSELF TO DETERMINE WHAT WOULD BE THE IDEA PROGRAM AND TO DESIGN TO THAT.

OVER THE YEARS, I HAVE DONE NUMEROUS HOMES THROUGHOUT SOUTH FLORIDA, MANY HOMES IN PARKLAND. SOME STUFF IN PARKLAND COUNTRY CLUB AND I GUESS I CAN SAY THAT I ENJOY WORKING TOGETHER WITH YOUR STAFF. THEY HAVE BEEN A PLEASURE.

FROM THE TREND STANDPOINT, WE HAVE SEEN THINGS CHANGE FROM MEDITERRANEAN TO COASTAL TO TRANSITIONAL TO MODERN, EVEN SOME OF THE MODERN STUFF, IN MANY EXTREMES, BUT BASICALLY WHAT PEOPLE ARE LOOKING FOR ARE THINGS THAT ARE CLEAN, UNIQUE AND SOMETHING SPECIAL TO LIVE IN.

SIZE-WISE, DEALING WITH HOMES THAT CAN RANGE FROM 2,000, 3,000 SQUARE FEET UP TO 15,000 TO 20,000 SQUARE FEET AND AT THE END OF THE DAY, ONE COMMON THOUGHT OF, WHAT IS THE CLIENT LOOKING FOR? AND OUR GAME PLAN IS TO WORK TOGETHER WITH YOURSELVES, DEVELOPING THE IDEAL PROGRAM AND MOVING FORWARD WITH SOMETHING LIKE THAT.

THANK YOU. >> THANKS, STEWART.

I APOLOGIZE. I SHOULD HAVE FLIPPED ON YOUR PHOTOS WHILE YOU WERE TALKING. BUT I WILL DO THAT NOW.

THERE IT GOES. ALL RIGHT, GREAT.

AGAIN, JUST A QUICK NOD TO STEWART, BUT I DO WANT TO GET TO THE SITE PLAN. OKAY, GREAT.

SO IN REGARDS TO KEN, AM I DOWN TO FIVE MINUTES -- AND Q & A WE WILL TALK ABOUT A LOT OF THIS. GETTING BACK TO THE OPEN CANVAS.

ON 20 ACRES, WE THOUGHT THREE TO THE ACRE WOULD BE WHAT WE YIELD AND SURE ENOUGH, WE WEREN'T CRAZY.

06 HOMES ON 20 ACRE IS INDUSTRY CORRECT BASED -- I AM GOING TO GIVE YOU A 30-SECOND GEOMETRY OVERVIEW.

OUR BUSINESS HAS A LOT TO DO WITH GEOMETRY AND SQUARE FEET.

SO WE HAVE BEEN -- WE PROPOSED 75-FOOT-WIDE LOTS BY 140 FEET ABOUT WIDE -- DEEP, PARDON ME, 75-FOOT WIDE BY 140 FEET.

50 FEET FOR A STWIMING POOL AND FIVE FEET FROM A SETBACK, YOU ARE DEDUCTING 06 FEET FROM THAT 140.

REALLY YOUR BUILDABLE FOOTPRINT WILL BE 80 FEET DEEP.

ON THE SETBACKS, WE ARE ASSUMING APPROXIMATELY ON A LOT OF THIS SIZE AND A COMMUNITY OF THIS NATURE THAT WE WIL HAVE SEVEN-AND-A-HALF FOOT SETBACKS ON EITHER SIDE.

WE START WITH 75. SUBTRACT 15.

YOU ARE AT 60. RIGHT.

JUST AGAIN, CLEAN CANVAS TO GIVE YOU SOME CONTEXT.

YOU ARE TALKING OF A HOME FOOTPRINT.

CONCRETE WALL OF APPROXIMATELY 60 FEET WALL BY 80 FOOT DEEP IF YOU WANT TO BUILD IT TOWARD ITS FULL PERIMETER.

SUBTRACT A THREE-CAR GARAGE 30 FEET WIDE BY 20 FEET DEEP, 600 SQUARE FEET. 60 TIMES 80 IS 4800.

SUB STRABT TRACT THE GARAGE, 4200.

THEORETICALLY ON WHAT WE ARE PRO PROPOSING WE CAN DO A 4 HAD,000, 4200-SQUARE-FOOT ONE-STORY HOUSE AIR-CONDITIONED.

STEWART ALLUDED TO -- WE ARE CONSUMER DRIVEN AND WE ARE RESPONSIBLE TO WHAT THE DRIVER WANTS.

THE STARTING POINT OF OUR MODULE OF 75 FEET BY 140 FEET.

IT IS A TERRIFIC STARTING POINT. NOW THE CITY SAYS, HEY, WE WANT 50 HOMES AND WE WANT THEM 90 FEET WIDE AND SO FORTH.

AGAIN, WE ARE FLEXIBLE. IT WAS A STARTING POINT.

WE ALSO DID A VERY GENEROUS -- IF YOU LOOK AT THE RIGHT-OF-WAY, THE STREET DOWN THE CENTER, IT IS A VERY GENEROUS, LUXURIOUS RIGHT-OF-WAY FOR A TWO-LANE ROAD, GENEROUS SWALE, SIDEWALK, CURBING. AGAIN, WE WANT THE COMMUNITY TO FEEL LIKE AN ESTATE PRESENTATION AND WITH THAT RIGHT-OF-WAY, IT WILL. SO THAT IS IS A LITTLE BIT OF

[00:25:03]

WE ARE FLEXIBLE AND COLLABORATIVE ON IT.

BUT WE WANTED TO SHARE WITH YOU A LITTLE BIT OF THE GENESIS OF WHAT GOT US TO HERE. YOU HAVE IF HE LAKES AND SO FORTH. WE WILL HAVE TO DO SIGNIFICANT LAND SCAPE BUFFERING OUT OF RESPECT TO EXISTING NEIGHBORS.

WE WILL BE VERY RESPONSIVE TO THAT.

AT THE FAR END AN OLDER MAINTENANCE OPERATION BUILDING AND SO FORTH THAT WE HAVE TO BUFFER.

AGAIN WE EXPECT THAT AND ARE ABLE TO ADDRESS THAT.

SO THAT IS A LITTLE BIT OF THE BACKGROUND ON OUR SITE PLAN AND WHAT IT BROUGHT US TO THAT. AVI, STEWART, I DID MISS ANYTHING? WE ARE AT 19 MINUTES.

I DON'T KNOW IF NOW THE Q&A STARTS.

THANK YOU. THANK YOU FOR THE OPPORTUNITY TO

SHARE OUR THOUGHTS. >>MAYOR WALKER: COMMI

COMMISSIONER ISROW. >>COMMISSIONER ISROW: YES, DEFINITELY. THANK YOU FOR THE PRESENTATION.

DEFINITELY HELPFUL INFORMATION. A COUPLE OF QUESTIONS OFF THE BAT. NUMBER ONE IS, I SEE A GOOD AMOUNT OF YOUR COLLECTIVE EXPERIENCE IS ALSO IN THE

APARTMENT REALM, RIGHT? >> YES.

>>COMMISSIONER ISROW: SO HOW WOULD YOU KIND OF RESPOND TO WHAT I WOULD IMAGINE WOULD BE OTHER PEOPLE, DEVELOPERS IN THE MIX, SAYING, YOU KNOW, THEY DON'T INITIALLY HAVE THE SPECIALIZATION INTO RESIDENTIAL. IT SEEMS THAT THEY ARE MORE -- I THINK IN SOME OF THE PROJECTS YOU WERE REFERRING TO IN CORAL SPRINGS ARE RESIDENTIAL APARTMENT TOWERS.

>> MY PARTNERS AND I BUILT OVER 2,000 SINGLE-FAMILY HOMES.

IN SOME OF THE FINEST COMMUNITIES IN SOUTH FLORIDA.

AND IT IS IN OUR -- IF YOU LOOK AT MY BROCHURE, YOU WILL SEE THEM SO WE HAVE TREMENDOUS EXPERIENCE IN SINGLE-FAMILY HOMES, IN LUXURY HOMES. AND I CAN GO RIGHT DOWN THE LIST OF THE COUNTRY CLUBS WE BUILT. FRANKLY, I AM NOT ALL THAT CONCERNED WHAT THE THREE ESTEEMED FIRMS NIGHT SAY.

IT IS NOT IN MY REALM. >>COMMISSIONER ISROW: THAT IS MY CONCERN. YOU DON'T HAVE TO WORRY ABOUT THEM. ONE OF THE NEIGHBORS YOU CITED IS ADDISON RESERVE. BUT ONE OF THE OTHER CONTENDERS

KENCO. >> FANTASTIC QUESTION AND I AM GLAD YOU ASKED AND I MENTION IT TO KEN AN HOUR AGO.

RICHARD FINKEL 2013 MYSELF WERE TOGETHER FOR 20 YEARS FROM 199 TO 2012. SO SOME -- SOME OF THOSE, QUOTE, UNQUOTE, KENCO ASSETS WE WERE INVOLVED WITH.

ADDISON RESERVE. WE HAVE RESPECT FOR THE CONTINUED KENCO OPERATION AND THE KENCO PRINCIPLES, BUT WE FORMED ASCEND IN 2012, 11 YEARS AGO.

I APPRECIATE YOU ASKING THAT. THERE IS A LOT OF COMMONALITY.

A VERY SUCCESSFUL COLLABORATION AND PARTNERSHIP.

AND THAT GOES TO ADDISON RESERVE AND STONE CREEK RANCH, MARISOL, THE OAKS. I APPRECIATE YOU ANSWERING THE

QUESTION. >>COMMISSIONER ISROW: DO YOU HAVE EXPERIENCE WITH GOLF COURSE CONVERSIONS.

I SEE YOU BUILT WITH GOLF COURSES, BUT NOT ANY

CONVERSIONS. >> WE LOOKED AT A NUMBER OF THEM. POINTE 100, THE JACK NICKLAUS COURSE WAS THE CLOSEST. WE HAVE NOT GOTTEN INVOLVED IN TRUE GOLF COURSE CONVERSIONS. A HORNET'S NEST FOR A MULTITUDE OF REGION. PEOPLE BOUGHT HOMES 30, 40 YEARS AGO EXPECTING GREEN SPACE AND ALL OF A SUDDEN TAKE 18 OF THE HOMES AND TURN IT INTO 9 HOLES AND SO ON AND SO FORTH.

YOU ARE GOING IN A CHALLENGING ATMOSPHERE TO BEGIN WITH AND A DIRECTION WE CHOSE NOT TO DO. WE LOOKED AT A NUMBER OF THEM BUT THAT IS THE BIGGEST REASON I WOULD SAY.

>>COMMISSIONER ISROW: LET ME ASK.

I AM GOING TO STOP YOU THERE. THAT WAS PRIOR.

WHAT CHANGED NOW. WHY --

>> THIS IS NOT INTRUSIVE. WE ARE NOT TAKING A GOLF HOLE -- WE ARE TAKING A USABLE PROPERTY THAT IS GOING TO BE DEVELOPED THAT THE CITY IS SPEARHEADED AND IDENTIFIED AS BEING DEVELOPED.

I THINK THAT IS A DIFFERENT ENTREE INTO THIS OPPORTUNITY THAN TRYING TO COME IN AND TAKE AN OPEN SPACE GOLF COURSE AND

SOMEWHAT FORCE THE ISSUE, FULL. >>COMMISSIONER ISROW: GOT IT.

>> INTERESTING ONE NUANCE WITH FIRST COMMUNITY WERE COURSES BUILT AND DEVELOPED IN THE '70S AND '80S.

MOST OF THEM HAVE IS ARSENIC BECAUSE ARSENIC WAS THE MAIN INGREDIENT IN FERTILIZERS IN THE '70S, '80S, AND '90S WITH THE GREENS. A REAL CHALLENGE WITH GOLF

COURSE CONVERSIONS. >>COMMISSIONER ISROW: DO YOU ALL

[00:30:04]

HAVE EXPERIENCE? >> WE HAVE BEEN IN PROPERTIES WITH ARSENIC IDENTIFIED ANDD TH APPROPRIATELY AND

PROFESSIONALLY. >>COMMISSIONER ISROW: OKAY.

VERY GOOD. THE -- I GUESS YOU SAID YOU WOULD BE WORKING WITH THE BUILDING DEPARTMENT ON SETBACKS, ETC. FOR YOUR SITE PLAN, DOES THIS TAKE INTO CONSIDERATION THE EXISTING CODE REQUIREMENTS OR MORE THEORETICAL TO IT BE DETERMINED AND TAILORED LATER?

>> I WOULD SAY BEST PRACTICES IN BROWARD AND SOUTH PALM BEACH COUNTY, TYPICALLY LOTS OF THIS SIZE SEE A 7.5 SIDE SETBACK.

WE HAVE SEEN ZERO LOT LINE HOMES OF THIS SIZE, BUT WE DIDN'T THINK THAT WAS THE FOOTPRINT DIRECTION YOU WOULD WANT TO GO THROUGH. NOTHING WRONG WITH ZERO-LOT LINE HOMES, BY THE WAY. WE, AGAIN, USED INDUSTRY BEST PRACTICES TO COME UP WITH THIS PROGRAM.

I ONLY -- I ONLY KNOW WHAT I READ IN A NEWSPAPER ARTICLE.

I KNOW THE OTHER THREE, AGAIN, FINE ACCOMPLISHED FIRMS HAVE LARGER LOTS. I WOULD SUGGEST TO YOU HAVING DONE THIS A LONG TIME, THE DIFFERENCE FROM A STREETSCAPE EXPERIENCE BETWEEN A 90-FOOT LOAD AND 75-FOOT LOT IS NEGLIGIBLE. THE AVERAGE PERSON, DRIVING DOWN THE STREET 10, 15 MILES PER HOUR WILL NOT KNOW THE DIFFERENCE.

ECONOMIC STANDPOINT, I THINK IT WOULD BE BENEFICIAL FOR THE CITY OF PARKLAND TO CONSIDER A 75-FOOT MODULE AND GAIN MORE HOMESITES THAN A LARGER. AND CANDY DIDIDDLEY THE PRICE POINT AND CONSUMER NICHE ON OUR EARLY RESEARCH IS GOING TO SERVE IS THE BEST FIT FOR THAT. I DON'T THINK YOU NEED TO -- FOR WILL THE DEMAND FOR HOMES BEYOND -- YOU KNOW, I MENTIONED 4200 FEET ON A ONE-STORY. WE CAN DO A TWO-STORY, OF COURSE, TO ADD SIGNIFICANTLY TO THAT AND GO UP TO 5500, 6,000, 5500 SQUARE FEET WITH THAT SECOND STORY.

I DON'T THINK YOU WILL HAVE DEMAND BEYOND THAT AT THIS LOCATIONIST THAT WAS GOING TO BE MY NEXT QUESTION.

>> PRICING. WE ARE OPTIMISTIC AND YOU HAVE A FINE PIECE OF PROPERTY. CANDIDLY FOR A VELOCITY TO SELL HOMES IN A GOOD PACE. 60 HOMES, YOU SHOULD SELL THREE OR FOUR A MONTH IN A GOOD CIRCUMSTANCE.

THIS SHOULD BE -- FROM MODEL COMPLETION TO SELLOUT, IF YOU ARE DOING THINGS RIGHT, THREE A MONTH, 20 MONTHS -- TWO YEARSISH FROM MODEL COMPLETION WHEN YOU CAN REALLY SHOW YOUR HOME TO COMPLEELGS. SO THAT PRICE POINT, I THINK -- AND THE PRICE POINT OF EXISTING HIGH-END NEWER HOMES WITHIN THREE MILES SUPPORT THAT. I DON'T THINK YOU WILL SELL $3.5 MILLION, 7,000-SQUARE-FOOT HOMES HERE.

>>COMMISSIONER ISROW: I DON'T KNOW -- MAYBE I MISSED IT.

THE HOMES YOU ARE PROPOSING ARE ALL GOING TO BE SINGLE STORY?

>> NO, NOT AT ALL. >>COMMISSIONER ISROW: SOME WILL

BE TWO-STORY? >> WE EXPECT TO HAVE A PROGRAM OF EIGHT DIFFERENT PRESENTATIONS.

EIGHT DIFFERENT HOME PRESENTATIONS.

>>COMMISSIONER ISROW: WHAT ARE THE PRICE RANGES FOR THOSE

HOUSES? >> YOU KNOW -- I -- YOU ARE ALL IN BUSINESS IN SOME WAY, SHAPE OR FORM EVEN IF YOU ARE PROFESSIONALS. INFLATION, COVID, SUPPLY CHAIN ISSUES, LABOR ISSUES, GAS. CONSTRUCTION COSTS ARE MOVING.

FLUID. CONSTANTLY.

OUR COST OF PRODUCTION INCREASES EACH MONTH PRACTICE CANCALLY.

PART OF IT IS WHAT THE GOOD CONSUMER CAN ACCEPT AND PART OF IT IS THE COST EQUATION AND HOPEFULLY THOSE TWO MEET.

WE PUT ALL OF OUR COST INTO THE PROGRAM AND ADD A FAIR REASONABLE PROFIT MARGIN AND THAT NUMBER MATCHES WHAT THE CONSUMER IN THIS SUB MARKET WILL BUY AT.

HARD TO SPECULATE, BUT I THINK IT WAS IMPORTANT TO HAVE HOMES WHICH START WITH A ONE, MEANING UNDER $2 MILLION.

AND WE CAN GRAVITATE UP FROM THERE.

>>COMMISSIONER ISROW: THE REASON I ASK IS OBVIOUSLY WE HAVE TO COMPARE APPLES TO APPLES. I GET FLUIDITY AND INFLATION.

TALK IN TERMS OF TODAY'S MARKET. YOU SAY THESE HOUSES CAN GARNER A CERTAIN AMOUNT BASED ON WHAT YOU HAVE SEEN THE COMPS IN SURROUNDING A AREAS. BASED ■ONYOURESEARCH,ODAY'S MARKET, IF YOU WERE TO GET THE GREEN LIGHT TODAY AND ABLE TOO LIST THESE 40HOMES, WHAT ARE YO TALKING ABOUT OF PRICE RANGES.

>> ONE TO TWO-STORY, FOUR BEDROOM TO SIX BEDROOM, TWO CAR TO THREE-CAR GARAGE. IMPORTANT TO HAVE ANSWER TRAY IN THE 1.7, 1.8, 1.9 AS A START. I THINK THAT IS IMPORTANT AND THEN PROBABLY OPENING PRICING UP INTO THE HIGH 2S.

AND THEN HOPEFULLY WITH SUCCESS AND A CONTINUED DECENT ECONOMIC

[00:35:04]

I CAN'T CONTROL INTEREST RATES. I CAN'T CONTROL, GOD FORBID GEOPOLITICAL EVENTS OVERSEAS. ETC., ETC.

BUT TODAY IN A DECENT ECONOMIC OR BIT, AGAIN, I THINK YOU ARE $178 MILLION TO $2.9 MILLION. WIDE RANGE BUT EIGHT DIFFERENT

PRESENTATIONS. >>COMMISSIONER ISROW: THE LAST QUESTION I AM GOING TO ASK YOU, ARE YOU PROPOSING TO BUILD THE HOMES OF YOUR EIGHT MODELS OR CUSTOM TAILORED THAT YOU START WHY YOUR BASE AND DO THE ADD MACHINE ON.

THIS IS YOU ARE BUILDING YOUR HOMES AND YOU WANT PEOPLE TO

DECIDE. >> TYPICALLY IN A COMMUNITY OF 60 HOMES, WE WOULD BUILD THREE MODELS -- DOES THAT RESONATE, AVI? AND A HANDFUL OF PEC HOMES DAY ONE IN AN ATTEMPT TO FURNISH AND PRESENTING THEM WITH MARKETING.

AND CONFIDENCE. WE WOULD START ON A FEW HOME ON SPECULATION SO EARLY BUYERS CAN BUY SOMETHING QUICK AND GO FROM THAT PROGRAM FORWARD. YES, WE WOULD OFFER A CUSTOMIZATION PROGRAM. AT THIS PRICE POINT, YOU HAVE TO, FRANKLY. BUT I WOULD SAY WITH BOUNDARIES.

CUSTOMIZATION WITH SOME -- WE ARE NOT GOING TO REINVENT THE WHEEL. NOT TIME EFFECTIVE.

COST EFFECTIVE. IT IS NOT FRANKLY EFFICIENT WITH YOUR BUILDING DEPARTMENT. SO A MULTITUDE OF REASONS W WE HAVE TO KEEP THAT PROCESS SOMEWHAT CONTROLLED.

>>COMMISSIONER ISROW: UNDERSTOOD, THANK YOU.

>>MAYOR WALKER: OUR ATTORNEY IFRNGZSROW DID A GREAT JOB ASKING QUESTIONS. ANYONE ELSE HAVE QUESTIONS THAT YOU HAVE IN KEN? YOU LOOK LIKE YOU HAVE.

>>VICE MAYOR CUTLER: DEAN, I APOLOGIZE, I LOST MY VOICE OVER THE WEEKEND AND I WILL TRY TO BE SOMEWHAT SELF-LIMITING HERE.

>> GOOD VOICE. >>VICE MAYOR CUTLER: THANK YOU, APPRECIATE IT. A COUPLE OF OTHER BIDDERS HAVE DONE, I GUESS, A DEEPER DIVE INTO THE ECONOMICS OF WHAT THIS THING IS GOING TO LOOK LIKE. AND A LOT OF TIMES, YOU KNOW, THAT IS AN IMPORTANT PART WHAT WE HAVE TO DO TO DETERMINE POLICY CONSIDERATIONS AND DECISIONS ARE BASED ON NUMBERS A

LOT OF TIMES. >> RIGHT.

