PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT

DUVAL COUNTY Regular Board Meeting December 4, 2024
6:00 P.M.

Special District Services, Inc.
The Oaks Center 2501A Burns Road
Palm Beach Gardens, FL 33410
www.principalonecdd.org 561.630.4922 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile

AGENDA
PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT
Clubhouse of IL Villagio 9745 Touchton Road
Jacksonville, Florida 32246
REGULAR BOARD MEETING & PUBLIC HEARING
December 4, 2024
6:00 p.m.

Call to Order
Proof of Publication	Page 1
Establish Quorum
Additions or Deletions to Agenda
Comments from the Public for Items not on the Agenda
Approval of Minutes
November 6, 2024 Regular Board Meeting	Page 2
Public Hearing
Proof of Publication	Page 7
Receive Public Comments on Fiscal Year 2024/2025 Final Budget
Consider Resolution No. 2024-06 – Adopting a Fiscal Year 2024/2025 Final Budget	Page 8
Old Business
New Business
Administrative Matters
Board Member Comments
Adjourn

STATE OF FLORIDA,

S.S. COUNTY OF DUVAL,
Before the undersigned authority personally appeared Rhonda Fisher, who on oath says that she is the Publisher's Representative of the JACKSONVILLE DAILY RECORD, a weekly newspaper published at Jacksonville, in Duval County, Florida; that the attached copy of advertisement, being a
Fiscal Year 2024-2025 Regular Meeting Schedule

in the matter of Principal One Community Development District

in the Court, was published in said newspaper by print in the issues of 9/19/24.

Affiant further says that the JACKSONVILLE DAILY RECORD complies with all legal requirements for publication in Chapter 50, Florida Statutes.

*This notice was published on both jaxdailyrecord.com and floridapublicnotices.com.

Rhonda Fisher
Sworn to and subscribed before me this 19th day of September, 2024 by Rhonda Fisher who is personally known to me.

Seal	Notary Public, State of Florida

PROOF OF PUBLICATION

DUVAL COUNTY

PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING
NOVEMBER 6, 2024

CALL TO ORDER

District Manager Jason Pierman called the November 6, 2024, Regular Board Meeting of the Principal One Community Development District (the “District”) to order at 6:08 p.m. in the Clubhouse of Il Villagio located at 9745 Touchton Road, Jacksonville, Florida 32246.

PROOF OF PUBLICATION

Mr. Pierman presented proof of publication that notice of the Regular Board Meeting had been published in the Jacksonville Daily Record on September 19, 2024, as part of the District’s Fiscal Year 2024/2025 Meeting Schedule, as legally required.

CONSIDER RESIGNATION AND APPOINTMENT TO BOARD VACANCY

Mr. Pierman explained that, with the resignations of Michelle and Brian Hepke, Mr. Maymi is the sole remaining Board Member.

Mr. Maymi unanimously accepted Mr. and Mrs. Hepke’s resignations and appointed Mr. Joe Cruise to the vacant Seat 3, which expires in 2026. Mr. Pierman, a Notary for the State of Florida, administered the Oath of Office to Mr. Cruise, and explained the role of District Supervisor.

A motion was then made by Mr. Maymi, seconded by Mr. Cruise and unanimously passed appointing Ms. Dyanna Jordan to the vacant Seat 2, which expires in 2024. Mr. Pierman administered the Oath of Office to Ms. Jordan and explained the role of District Supervisor.

With a quorum now established, a motion was made by Mr. Maymi, seconded by Ms. Jordan, and unanimously passed ratifying all actions taken by the Board prior to a quorum being established.

A motion was made by Mr. Maymi, seconded by Ms. Jordan, and unanimously passed appointing Mr. Ryan Hagen to the vacant Seat 4, which expires in 2024.

ESTABLISH A QUORUM

Mr. Pierman determined that the attendance of Chairperson Dyanna Jordan, Vice Chairman Ryan Hagen and Supervisors Carlos Maymi and Joe Cruise constituted a quorum and it was in order to proceed with the meeting.

Also present was District Manager Jason Pierman of Special District Services, Inc.

A motion was made by Mr. Hepke, seconded by Mrs. Hepke and unanimously passed ratifying all actions of the Board prior to a quorum being installed.

