Environmental Financial Group
San Francisco • Palm Beach

October 22, 2016

Poinciana CDD Board of Supervisors and Poinciana West CDD Board of Supervisors c/o Mr. Gary Moyer, Manager
313 Campus Street
Celebration, FL 34747

SUPPLEMENTAL REPORT: Recreational Amenities Asset Valuation Study

Dear Board Members:
The Poinciana Community Development District (“Poinciana CDD”) and the Poinciana West Community Development District (“Poinciana West CDD”) are contemplating the acquisition of certain recreational amenity assets from Avatar Properties, Inc., (“AV”), the developer of the Solivita active adult residential complex. The assets were built between 2000 and 2005 around the time that the Solivita residential development complex was constructed.
It has come to our attention that AV has reiterated its proposal to pay monthly Club Operations Fees on undeveloped lots as part of a Purchase and Sale Agreement (“PSA”) through which the Poinciana CDD would acquire the recreational amenities. As part of that proposal, AV requested the Boards to assess the benefit of this revenue stream on the future financial performance of the CDD and recreational amenity acquisition value. Our final report, submitted to the Boards in September, applied a strict definition of the income available to finance the acquisition of the recreational assets—one that was limited to 2016 Club Fees on both developed and undeveloped lots. AV’s willingness to pay Club Operations Fees on undeveloped lots provides an opportunity for the Boards to consider an acquisition value supported in part by this revenue stream.

At the October 4, 2016 meeting of the Boards, EFG was directed to develop an analysis and related recommendations so that the Boards may make a prudent business decision as to how this revenue stream might affect the ability to reach a mutually agreeable acquisition valuation.

Conclusions and Recommendations
Our conclusions and recommendations as to an acquisition purchase price are set forth below.
Club Operations Fees paid on behalf of undeveloped lots taken together with revenues generated by 2016 Club Fees will support a maximum acquisition valuation of $73.7 million under current bond market conditions.

Our analysis indicates that it is reasonable to expect that acquiring the recreational amenities at this valuation is possible without an increase in the total monthly fees paid by Solivita residents. Club Fees (redefined as Debt Assessment Fees) are estimated to decrease on average by about
$8 per month so that they are sufficient to pay the principal and interest on Special Assessment Bonds issued to finance the acquisition. Club Operations Fees (redefined as Operations Assessment Fees) are estimated to increase on average by a similar $8 per month to fund both annual operating expenses and the accumulation of reserves for operations and for asset replacement. This shift from Debt Assessment Fees to Operations Assessment Fees does not change the total monthly cost to residents. The shift and redefinition is necessary so that Debt Assessment Fees are sized to collect only the principal and interest on the Special Assessment Bonds.
Forecasted over a seven-year period extending to 2023, Debt Assessment Fees were held constant at current rates less $8 on average. Over the same period, Operations Assessment Fees are expected to start off on average $8 per month higher than 2016 levels and require some increases due to inflation, as has been past experience. TABLE 1 below sets forth forecasted 2017-2023 Debt Assessment Fees and Operations Assessment Fees. TABLE 2 is a schedule of annual cash flows demonstrating the financial performance of the CDDs assuming a February 1, 2017 closing on the acquisition of the recreational amenities. TABLE 3 is a schedule of forecasted monthly cash flows that aligns with the values in TABLE 2 but which highlights the timing of tax revenues, debt service payments, and transfers to reserves.
It is our understanding that the asset acquisition value will be adjusted so that assessments are equalized for all Solivita residents in the same proportion currently being paid for Club Fees. This is estimated to decrease the effective acquisition price by approximately $3.9 million. An analysis of this equalization calculation is beyond the scope of this report and has been conducted by others. However, the impact of this adjustment is accounted for in our cash flow forecasts.
This purchase price estimate is based on a blended Special Assessment Bond rate of 3.87 percent.