RIGHT. ABOUT.

>>VICE MAYOR CUTLER: CAN YOU GIVE ME SOME SENSE OF WHERE YOU ARE AT IN TERMS OF YOUR PERSPECTIVE 60 UNITS.

WHAT YOU THINK ULTIMATELY YOUR ESTIMATED SALES REVENUES WILL BE

ONCE YOU ARE AT BUILDOUT? >> THANK YOU, A GREAT QUESTION.

I SAW THAT ON THE NEWSPAPER ARTICLE TODAY AND CANDIDLY, THE FOUR BIDDERS HERE. WE DON'T DHAERM AND CANDIDLY TO A GREAT EXTENT YOU DON'T DETERMINE THAT.

THE BROWARD COUNTY ASSESSOR WILL DETE DETERMINE. WITHIN REASON, OUR TAX REVENUES ARE ALL GOING TO BE THE SAME. REALLY THEY ARE.

FOR EXAMPLE, I WILL USE EASY MATH BECAUSE SIMPLER FOR ALL OF US. 606 HOMES, $150 MILLION OF SELLOUT, APPROXIMATELY. $1 IS 8% IS TYPICALLY WHAT THOSE HOMES WILL BE TAXED AT. IF YOU TAKE THE CELL OUT PRICE, YOU DON'T NEED TO GO OF THE MAC MATCH NATION --MACHINATION. 2% OF $180 MILLION ON AN ANNUAL BASIS. ALL FOUR OF US WILL PROBABLY BUILD HOMES THAT ARE SOMEWHERE BETWEEN $1725 MILLION AND $200 MILLION, 1.8%. THE SAME NUMBER IN TAXES.

NOT ALL OF THIS GOES TO THE CITY OF PARKLAND, IT GOES TO BROWARD COUNTY, TO THE SCHOOL, SO ON AND SO FORTH.

I READ THAT AND FOUND IT INTELLECTUALLY INTERESTING, BUT YOU WILL END UP IN THE SAME PLACE, IN MY BEEN, TAX-WISE.

WE WILL BE IN THE SAME SELLOUT WITHIN X PERCENT.

>>VICE MAYOR CUTLER: YOU ARE TELLING ME TO USE THEIR NUMBERS? [LAUGHTER] I AM TELLING YOU ON A $2 MILLION SELLOUT, RIGHT, 2% WOULD BE $4 MILLION ANNUALLY.

SO 1.8% WILL BE -- I THINK TO MATTER WHICH OF THESE PROGRAMS YOU GO WITH, I THINK THE GROSS TAX REVENUE WILL BE BETWEEN $3.5 TO $4 MILLION AND WHAT PERCENTAGE PARKLAND ENDS UP WITH

THAT. >>VICE MAYOR CUTLER: I KNOW YOU LOOK CANNED A THIS A NUMBER OF DIFFERENT WAYS.

WHAT IS THE SMALLEST SIZE UNIT THAT YOU WILL BE WILLING TO

BUILD? >> AGAIN MARKET-DRIVEN.

I THINK THE SMALLEST WILL BE A FOUR BEDROOM, NOT A FIVE.

3500 SQUARE FEET, 3800 SQUARE FEET AIR-CONDITIONED.

MAYBE TWO-AND-A-HALF-CAR GARAGE AS A START WE ARE A GOLF CART.

[00:40:03]

LOOK, HERON BAY HAS A RICH TRADITION.

IT HAS A GREAT AMENITY. IT IS SECURE.

YOU HAVE A CLUBHOUSE, SO ON AND SO FORTH.

THE POTENTIAL BUYER MAY LOOK AT THE ESTATE OPPORTUNITIES OFF OF HOLMBERG. A LITTLE MORE RURAL AND EQUESTRIAN WITH ARE 40 YEARS, A HORSY, PARKLAND.

FRESHER ARCHITECTURE, CONSTRUCTION, IMPACT GLASS, ENERGY EFFICIENCY. YOU ARE GETTING A STATE-OF-THE-ART BRAND-NEW HOME WITH REALLY EXCITING, FRESH ARCHITECTURE. I DON'T THINK THAT OPPORTUNITY EXISTS IN PARKLAND CURRENTLY. AND I THINK THAT IS WHAT REALLY STEWART, AVI AND I ARE EXCITED ABOUT IT.

>>VICE MAYOR CUTLER: YOU KNOW OF READING OF PARKLAND AND PEOPLE THAT MOVED HERE, MYSELF INCLUDED, MOVED HERE BECAUSE OF THE SCHOOLS AND DESIRE TO HAVE OUR KIDS IN THIS AREA AND STUFF.

AND THE IMPACT THAT BUILDING RESIDENTIAL UNITS MIGHT HAVE ON OUR SCHOOLS HAS BEEN VERY WELL POINTED OUT OVER THE LAST COUPLE OF MONTHS HERE. WE WENT THROUGH QUITE A BOUNDARY ISSUE JUST RECENTLY. WHAT IS THE LOWEST NUMBER OF DWELLING UNITS THAT YOU WILL BE WILLING TO BUILD ON THAT

PROPERTY? >> THE LOWEST NUMBER?

>>VICE MAYOR CUTLER: THE LOWEST NUMBER.

>> AGAIN, WE ARE OPEN-MINDED. JUST BECAUSE OF THE -- THE GEOMETRY. I KNOW YOU WANT TO ACHIEVE AN ECONOMIC BALANCE COUPLED WITH IMPACT ON SCHOOLS, FIRE, CITY INFRASTRUCTURE. I THINK IT IS FANTASTIC THAT YOU ARE THINKING THAT WAY. AND I THINK YOU HAVE TO MAKE SOME ASSUMPTION. ARE 50% OF THESE BUYERS GOING TO BE WITH SCHOOL KIDS? ARE 350% EMPTY-NESTERS? ARE 50% -- I THINK SOME ANALYSIS HAS TO BE DONE ON THAT FRONT.

>>VICE MAYOR CUTLER: ACCORDING TO THE SCHOOL BOARD, IT IS 50%.

>> GOOD, I -- >>VICE MAYOR CUTLER: FOUR

BEDROOM AND HIGHER IS 50%. >> 50 HOME, 55% OF HAVE SCHOOL-AGED KIDS, I DON'T THINK THAT MOVES THE NEEDLE THAT MUCH.

25 FAMILIES WITH ONE OR TWO KIDS.

AND IT HAS BEEN OUR EXPERIENCE IN THE ECONOMIC TRAJECTORY OF A TYPICAL FAMILY, PROBABLY THE PEOPLE AT THIS PRICE POINT, THEIR KIDS ARE GOING TO BE OLDER AND OUT OF YOUR SCHOOLS QUICKER.

PROBABLY NOT GOING TO BE KIDS -- FROM OUR ECONOMIC DEMOGRAPHIC ANALYSIS AT PAST COMMUNITIES, AT THIS PRICE POINTS, IT IS RARE TO HAVE FAMILIES WITH REALLY YOUNG KIDS UNLESS THEY HAD SOME ECONOMIC UNUSUAL POSITIVE CIRCUMSTANCES.

EVEN IF YOU DID HAVE KIDS, THEY WOULDN'T NECESSARILY BE AT THE ELEMENTARY OR JUNIOR HIGH SCHOOL LE LEVEL. BUT WE ARE OPEN-MINDED TO A

MINIMUM. >>VICE MAYOR CUTLER: THE OTHER QUESTION OBVIOUSLY THAT WAS SOMEWHAT RAISED WITH YOUR CONVERSATION WITH COMMISSIONER ISROW HAVE TO DO WITH SETBACKS AND STUFF LIKE THAT.

WE HAVE PRETTY STRICT CODES IN THE CITY AND STUFF LIKE THAT.

I DON'T KNOW IF YOU HAD AN OPPORTUNITY TO LOOK AT THAT TO DETERMINE WHETHER THAT WILL COMFORT WITH WHAT YOU ARE

THINKING ABOUT OR NOT ABOUT. >> ABSOLUTELY.

THAT RIGHT-OF-WAY COULD HAVE BEEN SMALLER AND WELL WITHIN D.O.T. AND CUSTOMARY TRANSPORTATION IN ETWORKS AND MADE IT WIDE AND LUXURIOUS TO HAVE'S STATE FIELD.

A 75-FOOT LOT WITH A 75-FOOT SETBACK WILL FEEL TERRIFIC AND EIGHT DIFFERENT PRESENTATIONS AND CERTAINLY COMMIT THAT NO TWO HOMES NEXT TO EACH OTHER WILL HAVE THE SAME ELEVATION, WILL CHANGE ROOF COLORS, PAVER COLORS, IT IS GOING TO HAVE A CUSTOM, RICH, HIGHLY CURATED FEEL.

WE WILL DEMAND THAT AS PRACTITIONERS.

THE CONSUMER WILL DEMAND THAT AND YOU AND YOUR CITY STAFF WILL DEMAND THAT. AND YOU SHOULD AND WE SHOULD.

THERE SHOULD BE NO COMPROMISE ON THAT.

GOOD ARCHITECTURE, TYPICALLY DOESN'T COST MORE AND STEWART WILL BE THE FIRST ONE TO TELL YOU THAT.

>> THE ARCHITECTURE GOES BEYOND THE HOUSE.

DOING WORK IN PARKLAND 20, 30 YEARS AGO KNOWING YOU DON'T STOP AT THE FRONT. YOU CARRY IT DOWN THE SIDES, THROUGH THE BACK. THE WHOLE HOUSE.

>> WE HAVE A LARGE HISTORY OF OVERLANDSCAPING OUR COMMUNITIES.

AND THOSE ELEMENTS ARE IMPORTANT.

>>MAYOR WALKER: I AM GOING TO MOVE TO COMMISSIONER ABOUT SONIC

[00:45:01]

>>COMMISSIONER MAYERSOHN: THANK YOU FOR COMING AND PRESENTING.

I WILL BE DIRECT BECAUSE WE ARE LIMITED ON TIME.

ONE OF THE THINGS YOU MENTIONED ARE VARIANCES.

DO YOU ANTICIPATE COMING IN WITH VARIANCES OR NOT?

>> NO. WHAT WE ACCOMPLISH AT THE MALL WAS UNIQUE DOWN IN CORAL SPRINGS, BECAUSE IT WAS A -- THE MALL WAS BUILT IN THE LATE '80S AND CIRCUMSTANCES WERE DIFFERENT. WHAT HAPPENED WITH THE MALL THE CITY OF CORAL SPRINGS OPEN SPACE REQUIREMENT WAS REDUCED.

IN THE EARLY '80S,X PERCENT OF A PROPERTY HAD TO BE OPEN SPACE.

2020, THE OPEN SPACE REQUIREMENT IN THE ENTIRE CITY REDUCED THAT ALLOWED THAT FIVE-ACRE PIECE OF PROPERTY TO BE DEVELOPED TO A GREAT EXTENT. NO NECESSITY FROM WHAT I AM

AWARE OF TO HAVE ANY VARIANCE. >>COMMISSIONER MAYERSOHN: DID YOU HAVE ANY CONVERSATION WITH THE HOA?

>> WE INQUIRED WHAT THE CURRENT DUES AND THE EXPECTATION FOR THE PARCEL. WE THOUGHT IT WOULD BE PRESUMPTUOUS TO HAVE A DIALOGUE WITH THE HOA WITHOUT THE

BLESSING OF THE CITY AND STAFF. >>MAYOR WALKER: VICE-MAYOR, HAVE

ANY QUESTIONS. >> THANK YOU.

THANK YOU FOR THE PRESENTATION AND THE MATERIALS.

UP KNOW ONE OF THE THINGS WE ARE TRYING TO BALANCE AS A COMMISSION IS MAXIMIZING THE VALUE OF THE PROPERTY VERSUS NOT PUTTING 10 POUNDS OF STUFF IN A FIVE-POUND BAG AND NOT OVERWHELMING OUR INFRASTRUCTURE. NOT OVERWHELMING THE HOAS, INFRASTRUCTURE AND SCHOOLS. I NOTICED YOUR PRICE PER LOT, WHEN YOU TAKE OUT YOUR PROPOSAL WITH REGARD TO 60 HOTS IS THE FAR LOWER -- THE MID-2 RANGE AND OTHER BIDDERS IN THE MID TO LOW 3 RANGE. IS THAT A -- IS THAT AN ISSUE THAT YOU GUYS HAVE FACTORED IN? BECAUSE I NOTICE YOUR HOUSE PRICES ARE ROUGHLY IN THE SAME AVERAGE?

>> AGAIN, YOU HAVE THE ADVANTAGE OF HAVING REVIEWED THIS INFORMATION. I JUST SAW THE NEWSPAPER ARTICLE I THINK IN AGGREGATE DOLLARS, WE ARE SMACK IN THE MIDDLE OF THE BACK OF THE FOUR. I THINK OUR LOT NUMBER DOES NOT DEVELOP DEVIATE MUCH FROM THEM EITHER.

AGAIN WE ARE FLEXIBLE. WHEN THE MAYOR OPENED HIS DIALOGUE AND I THINK I WOULD ENCOURAGE YOU -- AGAIN THIS IS A WONDERFUL OPPORTUNITY TO GIVE THE FOUR OF US SOME DIRECTION TO SAY, HEY, THIS IS THE LOT SIZE WE WANT.

THIS IS THE NUMBER OF HOUSES WE WANT AND THEN WE WILL RESPOND TOP THAT. AND THEN ASK US TO SHARPEN OUR PENCIL AND GIVE YOU THE BEST HE CAN NOMG I CAN PACKAGE.

BUT I WILL TELL YOU VICH VISUALLY IN MY COMMENCE AND STEWART AND AVI HAVE DONE A LOT OF THIS.

IT WILL BE INDISCERNIBLE. YOU WOULDN'T BE ABLE TO TELL.

I THINK THE IMPACT ON INFRASTRUCTURE BETWEEN 50 HOMES AND 40 HOMES, AGAIN IN MY EXPERIENCE, INDISCERNIBLE BUT FLEXIBLE ON THE ECONOMIC PACKAGE DEPENDING ON WHAT YOU TELL US TO

DO. >>MAYOR WALKER: THANK YOU VERY MUCH. APPRECIATE THE PRESENTATION.

THANKS, KEN. DON'T MAKE KEN STAND UP, HE WILL KICK YOU GUYS OUT OF HERE. WHO IS NEXT? I GUESS IT WILL BE DR HIS OR HERTAN.

>> THAT'S CORRECT. WE DID ALLOW A MINUTE OR SO TO HAVE PRESENTATIONS LOADED. IF YOU PUT THAT IN FULL SWING.

I BELIEVE IT IS CONTROL L. DOWN IS FORWARD.

THANK YOU SO MUCH. GOOD EVENING, COMMISSION.

PLEASURE TO MEET YOU AND TO BE HERE SPEAKING IN FRONT OF YOU AS WELL AS THE RESIDENTS OF PARKLAND BAY.

I AM DAVID ADAM TELLO ONE OF THE LAND ACQUISITION OF DR HORTON.

WOODY HUGHES OUR MANAGER AND LOGAN BELL, ONE OF OUR LAND ACQUISITIONS AND MICH MICHELLE MOCKENHOCK OUR ASSISTANT LOCATION MANAGER. WE WANTED TO TAKE TIME TO INTRODUCE OURSELVES AND PERHAPS PEOPLE WHO DO KNOW US TO GIVE A BIT INFORMATION WHO WE ARE TODAY.

WHY CHOOSE US FOR THIS WONDERFUL PROJECT AND THE UPCOMING FUTURE? IN ADDITION, WE ARE GOING TO GIVE YOU A BRIEF OVERVIEW, A TASTE, IF YOU WILL, OF OUR VISION AND WHAT THE SITE COULD LOOK LIKE IN THE FUTURE AND OPEN TO TAKE ANY AND ALL OF YOUR QUESTIONS. FIRST AND FOREMOST.

[00:50:01]

THE PAST 45 YEARS, HE HAS BEEN ESSENTIALLY CREATING THE COMPANY THAT IS THE LARGEST HOMEBUILDER IN THE UNITED STATES.

THIS GENTLEMAN STARTED OFF WITH $30,000 AND THREE HOMES.

AND HAS PROPELLED US TO BEING THE LARGEST HOMEBUILDER IN THE UNITED STATES, FOUNDED IN FORT WORTH, TEXAS.

1978. DR HORTON'S HAVE BEEN AMERICANS VALUE AND PEACE OF MIND FOR 45 YEARS.

WE HAVE DESIGN IN MIND FOR EVERYONE FROM THE FIRST-TIME BUYER TO THE LUXURY HOME BUYER. WHERE DO WE OPERATE? WE OPERATE IN 110 MARKETS. EACH OF THESE ARE INDIVIDUAL DIVISIONS THAT OPERATE IN THEIR SPECIFIC AREA.

PART OF THE WHOLE AND OPERATING IN 33 STATES.

AND FOR 21 YEARS, WE HAVE BEEN AMERICA'S LARGEST HOMEBUILDER.

THIS IS OUR PROUD DISTINCTION AND WE HOPE TO LIVE UP TO THAT WITH YOU. FOR THOSE OF US WHO LOVE CHARTS AND GRAPHS, AS YOU CAN SEE, NUMBER ONE OUR COMPETITOR CLOSE BEHIND US IN CLOSED VOLUME SALES FOR THE FISCAL YEAR OF 2022.

IF YOU ADD UP NUMBER THREE, FOUR AND FIVE TOGETHER, THEY DO NOT COME CLOSE TO US IN THE AMOUNT OF HOMES THAT WE HAVE CLOSED THROUGHOUT THE UNITED STATES. IN ADDITION, THAT ALLOWS US TO BE A FULLY FUNDED, FINANCIALLY VERSED COMPANY.

AS OF APRIL AST MONTH, OUR QUARTERLY EARNING MARKET CAP AT AND AS WELL, REVENUES EARNINGS PER SHARE AND RETURN ON EQUITY ALL ON AN UPWARD MOTION AND CONSOLIDATED LEVERAGE RATIO STAYED JUST ABOUT LEVEL IF NOT COME DOWN A LITTLE BIT FOR 2022 WHICH IS IMPORTANT FOR US AS A HOMEBUILDER.

BEING THE NUMBER ONE HOMEBUILDER MEANS WE BUILD FOR EVERYONE.

AS I MENTIONED DESIGN IN MIND FOR ALL.

WE START OFF WITH EXPRESS SERIES.

FOR FIRST-TIME HOME BUYERS. NEW IS NOT IMPOSSIBLE.

ALSO WANT TO MAKE SURE WE ARE ENCOURAGING YOUNG FOLKS STARTING A FAMILY TO AFFORD SOMETHING NEW.

NOT JUST A RESELL OR USED HOME. WE HAVE OUR TRANSITION SERIES.

THE BULK OF WHAT WE DO AROUND THE UNITED STATES.

BUILT WITH AN EMPHASIS OF VALUE AND TRUST FOR FOLKS THAT ARE STARTING OFF THEIR WONDERFUL FAMILIES WE WOULD LOVE TO BE ABLE TO PROVIDE A HOME FOR THEM. IN ADDITION, EMERALD SERIES.

LUXURY HOMES. WE DON'T DO AS MANY OF THESE AS OUR OTHER HOMES BECAUSE WE PICK AND CHOOSE WHICH SITES ARE A EMERALD SERIES SITE SO WE CAN GO AHEAD AND DIVE IN AND DO THAT THE WAY IT SHOULD BE DONE. WE SERVE ELEVATED FIRST-FLOOR PLANS FOR THIS HOME AND A PLETHORA OF DESIGN OPTIONS FOR THE HOMEOWNERS. WE HAVE OUR FREEDOM SERIES, THIS FOCUSES ON LOW MAINTENANCE, EASY LIVING FOR OUR SENIORS SO THEY HAVE A WONDERFUL DR HORTON HOME TO CALL THEIR OWN.

AND OUR BRAND-NEW BUILT-TO-RENT SERIES.

IF YOU CAN'T AFFORD TO PURCHASE A HOME YOU CAN LIVE IN A DR HORTON HOME AND WE SERVICE EVERYONE IN BETWEEN.

ALL OF THESE FOLKS WE SERVICED THROUGHOUT THE 45 YEARS OF MR. HORTON'S TENURESHIP, WE HAVE ONE MILLION HOMES CLOSED SINCE THE INSENSE OF OUR COMPANY TO 2023. QUITE A FEET.

I DON'T THINK THERE ARE THAT MANY IN THE INDUSTRY WHO SAY THEY HAVE DONE THAT. WE ARE PROUD TO BE THE LARGEST HOMEBUILDER IN AMERICA. WHY CHOOSE US? WELL, FIRST AND FOREMOST, WE ARE NEIGHBORS.

WE ARE RIGHT UP THE STREET. THAT IS OUR SOUTHEAST FLORIDA DIVISION. WE ARE UP THE STREET ON LYONS ROAD. YOU CAN SEE IN THE BUBBLE INSERT THAT IS THERE, OUR DIVISION MARTIN COUNTY, PALM BEACH COUNTY, BROWARD COUNTY AND DADE COUNTY.

YOU SEE A DR HOME, IT IS US WITH THE SOUTHEAST DIVISION.

IN THE OFFICE THAT LIVE IN PARKLAND, HAVE FAMILY IN PARKLAND, KIDS COME TO SCHOOL HERE.

PARTICIPATE IN SPOTS. THE BUZZ AROUND THE OFFICE TO TAKE ON SOMETHING SO CLOSE TO THE FAMILIES THAT WE WORK WITH, THIS AREA IS NEAR AND DEAR TO OUR HEARTS AND WE HOPE THAT YOU UNDERSTAND THAT. AS WELL AS, WE ARE SEASONED PROS. OUR SOUTHEAST FLORIDA DIVISION IS THE BUILDERS ASSOCIATION OF SOUTH FLORIDA.

