Horseshoe Creek
Community Development District Agenda
June 17, 2026

Agenda

Horseshoe Creek
Community Development District
219 E. Livingston Street, Orlando, FL 32801 Phone: 407-841-5524 – Fax: 407-839-1526

June 10, 2026

Board of Supervisors Horseshoe Creek Community Development District
Dear Board Members:
The regular meeting of the Board of Supervisors of the Horseshoe Creek Community Development District will be held Wednesday, June 17, 2026, at 11:00 AM the Lake Alfred Public Library, 245 North Seminole Ave., Lake Alfred, FL 33850. Following is the advance agenda for the regular meeting:

Board of Supervisors Meeting

Roll Call
Public Comment Period
Approval of Minutes of the May 20, 2026, Board of Supervisors Meeting
Consideration of Financing Related Items
Presentation of First Supplemental Engineer’s Report
Presentation of First Supplemental Assessment Methodology Report
Consideration of Resolution 2026-05 Supplemental Assessment Resolution
Consideration of Supplemental Notice of Imposition of Series 2026 Assessments
Consideration of Disclosure of Public Financing
Presentation of Fiscal Year 2025 Financial Audit Report
Staff Reports
Attorney
Engineer
District Manager’s Report
Balance and Income Sheet
Approval of Funding Request No. 26
Other Business
Supervisors Requests
Adjournment

Minutes

MINUTES OF MEETING HORSESHOE CREEK
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Horseshoe Creek Community Development District was held Wednesday, May 20, 2026, at 11:00 a.m. at the Lake Alfred Library, 245 N. Seminole Avenue, Lake Alfred, Florida.

Present and constituting a quorum:

Tony Iorio	Chairman
Doug Beasley	Vice Chairman
Tom Franklin	Assistant Secretary Also present were:
George Flint	District Manager, GMS
Michelle Rigoni by phone	District Counsel, Kutak Rock
Kathy Leo by phone	GAI Engineering

FIRST ORDER OF BUSINESS	Roll Call
Mr. Iorio called the meeting to order at 11:00 a.m. and called the roll. Three Board members were present constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
Mr. Flint noted there were no members of the public present.

THIRD ORDER OF BUSINESS	Approval of Minutes of the April 15, 2026
Board of Supervisor Meetings
Mr. Flint presented the April 15, 2026 Board of Supervisors meeting minutes and asked for any comments, corrections or changes. The Board had no changes to the minutes.

On MOTION by Mr. Franklin, seconded by Mr. Iorio, with all in favor, the Minutes of the April 15, 2026 Board of Supervisors Meetings, were approved.

FOURTH ORDER OF BUSINESS	Consideration	of	Resolution	2026-03
Approving the Fiscal Year 2027 Proposed Budget and Setting a Public Hearing to Adopt
Mr. Flint presented Resolution 2026-03 which approves the proposed Fiscal Year 2027 budget and sets a public hearing for August 19, 2026 at 11:00 a.m. The proposed budget includes a mix of assessments and developer contributions, with 347 50-foot lots expected to receive full O&M assessments. Board members questioned the streetlight cost assumptions, especially because the District will use solar lighting, and staff agreed to verify the $25,000 estimate before the public hearing. Mr. Flint also noted that some administrative and management costs may be adjusted downward before final adoption.

On MOTION by Mr. Franklin, seconded by Mr. Beasley, with all in favor, Resolution 2026-03 Approving the Fiscal Year 2027 Proposed Budget and Setting a Public Hearing to Adopt on August 19, 2026, was approved.

FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2026-04
Setting the Date, Time, and Location of November 2026 Landowners’ Election and Meeting
Ms. Rigoni discussed Resolution 2026-04 setting the date, time, and location of the November 2026 Landowners’ Election and Meeting. Mr. Flint asked for a motion to approve setting the Landowners’ Election for November 3, 2026 the first Tuesday in November, as required.

On MOTION by Mr. Franklin, seconded by Mr. Beasley, with all in favor, Resolution 2026-04 Setting the Date, Time, and Location of November 2026 Landowners’ Election and Meeting on November 3, 2026, was approved.

SIXTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Rigoni reported that the team is preparing for the first bond issuance covering Phases 2A, 2B, and 2C. Posting is expected within about a week, although progress has been slowed by a possible eminent domain proceeding related to the Polk County major thoroughfare project which may affect District property and requires disclosure in the offering documents. She indicated that, if resolved promptly, a pre-closing meeting could occur alongside the June board meeting, followed by closing.
Discussion ensued about whether future developer installed improvements that are not reimbursed should still go through the District acquisition process. Ms. Rigoni explained that there is no contribution requirement under the current assessment methodology for the first issuance, but donated improvements can still be recognized by the District, and unreimbursed costs could potentially be carried over into a future bond issuance if desired.

Engineer
Ms. Leo reported that the team is working on the asset acquisition package for improvements in Phases 2A, 2B, and 2C, which may come back to the Board in June or July for ratification. The Board noted a preference for June in order to allow funding to be drawn at closing.

District Manager’s Report
Balance Sheet and Income Statement
Mr. Flint presented the unaudited financials through March and presented funding requests #24 and #25 for $5,175.16 and $5,853.50, both submitted under the developer funding agreement.

On MOTION by Mr. Franklin, seconded by Mr. Beasley, with all in favor, Funding Requests #24 and #25, were approved.

Presentation of Registered Voters – 0
Mr. Flint reported that the number of registered voters as of April 15 was zero.

SEVENTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

EIGHTH ORDER OF BUSINESS	Supervisors Requests
There being no comments, the next item followed.

NINNTH ORDER OF BUSINESS	Adjournment
Mr. Flint asked for a motion to adjourn the meeting.

On MOTION by Mr. Franklin, seconded by Mr. Beasley, with all in favor, the meeting was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman

Section IV

Section A

Horseshoe Creek Community Development District
First Supplemental Engineer’s Report Phase 2A, 2B and 2C Infrastructure Improvements
Davenport, Florida
GAI Project Number: R220245.01

April 10, 2026

Prepared by: GAI Consultants, Inc.
Orlando Office 618 E. South Street, Suite 700
Orlando, Florida 32801

Prepared for: Horseshoe Creek Community
Development District 605 Commonwealth Avenue
Orlando, FL 32803

Horseshoe Creek Community Development District
First Supplemental Engineer’s Report Phase 2A, 2B and 2C Infrastructure Improvements
Davenport, Florida

GAI Project Number: R220245.01

April 10, 2026

Prepared for:
Horseshoe Creek Community Development District

Prepared by: GAI Consultants, Inc.
Orlando Office
618 E. South Street, Suite 700
Orlando, Florida 32801

Report Author:

Kathleen S. Leo. P.E. Vice President

Table of Contents
Introduction	2
Description of the Horseshoe Creek Community Development District	2
Purpose of Report	2
District Boundary and Properties Served	2
District Boundary	2
Proposed 2A, 2B and 2C Project Infrastructure	2
Summary of the Proposed 2A, 2B, and 2C Project Infrastructure	2
Stormwater Management System	3
Public Roadway Systems On and Off-Site	4
Water Distribution and Sanitary Sewer Collection Systems	4
Landscaping, Irrigation, and Entry Features	5
Electrical Service Systems (Underground)	5
Conservation Areas	5
Opinion of Probable Construction Costs	5
Permitting and Construction Status	5
Engineer’s Certification	6
Table 1	Proposed Unit Mix Summary Table 2	Proposed Facilities
Table 3	Stormwater System
Exhibit A	Legal Description
Exhibit B	Opinion of Probable Construction Costs

Introduction
Description of the Horseshoe Creek Community Development District
The Horseshoe Creek, also known as Reedy Isle, neighborhood (also referred to as the “Development” or “Community”) comprises an approximately 490.17 acre master planned, residential community located in the City of Davenport, Florida (“City”) as shown on Exhibit A. The Master Developer (“Developer”) is TLC Reedy Isle, LLC, based in Orlando, Florida. The Development is approved as a Planned Unit Development (PUD).
Horseshoe Creek Community Development District (herein called the “District” for “CDD”) Phases 2A, 2B and 2C encompasses 154.686 acres. The District will finance, construct, acquire, operate and/or maintain certain portions of the public infrastructure to support the Community. The legal description of the 2A, 2B and 2C can be seen in Exhibit A. The District will finance, acquire, and/or construct infrastructure in phases as necessary.
Purpose of Report
The purpose this report is to describe the Phase 2A, 2B, and 2C Project (also referred to as, “Series 2026 Project”), the capital improvements to be constructed, acquired and/or financed by the District, and the appointment of costs of the capital improvements necessary for the development of the single-family residential portion of Phases 2A, 2B and 2C of the District (“2026 Assessment Area”). Phases 2A, 2B and 2C were accelerated and are in the finishing stages of construction with all contracts issued.
District Boundary and Properties Served
District Boundary
Horseshoe Creek Site Plan, Exhibit B, identifies the location and boundary of the properties included within the District. The Master Plan for the District will provide for multiple-type residential land uses and is located in Polk County and the City of Davenport along Horeshoe Creek Road, just west of the Lake Wales Ridge National Wildlife Refuge and east of US 17-92. The metes and bounds description of the Phase 2A, 2B and 2C property is included as Exhibit C and Table 1 reflects the Proposed Unit Mix within the 2026 Assessment Area.
Table 1 Proposed Unit Mix
Phase	Lot Type	Units	
2A	50’ lots	160	
2B	50’ lots	160	
2C	50’ lots	27	
Total Units		347	

Phase 2A, 2B and 2C Project Infrastructure
Summary of the Proposed 2A, 2B and 2C Project Infrastructure
The 2A, 2B and 2C Project will generally consist of the following project infrastructure and systems to serve the Development, and in particular, the 2026 Assessment Area:
On-Site Public Roadway Improvements
On-Site Water Distribution and Sanitary Sewer Collection Systems Off-Site Water Distribution and Sanitary Sewer Collection Systems

Off-Site Public Roadway Improvements (Horseshoe Creek Road) Stormwater Management System
Landscaping Irrigation Hardscape
Conservation Mitigation Areas
Electrical Service System (Underground Differential Cost only)
This infrastructure serves as a system of improvements benefitting all lands within the District. To the extent that the boundary of the District is amended from time to time, the District will consider amendments or supplementals to this report at such time.

Table 2 shows the 2A, 2B and 2C Project facilities, proposed ownership, and maintenance entities for each.

Table 2
Phase 2A, 2B and 2C Proposed Facilities

Facilities/Systems	Proposed Ownership and Maintenance Entity	
Sanitary Sewer Collection (On-Site)	City of Davenport	
Water Distribution (On-Site)	City of Davenport	
Sanitary Sewer Collection (Off-Site)	City of Davenport	
Water Distribution (Off-Site)	City of Davenport	
Stormwater Management System	Horseshoe Creek CDD	
Stormwater management System Offsite	Polk County	
Electrical Service System	Duke	
Conservation Mitigation	Horseshoe Creek CDD	
On-Site Public Roadway Improvements	Horseshoe Creek CDD	
Off-Site Public Roadway Improvements	Polk County	
Landscaping/Irrigation Wells and Distribution/ Hardscape within Public Roads	Horseshoe Creek CDD/HOA	

Stormwater Management System
The Series 2026 Project portion of the Stormwater Management System provides for the stormwater runoff treatment and will attenuate and provide for the runoff that will be carried out through the use of manmade retention and detention systems as collected in pipes, curbs, and surfaces to convey this runoff. These systems discharge to the ponds within the Development. The City and the Southwest Florida Water Management District (SWFWMD) regulate the design criteria for the District’s stormwater management facilities. The Stormwater Management System will discharge to the ponds.
The Stormwater Management System will also adhere to other requirements of SWFWMD and the City, which requires that all building finished floor elevations be constructed above the anticipated flood elevation for the 100-year, 24-hour storm event. The treatment of stormwater runoff will be provided in accordance with the design guidelines for retention/detention systems as mandated by the SWFWMD and the City. Stormwater runoff will be collected by curbs and stormwater conveyance surfaces with drainage inlets and an underground storm sewer pipe system conveyed to the retention/detention

areas. All of these on-site improvements shall be owned and maintained by the District. The offsite stormwater management will consist of roadside swales, ditch-bottom inlets and a stormwater pipe drainage system that will be financed by the District and will ultimately be owned and maintained by Polk County.

Table 3
Phase 2A, 2B and 2C Stormwater System

Ponds	Acreage (AC.)	
2A	13.76	
2B	22.06	
2C	2.23	
TOTAL	38.05	

Public Roadway Systems On and Off-Site
The on-site roadway improvements associated with the Development may be funded by the District with proposed ownership and maintenance by the CDD. In the future, only upon request and concurrence by the CDD could the City assume maintenance. The roadway improvements consist of a divided main entrance and neighborhood roads consisting of two (2)-lane roads and a minimum of 24-foot pavement sections with curbs and sidewalks within a 50-ft right of way. The internal roadways will be public and may be funded by the District. The roadways will serve the various land uses within the Development. Construction of the roadways pavement will consist of an asphaltic concrete surface, sidewalks, signing and striping, landscaping, and landscaped hardscape features
The Phase 2A, 2B and 2C Project will provide for off-site roadway improvements which include improvements to Horseshoe Creek Road. Horeshoe Creek Road improvements will consist of approximately 1,200 ft of improvements along property fronting the project. These improvements consist of the addition of turnlanes, sidewalk and unpaved shoulders. Utility extensions are also part of the improvements with water and sewer forcemain. Power poles within the section are to be relocated by others.
The improvements on Horseshoe Creek Road will be turned over to the County.
The off-site public roadway improvements will be designed and constructed in accordance with the applicable County and Florida Department of Transportation (FDOT) standards.
The on-site and off-site roadway improvements will include utilities that will run within the road right-of-way of the internal roads within the Series 2026 portion of the Development and Horseshoe Creek Road. The utilities within these roadways and any landscaping/hardscaping related to these roadways will be developed as part of the improvements to the District. A stormwater drainage facility may also be provided for these improvements within the Stormwater Management System. The District Series 2026 Project costs include these onsite and off-site roadways and convey such to the County or City, as applicable, upon completion.

Water Distribution and Sanitary Sewer Collection
The Phase 2A, 2B and 2C Project includes utilities within the right-of-way of the internal roads within the Development and off-site along Horseshoe Creek Road. The City will provide potable water and wastewater services for the District. The trunk lines, collection systems, and transmission mains to serve the District are being financed as part of the Series 2026 Project by the District and will be conveyed to the City upon completion.

The potable water facilities will include both transmission and distribution mains along with necessary valving, fire hydrants, and water services to individual lots and development parcels. It is currently estimated that these watermains of various sizes may be funded by the District.
The wastewater facilities will include gravity collection sewer services, mains, and manholes. The two
(2) new lift stations will be located within the District and will service the Development. These new lift stations along with the proposed on-site forcemain will tie into a new forcemain located on Horseshoe Creek Road. It is currently estimated that these gravity collection systems and forcemains may be financed by the District.
The design of the wastewater collection system, reuse water system, and water distribution system for potable water and fire protection is in accordance with the criteria and guidelines of the City and the Florida Department of Environmental Protection (FDEP). Utility extensions within Horseshoe Creek Road will also be included as part of the infrastructure improvements for the Development. All onsite improvements are anticipated to be financed by the CDD and owned and maintained by the City of Davenport Utilities.
Landscaping, Irrigation, and Entry Features
Landscaping, irrigation and entry features may be financed by the District. The irrigation system will tie into the potable water system provided by the City. Landscaping for the roadways will consist of sod, and trees for the on-site roadway improvements within the Community. Monument signs, entrance retaining walls , shrubs, ground cover and trees split rail fence at the site entrances of the Project.
These items may be funded, owned, and/or maintained by the CDD.
Electrical Service Systems (Underground)
Duke Energy will provide underground electrical service to the Community. The service will include the primary and secondary systems to serve the various land uses. The differential cost of undergrounding electric utilities may be financed by the District.
Conservation Areas
The proposed development of the community will require mitigation of wetland communities for any impacts to the existing wetlands within the District and as part of the approvals for the Stormwater Management System. The permitting and approvals will require any mitigation to be
secured and payment of the costs of the mitigation, which is anticipated to be funded by the Developer. Once mitigation is complete, such conservation areas will be owned and maintained by the District
Opinion of Probable Construction Costs
Exhibit D presents a summary of the estimated costs for the Phase 2A, 2B and 2C Project infrastructure described in this report.
Costs in Exhibit B are derived from expected quantities of the infrastructure multiplied by unit costs typical of the industry in Central Florida. Additionally included within these costs are professional consulting fees associated with the Phase 2A, 2B and 2C Project including planning, land surveying, design and engineering, legal fees, permitting, soil and material testing related to such infrastructure. These services are necessary for the design, permitting, and construction contract management for the Phase 2A, 2B and 2C Project infrastructure. The costs are exclusive of costs necessary to finance, operate, and/or maintain the Phase 2A, 2B and 2C Project infrastructure. The contingency cost has been removed since it is in the finishing stages of construction and all contracts have been committed.
Permitting and Construction Status
The District has been approved as a PUD by the City and is in the City utility service area. The construction plans for Phase 2A, 2B and 2C were submitted to the City, FDEP, Southwest Florida Water Management District (SWFWMD), and ACOE; and all permits have been received. The construction plans for the offsite roadwork on Horseshoe Creek Road have been submitted to Polk County.

Site construction is near completion for Phases 2A, 2B and 2C. Home construction is anticipated to begin upon turnover of the lots.

Engineer’s Certification
It is our opinion that the costs of the Phase 2A, 2B and 2C Project improvements proposed to represent a system of improvements benefitting all developable property located within the District are fair and reasonable and that the District-funded improvements are assessable improvements within the meaning of Chapter 190, F.S. Such benefits will equal or be greater than the costs of such improvements. We have no reason to believe that the Phase 2A, 2B and 2C Project cannot be constructed at the cost described in this report. We expect all or a portion of the Phase 2A, 2B and 2C Project improvements to be constructed or acquired by the District with bond proceeds, as indicated within this report. We believe that the District will be well served by the improvements discussed in this report.
The Phase 2A, 2B and 2C Project will be owned by the District or other governmental units and such Phase 2A, 2B and 2C Project is intended to be available and will reasonably be available for use by the general public (either by being part of a system of improvements that is available to the general public or is otherwise available to the general public) including nonresidents of the District. All of the Phase 2A, 2B and 2C Project is or will be located on lands owned or to be owned by the District or another governmental entity or on perpetual public easements in favor of the District or other governmental entities. The Phase 2A, 2B and 2C Project, and any cost estimates set forth herein, do not include any earthwork, grading or other improvements on lots or property intended to be privately owned.
Regarding any fill generated by construction of the Phase 2A, 2B and 2C Project, and that is not used as part of the Master Project, such fill will only be placed on-site at the expense of the Developer. If the District acquires portions of the Phase 2A, 2B and 2C Project, the District will pay the lesser of the cost of the components of the Phase 2A, 2B and 2C Project or the fair market value.
I hereby certify that the foregoing is a true and correct copy of the Engineer’s Report for the Horseshoe Creek Community Development District.