Analyses and Assumptions
A business analysis of AV’s payment of Operations Assessment Fees on behalf of undeveloped lots required a different analysis approach than that documented in our September final report. Different questions needed answers, and in this case the timing of the many expected changes in revenues and expenses had to be taken into account.
In our original analysis, we considered the maximum acquisition value of the assets given a fixed revenue stream defined by the net free cash flows from 2016 Club Fee revenues after annually transferring a specified, levelized amount into a capital reserve fund. The levelized annual transfer was based on the long-term replacement of the assets being acquired. The available income after such capital reserve transfers would be used to pay level debt service on a Special Assessment Bond issued to purchase the recreational amenity assets from AV. Funds would be withdrawn from this fund only to pay for the eventual replacement of both the existing assets being acquired plus $11.2 million in new, requested amenities.
Considering the revenue from Club Operations Fees paid on behalf of undeveloped lots over a period of years called for a detailed cash flow forecast over the expected period of time between closing and build- out of the undeveloped lots. Only by examining the revenues and expenses over a period of years could this benefit be measured and translated into an asset valuation. Taking this approach, the maximum asset

value is defined for this analysis as that which does not require an increase in total monthly costs to residents. The availability of these revenues and their use to fund capital and operating reserves provides the financial resources to support a slightly higher acquisition valuation. A monthly cash flow forecast was also developed to support various other terms and conditions of the PSA, including the required timing of AV operations fee payments, debt service payments, and tax revenues.
The forecast developed for this supplemental report included operating revenues that included Operations Assessment Fees, 2016 Club Fees (Debt Assessment Fees), and other revenues. Operating expenses included administration, utilities, contract services, and repair & maintenance as well as expenses related to new facilities to be built, new CDD administrative expenses, and real estate taxes and tax collection fees. The 2017 operating budget prepared by Evergreen Lifestyles Management was used as a starting point. Forecasts were then developed for an Operations Account, an Operations Reserve of 3 months of expenses, a Capital Reserve, and a Debt Service Reserve. Capital reserve requirements were developed using methods we utilized for the September Valuation Report coupled with reserve studies authorized by AV. The annual cash flow forecast accounted for a growth rate in new closed units, inflation, and other changes in revenues and expenses reasonably expected over the seven year forecast period.
Over the forecast period, it is assumed that bond payments would occur each May and November in accordance with schedules provided by MBS Capital. New facilities are assumed to come online in 2020, supported by additional operating expense. Growth is assumed to continue at 200 units per year to a build-out of 5,595 units.

Assessment Fees and Cash Flows
TABLE 1 below summarizes the cash flow forecast results.

TABLE 1 :: Forecasted Fees1,2

20163	2017	2018	2019	2020	2021	2022	2023	

CDD Operating Assessment	84.85	92.59	97.47	99.56	105.06	110.13	113.21	116.31	
CDD Debt Assessment									
Phases 1B, 2A, 2B	65.00	60.56	60.56	60.56	60.56	60.56	60.56	60.56	
Phases 1D, 1E	74.00	68.82	68.82	68.82	68.82	68.82	68.82	68.82	
Phase 2C, 2D, 4A, 4B	84.00	69.73	69.73	69.73	69.73	69.73	69.73	69.73	
Phase 5F	85.00	77.99	77.99	77.99	77.99	77.99	77.99	77.99	
Phase 6A, 6B	85.00	78.91	78.91	78.91	78.91	78.91	78.91	78.91	

– Unadopted and subject to change. Fees presented for forecast purposes only.
– In calculating total CDD Debt Assessment revenue, fees will be adjusted and equalized through a contribution of infrastructure by AV Homes reflected in a decrease in the purchase price.
– 2016 fees are shown net of 7 percent sale tax which will no longer be payable through a CDD.

Table 2, attached, sets forth a forecast of annual cash flows for the Operations Account, Operations Reserve, Capital Reserve, and Debt Service Reserve. TABLE 3 presents these cash flows expressed on a monthly basis.
We appreciate the opportunity to assist the Boards in preparing this analysis. Thank you.

Very Truly Yours,

ENVIRONMENTAL FINANCIAL GROUP, INC.
Scott E. Harder, President & CEO Attachments
TABLE 1
TABLE 2

Appendix
Poinciana Community Development District Special Assessment Bond, Series 2017