BUILDER OF THE YEAR FOR 2022. WE WERE GIVEN THE EX-I THINK SO OF THE GOLD COAST BUILDER ASSOCIATION PLAINTIFF THE YEAR FOR 2022. OUR ENTIRE EXECUTIVE TEAM A MINIMUM TEN-YEAR LEADERSHIP, TEN YEARS WITH US.

[00:55:03]

GARY BRUNK IS OUR OPERATIONS MANAGER.

THIS GENTLEMAN IS THE GENTLEMAN YOU WANT AT THE HELM IF YOU ARE DOING A CONSTRUCTION OF A HOME. HE IS THE TEAM LEADER OF OUR CONSTRUCTION AND NUMBER ONE IN THE STATE OF FLORIDA FOR CYCLE TIME. HOW LONG IT TAKES TO BUILD A HOME. IF YOU WANT CONTINUE TO BUILD A HOME QUICKLY WITH THE BEST QUALITY PRODUCTS, THIS IS THE GENTLEMAN YOU WANT AT THE HELM. IN ADDITION HE IS THE LEADER OF YOU ARE CUSTOMER CARE DEPARTMENT.

CUSTOMER SERVICE FOR US IS AT THE HEART OF EVERYTHING WE DO.

MICHELLE MOCANHOP ASSISTANT BUILDING MANAGER CURRENT RECIPIENT OF THE PURCHASER OF THE YEAR AWARD.

OF THE 110 MARKETS, ALL THE DIVISIONS SHE HAS GOTTEN THE BEST PRICES AND BEST MATERIALS TO AWARD HOMES AND AWARD SO IN 2022. CARL ALBERTSON, ABOUT DIRECTOR OF LAND ACQUISITION IS A PROFESSOR OF REAL ESTATE.

ANYONE YOU WANT TO TAKE THROUGH A GOLF COURSE CONVERSION.

UNDERSTANDING THE CONSISTENCY OF MOVING THROUGH ENVIRONMENTAL CONTINGENCIES. THIS IS THE GENTLEMAN YOU WANT TO ENSURE IS IN CHARGE SO WE HAVE A SMOOTH PROCESS TO BUILD THIS NEIGHBORHOOD OUT. A CURRENT BOARD MEMBER OF THE BUILDERS ASSOCIATION OF SOUTH FLORIDA.

CUSTOMER SATISFACTION. I MENTIONED THAT TO YOU.

ANOTHER BIG REASON WHY WE ARE HERE WITH YOU TODAY.

WE ARE TOP FIVE IN THE NATION FOR CUSTOMER CARE AND WARRANTY SERVICING. WHAT DOES THAT MEAN? OUR HOMES COME WITH A WARRANTY. THE PROSPECTIVE HOME BUYER FOUND SOME KIND OF ISSUE AND ACTIVATED THEIR WARRANTY AND WE PURCHASE THEM WHAT COMES ON DOWN THE LINE.

EIGHT YEARS IN A ROW IN THE TOP FIVE, NUMBER ONE OR TWO.

IN ADDITION, $4.9 STARS. COME FROM INTERNAL SURVEYS, COMMUNITY SATISFACTION SURVEYS. FOLKS THAT MOVED INTO THEIR HOME, NEIGHBORHOOD AND GIVING US FEEDBACK ON WHAT THEY THINK AND THIS IS IMPORTANT TO US BECAUSE WE BELIEVE IN SSERVICE THE PRODUCT CAN BE THE BEST IT IS AND USE GOOD MATERIALS BUT WITHOUT ABOUT MATERIALS TO BACK THAT UP, YOU ARE MISSING A PART OF THAT. WE WANT CUSTOMED TAIL ORRED.

OUR EMERALD SERIES. BUTLER PANTRY, HAND PICKING YOUR FLOORS AND CABINETS. WE ARE HERE TO CUSTOM SUIT THE HOMES FROM THE BUYERS THAT WILL BE PAYING FROM US.

AS AS WELL, COMMUNITY AND PUBLIC BENEFIT AS MANY MANUFACTURE US -- AS THE ESTEEMED GENTLEMAN SPOKE ABOUT, PARKLAND A WONDERFUL COMMUNITY, HISTORY AND AMAZING REPUTATION.

I THINK WE ARE OF THE PERFECT COMPANY TO UPHOLD THAT REPUTATION AS WE HAVE A REPUTATION TO UPHOLD AS WELL.

WE DON'T CUT CORNERS BUT WE CUT RIBBONS.

HIGHEST QUALITY OF CONSTRUCTION IN OUR HOMES AND THE LARGEST HOMEB HOMEBUILDER BUSINESS FOR 45 YEARS. LOOKING TO THE FUTURE, THE PROPOSED SITE PLAN WE COME UP WITH.

AND AGAIN AS THE ESTEEMED MAYOR MENTIONED, VERY PRELIMINARY.

WE HAD OUR ENGINEER TAKING A LOOK AT THIS AND FOLLOWING THE RS 6 FROM THE RESIDENTIAL POD NORTH OF US BEEN WE ARE YIELDING IN IN PARTICULAR SCENARIO ARE 63 HOMES.

HOWEVER, THIS IS, AGAIN, VERY PRELIMINARY AND DOWN THE ROAD THIS IS SOMETHING THAT WE WILL WORK WITH YOU ON SO YOU CAN TELL US WHAT IS IS THE BEST AMOUNT OF HOMES THAT YOU WANT TO SEE HERE.

AS WELL, WE HAVE ADDED FOR GREEN SPACES TO BE OPEN AT THE VERY TOP OF THE CRUX THERE AND DOWN THE BOTTOM IN BETWEEN THE TWO LAKES THAT COULD BE A DOG PARK OR A CHILDREN'S PLAY PLACE.

AND, AGAIN, SOMETHING WE WORK HAND IN HAND WITH THE COMMISSION

[01:00:03]

NOW, AS WELL, WE WERE GIVEN AN ARCHITECTURAL GUIDELINE WHAT WILL BE SEE IN HERON BAY. MIZNER STYLE.

WE ARE FAMILIAR WITH THAT WITH SOME OF THE PREVIOUS HOMES WE BUILT. IN THE ARCHITECTURE LAID IN FRONT OF YOU, WE HAVE AESTHETICS OF THAT PARTICULAR STYLE.

WE KNOW HOW TO BUILD A BEAUTIFUL INTERIOR OF THE HOME AND HAND SELECTED BY THE CLIENTELE. COBBLESTONE STREETS, WONDERFUL ENTRANCES, TWO TO THREE-CAR GARAGES, GORGEOUS BATHROOMS, HIS OR HER SECTION, FREE STANDING TUBBS.

BEAUTIFUL OUTDOORS WITH OUTSIDE. AND AMAZING TERRACES, CUSTOM MADE TO THE CLIENTS BECAUSE WE WANT OUR CLIENTS TO LIVE IN BEAUTIFUL, WELL-MADE HOME. GORGEOUS INTERIORS, RECESSED, L.E.D. LIGHTING AND SELECT ABOUT FLOORS.

AND FOR HERON BAY FOR THE UPCOMING FAMILIES WHERE HE HOPE TO MOVE IN HERE. AS WE WRAP UP, I JUST WOULD LIKE TO SAY THAT I APPRECIATE YOUR TIME FOR TODAY.

AND AS AMERICA'S MOST TRUSTED BUILDER FOR 45 YEARS, NO ONE IS MORE COMMITTED TO BUILD BRIGHTER FUTURES FOR FAMILIES.

WE HAVE A WEALTH OF EXPERIENCE IN MANY LAND TYPES AND CHANGING THOSE LAND SKIEPS TO RESIDENTIAL.

WE APPRECIATE YOUR TIME AND WORKING WITH YOU TOGETHER WHICH

IS THE RIGHT WAY TO DO IT. >>MAYOR WALKER: OKAY.

THANK YOU VERY MUCH. >> THANK YOU, SIR I JUST JUST HAVE A COUPLE OF QUESTIONS. ONE THINGS YOU DIDN'T TOUCH ON

FOR YOUR LOT SIZES. >> LOT SIZES WAS 70 BY 100 OR 110. PRELIMINARY DONE BY THE ENGINEER FOLLOWING THE RS-6. WE HAD INTERNAL CONVERSATIONS OF THE COMPATIBILITY. THE POD IS A R-3.

ONE SIDE DO THE RS-3 AND THE OPPOSITE SIDE, R-6.

DO THE DUE DILIGENCE. >>MAYOR WALKER: YOU TALKED OF YOUR "EMERALD SERIES" WHICH IS YOUR LUXURY BRAND.

YOU SAY YOU DON'T DO A LOT OF THOSE.

>> CORRECT. >>MAYOR WALKER: AN AVERAGE

PRICE. >> WITH A PRODUCT LIKE THIS, ABSO ABSOLUTELY.

>>MAYOR WALKER: AVERAGE PRICE OF WHAT DR HORTON BUILDS IN THE

SOUTH FLORIDA AREA. >> TRADITION HOME WHICH IS THE FIRST-TIME FAMILY YOU ARE LOOKING AT A PRICE OF $650,000 AND $850,000 IN THAT RANGE. THE CONCENTRATION OF WHAT WHICH BUILD IN MIAMI-DADE COUNTY AND HOMESTEAD AND FLORIDA CITY.

ONE OF THE FIRST ORGANIZATIONS TO GO INTO THAT AREA.

THE AREA IN IS THERE THAT NO ONE WANTED TO BE IN AND JUST FARMS. WE SAW THE OPPORTUNITY TO PROVIDE AFFORDABLE HOMES.

OBVIOUSLY THAT PRICE AND WHAT THE MARKET HAS BEEN DOING HAS BEEN CHANGING AND GOING UP BUT ENCOUNTER LAND TYPES WITH.

AGRICULTURE AND WELL-VERSED AND PRICE IS $650,000 TO $850,000

THERE. >>MAYOR WALKER: ANY EXAMPLES OF NEIGHBORHOODS OR COMMUNITIES YOU BUILT USING THE EMERALD SERIES.

>> THE ONES I SHOWED WERE THE EMERALD SERIES.

>>MAYOR WALKER: ROUGHLY HOW LARGE ARE THOSE HOUSES.

>> 3600 TO 3800 SQUARE FEET. THIS PARTICULAR PROJECT DEPENDING ON THE LOT SIZE AS WE GO DOWN THE ROAD, PROJECTING 2800 ON THE VERY LOW END TO THE SMALLEST OPPORTUNITY HIGH OF

JUST ABOUT SHY OF 4,000 OR 3800. >>MAYOR WALKER: ANYBODY ELSE.

>> I HAVE A COUPLE OF QUESTIONS. THANK YOU SO MUCH FOR YOUR PRESENTATION. WITH REGARD TO LOT SIZE.

I TAKE IT IS A INVERSE -- AND LOT PRICE.

I HAVE TAKE IT A INVERSE RATIOS AS THE LOTS GET BIGGER, THE VALUE OF THE LOT GOES UP AND THE NUMBER OF DENSITY GOES DOWN.

>> JUST ABOUT, YES. >> SO, I MEAN.

YOU WERE TO REDUCE THE NUMBER OF YOUR HOMES IN THIS PARTICULAR PROJECT, DO YOU HAVE ANIEST MAKE OF BUILDING A LARGER HOUSE AND WHAT THE SALE PRICE WILL BE IF THE LOT SIZE IS LARGER?

>> YES, ABSOLUTELY. RIGHT NOW WE ARE PROJECTING -- FROM ABOUT $1.1 MILLION TO $1.4 DEPENDING ON THE MODEL WE PUT ON IT. IF THE LOT SIZES WERE CHANGE AND

[01:05:03]

>> HAVE A PACKAGED OF EMERALD SERIES THAT ARE CLOSER TO THE HIGHER END OF THE $1 MILLION OR $2 MILLION OR IN THE LOW $1.2

MILLION OR $1.4 MILLION. >> I THINK WHAT WE ARE BUILDING IN THOSE PARTICULAR AREAS, THAT WHAT THAT AREA WOULD CALL FOR.

PRELIMINARY NUMBERS WE ARE LOOKING FOR THIS PARTICULAR PROJECT. AND I THINK FOR THE AMOUNT OF CUSTOMIZATION AND THE TYPE OF BUYER THAT WILL BUY THIS JUST NORTH OF THAT. THE AMOUNT OF CUSTOMIZATION REQUIRED HERE IS NOT. WITH THIS PROJECT BEING, NUMBER ONE, SO CLOSE TO US. PART OF OUR KIND OF -- OUR AREA AS WELL, TOO, AS WE MENTIONED WE ARE NEIGHBORS.

WE REALLY WANT TO MAKE SURE WITH THIS WE ARE GOING ABOVE AND BEYOND THAT WE HAD IN THOSE COMMUNITIES AS WELL.

>>MAYOR WALKER: ANYONE ELSE? DIDN'T WANT TO TAKE UP ANYONE'S TIME. VERY INFORMATIVE.

GOING BACK WHAT ASCEND SAID HOW THEY DO BUSINESS.

THEY EXPLAINED THEY ARE THE OWNERS.

THEY HAVE THE ABILITY TO BE FLEXIBLE AND COMMUNICATIVE AND THE CORPORATE APPROVAL. YOU HAVE THE REGIONAL LEVEL AND GOES UP TO THE CORPORATE LETTER AND TO THE CHAIRMAN.

HOW IS IT THAT WE CAN EXPECT REALLY WORKING AS A PARTNER IF SOMETHING COMES UP AND THERE IS SUCH A BIG CORPORATE BUREAUCRACY. I DON'T MEAN IT IN A NEGATIVE WAY BUT THE REALITY OF BEST BIG BUSINESS.

HAS PROS AND CONS AS WELL AS SMALLER BUSINESSES.

HOW DO YOU SEE THAT FROM YOUR PERSPECTIVE IS IT WORKING.

>> THAT IS SOMETHING VERY COMMON THAT WE ENCOUNTER ALL THE TIME.

EACH DIVISION OPERATES WITH AUTONOMY.

AND DEALS OF THE ACTUAL DIVISION AND RUNNING THAT UP THE CHAIN OF COMMAND TO ENSURE THAT EVERYONE IN THE ORGANIZATION HAS SEEN AND APPROVED AND UNDERSTANDS WHAT WE ARE DOING.

WE DO THAT KIND OF A SYSTEM OF CHECKS AND BALANCES SO NOT ONE DIVISION KIND OF RUNNING AWAY WITH EVERYONE'S MONEY, IF YOU WILL. WE ARE A VERY CONSERVE TESTIFY COMPANY. WE TRY TO MAKE -- CONSERVATIVE TAMPA. WE TRY TO MAKE EDUCATED MOVES HAND THIS IS DONE THROUGH THE CORPORATE APPROVAL PROCESS.

A LOT OF FANS ARE NOT A FAN OF THAT.

WHEN YOU PURCHASE A HOME, MOST PEOPLE DO AN INSPECTION AND VERY FEW OF THEM WILL DO AN APPRAISAL AND EVEN LESS OF THEM WILL DO A SURVEY. THE MORE YOU DO OF THAT, THE MORE HOMEWORK YOU ARE DOING AND MORE EDUCATED YOU ARE BEING WHEN PURCHASING SOMETHING. WE DO THE EXACT SAME THING.

AND WE HAVE A CORPORATE STRUCTURE BEHIND US THAT ALLOWS US TO DO THAT RESEARCH. LOOKS AT THAT RESEARCH.

CHECKS OUR NUMBERS. TRIPLE CHECKS OUR NUMBERS.

WE ENSURE WHEN WE ARE MOVING FORWARD.

WE ARE MOVING FORWARD WITH AN ENTIRE ORGANIZATION BOARD THAT HAS SEEN WHAT WE HAVE DONE AND PROJECT THAT WE WILL BE

SUCCESSFUL IN THE FUTURE. >> UNDERSTOOD.

THAT CORPORAL APPROVAL FOR THE DEAL STRUCTURE OR MORE OF THE ONGOING OPERATIONS AFTER THE DEAL IS MADE AND WORKING BETWEEN

CITY STAFF AND DR HORTON. >> OVERALL DEAL STRUCTURE.

THE PARAMETERS THAT WE ARE TOLD TO STAY IN THE BOX, IF YOU WILL.

WHEN WE DO OUR DEALS, WE STAY WITHIN THAT BOX FOR WHATEVER WE SEND TO YOU. ONCE WITH WE HAVE THAT NEGOTIATED ON OUR END. WHAT WE DO AGAIN IS SENDING IT TO REGION. TO CORPORATE TO HAVE A SECOND SET OF SECONDARY AND TERTIARY EYES TO MAKE SURE WE CROSSED

OUR TS AND DOT ALL OUR IS. >> I WILL HIT WHAT THE MAYOR WAS ADDRESSING THE EMERALD SERIES AND FIRST-TIME HOMEBUYERS.

YOU GUYS SHOWED 82,744 HOMES CLOSED IN 2022.

AN IMPRESSIVE NUMBER BUT WHAT PERCENTAGE OF THOSE WERE EMERALD

SERIES HOMES? >> 10% TO 15%.

THE TRADITION SERIES AND FIRST TIME IS THE BULK.

MR. HORTON STARTED WITH $30,000 AND THREE HOMES AND A BLUE COLLAR TEXAS HOMEBUILDER. THAT IS AT THE CORE OF WHAT WE TO DO ENSURE THAT THE AVERAGE PERSON CAN ATTAIN A HOME.

A LOT OF OTHER COMPANIES MAKE HOME THAT ARE HIGH PRICE AND GREAT LOOKING BUT ARE HOMES JUST FOR EXECUTIVES.

WE DON'T -- WE MAKE HOMES FOR EXECUTIVE.

WE DO THAT TOO. BUT FOR THE REST OF THE ORGANIZATION AS WELL ABOUT I CAME FROM A PRIVATE BOUTIQUE

[01:10:06]

NEAR AND DEAR TO OUR HEART AND ONE OF THE OPPORTUNITIES WE GET TO SHOW THE REST OF THE WORLD IF YOU NEVER SEEN A EMERALD HOME THE WAY WE CAN DO IT, YOU WILL SO AT THE WITH THIS PARTICULAR PROJ PROJECT.

>> MINIMUM PROPOSAL SAYS 62 LOTS.

YOU WILL BE WILLING TO REDUCE THAT NUMBER, CORRECT?

>> SURE, ABSOLUTELY. WE TRY TO OFFER -- THE PRICE WE AE GIVING IS BASED ON THE NUMBER OF LOTS WE GET.

IN THE LAND BUSINESS, FOLKS WHO REASONABILITY IN THE LAND BUSINESS WILL ASSUME, WELL, THE HOME AT THE END OF THE DAY WILL DICTATE WHAT YOU PAY FOR THE LAND AND REALLY THE INVERSE AND DICTATES WHAT YOU SHOULD BE PAYING AND WHAT THE FINAL PROJECT WILL LOOK LIKE. WE BELIEVE THAT THE IN AM WE SUBMITTED FOR THE PER LOT PRICE IS APPROPRIATE AND INTERNALLY WE LOOKED AT WHAT IS AVAILABLE IN HERON BAY AND 36,000 TO 5,000 HOMES TOTAL AND 24 LISTING AVAILABLE ACTIVE IN THE MARKET.

PRETTY HEALTHY. ASSUMING THAT AND FACTORING THAT IN AND KNOWING THIS IS THE PROCESS.

AND BY THE TIME WE TURN IN A KEY TO A HOMEOWNER, 2025, 2026, DEPEND WILLING ON HOW LONG THE PROCESS TAKES PRICE APPRECIATION THAT SHOULD BE WHAT WE ARE MODELING.

>> IS YOU HIT ON SOMETHING THAT WE WILL ASK WHICH IS AN INTERESTING THING TO SAY. BUT THE CLOSING TIMELINE IS 18

TO 24 MONTHS. >> CORRECT.

> S. >> MY QUESTION IS ABOUT A $1 MILLION DEPOSIT THAT IS REFUNDABLE IF ONE OR MORE OF THE CLOSING CONDITIONS ARE NOT MET. RIGHT.

SO MY CONCERN AS A CITY IS, WE -- LET'S SAY WE MOVE FORWARD WITH DR HORTON AND NOW WE ARE TWO YEARS REMOVED FROM THE SIGNING OF THE CONTRACT. AND WE HAVEN'T YET CLOSED.

BUT NOW ON LET'S SAY THE 23RD MONTH, YOU FIND OUT YOU ARE NOT ABLE TO GET SOME SORT OF APPROVAL -- I SEE THERE IS A NUMBER OF KIND OF APPROVALS. WE HAVE SPENT TWO YEARS DOING THIS AND DON'T HAVE ANYTHING TO SHOW FOR IT BECAUSE NOW THE

DEPOSIT IS FUNDABLE. >> THAT IS A GREAT QUESTION AAN OUR EXPERIENCE OF PEDIGREE AND WHAT WE DO AND OUR AUTONOMY AS A DIVISION. WHAT WE WILL DO IN THOSE SCENARIOS IS MAKE SOME OF THE DEPOSITS GO NONREFUNDABLE.

WE SAY, HEY, THE SITE LACKS GREAT TO SEE WHAT WE CAN BUILD HERE. WE WILL SAY X AMOUNT WILL BE NONREFUNDABLE ONCE WE GET THE WATER AND SEWER APPROVAL.

THAT IS SOMETHING WE WILL GO BACK AND FORTH AND NEGOTIATE ON.

OBVIOUSLY A HOLDING COST. AN OPPORTUNITY COST.