EXHIBIT A
Legal Description

			

			

			

			

			

			

	

			

			

			

			

			

	

	

	

	

	

	

	

	

	

	

			

			

			

			

			

			

			

			

			

			

			

			

			

	

  	

 	

						

						

						

						

						

						

						

Page 2

Horseshoe Creek Community Development District
First Supplemental Engineer’s Report, 2A,2B and 2C, Davenport, Florida

EXHIBIT B
Opinion of Probable Construction Costs

Z:\2022\R220245.01 - Reedy Isle-1311 Unit Resi\Working Docs\CDD\Supplement #1\GAI Report - Horseshoe Creek First Supplemental E Report -Rev 2.docx

Horseshoe Creek CDD
Opinion of Probable Construction Costs	
Proposed District Facilities and Services	Phase 2A	Phase 2B	Phase 2C	
1. Master Utilities System (Onsite )				
a. Sanitary Sewer System	$	1,858,895	$	791,240	$	94,200	
b. Water Distribution System	$	842,950	$	786,185	$	109,665	
2. Master Stormwater Management System	$	-	$	-	$	-	
a. Pond and Roadway Earthwork	$	1,782,080	$	1,532,191	$	226,595	
b. On and Offsite Storm Conveyance System	$	2,490,370	$	1,360,335	$	126,470	
3. Electrical Service Systems (Underground)	$	752,543	$	271,680	$	45,846	
4. Off Site Utilities	$	825,425	$	-	$	-	
5. On-Site Roadway Improvements	$	1,573,404	$	1,529,543	$	206,305	
6. Off-Site Roadway Improvements	$	395,950	$	-	$	-	
7. Landscaping, Hardscaping & Irrigation	$	379,187	$	201,190	$	23,163	
8. Professional Consulting Fees	$	239,031	$	299,263	$	23,163	
9. Contigency (15%)				
Total	$	11,139,835	$	6,771,627	$	855,407	
Construction Start	2/1/2025	2/1/2025	2/1/2025	
Construction Completion	3/15/2026	4/15/2026	4/1/2026	
Proposed # of Lots	160	160	27	

Section B

SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE
2026 ASSESSMENT AREA

HORSESHOE CREEK COMMUNITY DEVELOPMENT DISTRICT

Date: June 5, 2026

Prepared by

Governmental Management Services – Central Florida, LLC 219 E. Livingston Street
Orlando, FL 32801

Final V3 - 6.5.2026

Table of Contents
Introduction	3
Purpose	3
Background	3
Special Benefits and General Benefits	4
Requirements of a Valid Assessment Methodology	5
Special Benefits Exceed the Costs Allocated	5
2.0 Assessment Methodology	5
Overview	5
Allocation of Debt	6
Allocation of Benefit	6
Lienability Test: Special and Peculiar Benefit to the Property	7
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments	7
True-Up Mechanism	8
Assessment Roll	8
Appendix	9
Table 1: Development Program	9
Table 2: Infrastructure Cost Estimates	10
Table 3: Bond Sizing	11
Table 4: Allocation of Benefit	12
Table 5: Allocation of Benefit/Total Par Debt to Each Product Type	13
Table 6: Par Debt and Annual Assessments	14
Table 7: Assessment Roll	15
GMS-CF, LLC does not represent the Horseshoe Creek Community Development District as a Municipal Advisor or Securities Broker nor is GMS-CF, LLC registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, GMS-CF, LLC does not provide the Horseshoe Creek Community Development District with financial advisory services or offer investment advice in any form.

Introduction

The Horseshoe Creek Community Development District is a local unit of special-purpose government organized and existing under Chapter 190, Florida Statutes, as amended (the “District”). The District will issue on June 23, 2026, $8,160,000 of tax exempt bonds (herein the “Series 2026 Bonds” or “Bonds”) for the purpose of financing certain infrastructure improvements within an assessment area within the District consisting of Phases 2A, 2B & 2C of development (herein the “2026 Assessment Area”), more specifically described in the First Supplemental Engineer’s Report Phase 2A, 2B and 2C Infrastructure Improvements dated April 10, 2026, prepared by GAI Consultants, Inc. as may be amended and supplemented from time to time (the “Engineer’s Report”). The District anticipates the construction and/or acquisition of infrastructure improvements that benefit property owners within the District.

Purpose

This Supplemental Assessment Methodology for the 2026 Assessment Area (the “Supplemental Assessment Report”) supplements the Master Assessment Methodology dated July 17, 2024 (the “Master Report” and together with the Supplemental Assessment Report, the “Assessment Report”), and provides for an assessment methodology for allocating the debt assessments to properties within the District based on the special benefits each receives from a portion of the District’s capital improvement plan (“CIP”) relating to the 2026 Assessment Area as further described in the Engineer’s Report (herein the “Series 2026 Project”). The Assessment Report is designed to conform to the requirements of Chapters 190, 197, and 170, Florida Statutes with respect to special assessments and is consistent with our understanding of case law on this subject.

The District intends to collect non ad valorem special assessments on the benefited lands within the District securing the repayment of the Series 2026 Bonds (the “Series 2026 Assessments”) based on the Assessment Report. It is anticipated that all of the proposed debt special assessments will be collected through the Uniform Method of Collection described in Chapter 197.3632, Florida Statutes or any other legal means of collection available to the District. It is not the intent of this Supplemental Assessment Report to address any other assessments, if applicable, that may be levied by the District, a homeowner’s association, or any other unit of government.

Background

The District currently includes approximately 490.17 acres entirely within the City of Davenport, Polk County, Florida. The proposed development program for property within the 2026 Assessment Area encompassing 154.686 acres currently envisions 347 residential units (the “2026 Development Program”). The proposed 2026 Development

Program is depicted in Table 1, which represents a portion of the planned development within the District (herein the “Development”). As of the date of this report, Phase 2A, consisting of 160 residential units, has been platted. It is recognized that such land use plan may change, and this Supplemental Assessment Report will be modified accordingly. The units planned for the 2026 Development Program ultimately are the benefitting properties from the Series 2026 Project, and are anticipated to fully absorb and secure the debt assessments pledged to the Series 2026 Bonds.

The public improvements contemplated by the District in the Series 2026 Project will provide facilities that benefit certain property within the District. The Series 2026 Project is delineated in the Engineer’s Report, which includes but is not limited to certain master utilities system (on-site and off-site sanitary sewer system & water distribution system), master stormwater management system (pond & roadway earthwork and on & offsite stormwater conveyance system), electrical service systems (underground), off site utilities, on-site roadway improvements, off-site roadway improvements, landscaping, hardscaping, & irrigation, and professional consulting fees. The estimated Series 2026 Project acquisition and construction costs are summarized in Table 2.

The assessment methodology is a four-step process.

The District Engineer must first determine the public infrastructure improvements that may be provided by the District and the costs to implement the Series 2026 Project.
The District Engineer determines the assessable acres that benefit from the District’s Series 2026 Project.
A calculation is made to determine the funding amounts necessary to acquire and/or construct Series 2026 Project.
This amount is initially divided equally among the benefited properties on a prorated gross acreage basis. Ultimately, as land is platted, site planned, or subjected to a declaration of condominium, this amount will be assigned to each of the benefited properties based on the number of platted units on an ERU basis.

Special Benefits and General Benefits

Improvements undertaken by the District create special and peculiar benefits to assessable property, different in kind and degree than general benefits, for properties within its borders as well as general benefits to the public at large.

However, as discussed within the Assessment Report, these general benefits are incidental in nature and are readily distinguishable from the special and peculiar benefits, which accrue to the assessable property within the 2026 Assessment Area

within the District. The implementation of the Series 2026 Project enables properties within its boundaries to be developed. Without the District’s Series 2026 Project, there would be no infrastructure to support development of land within the 2026 Assessment Area within the District. Without these improvements, development of property within the 2026 Assessment Area within the District would be prohibited by law.

There is no doubt that the general public and property owners outside of the 2026 Assessment Area of the District will benefit from the provision of the District’s Series 2026 Project. However, these benefits will be incidental to the District’s Series 2026 Project, which is designed solely to meet the needs of property within the 2026 Assessment Area within the District. Properties outside the District boundaries and outside the 2026 Assessment Area do not depend upon the District’s Series 2026 Project. The property owners within the 2026 Assessment Area are therefore receiving special benefits not received by those outside the District’s boundaries and outside the 2026 Assessment Area within the District.

Requirements of a Valid Assessment Methodology

There are two requirements under Florida law for a valid special assessment:

The properties must receive a special benefit from the improvements being paid for.
The assessments must be fairly and reasonably allocated to the properties being assessed.

Florida law provides for a wide application of special assessments that meet these two requirements for valid special assessments.

Special Benefits Exceed the Costs Allocated

The special benefits provided to the property owners within the 2026 Assessment Area within the District are greater than the costs associated with providing these benefits. The District Engineer estimates that the District’s Series 2026 Project, which is necessary to support full development of certain property within the 2026 Assessment Area will cost approximately $18,766,869. The District’s Underwriter has determined that financing costs required to fund a portion of the Series 2026 Project, the cost of issuance of the Bonds, the funding of debt service reserves and capitalized interest, will total $8,160,000. Additionally, funding required to complete the Series 2026 Project which is not financed with Bonds will be funded by TLC Reedy Isle, LLC (hereinafter, the “Master Developer”), and/or Lennar Homes, LLC (hereinafter, “Lennar”), for their respective portion of the Series 2026 Project, or a Master Developer-affiliated or Lennar-affiliated entity. Without the Series 2026 Project, the

property would not be able to be developed per the current Development program and occupied by future residents of the community.

2.0	Assessment Methodology

Overview

The District will issue on June 23, 2026, $8,160,000 in Bonds to fund a portion of the District’s Series 2026 Project, provide for capitalized interest, a debt service reserve account and cost of issuance. It is the purpose of this Supplemental Assessment Report to allocate the $8,160,000 in debt to the properties benefiting from the Series 2026 Project.

Table 1 identifies the proposed land uses as identified by the Developer and current landowners of the District. The District has relied on the Engineer’s Report to develop the costs of the Series 2026 Project needed to support 2026 Development Program; which costs are outlined in Table 2. The improvements needed to support the 2026 Assessment Area are described in detail in the Engineer’s Report and are estimated to cost $18,766,869. Based on the estimated costs, the size of the Bond issue under current market conditions needed to generate funds to pay for a portion of the Series 2026 Project and related costs was determined by the District’s Underwriter to total
$8,160,000. Table 3 shows the breakdown of the bond sizing.

Allocation of Debt

Allocation of the Series 2026 Assessments is a continuous process until the 2026 Development Program is completed. The Series 2026 Project funded partially by District Bonds benefits all developable acres within the 2026 Assessment Area within the District.

The Series 2026 Assessments will initially be levied to the platted Phase 2A lots within the 2026 Assessment Area and then to all remaining acres within the 2026 Assessment Area of the District on a gross equal acreage basis. A fair and reasonable methodology allocates the debt incurred by the District proportionately to the properties receiving the special benefits.

When platting, site plan approval, re-plat, or the recording of declaration of condominium, (“Assigned Properties”) occurs, the Series 2026 Assessments will be allocated to the Assigned Properties based on the benefits they receive on a first platted, first assigned basis. Property that has not been platted, assigned development rights or subjected to a declaration of condominium (“Unassigned Properties”), will continue to be assessed on a per acre basis. Eventually the 2026 Development Program will be completed and the debt relating to the Bonds will be allocated to the planned

347 residential units within the 2026 Assessment Area within the District, as depicted in Table 5 and Table 6. If there are changes to the 2026 Development Program, a true up of the assessment will be calculated to determine if a debt reduction or true-up payment from the Master Developer, Lennar or applicable landowner is required. The process is outlined in Section 3.0.

The assignment of debt in the Assessment Report sets forth the process by which debt is apportioned. As mentioned herein, the Assessment Report may be further supplemented from time to time.

Allocation of Benefit

The Series 2026 Project consists of master utilities system (on-site and off-site sanitary sewer system & water distribution system), master stormwater management system (pond & roadway earthwork and on & offsite stormwater conveyance system), electrical service systems (underground), off site utilities, on-site roadway improvements, off-site roadway improvements, landscaping, hardscaping, & irrigation, and professional consulting fees. There is one residential product type within the planned 2026 Assessment Area. The single family 50’ lot has been set as the base unit and has been assigned one equivalent residential unit (“ERU”). Table 4 shows the allocation of Series 2026 Project benefit to the particular land uses. It is important to note that the benefit derived from the improvements on the particular units exceeds the cost that the units will be paying for such benefits.

Lienability Test: Special and Peculiar Benefit to the Property

Construction and/or acquisition by the District of its proposed Series 2026 Project will provide several types of systems, facilities and services for its residents. These include master utilities system (on-site and off-site sanitary sewer system & water distribution system), master stormwater management system (pond & roadway earthwork and on & offsite stormwater conveyance system), electrical service systems (underground), off site utilities, on-site roadway improvements, off-site roadway improvements, landscaping, hardscaping, & irrigation, and professional consulting fees. These improvements accrue in differing amounts and are somewhat dependent on the type of land use receiving the special benefits peculiar to those properties, which flow from the logical relationship of the improvements to the properties.

Once these determinations are made, they are reviewed in the light of the special benefits peculiar to the property, which flow to the properties as a result of their logical connection from the improvements in fact actually provided.

For the provision of Series 2026 Project, the special and peculiar benefits are:

the added use of the property,

added enjoyment of the property, and
the probability of increased marketability and value of the property.

These special and peculiar benefits are real and ascertainable but are not yet capable of being calculated as to value with mathematical certainty. However, each is more valuable than either the cost of, or the actual non-ad valorem special assessment levied for the improvement or the debt as allocated.

Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments

A reasonable estimate of the proportion of special and peculiar benefits received from the public improvements described in the Engineer’s Report is delineated in Table 5 (expressed as Allocation of Par Debt per Product Type).

The determination has been made that the duty to pay the non-ad valorem special assessments is fairly and reasonably apportioned because the special and peculiar benefits to the property derived from the acquisition and/or construction of the District’s Series 2026 Project have been apportioned to the property according to reasonable estimates of the special and peculiar benefits provided consistent with the land use categories.

Accordingly, no acre or parcel of property within the boundaries of the District will have a lien for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property and therefore, the debt allocation will not be increased more than the debt allocation set forth in this Supplemental Assessment Report.

In accordance with the benefit allocation suggested for the product types in Table 4, a total debt per unit and an annual assessment per unit have been calculated for each product type (Table 6). These amounts represent the preliminary anticipated per unit debt allocation assuming all anticipated units per the 2026 Development Program are built and sold as planned, and the entire proposed Series 2026 Project is developed or acquired and financed by the District.

True Up Mechanism

Although the District does not process plats, re-plats, declarations of condominiums, site plans or revisions thereto for the Developer, it does have an important role to play during the course of platting and site planning. Whenever a plat, declaration of condominium or site plan is processed, the District must allocate a portion of its debt to the property according to this Assessment Report outlined herein. In addition, the District must also prevent any buildup of debt on Unassigned Property. Otherwise, the land could be fully conveyed and/or platted without all of the debt being

allocated. To preclude this, at the time Unassigned Properties become Assigned Properties, the District will determine the amount of anticipated assessment revenue that remains on the Unassigned Properties, taking into account the proposed plat, declarations of condominiums, or site plan approval. If the total anticipated assessment revenue to be generated from the Assigned and Unassigned Properties is greater than or equal to the maximum annual debt service then no adjustment is required. In the case that the revenue generated is less than the required amount then a debt reduction or true-up payment by the landowner in the amount necessary to reduce the par amount of the outstanding Bonds plus accrued interest to a level that will be supported by the new net annual debt service assessments will be required.

Assessment Roll

The District will initially distribute the Series 2026 Assessment liens to the platted Phase 2A lots within the 2026 Assessment Area and then on a gross equal acreage basis to remaining acreage within the 2026 Assessment Area within the District. As Assigned Properties become known with certainty, the District will refine its allocation of debt from a per acre basis to a per unit basis as shown in Table 6. If the land use plan changes, then the District will update Tables 1, 4 , 5 and 6 to reflect the changes. As a result, the Series 2026 Assessment liens on Unassigned Properties are neither fixed nor are they determinable with certainty on any acre of land within the 2026 Assessment Area of the District prior to the time final Assigned Properties become known. The current assessment roll is depicted in Table 7.

TABLE 1
HORSESHOE CREEK COMMUNITY DEVELOPMENT DISTRICT 2026 DEVELOPMENT PROGRAM
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE 2026 ASSESSMENT AREA

Land Use	Phase 2A	Phase 2B

Phase 2C

Total Assessable Units*

ERUs per
Unit (1)	Total ERUs

Single Family 50'	160	160	27	347	1.00	347.00	
Total Units	160	160	27	347		347.00	
(1) Benefit is allocated on an ERU basis; based on density of planned development, with a Single Family 50' Lot = 1 ERU

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

Capital Improvement Plan ("CIP") (1)	Cost Estimate Master Utilities System (Onsite)		$4,483,135
Sanitary Sewer System	$2,744,335	
Water Distribution System	$1,738,800	
Master Stormwater Management System	$7,518,041	
Pond and Roadway Earthwork	$3,540,866	
On and Offsite Storm Conveyance System	$3,977,175	
Electrical Service System (Underground)	$1,070,069	
Off Site Utilities	$825,425	
On-Site Roadway Improvements	$3,309,252	
Off-Site Roadway Improvements	$395,950	
Landscaping, Hardscaping & Irrigation	$603,540	
Professional Consulting Fees	$561,457	
Total Cost Estimate	$18,766,869	

(1) A detailed description of these improvements are provided in the First Supplemental Engineer's Report Phase 2A, 2B and 2C Infrastructure Improvements dated April 10, 2026.