								
	2017A	2018	2019	2020	2021	2022	2023	
	1	2	3	4	5	6	7	
OPERATING REVENUES
CDD Operating Assessment								
Developed Lots	5,081,269	5,380,169	5,734,540	6,303,864	6,423,539	6,823,646	7,232,680	
Undeveloped Lots	1,380,026	1,163,754	949,783	750,160	487,942	246,409	-	
Other Revenue	 	582,084	 	597,000	 	612,000	 	627,000	 	643,000	 	659,000	 	675,000	
Total Operating Revenues	7,043,379	7,140,923	7,296,323	7,681,023	7,554,480	7,729,055	7,907,680	
OPERATING EXPENSES
Evergreen Administration	
3,804,526	
3,899,600	
3,997,100	
4,097,000	
4,199,400	
4,304,400	
4,412,000	
Utilities	651,935	668,200	684,900	702,000	719,600	737,600	756,000	
Contract Services	503,040	515,600	528,500	541,700	555,200	569,100	583,300	
Additional CDD Services	217,100	167,100	171,300	175,600	180,000	184,500	189,100	
New Facilities Operations	-	-	-	225,000	230,600	236,400	242,300	
Real Estate Taxes	100,000	102,500	105,000	108,000	111,000	114,000	117,000	
Repairs & Maintenance	 	844,755	 	865,900	 	887,500	 	909,700	 	932,400	 	955,700	 	979,600	
Total Operating Expenses	6,121,356	6,218,900	6,374,300	6,759,000	6,928,200	7,101,700	7,279,300	
OPERATING INCOME	922,023	922,023	922,023	922,023	626,280	627,355	628,380	
Transfer to Capital Reserve	489,010	489,010	489,010	489,010	583,980	583,980	583,980	
Transfer to Operations Reserve	433,013	433,013	433,013	433,013	42,300	43,375	44,400	
Year-End Operating Account Balance	-	-	-	0	0	0	0	
CAPITAL RESERVE ACCOUNT
Beginning Balance	
-	
309,710	
683,621	
937,031	
1,072,842	
1,292,422	
1,642,502	
Transfer in from Operations	489,010	489,010	489,010	489,010	583,980	583,980	583,980	
Scheduled Replacements	(179,300)	(115,100)	(235,600)	(353,200)	(364,400)	(233,900)	(124,900)	
Interest Income	 	-		 	-		 	-		 	-		 	-		 	-		 	-		
Year-End Account Balance	309,710	683,621	937,031	1,072,842	1,292,422	1,642,502	2,101,583	
OPERATIONS ASSESSMENT ACCOUNT
Beginning Balance	
-	
433,013	
866,026	
1,299,039	
1,732,052	
1,774,352	
1,817,727	
Transfer in from Operations	433,013	433,013	433,013	433,013	42,300	43,375	44,400	

								
	2017A	2018	2019	2020	2021	2022	2023	
	1	2	3	4	5	6	7	
Interest Income	 	-		 	-		 	-		 	-		 	-		 	-		 	-		
Year-End Account Balance	433,013	866,026	1,299,039	1,732,052	1,774,352	1,817,727	1,862,127	
Target Balance (3-months)	1,530,339	1,554,725	1,593,575	1,689,750	1,732,050	1,775,425	1,819,825	
DEBT ASSESSMENT ACCOUNT
Beginning Balance	
2,426,616	
2,426,616	
2,426,616	
2,426,616	
2,426,616	
2,426,616	
2,426,616	
Debt Assessment Fee								
Developed Units	2,449,447	4,024,530	4,200,243	4,373,769	4,549,395	4,722,459	4,893,205	
Undeveloped Units	665,248	870,523	695,665	520,478	345,579	170,533	-	
Less Annual Debt Service	 	(3,114,695)	 	(4,895,053)	 	(4,895,908)	 	(4,894,247)	 	(4,894,974)	 	(4,892,992)	 	(4,893,205)	
Year-End Account Balance	2,426,616	2,426,616	2,426,616	2,426,616	2,426,616	2,426,616	2,426,616	
Developed Units	4,400	4,600	4,800	5,000	5,200	5,400	5,600	
Undeveloped Units	1,195	995	795	595	395	195	-	
CDD OPERATING ASSESSMENT
Operations Requirements	
6,461,295	
6,543,923	
6,684,323	
7,054,023	
6,911,480	
7,070,055	
7,232,680	
Monthly Operating Assessment	$	96.24	$	97.47	$	99.56	$	105.06	$	102.94	$	105.30	$	107.63	

CDD DEBT ASSESSMENT	13.4%	1.3%	2.1%	5.5%	-2.0%	2.3%	2.2%	
Annual Debt Service Payment	3,114,695	4,895,053	4,895,908	4,894,247	4,894,974	4,892,992	4,893,205	
Annual Assessment per Unit	$	46.39	$	72.91	$	72.92	$	72.90	$	72.91	$	72.88	$	72.82	
TOTAL MONTHLY ASSESSMENTS	$	142.63	$	170.37	$	172.48	$	177.96	$	175.85	$	178.18	$	180.44	
	-16.0%	19.5%	1.2%	3.2%	-1.2%	1.3%	1.3%	