I HAVE AN OPPORTUNITY DAILY ON LAND SELLERS AND OWNERS.

THIS IS THE MIDDLE GROUND THAT WE FIND.

OFTEN FOLKS WILL -- >> YOU ARE FLEXIBLE.

>> ABSOLUTELY. >> I THINK THAT WAS THE ANSWER

THAT I WAS LOOKING FOR. >> WE ARE FLEXIBLE AND WILL USE THOSE MILESTONES TO ENSURE THAT YOU ARE TAKEN CARE OF.

>>THE LAST ONE THIS TIME, I MEAN IT.

THE 350,000 PER LOT NUMBER THAT YOU HAVE.

I GUESS THAT DOVESTALES WITH VICE-MAYOR BRIER'S QUESTION, REDUCING AMOUNT OF HOMES, REDUCING PURCHASE PRICE OF $350,000 PER HOUSE AND DOES THAT CHANGE.

>> SOMETHING WE CAN NEGOTIATE AND HIGH LEVEL LOOKING AT IT, WE WILL MAKE THE OFFER PER THE LOT. LET'S SAY -- AGAIN, IF IT COMES DOWN -- NOT 63 HOMES OR 50 HOMES OR 55 HOMES, THE PRICE WILL REFLECT THAT BUT THE PRICE PER LOT WILL STAY THE SAME.

IN OUR VISION WE WOULD LIKE TO KEEP THE PRICE PER LOT THE SAME BECAUSE THE HOME WE WILL PUT ON THERE WILL JUSTIFY THE PRICE

WHEN IT IS SOLD TO THE END USER. >> GOES BACK TO MY POINT.

[01:15:04]

BECAUSE OF THE LOCATION IN HERON BAY, IT NEEDS TO BE A HIGHER LEVEL PRODUCT THEN WHAT YOU ARE ENVISIONING.

THAT IS MY CONCERN. THE LOT VALUES, THE NUMBER OF HOMES AND THE PRICE OF THE VALUE OF THE FINISHED HOME.

NOT ONLY RECOUPING WHAT WE PAY FOR THE LAND BUT NOT PUTTING A LOWER QUALITY PRODUCT TO DIMINISH THE PROPERTY VALUES OF THE NEIGHBORING HOMES AND RESIDENTS THERE.

SO I WOULD ENCOURAGE TO YOU GIVE THOUGHT TO THAT AS WE GO THROUGH THE PROCESS AND ALL THE OTHER DEVELOPERS AS WELL.

ONE OF THE OTHER THINGS IS THAT WE PUT A PROJECT THERE THAT IS GOING TO BE A NET POSITIVE TO THE RESIDENTS AROUND THERE AND LOSING PRIVACY AND THE LAST THING I WOULD WANT TO DO IS TO PUT HOUSE THERE IS AND NOBLE EFFORT TO SELL HOUSES THAT ARE AFFORDABLE AND LUXURY PARCEL AND ONE OF THE FEW PARCELS IN PARKLAND THAT CAN BE BUILT. SO I WOULD RATHER SEE LESS HOMES WITH A HIGHER DOLLAR PRICE AND A HIGHER VALUE THEN MORE HOMES

WITH A LOWER ENTRY PRICE. >> ABSOLUTELY.

SOMETHING WE ARE DEFINITELY OPEN TO.

IF THAT IS THE DIRECTION THAT THE COUNCIL WOULD LIKE TO MOVE.

IF THAT IS WHERE THE PROCESS ENDS UP BEING, ABSOLUTELY.

BUILDING A LUXURY PRODUCT, WE HAVE THAT IN OUR CAPACITY, 110%.

AGAIN, JUST MENTIONING THAT IS NOT THE MAJORITY OF OUR BUSINESS, IT DOESN'T MEAN THAT WE DON'T KNOW HOW TO DO IT CORRECTLY OR DO IT WELL. THAT IS REFLECTED IN OUR OFFER.

WE CAME IN WITH OUR HIGHEST AND BEST RIGHT FROM THE GET-GO BECAUSE WE WANTED TO SHOW WE HAVE THE POWER AND AS THEY SAY

IN SPANISH THE BULAR TO DO IT. >> THANK YOU FOR YOUR

PRESENTATION. >> POUR PLEASURE, SIR.

>> I WANT TO ASK YOU MENTIONED YOUR HIGHEST AND BEST.

>> WE CAME IN WITH THE HIGHEST AND BEST, YES.

IF IT NEEDS TO GO HIGHER OR BETTER, THAT IS A CONVERSATION

-- >> THERE IS NO SUCH THING.

>> I HEARD THAT AND I SAID IF WE ASKED FOR THE HIGHEST AND BEST

AGAIN -- OKAY. >> AGAIN, WE WILL TAKE THESE

STEPS AS WE GO DOWN FOR SURE. >> YOU HAD A BOARD IN YOUR PRESENTATION THAT KIND OF RESONATED WITH ME BECAUSE WE HAD IN THE PAST, UNFORTUNATELY, SOME -- I DON'T WANT TO CALL THEM BAD ACTORS BUT DEVELOPERS THAT HAVEN'T BEEN NECESSARILY COOPERATIVE ON THE POST-CONSTRUCTION PHASES OF THINGS. THE WARRANTY ASPECTS AS YOU DESCRIBE THEM. CAN YOU TELL ME WHAT IS IT THAT YOU GUYS DO THAT MAYBE IS DIFFERENT THAN YOU THINK SOME OF THE OTHER DEVELOPERS PRESENTING TODAY IN TERMS OF THAT POST CONSTRUCTION STUFF, THAT WARRANTY STUFF, THAT SERVICE STUFF, BECAUSE THAT IS REALLY IMPORTANT TO US.

YOU HEAR IT A LOT OF TIME IN A LOT OF COMMUNITIES AND AND MENTIONING ISSUES WITH A CERTAIN DEVELOPER.

WHAT IS IT THAT YOU GUY DO BETTER THAN ANYTHING ELSE IN

THAT REGARD? >> THE THING WE DO BEST IS WE DON'T JUST SAY WE BELIEVE IN IT, WE ACTUALLY DO IT.

OUR SCORES ARE HIGHER NOT JUST WITHIN THE ENTIRE COMPANY BUT THE LOCALIZED DIVISION IN FLORIDA AS WELL.

WE HAVE GARRY BRUNK, THE HEAD OF THE CUSTOMER CARE TEAM.

AND COMES DOWN TO OUR LEADERSHIP.

EVERY ONE OF THEM BELIEVES IN CUSTOMER SERVICE.

THE HEART AT WHAT WE DO. RIGHT.

THE HOME ITSELF IS GREAT, BEAUTIFUL AND A STRUCTURE.

BUT WHAT IS IMPORTANT ARE THE PEOPLE THAT LIVE IN IT.

IF THEY ARE NOT SATISFIED, IT DAMAGES OUR REPUTATION AND REPUTATION IN THIS BUSINESS IS EVERYTHING.

ANECDOTALLY AT BEST, WE HAD A HOME DOWN IN FLORIDA CITY WHERE THE GENTLEMAN HAD AN ISSUE WITH THE PIPING.

CAN HE CAME IN. FOR UP THE FLOORING.

IT WAS THE FAULT OF ONE OF THE SUBCONTRACTORS THAT WE HAD, BUT WE DON'T MAKE EXCUSES WHEN IT COMES DOWN TO IT.

WHAT WE DO IS WE GET RESULTS. WE WENT IN THERE.

REDID WHAT HAD TO BE DONE. MADE SURE HE HAD BRAND-NEW UPDATED FLOORING AND TOOK CARE OF THE ISSUE AND SATISFIED HIM COMPLETELY. THAT IS KIND OF WHAT WE DO EVERY

SINGLE DAY. >> WARRANTY ON THE STUFF.

>> SEVEN-MONTH WARRANTY THAT COVERS THE INFRASTRUCTURE,

[01:20:02]

I HAVE SAID BE CAREFUL WHEN I ASK THE QUESTIONS.

>> GO FOR IT. >> THE SITE PLAN IF IT WAS CRAFTED IN TERMS OF COMPLYING WITH THE CITY CODE AND THE SETBACK REQUIREMENT OR IF THIS WAS A --

>> IT WAS. WE USED ONE OF OUR LOCAL ENGINEER WHO DOES OUR SITE PLAN AND UNDERSTANDING WATER RETENTION ISSUES. HE BASICALLY FOLLOWED THE RS-6 CODING THAT THE POD ABOVE US -- THE RESIDENTIAL POD ABOVE THE DOG LEG HAS. AND SET FOR ALL THE CODE

COMPLIANCES. >>MAYOR WALKER: THANK YOU VERY

MUCH. >> THANK YOU SO MUCH.

APPRECIATE IT. >>MAYOR WALKER: NEXT WE HAVE KENCO. THEY ARE NEXT.

>> GOOD EVENING, URI MANN, OF KENCO.

THANK YOU TO THE, MAYOR AND COMMISSIONERS.

WE ARE VERY EXCITED ABOUT THIS PROJECT.

WE CONSIDER OURSELVES THE MOST LUXURIOUS OF MODERN, BOUTIQUE HOMES? SOUTH FLORIDA.

THERE IS NO OTHER BUILDER IN SOUTH FLORIDA THAT BUILDS AS MANY OR THE TYPES OF LUXURY HOMES THAT WE BUILD.

YOU PROBABLY SAW FROM OUR PROPOSAL THE AVERAGE PRICE FOR THE HOMES WE ARE PROJECTING IS 2.5 MILLION.

THE AVERAGE SIZE YOU IS $4,000 SQUARE FEET.

AND WE PLANNED A SITE PLAN THAT WILL MAKE A REAL STATEMENT FOR THE COMMUNITY FOR HERON BAY AND ADD VALUE TO THE SURROUNDING RESIDENTS. WE ARE VERY PROUD AND EXCITED TO BE HERE TONIGHT. JUST A LITTLE BIT ABOUT OUR COMPANY. WE HAVE BEEN FLORIDA'S TOP DEVELOPER OF CUSTOM BOUTIQUE, MODERN LUXURY HOMES FOR OVER 30 YEARS. WE HAVE BUILT OVER 5,000 REMARKABLE HOMES IN SOUTH FLORIDA COMMUNITIES.

WE ARE VERY WELL KNOWN FOR ENGAGING LOCAL STAKEHOLDERS AND DESIGN AND ARCHITECTURE. TREMENDOUS AMOUNT OF EXPERIENCE WORKING WITH HOMEOWNER ASSOCIATIONS, ALSO WITH GOVERNMENT ENTITIES. TODAY IN THE AUDIENCE OUR CHAIRMAN IS HERE, KEN AARONSON. HE IS AN IMPORTANT PROJECT FOR US. OUR PLANNER KENT TOMA.

AND BRITTANY WHO HAS A LOT OF EXPERIENCE WITH GOLF COURSE REDEVELOPMENTS. OUR COMPANY IS REALLY WELL KNOWN FOR BUILDING HOMES THAT REALLY PROVIDE -- IT IS REALLY A NICHE FOR HOME BUYERS SEEKING A TRULY UNIQUE AND LUXURY LIVING SPACE WITHIN A MASTER PLAN COMMUNITY. IF YOU VISIT MASTER PLAN COMMUNITIES AROUND SOUTH FLORIDA, YOU LOOK FOR THE MOST LUXURIOUS BUILDERS, IT WILL BE KENCO.

FIVE ACTIVE BUILDERS, WE ARE THE MOST LUXURIOUS.

YOU CAN YOU CAN COME SEE THE MODELS THAT ARE SIMILAR TO WHAT WE WOULD PLAN TO BUILD HERE AT HERON BAY.

AND I WILL SHOW YOU THAT. SOME OF THE PAST COMMUNITIES THAT KENCO HAS EITHER DEVELOPED THE ENTIRE COMMUNITY AND BUILT THE HIGHEST-END HOME IN THE COMMUNITIES.

STONE CREEK RANCH IN DELRAY BEACH.

THE OAKS AT BOCA RATON. AVENEAR.

WE TOLD OVER 70 HOMES THERE. ALMOST SOLD OUT.

ADDISON RESERVE, BOCA RATON. MARISOL.

STONE CREEK RANCH, 170 ACRES, KNOWN PERHAPS AS THE MOST LUXURIOUS COMMUNITY IN PALM BEACH COUNTY.

37 ESTATE PROJECT HOMES, EACH ONE ON TWO AND A HALF ACRES AND A QUICK DRONE VIDEO TO GIVE YOU LANDSCAPING AND QUALITY THAT HAS GONE INTO KENCO COMMUNITIES AND YOU CAN SEE 37 HOMES.

EACH ONE OF THOSE HOMES RANGE FROM 7,000 TO OVER 15,000 SQUARE FEET. THE OAKS AT BOCA RATON.

THIS IS WELL KNOWN 469 MAGNIFICENTLY APPOINTED RESIDENCES IN WESTERN PALM BEACH COUNTY IN BEE CA RATON.

[01:25:01]

AGAIN, THE HOMES HERE AVERAGE 2 MILLION AND YOU SEE A QUICK DRONE VIDEO TO GIVE YOU A SENSE OF THE SIZE AND SCALE OF PROJECTS THAT ARE FOCUS ODDS BE LUXURY AND FOCUSED ON PROVIDING CUSTOM BOUTIQUE HOMES, MODERN HOMES TOLL A VERY DISCERNING AUDIENCE. THE HOMES IN OUR COMMUNITY.

I KNOW ONE OF THE QUESTIONS WAS WARRANTY.

WE PROVIDE A ONE-YEAR WARRANTY ON OUR HOMES.

MOST OF THE BUYERS KNOW THEY CAN COME BACK FROM KENCO BEYOND THE FIRST YEAR AND WANT AT THAT MAKE THEM HAPPY.

PEOPLE BUY KENCO AND PAY MORE FOR IT BECAUSE OF OUR REPUTATION AND PROVIDING SERVICE EVEN AFTER THE FIRST YEAR.

THIS IS IN AVONEAR. AND IF YOU HAVE A CHANCE BETWEEN NOW AND WHENEVER YOU MAKE THE DECISION COME SEE OUR SALE CENTER BECAUSE THREE BEAUTIFUL MODELS.

KENCO HAVE THE MOST HIGH-END HOMES IN THE MASTER COMMUNITY.

THE DEVELOPER OF THE MASTER PLAN CAME TO KENCO TO BE IN THE PROJECT TO SET THE BAR FOR THE TYPE OF HOMES THAT WOULD BE SOLD IN THE COMMUNITY. THE AVERAGE PRICE POINT IS $2 MILLION. THE PRICES RANGE FROM UNDER $2 MILLION TO OVER $3 MILLIO AND 3500 SQUARE FEET TO OVER 5,000 SQUARE FEET. THIS IS EXACTLY THE TYPE OF PRODUCT AND PRICE POINT WE ENVISION HERE IN PARKLAND.

WE FEEL THE PRODUCT -- THIS TYPE OF DISCERNING PRODUCT COULD ACTUALLY COMMAND HIGHER PRICES BECAUSE IT IS IN PARKLAND.

AND WITHIN THE -- WITHIN THIS COMMUNITY.

SO JUST TO SHOW YOU, THESE ARE THE THREE MODELS.

IF YOU COME DOWN, YOU CAN SEE THEM.

QUICK VIDEOS TO SHOW YOU THE TYPE OF LUXURY AND QUALITY WITHIN THESE CUSTOM BOUTIQUE HOMES THAT ARE AVAILABLE AND I WANT TO A LITTLE BIT ABOUT THE PROCESS OF BUILDING THESE HOMES.

I DON'T KNOW IF WE HAVE AUDIO. >> MOVE-IN READY ESTATE HOMES.

>> KENCO'S COMMUNIT ENCLAVE OF BRAND-NEW STATE HOMES.

MODERN AMENITIES SURROUNDED BY STUNNING NATURAL RESERVE.

ONE AND TWO-STORY PRESERVES WITH THREE-CAR GARAGE MODERNIZES LUXURY. FLORIDA IS KNOWN FOR OUTSIDE LIVING. AS SPECTACULAR OUTSIDE AS IN.

EXPERIENCE MODERN LUXURY AND ENJOY THE KENCO.

>> THAT WAS AN OLD PRICE HAND THIS VIDEO IS OLDER.

I WANTED TO SHOW YOU ADDITIONAL HOMES HERE -- LET'S SEE IF WE CAN GET THIS TO PLAY. YEAH.

>> THANK YOU FOR JOINING US TODAY.

AS WE PREVIEW OUR ANTIGUA MODEL, FOUR BEDROOM, THREE FULL BATH, THREE CAR GARAGE WITH 3200 SQUARE FEET OF LIVING AREA.

OPEN KITCHEN OVERLOOKING YOUR GREAT ROOM, FORMAL DINING ROOM AND YOUR DEFINED BREAKFAST ROOM OFF TO THE SIDE HERE.

WE ARE NOW IN OUR GREAT ROOM, AND THE FLOW OF THIS FIRST-FLOOR PLAN IS DESIGNED FOR ANYBODY'S NEEDS.

AND NOW WE ARE IN THIS AMAZING MASTER SUITE.

THE SIZE OF THIS ROOM IS SO LARGE IT CAN ACCOMMODATE KING-SIZED FURNITURE, A SITTING ROOM, AND ALL LEADS INTO A FANTASTIC MASTER BATHROOM. CORAL ISLES AT AVONEAR WITH

OPPORTUNITIES AND MAGNIFICENT -- >> I WILL SKIP TO COME OF THE OTHER MODELS. THESE ARE JUST SOME IMAGES OF OUR HOME AND YOU CAN SEE WHAT WE ARE VERY WELL KNOWN FOR ARE HIGH CEILINGS, LARGE CLASS WINDOWS YOU WOULD NOT SEE IN OTHER HOMES. LARGER DOORS.

THE FIRST-FLOOR PLANS ARE EX-BEEN SIEVE AND A LOT OF LUXURY FEATURES THAT YOU WOULDN'T SEE IN A TYPICAL BUILDER IN FLORIDA. THE TIMELINE FOR OUR PROPOSAL, 90 DAYS OF DUE DILIGENCE, CLOSING FIVE MONTHS FOLLOWING EXPIRATION OF THE DUE DILIGENCE PERIOD.

AND IN TERMS OF SUSTAINABILITY, THAT IS SOMETHING THAT WE ARE ALSO VERY PROUD OF. WE FOCUS ON SIX PRIMARY AREAS WHERE KENCO IS BUILT TO GREEN STANDARDS ENERGY, WATER USE, LOT DEVELOPMENT, THE USE OF THE RESOURCES, OPERATIONS AND AIR QUALITY. WITH THAT, I WOULD LIKE TO -- AND ALSO, DONE OF THE THINGS I WANTED TO POINT OUT AND I NOTICED IN THE QUESTIONNAIRE, WHAT TYPE OF ANNUAL TAX REVENUE ARE YOU EXPECTING FROM THESE HOMES.

WHILE THE TAX REVENUE IS LIMITED TO 42 HOME, WE BELIEVE WE HAVE TO LIMIT THE PRO TOJ 42 HOMES TO HAVE THE TYPES OF LOTS WE WOULD LIKE TO HAVE IN THE COMMUNITY. 80 FOOT WIDE.

THOSE TYPES OF LOTS ARE NECESSARY TO HAVE THESE LARGER HOMES AND 1730-FOOT DEEP. INTERESTING, THERE HAS BEEN A

[01:30:02]

THE ANNUAL TAX REVENUE FOR A G OF YOUR TRADITIONAL COOKIE-CUTTER HOMES. KENCO HAS BEEN INVOLVED FOR OVER 30 YEARS IN COLLABORATION WITH LOCAL COMMUNITIES AND HOMEOWNERS AND WE ARE VERY INVOLVED IN CREATING CHARETTES AND DESIGN MEET WITH THE LOCAL COMMUNITY, WITH THE HOMEOWNER ASSOCIATIONS, WITH THE CITIES, TO MAKE SURE WHEN WE DEVELOP A NEW PROJECT AND CONSIDER ARCHITECTURE, WE CAN COME UP WITH A PLAN THAT EVERYBODY CAN BE PROUD OF. AND AND HALLMARK OF OUR PROJECT. WE HAVE TREMENDOUS AMOUNT OF EXPERIENCE WITH THE GOLF COURSES.

THE SLIDES DIDN'T WHY UP DATE, BUT I WOULD LIKE TO CALL UPON BRITTANY WITH SLC. IF YOU WOULDN'T MIND COMING AND TALKING OF THE EXPERIENCE YOU HAVE.

WE HAVE ASSEMBLED THE TEAM HERE WHICH IS THE BEST FOR REDEVELOPING GOLF COURSE. BRITTANY, PERHAPS, IS THE LEADER IN FLORIDA FOR REDEVELOPING GOLF COURSE.

>> ONE OF THEM. >> DON'T BE HUMBLE.

>> NO WORRIES. SCS ENGINEERS, WE HAVE A LOT OF EXPERIENCE WITH WORKING WITH DEVELOPERS TO REDEVELOP GOLF COURSES, MOSTLY BECAUSE -- UNFORTUNATELY, MOST OF THE GOLF COURSES DO HAVE RESIDUAL IMPACT WITH ITS YEAR IN OPERATION.

WE HAVE BEEN REDEVELOPING DPOLZ FOR 69 LAST 13 YEARS.

WE HAVE AN EXTENSIVE LIST OF GOLF COURSES THAT HAVE BEEN REDEVELOPED. WE WORK CLOSELY WITH THE STAKEHOLDER, THE DEVELOPERS AND THE COMMUNITY.