Sources	Total

Par Amount
Original Issue Discount
Total Sources

$	8,160,000.00
$	(12,468.40)
$	8,147,531.60

Uses	Total

Construction Funds Debt Service Reserve Capitalized Interest Underwriters Discount Cost of Issuance
Total Uses

$	7,358,348.09
$	282,339.07
$	159,244.44
$	163,200.00
$	184,400.00
$	8,147,531.60

Interest Rate Amortization Capitalized Interest Debt Service Reserve Underwriters Discount

5.63%
30 years Thru 11/1/2026 50% MADS
2%

Bond Assumptions:

Land Use	No. of Units *	ERU Factor Total ERUs

% of Total ERUs

Total Improvements Costs Per Product Type

Improvement Costs Per Unit

Single Family 50'	347	1.00	347.00	100.00%	$	18,766,869.00	$	54,083.20	
Totals	347		347.00	100.00%	$	18,766,869.00		

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

ALLOCATION OF TOTAL BENEFIT/PAR DEBT TO EACH PRODUCT TYPE SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE 2026 ASSESSMENT AREA

Land Use	

No. of Units *	Total Improvements Costs Per Product Type	Allocation of Par Debt Per Product Type	

Par Debt Per Unit	
Single Family 50'	347	$	18,766,869.00	$	8,160,000.00	$	23,515.85	
Totals	347	$	18,766,869.00	$	8,160,000.00		

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

PAR DEBT AND ANNUAL ASSESSMENTS FOR EACH PRODUCT TYPE SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE 2026 ASSESSMENT AREA

	
Allocation of Par		
Maximum	Net Annual Debt	Gross Annual Debt	

Land Use	
No. of Units *	Debt Per Product
Type	Total Par Debt
Per Unit	Annual Debt
Service	Assessment
Per Unit	Assessment
Per Unit (1)	
Single Family 50'	347	$	8,160,000.00	$	23,515.85	$	564,678.14	$ 1,627.31	$  1,749.80	
Totals	347	$	8,160,000.00		$	564,678.14			

(1) This amount includes 7% for collection fees and early payment discounts when collected on the Polk County Tax Bill

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

ASSESSMENT ROLL
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE 2026 ASSESSMENT AREA

Phase 2A - Platted

		Net Annual Debt		Gross Annual	
	Total Par Debt		Assessment	Debt Assessment	
Owner	Plat Book/Pages/Lot #*	Units	Type		Allocated		Allocation		Allocation (2)	
TLC REEDY ISLE LLC	PB 219/Pages 40 Thru 44/Lot 511	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TLC REEDY ISLE LLC	PB 219/Pages 40 Thru 44/Lot 512	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TLC REEDY ISLE LLC	PB 219/Pages 40 Thru 44/Lot 513	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 514	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 515	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 516	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 517	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 518	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 519	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 520	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 521	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 522	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 523	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 524	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 525	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 526	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 527	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 528	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 529	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 530	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 531	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 532	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 533	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 534	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 535	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 536	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 537	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 538	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 539	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 540	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 541	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 542	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 543	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 544	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 545	1	50	$	23,515.85	$	1,627.31	$	1,749.80	

Owner	Plat Book/Pages/Lot #*	Units	Type	Allocated	Allocation	Allocation (2)	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 546	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 547	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 548	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 549	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 550	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 551	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 552	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 553	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 554	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 555	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 556	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 557	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 558	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 559	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 560	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 561	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 562	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 563	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 564	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 565	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 566	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 567	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 568	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 569	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 570	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 571	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 572	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 573	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 574	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 575	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 576	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 577	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 578	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 579	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 580	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 581	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 582	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 583	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 584	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 585	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 586	1	50	$	23,515.85 $	1,627.31	$	1,749.80	

Owner	Plat Book/Pages/Lot #*	Units	Type	Allocated	Allocation	Allocation (2)	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 587	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 588	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 589	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 590	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 591	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 592	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 593	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 594	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 595	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 596	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 597	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 598	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 599	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 600	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 601	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 602	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 603	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 604	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 605	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 606	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 607	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 608	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 609	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 610	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 611	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 612	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 613	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 614	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 615	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 616	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 617	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 618	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 619	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 620	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 621	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 622	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 623	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 624	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 625	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 626	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 627	1	50	$	23,515.85 $	1,627.31	$	1,749.80	

Owner	Plat Book/Pages/Lot #*	Units	Type	Allocated	Allocation	Allocation (2)	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 628	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 629	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 630	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 631	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 632	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 633	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 634	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 635	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 636	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 637	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 638	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 639	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 640	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 641	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 642	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 643	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 644	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 645	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 646	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 647	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 648	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 649	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 650	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 651	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 652	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 653	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 654	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 655	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 656	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 657	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 658	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 659	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 660	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 661	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 662	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 663	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 664	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 665	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 666	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 667	1	50	$	23,515.85 $	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 668	1	50	$	23,515.85 $	1,627.31	$	1,749.80	

Owner	

Plat Book/Pages/Lot #*	

Units	

Type	Total Par Debt Allocated	Net Annual Debt Assessment
Allocation	Gross Annual Debt Assessment
Allocation (2)	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 669	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
TPG AG EHC III LEN MULTI STATE 5 LLC	PB 219/Pages 40 Thru 44/Lot 670	1	50	$	23,515.85	$	1,627.31	$	1,749.80	
Total Platted (Phase 2A)		160		$	3,762,536.02	$	260,370.32	$	279,968.09	

Undeveloped							
			
Par Debt Per	
Total Par Debt	Net Annual Debt Assessment	Gross Annual Debt Assessment	
Owner	Property(1)	Acres	Acre	Allocated	Allocation	Allocation (2)	
TLC REEDY ISLE LLC	Phase 2B, 2C, Antenna Parcel (2A)	92.536	$	47,521.76	$	4,397,463.98	$	304,307.82	$	327,212.71	
Total Undeveloped		92.536	$	47,521.76	$	4,397,463.98	$	304,307.82	$	327,212.71	
							
Totals				$	8,160,000.00	$	564,678.14	$	607,180.80	

*LOTS 511 THRU 670, INCLUSIVE, AS SHOWN ON THE PLAT KNOWN AS REEDY ISLE PHASE 2A, RECORDED IN THE OFFICIAL RECORDS OF POLK COUNTY, FLORIDA AT PLAT BOOK 219, PAGES 40 TRHRU 44

See Metes and Bounds, attached Exhibit A

This amount includes 7% to cover collection fees and early payment discounts when collected utilizing the uniform method.

Annual Assessment Periods	30	
Projected Bond Rate (%)	5.63%	
Maximum Annual Debt Service	$564,678.14	

Prepared by: Governmental Management Services - Central Florida, LLC

EXHIBIT A
PHASE 2B

A TRACT OF LAND, BEING TRACTS 5,6,7,10,11,12 AND A PORTION ON TRACTS 1,2,3 ,4,8, 9 LYING IN THE SOUTH HALF OF THE SECTION 1, TOWNSHIP 27 SOUTH, RANGE 27 EAST, ALSO TRACTS 17,18,19,20,29,30,32 AND A PORTION OF TRACT 31 LYING IN THE NORTH HALF OF SECTION 1, TOWNSHIP
27 SOUTH, RANGE 27 EAST OF MAP OF FLORIDA DEVELOPMENT CO. TRACT, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 3, PAGES 60 THROUGH 63, PUBLIC RECORDS OF POLK COUNTY, FLORIDA, AND THE VACATED RIGHT-OF-WAY LYING WITHIN, AS RECORDED IN OFFICIAL RECORDS BOOK 2042, PAGE 393 OF SAID PUBLIC RECORDS OF POLK COUNTY, FLORIDA DESCRIBED AS FOLLOWS:

BEGIN AT THE WEST QUARTER CORNER OF SECTION 1, TOWNSHIP 27 SOUTH, RANGE 27 EAST; THENCE RUN NORTH 00°58'28" WEST, ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 1, A DISTANCE OF 1310.79 FEET TO THE NORTHWEST CORNER OF THE SOUTHWEST QUARTER OF THE NORTHWEST QUARTER OF SECTION 1; THENCE DEPARTING SAID WEST LINE, RUN NORTH 89°50'09" EAST, ALONG THE NORTH LINE OF SAID QUARTER, 1320.77 FEET TO THE NORTHEAST CORNER OF THE SOUTHWEST QUARTER OF THE NORTHWEST QUARTER OF SECTION 1; THENCE RUN SOUTH 00°41'06" EAST, ALONG THE EAST LINE OF SAID QUARTER, 1313.07 FEET TO THE NORTHWEST CORNER OF THE SOUTHEAST QUARTER OF SECTION 1, TOWNSHIP 27, RANGE 27 EAST; THENCE RUN NORTH 89°56'19" EAST, ALONG THE NORTH LINE OF SAID QUARTER, 1272.78 FEET; THENCE DEPARTING SAID NORTH LINE, RUN SOUTH 00°03'32" EAST, 195.23 FEET; THENCE RUN SOUTH 89°56'56" WEST,
108.00 FEET; THENCE RUN SOUTH 00°03'04" EAST, 101.20 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHWEST; THENCE RUN SOUTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 355.00 FEET, A CENTRAL ANGLE OF 15°27'00”, AN ARC LENGTH OF 95.73 FEET, A CHORD LENGTH OF 95.44' AND A CHORD BEARING OF SOUTH 07°40'26" WEST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 15°23'56" WEST, 156.12 FEET; TO THE POINT OF CURVATURE OF A CURVE, CONCAVE SOUTHEAST; THENCE RUN SOUTHEASTERLY ALONG SAID CURVE, HAVING A RADIUS OF 645.00 FEET, AN ARC LENGTH OF 408.24 FEET, A CENTRAL ANGLE OF 36°15'52”, A CHORD LENGTH OF 401.46 FEET AND A CHORD BEARING OF SOUTH 02°43'59" EAST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 20°51'55” EAST, 312.49 FEET; THENCE RUN SOUTH 78°50'16” EAST, 81.65 FEET; THENCE RUN SOUTH 29°39'51” EAST, 67.16 FEET; THENCE RUN SOUTH 60°20'09” WEST, 15.00 FEET TO THE SOUTHEAST CORNER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 1, TOWNSHIP 27, RANGE 27 EAST. THENCE RUN NORTH 89°56'37” WEST, ALONG THE SOUTH LINE OF SAID QUARTER, 1317.66 FEET TO THE SOUTHWEST CORNER OF SAID QUARTER; THENCE RUN NORTH 01°02'42” WEST, ALONG THE WEST LINE OF SAID QUARTER, 664.38 FEET; THENCE RUN SOUTH 89°40'02” WEST, 802.90 FEET; THENCE RUN NORTH 00°58'12” WEST, 132.87 FEET; THENCE RUN NORTH 10°28'21” WEST, 37.72 FEET; THENCE RUN NORTH
00°19'58” WEST, 145.00 FEET; THENCE RUN NORTH 10°38'27” WEST, 20.33 FEET; THENCE RUN NORTH
89°40'02” EAST, 443.00 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHWESTERLY; THENCE RUN NORTHEASTERLY ALONG SAID CURVE, HAVING A RADIUS OF 50.00 FEET , A CENTRAL ANGLE OF 90°00'00”, AN ARC LENGTH OF 78.54 FEET, A CHORD LENGTH OF 70.71 FEET AND A CHORD BEARING OF NORTH 44°40'02" EAST TO THE POINT OF TANGENCY; THENCE RUN NORTH 00°19'58” WEST, 89.72 FEET; TO THE POINT OF CURVATURE OF A CURVE, CONCAVE SOUTHWESTERLY; THENCE RUN NORTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 57°00'48”, AN ARC LENGTH OF 49.75 FEET, A CHORD LENGTH OF 47.73 FEET, AND A CHORD BEARING OF NORTH 28°50'22" WEST TO THE POINT OF TANGENCY; THENCE RUN NORTH 57°20'46” WEST, 207.04 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE SOUTHERLY; THENCE RUN WESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 77°00'06”, AN ARC LENGTH OF 67.20 FEET, A

CHORD LENGTH OF 62.25 FEET, AND A CHORD BEARING OF SOUTH 84°09'10" WEST TO THE POINT OF REVERSE CURVATURE OF A CURVE, CONCAVE NORTHWESTERLY; THENCE RUN SOUTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 200.00 FEET, A CENTRAL ANGLE OF 47°17'41”, AN ARC LENGTH OF
165.09 FEET, A CHORD LENGTH OF 160.44 FEET AND A CHORD BEARING OF SOUTH 69°17'58” WEST TO THE POINT OF REVERSE CURVATURE OF A CURVE CONCAVE SOUTHEASTERLY; THENCE RUN WESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 50°50'34”, AN ARC LENGTH OF 44.37 FEET, A CHORD LENGTH OF 42.93 FEET, AND A CHORD BEARING OF SOUTH 67°31'32” WEST TO THE POINT OF NON-TANGENCY; THENCE RUN NORTH 23°16'45” WEST, 55.69 FEET TO THE POINT ON A NON-TANGENT CURVE, CONCAVE NORTHEASTERLY; THENCE RUN NORTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 180.00 FEET, A CENTRAL ANGLE OF 36°25'12”, AN ARC LENGTH OF 114.42 FEET, A CHORD LENGTH OF 112.50 FEET, AND A CHORD BEARING OF NORTH 48°13'36” WEST TO THE POINT OF NON-TANGENCY; THENCE RUN NORTH 70°50'05” WEST, 64.13 FEET TO THE POINT OF NON-TANGENCY OF A CURVE, CONCAVE NORTHWESTERLY; THENCE RUN SOUTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 48°33'55”, AN ARC LENGTH OF 42.38 FEET, A CHORD LENGTH OF 41.12 FEET AND A CHORD BEARING OF SOUTH 22°12'38" WEST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 46°29'35” WEST, 91.79 FEET TO THE POINT ON A NON-TANGENT CURVE, CONCAVE SOUTHEASTERLY; THENCE RUN SOUTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 110.07 FEET, A CENTRAL ANGLE OF 79°14'38”, AN ARC LENGTH OF 152.23 FEET, A CHORD LENGTH OF 140.39 FEET AND A CHORD BEARING OF SOUTH 70°03'04" WEST TO THE POINT OF NON-TANGENCY; THENCE RUN SOUTH 35°04'07" WEST, 20.00 FEET; THENCE RUN NORTH 54°55'53" WEST, 60.48 FEET; TO THE POINT OF TANGENCY OF A CURVE, CONCAVE SOUTHWESTERLY; THENCE RUN NORTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 245.00 FEET, A CENTRAL ANGLE OF 15°41'42”, AN ARC LENGTH OF 67.11 FEET, A CHORD LENGTH OF 66.90 FEET AND A CHORD BEARING OF NORTH 62°46'45" WEST TO THE POINT OF NON-TANGENCY; THENCE RUN NORTH 52°45'29" WEST, 64.43 FEET; THENCE RUN NORTH 00°53'40" WEST,
15.00 FEET TO THE POINT OF BEGINNING.

THE ABOVE DESCRIBED TRACT OF LAND LIES IN THE CITY OF DAVENPORT, POLK COUNTY, FLORIDA AND CONTAINS 84.419 ACRES MORE OR LESS.

TOGETHER WITH:

PHASE 2C

A TRACT OF LAND, BEING A PORTION OF TRACTS 17, 24, 25 AND 32, MAP OF FLORIDA DEVELOPMENT CO. TRACT, ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT BOOK 3, PAGES 60 THROUGH 63, PUBLIC RECORDS OF POLK COUNTY, FLORIDA, LYING IN SECTIONS 1 AND 2, TOWNSHIP 27 SOUTH, RANGE 27 EAST; BEING DESCRIBED AS FOLLOWS:

COMMENCE AT THE SOUTHWEST CORNER OF SECTION 2, TOWNSHIP 27 SOUTH, RANGE 27 EAST, FOR A POINT OF REFERENCE; THENCE RUN NORTH 00°53'40" WEST, ALONG THE EAST LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 2, A DISTANCE OF 17.00 FEET TO THE POINT OF BEGINNING; SAID POINT BEING THE INTERSECTION OF THE NORTH MAINTAINED RIGHT-OF-WAY LINE OF HORSE SHOE CREEK ROAD PER MAP BOOK 4, PAGES 303 THROUGH 308 OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA, AND SAID SECTION LINE; THENCE RUN NORTH 00°53'40" WEST, ALONG SAID SECTION LINE, 13.00 FEET; THENCE DEPARTING SAID EAST LINE, RUN SOUTH 89°44'10" WEST, 18.74 FEET; THENCE RUN NORTH 27°07'22" WEST, 73.30 FEET; THENCE RUN NORTH 05°15'34" EAST, 78.53 FEET; THENCE RUN NORTH 38°11'25" WEST,
130.14 FEET; THENCE RUN NORTH 10°53'27" WEST, 106.37 FEET; THENCE RUN NORTH 81°22'51" WEST,
128.93 FEET; THENCE RUN NORTH 21°18'23" WEST, 128.15 FEET; THENCE RUN NORTH 68°41'37" EAST,

8.82 FEET; THENCE RUN NORTH 21°18'23" WEST, 50.00 FEET TO A POINT ON A NON-TANGENT CURVE, CONCAVE SOUTHEASTERLY; THENCE RUN NORTHEASTERLY, ALONG SAID NON-TANGENT CURVE, HAVING A RADIUS OF 225.00 FEET, A CENTRAL ANGLE OF 14°17'00", AN ARC LENGTH OF 56.09 FEET, A CHORD LENGTH OF 55.94 FEET AND A CHORD BEARING OF NORTH 75°50'07" EAST; THENCE RUN NORTH 07°01'23" WEST, 120.00 FEET TO A POINT ON A NON-TANGENT CURVE, CONCAVE SOUTHERLY; THENCE RUN EASTERLY, ALONG SAID NON-TANGENT CURVE, HAVING A RADIUS OF 345.00 FEET, A CENTRAL ANGLE OF 07°07'57", AN ARC LENGTH OF 42.95 FEET, A CHORD LENGTH OF 42.92 FEET AND A CHORD BEARING OF NORTH 86°32'35" EAST TO A POINT OF TANGENCY; THENCE RUN SOUTH 89°53'27" EAST, 566.40 FEET TO THE EAST LINE OF TRACT 17, LYING IN THE SOUTHWEST QUARTER OF SECTION 1, TOWNSHIP 27 SOUTH, RANGE 27 EAST, OF MAP OF FLORIDA DEVELOPMENT CO. TRACT, ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT BOOK 3, PAGES 60 THROUGH 63 OF SAID PUBLIC RECORDS; THENCE RUN, ALONG THE EAST LINE OF TRACT 17 AND TRACT 32, SOUTH 00°55'56" EAST, 683.98 FEET TO A POINT BEING THE NORTH MAINTAINED RIGHT-OF-WAY LINE OF HORSE SHOE CREEK ROAD PER MAP BOOK 4, PAGES 303 THROUGH 308 OF SAID PUBLIC RECORDS; THENCE RUN, ALONG SAID NORTH MAINTAINED RIGHT-OF-WAY LINE, THE FOLLOWING FOUR (4) COURSES: (1) NORTH 89°49'36" WEST, 41.60 FEET; (2) SOUTH 89°36'02" WEST,
100.00 FEET; (3) NORTH 89°49'36" WEST, 100.00 FEET; (4) SOUTH 88°52'36" WEST, 88.64 FEET TO THE POINT OF BEGINNING.

THE ABOVE-DESCRIBED TRACT OF LAND LIES IN THE CITY OF DAVENPORT, POLK COUNTY, FLORIDA, AND CONTAINS 7.926 ACRES, MORE OR LESS.

TOGETHER WITH:
(portion of Phase 2A)

Section C

RESOLUTION 2026-05

[SUPPLEMENTAL 170.08 ASSESSMENT RESOLUTION – SERIES 2026 BONDS]

A RESOLUTION MAKING CERTAIN FINDINGS; CONFIRMING THE ENGINEER’S REPORT AND APPROVING THE SUPPLEMENTAL ASSESSMENT REPORT; SETTING FORTH THE TERMS OF THE SERIES 2026 BONDS; CONFIRMING THE MAXIMUM ASSESSMENT LIEN SECURING THE SERIES 2026 BONDS; LEVYING AND ALLOCATING ASSESSMENTS SECURING SERIES 2026 BONDS; ADDRESSING COLLECTION OF THE SAME; PROVIDING FOR THE APPLICATION OF TRUE-UP PAYMENTS; PROVIDING FOR A SUPPLEMENT TO THE IMPROVEMENT LIEN BOOK; PROVIDING FOR THE RECORDING OF A NOTICE OF SPECIAL ASSESSMENTS; AND PROVIDING FOR CONFLICTS, SEVERABILITY, AND AN EFFECTIVE DATE.

