Islands at Doral III
Community Development District
www.doral3cdd.com

Javier Fuquen, Chair Victoria Gonzalez, Vice Chair
Gerardo Verde Assistant Secretary Antonio Felipe Vergara, Assistant Secretary
Julio Raudsepp, Assistant Secretary

March 4, 2026

Seat 3: Javier Fuquen – (C.)		
Seat 4: Victoria Gonzalez – (V.C.)		
Seat 2: Gerardo Verde – (A.S.)		
Seat 1: Antonio Felipe Vergara – (A.S.)		
Seat 5: Julio Raudsepp – (A.S.)		

Islands at Doral III
Community Development District
Agenda
Wednesday		Doral Legacy Park – Conference Room March 4, 2026	11400 NW 82nd Street Doral, Florida 33178 6:00 p.m.			Join the meeting now
Meeting ID: 253 580 884 369 64 and Passcode: rq2ka9RR
1 872-240-4685 and Phone Conference ID: 902 425 05#

Roll Call
Presentation with MBS Capital Markets, LLC
Series 2014 Refunding – Estimated Assessment Savings – Page 4
Audience Comments – As per District’s rules, each speaker has 3 minutes to provide comments

Approval of Minutes of the January 7, 2026 Meeting – Page 25

Appointment of Audit Selection Committee – Page 51 Audit Selection Committee Meeting:
Opening Audit Selection Committee Meeting

Roll Call

Selection of Criteria for Evaluation

Authorizing of RFP

Adjournment

Discussion of Procedures for the General Election – Page 55

Staff Reports
Attorney – Consideration of Request for Adjustment to District Counsel Fee Structure – Page 56

Engineer
Update on
ArcGIS Map

Sidewalk Repairs Estimate with Ortiz Construction Services – Page 58

Road Resurfacing

Manager

Financial Reports
Acceptance of Check Register – Page 59

Acceptance of Unaudited Financials – Page 62

Supervisors Requests

Adjournment
Meetings are open to the public and may be continued to a time, date and place certain. For more information regarding this CDD please visit the website: http://www.doral3cdd.com

Presented By: MBS Capital Markets

Islands at Doral III
Community Development District
City of Doral, Florida

March 4, 2026

TABLE OF CONTENTS

OVERVIEW – BOND HISTORY	Section 1
REFUNDING STRUCTURE OPTIONS	Section 2
NEXT STEPS	Section 3
TIMETABLE	Section 4
DISCLOSURE	Section 5

OVERVIEW – BOND HISTORY	

Overview of Series 2013 and 2014 Bonds



The Islands at Doral III Community Development District (the “District”) issued its $21,150,000 Special Assessment Refunding Bonds, Series 2013 (the “Series 2013 Bonds”) in April 2013.

The Series 2013 Bonds were issued as A- Rated tax-exempt securities for the purpose of refunding the Series 2004A Special Assessment Bonds.

The Series 2004A Bond proceeds were used to finance the acquisition and/or construction of a portion of the public infrastructure improvements needed to serve the Development, including roadways, stormwater management improvements and water distribution and sanitary sewer improvements.

The Series 2013 Bonds mature on May 1, 2035 and became callable at the option of the District on or after May 1, 2023 at par.

Subsequent to the issuance of the Series 2013 Bonds, the District issued the Series 2014 Special Assessment Bonds (the “Series 2014 Bonds”) in February 2014 for the purpose of paying the costs of the 2014 Project which consisted of the acquisition of stormwater management and control facilities, including but not limited to, related earthwork, water and wastewater systems, roadway improvements, and related soft and incidental costs supporting the annexed property known as “Monaco”.

The Series 2014 Bonds mature on May 1 2044 and became callable at the option of the District on or after May 1, 2024 at par.

Following is the status of the Bonds Outstanding.

Series	
Outstanding Par	
Average Coupon	Maximum Annual Debt Service	Call Provisions	Call Premium	Final Maturity	

2013
2014	
$11,705,000
$ 666,000	
4.12%
5.58%	
$1,430,491
$57,273	
5/1/2023
5/1/2024	
Par Par	
5/1/2035
5/1/2044	

MMD Chart
(Municipal Market Data)

REFUNDING OPTIONS

Refunding Options

Public Offering – bonds publicly offered to a wide range of buyers
Typically, higher interest cost, costs of issuance and reserve fund requirement.

Necessity to obtain credit rating (and possibly bond insurance if economically beneficial) to reduce interest cost and maximize the economic benefit of the refunding.
Slightly longer timeframe.
Offering memorandum required.
Potentially fewer covenants and conditions for consideration than private placement structure.

Private Placement – bonds privately placed to one or more banking institutions
Typically, lower interest cost, costs of issuance and lower reserve fund requirement.
Credit review but typically no requirement to obtain a rating.
Banks struggle to loan for 20 years, may require a shortened maturity.
No requirement for offering memorandum.
Potential covenants and conditions for consideration not required in public offering structure.

Refunding Options – Series 2013 and 2014 Bonds

CURRENT REFUNDING – Tax law defines a Current Refunding as allowable 90 days prior to the 1st Call Date. In this case, the call date is 5/1/2023 for the Series 2013 Bonds and 5/1/2024 for the Series 2014 Bonds.
Bank Placement:
Advantages:
Lower Costs of Issuance
No Reserve Fund Requirement
Disadvantages:
Bank Deposit Relationship
Taxability Terms
Other Terms

Public Offering - Rated and Insured:
Advantages:
Lower Average Coupon
Disadvantages:
Higher Costs of Issuance
Reserve Fund Requirement

Refunding Options – Series 2013 and 2014 Bonds

Bank Placement

Given the credit dynamics of the District’s Bonds, this financing may lend itself to a bank placement.

Public Offering

MBS will pursue a dual-track process preparing for a public market offering at the same time as running a private placement process.

Credit review but typically no requirement
to obtain a rating
*Usually requires 100% Absorption

Necessity to obtain credit rating (and possibly bond insurance if economically beneficial

offering memorandum

Priced based on US Treasury yields plus a spread

Lower interest cost, costs of issuance and lower reserve fund requirement

Priced on Market Conditions and Investor Interest

Typically, higher net interest cost, costs of issuance and reserve fund requirement

Potential covenants and conditions for consideration not required in public offering structure

Slightly shorter timeframe	No requirement for

Potentially fewer covenants and conditions for consideration than private placement structure

Slightly longer timeframe

Offering memorandum required

Public Offering

Projected Refunding Results - Series 2013 & 2014 Bonds

	
Series 2013 Bonds	Series 2014
Bonds	
Total Bonds	
Existing Bonds:				
Par Amount of Refunded Bonds	11,705,000.00	666,000.00	12,371,000.00	
Average Coupon of Refunded Bonds	4.12%	5.58%	4.28%	
Current Maximum Annual Debt Service (2031)	1,431,931.25	57,261.25	1,489,192.50	
Current Total Debt Service	14,283,053.16	1,078,248.87	15,361,302.03	
Final Maturity	5/1/2035	5/1/2044		
				
Refunding Bonds:				
Estimated Dated/Delivery Date	5/8/2026	5/8/2026	5/8/2026	
Projected Par Amount	9,735,000.00	685,000.00	10,420,000.00	
Estimated Average Coupon	3.29%	4.35%	3.44%	
Decrease in Principal	1,970,000.00	(19,000.00)	1,951,000.00	
Projected Maximum Annual Debt Service	1,251,525.00	57,237.50	1,308,762.50	
Projected MADS Savings/Year	180,406.25	23.75	180,430.00	
Projected Total Debt Service	11,397,960.35	998,153.99	12,396,114.34	
Total Debt Service Savings	2,885,092.81	80,094.88	2,965,187.69	
Final Maturity Date	5/1/2035	5/1/2044		
				
Based on Market Rates on 2/17/2026, subject to change.			

Public Offering

Projected Refunding Results - Series 2013 & 2014 Bonds

Refunding Debt Service Savings								
							PUBLIC OFFERING	

Product Type	

Units	Current Annual/Unit
Gross	
Current Total Annual Gross	Current Annual/Unit
Net	
Current Total Annual Net	
Projected Annual/Net	Projected Annual Net
Savings	
	Series 2013 Bonds								
	3 Story Garden Units	480	801.56	384,748.80	761.48	365,511.36	313,699.28	(107.94)	
	23' Townhomes	614	901.75	553,674.50	856.66	525,990.78	451,430.37	(121.43)	
	32' Townhomes	42	1,001.96	42,082.32	951.86	39,978.20	34,311.20	(134.93)	
	35' Townhomes	134	1,102.14	147,686.76	1,047.03	140,302.42	120,414.23	(148.42)	
	SF Homes	280	1,452.82	406,789.60	1,380.18	386,450.12	331,669.92	(195.64)	
	Subtotal	1550				1,458,232.88	1,251,525.00		
	Series 2014 Bonds								
	Townhomes-Annexed	52	1,159.36	60,286.72	1,101.39	57,272.38	57,237.50	(0.67)	
									
	Totals	1602		1,595,268.70		1,515,505.27	1,308,762.50		

Private Placement (Bank)

Projected Refunding Results - Series 2013 & 2014 Bonds

	Series 2013
Bonds	Series 2014
Bonds	
Total Bonds	
Existing Bonds:				
Par Amount of Refunded Bonds	11,705,000.00	666,000.00	12,371,000.00	
Average Coupon of Refunded Bonds	4.12%	5.58%	4.28%	
Current Maximum Annual Debt Service (2031)	1,431,931.25	57,261.25	1,489,192.50	
Current Total Debt Service	14,283,053.16	1,078,248.87	15,361,302.03	
Final Maturity	5/1/2035	5/1/2044		
				
Refunding Bonds:				
Estimated Dated/Delivery Date	5/8/2026	5/8/2026	5/8/2026	
Projected Par Amount	8,970,000.00	630,000.00	9,600,000.00	
Estimated Average Coupon	4.50%	4.50%	4.50%	
Decrease in Principal	2,735,000.00	36,000.00	2,771,000.00	
Projected Maximum Annual Debt Service	1,213,862.50	53,175.00	1,267,037.50	
Projected MADS Savings/Year	218,068.75	4,086.25	222,155.00	
Projected Total Debt Service	11,101,901.25	930,948.75	12,032,850.00	
Total Debt Service Savings	3,181,151.91	147,300.12	3,328,452.03	
Final Maturity Date	5/1/2035	5/1/2044		
				
Based on Market Rates on 2/17/2026, subject to change.			