THERE ARE A LOT OF CONCERNS THAT START TO ARISE ONCE A GOLF COURSE STARTS TO BECOME A SITE PLAN FOR A DIFFERENT DEVELOPMENT AND WE CAN HELP WITH THAT IN BROWARD COUNTY.

WE WORK WITH BROWARD COUNTY EPD. AND WE UNDERSTAND DUST AND SOIL AND WATER CONCERNS AND WE HAVE DONE OVER 20 GOLF COURSES AS A ENGINEER OF RECORD BUT WORKED ON A LOT OF TASKS WITH CITIES AND THE PRIVATE SIDE. REDEVELOPING AND MAKING IT SAFER FOR THE COMMUNITY AND THE ENVIRONMENT.

>> THANK YOU, BRITTANY. 20 GOLF COURSES SINCE 2013.

KEN TUMA. IF HE CAN JOIN US.

KEN TUMA HAS QUITE A BIT OF EXPERIENCE REDEVELOPING GOLF COURSES AND HAS BEEN SELECTED AS PLANNER FOR THE SITE PLAN.

TALK OF YOUR EXPERIENCE WORKING WITH PARKLAND AS WELL.

>> GOOD EVENING, KEN TUMA WITH URBAN DESIGN STUDIO.

SEVERAL YEARS SINCE SPEAKING ON THIS COMMISSION.

SEVERAL OF YOU I DON'T KNOW. SEVERAL OF YOU I DO KNOW.

MY WIFE.WENDY IS A LANDSCAPE ARCHITECT AND I AM A CIVIL ENGINEER. AND WE URN A PLANNING GIRL LOCATED IN DOWNTOWN WEST PALM BEACH, FLORIDA.

AND WE HAVE BEEN INVOLVED IN THE CITY OF PARKLAND FOR MANY YEARS.

MY CAREER STARTED IN EARLY 1909S, GUESS WHAT, HERON BAY.

I REMEMBER WHEN THAT GOLF COURSE, WHEN THAT HOLE WAS BUILT ACTUALLY SO I HAVE BEEN INVOLVEDED IN THIS AND WE TOOK OVER HERON BAY WHEN WCI CLOSED THE DEPTH.

AND WE DID THE FINAL MASTER SITE PLANS FOR HERON BAY.

I HAVE BEEN IN PARKLAND BOTH WITH FOUR SEASONS.

WE DID THE ANNEXATION, OF THE REZONING AND SITE PLAN FOR PARKLAND BAY AND PARKLAND GOLF AND COUNTRY CLUB WHEN CLOSED THE PLANNING DEPARTMENT. I UNDERSTAND THE IMPORTANCE OF HOW DESIGN WORKS. HOW THE HOME LOOKS.

THE ARCHITECTURE AND SIZE OF THE HOME AS PART OF MY ROLE THAT WE DO A LOT OF GOLF COURSE CONVERSIONS.

AND UNDERSTAND THE COMMUNITY OUTREACH.

I UNDERSTAND YOU HAVE DONE A LOT OF THIS WORK ALREADY AND AN IMPORTANT PART KEN IMMEDIATELY CAME TO ME AND SAID WE NEED TO DO A GREAT COMMUNITY OUTREACH. LET ME JUMP TO THE SITE PLAN REAL QUICK THOUGH. OOPSY.

OH, YOU ARE DRIVING. THANK YOU.

SO THE SITE PLAN. WHEN KEN CAME TO ME.

HE SAID, KEN, I WANT TO DO SOMETHING VERY NICE.

I DON'T WANT TO GO TO THE MAXIMUM DENSITY OF 63 UNITS.

I DID THE A VSHGVENIR PROJECT. HE WANTED TO MIRROR THAT HERE.

LOTS ARE 80 FEET WIDE. 130 FOOT DEEP.

TOOK SOME TIME AND SOME MORE TWEAKING HOW THE VIEWS LOOK BECAUSE WE WANT TO PROTECT THE NEIGHBORS ADJACENT AND CREATE NEW VIEWS FOR THE RESIDENTS THAT WILL BE THERE.

I WANT TO DO TWEAKING BUT A LARGER LOT SIZE.

42 HOMES AND HOW WE PLACED THEM TO MAKE SURE THEY WEREN'T LOOKING DIRECTLY INTO PEOPLE'S BACK YARD AND ON THE WEST SIDE

[01:35:05]

ZONING AND A GREAT QUESTION. WE WILL MEET THE REQUIREMENT OF THE ZONING. STREET ZONING IN CITY OF PARKLAND BACK IN THE DAY WHEN ANNEXED AND DEANNEXED AND A BIG MESS BACK THEN. THAT IS WHAT WE ARE PROPOSING FOR THIS SITE. AND WHAT I WANT TO SAY OF KEN THAT I HAVE KNOWN FOR 20 YEARS. YOU HAVE THE DECISION-MAKER IN THE AUDIENCE TODAY. THANK YOU.

THE DECISION-MAKER IN THE AUDIENCE THE PERSON YOU WILL NEGOTIATE WITH. KEN HAS EXPERIENCE BUYING LAND FROM GOVERNORS. I WORKED WITH HIM TO BUY THE AG HOLLY TUBERCULOSIS HOSPITAL FROM THE STATE OF FLORIDA IN LANTANA.

IT IS ON THE SCREEN IN FRONT OF YOU.

TODAY IT IS A MIXED USE PROJECT OFF OF LANTANA ROAD EAST OF I-95. HE PURCHASED THAT FROM THE STATE GOVERNMENT. YOU THINK YOUR PROCESS IS INTERESTING. WAIT UNTIL YOU HEAR FROM THE STATE. WE GAVE A PRESENTATION.

GAVE A PRESENTATION TO THE GOVERNOR AND THE CABINET AND KEN WALKED AWAY FROM THE WINNER OF THAT PROJECT.

HE BOUGHT IT. HE CLOSED IT.

A GREAT FIT FOR THE COMMUNITY. HE HAS A GREAT DESIGN SKILL SET AND GREAT TEAM WITH HIM. WITH THAT, I WILL SIT DOWN AND

LET HIM TAKE BACK OVER. >> THANK YOU.

I WILL LEAVE THE SITE PLAN BACK UP THERE.

HAPPY TO ANSWER ANY QUESTIONS. THANK YOU FOR YOUR TIME.

>>MAYOR WALKER: EXTREMELY THOROUGH AS FAR AS I AM CONCERNED. YOU ANSWERED EVERY QUESTION.

>> WE HAD THE BENEFIT TO HEAR OTHER QUESTIONS BEFORE.

>>MAYOR WALKER: DEFINITELY HELP NOT TO GO FIRST.

>> CHEATERS OVER HERE. >> I HAVE A FEW QUESTIONS.

THANK YOU, MAYOR. MY -- AND I JUST MENTIONED ABOUT STRIKING THAT PERFECT BALANCE, BUT MY WORRY HERE IS TRYING TO THREAD A NEEDLE. WITH THE PRICE POINT, WHAT IS YOUR PROJECTED TIMELINE FROM -- WE HEARD ONE COUNTRY OTHER PRESENTERS TALK ABOUT FROM FINISHING A MODEL HOME CLOSING A TALE SON THE LAST UNIT. ANY SUSPECTED TIMELINE.

>> BECAUSE -- WE HAVE EXPERIENCE WITH THIS RIGHT NOW IN AVENIR, AS I MENTIONED WE TOLD 70 HOMES IN LESS THAN TWO YEARS.

THE QUESTION IS HOW QUICKLY TO START MARKETING AND SELLING THE HOMES AN ENTITLEMENT PROCESS THAT WE HAVE TO DEAL WITH THE ENVIRONMENTAL ISSUES. WE EXPECT TO START SELLING HOMES WITHIN A YEAR OF GOING IN CONTRACT WITH YOU.

WE WANT TO BE SELLING HOMES. AND WE EXPECT TO BE FULLY SOLD OUT IN THE FIRST YEAR OF ALL OF THOSE HOMES.

THE HOMES WILL BE BUILT AND OCCUPIED WITHIN FOUR YEARS IS

OUR EXPECTATION. >> SO YOUR RUN IS FROM -- LET'S FAST FORWARD A YEAR, YOUR RUN IS THREE YEARS?

>> THAT'S CORRECT. >> WE HAVE A DEVELOPMENT THAT IS CUSTOM ESTATE-STYLE HOMES THAT ARE TWO DEVELOPMENTS SHY OF THIS. ARE YOU GOING TO BUILD ALL THE HOMES? OR DO YOU ENVISION SELLING OFF

LOTS, CUSTOM BUILDERS? >> WE WILL DO ALL THE HOMES AS

WE DO AT AVENIR, YES. >> ONE OF THE CONCERNS CHAIRED BY THE HOA AND I DON'T KNOW IF ANY OF THE PRESENTERS IS THE ACCESS AND SECURITY ON THE SOUTHERN END.

I SEE FROM YOUR DESIGN YOU HAVE A ROUNDABOUT HERE.

AND ANY THOUGHT OF ANY ACCESSIBILITY OF THE SOUTHERN PORTION YOU OF THAT DEVELOP AND ANY BERM OR ANY KIND OF NATURAL

BARRIER? >> THOSES ARE GREAT QUESTIONS AND TO BE FAIR, WE HAVEN'T GOTTEN TO THAT LEVEL OF DETAIL YET. I DON'T HAVE AN ANSWER TO THAT.

THANK YOU. KEN WAS MENTIONING A GOOD POINT.

WORKING WITH THE COMMUNITY AND HAVE A CHARETTES AND DESIGN.

SOME OF THE INTRICACIES AND NUISANCES NEED TO BE ADDRESSED WITH THE LOCALHOMEOWNERS IN THE SURROUNDING AREA.

WE WILL DO OUR BEST TO BEND OVER BACKWARDS TO MAKE SURE THAT THE SPECIFICS RESIDENT IN THE AREA NEXT TO THE SPECIFIC HOME, IF THERE ARE THINGS THAT WE CAN TO DO MAKE THE PROJECT BETTER FOR EVERYBODY, WE WILL DO THAT. HAND THIS REQUIRES HAVING THOSE TYPES OF MEETINGS ONE ON ONE OF GROUPS OF THE SURROUNDING

RESIDENTS. >>MAYOR WALKER: WE HAVE SPECIFIC THINGS IN OUR CONTRACT THAT WE PURCHASE WHICH NANCY AND ANTHONY WOULD DO IN NEGOTIATIONS. SO THERE ARE GOING TO BE SPECIFICS WE ARE NOT GOING TO NECESSARILY ANSWER TONIGHT,

WHICH IS FINE. >> THANK YOU FOR YOUR TIME THIS

EVENING. >>MAYOR WALKER: I HAVE A COUPLE OF QUESTIONS. I WILL LET EVERYONE GO BECAUSE I AM THE ONE THAT IS WORDER, APPARENTLY.

[01:40:01]

PROJECT FOR THE PROJECT. >> YES.

>>MAYOR WALKER: A COUPLE OF QUESTIONS I SEE A $250 LINE ITEM FOR A -- $ 50,000 LINE ITEM FOR THE CLUBHOUSE POOL.

>> WE KEEP THAT AS AN AMENITY, A PLACEHOLDER BUT WE DON'T ANTICIPATE HAVING A AMENITY HERE WITHIN THIS PLAN.

>>MAYOR WALKER: GOT IT. IT MAY BE TAILORED TO THE

PROJECT. >> IT MAY BE A CICS TO THE HOA REALLY IF NECESSARY, BUT IT IS NOT WITHIN THE LAND PARCEL.

>>MAYOR WALKER: SAFE TO ASSUME SOME OF THE OTHER ITEMS LIKE A PERIMETER WALL. I GUESS THAT WILL BE AN ANSWER TO VICE-MAYOR'S COMMENT OR THE GUARD HOUSE, THOSE ARE THINGS THAT ARE MORE GENERAL FOR WHAT YOUR OTHER BUT NOT NECESSARILY CALCULATED INTO THIS PROJECT COST.

>> THAT'S CORRECT. THAT'S CORRECT.

>>MAYOR WALKER: WERE THESE LINE ITEMS USED TO FORMULATE ULTIMATELY THE PURCHASE PRICE? OBVIOUSLY WE ARE TALKING OF FLEXIBILITY HERE. I WOULD IMAGINE SOME ROOM OF NEGOTIATION AND SOME THINGS THAT ARE APPLICABLE TO THE PROJECT.

>> I WOULD AGREE WITH YOU. >> GOING BACK TO AVERAGE SIZE VERSUS AVERAGE PRICE. $2.5 MILLION FOR 4,000 SQUARE

FEET. >> LET ME PULL UP THE INFORMATION. I HAVE IT IN FRONT OF ME THE AVERAGE SIZED HOME IS ABOUT 4,000 SQUARE FEET UNDER AIR.

AND THE LOT AND SELL THE HOME. WE ARE EXPECTING 2.7 MILLION.

>> OKAY, SO -- I GUESS, FROM A -- FROM TRYING TO PLAY WITH THE LEVERS, OF COURSE, BECAUSE THERE IS GOING TO BE SOME PART OF THE MATRIX, HOW MUCH WILL THE CITY GET FROM A PURCHASE PRICE AND HOW MUCH WILL THE HOMES BE VALUED AT IN TERMS OF PERPETUITY. WHAT MARKET RESEARCH WILL SUPPORT THESE COSTS AND PRICES IN PARKLAND?

>> WE CAN PROVIDE THAT. WE ACTUALLY DID AN ANALYSIS OURSELVES WHICH IS WHAT WE DO IN HOUSE.

WE HAVE A TEAM AND LOOK AT THE SURROUNDING.

THIS IS BASICALLY HOW DATED THEY ARE.

WE LOOK AT THE TYPE OF AMENITIES INSIDE THE HOME.

AND YOU CAN COMMAND A TREMENDOUS PREMIUM WHEN YOU HAVE A MODERN HOME THAT IS A BOUTIQUE LUXURY HOMES.

THE DES CERTAINING BUYER WANTS -- DISCERNING BUYER WANTS SOMETHING MORE MODERN AND WE HAVE A PULSE ON SOUTH FLORIDA BUYER AND WHAT THEY ARE INTERESTED ON SEEING.

WE LOOKED AT THIS CAREFULLY AND WE BELIEVE THIS IS REALISTIC PRICES FOR THIS PROJECT GIVEN THE TIME OF PRODUCT AND SUCCESS WE ARE HAVING IN AVENIR AND SUPERIOR LOCATION HERE COMPARED

TO AVENIR. >>MAYOR WALKER: OKAY, IN TERMS OF THE LOT SIZES. I UNDERSTAND YOU ARE SAYING YOU PUT EMPHASIS ON ESTATE HOMES SNAP KIND OF A FIXED REQUIREMENT FROM KENCO MEANING THAT THERE IS ROOM -- NOT NECESSARILY THAT THERE MASS TO BE THREE UNITS PER ACRE, BUT FLEXIBILITY.

>> WE HAVE -- WE HAVE PLENTY OF EXPERIENCE BUILDING ON 50-FOOT, 60-FOOT, 70-FOOT. AND TO REALLY MAKE A STATE.

AND IT IS POSSIBLE WE WILL BE OPEN-MINDED IF THE COMMISSION A FEW HOMES AND THE PRELIMINARY STAGE OF THE SITE PLAN.

MAY BE WAYS THAT WE CAN TWEAK THIS TO ADD A UNIT OR TWO AND KEEP THE SIMILAR WIDTH. THOSE ARE THE WIDTHS TO BE ABLE TO BUILD A TYPE OF HOME THAT WE THINK IS RIGHT FOR THIS PROJECT.

>>MAYOR WALKER: ONE THING I SAW IN YOUR SITE PLAN THAT I DIDN'T IN OTHERS, AREA FOR GUEST PARKING.

OBVIOUSLY EVERYTHING IS YOU WERE UP FOR DISCUSSION, BUT ALLOWS FOR MORE OF A MEANINGFUL USE OF THE DEVELOPMENT OPPOSED OF SQUISHING THEM TOGETHER WHICH, AGAIN, THERE IS GOING TO BE SOME PEOPLE WHO LIKE HAVING, YOU KNOW, A CHEAPER HOUSE OR A LOWER PRICE POINT, IF YOU WILL. THERE IS DEFINITELY ROOM FOR THAT. BUT I LIKE THE SITE PLAN CONSIDERATION OF THAT. I AM NOT SURE WHAT THE CHANGES WOULD BE, BUT I LIKE THAT THAT IS EVEN BEING THOUGHT ABOUT BECAUSE THAT IS OBVIOUSLY A CONCERN FOR THE EXISTING

RESIDENCE. >> SO OUR RESIDENTS ARE TYPICALLY -- WOULD LIKE TO HAVE PARTIES, ETC., AND ENTERTAIN PEOPLE AND EVEN HAVE VALET AND THESE TYPE OF HOMES AND WANT

[01:45:03]

THAT IS NOT UNUSUAL. >> I LIKE THAT THINKING.

AND THEN THE LAST AND MORE OF KIND OF A QUESTION.

I THINK YOU HAD IN YOUR PROPOSAL THAT YOU WOULD BE USING KIMLEY-HORN FOR DEVELOPMENT. BUT SOMEONE FROM SCS ENGINEERS.

AN INTERPLAY BETWEEN THEM? >> KIMLEY-HORN ON THE CIVIL AND SCS FOR OF THE ENVIRONMENTAL AND GOLF COURSE SPECIFIC PURPOSE. BOTH GROUPS.

WE HAVE GOTTEN PROPOSALS FROM BOTH AND THEY ARE VERY EXCITED TO GET ENGAGED WITH US AND WORK ON THIS PROJECT.

>>MAYOR WALKER: I AM GOING TO ASK THE KEN KURTLER QUESTION, ONE OF THE OTHER. THIS PRICE, YOUR BEST AND FINAL

PRICE OR UPWARD MOBILITY. >> OUR CHAIRMAN IS HERE AND WE CAN FINISH THE MEETING AND NEGOTIATE HERE.

>>MAYOR WALKER: WE DON'T HAVE TO NEGOTIATE TODAY BUT AT LEAST UNDERSTAND. I DON'T THINK WE WILL REACH A DECISION HERE TODAY, BUT UNDERSTAND HOW ARE WE NARROWING THE FIELD OF ULTIMATELY THE CRITERIA WE AGREE UPON AS A COMMISSION AND HOW THAT CRITERIA WILL BE MODIFIED OR CHANGED

AROUND BASED ON THE PROPOSALS. >> I THINK THAT WE HAVE TO REMAIN FLEXIBILITY AND WORK WITH THE CITY COMMISSION TO FIND A WAY FORWARD AND WE ARE COMMITTED TO DOING THAT.

>> OKAY. THANK YOU.

>>MAYOR WALKER: GREAT, THANK YOU.

>> THANK YOU FOR YOUR TIME THIS EVE

EVENING. >>MAYOR WALKER: AND OUR FINAL

PRESENTATION IS TOLL BROTHERS. >>MAYOR WALKER: WE ARE ALLOWED TO SEE THIS? ISN'T IT CONFIDENTIAL?

>> LOOK AWAY. >> ARE YOU READY?

>>MAYOR: WE ARE READY. >> GOOD EVENING, COMMISSIONERS, VICE-MAYOR AND MAYOR. FOR THOSE WHO DON'T KNOW ME, LINDSEY PARSONS. THE DIRECTOR OF LAND ACQUISITION FOR TOLL BROTHERS. MARK MACFARLANE OUR DIRECTOR OF DEVELOPMENT AND ADAM RHULE, DIRECTOR OF COMMUNITY PLANNING.

I WANT TO START OFF BY STARTING WITH A BRIEF HISTORY OF TOLL BROTHERS, WHO WE ARE, WHERE WE OPERATE AND SOME OF OUR SUCCESSES. TOLL BROTHERS WERE FOUNDED BY BOB AND BRUCE. AND BECAME PUBLICLY TRADED IN 20 YEARS AND 20050 ENTERED INTO FORTUNE 500 AS AMERICA'S LARGEST COMPANIES. EIGHT YEARS THE WORLD'S MOST ADMIRED COMPANY AND FORTUNE MAGAZINE, NAMED BUILDER OF THE YEAR BY BUILDER MAGAZINE AND FIRST TWO-TIME RECIPIENT OF BUILDER OF THE YEAR FROM THE PROFESSIONAL BUILDERS MAGAZINE.

THE FIFTH LARGEST HOMEBUILDER BY REVENUE OPERATING IN OVER 60 MARKETS IN 24 STATES. WE ARE SELLING FROM OVER 328 COMMUNITIES AND IN 2022, CLOSED OVER 10,500 HOMES.

NOT ONLY ARE WE A LUXURY HOMEBUILDER, BUT WE HAVE ONE OF THE GREATEST DIVERSIFICATIONS IN THE HISTORY.

WE HAVE COMMUNITIES THAT REACH EVERY MARKET SEGMENT SUCH AS AFFORDABLE LUXURY, ACTIVE ADULT, URBAN INFILL, LARGE SCALE MASTER PLANS. WE HAVE A CITY LIVING DIVISION BUILT OVER 45 LUXURY HIGH-RISE BUILDINGS WITH 7200 RESIDENCES COMPLETED TO DATE. WE ARE ALSO THE 11TH LARGEST MULTIFAMILY DEVELOPER IN THE U.S. WITH 27,000 APARTMENT AND STUDENT UNIT ACROSS 81 PROPERTIES.

ONE OF THE MANY REASONS WE HAVE BEEN ABLE TO GROW AND HIT ALL THE DIFFERENT MARKET SEGMENTS IS THE CONTRIBUTED TO MANY DETAILS.

FIRST AND FOREMOST, WE CHOOSE THE MOST STRATEGIC LOCATIONS.