WHEREAS, the Horseshoe Creek Community Development District (“District”) has previously indicated its intention to undertake, install, establish, construct, or acquire certain public infrastructure improvements and to finance such public infrastructure improvements through the imposition of special assessments on benefitted property within the District and the issuance of bonds; and

WHEREAS, the District’s Board of Supervisors (“Board”) has previously adopted, after notice and public hearing, Resolution 2024-31, relating to the imposition, levy, collection, and enforcement of such special assessments; and

WHEREAS, pursuant to and consistent with the terms of Resolution 2024-31, this Resolution shall set forth the terms of bonds to be actually issued by the District and apply the adopted special assessment methodology to the actual scope of the project to be completed with such series of bonds and the terms of the bond issue; and

WHEREAS, on June 5, 2026, the District entered into a Bond Purchase Agreement whereby it agreed to sell its $8,160,000 Capital Improvement Revenue Bonds, Series 2026 (2026 Assessment Area) (“Series 2026 Bonds”); and

WHEREAS, pursuant to and consistent with Resolution 2024-31, the District desires to set forth the particular terms of the sale of the Series 2026 Bonds and confirm the levy of special assessments securing the Series 2026 Bonds (“Series 2026 Assessments”).

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE HORSESHOE CREEK COMMUNITY DEVELOPMENT DISTRICT AS FOLLOWS:

SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the provisions of Florida law, including without limitation Chapters 170, 190, and 197, Florida Statutes, and Resolution 2024-31.

SECTION 2.	MAKING CERTAIN FINDINGS; CONFIRMING THE ENGINEER’S REPORT
AND APPROVING THE SUPPLEMENTAL ASSESSMENT REPORT. The District’s Board hereby finds and determines as follows:

On September 18, 2024, the District, after due notice and public hearing, adopted Resolution 2024-31, which, among other things, equalized, approved, confirmed, and levied special assessments on property benefiting from the infrastructure improvements authorized by the District. That Resolution provided that as each series of bonds were issued to fund all or any portion of the District’s infrastructure improvements, a supplemental resolution would be adopted to set forth the specific terms of the bonds and to certify the amount of the lien of the special assessments securing any portion of the bonds, including interest, costs of issuance, the number of payments due, the true-up amounts, and the application of receipt of true-up proceeds.

The Master Engineer’s Report dated July 17, 2024, as supplemented by the First Supplemental Engineer’s Report Phase 2A, 2B and 2C Infrastructure Improvements, dated April 10, 2026, each prepared by the District Engineer, G-A-I Consultants, Inc., and attached to this Resolution as Exhibit A (as may be amended and/or supplemented from time to time and together, the “Engineer’s Report”), identifies and describes the District’s capital improvement plan (“Master Project”). The District presently intends to undertake the planning, design, acquisition, construction, and installation of infrastructure improvements for Reedy Isle Phases 2A, 2B and 2C of the Master Project (“Series 2026 Project“) as identified and described in the Engineer’s Report, and finance such Series 2026 Project in part with its Series 2026 Bonds. The Engineer’s Report sets forth the costs of the Series 2026 Project as $18,766,869. The District hereby confirms that the Series 2026 Project serves a proper, essential, and valid public purpose. The use of the Engineer’s Report in connection with the sale of the Series 2026 Bonds is hereby ratified.

The Supplemental Assessment Methodology for the 2026 Assessment Area, dated June 5, 2026, attached to this Resolution as Exhibit B (“Supplemental Assessment Report”), applies the adopted Master Assessment Methodology, dated July 17, 2024, and approved by Resolution 2024-31 on September 18, 2024 (“Master Assessment Report” and together with the Supplemental Assessment Report, “Assessment Report”), to the Series 2026 Project and the actual terms of the Series 2026 Bonds. The Supplemental Assessment Report is hereby approved, adopted, and confirmed. The District ratifies its use in connection with the sale of the Series 2026 Bonds.

Subject to the terms of Exhibit A and Exhibit B, the Series 2026 Project specially benefits certain developable acreage in the District (“2026 Assessment Area”), as set forth in the Supplemental Assessment Report. It is reasonable, proper, just, and right to assess the portion of the costs of the Series 2026 Project financed with the Series 2026 Bonds to the specially benefitted properties within the District as set forth in Resolution 2024-31 and this Resolution.

SECTION 3.	SETTING FORTH THE TERMS OF THE SERIES 2026 BONDS; CONFIRMING THE MAXIMUM ASSESSMENT LIEN SECURING THE SERIES 2026 BONDS.	As provided in
Resolution 2024-31, this Resolution is intended to set forth the terms of the Series 2026 Bonds and the final amount of the lien of the Series 2026 Assessments securing those bonds. The Series 2026 Bonds, in an aggregate par amount of $8,160,000, shall bear such rates of interest and mature on such dates as shown on Exhibit C attached hereto. The sources and uses of funds of the Series 2026 Bonds shall be as set forth in Exhibit D. The debt service due on the Series 2026 Bonds is set forth on Exhibit E attached hereto. The lien of the Series 2026 Assessments securing the Series 2026 Bonds on those certain developable lands within the District, as such land is described in Exhibit B, shall be the principal amount due on the Series 2026 Bonds, together with accrued but unpaid interest thereon, and together with the amount by which the annual assessments shall be grossed up to include early payment discounts required by law and costs of collection.

SECTION 4.	LEVYING AND ALLOCATING THE SERIES 2026 ASSESSMENTS SECURING THE SERIES 2026 BONDS; ADDRESSING COLLECTION OF THE SAME.

The Series 2026 Assessments securing the Series 2026 Bonds shall be levied and allocated in accordance with Exhibit B. The Supplemental Assessment Report is consistent with the District’s Master Assessment Report. The Supplemental Assessment Report, considered herein, reflects the actual terms of the issuance of the Series 2026 Bonds. The estimated costs of collection of the Series 2026 Assessments for the Series 2026 Bonds are as set forth in the Supplemental Assessment Report.

The lien of the Series 2026 Assessments securing the Series 2026 Bonds includes certain developable acreage within the District (as the District’s boundaries may be adjusted pursuant to law), as further provided in the Series 2026 Assessment Roll included in the Supplemental Assessment Report, and as such land is ultimately defined and set forth in site plans or other designations of developable acreage. To the extent that land is added to the District and made subject to the master assessment lien described in the Master Assessment Report, the District may, by supplemental resolution at a regularly noticed meeting and without the need for a public hearing on reallocation, determine such land to be benefitted by the Series 2026 Project and reallocate the Series 2026 Assessments securing the Series 2026 Bonds in order to impose Series 2026 Assessments on the newly added and benefitted property.

Taking into account capitalized interest and earnings on certain funds and accounts as set forth in the Master Trust Indenture, dated as of June 1, 2026, and First Supplemental Trust Indenture, dated as of June 1, 2026, the District shall for Fiscal Year 2026/2027, begin annual collection of Series 2026 Assessments for the Series 2026 Bonds debt service payments using the methods available to it by law. The Series 2026 Bonds include an amount for capitalized interest through November 1, 2026. Beginning with the first debt service payment on November 1, 2026, there shall be thirty (30) years of installments of principal and interest, as reflected on Exhibit E.

The District hereby certifies the Series 2026 Assessments for collection and directs staff to take all actions necessary to meet the time and other deadlines imposed for collection by Polk County and other Florida law. The District’s Board each year shall adopt a resolution addressing the manner in which the Series 2026 Assessments shall be collected for the upcoming fiscal year. The decision to collect Series 2026 Assessments by any particular method – e.g., on the tax roll or by direct bill – does not mean that such method will be used to collect Series 2026 Assessments in future years, and the District reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices.

SECTION 5.	CALCULATION AND APPLICATION OF TRUE-UP PAYMENTS. The terms of
Resolution 2024-31 addressing True-Up Payments, as defined therein and as described in more detail in the Assessment Report shall continue to apply in full force and effect.

SECTION 6. IMPROVEMENT LIEN BOOK. Immediately following the adoption of this Resolution, the Series 2026 Assessments as reflected herein shall be recorded by the Secretary of the Board of the District in the District’s Improvement Lien Book. The Series 2026 Assessments against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcels until paid and such lien shall be coequal with the lien of all state, county, district, municipal, or other governmental taxes and superior in dignity to all other liens, titles, and claims.

SECTION 7. ASSESSMENT NOTICE. The District’s Secretary is hereby directed to record a Notice of Series 2026 Assessments securing the Series 2026 Bonds in the Official Records of Polk County, Florida, or such other instrument evidencing the actions taken by the District.

SECTION 8. CONFLICTS. This Resolution is intended to supplement Resolution 2024-31, which remains in full force and effect. This Resolution and Resolution 2024-31 shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. All District resolutions or parts thereof in actual conflict with this Resolution are, to the extent of such conflict, superseded and repealed.

SECTION 9. SEVERABILITY. If any section or part of a section of this Resolution be declared invalid or unconstitutional, the validity, force, and effect of any other section or part of a section of this Resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this Resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.

SECTION 10. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

APPROVED and ADOPTED, this 17th day of June 2026.

ATTEST:	HORSESHOE CREEK COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairperson, Board of Supervisors

Exhibit A:	Engineer’s Report
Exhibit B:	Supplemental Assessment Report
Exhibit C:	Maturities and Coupon of Series 2026 Bonds
Exhibit D:	Sources and Uses of Funds for Series 2026 Bonds
Exhibit E:	Annual Debt Service Payment Due on Series 2026 Bonds

EXHIBIT A
Engineer’s Report

EXHIBIT B
Supplemental Assessment Report

Jun 4, 2026  5:58 pm Prepared by MBS Capital Markets Inc	Page 7

BOND DEBT SERVICE

Horseshoe Creek Community Development District (City of Davenport, Florida)
Capita,! Improvement Revenue Bonds, Series 2026 (2026 Assessment Area)
Pricing Date: June 4, 2026 Final !Pricing Numbers

P1uiod
Ending	
Prlnolpal	
C<Jupoo	
lnter@st	
D@bt S@rvic@	Annl.!lail
Dobt SeNIC@	
05/01/2054	485,000	S.750'Yo	44,418.75	529,418.75		
11/01/2054			30,475.00	30,475.00	559,893.75	
05/01/2055	515,000	S.750'Yo	30,475.00	545,475.00		
11/01/2055			15,668.75	15,668.75	561,143.75	
05/01/2056	545,000	S.750'Yo	15,668.75	560,668.75		
11/01/2056					S60,66!l.75	
	8,160,000		8,851,738.22	17,011,738.22	17,011,738.22	

Section D

This instrument prepared by and return to:

Michelle K. Rigoni, Esq. KUTAK ROCK LLP
107 West College Avenue Tallahassee, Florida 32301

NOTICE OF SPECIAL ASSESSMENTS / GOVERNMENT LIEN OF RECORD HORSESHOE CREEK COMMUNITY DEVELOPMENT DISTRICT
(SERIES 2026 ASSESSMENTS)

PLEASE TAKE NOTICE that the Board of Supervisors of the Horseshoe Creek Community Development District (“District”) in accordance with Chapters 170, 190, and 197, Florida Statutes, adopted Resolution Nos. 2024-26, 2024-27, 2024-31 and 2026-05 (collectively, “Assessment Resolutions”) providing for, levying, and setting forth the terms of non-ad valorem special assessments constituting a governmental lien on certain real property within the boundaries of the District that are specially benefitted by the Master Project improvements for Reedy Isle Phases 2A, 2B and 2C (“Series 2026 Project”) as described in the District’s adopted Master Engineer’s Report, dated July 17, 2024, as supplemented by the First Supplemental Engineer’s Report Phase 2A, 2B and 2C Infrastructure Improvements, dated April 10, 2026 (together “Engineer’s Report”). To finance a portion of the costs of the Series 2026 Project, the District issued its Capital Improvement Revenue Bonds, Series 2026 (2026 Assessment Area), which are secured by the non-ad valorem assessments levied by the Assessment Resolutions (the “Series 2026 Assessments”). The legal description of the lands on which said Series 2026 Assessments are imposed is attached to this Notice as Exhibit A. A copy of the Assessment Resolutions, Engineer’s Report, and the Assessment Report (as defined in the Assessment Resolutions) may be obtained from the registered agent of the District as designated to the Florida Department of Commerce in accordance with Section 189.014, Florida Statutes, or by contacting the District’s Manager at: Horseshoe Creek Community Development District, c/o Governmental Management Services – Central Florida, LLC, 219 East Livingston Street, Orlando, Florida 32801, Ph.: 407-841-5524.

The Series 2026 Assessments provided for in the Assessment Resolutions were legally and validly determined and levied in accordance with all applicable requirements of Florida law, and the Series 2026 Assessments constitute and will at all relevant times in the future constitute, legal, valid and binding first liens on the land against which assessed until paid, coequal with the lien of all state, county, district and municipal taxes, and superior in dignity to all other liens, titles and claims. Please note that, as part of the Series 2026 Assessments, the Assessment Resolutions require that certain “True-Up Payments” be made in certain circumstances, and landowners

should familiarize themselves with those requirements, as they constitute a requirement under the liens.

The District is a special-purpose form of local government established pursuant to and governed by Chapter 190, Florida Statutes. This notice shall remain effective even if the District undergoes merger, boundary amendment, or name change. Further, this notice shall constitute a lien of record under Florida law, including but not limited to Chapter 197, Florida Statutes, and Sections 197.552 and 197.573, Florida Statutes, among others.

Pursuant to Section 190.048, Florida Statutes, you are hereby notified that:

THE HORSESHOE CREEK COMMUNITY DEVELOPMENT DISTRICT MAY IMPOSE AND LEVY TAXES OR ASSESSMENTS, OR BOTH TAXES AND ASSESSMENTS, ON THIS PROPERTY. THESE TAXES AND ASSESSMENTS PAY THE CONSTRUCTION, OPERATION, AND MAINTENANCE COSTS OF CERTAIN PUBLIC FACILITIES AND SERVICES OF THE DISTRICT AND ARE SET ANNUALLY BY THE GOVERNING BOARD OF THE DISTRICT. THESE TAXES AND ASSESSMENTS ARE IN ADDITION TO COUNTY AND OTHER LOCAL GOVERNMENTAL TAXES AND ASSESSMENTS AND ALL OTHER TAXES AND ASSESSMENTS PROVIDED FOR BY LAW.

[remainder of this page intentionally left blank]

IN WITNESS WHEREOF, this Notice has been executed to be effective as of June 23, 2026, and recorded in the Official Records of Polk County, Florida.

Witnesses

By: 	 Print Name: 	 Address: 	

Horseshoe Creek Community Development District

By: 	
Name: Anthony Iorio Title: Chairman

By: 	 Print Name: 	 Address: 	

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of  physical presence or  online notarization, this    day of 	, 2026, by Anthony Iorio, Chairman of Horseshoe Creek Community Development District, who is either personally known to me, or produced 	 as identification.

Print Name:	 Notary Public, State of Florida

Commission No.:		 My Commission Expires: 	

EXHIBIT A

PHASE 2A
A TRACT OF LAND, BEING TRACTS 7, 8, 9, 10, 23 AND A PORTION OF TRACTS 24 THROUGH 27, LYING IN THE SOUTHEAST QUARTER OF SECTION 2, TOWNSHIP 27 SOUTH, RANGE 27 EAST, ALSO TRACTS 15, 16 AND A PORTION OF TRACTS 1 THROUGH 4, 17 AND 18, LYING IN THE SOUTHWEST QUARTER OF SECTION 1, TOWNSHIP 27 SOUTH, RANGE 27 EAST OF MAP OF FLORIDA DEVELOPMENT CO. TRACT, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 3, PAGES 60 THROUGH 63, PUBLIC RECORDS OF POLK COUNTY, FLORIDA, AND THE VACATED RIGHT-OF-WAY LYING WITHIN, AS RECORDED IN OFFICIAL RECORDS BOOK 2042, PAGE 393 OF SAID PUBLIC RECORDS OF POLK COUNTY, FLORIDA, DESCRIBED AS FOLLOWS:
COMMENCE AT THE WEST QUARTER CORNER OF SECTION 1, TOWNSHIP 27 SOUTH, RANGE 27 EAST, FOR A POINT OF REFERENCE; THENCE RUN SOUTH 00°53'40" EAST, ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 1, A DISTANCE OF 15.00 FEET TO THE POINT OF BEGINNING: THENCE DEPARTING SAID WEST LINE, RUN SOUTH 52°45'29" EAST, 64.43 FEET TO A POINT ON A NON-TANGENT CURVE, CONCAVE SOUTHWESTERLY; THENCE RUN SOUTHEASTERLY, ALONG SAID NON-TANGENT CURVE, HAVING A RADIUS OF 245.00 FEET, A CENTRAL ANGLE OF 15°41'42", AN ARC LENGTH OF 67.11 FEET, A CHORD LENGTH OF 66.90 FEET AND A CHORD BEARING OF SOUTH 62°46'45" EAST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 54°55'53" EAST, 60.48 FEET; THENCE RUN NORTH 35°04'07" EAST, 20.00 FEET TO A POINT ON A NON-TANGENT CURVE, CONCAVE SOUTHEASTERLY; THENCE RUN NORTHEASTERLY, ALONG SAID NON-TANGENT CURVE, HAVING A RADIUS OF 110.07 FEET, A CENTRAL ANGLE OF 79°14'38", AN ARC LENGTH OF 152.23 FEET, A CHORD LENGTH OF 140.39 FEET AND A CHORD BEARING OF NORTH 70°03'04" EAST; THENCE RUN NORTH 46°29'35" EAST, NON-TANGENT TO SAID CURVE, 91.79 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHWESTERLY; THENCE RUN NORTHEASTERLY, ALONG SAID CURVE, HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 48°33'55", AN ARC LENGTH OF 42.38 FEET, A CHORD LENGTH OF 41.12 FEET AND A CHORD BEARING OF NORTH 22°12'38" EAST; THENCE RUN SOUTH 70°50'05" EAST, NON-TANGENT TO SAID CURVE, 64.13 FEET TO A POINT ON A NON-TANGENT CURVE, CONCAVE NORTHEASTERLY; THENCE RUN SOUTHEASTERLY, ALONG SAID NON-TANGENT CURVE, HAVING A RADIUS OF 180.00 FEET, A CENTRAL ANGLE OF 36°25'12", AN ARC LENGTH OF 114.42 FEET, A CHORD LENGTH OF 112.50 FEET AND A CHORD BEARING OF SOUTH 48°13'36" EAST; THENCE RUN SOUTH 23°16'45" EAST, NON-TANGENT TO SAID CURVE, 55.69 FEET TO A POINT ON A NON-TANGENT CURVE, CONCAVE SOUTHEASTERLY; THENCE RUN NORTHEASTERLY, ALONG SAID NON-TANGENT CURVE, HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 50°50'34", AN ARC LENGTH OF 44.37 FEET, A CHORD LENGTH OF 42.93 FEET AND A CHORD BEARING OF NORTH 67°31'32" EAST TO THE POINT OF REVERSE CURVATURE OF A CURVE, CONCAVE NORTHWESTERLY; THENCE RUN NORTHEASTERLY, ALONG SAID CURVE, HAVING A RADIUS OF 200.00 FEET, A CENTRAL ANGLE OF 47°17'41", AN ARC LENGTH OF 165.09 FEET, A CHORD LENGTH OF 160.44 FEET AND A CHORD BEARING OF NORTH 69°17'58" EAST TO THE POINT OF REVERSE CURVATURE OF A CURVE, CONCAVE SOUTHERLY; THENCE RUN EASTERLY, ALONG SAID CURVE HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 77°00'06", AN ARC LENGTH OF 67.20 FEET, A CHORD LENGTH OF 62.25 FEET AND A CHORD BEARING OF NORTH 84°09'10" EAST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 57°20'46" EAST, 207.04 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE SOUTHWESTERLY; THENCE RUN SOUTHEASTERLY, ALONG SAID CURVE HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 57°00'48", AN ARC LENGTH OF 49.75 FEET, A CHORD LENGTH OF 47.73 FEET AND A CHORD BEARING OF SOUTH 28°50'22" EAST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 00°19'58" EAST, 89.72 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHWESTERLY; THENCE RUN