Private Placement (Bank)

Projected Refunding Results - Series 2013 & 2014 Bonds

Refunding Debt Service Savings								
							BANK PLACEMENT	

Product Type	

Units	Current Annual/Unit
Gross	
Current Total Annual Gross	Current Annual/Unit
Net	
Current Total Annual Net	
Projected Annual/Net	Projected Annual Net
Savings	
	Series 2013 Bonds								
	3 Story Garden Units	480	801.56	384,748.80	761.48	365,511.36	304,259.04	(127.61)	
	23' Townhomes	614	901.75	553,674.50	856.66	525,990.78	437,845.34	(143.56)	
	32' Townhomes	42	1,001.96	42,082.32	951.86	39,978.20	33,278.66	(159.51)	
	35' Townhomes	134	1,102.14	147,686.76	1,047.03	140,302.42	116,790.57	(175.46)	
	SF Homes	280	1,452.82	406,789.60	1,380.18	386,450.12	321,688.88	(231.29)	
	Subtotal	1550				1,458,232.88	1,213,862.50		
	Series 2014 Bonds								
	Townhomes-Annexed	52	1,159.36	60,286.72	1,101.39	57,272.38	53,175.00	(78.80)	
									
	Totals	1602		1,595,268.70		1,515,505.27	1,267,037.50		

Refunding Notes

The net annual debt service excludes 4% discount for early payment and the collection fees charged by the County Tax Collector and Property Appraiser, currently a total of 5%.
These figures are net of all costs/transfers from the existing trust estate, including the estimated portion of the assessment revenues that will be collected at the time of the issuance of the refunding bonds.
The reduction of annual debt service is calculated based upon comparing the debt service on the current outstanding bonds and the debt service on the proposed series of refunding bonds.
The maturity date on the proposed refunding bonds is consistent with the maturity date on the current outstanding Series 2013 and Series 2014 Bonds.
To the extent there is an increase in principal there would be a necessity to undertake the Chapter 170 assessment process which includes mailed notices to property owners and a public hearing, which is not anticipated here.
The underwriter’s discount or placement agent fee is 1.50% of the proposed refunding par. This fee is contingent upon the closing of the refunding transaction.
The estimated costs of issuance of the refunding are consistent with other similar CDD refunding transactions. Such costs are to be negotiated between the District and the various financing team members and are subject to change.
The projected refunding bonds assumes a bond rating of A- with bond insurance and a debt service reserve fund surety bond for 25% of the debt service reserve fund requirement.
This refunding analysis assumes 100% collection of the 2026 Assessment Levy prior to bond closing.

NEXT STEPS AND TIMING	

Next Steps (Private Placement)

Step 1: Due Diligence including research and credit work.

Step 2: Compile a credit package to submit to Banks.

Step 3: Board approval of Bank Term Sheet and authorize closing on bonds.

Step 4: Engage the financing team to prepare necessary bond documents.

Step 5: Pre-closing, sign all bond documents.

Step 6: Close on Bonds (target 2/1/2023)

Pre-closing on Bonds

Closing on Bonds

Transaction considerations (Private Placement)

Due Diligence

Preparation of closing documents

Prepare Credit Package and send to Banks

Board Approves Term Sheet

Timeline typically requires approximately 30-60 days to complete

Timetable – Private Placement (Bank)

Day 1	Credit Packages sent to Banks

Day 20	Term Sheets due from Banks

Day 21	Board approves Term Sheet, authorizes preparation of closing documents and closing on Bonds

Day 51	Board Meeting - Pre-closing on Bonds

Day 52	Closing on Bonds

Next Steps (Public Offering)

Step 1: Due Diligence including research and credit work.

Step 2: Compile a credit package to submit to Rating Agency.

Step 3: Engage the financing team to prepare necessary bond documents.

Step 4: Board approval of Delegation Resolution.

Step 5: Finalize Bond Documents

Step 6: Pre-closing, sign all bond documents.

Step 7: Close on Bonds (target 2/1/2023)

Pre-closing on Bonds

Closing on Bonds

Transaction considerations (Public Offering)

Due Diligence

Board Approves Delegation Resolution

Prepare Credit Package and send to Rating Agency

Engage Financing Team to prepare documents

Timeline typically requires approximately 60-90 days to complete

Timetable – Public Offering

Day 1	Begin Due Diligence
Engage Financing Team	
Day 10	Credit Package sent to Rating Agency	
Day 30	Receive Indicative Bond Rating	
Day 31	Board Approves Delegation Resolution	
Day 31-50	Preparation of Final Bond Documents	
Day 51	Board Meeting - Pre-closing on Bonds	
Day 52	Closing on Bonds	

Disclosures Regarding Underwriter’s Role – MSRB Rule G-17

Disclosures Concerning the Underwriter’s Role

i.	Municipal Securities Rulemaking Board Rule G-17 requires an underwriter to deal fairly at all times with both municipal issuers and investors;

ii.		The Underwriter’s primary role is to purchase securities with a view to distribution in an arm’s-length commercial transaction with the District and it has financial and other interests that differ from those of the District;

iii.	Unlike a municipal advisor, the Underwriter does not have a fiduciary duty to the District under the federal securities laws and is, therefore, not required by federal law to act in the best interests of the District without regard to its own financial or other interests;

iv.	The Underwriter has a duty to purchase securities from the District at a fair and reasonable price, but must balance that duty with its duty to sell municipal securities to investors at prices that are fair and reasonable; and

v.		The Underwriter will review the official statement for the District’s securities in accordance with, and as part of, its responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of the transaction.

Disclosure Concerning the Underwriter’s Compensation

Underwriter’s compensation that is contingent on the closing of a transaction or the size of a transaction presents a conflict of interest, because it may cause the Underwriter to recommend a transaction that it is unnecessary or to recommend that the size of the transaction be larger than is necessary.

Disclosures Regarding Underwriter’s Role – MSRB Rule G-17

Payments to or from Third Parties. There are no undisclosed payments, values, or credits to be received by the Underwriter in connection with its underwriting of this new issue from parties other than the District, and there are no undisclosed payments to be made by the Underwriter in connection with this new issue to parties other than the District (in either case including payments, values, or credits that relate directly or indirectly to collateral transactions integrally related to the issue being underwritten). In addition, there are no third-party arrangements for the marketing of the District’s securities.

Profit-Sharing with Investors. There are no arrangements between the Underwriter and an investor purchasing new issue securities from the Underwriter (including purchases that are contingent upon the delivery by the District to the Underwriter of the securities) according to which profits realized from the resale by such investor of the securities are directly or indirectly split or otherwise shared with the Underwriter.

Credit Default Swaps. There will be no issuance or purchase by the Underwriter of credit default swaps for which the reference is the District for which the Underwriter is serving as underwriter, or an obligation of that District.

Retail Order Periods. For new issues in which there is a retail order period, the Underwriter will honor such agreement to provide the retail order period. No allocation of securities in a manner that is inconsistent with a District’s requirements will be made without the District’s consent. In addition, when the Underwriter has agreed to underwrite a transaction with a retail order period, it will take reasonable measures to ensure that retail clients are bona fide.

Dealer Payments to District Personnel. Reimbursements, if any, made to personnel of the District will be made in compliance with MSRB Rule G-20, on gifts, gratuities, and non-cash compensation, and Rule G-17, in connection with certain payments made to, and expenses reimbursed for, District personnel during the municipal bond issuance process.

MINUTES OF MEETING ISLANDS AT DORAL III
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Islands at Doral III Community Development District was held on Wednesday, January 7, 2026 at 6:00 p.m. at the Doral Legacy Park Conference Room, 11400 N.W. 82nd Street, Doral, Florida.

Present and constituting a quorum were:
Javier Fuquen	Chairman
Victoria Gonzalez	Vice Chairperson
Julio Raudsepp	Assistant Secretary
Antonio Felipe Vergara	Assistant Secretary
Gerardo Verde	Appointed as Assistant Secretary Also present were:
Ben Quesada	District Manager, GMS Juliana Duque Hernandez by phone  District Manager, GMS Gabriella Fernandez Perez	District Counsel
Alejandro Aleman	District Engineer
Rhonda Mossing by phone	MBS Capital Markets

FIRST ORDER OF BUSINESS	Roll Call
Mr. Quesada called the meeting to order at 6:09 p.m. and called the roll.

SECOND ORDER OF BUSINESS	Organizational Matters
Acceptance of Resignation Letter from Ms. Sandra Milles
Mr. Quesada: The acceptance of resignation letter from Ms. Sandra Milles starts on page 3 of your agenda. It was a pleasure working with Sandra all of these years. I know her husband also served on this Board. She wished to thank you all for the time that she was part of the Board. There is nothing personal, she just had a lot of other commitments and she wanted to make sure she left the space for somebody who is going

to attend and participate in the meetings. The first order of business that I would ask from the Board is to please accept the resignation letter from Ms. Sandra Milles.

On MOTION by Ms. Gonzalez seconded by Mr. Vergara with all in favor, Accepting the Resignation Letter from Ms. Sandra Milles, was approved.

Consideration of Appointment of Supervisor(s) to Unexpired Term(s) of Office – Seat #2 (11/2026)
Mr. Quesada: Now that that Board has accepting the resignation and declared the seat vacant, the next item would be to consider an appointment of a Supervisor to the unexpired term of office, seat #2, which expires in November of this year. Is there anybody that the Board would like to appoint at this time?
Mr. Raudsepp: I would like to appoint Gerardo. Gerardo ran last year against Victoria. He is going to be a good value to the CDD.
Mr. Quesada: For the record, you are a registered voter residing in the Island at Doral III, correct?
Mr. Verde: Yes, that is correct.

On MOTION by Mr. Raudsepp seconded by Ms. Gonzalez with all in favor, Appointing Gerardo Verde to Unexpired Term of Office – Seat #2 (11/2026), was approved.

Mr. Quesada: Congratulations Gerardo.
Mr. Verde: Thank you so much everybody. This is through November 2026 right?
Which the election should be in November as well or September.
Mr. Quesada: I will explain that process to you if you don’t mind. Yes, there is a qualifying period. We usually receive the dates closer to our proposed budget from the Supervisor of Elections where you need to qualify. Obviously, you did that before when you ran previously. As soon as that information becomes available to us, we will put it on a future agenda and let the Board know. I do not know the exact dates so that is why we are waiting for the Supervisor of Elections to notify us of the dates. Usually, I tell people it is lunch time from Monday of that week to lunch time of the Friday that same week. You

have one Monday through Friday, 12:00 p.m. start time and 12:00 p.m. end time to go and submit and qualify with the Supervisor of Elections which is actually here in Doral. If I am not mistaken, off 87th Avenue.
Mr. Verde: You don’t know when election day is planned, right?
Mr. Raudsepp That goes with the general election, Florida elections.
Mr. Quesada: Correct me if I am wrong Gabriella, but there are two scenarios that are going to happen. You are going to qualify for the seat and if you are unopposed, the seat is basically yours and will make it official in November. If someone does run for the same seat, seat #2, then that would go to the ballot. If there is more than one person then there would be, during the time of the primaries in Miami Dade County, there would be a primary for that seat if there are three or more candidates for that seat. It all depends on who qualifies and when that all happens. As soon as we get that information as far as when the qualifying period is, we will make an announcement and have it on the agenda. You and I will talk and make sure you have all the information you need to be able to do that.
Mr. Verde: Okay. Thank you.

Oath of Office for Newly Appointed Supervisor(s)
Mr. Quesada: Let me administer the oath to Mr. Verde so he can take a seat at the table. Mr. Verde, as a resident of the state of Florida and citizen of the United States of America, and being a Supervisor of the Islands at Doral III Community Development District and a recipient of public funds, on behalf of the District do you hereby solemnly swear or affirm that you will support the Constitution of the Unites States and the state of Florida and will faithfully, honestly, and impartially discharge the duties devolving upon you in the office of Supervisor of the Island Doral III Community Development District in Miami Dade County, Florida.
Mr. Verde: Yes sir.
Mr. Quesada: Thank you very much. You are officially on the Board. Just go ahead and fill out your information on here at the top. I am a notary so I can notarize it for you at the end. Congratulations and welcome.