ADDITIONS OR DELETIONS TO THE AGENDA

Mr. Pierman explained that, now that a new Board had been installed, it was necessary to elect officers. Following a brief discussion, a motion was made by Mr. Maymi, seconded by Mr. Cruise, and unanimously passed electing the following slate of officers:

Chair: Dyanna Jordan Vice Chair: Ryan Hagen
Secretary/Treasurer: Jason Pierman Assistant Secretary: Carlos Maymi Assistant Secretary: Joe Cruise

COMMENTS FROM THE PUBLIC FOR ITEMS NOT ON THE AGENDA

There were no comments from the public for items not on the agenda.

APPROVAL OF MINUTES
May 1, 2024, Regular Board Meeting

Mr. Pierman presented the minutes of the May 1, 2024, Regular Board Meeting and asked if there were any changes/corrections.

A motion was made by Mr. Maymi, seconded by Ms. Jordan and passed unanimously approving the minutes of the May 1, 2024, Regular Board Meeting, as presented.

OLD BUSINESS

There were no Old Business items to come before the Board.

NEW BUSINESS
Consider Resolution No. 2024-02 – Resetting the Public Hearing to Adopt a Fiscal Year 2024/2025 Final Budget

Resolution No. 2024-02 was presented, entitled:

RESOLUTION NO. 2024-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT AMENDING RESOLUTION NO. 2024-01; AMENDING THE DATE AND TIME FOR THE PUBLIC HEARING TO CONSIDER THE FISCAL YEAR 2024/2025 FINAL BUDGET AND ASSESSMENTS AND AUTHORIZING THE SECRETARY AND DISTRICT MANAGER TO TAKE CERTAIN ACTIONS TO ACCOMPLISH THE INTENT OF THIS RESOLUTION; AND PROVIDING AN EFFECTIVE DATE.

Mr. Pierman noted that the District was late in adopting the Final Budget, due to the lack of quorum, but that it must be adopted at a Public Hearing. He explained that, in order for the District to collect assessments, staff had provided the County with assessment amounts from the Proposed Budget because

the deadline for submitting the tax roll was in September. Although the assessment amounts have already reported, the Board still needs to hold the Public Hearing to formally adopt the Final Budget.

A motion was made by Mr. Cruise, seconded by Mr. Maymi and passed unanimously adopting Resolution No. 2024-02, as presented, setting the Public Hearing for December 4, 2024, at 6:00 p.m.

Consider Resolution No. 2024-03 – Ratifying Fiscal Year 2024/2025 Meeting Schedule

Resolution No. 2024-03 was presented, entitled:

RESOLUTION NO. 2024-03

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT, ESTABLISHING A REGULAR MEETING SCHEDULE FOR FISCAL YEAR 2024/2025 AND SETTING THE TIME AND LOCATION OF SAID DISTRICT MEETINGS; AND PROVIDING AN EFFECTIVE DATE.

Mr. Pierman explained that, in order to hold this meeting, and to save costs, staff had already published the attached meeting schedule.

A motion was made by Mr. Maymi, seconded by Mr. Hagen and passed unanimously adopting Resolution No. 2024-03, as presented.

Consider Resolution No. 2024-04 – Adopting Goals and Objectives

Resolution No. 2024-04 was presented entitled:

RESOLUTION 2024-04

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT ADOPTING GOALS, OBJECTIVES, AND PERFORMANCE MEASURES AND STANDARDS; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

A motion was made by Mr. Maymi, seconded by Mr. Cruise and passed unanimously adopting Resolution No. 2024-04, as presented.

Consider Resolution No. 2024-05 – Adopting a Fiscal Year 2023/2024 Amended Budget

Resolution No. 2024-05 was presented, entitled:

RESOLUTION NO. 2024-05

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING AND ADOPTING AN AMENDED FINAL FISCAL YEAR

2023/2024 BUDGET (“AMENDED BUDGET”), PURSUANT TO CHAPTER
189, FLORIDA STATUTES; AND PROVIDING AN EFFECTIVE DATE.

A motion was made by Mr. Maymi, seconded by Mr. Cruise and passed unanimously adopting Resolution No. 2024-05, as presented.

Consider Selection of Professional Engineering Services

Mr. Pierman explained that the District’s previous engineer had stopped providing District engineering services, so the District had issued an RFQ for engineering services. The only respondent was Alvarez Engineering.

A motion was made by Mr. Maymi, seconded by Ms. Jordan and unanimously passed selecting Alvarez Engineering as District Engineer and authorizing staff to create an agreement.

Consider Appointment of Audit Committee & Approval of Evaluation Criteria

Mr. Pierman explained that, at this time, it was in order for the Board to convene as the Auditor Selection Committee to review the results of the auditor selection criteria from the responding firms.