SOUTHWESTERLY, ALONG SAID CURVE, HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 90°00'00", AN ARC LENGTH OF 78.54 FEET, A CHORD LENGTH OF 70.71 FEET AND A CHORD BEARING OF SOUTH 44°40'02" WEST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 89°40'02" WEST, 443.00 FEET; THENCE RUN SOUTH 10°38'27" EAST, 20.33 FEET; THENCE RUN SOUTH 00°19'58" EAST, 145.00 FEET; THENCE RUN SOUTH 10°28'21" EAST, 37.72 FEET; THENCE RUN SOUTH 00°58'12" EAST, 132.87 FEET; THENCE RUN NORTH 89°40'02" EAST, 145.01 FEET; THENCE RUN SOUTH 00°58'12" EAST, 995.49 FEET; THENCE RUN NORTH
89°54'52" WEST, 329.64 FEET; THENCE RUN SOUTH 00°55'56" EAST, 272.27 FEET; THENCE RUN NORTH
89°53'27" WEST, 566.40 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE SOUTHERLY; THENCE RUN WESTERLY, ALONG SAID CURVE, HAVING A RADIUS OF 345.00 FEET, A CENTRAL ANGLE OF 07°07'57", AN ARC LENGTH OF 42.95 FEET, A CHORD LENGTH OF 42.92 FEET AND A CHORD BEARING OF SOUTH 86°32'35" WEST; THENCE RUN SOUTH 07°01'23" EAST, RADIAL TO SAID CURVE, 120.00 FEET TO A POINT ON A NON-TANGENT CURVE, CONCAVE SOUTHEASTERLY; THENCE RUN SOUTHWESTERLY, ALONG SAID NON-TANGENT CURVE, HAVING A RADIUS OF 225.00 FEET, A CENTRAL ANGLE OF 14°17'00", AN ARC LENGTH OF
56.09 FEET, A CHORD LENGTH OF 55.94 FEET AND A CHORD BEARING OF SOUTH 75°50'07" WEST; THENCE RUN SOUTH 21°18'23" EAST, RADIAL TO SAID CURVE, 50.00 FEET; THENCE RUN SOUTH 68°41'37" WEST, 8.82 FEET; THENCE RUN SOUTH 21°18'23" EAST, 128.15 FEET; THENCE RUN SOUTH 81°22'51" EAST, 128.93 FEET; THENCE RUN SOUTH 10°53'27" EAST, 106.37 FEET; THENCE RUN SOUTH 38°11'25" EAST, 130.14 FEET; THENCE RUN SOUTH 05°15'34" WEST, 78.53 FEET; THENCE RUN SOUTH 27°07'22" EAST, 73.30 FEET TO A POINT LYING 30.00 FEET NORTH OF A PERPENDICULAR MEASURE TO THE SOUTH LINE OF THE SOUTHEAST QUARTER OF SECTION 2, TOWNSHIP 27 SOUTH, RANGE 27 EAST, SAID POINT ALSO BEING THE NORTH RIGHT-OF-WAY LINE OF HORSE SHOE CREEK ROAD; THENCE RUN SOUTH 89°44'10" WEST, ALONG SAID NORTH RIGHT-OF-WAY LINE, 155.24 FEET TO A POINT LYING ON THE EAST LINE OF THE WEST HALF OF TRACT 25 OF SAID MAP OF FLORIDA DEVELOPMENT CO. TRACT; THENCE DEPARTING SAID NORTH RIGHT-OF-WAY LINE, RUN NORTH 00°51'35” WEST, ALONG SAID EAST LINE, 195.01 FEET; THENCE RUN SOUTH 89°44'10” WEST,
158.85 FEET TO A POINT LYING ON THE WEST LINE OF SAID TRACT 25; THENCE RUN SOUTH 00°49'29” EAST, ALONG SAID WEST LINE OF TRACT 25, A DISTANCE OF 195.01 FEET TO A POINT LYING ON AFORESAID NORTH RIGHT-OF-WAY LINE OF HORSE SHOE CREEK ROAD; THENCE RUN SOUTH 89°44'10” WEST, ALONG SAID NORTH RIGHT-OF-WAY LINE, 176.61 FEET; THENCE DEPARTING SAID NORTH RIGHT-OF-WAY LINE, RUN NORTH 03°25'08” WEST, 336.46 FEET; THENCE RUN NORTH 79°53'11” WEST, 275.63 FEET TO A POINT LYING ON THE WEST LINE OF THE EAST 130.00 FEET OF TRACT 27 OF SAID MAP OF FLORIDA DEVELOPMENT CO. TRACT; THENCE RUN NORTH 00°45'17” WEST, ALONG SAID WEST LINE, 240.00 FEET TO A POINT LYING ON THE NORTH LINE OF SAID TRACT 27; THENCE RUN NORTH 89°44'44” EAST, ALONG SAID NORTH LINE OF TRACT 27, A DISTANCE OF 130.00 FEET TO THE SOUTHWEST CORNER OF SAID TRACT 23; THENCE RUN NORTH 00°45'17” WEST, ALONG THE WEST LINE OF TRACTS 23, 10 AND 7, A DISTANCE OF 1951.77 FEET TO THE NORTHWEST CORNER OF SAID TRACT 7; THENCE RUN NORTH 89°46'27” EAST, ALONG THE NORTH LINE OF TRACTS 7 AND 8, A DISTANCE OF 659.60 FEET TO THE POINT OF BEGINNING.
THE ABOVE DESCRIBED TRACT OF LAND LIES IN THE CITY OF DAVENPORT, POLK COUNTY, FLORIDA AND CONTAINS 62.341 ACRES MORE OR LESS.
TOGETHER WITH:
PHASE 2B
A TRACT OF LAND, BEING TRACTS 5,6,7,10,11,12 AND A PORTION ON TRACTS 1,2,3 ,4,8, 9 LYING IN THE SOUTH HALF OF THE SECTION 1, TOWNSHIP 27 SOUTH, RANGE 27 EAST, ALSO TRACTS 17,18,19,20,29,30,32 AND A PORTION OF TRACT 31 LYING IN THE NORTH HALF OF SECTION 1, TOWNSHIP 27 SOUTH, RANGE 27 EAST OF MAP OF FLORIDA DEVELOPMENT CO. TRACT, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 3, PAGES 60 THROUGH

63, PUBLIC RECORDS OF POLK COUNTY, FLORIDA, AND THE VACATED RIGHT-OF-WAY LYING WITHIN, AS RECORDED IN OFFICIAL RECORDS BOOK 2042, PAGE 393 OF SAID PUBLIC RECORDS OF POLK COUNTY, FLORIDA DESCRIBED AS FOLLOWS:

BEGIN AT THE WEST QUARTER CORNER OF SECTION 1, TOWNSHIP 27 SOUTH, RANGE 27 EAST; THENCE RUN NORTH 00°58'28" WEST, ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 1, A DISTANCE OF 1310.79 FEET TO THE NORTHWEST CORNER OF THE SOUTHWEST QUARTER OF THE NORTHWEST QUARTER OF SECTION 1; THENCE DEPARTING SAID WEST LINE, RUN NORTH 89°50'09" EAST, ALONG THE NORTH LINE OF SAID QUARTER, 1320.77 FEET TO THE NORTHEAST CORNER OF THE SOUTHWEST QUARTER OF THE NORTHWEST QUARTER OF SECTION 1; THENCE RUN SOUTH 00°41'06" EAST, ALONG THE EAST LINE OF SAID QUARTER, 1313.07 FEET TO THE NORTHWEST CORNER OF THE SOUTHEAST QUARTER OF SECTION 1, TOWNSHIP 27, RANGE 27 EAST; THENCE RUN NORTH 89°56'19" EAST, ALONG THE NORTH LINE OF SAID QUARTER, 1272.78 FEET; THENCE DEPARTING SAID NORTH LINE, RUN SOUTH 00°03'32" EAST, 195.23 FEET; THENCE RUN SOUTH 89°56'56" WEST, 108.00 FEET; THENCE RUN SOUTH 00°03'04" EAST, 101.20 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHWEST; THENCE RUN SOUTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 355.00 FEET, A CENTRAL ANGLE OF 15°27'00”, AN ARC LENGTH OF 95.73 FEET, A CHORD LENGTH OF 95.44' AND A CHORD BEARING OF SOUTH 07°40'26" WEST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 15°23'56" WEST, 156.12 FEET; TO THE POINT OF CURVATURE OF A CURVE, CONCAVE SOUTHEAST; THENCE RUN SOUTHEASTERLY ALONG SAID CURVE, HAVING A RADIUS OF 645.00 FEET, AN ARC LENGTH OF 408.24 FEET, A CENTRAL ANGLE OF 36°15'52”, A CHORD LENGTH OF 401.46 FEET AND A CHORD BEARING OF SOUTH 02°43'59" EAST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 20°51'55” EAST, 312.49 FEET; THENCE RUN SOUTH 78°50'16” EAST, 81.65 FEET; THENCE RUN SOUTH 29°39'51” EAST, 67.16 FEET; THENCE RUN SOUTH 60°20'09” WEST, 15.00 FEET TO THE SOUTHEAST CORNER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 1, TOWNSHIP 27, RANGE 27 EAST. THENCE RUN NORTH 89°56'37” WEST, ALONG THE SOUTH LINE OF SAID QUARTER, 1317.66 FEET TO THE SOUTHWEST CORNER OF SAID QUARTER; THENCE RUN NORTH 01°02'42” WEST, ALONG THE WEST LINE OF SAID QUARTER, 664.38 FEET; THENCE RUN SOUTH 89°40'02” WEST,
802.90 FEET; THENCE RUN NORTH 00°58'12” WEST, 132.87 FEET; THENCE RUN NORTH 10°28'21” WEST, 37.72 FEET; THENCE RUN NORTH 00°19'58” WEST, 145.00 FEET; THENCE RUN NORTH 10°38'27” WEST, 20.33 FEET; THENCE RUN NORTH 89°40'02” EAST, 443.00 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHWESTERLY; THENCE RUN NORTHEASTERLY ALONG SAID CURVE, HAVING A RADIUS OF 50.00 FEET , A CENTRAL ANGLE OF 90°00'00”, AN ARC LENGTH OF 78.54 FEET, A CHORD LENGTH OF 70.71 FEET AND A CHORD BEARING OF NORTH
44°40'02" EAST TO THE POINT OF TANGENCY; THENCE RUN NORTH 00°19'58” WEST, 89.72 FEET; TO THE POINT OF CURVATURE OF A CURVE, CONCAVE SOUTHWESTERLY; THENCE RUN NORTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 57°00'48”, AN ARC LENGTH OF 49.75 FEET, A CHORD LENGTH OF
47.73 FEET, AND A CHORD BEARING OF NORTH 28°50'22" WEST TO THE POINT OF TANGENCY; THENCE RUN NORTH
57°20'46” WEST, 207.04 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE SOUTHERLY; THENCE RUN WESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 77°00'06”, AN ARC LENGTH OF 67.20 FEET, A CHORD LENGTH OF 62.25 FEET, AND A CHORD BEARING OF SOUTH 84°09'10" WEST TO THE POINT OF REVERSE CURVATURE OF A CURVE, CONCAVE NORTHWESTERLY; THENCE RUN SOUTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 200.00 FEET, A CENTRAL ANGLE OF 47°17'41”, AN ARC LENGTH OF 165.09 FEET, A CHORD LENGTH OF 160.44 FEET AND A CHORD BEARING OF SOUTH 69°17'58” WEST TO THE POINT OF REVERSE CURVATURE OF A CURVE CONCAVE SOUTHEASTERLY; THENCE RUN WESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 50°50'34”, AN ARC LENGTH OF 44.37 FEET, A CHORD LENGTH OF 42.93 FEET, AND A CHORD BEARING OF SOUTH 67°31'32” WEST TO THE POINT OF NON-TANGENCY; THENCE RUN NORTH 23°16'45” WEST, 55.69 FEET TO THE POINT ON A NON-TANGENT CURVE, CONCAVE NORTHEASTERLY; THENCE RUN NORTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 180.00 FEET, A CENTRAL ANGLE OF 36°25'12”, AN ARC LENGTH OF 114.42 FEET, A CHORD LENGTH OF 112.50 FEET, AND A CHORD BEARING OF NORTH 48°13'36” WEST TO THE POINT OF NON-TANGENCY; THENCE RUN NORTH 70°50'05” WEST, 64.13 FEET TO THE POINT OF NON-TANGENCY OF A CURVE, CONCAVE NORTHWESTERLY; THENCE RUN SOUTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF
50.00 FEET, A CENTRAL ANGLE OF 48°33'55”, AN ARC LENGTH OF 42.38 FEET, A CHORD LENGTH OF 41.12 FEET AND A CHORD BEARING OF SOUTH 22°12'38" WEST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 46°29'35” WEST,
91.79 FEET TO THE POINT ON A NON-TANGENT CURVE, CONCAVE SOUTHEASTERLY; THENCE RUN SOUTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 110.07 FEET, A CENTRAL ANGLE OF 79°14'38”, AN ARC LENGTH OF 152.23 FEET, A CHORD LENGTH OF 140.39 FEET AND A CHORD BEARING OF SOUTH 70°03'04" WEST TO THE POINT OF NON-

TANGENCY; THENCE RUN SOUTH 35°04'07" WEST, 20.00 FEET; THENCE RUN NORTH 54°55'53" WEST, 60.48 FEET; TO THE POINT OF TANGENCY OF A CURVE, CONCAVE SOUTHWESTERLY; THENCE RUN NORTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 245.00 FEET, A CENTRAL ANGLE OF 15°41'42”, AN ARC LENGTH OF 67.11 FEET, A CHORD LENGTH OF 66.90 FEET AND A CHORD BEARING OF NORTH 62°46'45" WEST TO THE POINT OF NON-TANGENCY; THENCE RUN NORTH 52°45'29" WEST, 64.43 FEET; THENCE RUN NORTH 00°53'40" WEST, 15.00 FEET TO THE POINT OF BEGINNING.

THE ABOVE DESCRIBED TRACT OF LAND LIES IN THE CITY OF DAVENPORT, POLK COUNTY, FLORIDA AND CONTAINS
84.419 ACRES MORE OR LESS. TOGETHER WITH:
PHASE 2C

A TRACT OF LAND, BEING A PORTION OF TRACTS 17, 24, 25 AND 32, MAP OF FLORIDA DEVELOPMENT CO. TRACT, ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT BOOK 3, PAGES 60 THROUGH 63, PUBLIC RECORDS OF POLK COUNTY, FLORIDA, LYING IN SECTIONS 1 AND 2, TOWNSHIP 27 SOUTH, RANGE 27 EAST; BEING DESCRIBED AS FOLLOWS:

COMMENCE AT THE SOUTHWEST CORNER OF SECTION 2, TOWNSHIP 27 SOUTH, RANGE 27 EAST, FOR A POINT OF REFERENCE; THENCE RUN NORTH 00°53'40" WEST, ALONG THE EAST LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 2, A DISTANCE OF 17.00 FEET TO THE POINT OF BEGINNING; SAID POINT BEING THE INTERSECTION OF THE NORTH MAINTAINED RIGHT-OF-WAY LINE OF HORSE SHOE CREEK ROAD PER MAP BOOK 4, PAGES 303 THROUGH 308 OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA, AND SAID SECTION LINE; THENCE RUN NORTH 00°53'40" WEST, ALONG SAID SECTION LINE, 13.00 FEET; THENCE DEPARTING SAID EAST LINE, RUN SOUTH 89°44'10" WEST, 18.74 FEET; THENCE RUN NORTH 27°07'22" WEST, 73.30 FEET; THENCE RUN NORTH 05°15'34" EAST, 78.53 FEET; THENCE RUN NORTH 38°11'25" WEST, 130.14 FEET; THENCE RUN NORTH 10°53'27" WEST, 106.37 FEET; THENCE RUN NORTH 81°22'51" WEST, 128.93 FEET; THENCE RUN NORTH 21°18'23" WEST, 128.15 FEET; THENCE RUN NORTH 68°41'37" EAST, 8.82 FEET; THENCE RUN NORTH 21°18'23" WEST, 50.00 FEET TO A POINT ON A NON-TANGENT CURVE, CONCAVE SOUTHEASTERLY; THENCE RUN NORTHEASTERLY, ALONG SAID NON-TANGENT CURVE, HAVING A RADIUS OF 225.00 FEET, A CENTRAL ANGLE OF 14°17'00", AN ARC LENGTH OF 56.09 FEET, A CHORD LENGTH OF 55.94 FEET AND A CHORD BEARING OF NORTH 75°50'07" EAST; THENCE RUN NORTH 07°01'23" WEST, 120.00 FEET TO A POINT ON A NON-TANGENT CURVE, CONCAVE SOUTHERLY; THENCE RUN EASTERLY, ALONG SAID NON-TANGENT CURVE, HAVING A RADIUS OF 345.00 FEET, A CENTRAL ANGLE OF 07°07'57", AN ARC LENGTH OF 42.95 FEET, A CHORD LENGTH OF 42.92 FEET AND A CHORD BEARING OF NORTH 86°32'35" EAST TO A POINT OF TANGENCY; THENCE RUN SOUTH 89°53'27" EAST, 566.40 FEET TO THE EAST LINE OF TRACT 17, LYING IN THE SOUTHWEST QUARTER OF SECTION 1, TOWNSHIP 27 SOUTH, RANGE 27 EAST, OF MAP OF FLORIDA DEVELOPMENT CO. TRACT, ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT BOOK 3, PAGES 60 THROUGH 63 OF SAID PUBLIC RECORDS; THENCE RUN, ALONG THE EAST LINE OF TRACT 17 AND TRACT 32, SOUTH 00°55'56" EAST, 683.98 FEET TO A POINT BEING THE NORTH MAINTAINED RIGHT-OF-WAY LINE OF HORSE SHOE CREEK ROAD PER MAP BOOK 4, PAGES 303 THROUGH 308 OF SAID PUBLIC RECORDS; THENCE RUN, ALONG SAID NORTH MAINTAINED RIGHT-OF-WAY LINE, THE FOLLOWING FOUR (4) COURSES: (1) NORTH 89°49'36" WEST, 41.60 FEET; (2) SOUTH 89°36'02" WEST, 100.00 FEET; (3) NORTH
89°49'36" WEST, 100.00 FEET; (4) SOUTH 88°52'36" WEST, 88.64 FEET TO THE POINT OF BEGINNING.