Election of Officer(s)
Mr. Quesada: Now that there has been a change in the Board and the oath has been administered to Gerardo, we need to have an election of officers. Anytime you have a new Supervisor, you just have to have an election. For the record, there are several people that are already officers on your Board that do not have voting powers but people from the GMS office, you have Patti Powers as your Treasurer, Sharyn Henning who is the Assistant Treasurer, Paul Winkeljohn who is a Secretary and Ben Quesada, me, that is an Assistant Secretary. It is just for the purposes of signing paperwork and for the administrative stuff but we don’t sign anything that hasn’t gone before this Board and been approved by this Board. I will just ask in this case that in this election of officers that we speak as to the five Supervisors that are here with us today, is there are any change to the slate of officers? Gerardo, just for your own knowledge, the Chair on this Board is Javier and the Vice Chair is Victoria. Nobody here has more power than any other Supervisor. Same thing I mentioned about the people who work for GMS. The purposes of having a Chair and Vice Chair are just for the purposes of signing and executing documentation. But in this case, nobody holds any more voting power interest and everything needs to go before the Board and be discussed at a publicly advertised meeting.
Mr. Gerardo: You are the Chairman?
Mr. Fuquen: Yes and Victoria is Vice Chair. Mr. Raudsepp: I want to keep it like this.
Mr. Fuquen: Yeah, we can keep it like it is.
Mr. Quesada: I can help you with the motion. If everyone is in agreement, it would be to just keep the slate of officers as is with the addition of Gerardo Verde as Assistant Secretary. By saying so moved, you will agree to the motion.

On MOTION by Mr. Raudsepp seconded by Mr. Fuquen with all in favor, Election of Officers with Gerardo Verde as Assistant Secretary and All Existing Officers Remaining the Same, was approved.

THIRD ORDER OF BUSINESS	Presentation with MBS Capital
Markets, LLC
Series 2014 Refunding – Estimated Assessment Savings
Mr. Quesada: I do have Juliana on the line.
Ms. Hernandez: We also have Rhonda joining us today.
Mr. Quesada: Thank you, Rhonda, for joining us. I just wanted to make a quick announcement and I apologize there was an error as we were working on some stuff behind the scenes. Some opportunities are starting to present themselves in the market right now as far as some of the bond questions that have come up in the past in previous meetings. Right now, I don’t think we have the actual numbers ready to present to the Board. There was another rate cut I believe in December. Rhonda is joining us virtually from MBS Bonds. They have been monitoring the market and as promised we will come back to the Board when an opportunity presents itself for you guys to just discuss for informational purposes and guide us and give us direction as to what you would like staff to do with that information.
Mr. Verde: Who is MBS? Who are they?
Mr. Quesada: They are the financial institution that has been hired by this District to oversee the bonds. You have a 2013 series bond which was the majority of the development of this community. You have a 2014 series bond which was for Monaco, the 52 units in Monaco. At the last meeting we went over this, there is an opportunity where both bonds have been called.
Mr. Verde: Are they related to GMS?
Mr. Quesada: No. They work with GMS on several Districts. It is a separate company. Like I said there are opportunities out there in the market right now where they are just monitoring. There have been several rate cuts. There was another one in December so I think we will have better information to bring to this Board at the March 4th meeting if that is okay with you all. Rhonda is going to put together a report and she will be available to answer any questions. Does the Board have anything they would like to discuss or any questions related to that at this time?
Mr. Verde: Just want to say that in any proposal, we want to see a summary on the total cost ownership from financial perspective on any proposal or options that we have on those bonds. I am new, we are used to seeing too many financial information so

I want to streamline and summarize. What is the financial cost at the end of the life cycle of the bonds if we refinance? You say that it's possible to refinance, but I don't see now because it's 6.49% interest rates. What are the rates of that bond originally?
Mr. Quesada: Again, there are two ways to go about it. There are banks and then there is the bond market. I am not the expert on that subject. That is why we have Rhonda. She is great. She has over 20 years of experience doing this. I am sure she can answer those types of questions and present that information to you guys.
Mr. Raudsepp: Is she coming to the meeting?
Mr. Quesada: If she can’t attend physically, she will be virtual. Juliana go ahead, I you were asking to be recognized.
Ms. Hernandez: I just wanted to mention to the Board and for the record of today's meeting that MBS Capital Markets is an investment banking firm that is focused on the land, security, and utility financing, and they serve as the underwriter of the District. They work on the bonds and refunding of the bonds as well as helping the structure of the bonds. They market them to investors and also set the pricing. As you stated, those numbers, as well as the interest rate will be provided by Rhonda when the time is appropriate. I think the main reason why we're going to the Board right now is that we would like to provide those numbers for the purpose of evaluating and also proceeding with the potential refunding of the series 2013 and 2014.
Mr. Quesada: Is the Board in agreement that you would like to see a report at the March 4th meeting with that information?
Ms. Gonzalez: Yes. Mr. Fuquen: Yes
Mr. Quesada: Perfect, that direction should be good enough. Juliana, is there anything else you want to mention to the Board?
Ms. Hernandez: No, nothing else. I think most of the questions and discussions will take place at that March meeting. Unless the Board has any other questions, I think we do have a direction right now. Thank you, Ben, and thank you everyone.
Mr. Quesada: Thank you, Juliana and Rhonda for joining us today.

FOURTH ORDER OF BUSINESS	Approval	of	Minutes	of	the
November 5, 2025 Meeting
Mr. Quesada: Jumping into item four on the agenda which is the approval of the minutes from the November 5, 2025 meeting. Any comments, corrections, suggestions for Counsel?
Ms. Gonzalez: Yes page 17. It’s a small one but it says on the last line, I spoke about problems in Maurice and that should say St. Moritz.
Mr. Quesada: I missed that one. Mr. Fuquen: Good catch Victoria.
Ms. Fernandez Perez: The top of page 4 says Ms. Gonzalez had no comments. I am pretty sure it should be Ms. Fernandez Perez.
Mr. Quesada: That will be corrected. Any other comments or suggestions?

On MOTION by Mr. Fuquen seconded by Mr. Vergara with all in favor, the Minutes of the November 5, 2025 Meeting, were approved as amended.

FIFTH ORDER OF BUSINESS	Staff Reports
Attorney
Mr. Quesada: Gabriella, is there anything you want to report?
Ms. Perez: Just letting you guys know that the small project agreement for the sidewalk repairs at the Town of St. Moritz and Antilles was fully executed and was already completed the agreement. That is done for you guys. Unless you guys have any other questions for me, that is all I have for you guys.
Mr. Quesada: Thank you very much.

Engineer
Discussion of Sidewalk Inspection Proposal
Digitization Stormwater Infrastructure Data into ArcGIS
ArcGIS Asset Inventory Proposal
Mr. Quesada: I'm sorry that we have such a small display here, but I do have your proposal here.

Mr. Fuquen: I'm sorry, one question. In regard with the sidewalk, are you going to talk about the project that was mentioned for the whole communities?
Mr. Quesada: Yes, in the agenda if you guys will look on page 31 is where the first report starts and there is another proposal which is on page 33. He is presenting the Board with two options. If you don’t mind, let him do the GIS presentation because what he is going to mention is going to eventually tie into the sidewalk conversation. I would like for him to just present to you that information and then we can discuss options as to how to approach both. Just take over my computer, however you want to do it. Do you want to log into a live demo or one of the lives I would probably say Downtown Doral South would be a good one.
Mr. Aleman: What I am bringing up here is a GIS model that we have already done for Downtown Doral South. It will give the Board a sense of the work that goes into it. Initially what we show are the plats. I'm going to just briefly go through all the widgets and buttons. You can zoom in and zoom out, it’s pretty straightforward. Any address that you plug in here will take you to an exact address.
Mr. Fuquen: You guys already finished theirs, right? Mr. Aleman: Yeah, this one is complete.
Mr. Quesada: It has all the bells and whistles.
Mr. Aleman: This is pulling satellite imagery from Google Earth. I will show you the function. If you plug in any address, it will take you to the address. Obviously, this is outside of the District. Hit the home button and it will always bring you back to the District. We have already covered all these top tools here. The legend will show whatever layers are active. Right now, we're showing the plats, so that's why you see those different colors. I'll go through the motions of what the plats contain but in short, it's a legal representation of the boundaries of the District. Whatever the plat is in this case, they are going to be segments of the District. That is what a plat looks like. The more important part, when we go to here, we can see all of the layers that we have incorporated into this GIS. We could turn the plats off and it will show the Google Earth satellite imagery of the District. As part of the proposal that we put together, we're including the drainage. So let me go ahead and turn the stormwater drainage so that way you guys can get a view of what we typically show in the drainage layers. This will show all of the pipelines, the

different types of pipes, the different diameters, every structure, the diameters of the structures if they're round. What we do is we go ahead and we survey the entire District in person. We take pictures of every drainage structure. Actually, this District we didn't do the survey pictures. Typically, we will go through and take pictures of all the structures, and we'll link all of the pipes so that way you have a clear image of what the drainage system looks like. Right now, the as-builts that we have for this District are aging, so the legibility is starting to become a little bit worse. But what we do is we link the as-builts of all of these drainage structures to these links. Once you hit that link, you'll get a download link that will show you the technical specifications of all the pipelines and all the structures. What this does is streamlines our ability to get to the root of a problem. If there's a storm drain, for example that is getting backed up constantly. If there's any need for an emergency repair or just whatever the case is. This will contain all of the stormwater information. Again these are technical plans of that particular District, and it's going to be a lot easier to access that information using the GIS model. This sample is a good sample because the as-builts are pretty legible. But I was looking through the as-builts for this District in particular, and they are not as clear.
Mr. Quesada: You have several layers there, right?
Mr. Aleman: Yes, here we have for example, we organize based on discipline. So under stormwater drainage infrastructure which is here. In this case, we have water fountain. We will get to electrical soon. In this case, we have water fountains. We have a lake layer. Every layer will have different information. When we put this one together, it was more to showcase the capabilities. We didn't go all in like we have for some Districts where we actually put the perimeter of the lake and we put a lot more information that could be of use to a contractor, for example, that's maybe doing service on the lake shoreline.
Mr. Quesada: The base of this map is to do the stormwater system, because that's what we're legally required to do because of the fact that this system connects to the County’s. That's why we are starting with this and it is obviously the most expensive step. I will let Alejandro take over, but basically creating a map from scratch is what takes a lot of labor. Adding to it is a lot simpler and we will talk about the sidewalks next and how

that can be arranged as well. But I wanted to make sure that we discussed the meat and potatoes, which is the storm water system.
Mr. Aleman: We mentioned the proposals; we've included two proposals. The main one is for the stormwater drainage infrastructure and then we added a revised proposal that does include a sidewalk survey. From my understanding, there's a trip hazard concern now in the District and what we could offer, since we would technically be on the field surveying all of these drainage structures, we could also do a survey of the sidewalks and it would be a lot more cost effective. Since it's going to be one trip, our technician will already be on site. We could offer savings instead of doing a standalone project for sidewalks and a standalone project for drainage. That's in short, what we put together for the two proposals. There is a small difference in price for the two because one of them includes to do a sidewalk survey of all of the sidewalks within the District. So then just going back to this model here as we mentioned proposal here.
Mr. Quesada: The point is he's going to have, assuming we move forward with the GIS, he is going to have a technician on site already serving the entire District and all the infrastructure related to the stormwater system. While they are doing that to save you guys on labor, they are already going to be here taking pictures, surveying, they can survey your sidewalks too. I'm sure as part of that we are looking for any type of hazardous conditions or any anything that is out of date as far as codes go with visible markers for any intersections.
Mr. Aleman: Sure, and what he just mentioned is a big one, detectable warnings for handicaps. When they are entering a road, they need to be aware that they are entering the road and they are on pavement, no longer on the sidewalk. So, that's a big one.
Mr. Raudsepp: What do you call the yellow stuff with the e dots?
Mr. Aleman: Detectable warning. If you are blind and you are going through you will feel that and that’s the warning that will be detected. The technical name is detectable warning.
Mr. Raudsepp: It's weird that the CDD hasn't put any claims because I don't see those things anywhere here.
Mr. Fuquen: Which one is that? I'm lost here.