WE BUILD COMMUNITIES IN THE HEART OF WHERE OF WHERE THE PEOPLE WANT TO LIVE. QUESTION CALL THAT MAIN ON MAIN.

ARCHITECTURE AND THOUGHTFUL DESIGN IN EVERY PRODUCT WE BUILT. DESIGN AND EXPERIENCE THAT EXCEEDS EXPECTATIONS. ONE OF THE MAIN DRIVERS OF THE EXPERIENCE IS THE DESIGN STUDIO. WE HAVE 33 DESIGN STUDIOS ACROSS THE U.S. ONE RIGHT HERE LOCALLY IN BOCA.

WE WANT ALL BUYERS TO FEEL THEY HAVE THE ABILITY TO PERSONALIZE THEIR HOMES AND WE HAVE THE MEANS TO DO IT WITH THEIR DESIGN STUDI STUDIOS.

MR. TO ORDER MODEL, ALL BUYER ALSO GET A HIGHLY PERSONALIZED HANDS-ON EXPERIENCE GUIDED BY A PROFESSIONAL DESIGN CONSULTANT.

THIS IS MY FAVORITE SIDE. WE ARE THE LEADER ON THE LUXURY

[01:50:01]

AND DUE TO OUR DESIGN STUDIO, ABILITY TO MAKE STRUCTURAL CHANGES, BUILD POOLS, UPGRADE LANDSCAPING OPTIONS ACROSS THE U.S. ARE UP OVER WHICH DRIVES OUR SALE PRICES THAT SHOW IN THE CHART. AS WE WANT TO GROW, OUR GOAL IS NOT BE THE BIGGEST HOMEBUILDER AMONG OUR PEERS BUT OUR BEST.

THIS MAKES US AMERICA'S LUXURY HOMEBUILDER.

LOCALLY HERE IN SOUTH FLORIDA, WE HAVE WORKED WITH AND OPERATED ACROSS MANY MUNICIPALITIES. WE HAVE BEEN HERE SINCE 1995.

ONE OF THE MUNICIPALITIES THAT WE HAVE WORKED WITH IS PARKLAND.

WE HAVE REACHED MANY DIFFERENT MARKET SEGMENTS.

WE HAVE ENTITLED, CONVERTED, SELF-DEVELOPED, OWNED AND OPERATED MANY DPOGOLF COURSE. OUR AVERAGE HOPE IS $1.25 MILLION. IF YOU RECALL THE CHART ACROSS THE U.S. WAS $249,000. LOCALLY $1.25 MILLION.

OUR LOT PREMIUMS ARE UP OVER 20%.

THE MOST IMPORTANT THING I SAID IN THE SLIDE IS PARKLAND.

BUILT THE ESTATE OF HERON BAY WHICH CONSIST OF 57 HOMES AND BOUGHT AND A PORTION OF BUILT OUT PARKLAND GOLF AND COUNTRY CLUB, THE GOLF COURSE, THE CLUBHOUSE AND 422 HOMES.

WHERE ARE WE TODAY COMPARED TO THE LAST PLAN.

THE FIRST PLAN ARE 60 SINGLE-FAMILY HOMES AND WE HAVE 52. PROPOSING 70-FOOT LOT AND NOW PROPOSING SLIGHTLY LARGER, 75. NO SEPARATION BETWEEN COMMERCIAL AND RESIDENTIAL AND NOW YOU CAN SEE WE ADDED THE SEPARATION, WHICH ENSURES ADDITIONAL SAFETY PRECAUTIONS.

LASTLY, WE CHANGE OUR PRODUCTS THAT WE INTEND TO BUILD.

WE ARE NOW PLANNING ON BUILDING PRODUCTS SIMILAR TO THAT OF WHAT WE ARE BUILDING IN BOCA AND SIGNATURE COLLECTION DRIVING OUR AVERAGE PRICE UP. THE DIRECTION OF THE OFFERING WAS 52. THAT'S WHAT WE DID.

WE ARE MORE THAN FOLLOWING ADD MORE UNITS IF THAT IS THE UNANIMOUS DIRECTION AND WE ARE ALSO FOLLOWING GO LOWER AND ADJUST OUR LAND PRICE ACCORDINGLY.

SO HOW WILL THE EXISTING GOLF COURSES EFFECT THE RESIDENTS ON THE COURSE? WITHIN BAY COVE AND OLD BROOK.

43 HOMES DIRECTLY IMPACTED BY THE PROPOSED RESIDENTIAL DEVELOPMENT. 26 OF THEM BOUGHT WHEN THE GOLF COURSE WAS OPERATIONAL AND 17 BOUGHT WHEN THE COURSE WAS ALREADY CLOSED DOWN. WITHOUT HAVING A FULLY APPROVED PLAN I CAN GIVE YOU A ESTIMATE OF HOW FAR HOMES WILL BE FROM THEIRS. AS YOU CAN SEE WE ARE ANTICIPATING THE SEPARATION FROM MOST OF THE RESIDENTS TO BE APPROXIMATELY 130 FEET. WHAT YOU CAN SEE IN THE SEPARATION IS THE -- IS THAT IT IS IN LINE WITH MUCH OF HERON BAY AND PARKLAND, THAT SHOWS THIS DEVELOPMENT WOULD NOT IN EGG I HA-- NOT NEGATIVELY IMPACE VALUES.

THE AVERAGE PRICE OF THE HOME FOR THE INTERNAL LAKE IS IDENTICAL TO THE HOMES ON THE GOLF COURSE.

OUR GOALS IS TO NOT FROM THEIR VALUES BE STATUS QUO.

OUR GOAL IS TO INCREASE THEIR PROPERTY VALUES.

SO HOW DOES GOING WITH TOLL BROTHERS HELP INCREASE THE PROPERTY VALUES? WE TAKE AWAY THE UNKNOWN.

WHAT IS COMING. YOU ARE GOING WITH A REPUTABLE, BRAND RECOGNIZED NATIONAL HOMEBUILDER, BEST IN ITS CLASS, A BUILDER WITH EXTRAORDINARY ARCHITECTURE WHERE HOMEOWNERS IN THIS PRICE POINT WILL TYPICALLY PUT QUARTER OF A MILLION DOLLARS IN THE BACKYARDS. I WILL SHOW YOU SOME EXAMPLES IN THE NEXT SLIDES. WE PUT MUCH THOUGHT IN BUILDING LOTS THAT EVERYBODY WILL BE PROUD OF.

ARCHITECTURE IS THE MOST IMPORTANT.

DENSITY, ANOTHER FACTOR, IMPORTANT FOR SCHOOLS AND TRAFFIC. ONE TALKED ABOUT THE LEAST THAT IS CERTAINLY IMPORTANT IS HOW LONG WILL CONSTRUCTION BE GOING ON IN THE REAR YARDS. WE ARE UNDOUBTFULLY CAPABLE OF BUILDING LARGER HOMES ON BIGGER LIGHTS AT A CUSTOM PRICE POINT CLOSE TO $3 MILLION. WE HAVE DONE THAT IN BO BOCA, SEQUESTA. SIMIAN ESTATES.

THREE LOTS AND TAKEN 20 YEARS. I AM NOT IMPLYING IT WILL TAKE 20 YEARS TO BUILD OUT THAT SESSION BUT TAKE TWO OR THREE YEARS LONGER OF THE PRICE POINT WITHOUT HURTING QUALITY.

[01:55:01]

HERE IS ONE ELEVATION WITH SOME INTERIOR SHOTS.

I WILL GO THROUGH A COUPLE OF OTHERS.

SO, AGAIN, UPGRADED LANDSCAPING. SO THE GOAL IS NOT TO DISRUPT THE COMMUNITY AS LITTLE AS POSSIBLE.

GET THE RESIDENTS BACK TO QUIET ENJOYMENT OF THEIR HOMES AND FAMILIES. WE HAVE ONE OF THE BEST MARKETING TEAMS IN THE BUSINESS. WE ARE TOLL BROTHERS HAVING A NATIONAL PRESENCE AND BRAND RECOGNITION HELPS HOW CLOSELY THE HOMES ARE SOLD. WHEN PUTTIN THIS PRESENTATION TOGETHER, I LOOK BACK AT ALL THE SITE PLANS WE HAVE DONE AND ALL THE PROGRESS MADE OVER THE PAST YEAR, AND THEY TELL A STORY PLAIN AND SIMPLE, WE LISTEN. WE WORKED WITH YOU, HOA, THOSE FOR AND AGAINST THE PROJECT AND TAKEN IT ALL IN AND PIVOTED TRYING TO FIND THE RIGHT COMPROMISE.

WE ARE THE ONLY DEVELOPER IN THIS ROOM THAT CAN SAY WE HAVE DONE THAT. I BELIEVE WE HELPED RALLY THE SUPPORT FOR THE CITY TO PURCHASE THE PROPERTY.

I HOPE I FRONT OF EACH AND EVERY ONE OF YOU IN THIS ROOM THAT THERE IS A DEVELOPER WILLING TO WORK WITH THE COMMUNITY AND EARNED YOUR CONFIDENCE WE ARE THE RIGHT CHOICE FOR THIS PRO PROJECT.

IN CLOSING TOLL BROTHERS HAVE SIX VALUES.

ACROSS OUR COMPUTER SCREENS AMONG OUR EMPLOYEES AND REMIND US EACH AND EVERY DAY WHAT WE ARE, DO THE BEST, DO THE RIGHT THING, TAKE CARE OF EACH OTHER, DELIGHT THE CUSTOMER, CREATE VALUE, HONOR OUR HISTORY. WHEN WE TALK ABOUT TOLL BROTHERS, I HOPE WE HAVE PROVEN THAT WE HAVE LIVED UP TO THOSE VALUES. THANK YOU.

>> THANK YOU VERY MUCH. LINDSEY, OBVIOUSLY GREAT PRESENTATION AND APPRECIATE YOUR WORK WITH US THROUGHOUT AND YOUR CONTINUED SUPPORT. THANK YOU VERY MUCH FOR THAT.

THE ONLY -- THE ONLY THING I DID NOT SEE IS -- WAS IT 6,000 SQUARE FEET. THE AVERAGE.

>> 4200, HOME SIZE. >> THAT WAS THE ONLY THING I DID

NOT NOTICE. >> I HAVE A QUICK QUESTION.

>> GO AHEAD, KEN. >> LINDSEY, DID I SEE YOU WERE CUT THROUGH AT THE CANAL AREA SO YOU ARE ACTUALLY ISOLATING THE

SOUTHERN PORTION -- >> CORRECT.

>> -- DREDGING, IS THAT WHAT YOUR INTENT IS THERE?

>> CORRECT. >> THAT'S INTERESTING.

>>MAYOR WALKER: ANYBODY HAVE ANY QUESTIONS?

>> YEAH, I -- YOU WANT ME TO GO? THANK YOU.

THANK YOU FOR THE PRESENTATION. A COUPLE OF QUESTIONS.

NUMBER ONE, I THINK IN THE PROPOSAL, IT MENTIONED THAT THE ACCESS POINT WAS GOING TO BE ON TRAIL'S END.

WITHIN HERON BAY OF ANOTHER SUBDIVISION OF HERON BAY.

>> THAT MIGHT HAVE BEEN LEFT OVER FROM ONE OF THE OTHER

SLIDES. >> NO WORRIES.

WE HAVE THE BENEFIT OF NARROWING IT TO FOUR PROPOSERS, BUT I FEEL AN INVERSE RAY SEE THIS YO, AS YOU GO WITH A LARGER HOME SIZE OR LARGER LOT SIZE, THE PRICE OF THE LOT SHOULD GO UP, BUT I SEE YOU GUYS ARE -- YOU GUYS ARE SECOND, FULL, LOWEST LOT SIZE PER PRICE. OR SECOND LOWEST PER PRICE LOTS.

I TAKE IT THERE IS FLEXIBILITY THERE WITH REGARDS TO MUCH AS WE ASKED THE OTHER DEVELOPERS WITH REGARD TO NEGOTIATION OF THAT?

>> YES. >> OKAY.

THE AVERAGE PRICE PER HOME BECAUSE WE ARE TRYING TO -- AND BROUGHT UP THE ESTATES. I HAD THE SAME CONCERN.

THE AVERAGE PRICE OF HOME IS $1.7 MILLION UNDER YOUR

PROPOSAL. >> IT IS ABOUT $1.8 MILLION.

AGAIN, LOOKING AT THE AGGREGATE OF HERON BAY.

IF YOU GETTING IN THE $2 MILLION, THE LENGTH OF THE HOMES IN THE MARKET GO UP TO 106 DAYS AVERAGE TIME ON MARKET AND OUR PRICE POINT 36 DAYS, WHERE I CAME UP WITH THE TWO TO THREE TIMES THE LENGTH, HOW MUCH LONGER IT WILL TAKE TO SELL

THOSE HOMES. >> BALLS I AM WORRIED OF THE IMPACT ON THE NEIGHBORING REGULARS DENTS AND EVERYTHING ELSE. WHAT IS YOUR TIMELINE? FALL WITHIN THE OTHER THREE PRESENTERS OR DIFFERENT.

IF WE SAY AT THE AVERAGE PRICE PER HOME AND ESTIMATE 52 UNITS.

WHAT IS YOUR TIME LINE FROM BEGINNING TO END?

>> FROM START TO BEGINNING, IF WE EXECUTE THE CONTRACT IN JULY, THE DUE DILIGENCE WOULD END IN OCTOBER.

IN NOVEMBER YOU WILL START THE ENTITLEMENT PROCESS.

SITE PLAN AND REZONING WHICH -- I DON'T KNOW, SIX TO EIGHT

[02:00:01]

THREE YEARS OF ACTUAL CONSTRUCTION.

>> FROM WHEN YOU OPEN UP YOUR MODEL AND I AM USING THAT THE TIMELINE BECAUSE THAT COULD VARY DEPENDING ON US ALSO.

WHEN YOU OPEN UP YOUR FIRST MODEL HOME TO COMPLETION.

WHAT DO YOU ESTIMATE BEING THE SALES TRAJECTORY OR THE

TIMELINE? >> TOTAL BUILD-OUT FROM THE SHOVEL IN THE GROUND TO MOVING DIRT AND FIND CLOSING OF A HOME IS THREE YEARS. SAY YOUR LAND DEVELOPMENT BEFORE YOU HAVE A MODEL WITH YOUR LAND DEVELOPMENT, MAYBE A YEAR.

>> GO AHEAD. >> I WILL COME BACK IF I HAVE

ANY. >>MAYOR WALKER: I AM GUILTY OF THAT TOO. LINDSEY, THANK YOU FOR YOUR PRESENTATION. OBVIOUSLY THOROUGH AND WELL THOUGHT OUT. A COUPLE OF QUESTIONS I HAVE THAT. ONE WILL BE WITH RESPECT TO I GUESS THE NUMBER OF HOUSES, RIGHT.

BECAUSE I THINK YOU HEARD NOW, THERE ARE SOME -- TRYING TO -- ALL OF US TRYING -- INTERNALLY FIRST AND JOINTLY TO DECIDE WHAT IS THE RIGHT NUMBER OR AT LEAST A MAXIMUM NUMBER OF HOUSES AND A MINIMUM NUMBER. AND IT IS HARD TO KIND OF COME TO THAT DETERMINATION BECAUSE THE NUMBERS AND THE PRICING ARE DIFFERENT AND A LOT OF MOVING VARIABLES.

IS THERE A NUMBER OF HOMES THAT TOLL IS LOOKING SO SAY WE HAVE TO HAVE THIS NUMBER OF HOMES TO MOVE FORWARD.

>> NO, WE WOULD PIVOT EITHER WAY.

>> IN TERMS OF THE -- I GUESS THE LOT SIZE.

IT IS 57-FEET WIDE LOTS. >> 75 X 140.

>> HOW IS THAT GOING TO BE KIND OF CONSIDERATION OF THE DIFFERENT PRICING OF THE MODELS. YOU SAID AN AVERAGE PRICE OF 1.7. BUT I AM GUESSING DIFFERENT ELEVATIONS AND THINGS LIKE THAT. WHAT IS THE ACTUAL RANGE OF THE

HOUSE SIZES? >> SO THE RANGE THAT WE ARE PROPOSING IS 3300 TO 5500. I AM PRETTY SURE THAT IS ACCURATE. IF YOU DECIDED TO HAVE -- I DID DO A STUDY -- I ASKED OUR PLANNER THIS MORNING TO DO A STUDY. AND HE DID DROP THIS IN CAD.

AND YOU A HE WILL LOOK -- YOU REALLY ARE NOT GOING TO GET MANY LOTS. 52, 53 ON THE 75 X 140.

IF YOU HAVE MORE, IT DOESN'T WORK.

YOU WILL HAVE TO GO DOWN. I OPEN A PRD OR RSS 4.

PRD, 1E6-AND-A-HALF-FOOT SETBACKS.

YOU KNOW WHAT I MEAN, IS A BALANCE.

DEPENDS ON WHAT KIND OF HOUSES US WANT AND PRICE POINT YOU WANT TO TARGET AND ADJUST THE LOT SIZES ACCORDINGLY.

>> FAIR POINT. YOU MADE A MENTION TO ENSURE 130-FEET SEPARATION BETWEEN THE EXISTING AND NEW HOMES AND MAYBE AGAIN, I MAY BE NAIVE, WON'T THAT BE THE SAME FOR ALL SITE

PLANS WITH VIRTUE OF THE LAKE. >> NOTHING SPECIFIC, JUST

POINTING OUT THE SITE LINES. >> JUST MAKING SURE NO

ADDITIONAL -- >> WE DON'T HAVE ANY AGE INNIC

PILL FOR THAT. >> I WAS HOPING YOU DID.

THE QUESTION IS ABOUT THE LOT PREMIUMS. I SEE YOU GUYS HAVE THE ABILITY TO GENERATE A LOT PREMIUM PRICING. ULTIMATELY THAT WOULDN'T BE TO THE BENEFIT OF PARKLAND, BECAUSE WE ARE ONLY BASING OUR TAX OFF OF THE VALUE OF THE HOUSE ITSELF.

>> THAT ROLLS IN YOUR HUD AND CLOSING PRICE.

>> TAKES YOU INTO CONSIDERATION IN THE EVALUATION.

>> YES. >> ARE YOU GUYS ABLE TO GENERATE OTHER THAN THE DEVELOPERS THAT ARE HERE COMPETING, YOU BEGIN RATE 20% MORE THAN THEM OR 20% ON AVERAGE?

>> SO TYPICALLY OUR 20% IS DERIVED FROM OPTIONS MORE SO THAN LOT PREMIUM. LOT PREMIUM IS A SMALLER PORTION. 3%, 5%.

SOMETHING AROUND THERE. THE REST OF THAT IS ALL OPTION.

A LOT OF THE OTHER BUILDERS DON'T DO CUSTOMIZATION, DO WALLS. A LOT OF THE DEVELOPERS DON'T DO POOLS ANYMORE. UPGRADE AND LANDSCAPING ABOUT THAT WAS PARTICULARLY THE REAR OF THE HOME BECAUSE THAT IMPACTS WHAT THE 43 RESIDENTS WILL SEE IN THEIR BACK YARD.

>> GOT IT. WARRANTY.

WHAT IS THE TOLL BROTHERS WARRANTY.

>> I AM THE DIRT LADY, NOT THE HOMEBUILDERS AND I TURN TO OUR DIVISION THE, ALEX, TO ANSWER THAT QUESTION.

>> WHICH I AM SURE IS FLEXIBLE. >> I GUESS I AM KNOWN AS THE DIRT GUY. I AM ALEX MARTIN, DIVISION THE

[02:05:05]

TWO YEARS ON MECHANICAL, LOW VOLTAGE, HVAC AND PLUMBING.

AND TEN YEARS ON THE STRUCTURE. THE BLACK AND WHITE OF THE WARRANTY. WE LIVE IN A PRACTICAL WORLD.

WE HAVE A CUSTOMER CARE TEAM. OUR EXPECTATION REGARDLESS OF HOW LONG A HOME HAS BEEN CLOSED AND HOW OUTLANDISH THE CLAIM MAY BE, OUR CUSTOMER CARE WILL IRS IT THE HOME, INSPECT THE ITEM.

REGARDLESS -- IT MAY BE SOMETHING THAT WE SHOULD COVER OR AT THE VERY LEAST HELP FACILITY 1998 THE ENVIRONMENT TO HAVE THE HOMEOWNER FIX THE ISSUE.

>> THAT IS A GOOD ANSWER AT LEAST THE BEST WE CAN ASK FOR.

BUT TALKED OF THE DIFFERENCE BETWEEN THE TIME OF MARKET ON TALE BETWEEN TOLL BROTHERS AND OTHERS.

YOU SAID ON AVERAGE 36 DAYS. >> I WAS LOOKING AT THE AGGREGATE OF HERON BAY AND DECIDE WHAT THAT RIGHT PRICE POINT IS. YOU SEE THAT -- THAT A HOME IN THE $2 MILLION IN STAYS ON THE MARKET THREE TIMES LONGER THAN THE PRICE POINT WE ARE PROPOSING.

>> GOT IT. IS THAT -- TALKING APPLES TO APPLES, THE SAME ANALYSIS DONE CONTINUE TO NEW HOMES VERSUS

THOSE EXISTING AND BUILT? >> THAT GETS A LITTLE TRICKY BECAUSE I DON'T THINK WE ARE THE SAME AS WHAT IS CONSIDERED NEW IN PARKLAND, RIGHT. THIS WILL BE A SMALLER NICHE THAN WHAT WAS BUILT IN PARKLAND BAY.

IT IS A DIFFERENT BUILDER. UNDER A DIFFERENT BUILDER PROGRAM. A DIFFERENT PLATFORM.