Mr. Pierman noted that Grau & Associates was the only proposal.

A motion was made by Ms. Jordan, seconded by Mr. Maymi and unanimously passed recommending Grau & Associates, and closing the Auditor Selection Committee Meeting and resuming the Regular Board Meeting.

Sitting as the Board, a motion was made by Mr. Maymi, seconded by Ms. Jordan and unanimously passed accepting the recommendation of the Auditor Selection Committee and directing staff to enter into negotiations with Grau & Associates.

ADMINISTRATIVE MATTERS

Mr. Pierman noted that the next meeting was scheduled for December 4, 2024.

BOARD MEMBER COMMENTS

There were no further comments from the Board Members.

ADJOURNMENT

There being no further business to come before the Board, a motion was made by Mr. Maymi, seconded by Ms. Jordan and unanimously passed adjourning the meeting at 7:05 p.m.

	
Secretary/Assistant Secretary	Chair/Vice-Chair

STATE OF FLORIDA,

S.S. COUNTY OF DUVAL,
Before the undersigned authority personally appeared Nichol Stringer, who on oath says that she is the Publisher's Representative of the JACKSONVILLE DAILY RECORD, a weekly newspaper published at Jacksonville, in Duval County, Florida; that the attached copy of advertisement, being a
Notice of Public Hearing and Regular Board Meeting

in the matter of Principal One Community Development District

in the Court, was published in said newspaper by print in the issues of 11/14/24.

Affiant further says that the JACKSONVILLE DAILY RECORD complies with all legal requirements for publication in Chapter 50, Florida Statutes.

*This notice was published on both jaxdailyrecord.com and floridapublicnotices.com.

Nichol Stringer
Sworn to and subscribed before me this 14th day of November, 2024 by Nichol Stringer who is personally known to me.

Seal	Notary Public, State of Florida

PROOF OF PUBLICATION
DUVAL COUNTY

RESOLUTION NO. 2024-06

A RESOLUTION OF THE PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT ADOPTING A FISCAL YEAR 2024/2025 BUDGET.

WHEREAS, the Principal One Community Development District (“District”) has prepared a Proposed Budget and Final Special Assessment Roll for Fiscal Year 2024/2025 and has held a duly advertised Public Hearing to receive public comments on the Proposed Budget and Final Special Assessment Roll; and,

WHEREAS, following the Public Hearing and the adoption of the Proposed Budget and Final Assessment Roll, the District is now authorized to levy non ad-valorem assessments upon the properties within the District.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT THAT:

Section 1.	The Final Budget and Final Special Assessment Roll for Fiscal Year 2024/2025 attached hereto as Exhibit “A” is approved and adopted, and the assessments set forth therein shall be levied.

Section 2.	The Secretary of the District is authorized to execute any and all necessary transmittals, certifications or other acknowledgements or writings, as necessary, to comply with the intent of this Resolution.

PASSED, ADOPTED and EFFECTIVE this 4th day of December, 2024.

ATTEST:	PRINCIPAL ONE
COMMUNITY DEVELOPMENT DISTRICT

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

Principal One Community Development District

Final Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL BUDGET
PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2024/2025
BUDGET	
O & M Assessments	102,022	
Debt Assessments	230,011	
Other Revenues	0	
Interest Income	600	
TOTAL REVENUES	$	332,633	
		
EXPENDITURES		
Engineering/Inspections	2,000	
Supervisor Fees	0	
Management	31,824	
Legal	2,500	
Assessment Roll	5,000	
Audit Fees	4,100	
Insurance	7,250	
Legal Advertisements	600	
Miscellaneous	900	
Postage	200	
Office Supplies	325	
Dues & Subscriptions	175	
Trustee Fee	2,500	
Continuing Disclosure Fee	300	
Website Management	2,000	
Contingency	350	
Landscape Maintenance	12,000	
Additional Landscape Maintenance	13,000	
Lake Maintenance	2,000	
Maintenance Reserve	7,436	
TOTAL EXPENDITURES	$	94,460	
		
REVENUES LESS EXPENDITURES	$	238,173	
		
Bond Payments	(211,611)	
		
BALANCE	$	26,562	
		
County Appraiser & Tax Collector Fees	(13,281)	
Discounts For Early Payments	(13,281)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2022/2023 ACTUAL	
FISCAL YEAR 2023/2024 BUDGET	
FISCAL YEAR 2024/2025 BUDGET	