Mr. Aleman: A lot of times they are yellow.
Mr. Fuquen: I follow now because it was thinking about the storm water.
Mr. Quesada: By the way, that option starts on page 33, that proposal. That's the one that we were saying if they're going to be here doing the survey for the GIS system, they would be able to include a sidewalk survey as well.
Mr. Raudsepp: Is this a cloud-based solution? Will the CDD be the owner of that information?
Mr. Aleman: Absolutely. We will share it with the entire District. The entire Board will have access to that same link.
Mr. Raudsepp: Is there any maintenance for the site?
Mr. Aleman: So, whenever there is an update that needs to take place, those updates will be at least on our end very minor. It could be like a 15-minute update for any information that needs to be updated.
Mr. Raudsepp: The cost perspective you're saying that it's $27,000. Is there any annual fee that we have to pay to keep that information stored or something like that?
Mr. Aleman: No.
Mr. Raudsepp: Will it be attached to GMS servers? Mr. Aleman: Yes.
Mr. Quesada: It’s a publicly accessible website. So not only will we have access to it and control the access to it, they will be able to do the live updates whenever it's required and the entire public will have access to this.
Mr. Raudsepp: Thank you for clarifying both. So yeah, it's one small cost for the stormwater systems. They will be allocated in a server that is handled by GMS.
Mr. Quesada: GMS handles the website.
Mr. Raudsepp: Perfect, and it will be connected to your GIS system.
Mr. Aleman: Absolutely. So just like you guys have a website here at Islands at Doral III. This is the Downtown Doral South; here we have a button for GIS District map and then we have this. You can distribute the link in an email.
Mr. Raudsepp: There is no annual fee for the storage and of course we can set a plan, a road map for building layers in the coming years that we can declare as the Board a road map. The next one we want is electrical, which is critical for us.

Mr. Aleman: I haven't crossed that bridge yet, but as you mentioned we have lighting infrastructure as a layer. You know where the panel is, where the kill switch is, you know where all the circuits are.
Mr. Quesada: It is a wonderful tool, especially for maintenance. One of the difficulties I had with the sidewalks, the ones that we're dealing with right now in Antilles and in St. Moritz Estates is getting people out here to find their way around and know where they're located. If we had a digital map, it would make maintenance of any infrastructure the District owns seamless. Any as-builts he can find that are legible will be attached to those locations so a contractor can go pull the plans from the website.
Mr. Fuquen: Also for us, it's a service to the District for residents. They can have that directly instead of making a consultation to us.
Mr. Aleman: Particularly this District does have publicly owned roads that go through it. So, when it comes to who owns water, who maintains water, we could also embed that into the layers. That is the bulk of the information that we would have in our stormwater drainage system. Now, one thing that I do want to add, one of the requisites that they recently introduced in 2025, anytime that there's going to be any cleaning of the drainage structures, now a permit needs to be pulled. It's called a Class 6 permit. The contractors will do that, but that permit number needs to get renewed yearly. So that's something that we typically embed into the GIS. So let's say for example, there's any misunderstanding, there's an inspector that catches whoever maintains the structures in this District. Is it Raptor Vac?
Mr. Quesada: The last time we did it was last year and it was Raptor Vac.
Mr. Aleman: Let's say Raptor Vac is out in the field and an inspector stops and says, hey, what are you doing? Where's your permit to do this work? If for whatever reason he doesn't have that on hand, this District map will have that embedded. Part of that, like you were asking of any updates or whatnot, that's one of the updates that we would recommend is updating that classified permit yearly. That's an update that takes about 15 minutes. You get a lot of value out of that because if for whatever reason there's any misplacing of the documents, you'll always have the classified permit on the cloud. Same thing with the plats and same thing with a lot of valuable information that you may need on the fly. One last thing I wanted to run. These are very user-friendly maps and

one thing that I wanted to show you, if you're a resident of this unit and this catch basin is flooding you could go to this print option. It will automatically use the frame that you are zoomed into as the extent of the printout. Once I hit print here, it's going to start generating a map. This map is going to have a north aerial scale bar and it's a great way of either turning this into a contractor or bringing it to a Board meeting and saying, hey, this catch basin right here is flooding every day. What can we do about it? So it's a very easy way of conveying information to Board members, to contractors, etc. It is a high-resolution PDF, but once it does, you'll see that it's a very clean depiction. The same thing applies for lighting. Let's say that a certain light post is out. You can zoom in, hit the print option. It will create a little map for you to be able to share.
Mr. Raudsepp: What are the three more important layers?
Mr. Aleman: Definitely stormwater because there's a lot of dependencies on permitting and there's a lot of violations involved with stormwater. And then after that I would say we do have a comprehensive asphalt rehabilitation plan. Roadways would be a big one too. Obviously, the phase one last year, which I believe was at the Antilles section. So, roadways would be another big one and lighting. Of course we were mentioning sidewalks here because they're a tripping hazard. Given the situation that you guys have right now with tripping hazards, I would prioritize sidewalks a little bit on the priority scale.
Mr. Raudsepp: Before lightning Mr. Fuquen: And before asphalt?
Mr. Aleman: For asphalt, you always have the paper version of what our plan is, but it's always handy and we could do this same exact phasing on the District map. One thing I do want to mention something he mentioned already, this is the bulk of the work. The stormwater package is the bulk of the work. Once this map is in place, adding any additional disciplines later on the years, let's say we want to entertain doing lighting two years from now and etc. Those additional layers are a fraction of the cost. I would say somewhere between 20% to 10% of the of the initial cost because the map is already there and we are just adding additional information to that map. But the logistical work, the bulk of the work is already done once we do the stormwater map.
Mr. Raudsepp: Perfect.

Ms. Gonzalez: Alejandro, once the contract is signed and we approve the project, how long will it take your office to have something ready for us?
Mr. Aleman: Typically, one to two months. If the Board is meeting in March, I believe I heard, I think we should have this buttoned up. If not, we could at least show a draft. Right now the year is starting and our technician doesn't have too much backlog. We can get the technician out here in a week or two and you'll be seeing the technician walking around taking inventory of all the structures. I would say it's doable to have a draft, if not a complete draft by the second month before the next Board meeting.
Ms. Gonzalez: Okay.c
Mr. Raudsepp: You mentioned the asphalt project. Could you please give us an update for the next one? In my understanding, the next one is It was supposed to start in March, approximately.
Mr. Quesada: The District has not received all of the tax certificates so we're still in the process of collecting to reimburse the reserves, but I have had communication with him and Juan at the office so that they can start putting together some proposals for phase two. We have three communities. We have Netherlands, Madeira, and Promenade. As far as on the 26/27. Working with the contractor you guys picked in Antilles, I didn't get one complaint. They were very good. They were the lowest bidder and they were very professional, very good at communicating. I didn't get one complaint from the entire community, so please make sure as you work on that information to include, it was Headley Construction I believe it was.
Mr. Raudsepp: Let Promenade know the date and all the information. They will not add work for their community, remember.
Mr. Quesada: The same thing happened in Antilles. Once the Board selects a contractor and we start working on permits and tentative dates, I will be in touch with all your property managers for each of those communities letting them know what they did was also very helpful. I'm going to request it again; it was an MOT map. An MOT map basically tells people where to come in and where to leave when there's construction. So, we're going to have a map that I'm going to include to the property managers in their emails so that people know these are the dates of construction and if there's a detour, this is how you get in and this is how you get out. It's going to be a very helpful tool.

Hopefully it will prevent a lot of concerns and confusion when the project does come in. We will take care of all of that. I think they do need a little bit more time to put some bids together and by then we will be fully funded with all the tax certificates to be able to make deposits and what not.
Mr. Aleman: Alright. I don't want to commit to March, but we've already put a set of plans together for it to be held for the bid. I would say maybe by the next Board meeting, we should also have three to four contractor bids to be able to choose from. We expect Headley to be one of the leading contractors.
Mr. Raudsepp: I would like to take the opportunity that the engineer is here to confirm, remember at that the last meeting I asked you about the confusion between the private and public roads to confirm that we have in Madeira, that own our street, our road that is included in the project because we have Madeira.
Mr. Aleman: I have checked for Antilles and Madeira. You want to make sure that the CDD owns the roadways and is responsible for maintaining the roadways.
Mr. Raudsepp: Exactly, but 100% of the community, including the visitor parking
space.
Mr. Quesada: Nine times out of 10, if we own the road, we own the visitor parking.
But then if there's any reserved parking, that would be the HOA’s responsibility.
Mr. Raudsepp: The physical parking.
Mr. Quesada: Can you please include it in your notes?
Mr. Fuquen: Do you have visitor parking in Madeira set aside?
Mr. Quesada: Antilles was very tricky because it was HOA road, one block, CDD another. But I will be reaching out to all the property managers with enough time if they want to schedule or do anything that's private on the HOA side at the same time that the CDD is conducting the work. I'll give them as much lead time as I can once we have that information.
Mr. Fuquen: Yeah, that's very important because it will give full perspective. Mr. Quesada: As soon as I know, I'll reach out the same thing.
Mr. Mr. Raudsepp: My point is I want to warranty the project start to finish, obviously we don’t get 100% of the community. This particular street doesn’t belong this public or private.