SO IT IS NOT EASY TO GO APPLES TO APPLE THERE IS.

>> THE LAST IS THE DEPOSIT. I DON'T SEAT TERMS OF HOW THE DEPOSIT IS. WHEN IT IS NONREFUNDABLE VERSUS

REFUNDABLE. >> I THINK A LOT OF THAT WILL BE FLEXIBLE WHICH NANCY AND ANTHONY --

>> FLEXIBLE AND COMES A STARTING POINT.

UP WANT TO UNDERSTAND WHERE EVERYBODY'S STARTING POINT IS.

>> THIS STARTING POINT WAS $250,000 IN CONTRACT EXECUTION AND $750,000 OF EXPIRATION OF FEASIBILITY.

THE WAY IT IS WRITTEN AGAIN, REFUNDABLE IF WE DO NOT GET OUR ENTITLEMENTS BUT WE CAN CLEARLY NEGOTIATE THAT.

>> OKAY, THANK YOU. >>MAYOR WALKER: COMMISSIONER

SONIC. >>COMMISSIONER MAYERSOHN: AGAIN, THANK YOU FOR YOUR PRESENTATION. ONE OF THE QUESTIONS I THINK -- WHETHER COMMISSIONER ISROW OR VICE-MAYOR BRIER ASKED.

SOME COMPANIES THAT SAY THE BUCK STOPS WITH ME.

THEY ARE AUTONOMOUS AND THEY CAN MAKE THOSE DECISIONS.

SOME COMPANIES THAT HAVE LARGER CORPORATE STRUCTURES.

YOU GUY ARE A PUBLICLY TRADED COMPANY, WHICH -- I AM NOT SAYING IS NEGATIVE OR POSITIVE. BUT WHERE DOES THAT RELATE TO THAT DECISION PROCESS?

>>. >> MY OTHER NAME IS CORPORATE

STRUCTURE GUY. >> BETTER THAN DIRT GUY.

>> I MOVED UP. YES, WE ARE A PUBLICLY TRADED COMPANY. WE ARE A FORTUNE 3500.

AS IF THE TOLL BROTHERS ABOUT RUN THE COMPANY.

THEY BUILT IT, THEY ABOUT SOLD THEM AND BIRTHED THEM.

BIRTH OF TOLL BROEFRS. WE ARE ENTREPRENEURIAL COMPANY, 10,000 CLOSING, 30 COMMUNITIES NATIONWIDE.

OUR CORPORATE STRUCTURE TAKING IT A STEP BACK, TO GET INVOLVED IN THE DEAL. AND THEY GIVE US A LOT OF AUTONOMY AND AS A FORMER MILITARY GUY, RULES OF ENGAGEMENT. WE HAVE AREAS THAT WE OPERATE.

PARKLAND IS IN LINE WITH OUR BRAND.

LITMUS TEST ONE. TWO, THEY GIVE A CERTAIN UNDERWRITING CRITERIA. AS LONG AS OUR PRO FORMA AND UNDERWRITING MATCHES THE CRITERIA, THE PROCESS IS VERY SIMPLE. OUR LAND COMMITTEE OUR CEO, COO AND CFO MEET EVERY FRIDAY. IF WE STRIKE A DEAL ON A FRIDAY WE TALK TO THEM MONDAY. WE ARE NIMBLE AND MOVE QUICK.

WITH MY 18 YEARS WITH TOLL BROTHERS, I NEVER HAD A LAND DEAL NOT GET APPROVED. I AM VERY PROUD OF IS THAT.

LOCALLY, DECISIONS ARE LOCAL. A LOCAL BIGGS.

OUR COMPANY KNOWS THAT. OUR CEO WAS A FORMER PROJECT MANAGER AND CONSTRUCTION MANAGER.

A LOCAL BUSINESS. AS IT RELATES TO OUR RELATIONSHIP BEYOND THE CONTRACT APPROVAL.

ALL THEY ARE DOING SAY PROVING THE DEAL TRUCK IS SCLUR AND

[02:10:04]

GROUPS IN FRONT OF YOU. >> ALL RIGHT, GOOD.

THANK YOU, LINDSEY. ALL RIGHT, SO AT THIS JUNCTURE, I THINK IT IS UP TO US TO GIVE A LITTLE MORE GUIDANCE WHAT WE WANT TO SEE TO GO BACK TO THE FOUR OR THE 11 WITH BETTER GUIDANCE FROM US AS FAR AS HOW MANY HOMES WE ARE LOOKING FOR I DON'T KNOW IF WE NEED TO GET SPECIFIC WITH PRICING BUT LOOKING FOR A HIGHER-END LUXURY HOME.

NOT 1.5 OR 1.7 FOR US. WE WANT LUXURY HOMES THERE.

IT IS IMPORTANT TO COME TO A CONSENSUS OF A NUMBER OF HOMES.

MAYBE NOT AN EXACT NUMBER BUT BETWEEN TWO, THREE AND FOUR AND GO BACK AND SAY, LOOK, THIS IS WHERE WE ARE AT.

IF YOU MEET THOSE PARAMETERS, SO BE IT.

BUT LOOK AT BEST AND FINAL OFFERS FROM WHOMEVER.

>> MAYOR, IF I CAN MAKE A RECOMMENDATION, I THINK IT WOULD PROBABLY BE BEST TO GIVE A MAXIMUM THAT YOU WOULD BE COMFORTABLE GOING UP TO, THAT WAY EACH DEVELOPER CAN DETERMINE A PRICE POINT BASED ON A MAXIMUM.

>>MAYOR WALKER: SOUNDS PERFECT. DOES ANYONE WANT TO START?

>> I HAVE -- I DON'T KNOW IF WE JUST WANT TO START ON A MAX MONEY NUMBER, BUT I HAVE A COUPLE OF CRITERIA THAT I WANT TO LAY OUT IN TERMS OF SORT OF CHECKING THE BOX WITH SOME OF THESE. I MEAN, OBVIOUSLY WE TALKED OF A LUXURY PRODUCT. I THINK THERE IS SOME CORRELATION WHAT I WOULD DEFINE AS A LUXURY PROJECT AND PRICE POINT. AS I SAID MY CONCERN IS ALSO BEING COMPLEMENTARY IF NOT HELPING THE PROPERTY VALUE WITH REGARD TO THE NEIGHBORING COMMUNITY AND ALL OF HERON BAY.

BECAUSE CANDIDLY THE FIRST OF ONE ITERATION OF THE PROJECT THAT WILL GO ON THAT LAND. THE SECOND ITERATON WILL BE SOME SORT OF COMMERCIAL PROJECT AND THE LAST THING I WOULD WANT TO DO IS HARM AND DIMINISH THE CURRENT PROPERTY VALUES OF THAT.

I THINK THE PRICE POINT DOES PLAY INTO THAT SO WHEN I HEAR PRICES AT THE LOWER END OF THE MILLION DOLLAR RANGE AND PRICES OF HIGHER TO TWO-PLUS MILLION RANGE.

>> ONLY ONE. >> I WANT THEM TO HEAR FOR THE

BENEFIT OF OURS THAT POINT. >>MAYOR WALKER: OBVIOUSLY YOU CAN SAY WHATEVER YOU WANT BUT WE KIND OF MADE THAT CLEAR THAT THAT IS WHAT WE ARE LOOKING FOR. YOU SAID BEFORE YOU WANT TO COMPLEMENT HERON BAY. I THINK WE ARE ALL ON THE SAME PAGE AS FAR AS THAT GOES. IF YOU WANT TO REITERATE, WE WANT TO MAKE SURE WE PROTECT HERON BAY AND THE PROPERTY VALUES. THAT IS OBVIOUS WE WANT TO DO THAT AT LEAST FROM MY SEAT. THAT IS ONE OF OUR MAIN OBJECTIVES TO KEEP PROPERTY VALUES TO THE HIGHEST LEVEL AT ALL COSTS. THAT, TO ME, IS A GIVEN, BUT WE CAN CERTAINLY REITERATE THAT. I THINK FOR NOW THE MOST IMPORTANT THING IS GETTING TO THAT NUMBER SO WE CAN THEN GET THE DEVELOPERS TO COME BACK TO US ON EQUAL PLAYING FIELD.

IF THEY WANT TO COME BACK WITH $1.2 MILLION HOME.

THEY HAVE HEARD THAT IS NOT NECESSARILY WHAT WE ARE LOOKING FOR. AND THAT IS -- THAT WILL BE A NEGATIVE WIN WE MAKE THE FINAL DECISION.

ULTIMATELY WE NEED TO MAKE THE FINAL DECISION.

IT IS GOING TO BE -- IF KENCO SAYS WE WANT TO STICK WITH 42 AND GOING $2.7 MILLION, THAT IS FINE.

YOU MIGHT GRADE THEM HIGHER BECAUSE YOU WANT THE HIGH IRPRICE POINT. MAYBE I NECESSARILY WON'T.

I THINK -- AGAIN, I THINK IT BOILS DOWN AT THIS JUNCTURE SAYING THIS IS THE MAX HOMES WE WILL DO.

YOU COME WITH YOUR BEST PROPOSAL AT THAT NUMBER, WHETHER IT IS 52, 55, 50, 40, WHATEVER THAT NUMBER IS.

YOU KNOW, AND THEN THEY COME BACK.

AND OBVIOUSLY EVERYONE KNOWS WE ARE LOOKING FOR HIGHER DOLLAR VALUE THAN WHAT WE CURRENTLY SEE.

SO I DON'T THINK WE NECESSARILY NEED TO GET INTO THAT JUST A MATTER OF. I WILL START.

THE TOLL BROTHERS, 52 HOMES. THAT NUMBER IS ATTRACTIVE TO ME BECAUSE GIVES A NICE LOT SIZE. ABOUT DOES GENERATE REVENUE GOING FORWARD FOR THE CITY OF PARKLAND, FOR A LONG TIME.

I THINK ONE OF THE THINGS WE LOOKED AT, YOU KNOW, TO YOUR POINT WITH HOME VALUES WITH THE REVENUES.

[02:15:01]

YOU TALKED ABOUT HOW THEY MAY BE NECESSARILY THE SAME.

MAYBE YOU OR TOLL BROTHERS WILL BE SIMILAR, BUT TO YOUR POINT, DR HORTON WAS A LITTLE LESS WITH THE $1.1 MILLION TO $1.2 MILLION. IF THEY HAVE 50 HOMES AT $1.2 MILLION, THAT BE THE SAME REVENUE GENERATION.

I AM TOTALLY WITH YOU ON THAT. I DO BELIEVE THE $1.7 MILLION, $2 MILLION. THEIR SELLING IT PARKLAND BAY LEFT AND RIGHT. THAT PRICE POINT WILL DEFINITELY DO THE TRIBBLE TRICK AND DOES GENERATE THE REVENUE.

FOR ME THE 52 HOMES IN THAT AREA.

I THINK -- WE TALKED ABOUT SCHOOLS.

I KNOW COMMISSIONER CUTLER BROUGHT THAT UP.

ONE OF THE THINGS WE HAVE TO REMEMBER, WE ARE OPERATING ON A HUGE POSITIE IN US PURCHASING THIS LAND.

BECAUSE ONE OF THE PROPOSALS WE SAW HAD 400 CONDOS JUST WHERE THE HERON BAY GOLF COURSE WAS. SO EVEN IF WE WENT WITH THE 63 HOMES WHICH I DON'T THINK ANY OF US WANT, BECAUSE I DO APPRECIATE THE LARGER LOT SIZES. AND I DON'T WANT ANYONE TO COME IN FOR ANY VARIANCES. OUR SIDE SETBACKS, OUR FRONT SETBACKS, I WANT THAT TO MATCH. EVEN IF I SAID 55.

IF 55 CAN'T MEET OUR CRITERIA, I DON'T WANT TO PROVIDE ANY VARIANCES. UP WANT TO YOU COME WITH THE MOST -- YOU KNOW WHATEVER THAT PLAN IS THAT MEETS EVERYTHING.

YOU ARE NOT GETTING A VARIANCE FROM ME.

SO WE ARE -- WE ARE OPERATING ON A BIG BONUS HERE BECAUSE WE WILL HAVE LESS RESIDENTIAL UNITS IN HERON BAY GOLF COURSE NO MATTER WHAT, BECAUSE THIS IS THE MOST RESIDENTIAL UNITS WE ARE DOING.

NOT DOING ANY IN THE CORAL SPRINGS AREA OR THE TOWN CENTER AREA AND I SAID EARLIER, ONE OF THE REASONS FOR ME TO WANT TO TRY TO GET AS MUCH REVENUE AS POSSIBLE IS BECAUSE IT WILL -- BECAUSE THESE NUMBERS WERE MUCH LARGER THAN WE THOUGHT, RIGHT.

TOLL BROTHERS. WENT BACK TO TOLL BROTHERS AT 16 AND A HALF. $16.5 MILLION.

THAT GETS US ALMOST 60% -- NO, MORE THAN THAT.

WHATEVER THE PERCENTAGES IS, OF THAT INITIAL INVESTMENT.

THAT GIVES US SO AS MUCH MORE FLEXIBILITY THIS TOWN CENTER TO

DO MORE WHAT WE WANT TO DO. >> YOU ARE NOT GETTING THAT TODAY. PROJECTING THAT IN THREE, FOUR -- WHATEVER THE CLOSING IS. BUT I HEAR YOU.

>> WHENEVER WE GET IT, WE ARE GETTING IT.

NOT ONLY THAT, WE ARE GETTING THE ADDITIONAL REVENUE FOREVER.

WHATEVER THAT TURNS OUT TO BE. SO, YOU KNOW, AND I KNOW KEN AROUND I HAD SOME DISCUSSIONS EARLIER WHEN HE WAS TALKING OF 30 HOMES, 35 HOMES, AND HE SAID, WELL, I KNOW YOU ARE GOING TO COME BACK AND WANT THE MOST AMOUNT OF HOMES.

AND I SAID YOU PROBABLY ARE RIGHT.

BECAUSE -- BECAUSE THE DIFFERENCE BETWEEN -- YOU KNOW, WE SAW THAT WITH THE -- WITH THE SCHOOL PROJECTION NUMBERS.

THE DIFFERENCE BETWEEN 40 AND 50 IS A SIGNIFICANT CHANGE IN TRAFFIC, SCHOOLS. WE DON'T EVEN KNOW IF THEY ARE GOING TO HAVE -- WE DON'T KNOW IF THEY WILL HAVE KIDS OR WHATEVER. AGAIN ONE OF THE THINGS WHICH -- WHICH DEAN BROUGHT UP. THESE WILL BE $1.7 MILLION, $2 MILLION HOMES. WHEN YOU HAVE THREE LITTLE KIDS, ODDS ARE YOU ARE NOT BUYING THAT HOUSE.

ODDS ARE BUYING A HOUSE THAT IS A LITTLE MORE LOWER PRICE AND MAYBE SOME PEOPLE WITH THREE-YEAR-OLD, FOUR-YEAR-OLD, FIVE-YEAR-OLD KIDS THAT HAVE BUYING $2 MILLION OR $3 MILLION HOMES BUT NOT TOO MANY OF THEM. THAT AS FAR AS THE SCHOOL GOES A POSITIVE IN MY BEEN TRAFFIC IS MINIMAL BETWEEN 40, 50 HOMES.

AND TRYING TO DO. FISCALLY TRYING TO GET THE BEST REVENUE WE CAN TO OFFSET A LOT OF THESE TOWN CENTER THINGS.

THE CONVERSATION WILL BE SO MUCH EASIER WITH THE TOWN CENTER AND SO MANY MORE OPTIONS HOW WE PAY FOR THAT AND SELL IT AND ALL THESE DIFFERENT THINGS. FOR ME BETWEEN 52, 55 AND 63 WON'T FIT. LINDSEY SAID AT 75 TO 140 LOTS, MAYBE YOU CAN GET ONE OR TWO MORE HOMES ON IT.

SO AS FAR AS I AM CONCERNED, YOU KNOW, SOMEWHERE IN THAT 52, 54 RANGE IS WHERE I AM AT PAUSE THAT SOUNDS RIGHT TO ME.

[02:20:07]

>> I THINK I AM LESS FOCUSED ON THE NUMBER.

OBVIOUSLY I THINK 06, 56 IS TOO MANY.

SOMEWHERE BETWEEN 42 AND 50 SOMETHING -- LOW 50 IS PROBABLY THE RIGHT BALANCE OF THAT I AM ALSO CONCENTRATING ON THE NONNUMERICAL FACTORS CAN WHICH INCLUDE THE QUALITY OF THE PRODUCT, THE LAYOUT, THE INSTALLATION OF THIS PIECE OF LAND FROM THE REST OF THE COMMERCIAL PROJECT AND ALSO PROTECTING THE HOMEOWNERS IN THE AREA.

I ALSO THINK THAT THE OTHER FACTOR IS, THIS IS GOING TO HAVE AN IMPACT ON THE INFRASTRUCTURE WITHIN HERON BAY.

I GET IT. IF IT IS ONLY 50 MOMS. BUT YOU COULD BE TALKING OF THREE, FOUR CAR AS HOME IF THEY HAVE OLDER CHILDREN. THIS WILL HAVE AN IMPACT ON THE FROMS ARE OF HERON BAY. AND NEEDS TO BE TAKEN INTO ACCOUNT BY THE DEVELOPERS. AND I WOULD ENCOURAGE THE DEVELOPERS TO TALK WITH THE HOA BECAUSE THEY WILL BE PARTNERS IN THIS. WITH THAT, I AM -- I AM -- I AM CERTAINLY THINK THAT THE NUMBERS THAT ARE AT THE HIGHER END OF THE FOUR PROPOSALS NEED TO COME DOWN IN TERMS OF DENSITY.

>>MAYOR WALKER: TO NANCY'S POINT, WE WANT TO GIVE A MAX.

IF YOUR MAX IS 50 OR WHATEVER. >> I DON'T SEE MY MAX GOING ABOVE 52. I LOOKED AT THE LAYOUT.

>>MAYOR WALKER: 52. >> EVEN THE LAYOUT THAT TOLL BROTHERS WITH THE 52, ONE HOME THAT IS LOOKING DIRECTLY INTO -- WHAT WILL EVENTUALLY BE A COMMERCIAL PROJECTS POTENTIALLY.

AND I WOULD LIKE TO SEE 52 OR LOWER.

>>MAYOR WALKER: 52 IS THE NEXT. JORDAN NEXT.

>> ONE, THAT, BOB. NO, IT IS HARD FOR ME TO NECESSARILY GIVE A MAXIMUM NUMBER PAUSE I SEE THIS AS A FUNCTION OF NUMBER OF HOMES, AVERAGE SALES PRICE AND THE TOTAL PURCHASE PRICE OF THE LAND.

I GET IT. YOU SAY GIVE ME A RANGE.

>>MAYOR WALKER: THE ONLY REASON I SAY THAT AND I DON'T WANT INTERRUPT YOU IS, THAT WILL BE TAKEN INTO ACCOUNT WHEN WE DECIDE SOMETHING, TO MAKE THAT FINAL DECISION.

>> OF COURSE. >>MAYOR WALKER: MAYBE YOU THINK TOLL BROTHERS IS A BETTER DEVELOPER AND MAYBE I THINK KENCO. THINGS TO TAKE INTO CONSIDERATION WHEN WE MAKE THE FINAL DECISION.

ALL I AM TRYING TO DO AT THIS POINT IS TO GET EACH DEVELOPER ON THE SAME PAGE AS FAR AS HOW MANY HOMES, 52.

WHATEVER. >> UNDER STOOD.

THE REASON I STARTED OFF WITH THAT PAUSE A LOT OF THIS IS

CONTINGENT ON A THE SITE PLAN. >> THAT'S RIGHT.

>> THE NUMBER OF HOMES AND SOME DEVELOPERS MAY HAVE A HIGHER NUMBER. THE SITE PLAN ITSELF DOES NO NOT LEND ITSELF TO THE LOWER NUMBER OF HOUSES WITH A DIFFERENT SITE PLAN. I LIKE THE IDEA OF HAVING PARKING AND AN ACTUAL PARK DEDICATED TO THIS SUBCOMMITTEE.

ULTIMATELY, YOU ARE RIGHT. INCREASE ON THE BENEFITS AND AMENITIES OF HERON BAY. IF THIS HAS ITS OWN KIND OF DEDICATED THINGS THAT DON'T BLEED INTO THE OTHER COMMUNITIES AT LARGE AND MITIGATES IT. ABOUT WARRANTS.

HOW I SHAKE OUT ON THIS, I AGREE PROBABLY 55 HOMES IS TOO MANY.

HAND THIS IS ALSO BECAUSE WHAT I HAVE SEEN WITH THE SITE PLANS BETWEEN NOW. THE 42 AND THE 52 SEEM TO BE PRETTY -- WELL, AT LEAST WELL THOUGHT OUT WHERE DR HORTON AND NO KNOCK UPON YOU BECAUSE I UNDERSTAND YOU NEED TO MAXIMIZE YOUR ABILITY TO MAKE A RETURN ON THE INVESTMENT.

I GET IT. BUT LOOKING AT THE SITE PLAN ITSELF, IT LEFT LITTLE ROOM FOR GREEN SPACE AND ACTUALLY THE MORE KIND OF PRACTICAL ASPECTS OF HOW PEOPLE WILL LIVE IN THIS COMMUNITY VERSUS LOOKING AT IT DOLLARS AND CENTS.

I WOULD PROBABLY SAY 52 TO 55 BUT I PREFER ON THE LOWER ENDS.