THE ABOVE-DESCRIBED TRACT OF LAND LIES IN THE CITY OF DAVENPORT, POLK COUNTY, FLORIDA, AND CONTAINS 7.926 ACRES, MORE OR LESS.

Section V

This instrument was prepared by:

Michelle K. Rigoni, Esq.
Kutak Rock LLP
107 West College Ave Tallahassee, Florida 32301

DISCLOSURE OF PUBLIC FINANCE

The Horseshoe Creek Community Development District (“District”) is a unit of special-purpose local government created pursuant to and existing under the provisions of Chapter 190, Florida Statutes. Under Florida law, community development districts are required to take affirmative steps to provide for the full disclosure of information relating to the public financing and maintenance of improvements to real property undertaken by such districts. The following information is provided to fulfill this statutory requirement.

WHAT IS THE DISTRICT AND HOW IS IT GOVERNED?

The District is an independent local unit of special purpose government, created pursuant to and existing under the provisions of Chapter 190, Florida Statutes (“Act”), and established by Ordinance No. 1274, which was enacted by the City Commission of the City of Davenport, Florida, and which became effective on June 3, 2024. The District currently encompasses approximately 490.168 acres of land located within City of Davenport (“City”) within Polk County, Florida (“County”). The legal description of the lands encompassed within the District is attached hereto as Exhibit A. As a local unit of special-purpose government, the District provides an alternative means for planning, financing, constructing, operating and maintaining various public improvements and community facilities within its jurisdiction.

The District is governed by a five-member Board of Supervisors (“Board”), the members of which are initially elected by landowners within the District and must be at least eighteen (18) years of age, a resident of the State of Florida (“State”) and a citizen of the United States. Upon the later of six (6) years after the District’s establishment and the year when the District next attains at least two hundred fifty
(250) qualified electors, Supervisors whose terms are expiring will begin to be elected (as their terms expire) by 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 and of the District, and who is a registered voter in the County. At the election where Supervisors are first elected by qualified electors, two Supervisors must be qualified electors and be elected by qualified electors, each elected to four-year terms. The seat of the remaining Supervisor whose term is expiring at such election shall be filled by a Supervisor who is elected by the landowners for a four-year term and who is not required to be a qualified elector. Thereafter, as terms expire, all Supervisors must be qualified electors and must be elected by qualified electors to serve staggered four-year terms.

Board meetings are noticed in the local newspaper or as otherwise provided by Florida statute and are conducted in a public forum in which public participation is permitted. Consistent with Florida’s public records laws, the records of the District are available for public inspection during normal business hours. Board members are similarly bound by the State’s open meetings law and are subject to the same disclosure requirements as other elected officials under the State’s ethics laws.

For more information about the District, please visit: https://deweyrobbinscdd.com. Alternatively, please contact the District’s Manager, c/o Governmental Management Services – Central Florida, LLC, 219 East Livingston Street, Orlando, Florida 32801, telephone (407) 841-5524 (“District Office”).

DESCRIPTION OF PROJECTS, BONDS & ASSESSMENTS

The District is authorized by the Act to finance, fund, plan, establish, acquire, install, equip, operate, extend, construct, reconstruct, maintain, and/or operate community development facilities, services, and improvements within and without the boundaries of the District to consist of, among other things, onsite and offsite roadway improvements, water, sanitary sewer, and reuse water systems, stormwater management system, landscaping, hardscaping and irrigation improvements, electrical service system and undergrounding, and all other infrastructure permitted by the Act.

To finance the construction of such projects, the District is authorized to issue bonds that are secured by special assessments levied against properties within the District that are benefitted by the projects. On September 3, 2025, the Circuit Court of the Tenth Judicial Circuit of Florida, in and for Polk County, entered a Final Judgment validating the District’s ability to issue not-to-exceed $98,070,000 in Capital Improvement Revenue Bonds for infrastructure needs of the District.

Bonds & Assessments

On June 23, 2026, the District issued its $8,160,000 Capital Improvement Revenue Bonds, Series 2026 (2026 Assessment Area) (“Series 2026 Bonds”) to finance a portion of its capital improvement plan known as the “Series 2026 Project” (“Series 2026 Project”). The Series 2026 Project includes, among other things, sanitary sewer systems, water distribution systems, reuse water systems, pond and earthwork (master stormwater system), on and offsite storm conveyance system, electrical service systems (underground), on and offsite roadway improvements, landscaping, hardscaping, and irrigation improvements, and professional fees relating to Reedy Isle Phases 2A, 2B and 2C of the District. The Series 2026 Project is estimated to cost approximately $18,766,869 and is described in more detail in the Master Engineer’s Report, dated July 17, 2024 (“Master Engineer’s Report”, as supplemented by the First Supplemental Engineer’s Report Phase 2A, 2B and 2C Infrastructure Improvements, dated April 10, 2026 (“Supplemental Engineer’s Report,” and together with the Master Engineer’s Report, “Engineer’s Report”).

The Series 2026 Bonds are secured by special assessments (“Series 2026 Assessments”) levied and imposed on benefitted lands within the District. The Series 2026 Assessments are further described in the Master Assessment Methodology, dated July 17, 2024 (the “Master Assessment Report”), and the Supplemental Assessment Methodology for the 2026 Assessment Area, dated June 5, 2026 (the “First Supplemental Assessment Report” and together with the Master Assessment Report, the “Assessment Report”).

The District may undertake the construction, acquisition, or installation of other future improvements and facilities, which may be financed by bonds, notes or other methods authorized by the Act.

Operation and Maintenance Assessments

In addition to the Series 2026 Assessments, the District also imposes on an annual basis operations and maintenance assessments (“O&M Assessments”), which are determined and calculated annually by the Board in order to fund the District’s annual operations and maintenance budget. O&M Assessments are levied against all benefitted lands in the District and may vary from year to year based on the amount of the District’s budget. O&M Assessments may also be affected by the total number of units that ultimately are constructed within the District. The allocation of O&M Assessments is set forth in the resolutions imposing the assessments. Please contact the District Office for more information regarding the allocation of O&M Assessments.

Collection Methods

For any given fiscal year, the District may elect to collect any special assessment for any lot or parcel by any lawful means. Generally speaking, the District may elect to place a special assessment on that portion of the annual real estate tax bill, entitled “non-ad valorem assessments,” which would then be collected by the Polk County Tax Collector in the same manner as County property taxes. Alternatively, the District may elect to directly collect any special assessment by sending a direct bill to a given landowner. For delinquent assessments initially billed directly by the District, the District may initiate a foreclosure action or may place the delinquent assessments on the next year’s County tax bill. The District reserves the right to change collection methods from year to year.

For more information, please visit: https://horseshoecreekcdd.com. Additionally, a detailed description of all of the District’s assessments, fees and charges, as well as copies of the Engineer’s Report, Assessment Report, and other District records described herein, may be obtained from the registered agent of the District as designated to the Florida Department of Commerce in accordance with Section 189.014, Florida Statutes, or by contacting the District Office. Please note that changes to the District’s capital improvement plans and financing plans may affect the information contained herein and all such information is subject to change at any time and without further notice.

[THIS SPACE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the foregoing Disclosure of Public Finance has been executed to be effective as of June 23, 2026.

WITNESS

By: 	 Name: 	 Address: 	 

HORSESHOE CREEK COMMUNITY DEVELOPMENT DISTRICT

By: 	 Name: 	 Title: 	

By: 		 Name: 		 Address: 	

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of  physical presence or 
online notarization, this 	 day of 	 2026, by 	, as
	 of HORSESHOE CREEK COMMUNITY DEVELOPMENT DISTRICT, who is either
personally known to me, or produced 	 as identification.

(NOTARY SEAL)

NOTARY PUBLIC, STATE OF FLORIDA

Name:	 (Name of Notary Public, Printed, Stamped or Typed as Commissioned)

EXHIBIT A: Legal Description of Boundaries of District

Exhibit A
Legal Description

l[CAl DESCRIPTION SOUTH PO

A TRACT OF LANO, 8£/NC TH£ SOUTH HALF OF TH£ NORTHEAST 0/IARlfR ANO TH£ NORTHEAST ()(JARlfR OF THE NORTHEAST OIIARlfR OF SECTION 11, TO'MISHIP 27 SOUTH, RANCE 27 £AST, POU< COUNTY, FUJRIOA, ALSO TH£ NORTH/f!:ST Qi/ARlfR OF THE SOUTH'IEST OURlfR OF THE NORTH'IEST ()(JARTfR OF SECTION 12, TO'MISHIP 27 SOUTH, RANCE 27 £AST, 8£/NC TRACTS 2J THROUGH 26 IN ll/£ NORTHYrEST Qi/ARTE'R OF SECTION ff, TO'MISHIP 27 SOUTH, RANCE 27 EAST, ALSO TRACT J2 OF SECTION 12, TDHNSHIP 27 SOUTH, RANG£ 27 EAST, MAP OF fLORIOA 0£1.,fl.OP/.IENT ca TRACT, ACCOROINC ro TH£ PLAT THEREOF AS Ht:COROEO IN PLAT BOOK J. PACES 60 THH()(JCH 6J INClUSl',f', PUBUC HECOROS OF POU< COUNTY, /7.0R/OA, BDNC LOTS I THR()(JCH 10 OF BLOCK 4, ALSO LOTS I THR()(JCH 10 OF BLOCK 5. TOCETHER IHTH ADJACENT RIGHT-OF-WAYS, TERRACE PARK St/80/lifSION, AS PER PLAT THEREOF RECOROEO IN PLAT BOOK 12. PACE J!}. PUBUC R£COROS OF POU< COUNTY, fl.ORIOA ALSO TRACT 22, REPLAT OF PRINCE ORANCE JIANOR, ACCORO/NC TO TM[ /.IAP OR PLAT TM[R[OF AS RECORDED IN PLAT BOOK 29. PACE' 9. PUBUC R£COROS OF POI.K COUNTY, flORIOA, LESS TH£ APPAR£NT RIGHT-OF-WAY OF HORS£ SHOE CHEEK ROAD, ANO LOTS 1 THR()(JCH 6, ANO THE EAST J5 F££T OF LOIS 7 THROUGH 12, BLOCK 18; All OF BLOCK 19. LOT 1 LESS TH£ S()(JTH §0 fffT; LOT 2, LESS TH£ SOUTH §0 FEET OF TH£ H£ST 15 FEET; ALL OF LOTS J THR()(JCH 26. ANO TH£ EAST J5 FEET OF LOT 21. ALL IN BLOCK 20, PRINCE ORANCE AIANOR, ACCORD/NC ro ll/E PLAT THEREOF, AS RE'COROEO IN PLAT BOOK 21 PACE 19, PUBUC RECOROS OF POU< COUNTY. FLORIDA. B£/NC 0£SCHIB£0 AS FOlJ.OWS:

8£CtN AT TH£ SOOTHEAST CORN£R OF TH£ NOHTHEAST 0//AHTER OF SAIO SECTION ff; THENCE RUN SOUTH 89°29'19• Hf°ST, AlONC TH£ SOUTH UN£ OF THE NORTHEAST Qi/ARTER OF SAIO SECTION 11, A DISTANCE OF 2648.88 FEET TO TH£ S()(JTH>EST CORNER OF 111£ NORTHEAST Qi/ARTER OF SAID SECTION ff; THENCE RUN NORTH OO'VS'.11" HE"ST, ALONC THE Hf"ST UN£ OF THE NORTHEAST OUARTl:R OF SA/0 SECTION ff, A DISTANCE OF 15.00 FEET TO A POINT L't/NC ON TH£ EASTERLY EXTENSION
OF TH£ S()(JTH UN£ OF TRACT 25 OF SAID PLAT OF MAP OF FLORIDA �lOPAIENT CO. TRACT; THENCE RUN SOI/TH
89'.JO'.JO' llf:ST. ALONC TH£ SOOTH UN£ OF SA/0 TRACT 25 ANO TRACT 26 ANO THE HCSTERLY EXTENSION THEREOF. 968.J1 FEET TO A POfNT L'r1NC ON TH£ CENTERl/NE OF £HI£ A�NU£, AS SHOHN ON THE PLAT OF TERRACE PARK. ACCORD/NC TO TM[ PLAT THEREOF". AS RlCORO£D IN PLAT BOOK 12. PACE Jg or SAIO PUBLIC RECORDS. THENCE RUN	NORTH OO'Ofi'.]4• >EST. ALONC TH£ CENTERUN£ OF ER/£ Al£NU£ 647.0f FEET TO A POINT LYINC ON THE SOUTH LIN£ OF TRACT 22 OF SA/0 l,IAP OF Fl.OlifOA OOFJ.OP1,1£NT ca TRACT; THENCE RUN AlONC THE SOUTH, HfST, NORTH ANO EAST LINES OF SAID TRACT 22, TH£ FOLLOIHNC f()(JR (4) COURSES: SWTH 89°J1'21' HEST, 22.99 FEET,· THENCE RUN NORTH 00'07'07' H£'ST,
662.05 FllT; THENCE RUN NORTH 89'.J2'12• EAST. 4JC.61 FEET; THENCE' RUN NORTH 00'06'.J1• HfST. 601.94 FEET; THENCE' RUN SOUTH 89".JJ'u• HCST, 75.00 IT!T TO A POINT L'r1NC ON TH£ llf'ST LINE OF LOT 1, BLOCK 20 OF SAID PLAT OF PRINCE ORANGE MANOR: THENCE RUN NORTH OO'V6'J4• Hf"ST, ALONG SAIO M:ST LINE OF LOT 1, A DISTANCE OF 60.00 FEET ro A PCfNT L'r1NC ON TH£ NORllf LIN£ OF SAIO BLOCK 20. PRINCE ORANCE /.IANOR,· THE.NC£ HUN ALONG THE NORTH ANO EAST l/NES OF SAIO BLOCK 20, THE FOUOIHNC ntt1 (2) COURSES,· NORTH 89".J.J'o4• EAST. 636.40 FEET;	THENCE RUN SOI/TH OO"OS'.J1• EAST. 661.81 FEET TO TH£ NORTHtf!ST CORNER OF THE SOUTH HALF OF TH£ NORTHEAST QUARTER OF SAID SECllON ff; TH£NC£ RUN NORTH 89°J6'45• EAST, ALONC TH£ NORTH UN£ or TH£ SOUTH HALF or TH£ NORTHEAST OlJARTER OF SAIO SECTION fl, A DISTANCE OF 1J28.17 FEET ro THE SO/JTHHfST CORNER OF TH£ NORTHEAST Qi/ARTER OF TH£ NORTHEAST Qi/ARTER OF SAIO SECllON II; TMENCE RUN NORTH 00"04'/s• £AST, ALONC TH£ IICST LIN£ or TH£ NORTHEAST ()(JARlfR OF THE NORTHEAST QUARTER OF SAID SECTION II, A DISTANCE OF 1290.77 FEET TO A POINT LYINC ON THE: APPARENT SOUTH RICHT-Of'-WAY UN£ OF HORSE SHOE CR££]( ROAO; THENCE' DEPART/NC SA/0 11£ST UN£. RUN ALONC SAJO APPARENT SOUTH RIGHT-OF-WAY LIN£, TH£ FOI.LOiHNC llfRff (J) COURSE� NORTH 89"44'10• EAST, ffJl.46 fffT,· TH£NCE RLIN NORTH 00"15'50• tf!ST, 15.00 FEET,· THENCE RLIN NORTH 89"-14'10• EAST, 200.50 fffT TO A POINT l'rJNC ON TH£ EAST
£IN£ OF THE NORTHE'AST QUARTER OF SAIO SECTION If;  THENCE' RUN S()(JTH 00"14'04' HfST, AlONC SAIO EAST LINE. 1J02.9J FrrT ro THI= NORTH/1£ST CORNER OF THI= NORTH/EST Qi/ARTf'R OF TH£ SO//TH�ST OUART'f'R OF ll/£ NORTHHl:ST 0/JARTER OF SAIO SECTION 12; THENCE HUN AlONC TH£ NORTH, EAST ANO SWTH LIN£ OF TH£ NORTHl'tf'ST OUARTER OF THC.-cc SOUTH'IEST Qi/ARTER OF THE NORIHHEST OUARTER OF SAID SECTION 12, THE FOI.LOlttNC THREE (J) C()(JRSES: NORTH
89"45'25' £AST, 629.75 F'££T;	THENCE RLIN SOUTH 00"16'!8• HEST, 656.57 FEET,· THENCE RUN SOUTH 89'.J2'54' H£'ST; J29.67 FEET ro TH£ NORTHEAST CORNER OF TRACT J2 OF SAID /.IAP OF FLORIDA OEmOP/.IENT CO. TRACT; THENCE RUN SOUTH 00"15'/f• '/EST, AlONC TH£ £AST UN£ OF SAID TRACT J2, A DISTANCE OF 642.77 FEET TO THE SOUTHEAST CORNER OF SAIO TRACT J2; TMENCE RUN SOUTH 89°20'22• HEST, AlONC THE SOUTH UN£ OF SAIO TRACT J2 ANO THE /ltCSTERlY EXT£NS!ON THEREOF, A 0/STANCE OF 329.48 FEET TO A PCfNT L'rJNC ON AFORESAID £AST LINE OF TH£ NORTHEAST OlJARTf'R OF SAIO SECTION 12,· THENCE RUN SWTH 00"14'04' Hf'ST, AlONC TH£ EAST UN£ OF SAIO NORTHEAST QUARTER, A DISTANCE' OF 15.00 rtIT ro THE PCfNT OF BECINNINC.

TM£ ABOl-f: 0£SCRl8El) TRACT OF LANO, UES IN POU< C(}(JNTY. flORIOA ANO CONTAINS 172.768 ACR£S MORE OR LESS.