Mr. Quesada: I can promise you this, as long as you have an HOA manager who's responsive, I will communicate with them. Vanessa was great in the case of Antilles. I will be reaching out to them. I'll be providing them all the information they need so that they can go and hit the ground running and reach out to the contractors. As we get closer, we're going to bring this to another meeting. We'll make sure that you're included as well.
Mr. Aleman: I added it in my notes as well. That's something that we have done for roadways in other Districts as well. We have identified a parking ownership. Actually, I think this District was one of the ones that we identified parking ownership. If I'm not mistaken.
Mr. Quesada: I want to say you're working on it. I don't know. Mr. Aleman: Under ownership, we have publicly owned parking.
Mr. Quesada: I would definitely recommend we get to that when we get to the roads, yes.
Mr. Aleman: All these rectangles are publicly owned parking, in yellow, and then we could turn on the privately owned parking. It's under ownership. We have public and city.
Mr. Raudsepp: Yellow is city?
Mr. Aleman: Yellow is public owned parking and let me confirm that when we go back here to the legend. CDD owned parking are pink, purple and then publicly owned is orange in this case. As you can see, we have identified all of the on-street parking by ownership. This is not part of the current proposal. But again, adding something like this would be very minimal compared to the bulk of the work which is creating the map itself. That's something that I would recommend the District entertains it, if this is a recurring issue.
Mr. Quesada: If there's no other questions, staff recommendation just suggests going and it is a two-month lead time with the drainage. Does the Board want to include the sidewalk survey as well? It's an additional $3,200 if I'm not mistaken.
Mr. Raudsepp: Its $3,200 for the sidewalks.
Mr. Quesada: Just for the record, we are funded to be able to take on a project of this size without affecting our plans with the capital improvements with the roadways. So

staff recommendation is that we should at least address the stormwater to be in compliance with the latest statutes.
Mr. Raudsepp: Since the beginning when our community was constructed the survey never was made.
Mr. Quesada: We've always had an obligation to maintain the stormwater system.
Mr. Raudsepp: No, the sidewalks. We are paying annually to the engineer company.
Mr. Quesada: Again, the District owned sidewalks, if it's a CDD road, the sidewalks alongside that road 99% of the time belongs to the CDD. If it's an HOA or a private road, those sidewalks alongside those private roads belong to the HOA. Since I've been involved here, anytime I have been aware of any sidewalks, I have reached out to the engineer to make sure. It’s a big District. I want to make sure first that we own it and we are responsible for maintaining it. As soon as I confirm that we go ahead and we contact somebody to come in and make the repairs as soon as possible.
Mr. Fuquen: Ben, you say that this will be impacting the money, the fountain. Is it finally settled for paying this?
Mr. Raudsepp: Miami Dade taxes we're talking about, right? Money from Miami Dade tax office to the CDD.
Mr. Quesada: Well, the way the District collects its assessments, it's called a non-ad valorem assessment. It is a levy that we do. You guys are properly funded. You have a policy now to replenish your reserves, we did an increase this past year to be able to do that. You guys are fully funded. We never deplete our reserves entirely even with projects like this. So, there's enough money there to be able to take on this project. I've already checked.
Mr. Fuquen: That's what I am saying. We are paying this from reserves, right? Mr. Quesada: Yes, because it was an unanticipated project in this scenario.
Mr. Fuquen: So, in the next year, we can plan for the updates for the roadmap or for layers.
Mr. Quesada: Sure. As long as you have the money in your operating and maintenance budget, you can create a line item. I do think we're going to be talking proposed budgets in the spring and I do think at that time we can have that discussion. If

you guys want to create any new line items, that would be the appropriate time to have that discussion. We can spell it out in the budget.
Mr. Fuquen: Yes, for transparency so the people see that we are investing that in a separate line of budget.
Mr. Quesada: No problem at all. As far as the proposal goes, is there any direction from the Board? Would you just want to stick with the stormwater system? Would you want to include the sidewalk survey? I just need direction from the Board.
Mr. Fuquen: I will make a motion to include the sidewalk. Mr. Quesada: A motion to do both, right?
Mr. Raudsepp: Nobody all this year has sued the CDD. We are very lucky. Have you seen suing in your experience of the CDD because of a fall or something?
Ms. Fernandez-Perez: In one of my other CDDs there is a current, it is not litigation right now it is arbitration, so they are doing mediation with flooding issues. Flooding in the community that led to, I don't know if it was a trip or something along those lines. In terms of tripping hazards, my Districts no, I'm sure the other attorneys in the office, they've had some, but with my District, that's been the only one. But it is possible. It's very possible.
Mr. Fuquen: How much is the flooding situation costing the CDD? Ms. Fernandez-Perez: A lot of money.
Mr. Fuquen: How much?
Ms. Fernandez-Perez: I don't know the exact number, but I do know you have to get outside counsel because we don't deal with litigation. You have to get another attorney that's going to deal with all that and then it depends on whatever the settlement price is, if they settle. If not, it can go to litigation. Of course, you have court costs and all that stuff. It really just depends, but it can get pretty hefty.
Mr. Quesada: If you guys don't mind for one second, we have already a motion on the table from Javier seconded by Felipe. Can I have a quick vote on the proposal?

On MOTION by Mr. Fuquen seconded by Mr. Vergara with all in favor, ArcGIS Asset Inventory Proposal not to exceed
$30,700 for Storm Drainage Infrastructure ArcGIS and sidewalk inspection inventory as presented on page 33, was approved.

Mr. Fuquen: You can add also elevations to the layers, the layers of elevation. If you measure in the District for flooding.
Mr. Aleman: For flooding, that would be a topographic analysis. That would be a separate ticket item. I will say that the plans that we will attach here will have elevations. Actually, every catch basin will be included as part of that model. When you click on each structure, you'll know the elevation at the top where the grid is the surface and you'll know the elevation at both pipes, or if it's two, three pipes that come out perfect. So, you'll have elevations. We will have the entire profile accessible and the elevations, those points as well. There’s a difference because if you pay for a survey, the survey will take elevations every 10ft or every 20ft, and we will survey the entire District. But that is a whole different thing.
Mr. Fuquen: But we can have that layered later.
Mr. Aleman: Sure, we can. But like I mentioned, we will extract that information from the plats themselves and we'll have it here as a pop up so it will be very easy. If you want to know, for example, if this catch basin is in front of your home and you want to click on it, you'll know exactly what elevation that structure has right across your home. One last thing, when we do these deficiencies on the sidewalks, we will include it as little data points that you could click on and you could get information on our recommendation for all those deficiencies, whatever it is, whether it's cracked sidewalks, missing detectable warnings, tripping hazards, any sidewalks that have gotten lifted by trees.
Mr. Fuquen: So, you're going to audit the sidewalks because you're going to highlight risk and highlight building problems or something like that.
Mr. Aleman: Exactly, and that information will be readily available for the Board to make a decision on all of the cases or maybe some of the cases and maybe isolated by construction. One thing that Juan didn't mention, our District engineer. The next phase right now is going to be Madeira, Netherlands, and Promenade Shores. If those three segments have sidewalk tripping hazards, we would recommend for all that to get done with the same contractor. So, that way you're doing all construction through the same phase.
Mr. Vergara: Yeah, makes sense.

Mr. Aleman: Just a recommendation. It doesn't have to be that way. You can do it a standalone.
Mr. Rausepp: Yeah. While you do the pavement.
Mr. Quesada: Timing and materials, you're going to save on that alone.
Mr. Aleman: The contractors are going to want to save. They're going to want to give you savings on mobilization because they've already got the equipment. They have already got the trucks out there. You're going to save a little bit of money. But it's just a recommendation. It doesn't have to be followed.
Mr. Quesada: I think it's a good idea. But we will wait until we get there. Anybody have any more questions for Alejandro? If not, he is going to leave.
Mr. Aleman: We're one call away if there's any questions.

Manager
Mr. Quesada: I have nothing additional to report under the Manager’s report.

SIXTH ORDER OF BUSINESS	Financial Reports
Acceptance of Check Register
Acceptance of Unaudited Financials
Mr. Quesada: You have the check register on page 35. Any questions from the Board? If not, I would ask for a motion from the Board to accept your financial reports, please.

On MOTION by Ms. Gonzalez seconded by Mr. Fuquen with all in favor, the Check Register, was approved.

Ms. Gonzalez: The check register, I don’t see the sense of this because we don’t see the checks and just see the record.
Mr. Fuquen: This is the whole amount.
Ms. Gonzalez: Yes, but the reason is that we have people that work for us and make that work. I can say, why do you pay the engineer office $2,000 because I don’t have invoices or whatever.
Mr. Fuquen: We don’t see a statement.

Ms. Gonzalez: No, I see the payment, but I believe in the people that work for us and sign the checks and receive the pay. The invoices are doing the job.
Mr. Raudsepp: We can believe but we can check too.
Mr. Quesada: A couple of things on that subject because there's nothing to hide here. One is they do use bank software so when you see the check register, every keystroke is recorded for accuracy, so nobody's messing with that. Number two, we have backups of every single invoice ever done okay, so if anytime, individually, if you want to reach out to me, you want to look at an invoice, you're more than welcome to. But again, nothing gets paid that either wasn't brought to this Board or isn't under contract by agreement already from the Board within our operating budget. And thirdly, keep in mind, the reason we don't put all that information, including check backups, is people can steal your bank information, routing numbers, check numbers. You don't always want to be publishing that information. Our office has all that, so if anytime anybody wants to take a deeper dive, reach out to me individually and we can arrange something so that we don't expose the District to any risk either.
Mr. Raudsepp: Do you remember by any chance 1431, $150,000. Do you remember that one? We don't remember that one. What was that? December 17th.
Mr. Quesada: The State Board. That's one of your bank accounts. The State Board account is one of the only types of bank accounts that a CDD can have, because your funds always need to remain liquid, that can gain some modicum of interest. Other accounts usually are riskier, which we cannot do because we're handling public funds.
Mr. Raudsepp: Yeah, but the question was, do you remember by any chance the check 1431 for $150,000?
Mr. Quesada: Me personally no but you have a treasurer. I will look at it. You’re talking about the transfer of funds to the State Board operating account, correct?
Mr. Raudsepp: No, we're talking about check register. These are money checks. Mr. Quesada: Yes. Money was transferred over to that account.
Mr. Raudsepp: We have six checks totaling $1,213,000. Can you send a report?
There are 10 checks here totaling $1,370,000. Where did that money go?
Mr. Quesada: It depends on which entity is receiving the funds. In the case of a transfer of tax receipts, there's a Trustee that handles that.