COMMENTS	
O & M Assessments	58,052	102,022	102,022	Expenditures Less Interest & Carryover/.92	
Debt Assessments	230,014	230,011	230,011	Bond Payments/.92	
Other Revenues	0	0	0		
Interest Income	4,465	240	600	Projected At $50.00 Per Month	
TOTAL REVENUES	$	292,531	$	332,273	$	332,633		
					
EXPENDITURES					
Engineering/Inspections	745	2,000	2,000	No Change From 2023/2024 Budget	
Supervisor Fees	0	0	0	No Change From 2023/2024 Budget	
Management	27,096	30,900	31,824	CPI Adjustment (Capped At 3%)	
Legal	7,439	1,500	2,500	$1,000 Increase From 2023/2024 Budget	
Assessment Roll	5,000	5,000	5,000	No Change From 2023/2024 Budget	
Audit Fees	3,900	4,000	4,100	$100 Increase From 2023/2024 Budget	
Insurance	6,134	6,500	7,250	Fiscal Year 2023/2024 Insurance Was $6,594	
Legal Advertisements	573	550	600	$50 Increase From 2023/2024 Budget	
Miscellaneous	889	800	900	$100 Increase From 2023/2024 Budget	
Postage	623	200	200	No Change From 2023/2024 Budget	
Office Supplies	557	325	325	No Change From 2023/2024 Budget	
Dues & Subscriptions	175	175	175	No Change From 2023/2024 Budget	
Trustee Fee	2,500	2,500	2,500	No Change From 2023/2024 Budget	
Continuing Disclosure Fee	300	300	300	No Change From 2023/2024 Budget	
Website Management	2,000	2,000	2,000	No Change From 2023/2024 Budget	
Contingency	0	350	350	No Change From 2023/2024 Budget	
Landscape Maintenance	0	12,000	12,000	Landscape Maintenance	
Additional Landscape Maintenance	0	13,000	13,000	Mulch, Tree Trimming, Replacements	
Lake Maintenance	0	2,000	2,000	Lake Maintenance	
Maintenance Reserve	0	10,000	7,436	Maintenance Reserve	
TOTAL EXPENDITURES	$	57,931	$	94,100	$	94,460		
					
REVENUES LESS EXPENDITURES	$	234,600	$	238,173	$	238,173		
					
Bond Payments	(213,860)	(211,611)	(211,611)	2025 P & I Payments	
					
BALANCE	$	20,740	$	26,562	$	26,562		
					
County Appraiser & Tax Collector Fees	(9,715)	(13,281)	(13,281)	Four Percent Of Total Assessment Roll	
Discounts For Early Payments	(10,502)	(13,281)	(13,281)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	523	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover Balance From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	523	$	-	$	-		

DETAILED FINAL DEBT SERVICE BUDGET
PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	FISCAL YEAR 2022/2023 ACTUAL	FISCAL YEAR 2023/2024 BUDGET	FISCAL YEAR 2024/2025 BUDGET	

COMMENTS	

Interest Income	
3,637	
100	
500	
Projected Interest For 2024/2025	

NAV Tax Collection	
213,860	
211,611	
211,611	
Maximum Debt Service Collection	

Total Revenues	
$	217,497	
$	211,711	
$	212,111		

EXPENDITURES					

Principal Payments	
155,000	
155,000	
165,000	
Principal Payment Due In 2025	

Interest Payments	
57,888	
52,494	
47,094	
Interest Payments Due In 2025	

Bond Redemption	
0	
4,217	
17	
Estimated Excess Debt Collections	

Total Expenditures	
$	212,888	
$	211,711	
$	212,111		

Excess/ (Shortfall)	
$	4,609	
$	-	
$	-		

Series 2016 Bond Refunding Information
Original Par Amount =	$2,945,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	2.75%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	May 2016			
Maturity Date =

Par Amount As Of 1/1/24 =	May 2035

$1,950,000			

Principal One Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2020/2021	2021/2022	2022/2023	2023/2024	2024/2025	
  Assessment* 	  Assessment* 	  Assessment* 	  Assessment* 	 Projected Assessment* 	

O & M

$	131.30	$

131.30	$

131.30	$

231.87	$

231.87

Debt

 $	523.95

$	523.95

$	523.95

$	523.95

 $	523.95

Total

$	655.25	$

655.25	$

655.25	$

755.82	$

755.82

* Assessments Include the Following : 4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee
 Community Information:		 Total Units	440
 Prepayments	1 Billed for Debt		439

IV