TOGETHER WITH THE FOLLOWING

Lc(;AJ. 0£SCRIP110N NORTH PARCEi. PO

A TRACT OF LANO, 8£1NG TH£ SOUTHHE"ST ()(JARTtR OF TH£ NORTHltf'ST OUARTtR, TH£ NORTHEAST ()(JARTFI? OF TH£ SOUTHHE"ST ()(/ARTER, ANO TH£ SOUTH£AST ()(JARTF:R OF S£C110N 1, T'OltNSHIP 27 SOUTH, RANCE 27 £AST, POI.K COlJNTY, fl.ORIOA, TRACTS 7, � 9, 10, 2J, 24 ANO A PORTlON OF TT?ACTS 25, 26 ANO 27, L'rTNC IN TH£ SOUTH£AST ()(JARTF:fl OF TH£ SECllON 2, TO/tNSHIP 27 SOI/TH, RANCE 27 EAST, TT?ACTS I THROVCH 4, 15 THR()(JCH 17, THE NORTH HALF OF TRACT 18 ANO PORT!CW OF TRACT J2, l'r1NG IN TH£ SOUTHEAST ()(JARTER OF SECTlCW 2. 70/WSHIP 21 SOUTH, RANQ.. 27 EAST OF MAP OF FLORIDA OEVfl.OPJ.IENT CO. TRACT, ACCOROING TO THE PLAT THEREOf" RECOR0£0 IN PLAT BOOK J. PACES 60 THROi/GH 6:J. PUBUC RECORDS OF POt.K COUNTY, FLORIOA, OESCH/8£0 AS FOLLOWS:

BEGIN AT TH£ lffST OU.ARTER CORNER OF SECT!CW I, 70/WSHIP 27 SOUTH, RANGE 27 EAST,· THENCE RUN ALCWG THE lffST, NORTH ANO £AST UNES Of' TH£ SOUTHl+E'ST ()(JARTER OF TH£ NORTHl+E'ST ()(JAR!ER OF SAID SECTION I, TH£ FOt.lOHfNG THREE (J) COlJRSES; NORTH 00"58'28' HE'ST. W0.79 FEET: THENCE RUN NORTH 89"50'09' EAST, IJ20.77 Fffl,• THENCE RUN SOUTH 00•41'06' £AST, IJIJ.07 FrrT TO TH£ NORTHHEST CORNER OF TH£ NORTHEAST OUARTFI? OF TH£ SOlJTH'KST
Ot/AR!fR OF SA/0 SECTlON I; THENCE RUN NORTH 89'56'19' £AST, ALONG THE NORTH UN£ OF THE NORTHEAST OUARTER OF THE SOi/THl+f:ST OUARTFR OF SAIO SECTlON I, A DISTANCE Of' W4.17 lffT TO THE NORTHHBT CORNER Of' THE SOi/TH£AST
Ot/ART£R OF SAID SECTION I, SAID POINT ALSO 0£1NG TH£ NORTHHE"ST CORNER OF TH£ PLAT OF FOR£ST HILLS UNIT ON£, ACCOROING ro TH£ PUT THEREOF R£COR0£0 IN PlAT BOOK 25, PAC£ 27, OF SAID PUBllC R£C(Y?()S; THENCE RUN NORTH
89'57'16" £AST, ALONG THE NORTH UN£ OF TH£ SOUTHEAST ()(JARTER OF SAIO SECTlON 1, A DISTANCE OF 26JO.JO FEET TO THE NORTHEAST CORNER OF SAID S()(JTH£AST ()(JARTER,· THENCE RUN SOlJTH 00-,8'20' EAST, ALONG THE EAST LINE OF SAID SOUTHEAST OUARTER, A OISTANCE OF 2641.25 FEET TO THE SOUTHEAST CCWNER OF THE SOUTHEAST OUARTER OF SAIO SECTlON 1; THENCE RUN NORTH 89'51'12" lffST. ALONG THE SOi/TH UN£ OF SA/0 SOUTHEAST ()(JARTER, A DISTANCE OF 2589.48 ffET TO TH£ S()(JTHHCST CORNER OF SAIO SOUTHEAST ()(JARTER; THENCE RUN NORTH 01-,1'42" Hf"ST, ALONG THE HE'ST LINE OF SA/0 SOlJTHEAST ()(JARTER. A OISTANCE OF IJl6.5J FEET TO THE S()(JTHEAST CCWNER OF THE NORTHEAST ()(JARTER OF TH£ SOUTHHE'ST QUARTER OF SAID SECTlON I; THENCE RUN NORTH 89"56'J7" HBT. ALONG TH£ SOUTH £IN£ OF SAID NORTHEAST QUARTFR OF TH£ SOUTHHE'ST OUARTER, A DISTANCE OF 1J17.66 FEIT TO THE SOlJTHl+C'ST CORNER Of' TH£ NORHEAST OUARTER OF TH£ SOUTHM:ST ()(JART£R OF SA/0 SECTlON 1; THENCE RUN NORTH 01't)2'42' l+EST, ALONG TH£ HBT
LIN£ OF SAID NORTHEAST (}(JARTER OF THE SOUTHHfST OUARTER, A DISTANCE OF 664.JB FEIT TO THE SOUTHEAST CORNER OF SA/0 TRACT 4; TH£NC£ RUN S()(JTH 99•40•02• HE'ST. AlONG TH, SOUTH LIN£ OF TRACTS 4 AND J. A OISTANC£ OF 657.89 f'EET TO TH£ NORTHEAST CORNER Of' TRACT 15 OF SAID MAP OF FLORIDA D£YE'l.Ol'AlfNT CO. TRACT; THt:NCE RUN SOUTH 00'58'12' EAST. ALONG TH£ £AST l/NE OF TRACTS 15 AND 18, A OISTANCE OF 995.49 FEET TO A POINT LYING ON THE
SOf.lTH LINE OF THE NORTH HALF OF SA/0 TRACT 18; THENCE D£PAR7lNG SA/0 EAST LINE. RUN NORTH 89'54'52' HfST. ALON(; THE SOUTH LINE OF THE NORTH HALF OF SAID TRACT 18, A OISTANCE OF .129.64 FEET TO A PC¥NT LYING ON TH£ EAST UN£ OF TRACT 17, THENCE RUN SOUTH 00'55'561 EAST, ALONG THE £AST l/NE OF TRACTS 17 ANO J2 OF SAIO A/AP OF FLORIDA D£ITT.Ol'IIENT CO. TRACT. 956.26 FEET TO A POINT l'r1NG ON THE APPARENT NORTH RICHT OF WAY UN£ OF HORSE SHO€ CRll"K ROAO,· THE:NCE RUN ALONG SAID APPARENT NORTH R/t;HT-Ol'-WAY LINE. THE FOUOl+ING SIX (6) CO/JRSES: NORTH 89"-19'.J(;' Hf"ST, 41.60 FEET; THENCE RUN SOUTH 89'.18'02' Hf"ST, 100.00 f'EfJ;· THENCE RUN	NORTH 99•49'.]61 HCST. 100.00 FEET; TH£NC£ RUN SOUTH 88"52'.J(;" IIEST. 88.J7 Fff7: THENCE RUN NORTH 02'0J'50' HfST. 1.J.01
f'EET.• THENC£ RUN SOUTH 99•44'10• HEST. 17.J.97 ffET TO A POINT l'r1NG ON THE £AST LINE Of' THE #!"ST HALF OF TRACT 25 OF SAID MAP OF fl.OR/DA 0£'r1i1.0Pl,f£NT CO. TRACT,· THENCE NPARTlN(; SA/0 NORTH RIGHT-OF-WAY UN/i, RUN NORTH
00"51'J5" HEST; ALCWG SA/0 £AST l/NE. 195.0/ FEET: THENCC RUN SOUTH 99•44•10" HEST. 158.85 FEET TO A POINT L'rTNG ON THE Hf"ST LINE OF SAID TRACT 25; THENCE RUN SOUTH 00•49';9• EAST, ALONG SAIO HfST UN£ Of' TRACT 25, A OISTANCE OF 195.01 FUT TO A PC¥NT l'r1NG ON AFORE:SA/0 APPARENT NORTH RICHT-OF-WAY LIN£ OF HORS£ SHOl: CRm< ROAO; THENCE RUN SOOTH 99•44•10" HEST. ALONG SAID APPARENT NORTH RIGHT-OF-WAY LINE, 176.61 f'EET; THENCE OEPARllNG SAID APPARENT NORTH RIGHT-OF-WAY UN£. RUN NORTH 0.1'25'081 HfST, .JJ6.46 f'£ET; THENCE RUN NORTH 79'5J'11' HfST. 275.6J FEIT TO A POINT L'rfN(; ON THE HfST UN£ OF TH£ £AST 1.10.00 FffT Of' TRACT 27 OF SAIO UAP OF FLORIOA Ofl£LOPAIENT CO. TRACT.• THENCE RUN NORTH 00•45'17• lff"ST, ALONG SA/0 HEST UN£, 24o.OO FEIT TO A POINT LYING CW THE NORTH l/NE OF SAID TRACT 27,· THENCC RUN NORTH 99•44'44" £AST. ALONG SAIO NORTH l/NE OF TRACT 27, A DISTANCE OF 1.J0.00 FffT TO TH£ SOUTHHEST CORNER OF SAIO TRACT 23,· THENCE RUN NORTH 00•45•17• lffST. ALONG THE l+E'ST LIN£ OF TRACTS 23. 10 ANO 7, A DISTANCE OF 1951.71 f'EET TO TH£ NORTHl+E'ST CORNER OF SA/0 TRACT 7,· THENCE RUN NORTH 89.46'27' £AST, ALONG THE NORTH UN£ OF TRACTS J AND 8, A DISTANCE OF 659.60 FffT; THENCE RUN NORTH 00'5J'40" HfS7; 15.00 FEET TO THE PCKNT OF BECINNING.

THE ABO�OESC/?18£0 TRACT OF LANO l/£S IN POLK CO/JNTY, FlOR/OA ANO <XWTAINS J17.400 ACRES MORE OR LESS.

FOR A TOTAL OF 490.168 ACRES, MORE OR LESS

Section VI

HORSESHOE CREEK COMMUNITY DEVELOPMENT DISTRICT
CITY OF DAVENPORT, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

HORSESHOE CREEK COMMUNITY DEVELOPMENT DISTRICT CITY OF DAVENPORT, FLORIDA

TABLE OF CONTENTS

	Page	
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-5	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	6	
Statement of Activities	7	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	8	
Reconciliation of the Balance Sheet – Governmental Funds		
to the Statement of Net Position	9	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
10	
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities	
11	
Notes to Financial Statements	12-17	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual – General Fund	
18	
Notes to Required Supplementary Information	19	
OTHER INFORMATION		
Data Elements required by FL Statute 218.39 (3) (c)	20	
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

21-22	
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	

23	
MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
24-25	

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
Horseshoe Creek Community Development District City of Davenport, Florida

1001 Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and each major fund of Horseshoe Creek Community Development District, City of Davenport, Florida (“District”) as of and for the fiscal year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2025, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
The District’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 12, 2026, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

June 12, 2026

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Horseshoe Creek Community Development District, City of Davenport, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2025. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

The District was established pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes and created by Ordinance No. 1274 of the City of Davenport, Florida enacted on June 3, 2024, and no audit was required for the prior period. As a result, the balances as of and for the period from inception June 3, 2024, through September 30, 2024, are for less than a twelve-month period and are unaudited.

FINANCIAL HIGHLIGHTS

The liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a net position deficit balance of ($197).

The change in the District’s total net position in comparison with the prior fiscal year was ($17,758), a decrease. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2025, the District’s governmental funds reported combined ending fund balances of
$13,306, a decrease of ($4,255) in comparison with the prior fiscal year. The total fund balance is unassigned which is available for spending at the District’s discretion.
OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-Wide Financial Statements

The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.
The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

The government-wide financial statements include all governmental activities that are principally supported by Developer contributions. The District does not have any business-type activities. The governmental activities of the District include the general government (administrative) function.

Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental fund.

OVERVIEW OF FINANCIAL STATEMENTS (Continued)

Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains two governmental funds for external reporting. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund and capital projects fund, both of which are considered major funds.

The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget.

Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, liabilities exceeded assets at the close of the fiscal year.

Key components of the District’s net position are reflected in the following table:
NET POSITION SEPTEMBER 30,
2024
	2025	(Unaudited)	
Current and other assets	$	34,141	$	40,447	
Total assets	34,141	40,447	
Current liabilities	20,835	22,886	
Long-term liabilities	13,503	-	
Total liabilities	34,338	22,886	
Net position	
Unrestricted	(197)	17,561	
Total net position	$	(197)	$	17,561	

The District’s net position decreased during the most recent fiscal year. The majority of the decrease represents the extent to which the cost of operations exceeded ongoing program revenues.

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

Key elements of the change in net position are reflected in the following table:

CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,

Revenues:	
2025	2024*
(Unaudited)	
Program revenues
Operating grants and contributions	
$	38,208	
$	40,447	
Total revenues	38,208	40,447	
Expenses:	
General government	42,463	22,886	
Bond issuance costs	13,503	-	
Total expenses	55,966	22,886	
Change in net position	(17,758)	17,561	
Net position - beginning	17,561	-	
Net position - ending	$	(197)	$	17,561	
*For the period from inception June 3, 2024 through September 30, 2024

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025, was $55,966. The costs of the District’s activities were funded by program revenues which were comprised of Developer contributions. In total, expenses increased from the prior period as a result of bond validation costs and an increase in professional services expenses in the current year.

GENERAL BUDGETING HIGHLIGHTS
An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS

Subsequent to fiscal year end, the District issued $8,160,000 of Series 2026 Bonds, consisting of multiple term bonds with due dates ranging from May 1, 2030 - May 1, 2056 and fixed interest rates ranging from 4% to 5.75%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District.
CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

If you have questions about this report or need additional financial information, contact the Horseshoe Creek Community Development District’s Finance Department at 219 E. Livingston Street, Orlando, FL 32801.

HORSESHOE CREEK COMMUNITY DEVELOPMENT DISTRICT CITY OF DAVENPORT, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2025

	Governmental
	Activities		
ASSETS		
Cash	$	23,932	
Due from Developer		10,209 	
Total assets		34,141 	
LIABILITIES		
Accounts payable	15,535	
Unearned revenue	5,300	
Non-current liabilities:		
Developer advances		13,503 	
Total liabilities		34,338 	
NET POSITION		
Unrestricted		(197) 	
Total net position	 $	(197) 	

See notes to the financial statements

HORSESHOE CREEK COMMUNITY DEVELOPMENT DISTRICT CITY OF DAVENPORT, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net (Expense) Revenue and Changes in Net
  Program	Position  Operating
Grants and	Governmental
Functions/Programs		Expenses	Contributions	Activities	 Primary government:
Governmental activities:

General government

$	42,463	$

38,208	$

(4,255)

Bond issuance costs		13,503		-	(13,503)  Total governmental activities		55,966	38,208	(17,758) 

Change in net position	(17,758)	
Net position - beginning		17,561 	
Net position - ending	 $	(197) 	

See notes to the financial statements

7

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

	Major Funds	
Capital

Total Governmental

	General	Projects	Funds	
ASSETS
Cash	
$	23,932	
$	-	
$	23,932	
Due from Developer	3,159	7,050	10,209	
Total assets	$	27,091	$	7,050	$	34,141	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	8,485	$	7,050	$	15,535	
Unearned revenue	5,300	-	5,300	
Total liabilities	13,785	7,050	20,835	

Fund balances: Unassigned		

13,306		

-		

13,306	
Total fund balances		13,306		-		13,306	

Total liabilities and fund balances	
$	
27,091	
$	
7,050	
$	
34,141	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

Fund balance - governmental funds	$ Amounts reported for governmental activities in the statement of
net position are different because:
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.

13,306

Developer advances		(13,503) 
Net position of governmental activities	 $	(197) 

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

	Major Funds	
Capital

Total Governmental

REVENUES

General

Projects

Funds

Developer contributions	$	38,208	$	-	$	38,208	
Total revenues	38,208	-	38,208	
EXPENDITURES
Current:
General government	42,463	-	42,463 Debt service:
Bond issuance costs	-	13,503	13,503	
Total expenditures	42,463	13,503	55,966	

Excess (deficiency) of revenues over (under) expenditures	

(4,255)	

(13,503)	

(17,758)	

OTHER FINANCING SOURCES (USES)
Developer advances	-	13,503	13,503	
Total other financing sources	-	13,503	13,503	

Net change in fund balances	
(4,255)	
-	
(4,255)	

Fund balances - beginning	
17,561	
-	17,561	

Fund balances - ending	
$	13,306	
$	-	$	13,306	

See notes to the financial statements

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net change in fund balances - total governmental funds	$ Amounts reported for governmental activities in the statement
of activities are different because:
Governmental funds report Developer advances as financial resources, whereas these amounts are eliminated in the statement of activities and recognized as long-term liabilities in the statement of net

(4,255)

position.		(13,503) 

Change in net position of governmental activities	 $	(17,758) 

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

Horseshoe Creek Community Development District ("District") was enacted on June 3, 2024, by Ordinance No. 1274 of the City of Davenport, Florida, pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.
The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected by the owners of the property within the District. The Board exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes. At September 30, 2025, three of the Board members are affiliated with TLC Reedy Isle, LLC (“Developer”).

The Board has the responsibility for:
Allocating and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing improvements.

The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District Board of Supervisors is considered to be financially accountable, and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment. Operating-type special assessments for maintenance and debt service are treated as charges for services; and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.

Assessments
Assessments are non-ad valorem assessments on benefited property within the District. Operating and maintenance assessments are based upon the adopted budget and levied annually at a public hearing of the District. Debt service assessments are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the uniform method of collection under Florida Statutes. Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by the County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the debt service assessments on their property subject to various provisions in the Bond documents.

Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

The District reports the following major governmental funds:

General Fund
The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.
Capital Projects Fund
This fund accounts for the financial resources to be used for the acquisition or construction of major infrastructure within the District.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.

When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.
Assets, Liabilities and Net Position or Equity

Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.

Deposits and Investments
The District’s cash and cash equivalents are considered to be cash on hand and demand deposits (interest and non-interest bearing).

Deposits and Investments (Continued)

The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:

The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due. In addition, surplus funds may be deposited into certificates of deposit which are insured and any unspent Bond proceeds are required to be held in investments as specified in the Bond Indenture.
The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.

Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.

Capital Assets
Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the governmental activities’ columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets’ lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.

Long-Term Obligations
In the government-wide financial statements long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred.

In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.
In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.
Fund Equity/Net Position
In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.
The District can establish limitations on the use of fund balance as follows:

Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.
Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.
Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements is categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

Other Disclosures

Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for all governmental funds. All annual appropriations lapse at fiscal year-end.
The District follows these procedures in establishing the budgetary data reflected in the financial statements.
Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
Public hearing(s) are conducted to obtain comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board, unless otherwise delegated by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.

NOTE 4 – DEPOSITS

The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.
NOTE 5 – CAPITAL ASSETS

The infrastructure intended to serve the District has been estimated at a total cost of approximately $74.8 million. A portion of the project costs is expected to be financed with the proceeds from the issuance of Bonds with the remainder to be funded by the Developer and conveyed to the District. Upon completion, certain improvements are to be conveyed to others for ownership and maintenance responsibilities.

NOTE 6 – DEVELOPER TRANSACTIONS

The Developer has agreed to fund the general operations of the District. In connection with that agreement, Developer contributions to the general fund were $38,208, which includes a receivable of $3,159 as of September 30, 2025. In addition, the Developer owes the District $7,050 to pay for bond validation expenses that is recorded as a receivable of the capital projects fund as of September 30, 2025.