Mr. Raudsepp: We are talking about the State Board. The check numbers. You're saying this is money from the CDD to somebody else, right?
Mr. Quesada: It’s to the bank. A State Board operating account is what it is. Ms. Gonzalez: From one account to another.
Mr. Quesada: Yes, correct.
Mr. Raudsepp: The State Board is what?
Mr. Quesada: The District collects tax certificates. That goes into one account. Usually the transfer of funds which is the big one in this case which is the $1M+ goes to a Trustee which is responsible for repaying the bonds. We are still in the process of collecting our money. The first thing you need to do is make sure you have your money set aside for the Trustee for the bonds that we are paying off that we are responsible for. Then you have a State Board operating account which is the only type of account that a CDD can have where you get some kind of interest but the money is liquid.
Mr. Raudsepp: Do a simple explanation. Check 1431, $150,000. Explain that.
Mr. Quesada: That is the money that got moved to your State Board operating account which I just explained. It’s a bank account.
Mr. Raudsepp: A CDD bank account to transfer money to where?
Mr. Quesada: Let me find out. I don’t have that information on me right now. I have to find out which bank it went to if you want to know who received the money. This was brought to a Board at a previous meeting. There was a point when during COVID some of the rules had changed, but then they relaxed the rules again. So, we were allowed to put some of your operating funds into a State Board operating account which gains some interest. Let me find out those details specifically which bank and institution. But it was something that was brought to this Board at a previous meeting. The Board authorized it. The money gets moved there so that it can gain some interest.
Mr. Verde: Do you have a summary of state of account of these? All the accounts that we have? How many accounts do we have? Because you mentioned a State Board account. I don't know. Maybe you have yet to know how many accounts do we have? We need to understand because I'm new, how many accounts we have. What is the money of that account? And you can elaborate to us a simple comment. This is a State Board account and this is the one that receives the money and this one is the accounts that we

use to pay services. We use this account to pay taxes. We use the account to pay contractors for that time. We can use this account to pay FPL because they collect directly there or whatever. So, we need to understand how many accounts we have. What is the money that we have in balance in these accounts.
Mr. Quesada: So, how many bank accounts and more information on the institutions receiving the funds.
Mr. Raudsepp: Why do you use check to transfer money between accounts? Mr. Quesada: Transparency, to have a paper trail.
Mr. Raudsepp: No electronic transfer?
Mr. Quesada: Again, I'm not the one directly handling your money. We have CPAs and accountants that do that. Let me ask them. I will get you the answers you guys are looking for.
Mr. Fuquen: I think that it's preferred to be by check because traceability is better than. You have to sign that and also you prevent fraud with electronic signature being hijacked or something like that.
Mr. Quesada: You guys do an annual audit through a third party every year and there are no red flags there. I understand the questions and I'm going to get you some answers as far as more details on the bank accounts and more information on the institutions.
Mr. Raudsepp: Let me say something for the clubhouse. You guys remember we overpaid the clubhouse $400,000 in 2015 or something like that. The auditors, they passed the audit every year.
Mr. Quesada: I just want to say for people listening on the record, you're talking about the HOA, correct?
Mr. Fuquen: Yes.
Mr. Quesada: I want to make sure so people don't confuse who bought what. But in this case, the District does not own the clubhouse.
Mr. Fuquen: No, what he is saying is that we have to be careful with those audits, because we have seen that there could be some errors.

Mr. Quesada: This is why I love what I do because we're handling public funds. I assure you those types of mistakes don't happen with CDDs. I have been doing this for 10 years and I have yet to see anything of that magnitude happen.
Mr. Raudsepp: There are two types of audits. The simple audit and the strong audit. We used to pay for the simple one that no one is responsible for anything.
Mr. Quesada: Yes, I understand. And if any of you have any other questions, you don't need to wait for a meeting as far as asking me these types of questions. You can ask me questions at any time. If you think if there's something we may have missed today during this meeting, I'm going to give you my card again, please reach out to me between meetings. I can speak to the accountant because sometimes they are multitasking. They're handling other things. The more time you give me to communicate with the accountant or I can even arrange a conference call, anything like that. We can provide more information based on what you're thinking about or what you're requesting. But circling back to accept the financial reports.

On MOTION by Ms. Gonzalez seconded by Mr. Fuquen with all in favor, Accepting the Unaudited Financials, was approved.

Mr. Raudsepp: Why can’t we take the iPads?
Mr. Quesada: Does the District want to purchase them?
Mr. Raudsepp: No, let’s say I want to take it home to check out this.
Mr. Quesada: GMS owns these and I work in 12 Districts, so I use these at other Districts.
Mr. Raudsepp: Oh, okay.
Mr. Quesada: But I do have one District where they purchased iPads. They have a clubhouse so they keep them in the clubhouse and it's accessible to the Board whenever they need information or anything like that. We do post all of our agendas on the website.
Mr. Raudsepp: All the information that's here is on the website, right?
Mr. Quesada: It should be on the website. Once you guys approve the minutes and all that, everything goes on the website. We're usually one meeting behind because

we need to approve the minutes like we did today for November, but everything gets published on the website
Ms. Gonzalez: By the March meeting, everything from this meeting will be up. Mr. Quesada: Yes.
Ms. Fernandez-Perez: Like today we presented the minutes from the last meeting. I had corrections and you had corrections. We have to make sure that is okay before we post it online because you can’t post it online with those mistakes before you guys approve them. That is why there is that delay because it has to go before you guys to get approved and then it can get posted.
Mr. Quesada: Anything that got decided today at today’s meeting, that is the delay but as far as the minutes from November, it was approved today. Within 24-48 hours they will have it up on the CDD’s website.

SEVENTH ORDER OF BUSINESS    Supervisors Requests
Mr. Quesada: Are there any other Supervisor requests? I do have the request as far as the financial information that I will be working on and presenting to the Board. We gave the engineer some notes as far as some additional information and reports to bring to the Board at the next meeting. I just have a brief update for you. Again, I did speak to everybody individually yesterday, Gerardo so you know, the sidewalks that did get approved. The Board ranked the bidders on the sidewalk repairs. So far, we are aware of only two communities that have sidewalk deficiencies. The Board requested that the engineer provide a proposal which we accepted today to survey all the other communities. The way I was made aware of these other sidewalk issues is the HOA managers reached out to me for St. Moritz Estates and for Antilles about some sidewalk damages. As soon as I became aware, I started calling contractors. It took a little while because some people got lost. We ranked the respondents. The first one didn’t respond and it was very difficult to get them to come back out here to survey Antilles. The second one was able to do it and we were able to get it within the threshold that the Board approved. They are in the permitting process unfortunately and I know not every entity is the same but in the city of Doral they do require a permit even though you are not modifying the sidewalk, your just repairing it, if you are going to have to break the sidewalk and replace it with the same

exact specs they require a permit and now ask for plans from the engineers. He just sent somebody on Monday to meet with the contractor to mark each location that is going to be getting replaced. I apologize for the turnaround. We are trying to get this done as quickly as possible. We also want to make sure we are compliant with the city of Doral. I know somebody, you know him by first name, I won’t name him on the meeting but you have somebody from the city who drives here almost daily in a truck so we want to make sure that we are in compliance.

EIGHTH ORDER OF BUSINESS	Audience Comments
Hearing no comments, the next item followed.

NINTH ORDER OF BUSINESS	Adjournment
Mr. Quesada: I have nothing else to bring up but if there are any other requests from the Board, now would be the appropriate time. If not, everyone’s favorite motion to adjourn.

On MOTION by Mr. Vergara seconded by Ms. Gonzalez with all in favor, the meeting was adjourned.

Secretary / Assistant Secretary	Chairman / Vice Chairman

Islands at Doral III Development District Request for Proposals for Annual Audit Services

The Islands at Doral III Community Development District hereby requests proposals for annual financial auditing services. The proposals must provide for the auditing of the District’s financial records for the fiscal year ending September 30, 2026, with an option for nine additional annual renewals. The District is a local unit of special-purpose government created under Chapter 190, Florida Statutes, for the purpose of financing, constructing, and maintaining public infrastructure. The District is located in Miami-Dade County and is approximately 258.08 acres in area. The District currently has an operating budget of approximately $305,173.

The auditing entity submitting a proposal must be duly licensed under Chapter 473, Florida Statutes and be qualified to conduct audits in accordance with “Governmental Auditing Standards”, as adopted by the Florida Board of Accountancy. The audit shall be conducted in accordance with Florida law and particularly Section 218.39, Florida Statutes, and the rules of the Florida Auditor General.

Proposal packages, which include additional qualification requirements, evaluation criteria and instructions to proposers are available from the District’s Manager at the address and telephone number listed below.

Proposers must provide (1) electronic copy emailed to ppowers@GMSSF.COM and one (1) hardcopy of their proposal to Islands at Doral III Community Development District, Attn: District Manager, 5385 N Nob Hill Road, Sunrise, Florida 33351, Telephone (954) 721-8681, in an envelope marked on the outside “Auditing Services, Islands at Doral III Community Development District.” Proposals must be received by 11:00 am. on 	, 2026, at the offices listed above. Please direct all questions regarding this notice to the Treasurer, Patti Powers at (954) 721-8681.

Patti Powers Treasurer

Islands at Doral III Community Development District Request for Proposals

District Auditing Services for Fiscal Year 2026
Miami-Dade County, Florida

Instructions to Proposers

Section 1.	Due Date. Sealed proposals must be received no later than 11:00 am,
	, 2026, at the offices of District Manager, located at 5385 N. Nob Hill Road, Sunrise, FL 33351. Proposals will be publicly opened at that time.

Section 2. Familiarity with the Law. By submitting a proposal, the Proposer is assumed to be familiar with all federal, state, and local laws, ordinances, rules and regulations that in any manner affect the work. Ignorance on the part of the Proposer will in no way relieve it from responsibility to perform the work covered by the proposal in compliance with all such laws, ordinances and regulations.

Section 3. Qualifications of Proposer. The contract, if awarded, will only be awarded to a responsible Proposer who is qualified by experience and licensing to do the work specified herein. The Proposer shall submit with its proposal satisfactory evidence of experience in similar work and show that it is fully prepared to complete the work to the satisfaction of the District.

Section 4.  Submission of Only One Proposal. Proposers shall be disqualified and their proposals rejected if the District has reason to believe that collusion may exist among the Proposers, the Proposer has defaulted on any previous contract or is in arrears on any previous or existing contract, or for failure to demonstrate proper licensure and business organization.

SECTION 5.  SUBMISSION OF PROPOSAL. Submit (1) hardcopy and (1) electronic copy of the Proposal Documents, and other requested attachments at the time and place indicated herein. Hardcopy shall be enclosed in an opaque sealed envelope, marked with the title “Auditing Services – Islands at Doral III Community Development District” on the face of it. Electronic copy shall be emailed to ppowers@gmssf.com
Section 6. Modification and Withdrawal. Proposals may be modified or withdrawn by an appropriate document duly executed and delivered to the place where proposals are to be submitted at any time prior to the time and date the proposals are due. No proposal may be withdrawn after opening for a period of ninety (90) days.

Section 7. Proposal Documents. The proposal documents shall consist of the notice announcing the request for proposals, these instructions, the Evaluation Criteria Sheet and a proposal with all required documentation pursuant to Section 12 of these instructions (the “Proposal Documents”).

Section 8.  Proposal. In making its proposal, each Proposer represents that it has read and understands the Proposal Documents and that the proposal is made in accordance therewith.

Section 9.  Basis of Award/Right to Reject. The District has the right to reject any and all proposals, make modifications to the work, and waive any informalities or irregularities in proposals as it is deemed in the best interests of the District.

Section 10. Contract Award. Within fourteen (14) days of receipt of the Notice of Award from the District, the Proposer shall enter into and execute a Contract (engagement letter) with the District.

Section 11. Limitation of Liability. Nothing herein shall be construed as or constitute a waiver of District’s limited waiver of liability contained in section 768.28, Florida Statutes, or any other statute or law.

Section 12. Miscellaneous. All proposals shall include the following information in addition to any other requirements of the proposal documents.

List position or title of all personnel to perform work on the District audit. Include resumes for each person listed; list years of experience in present position for each party listed and years of related experience.

Describe proposed staffing levels, including resumes with applicable certifications.

Three references from projects of similar size and scope. The Proposer should include information relating to the work it conducted for each reference as well as a name, address and phone number of a contact person.

The lump sum cost of the provision of the services under the proposal, plus the lump sum cost of nine (9) annual renewals.
Section 13. Protests. Any protest regarding the Proposal Documents, must be filed in writing, at the offices of the District Manager, within seventy-two (72) hours after the receipt of the proposed contract documents. The formal protest setting forth with particularity the facts and law upon which the protest is based shall be filed within seven (7) calendar days after the initial notice of protest was filed. Failure to timely file a notice of protest or failure to timely file a formal written protest shall constitute a waiver of any right to object or protest with respect to aforesaid contract award.