THE REASON I SAY ON THE LOWER END AND I AM CAVILLING THAT THE TOTAL PURCHASE PRICE CAN VARY DRAMATICALLY WITH FIVE HOMES.

NOT BECAUSE TAKEN INTO CONSIDERATION THE PURCHASE PRICE OF THE FIVE HOMES AND HOW IT INTERPLAYS WITH OTHER FACTORS AND THEY ARE TRYING TO FIGURE OUT THEIR PRO OF THE.

>> YOU MADE GREAT POINTS AND US GIVING A MAX 5 2R, 55, WHATEVER THAT NUMBER IS. IF KENCO WANTS TO START WITH 2 SELL A 2.75 MILLION HOME. BRING THE NUMBER UP.

THEY CAN INCREASE THEIR POT. THAT IS ON THEM.

IF WE DECIDE AT THAT POINT WE WOULD LIKE THE SITE PLAN BETTER AND THE OVERALL DOLLAR VALUES WE ARE LOOKING FOR, THAT WILL WEIGH OUT WHEN WE MAKE -- WHEN WE MAKE THAT DECISION BUT I THINK US

[02:25:06]

BUT AT LEAST SAY 63 IS TOO MANY. 06 IS TOO MANY.

YOU GUYS HAVE GOT TO DROP THAT DOWN TO WHATEVER WE ULTIMATELY COME UP TO. AND WE WILL SEE WHERE ALL THAT GOES. SO --

>> YEAH, THEN I THINK IT SHOULD GO TO 52.

>>MAYOR WALKER: 52? OKAY.

>> YOU WANT ME TO GO. >>MAYOR WALKER: YOU GO NEXT AND

THEN KEN GOES NEXT. >> SO -- IS THAT ME? SO WE HAVEN'T REZONEDED THIS YET.

THE LAND USE IS SET AT R-3. AND ZONING IS A 3 -- OR A-1.

>> A-1. >> WE WERE TALKING ABOUT -- AND I WILL CALL IT THE TUTTLE PROPERTY.

WE WERE TALKING ABOUT WHAT IS THE DENSITY? WHAT IS THE DENSITY? TWO AND A HALF UNITS PER ACRE? WHATEVER IT MAY BE. I LOOK AT THAT AS MY FIRST PRIORITY. WHERE ARE WE AT.

THESE GUYS KNOW HOW TO BUILD HOMES AND PUT HOMES IN AND THEY KNOW WHAT THEIR PRICES ARE AND WHAT THEY NEED TO DO TO COME UP WITH A THING. LOOKING AT THAT PERSPECTIVE, I AM LOOKING AT TWO AND A HALF HOMES AN ACRE WHICH COMES OUT IN THAT 1 ACHOR IS 52 OR 53. OR SAYING PUT 06 HOMES OR 62 HOMES. THIS WAY YOU KNOW WHAT THE DENSITY IS, PUTTING IT OUT FRONT AND MY PERSPECTIVE.

PUTTING IT OUT FRONT TO KNOW THAT -- HERE IS WHAT WE ARE LOOKING FOR GEMS TEE. WHATEVER THE SETBACKS ARE AND WHATEVER. NO ONE IS COMING IN FOR A VARIANCE. THEY KNOW WHAT HAD THE LANDSCAPE AND CAN DESIGN. MAYBE BUILDING MORE TWO-STORY

HMES THAN ONE-STORY HOMES. >>MAYOR WALKER: I THINK THAT IS A GREAT POINT. SAY -- WE HAVE -- WE HAVE 52 AT THIS JUNCTURE. IF WE SAID 52.

HEARD LOUD AND CLEAR NO VARIANCE.

MAYBE 52 CAN'T FIT. I DON'T KNOW HOW CLOSE YOU LOOKED AT THE CODE. MAYBE NEEDS TO BE 50 OR 48 HAD.

WHATEVER THAT NUMBER IS. YOU HEARD LOUD AND CLEAR THAT IT HAS TO FIT WITHIN WHAT OUR EXISTING CODE IS CURRENTLY.

AND WE DID CHANGE IT FROM THE WEDGE, SO WE DID CHANGE THE CODE SO YOU GOT TO MAKE SURE YOU LOOK AT THE LATEST AND GREATEST CODE.

AND LET'S GO -- DID YOU HAVE ANYTHING ELSE?

>> TWO AND A HALF. THAT IS THE DENSITY.

>>MAYOR WALKER: COMMISSION HER IN.

>> I AM -- AS I SAID, WHEN WE FIRST MADE OUR DECISION, I AM VERY MUCH FAVORABLE TO THE LOWEST POSSIBLE DENSITY ON THE PROPERTY THAT WE CAN DO. I HEARD SOME GREAT PRESENTATIONS TODAY. AND QUITE A RANGE OF VALUATIONS WHAT THE DEVELOPERS THINK THEY CAN SELL IN THAT PLACE SO I AM THE LOWEST POSSIBLE NUMBER OF HOMES THAT CAN GO ON THAT PROPERTY WITH THE HIGHEST QUALITY AND FOR THE BIGGEST BANG FOR OUR BUCK. THAT IS WHAT I AM LOOKING FOR.

SO YOU KNOW IF IT IS 50. I CAME IN WITH THIS IDEA THAT IT WILL BE 50 OR LESS. I AM GLAD WITH THAT.

CAN WE STRETCH TOO 52 IF THAT FITS WITHIN OUR CODES? I CAN PROBABLY BE PERSUADED TO DO THAT.

BUT I AM LOOKING AT 50 OR LESS. >>MAYOR WALKER: OKAY.

IF YOU CAN JUST GO TO 52, THEN WE ARE UNANIMOUS.

>> I AM FINE WITH 50. AS I SAID -- SOME THE LAYOUT.

>>MAYOR WALKER: I DON'T DISAGREE.

LET'S SAY 52. IF YOU GO FROM 50 TO 52 COULD BE

$700,000. >> I VIEW THAT AS LESS IMPACTFUL AS THE VALUE OF THE -- CANDIDLY IF THIS IS NOT A PROJECT THAT WAS PUT WITHIN AN BE EXISTING COMMUNITY ALREADY THAT HAD ALL THE ACCOUTREMENT RECREATIONAL FACILITIES I WOULD BE LOOKING FOR LOWER DENSITY PAUSE THEY WOULD PUT IT.

>>MAYOR WALKER: WE ALL BE DOING THAT.

>> MY POINT IS EVERY HOME YOU ADD TO THE PROJECT WILL BE ANOTHER HOME THAT WILL BE UTILIZING THE CLUBHOUSE, THE GYM, THE ROADS, THE GATES, EVERYTHING ELSE.

THE LOWER THAT NUMBER, I THINK, THE BETTER.

>>MAYOR WALKER: SOMETHING THE H TO SHGZA ASKED US TO DO BEFORE WE PURCHASE IT. THE HOA WANTS THESE HOMES IN

THEIR PROPERTY. >> AGREED.

>>MAYOR WALKER: WHETHER ITS 50 OR 52, THEY WANT THOSE PROPERTIES WITHIN THEIR PURVIEW. SO I THINK EVERYBODY HAS HEARD TODAY, KEN, RIGHT, WE ARE LOOKING FOR A HIGH-END LUXURY HOMES. THE SITE PLAN, T75 TO 140 IS WHT

[02:30:03]

WE WANT TO MAKE SURE WE ARE KEEPING IN THE BUFFERS.

KEEPING OF ALL THOSE MINDFUL OF ALL THE BUFFERS.

SEPARATION BETWEEN THE COMMERCIAL AND DENTIAL.

PRESIDENT EXISTING VIEWS OF THE EXISTING RESIDENCE.

>> SECURITY FOR THE HERON BAY RESIDENCE.

THE LAST THING IS FOR PEOPLE TO GET IN AT HERON BAY.

IT IS MORE THAN -- EAR THE A BUFFER --

>>MAYOR WALKER: TOLL BROTHERS DID A --

>> I ONLY SAW THAT PORTION FROM TOLL BROTHERS.

>> CORRECT. >> AGAIN, SOMETHING THAT IS VERY IMPORTANT BECAUSE YOU ARE SELLING A LUXURY HOME OF SOMETHING THAT WILL EVENTUALLY BE --

>> LUXURY COMMERCIAL. >> LUXURY COMMERCIAL.

THAT MAY EFFECT THE PRICE POINT OR SOMEBODY BUYING IN, ESPECIALLY TOWARD THAT WHATEVER END OF THE DOG LEG IT MAY BE.

SO, YOU KNOW, SOMETHING THAT I DON'T WANT TO SEE HAPPEN WHERE

THAT VALUE GOES DOWN. >> IT CAN'T BECAUSE HERON BAY WAS EMPHATIC FOR SOME SECURITY SEPARATION.

SOMETHING THE CITY WAS OBLIGATED WOULD HAPPEN.

THAT WILL HAPPEN BECAUSE PART OF THE THE AGREEMENT WITH HERON BAY. THERE WILL BE SOME SORT OF SEPARATION A BUFFER FENCE, CANAL.

WHATEVER THAT IS, IT WOULD BE -- I DID GET --

>> TWO OTHER THINGS. ONE IS THE -- I KNOW THAT SOME ACTUALLY INCLUDED THE 5 $500,000 PAYMENT TO THE HOA IN THEIR PRICE. OTHERS DID IT ON TOP.

I THINK IT IS IMPORTANT TO HAVE CONSIDERATION THAT THAT IS GOING TO BE PART OF THE CALCULATION OF.

>> TO ME THE TOTAL NUMBER. IF YOU INCLUDE THE PAYMENT TO THE HOA OR NOT, THAT IS HOW YOU WANT TO STRUCTURE YPAYMENT.

>> AGREED BUT SOME DIDN'T HAVE THE ABILITY.

>> IT DOESN'T NECESSARILY NEED TO BE IN THERE SOMEBODY DOES 20

MILLION AND 19.5. >> JUST GIVING THEM FOOD FOR

THOUGHT. >> FOR.

>> SECOND ITEM IS THE DEPOSITS. I TALKED A LOT ABOUT IT BECAUSE THE CITY AND HERON BAY ARE TAKING RISKS ON THE TIMELINE THIS ULTIMATELY COMES TO FRUITION.

WE WENT BACK TOOT HOLDING COST AND THERE HAS TO BE SOME THOUGHT HOW THE DEPOSITS GO HARD WITH ANY OF THESE SITE PLANS OR CONDITIONS AREN'T IMPROVED NOW, WE ARE 12, 16 MONTHS REMOVED.

>> THAT IS FOR US TO HAVE CONVERSATIONS WITH NANCY AND

ANTHONY. >> PART OF WHAT THEY ARE COMING

BACK WITH A PROPOSAL. >> I RECOMMEND THEY ADD THE BEST NEGOTIATING TOOL AT THAT POINT AND WE CAN NEGOTIATE LATER, BUT I THINK TO MAKE YOUR FINAL SELECTION, THAT'S KEY.

>> AND ALSO THE IMPACT TO THE COMMUNITY, YOU KNOW, THEY ARE BUILDING IN THE COMMUNITY. THEY ARE BRINGING IN TRUCKS.

THEY ARE DOING ALL OF THIS CONSTRUCTION STUFF.

THERE IS AN IMPACT TO THE COMMUNITY.

TRAFFIC COMING IN. >>MAYOR WALKER: WE ARE BUILDING

A TEMPORARY OFF-TRAIL -- >> THEY WILL BE GOING THROUGH A DIFFERENT AREA SO THEY WILL NOT INTERFERE AT ALL WITH THE HERON

BAY COMMUNITY. >> THERE WILL STILL BE UPHEAVAL.

I WILL ENCOURAGE THE DEVELOPERS TO BRING THAT INTO THE CALCULUS.

TALKING OF THE SECURITY -- I KNOW YOU MENTIONED BUFFERS AND FENCE. I WOULD LIKE TO SEE A WATERWAY AS A SEGREGATING FACTOR BETWEEN THE COMMERCIAL PIECE AND THE SOUTH END OF THE DOG LEG. I THINK THAT THE WAY THIS OTHER

AREAS. >> A GREAT POINT, BUT WE HAVE TO KEEP IN MIND THAT IS REGULATED BY NISD BECAUSE THAT IS THEIR

WATER AREA. >> WILL THAT BE ON US OR THE

DEVELOP TO GET IT THROUGH. >> A HARD ASK AT THIS POINT PROBABLY. BUT IDEALLY THAT WILL BE NICE, BUT, AGAIN, WE EXPECT MAKE THAT DETERMINING FACTOR AT THAT P

POINT. >>MAYOR WALKER: IT CAN BE EVENTUALLY THE COMMERCIAL DEVELOPER AS WELL.

>> YES. >> THERE ARE POSSIBILITIES.

>> YES. YOU WILL BE TALKING ABOUT -- AND I UNDERSTAND THAT. BUT YOU WILL BE TALKING ABOUT THE RESIDENTIAL DEVELOPMENT AT LEAST BEING A HEAD START.

AND WHETHER THAT HEAD START IS SIX MONTHS OR SIX -- OR 16 MONTHS, I DON'T KNOW, BUT IT WILL BE A HEAD START.

SO I WOULD THINK THAT PLANNING FOR THAT CONTINGENCY.

HAVING THE INITIAL DISCUSSION IT IS THEY NEED TO NEW NISD WOULD BE BENEFICIAL FOR THE DEVELOP SPECIAL I AGREE.

>> DO YOU THINK -- HAVE WE BEEN CLEAR? OKAY. SO THE PAUL IS B-- THE BALL IS

BACK IN YOUR COURT. >> I WILL MAKE ONE LAST COMMENT.

THE STYLE TO ME MATTERS A LITTLE BIT BECAUSE HE DO NOT WANT TO PUT A ROUND PEG IN AT THAT SQUARE HOLE.

WE HAVE ALL OF THESE COMMUNITIES.

[02:35:03]

STYLE. >> ALL OF THIS WILL GO THROUGH THE HERON BAY BOARD, GO THROUGH PLANNING AND ZONING, WHEN WE MAKE A DECISION IN A WEEK OR TWO OR WHATEVER IT IS, THE PROCESS HAS TO GO THROUGH THE REGULAR PROCESS.

SO THERE WILL BE OPPORTUNITIES TO TALK ABOUT ARCHITECTURE AND LANDSCAPING AND DRIVEWAYS AND ALL THIS STUFF.

US SAYING YES WHEN WE SAY YES, THERE WILL STILL NEED TO BE

SOME. >> ONE -- BECAUSE EVERYBODY HAS

ONE LAST THING, RIGHT. >> WHAT ARE YOU, A LAWYER? [LAUGHTER] IN THE SITE PLAN -- ALTHOUGH THEY ARE NOT OFFICIALLY SITE PLANS, I KNOW A LOT OF THINGS THAT OUR HOA STRUGGLE WITH AND HERON BAY BY A OF BAY STRUGGLES WITH ARE SPEEDERS. A LONG STRETCH OF SOMEONE COMING THE ROAD. THEY WILL TURN TO THE HAD SHGZ TO SHGZA AND SAY WHAT ARE YOU GOING TO DO THAT THAT.

>>MAYOR WALKER: SOMETHING OUR PLANNING AND ZONE MAY DO.

A WAVY ROAD. >> GET IN A PLAN HOW MANY HOMES TO PUT IN. WHAT THEY CAN PUT IN.

AND I WANT TO MAKE THEM AWARE OF SOME SORT OF ROUNDABOUT AND SOME

SORT OF CALMING DEVICE. >>MAYOR WALKER: WE DEFINITELY NEED A ROUNDABOUT. KEN, DO YOU HAVE ONE MORE THING?

>> NO, MAYOR, I AM GOOD. >>MAYOR WALKER: EVERYONE IS GOOD? ALL RIGHT, KEN, ARE YOU GOING TO WRAP IT UP OR WHATEVER YOU WANT TO TELL US?

>> MAYOR, IF I MAY. I WANT TO MAKE IT CLEAR -- AND YOU TOUCHED ON THIS BEFORE. AND I KNOW ALL THE DEVELOPERS IN THE ROOM ALREADY KNOW THIS, PUTTING OUT THERE THE MAXIMUM AMOUNT OF HOMES. YOU TOUCHED ON THAT -- MORE TO GIVE THE DEVELOPERS THAT INFORMATION, BUT ULTIMATELY EVEN WHEN WE SIGN A PURCHASE AND SALE, YOU ARE NOT APPROVING THAT AMOUNT OF HOMES. YOU ARE NOT APPROVING THE SITE PLAN COMING BEFORE YOU. ALL OF THAT WILL COME BEFORE THE APPROPRIATE PROPER SES CEASE, PUBLIC HEARINGS, NEIGHBORS, ETC.

AND THE CONTRACT WILL LIKELY SAY THE OPPOSITE WHICH IS WE ARE NOT APPROVING THAT AND IT NEEDS TO GO THROUGH ALL THE HEARINGS, ETC., ETC.. THE LAST ONE TO MAKE.

IF KEN DOESN'T SAY IT, THEN I WOULD.

HE IS LOOKING FOR SOME DIRECTION FROM YOU ALL IN TERMS OF SHOULD HE ASK FOR BEST AND FINALS FROM THE FOUR?

>>MAYOR: I THINK WE SHOULD ASK FOR BEST AND FINALS.

I AM FINE TO OPEN IT UP TO WHOEVER.

I DON'T SEE ANY REASON TO GET FOUR NEXT ROUND.

THREE I THINK SO WILL BE ENOUGH, BUT THAT WILL BE YOUR CALL.

I THINK THREE IS PLENTY. THE FINAL THREE.

>> WHAT YOU JUST SAID, I WANT TO MAKE SURE -- I THINK WE SHOULD OPEN IT UP TO ALL THE ORIGINAL PROPOSERS BUT NARROW IT DOWN BASED ON ALL OF THEM. I AGREE WITH THAT.

>> WE WILL LET EVERYONE COM IN FOR BEST AND FINAL.

AND AS YOU DID IN THIS PROCESS, NARROW IT DOWN TO FOUR.

I THINK WE SHOULD NARROW IT DOWN TO THREE.

THAT IS MY BEEN.

>>. >> I MEAN, THREE OR FOUR.

I WOULD RATHER HAVE MORE FOR US TO CONSIDER BECAUSE COLLIERS IS LOOKING AT IT FOR BEST INTEREST, BUT WE ARE ALTERNATELY THE DECIDING. I WOULD PREFER TO HAVE FOUR BUT THREE. BUT, AGAIN, I AM UP FOR EITHER

ONE. >>MAYOR WALKER: YOU DECIDE.

THREE OR FOUR? >> OH, NO.

THAT IS YOUR DECISION. >> WE CAN MAKE THAT DECISION.

WE WILL MAKE THAT ASSESSMENT WHEN WE LOOK --

>> NICE YOU CAN GIVE US THAT DIRECTION.

BUT IF YOU SAY THREE AND FOUR AND YOU ARE OPEN.

>> MY FEELING IS THIS, IF ALL FOUR -- IF ALL FOUR MEET THE CRITERIA WE LAID OUT. IF ONLY THREE OF THEM MEET THAT

FULL CRITERIA. >> IT IS BE INTO FIVE COULD TOO.

MY POINT IS, YOU HAVE SOME LATITUDE FROM US, YOU KNOW.

THERE IS NO RAN FOR US TO LOOK AT TWO OF THE SAME IS, I GUESS, MY POINT. RIGHT.

>> GREAT. SO JUST TO RECAP THEN.

OUR GAME PLAN IS BEST AND FINALS MUST BE SUBMITTED BY END OF DAY THURSDAY, MAY 25. SO WE ARE GOING TO PUT A DEADLINE IN THE BEST AND FINAL. THEN I WILL GIVE THAT INFORMATION -- MAKE THE ASSESSMENT AND GO BACK TO COMMISSIONS ON ONE ON ONES INDIVIDUALLY AND HAVE A COMMISSION MEETING ON JUNE 7, TO -- TO SELECT A DEVELOPER.

>>MAYOR WALKER: WE HAVE TO DO -- THERE HAS TO BE A MINIMUM OF FOUR TO SELL THE LAND AND DOES IT NEED TWO READINGS.

>> ON THE CODE AND CHARTER TO SELL THE LAND, AN ORDINANCE WHICH ST. IS TWO READINGS. THE COPY OF THE PROPOSED PURCHASE AND SALE AGREEMENT AND REQUIRES A 4/5.

[02:40:04]

OFFERS. >>MAYOR WALKER: YOU WANT TO MAKE A MOTION. JORDAN, YOU WANT TO MAKE IT?

>> I AM GOING TO MAKE IT. I WILL MAKE A MOTION.

I WILL MAKE A MOTION TO HAVE IS THE BEST AND FINALS SUBMITTED BY END OF DAY, I GUESS, MAY 25, YOU SAID?

>> YES. >> TAKING INTO CONSIDERATION THE CRITERIA WE STATED HERE WITH IS, I BELIEVE, A MAXIMUM OF TWO AND A HALF UNITS PER ACRE WITHOUT PUTTING A NUMBER ON IT.

>> WELL, 52 FOR 50 OR 48. AND COL YESHGS A REASONABLE NU NUMBER.

>> WE HAVE A MOTION BY COMMISSIONER ISROW WHAT HE JUST SAID AND A SECOND BY COMMISSIONER ABOUT MAYERSON.

>>MAYOR WALKER: PLEASE SHOW IT PASSES UNANIMOUSLY.

EVERYONE, THANK YOU FOR YOUR PRESENTATION.

>> THANK YOU ALL VERY MUCH. >>MAYOR WALKER: MOTION TO

ADJOURN. >> MOVE TO ADJOURN.

>> SECOND. >>MAYOR WALKER: 19

* This transcript was compiled from uncorrected Closed Captioning.