In addition, the Developer advanced the District $13,503 in order to fund bond validation expenses which would be reimbursed to the Developer upon issuance of the Bonds. If Bonds are not issued within 5 years, then the advance will be considered a Developer contribution. The Bonds have not been issued as of September 30, 2025. Changes in long-term liabilities associated with Developer transactions during the fiscal year ended September 30, 2025, are reflected in the table below:

Direct borrowing:

Beginning Balance

Additions	Reductions

Ending Balance

Developer advances	$	-	$	13,503	$	-	$	13,503	
Total	$	-	$	13,503	$	-	$	13,503	

NOTE 7 – CONCENTRATION

The District’s activity is dependent upon the continued involvement of the Developer, the loss of which could have a material adverse effect on the District’s operations.
NOTE 8 – MANAGEMENT COMPANY

The District has contracted with a management company to perform management advisory services, which include financial and accounting services. Certain employees of the management company also serve as officers of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, computer and other administrative costs.
NOTE 9 – RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims since inception of the District.
NOTE 10 – SUBSEQUENT EVENTS
Bond Issuance
Subsequent to fiscal year end, the District issued $8,160,000 of Series 2026 Bonds, consisting of multiple term bonds with due dates ranging from May 1, 2030 - May 1, 2056 and fixed interest rates ranging from 4% to 5.75%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

	
Budgeted
	Amounts	 Original & Final	

Actual Amounts	Variance with Final Budget - Positive
(Negative)	
REVENUES
Developer contributions	
$	124,678	
$	38,208	
$	(86,470)	
Total revenues	124,678	38,208	(86,470)	

EXPENDITURES
Current:
General government	124,678	42,463	82,215	
Total expenditures	124,678	42,463	82,215	

Excess (deficiency) of revenues over (under) expenditures	

 $	-		

(4,255)  $	(4,255) 	
Fund balance - beginning			17,561 	
Fund balance - ending		 $	13,306 	

See notes to required supplementary information

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 UNAUDITED

Element	Comments
Number of District employees compensated in the last pay period of the District’s fiscal year being reported.	
0	

Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported.	

8	
Employee compensation	$1,400	
Independent contractor compensation	$42,462	
Construction projects to begin on or after October 1; (>$65K)	Not applicable	

Budget variance report	See the Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund	
Ad Valorem taxes;	Not applicable	
Non-ad valorem special assessments; Special assessment rate	
Operations and maintenance - N/A Debt service - N/A	
Special assessments collected	Not applicable	
Outstanding Bonds:	Not applicable	

1001 Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Board of Supervisors
Horseshoe Creek Community Development District City of Davenport, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of Horseshoe Creek Community Development District, City of Davenport, Florida (“District”) as of and for the fiscal year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated June 12, 2026.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

June 12, 2026

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors
Horseshoe Creek Community Development District City of Davenport, Florida
We have examined Horseshoe Creek Community Development District, City of Davenport, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025. Management is responsible for the District’s compliance with those requirements. Our responsibility is to express an opinion on District’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.
In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2025.
This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Board of Supervisors of Horseshoe Creek Community Development District, City of Davenport, Florida and is not intended to be and should not be used by anyone other than these specified parties.

June 12, 2026

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Horseshoe Creek Community Development District City of Davenport, Florida
Report on the Financial Statements

We have audited the accompanying basic financial statements of Horseshoe Creek Community Development District, City of Davenport, Florida ("District") as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated June 12, 2026.
Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated June 12, 2026, should be considered in conjunction with this management letter.

Purpose of this Letter
The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:

Current year findings and recommendations.
Status of prior year findings and recommendations.
Compliance with the Provisions of the Auditor General of the State of Florida.

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, as applicable, management, and the Board of Supervisors of Horseshoe Creek Community Development District, City of Davenport, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Horseshoe Creek Community Development District, City of Davenport, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

June 12, 2026

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

N/A. First year audit.
COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.
N/A. First year audit.

Any recommendations to improve the local governmental entity's financial management.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2025.
Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2025.

The name or official title and legal authority of the District are disclosed in the notes to the financial statements.
The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.

We applied financial condition assessment procedures, and no deteriorating financial conditions were noted as of September 30, 2025. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.
Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 20.

June 12, 2026

To the Board of Supervisors
Horseshoe Creek Community Development District City of Davenport, Florida

1001 Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

We have audited the financial statements of Horseshoe Creek Community Development District (“District”) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated June 12, 2026. Professional standards require that we advise you of the following matters relating to our audit.
We have also examined the District’s compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025 which was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.

Our Responsibility in Relation to the Financial Statement Audit

Our responsibility, as described by professional standards, is to form and express an opinion(s) about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities.

Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, as part of our audit, we considered the internal control of the District solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.

We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process.

However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.

Any findings regarding significant deficiencies or material weaknesses in internal control over financial reporting, material noncompliance, or other matters noted during our audit, if any, are communicated in separate reports included in the District’s financial report—titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida.

Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.

Compliance with All Ethics Requirements Regarding Independence

The engagement team, others in our firm, as appropriate, and our firm, have complied with all relevant ethical requirements regarding independence.
With respect to financial statement preparation, the following safeguards are in place:
Management made all decisions and performed all management functions;
A competent individual was assigned to oversee the services;
Management evaluated the adequacy of the services performed;
Management evaluated and accepted responsibility for the result of the service performed; and
Management established and maintained internal controls, including monitoring ongoing activities.
Qualitative Aspects of the Entity’s Significant Accounting Practices
Significant Accounting Policies

Management is responsible for selecting and applying appropriate accounting policies. A summary of the significant accounting policies adopted by the District is included in Note 2 to the financial statements. There were no new accounting policies adopted and no changes in existing significant accounting policies or their application during the fiscal year, other than those described in Note 2, if any. No matters came to our attention that, under professional standards, we are required to inform you about concerning (1) the methods used to account for significant unusual transactions or (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
Significant Accounting Estimates

Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s current judgments. Those judgments normally reflect management’s knowledge and experience about past and current events and assumptions about future events.

Certain accounting estimates, if present, may be particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them could differ markedly from management’s current judgments.

In connection with our audit, we considered the reasonableness of the accounting estimates used by management. The most sensitive accounting estimate(s) affecting the financial statements included, as applicable:

Management’s estimate of the useful lives of capital assets.
Management’s estimate of the liability for employee compensated absences.
Management’s estimate of the Net Other Post-Employment Benefits (OPEB) liability.
Management’s estimate of the Net Pension Liability.

If none of the above estimates or other sensitive estimates were applicable in the current year, this section should be read to indicate that no such significant accounting estimates were identified.

We evaluated the key factors and assumptions used by management to develop the estimate(s) and determined that they were reasonable in relation to the financial statements taken as a whole.

Financial Statement Disclosures

Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to financial statement users. The most sensitive disclosures affecting the District’s financial statements included, as applicable:

Long-term liabilities related to bonds payable and debt service requirements.
Litigation, claims, and assessments related to pending legal matters; and
Pension and Other Post-Employment Benefit (OPEB) plan disclosures.
If no such disclosures were identified for the current year, this section should be read to indicate that we did not note any financial statement disclosures involving significant judgment or sensitivity.

Circumstances Affecting the Auditor’s Report

Professional standards require us to communicate any circumstances that affect the form or content of our auditor’s report. If applicable, such circumstances—such as a modification of opinion, an emphasis-of-matter or other-matter paragraph, or a reference to substantial doubt about the District’s ability to continue as a going concern—are described in our auditor’s report included in the District’s financial report. If no such circumstances existed, this section should be read to indicate that our report was unmodified.

Significant Difficulties Encountered during the Audit

We encountered no significant difficulties in dealing with management relating to the performance of the audit.
Corrected Misstatements

Professional standards require us to communicate all material misstatements identified and corrected during the audit. Management has corrected all misstatements that were identified as a result of our audit procedures. Any such audit adjustments, if applicable, are summarized in the accompanying schedule of journal entries. If none were identified, this section should be read to indicate that we did not note any misstatements that were material, individually or in the aggregate, to the financial statements taken as a whole.

Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the Districts’s financial statements or the auditor’s report. No such disagreements arose during the course of the audit.

Representations Requested from Management

Professional standards require that we obtain certain written representations from management as part of our audit. We have received such representations in a letter. A copy of this letter is available for your review upon request.

Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters.

Other Significant Matters, Findings, or Issues

In the normal course of our professional association with the District, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, significant events or transactions that occurred during the year, operating and regulatory conditions affecting the entity, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the District’s auditors.

As noted previously in this letter, any current-year findings identified during our audit are communicated in our separate reports titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida. If no findings were identified, this section should be read to indicate that we did not note any additional significant matters or findings requiring communication to those charged with governance.

This report is intended solely for the information and use of the Board of Supervisors and management of the District and is not intended to be and should not be used by anyone other than these specified parties.

Grau & Associates

Section VII

Section C

Section 1

Horseshoe Creek
Community Development District

Unaudited Financial Reporting
April 30, 2026

Table of Contents

	Balance Sheet

	General Fund

	Capital Projects Fund

	Month to Month

Combined Balance Sheet April 30, 2026

	General Fund		Capital Projects Fund	Totals Governmental Funds	
Assets:
Operating Account Due From Developer	

$
$	

20,640
-	

$
$	

-
-	

$	20,640
$	-	
Total Assets	$	20,640	$	-	$	20,640	
Liabilities:
Accounts Payable	

$	

9,297	

$	

-	

$	9,297	
Total Liabilites	$	9,297	$	-	$	9,297	

Fund Balance:
Unassigned	

$	

11,343	

$	

-	

$	11,343	
Total Fund Balances	$	11,343	$	-	$	11,343	

Total Liabilities & Fund Balance	$	20,640	$	-	$	20,640

General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending April 30, 2026

Adopted	Prorated Budget	Actual	
Budget	Thru 04/30/26	Thru 04/30/26	Variance	

Revenues:		
Developer Contributions	$	136,323	$	28,346	$	28,346	$	-	
Interest Income	$	-	$	-	$	100	$	100	
Total Revenues	$	136,323	$	28,346	$	28,446	$	100	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	12,000	$	7,000	$	400	$	6,600	
FICA Expenditures	$	918	$	536	$	31	$	505	
Engineering Fees	$	15,000	$	8,750	$	4,881	$	3,869	
Attorney Fees	$	25,000	$	14,583	$	2,747	$	11,836	
Annual Audit	$	5,000	$	5,000	$	2,800	$	2,200	
Management Fees	$	40,000	$	23,333	$	11,667	$	11,667	
Information Technology	$	1,800	$	1,050	$	1,050	$	-	
Website Maintenance	$	1,200	$	700	$	700	$	-	
Telephone	$	100	$	58	$	-	$	58	
Postage & Delivery	$	1,000	$	583	$	15	$	568	
Insurance	$	6,975	$	6,975	$	5,300	$	1,675	
Copies	$	1,000	$	583	$	-	$	583	
Legal Advertising	$	12,750	$	7,438	$	333	$	7,105	
Contingencies	$	2,500	$	1,458	$	312	$	1,146	
Office Supplies	$	300	$	175	$	1	$	174	
Travel Per Diem	$	605	$	353	$	-	$	353	
Dues,Licenses & Fees	$	175	$	175	$	175	$	-	
Total General & Administrative:	$	126,323	$	78,751	$	30,410	$	48,341	

Operation and Maintenance					
Field Expenses
Streetlights	

$	-	

$	-	

$	-	

$	-	
Contingency	$	10,000	$	5,833	$	-	$	5,833	
Total O&M Expenses:	$	10,000	$	5,833	$	-	$	5,833	
					
Total Expenditures	$	136,323	$	84,584	$	30,410	$	54,174	

Excess Revenues (Expenditures)	$	-	$	(1,964)	
		
Fund Balance - Beginning	$	-	$	13,307	
		
Fund Balance - Ending	$	-	$	11,343	

Capital Projects Fund - Series 2018
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending April 30, 2026

Adopted	Prorated Budget	Actual	
Budget	Thru 04/30/26	Thru 04/30/26	Variance	

Revenues:

Developer Advances	

$	

-	$	

-	$	574	

$	574	
Total Revenues	$	-	$	-	$	574	$	574	

Expenditures:

Capital Outlay	

$	

-	$	

-	$	574	

$	(574)	
Total Expenditures	$	-	$	-	$	574	$	(574)	
					
Excess Revenues (Expenditures)	$	-	$	-		
					
Fund Balance - Beginning	$	-	$	-		
					
Fund Balance - Ending	$	-	$	-		

Horseshoe Creek
Community Development District Month to Month

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

Revenues:

Developer Contributions Interest Income

$	7,393  $
$	-  $

1,921  $
-  $

2,022  $
0  $

5,343  $
16  $

4,011  $
26  $

2,481  $
31  $

5,175  $
27  $

-  $	-  $
-  $	-  $

-  $	-  $
-  $	-  $

-  $	28,346
-  $	100

Total Revenues	$	7,393  $	1,921  $	2,022  $	5,359  $	4,037  $	2,513  $	5,202  $	-  $	-  $	-  $	-  $	-  $	28,446

Expenditures:

General & Administrative:

Supervisor Fees FICA Expenditures Engineering Fees Attorney Fees Annual Audit Management Fees
Information Technology Website Maintenance Telephone
Postage & Delivery Insurance
Copies
Legal Advertising Contingencies Office Supplies Travel Per Diem
Dues,Licenses & Fees

$	-  $
$	-  $
$	-  $
$	102  $
$	-  $
$	1,667  $
$	150  $
$	100  $
$	-  $
$	1  $
$	5,300  $
$	-  $
$	-  $
$	49  $
$	0  $
$	-  $
$	175  $

-  $
-  $
-  $
252  $
-  $
1,667  $
150  $
100  $
-  $
4  $
-  $
-  $
-  $
51  $
0  $
-  $
-  $

-  $
-  $
375  $
478  $
-  $
1,667  $
150  $
100  $
-  $
3  $
-  $
-  $
-  $
54  $
0  $
-  $
-  $

-  $
-  $
-  $
1,280  $
2,800  $
1,667  $
150  $
100  $
-  $
-  $
-  $
-  $
333  $
40  $
-  $
-  $
-  $

-  $
-  $
563  $
252  $
-  $
1,667  $
150  $
100  $
-  $
4  $
-  $
-  $
-  $
39  $
0  $
-  $
-  $

-  $
-  $
3,006  $
384  $
-  $
1,667  $
150  $
100  $
-  $
2  $
-  $
-  $
-  $
39  $
0  $
-  $
-  $

400  $
31  $
938  $
-  $
-  $
1,667  $
150  $
100  $
-  $
1  $
-  $
-  $
-  $
39  $
0  $
-  $
-  $

-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $

-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $

-  $	400
-  $	31
-  $	4,881
-  $	2,747
-  $	2,800
-  $	11,667
-  $	1,050
-  $	700
-  $	-
-  $	15
-  $	5,300
-  $	-
-  $	333
-  $	312
-  $	1
-  $	-
-  $	175

Total General & Administrative:	$	7,544  $	2,224  $	2,827  $	6,370  $	2,774  $	5,347  $	3,325  $	-  $	-  $	-  $	-  $	-  $	30,410

Operation and Maintenance

Field Expenses Streetlights Contingency

$
$
Subtotal $

-  $	-  $
-  $	-  $
-  $	-  $

-  $	-  $	-  $	-  $
-  $	-  $	-  $	-  $
-  $	-  $	-  $	-  $

-  $	-  $	-  $
-  $	-  $	-  $
-  $	-  $	-  $

-  $	-  $
-  $	-  $
-  $	-  $

-  $	-
-  $	-
-  $	-

Total O&M Expenses:	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-

Total Expenditures	$	7,544  $	2,224  $	2,827  $	6,370  $	2,774  $	5,347  $	3,325  $	-  $	-  $	-  $	-  $	-  $	30,410

Excess Revenues (Expenditures)	$	(151)  $	(303)  $	(805)  $	(1,011)  $	1,262  $	(2,835)  $	1,877  $	-  $	-  $	-  $	-  $	-  $	(1,964)

Section 2

Horseshoe Creek
Community Development District

Funding Request # 26
June 5, 2026

Bill to:	Hanover
General Fund
Payee	FY2026

GAI Consultants
Invoice # 2237893 - Engineer Services May 2026	$

1,687.50

Duke Energy
Invoice # F0000001937 - Streeelights for June 2026	$

2,607.03

$	4,294.53

TOTAL  $	4,294.53 

Please make check payable to:

Horseshoe Creek Community Development District
6200 Lee Vista Blvd, Suite 300
Orlando, FL 32822

George Flint
Horseshoe Creek Community Development District c/o Governmental Management Services - Central FL 219 E Livingston St
Orlando, FL 32801

June 03, 2026
Project No:	R241045.00
Invoice No:	2237893

Project	R241045.00	Horseshoe Creek CDD - GMS
Professional Services from April 26, 2026 to May 23, 2026
Task	003	2026 General Services
Professional Personnel
Hours	Rate	Amount
Principal
Leo, Kathleen	4.50	375.00	1,687.50
Totals	4.50	1,687.50
Total Labor	1,687.50
Total this Task	$1,687.50

Total this Invoice	$1,687.50

Outstanding Invoices
Number	Date	Balance
2236608	5/8/2026	937.50
Total	937.50

Project

R241045.00	Horseshoe Creek CDD-GMS	Invoice

2237893

Billing Backup
GAI Consultants, Inc.

Invoice 2237893 Dated 6/3/2026

Wednesday, June 3, 2026
3:55:21 PM

Project	R241045.00		Horseshoe Creek CDD - GMS Task	003	2026 General Services
Professional Personnel
Hours	Rate	Amount
Principal		
04136	4/29/2026	.50	375.00	187.50	
	make new task for acquisition and transfer				
04136	4/30/2026	.50	375.00	187.50	
	acquisition				
04136	5/15/2026	.50	375.00	187.50	
	Acquisition info				
04136	5/19/2026	1.00	375.00	375.00	
	mtg prep				
04136	5/20/2026	1.00	375.00	375.00	
	mtg				
04136	5/21/2026	1.00	375.00	375.00	
correspondence with bond team on report/supplement
Totals	4.50	1,687.50
Total Labor	1,687.50
Total this Task	$1,687.50

Total this Project	$1,687.50

Total this Report	$1,687.50

Page 2

	INVOICE	Invoice: Invoice Date:
Page:	F0000001937
6/1/2026
1 of 1	
Bill to:	Horseshoe Creek CDD George Flint
219 E. Livingston Street Orlando FL 32801	Customer ID: PO / Contract No: Payment Terms:
Due Date:	000371841

Net 30 7/1/2026	
		Amount Due:	$2,607.03	
Duke Energy One Installation #P-000046 Description Reedy Isle PH2 Streetlights
To report a streetlight outage email <DE1SLRepair@duke-energy.com>
For questions about your invoice, please contact Duke Energy One Lighting at deoneOLbilling@duke-energy.com

Line	Date of Charge	Description	Net Amount

1	06/01/2026	June 2026	$2,607.03
Monthly Streetlight Billing
(64) 40W 3000K LED Lantern (12' Mounting Height)
(64) 260W Solar Wrapped RS2602460 Light Pole
Amount Due:	$2,607.03

TO AVOID SERVICE INTERRUPTION, PLEASE DO NOT SEND MONTHLY UTILITY ACCOUNT PAYMENTS TO THIS ADDRESS
i Please detach and return with your payment. Please indicate invoice number on check.	i

Payment Coupon
Please make check payable to:		ACH Instructions:	

Invoice Number:	F0000001937

Duke Energy PO Box 601583
Charlotte NC 28260-1583

GO Collections 121000248
Duke Energy 002000002929637

Corporation Code: Please Pay By: Customer ID: Total Amount Due:

75696
7/1/2026
000371841
$2,607.03

Fed Tax ID # 31-1751104
Horseshoe Creek CDD George Flint
219 E. Livingston Street Orlando FL 32801

1506303030303030313933370000600002607034

Amount Enclosed