Section 14. Evaluation of Proposals. The criteria to be used in the evaluation of proposals are presented in the Evaluation Criteria Sheet, contained within the Proposal Documents.

ISLANDS AT DORAL III COMMUNITY DEVELOPMENT DISTRICT AUDITOR SELECTION
EVALUATION CRITERIA

Ability of Personnel.	(20 Points)

(E.g., geographic location of the firm’s headquarters or permanent office in relation to the project; capabilities and experience of key personnel; present ability to manage this project; evaluation of existing work load; proposed staffing levels, etc.)

Proposer’s Experience.	(20 Points)

(E.g. past record and experience of the Proposer in similar projects; volume of work previously performed by the firm; past performance for other or current Community Development District(s) in other contracts; character, integrity, reputation of Proposer, etc.)

Understanding of Scope of Work.	(20 Points)

Extent to which the proposal demonstrates an understanding of the District’s needs for the services requested.

Ability to Furnish the Required Services.	(20 Points)

Extent to which the proposal demonstrates the adequacy of Proposer’s financial resources and stability as a business entity necessary to complete the services required.

Price.	(20 Points)

Points will be awarded based upon the lowest total proposal for rendering the services and the reasonableness of the proposal.

NOTICE OF QUALIFYING PERIOD FOR CANDIDATES FOR THE BOARD OF SUPERVISORS OF THE
ISLANDS AT DORAL III COMMUNITY DEVELOPMENT DISTRICT
Notice is hereby given that the qualifying period for candidates for the office of Supervisor of the Islands at Doral III Community Development District will commence at noon on June 8, 2026, and close at noon on June 12, 2026. Candidates must qualify for the office of Supervisor with the Miami - Dade Supervisor of Elections located at 2700 NW 87 Avenue, Doral, Florida 33172 and phone number is 305-499-8683 / 305-499-8410. All candidates shall qualify for individual seats in accordance with Section 99.061, Florida Statutes, and must also be qualified electors of the District. A qualified elector is any person at least 18 years of age who is a citizen of the United States, a legal resident of the State of Florida and of the District, and who is registered to vote with the Miami-Dade County Supervisor of Elections. Campaigns shall be conducted in accordance with Chapter 106, Florida Statutes.
The Islands at Doral III Community Development District has three seats up for election, specifically Seat #1, Seat #2 and Seat #3. Each seat carries a four-year term of office. Elections are nonpartisan and will be held at the same time as the general election on November 3, 2026, in the manner prescribed by law for general elections.
For additional information, please contact the Miami-Dade County Supervisor of Elections.

LAW OFFICES
BILLING©COCHRAN
ESTABLISHED 1977

KENNETH W. MORGAN, JR. MICHAEL J. PAWELCZYK MANUEL R. COMRAS ANDREW A. RIEF
JEFFERY R. LAWLEY GINGER E. WALD SCOTT C. COCHRAN
ALINE 0. MARCANTONIO JOHN C. WEBBER

STEVEN F, BILLING (1947-1998) HAYWARD 0. GAY (1943-2007)

BILLING COCHRAN, P.A. LAS OLAS SQUARE, SUITE 600
515 EAST LAS OLAS BOULEVARD FORT LAUDERDALE, FLORI DA 3330 l
(954) 764-7150
(954) 764-7279 FAX

PGA NATIONAL OFFICE CENTER
300 AVENUE OF THE CHAMPIONS, SUITE 270 PALM BEACH GARDENS, FLORIDA 33418
(561) 659-5970
(561) 659-6173 FAX

CHRISTINE A, BROWN GABRIELLA A. FERNANDEZ PEREZ
MARLENE E. GONZALEZ
LORI 8. LEWELLEN LIZA E. SMOKER LUCAS A, WILLIAMS
OF COUNSEL: CLARK J. COCHRAN, JR.
SUSAN F. DELEGAL DENNIS E. LYLES BRUCE M. RAMSEY RICHARD T. WOULFE

WWW.BILLINGCOCH RAN .COM PLEASE REPLY TO: FORT LAUDERDALE

February 3, 2026

VIA E-MAIL ONLY- B0uesada@gmssf.com Mr. Ben Quesada
District Manager
Governmental Management Services 5385 N. Nob Hill Road
Sunrise, FL 33351

Re:	Adjustment to District Counsel Fee Structure
Islands at Doral III Community Development District Our File: 574.03474
Dear Ben:
This firm's current fee structure has been in place since 2023. Although we are certainly mindful of the necessity to keep increases in the District's expenses, including the cost of legal services, to a minimum, it has become necessary for us to adjust our hourly rates effective, October 1, 2026, as follows:

Attorneys/Partners:
Attorneys/Associates:

$300.00 per hour
$250.00 per hour

This hourly fee structure will be adjusted on a periodic basis in connection with the District's budget process no later than every third Fiscal Year to reflect changes in the Consumer Price Index published by the U.S. Department of Labor.

Mr. Ben Quesada February 3, 2026
Page 2

Naturally, should you feel you have any questions or require any further information in support of this adjustment you should feel free to contact me at your convenience. As I think you are aware, we very much appreciate the opportunity to serve as District Counsel as well as your courtesy and cooperation with regard to the necessity of what we believe to be both infrequent and reasonable adjustments to our schedule of professional fees.

MJP/jmp
cc: Jennifer McConnell, GMS (via email only)

CGC 1518016
12250 SW 129 Ct, Unit 109
Miami, FL 33186
T 305 255-8884
C 786-423-3044
email: ortiz.const.svcs@gmail.com

Estimate

Date	Estimate #	
2/20/2026	2025-1039	

Name / Address		
ST. MORITZ ISLANDS AT DORAL C/O GMSSF
5385 N Nob Hill Road Sunrise, FL 33351		
		Project	
			
Description	Qty	Rate	Total	
Replace slabs of concrete sidewalk
Cut tree roots, repair pavers, and remove debris	8	650.00	5,200.00	
WORK CANNOT BEGIN WITHOUT SIGNED PROPOSAL	Total	$5,200.00	

Islands at Doral III
COMMUNITY DEVELOPMENT DISTRICT

Check Register

Date	Check Numbers	Amount		

1/13/26	

1432-1436		

$16,411.15	
2/11/26	1437-1442		$16,642.58	
			$33,053.73	

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	2/22/26	PAGE	1
*** CHECK NOS. 001432-001442	ISLANDS AT DORAL III - GF BANK A ISLANDS AT DORAL III
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
1/13/26 00007	1/07/26 8921	202512 310-51300-31100	*	9,145.00
SVCS 12/25
ALVAREZ ENGINEERS, INC.	9,145.00 001432
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/13/26 00004 12/16/25 91056016 202512 310-51300-42000	*	41.09
DELIVERY THRU 12/10/25
12/30/25 91224422 202512 310-51300-42000	*	27.31
DELIVERY THRU 12/18/25
FEDEX	68.40 001433
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/13/26 00032	1/05/26 01038-11 202511 320-53800-43000	*	529.31
SVCS 11/25
1/05/26 74001-11 202511 320-53800-43000	*	226.36
SVCS 11/25
1/05/26 97535-11 202511 320-53800-43000	*	766.04
SVCS 11/25
FPL	1,521.71 001434
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/13/26 00011	1/01/26 265	202601 310-51300-34000	*	4,276.42
MGMT FEE 01/26
1/01/26 265	202601 310-51300-44000	*	200.00
RENT 01/26
1/01/26 265	202601 310-51300-35100	*	83.33
COMPUTER TIME 01/26
1/01/26 265	202601 310-51300-31300	*	100.00
DISSEMINATION AGENT SVCS
1/01/26 265	202601 310-51300-35110	*	83.33
WEBSITE ADMIN 01/26
1/01/26 265	202601 310-51300-42000	*	2.96
POSTAGE&DELIVERY 01/26
GOVERNMENTAL MANAGEMENT SERVICES	4,746.04 001435
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/13/26 00005 12/31/25 1968400	202512 310-51300-31500	*	930.00
12/25 LEGAL SVCS
BILLING COCHRAN PA	930.00 001436
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/11/26 00007	2/04/26 8959	202601 310-51300-31100	*	5,492.50
SVCS 01/26
ALVAREZ ENGINEERS, INC.	5,492.50 001437
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/11/26 00005	1/31/26 197048	202601 310-51300-31500	*	1,175.00
SVCS 01/26
BILLING COCHRAN PA	1,175.00 001438
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/11/26 00004	1/20/26 97119571 202512 310-51300-42000	*	4.07
SVCS 12/16/25
FEDEX	4.07 001439
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
ID3	ISLANDS DORAL	JWASSERMAN

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	2/22/26	PAGE	2
*** CHECK NOS. 001432-001442	ISLANDS AT DORAL III - GF BANK A ISLANDS AT DORAL III
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
2/11/26 00032	2/04/26 01038-01 202601 320-53800-43000	*	529.31
SVCS 01/26
2/04/26 74001-01 202601 320-53800-43000	*	226.36
SVCS 01/26
2/04/26 97535-01 202601 320-53800-43000	*	766.04
SVCS 01/26
FPL	1,521.71 001440
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/11/26 00011	2/01/26 266	202602 310-51300-34000	*	4,276.42
MGMT FEE 02/26
2/01/26 266	202602 310-51300-44000	*	200.00
RENT 02/26
2/01/26 266	202602 310-51300-35100	*	83.33
COMPUTER TIME 02/26
2/01/26 266	202602 310-51300-31300	*	100.00
DISSEMINATION AGENT SVCS
2/01/26 266	202602 310-51300-35110	*	83.33
WEBSITE ADMIN 02/26
2/01/26 266	202602 310-51300-42000	*	5.92
POSTAGE&DELIVERY 02/26
2/01/26 266	202602 310-51300-42500	*	.30
COPIES 02/26
GOVERNMENTAL MANAGEMENT SERVICES	4,749.30 001441
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/11/26 00017	2/02/26 28611	202602 310-51300-32200	*	3,700.00
AUDIT FYE 09/30/25
GRAU & ASSOCIATES	3,700.00 001442
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	33,053.73
TOTAL FOR REGISTER	33,053.73

ID3	ISLANDS DORAL	JWASSERMAN

Islands at Doral III
Community Development District

Unaudited Financial Reporting
January 31, 2026

Table of Contents

1		Balance Sheet	

2	
	General Fund	

3	
	Debt Service Fund Series 2013	

4	
	Debt Service Fund Series 2014	

5-6	
	Month to Month	

7	
	Long Term Debt Report	

8	
	Assessment Receipt Schedule	

Balance Sheet January 31, 2026

	General Fund	Debt Service Fund	Totals Governmental Funds	

Assets:
Cash:
Operating Account	

$	167,843	

$	-	

$	167,843	
Due from General Fund	-	109,509	109,509	
Accounts Receivable	-	-	-	
Investments:
State Board of Administration - Surplus	

201,290	

-	

201,290	
State Board of Administration - Reserves	382,311	-	382,311	
BankUnited Money Market	104,631	-	104,631	
Series 2013				
Reserve	-	729,116	729,116	
Revenue	-	2,477,225	2,477,225	

Series 2014
Reserve	

-	

15,000	

15,000	
Revenue	-	66,274	66,274	
General Redemption	-	11	11	
Deposits-Electric	1,003	-	1,003	
Total Assets	$	857,077	$	3,397,135	$	4,254,212	

Liabilities:				
Accounts Payable	$	8,193	$	-	$	8,193	
Due to Debt Service	109,509	-	109,509	
Total Liabilities	$	117,702	$	-	$	117,702	

Fund Balance:
Nonspendable:
Deposits	$	1,003	

$	-	$	1,003	
Restricted for: Debt Service
Assigned for:
Capital Reserves	- 382,311	
3,397,135

-	
3,397,135

382,311	
Unassigned	356,061	-	356,061	
Total Fund Balances	$	739,375	$	3,397,135	$	4,136,510	
				
Total Liabilities & Fund Balance	$	857,077	$	3,397,135	$	4,254,212	

General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ended January 31, 2026

	Adopted	Prorated Budget	Actual		
	Budget	Through 01/31/26	Through 01/31/26	Variance	

Revenues:					
Special Assessments - Tax Roll	$	265,923	$	159,554	$	229,854	$	70,301	
HOA Contributions	14,250	4,750	3,843	(907)	
Interest Income	25,000	8,333	7,785	(549)	
Total Revenues	$	305,173	$	172,637	$	241,482	$	68,845	

Expenditures:					
General and Administrative:					
Supervisors Fees	$	6,000	$	2,000	$	1,800	$	200	
FICA Taxes	459	153	138	15	
Engineering	20,000	6,667	20,105	(13,438)	
Arbitrage Calculation	600	200	-	200	
Assessment Roll	2,000	2,000	2,000	-	
Attorney	12,000	4,000	4,280	(280)	
Dissemination	1,200	400	400	-	
Annual Audit	3,700	1,233	-	1,233	
Trustee Fees	11,000	3,667	-	3,667	
Management Fees	51,317	17,106	17,106	0	
Information Technology	1,000	333	333		
Website Maintenance	1,000	333	333	0	
Postage and Delivery	250	83	87	(3)	
Printing and Binding	1,000	333	-	333	
Rentals and Leases	2,400	800	800		
Insurance General Liability	9,304	9,304	8,295	1,009	
Legal Advertising	750	250	-	250	
Other Current Charges	500	167	386	(219)	
Office Supplies	250	83	-	83	
Dues, Licenses and Subscriptions	175	175	175	-	
Total General and Administrative	$	124,905	$	49,288	$	56,237	$	(6,950)	

Operations and Maintenance					
Electricity-Madeira	$	6,000	$	2,000	$	2,111	$	(111)	
Electricity-Antilles/Belize	14,250	4,750	3,843	907	
Contingency	25,000	8,333	-	8,333	
Reserves	135,018	45,006	-	45,006	
Total Operations & Maintenance	$	180,268	$	60,089	$	5,954	$	54,135	
					
Total Expenditures	$	305,173	$	109,377	$	62,191	$	47,186	
					
Excess (Deficiency) of Revenues over Expenditures	$	(0)	$	63,260	$	179,291	$	116,031	
					
Fund Balance - Beginning			$	560,084		
					
Fund Balance - Ending			$	739,375		

	Adopted	Prorated Budget	Actual		
	Budget	Through 01/31/26	Through 01/31/26	Variance	

Revenues:					
Special Assessments - Tax Roll	$	1,458,233	$	874,940	$	1,260,445	$	385,506	
Interest Income	-	-	29,990	29,990	
Total Revenues	$	1,458,233	$	874,940	$	1,290,435	$	415,495	

Expenditures:					
Interest - 11/1	$	240,209	$	240,209	$	240,209	$	(0)	
Interest - 5/1	240,209	-	-	-	
Principal - 5/1	965,000	-	-	-	
Total Expenditures	$	1,445,419	$	240,209	$	240,209	$	(0)	
					
Excess (Deficiency) of Revenues over Expenditures	$	12,814	$	634,730	$	1,050,226	$	415,495	
					
Net Change in Fund Balance	$	12,814	$	634,730	$	1,050,226	$	415,495	
					
Fund Balance - Beginning			$	2,261,486		
					
Fund Balance - Ending			$	3,311,711		

	Adopted	Prorated Budget	Actual		
	Budget	Through 01/31/26	Through 01/31/26	Variance	

Revenues:					
Special Assessments - Tax Roll	$	57,272	$	34,363	$	49,504	$	15,141	
Interest Income	-	-	661	661	
Total Revenues	$	57,272	$	34,363	$	50,166	$	15,802	

Expenditures:					
Interest - 11/1	$	18,399	$	18,399	$	18,399	$	-	
Interest - 5/1	18,399	18,399	-	18,399	
Principal - 5/1	21,000	21,000	-	21,000	
Total Expenditures	$	57,798	$	57,798	$	18,399	$	39,399	
					
Excess (Deficiency) of Revenues over Expenditures	$	(526)	$	(23,434)	$	31,767	$	55,201	
					
Fund Balance - Beginning			$	53,657		
					
Fund Balance - Ending			$	85,424		

	Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total	

Revenues:													
Special Assessments - Tax Roll	$	-	$  47,162	$ 174,096	$	8,597	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$ 229,854	
HOA Contributions	950	950	950	992	-	-	-	-	-	-	-	-	3,843	
Interest Income	1,905	1,767	1,892	2,219	-	-	-	-	-	-	-	-	7,785	
Unassigned Fund Balance	-	-	-	-	-	-	-	-	-	-	-	-	-	
Total Revenues	$	2,856  $  49,879  $ 176,938  $  11,809  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$ 241,482	

					

Expenditures:					
General and Administrative:					
Supervisors Fees	$	-	$	1,000	$	-	$	800  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	1,800	
FICA Taxes	-	77	-	61	-	-	-	-	-	-	-	-	138	
Engineering	265	5,203	9,145	5,493	-	-	-	-	-	-	-	-	20,105	
Arbitrage Calculation	-	-	-	-	-	-	-	-	-	-	-	-	-	
Assessment Roll	2,000	-	-	-	-	-	-	-	-	-	-	-	2,000	
Attorney	595	1,580	930	1,175	-	-	-	-	-	-	-	-	4,280	
Dissemination	100	100	100	100	-	-	-	-	-	-	-	-	400	
Annual Audit	-	-	-	-	-	-	-	-	-	-	-	-	-	
Trustee Fees	-	-	-	-	-	-	-	-	-	-	-	-	-	
Management Fees	4,276	4,276	4,276	4,276	-	-	-	-	-	-	-	-	17,106	
Information Technology	83	83	83	83	-	-	-	-	-	-	-	-	333	
Website Maintenance	83	83	83	83	-	-	-	-	-	-	-	-	333	
Postage and Delivery	1	4	78	3	-	-	-	-	-	-	-	-	87	
Printing and Binding	-	-	-	-	-	-	-	-	-	-	-	-	-	
Rentals and Leases	200	200	200	200	-	-	-	-	-	-	-	-	800	
Insurance General Liability	8,295	-	-	-	-	-	-	-	-	-	-	-	8,295	
Legal Advertising	-	-	-	-	-	-	-	-	-	-	-	-	-	
Other Current Charges	110	142	84	50	-	-	-	-	-	-	-	-	386	
Office Supplies	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dues, Licenses and Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	

Total General & Administrative	$  16,185  $  12,747  $  14,981  $  12,325  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $  56,237

	Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total	

Operations & Maintenance													
Electricity-Madeira	$	505	$	505	$	505	$	596	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	2,111	
Electricity-Antilles/Belize	950	950	950	992	-	-	-	-	-	-	-	-	3,843	
Contingency	-	-	-	-	-	-	-	-	-	-	-	-	-	
Total Operations & Maintenance	$	1,455	$	1,455	$	1,455	$	1,588	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	5,954	
						
Total Expenditures	$  17,640	$  14,203	$  16,436	$  13,913	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $  62,191	
						
Excess (Deficiency) of Revenues over Expenditures	$ (14,784)	$  35,677	$ 160,502	$  (2,104)	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $ 179,291	
						
Net Change in Fund Balance	$ (14,784)	$  35,677	$ 160,502	$  (2,104)	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $ 179,291	

Islands at Doral III
Community Development District Long Term Debt Report

Original Amount:

Interest Rate: Maturity Date:

Bonds Outstanding - 9/30/25 Less:	Series 2013, Special Assessment Refunding Bonds
$21,150,000 1.125% - 4.125%
May 1, 2014 – May 1, 2035

May 1, 2026 (Mandatory)	

$11,705,000
-	
Current Bonds Outstanding	$11,705,000	

Original Amount:

Interest Rate: Maturity Date:

Bonds Outstanding - 9/30/25 Less:	Series 2014, Special Assessment Bonds
$838,000 4.75% - 5.625%
May 1, 2025 – May 1, 2044

May 1, 2026 (Mandatory)	

$666,000
-	
Current Bonds Outstanding	$666,000	

Total Current Bonds Outstanding	$12,371,000

Islands at Doral III
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Receipts - Miami-Dade County

ON ROLL ASSESSMENTS

Gross Assessments Net Assessments

$  279,918.88
$  265,922.94

$  1,534,981.98  $
$  1,458,232.88  $

60,286.72  $
57,272.38  $

1,875,187.58
1,781,428.20

Allocation in %	14.93%	81.86%	3.21%	100.00%
Date	Description	Gross Amount	Discount/Penalty	Commission	Interest	Net Receipts	O&M Portion	2013 Debt Service	2014 Debt Service	Total	

11/10/25	
10/1/25-10/31/25	
$  11,106.90	
$	444.29	
$  106.63	
$	-	
$	10,555.98	
$	1,575.75	
$	8,640.86	
$	339.37	
$	10,555.98	
11/17/25	11/1/25-11/10/25	137,761.91	5,510.62	1,322.51	-	$	130,928.78	19,544.41	107,175.05	4,209.32	130,928.78	
11/25/25	6/1/25-10/31/25	21,217.72	1,116.55	201.01	-	$	19,900.16	2,970.60	16,289.78	639.78	19,900.16	
11/28/25	11/11/25-11/20/25	162,605.93	6,491.85	1,561.14	-	$	154,552.94	23,070.91	126,513.20	4,968.83	154,552.94	
12/05/25	11/21/25-11/30/25	1,152,297.08	46,093.17	11,062.04	-	$	1,095,141.87	163,477.45	896,455.94	35,208.48	1,095,141.87	
12/24/25	12/1/25-12/15/25	74,613.57	2,763.42	718.49	-	$	71,131.66	10,618.19	58,226.61	2,286.86	71,131.66	
01/09/26	12/16/25-12/31/25	58,239.47	1,703.22	565.37	-	$	55,970.88	8,355.06	45,816.37	1,799.45	55,970.88	
01/26/26	INTEREST	-	-	-	1,621.76	$	1,621.76	242.09	1,327.53	52.14	1,621.76	
	TOTAL	$ 1,617,842.58	$	64,123.12	$ 15,537.19	$ 1,621.76	$	1,539,804.03	$  229,854.46	$  1,260,445.34	$	49,504.23	$	1,539,804.03	

$

86.28%
257,345

Percent Collected
Balance Remaining to Collect