Debt Assessment Fee

										
	Feb-17	Mar-17	Apr-17	May-17	Jun-17	Jul-17	Aug-17	Sep-17	Oct-17	
	1	2	3	4	5	6	7	8	9	
OPERATING REVENUES
CDD Operating Assessment										
Developed Lots	373,340	373,340	423,439	423,439	423,439	423,439	423,439	423,439	423,439	
Undeveloped Lots	920,018	-	-	-	-	-	-	-	1,163,754	
Other Revenue	 	61,200	 	51,350	 	39,870	 	34,270	 	40,134	 	32,260	 	35,570	 	50,250	 	67,363	
Total Operating Revenues	1,354,558	424,690	463,309	457,709	463,573	455,699	459,009	473,689	1,654,556	
OPERATING EXPENSES
Evergreen Administration	
323,583	
392,658	
296,778	
283,922	
266,403	
300,058	
282,175	
350,682	
315,754	
Utilities	58,750	54,980	53,950	52,050	51,980	48,950	49,800	54,480	51,570	
Contract Services	42,710	42,710	42,710	42,710	42,710	42,710	42,710	42,710	40,537	
Additional CDD Services	18,092	18,092	18,092	18,092	18,092	18,092	18,092	18,092	13,925	
New Facilities Operations	-	-	-	-	-	-	-	-	-	
Real Estate Taxes	8,333	8,333	8,333	8,333	8,333	8,333	8,333	8,333	8,333	
Repairs & Maintenance	 	66,100	 	73,600	 	81,000	 	71,400	 	74,500	 	73,800	 	69,900	 	67,100	 	66,099	
Total Operating Expenses	517,568	590,373	500,863	476,507	462,018	491,943	471,010	541,397	496,219	
OPERATING INCOME	836,990	(165,683)	(37,554)	(18,798)	1,555	(36,244)	(12,001)	(67,708)	1,158,337	
Transfer to Capital Reserve	40,751	40,751	40,751	40,751	40,751	40,751	40,751	40,751	40,751	
Transfer to Operations Reserve	36,084	36,084	36,084	36,084	36,084	36,084	36,084	36,084	36,084	
Year-End Operating Account Balance	760,154	517,636	403,247	307,614	232,333	119,254	30,418	(114,125)	967,376	
CAPITAL RESERVE ACCOUNT
Beginning Balance	
-	
40,751	
81,502	
122,253	
163,003	
203,754	
244,505	
285,256	
326,007	
Transfer in from Operations	40,751	40,751	40,751	40,751	40,751	40,751	40,751	40,751	40,751	
Scheduled Replacements	-	-	-	-	-	-	-	-	(179,300)	
Interest Income	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	
Year-End Account Balance	40,751	81,502	122,253	163,003	203,754	244,505	285,256	326,007	187,458	
OPERATIONS ASSESSMENT ACCOUN
Beginning Balance	
-	
36,084	
72,169	
108,253	
144,338	
180,422	
216,507	
252,591	
288,675	
Transfer in from Operations	36,084	36,084	36,084	36,084	36,084	36,084	36,084	36,084	36,084	
Interest Income	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	
Year-End Account Balance	36,084	72,169	108,253	144,338	180,422	216,507	252,591	288,675	324,760	
Target Balance (3-months)	1,530,339	1,530,339	1,530,339	1,530,339	1,530,339	1,530,339	1,530,339	1,530,339	1,554,725	
DEBT ASSESSMENT ACCOUNT										
Beginning Balance	-	465,209	465,209	665,572	(597,222)	(395,282)	(192,553)	10,965	215,271	
Developed Units	-	-	200,363	201,152	201,940	202,729	203,518	204,306	322,327	
Undeveloped Units	465,209	-	-	-	-	-	-	-	947,952	
Less Annual Debt Service										

Principal Interest
Year-End Account Balance

-	-	-	(1,185,000)	-	-	-	-	-
 		- 		- 		-             (278,946) 		- 		- 		- 		- 	- 465,209	465,209	665,572	(597,222)	(395,282)	(192,553)	10,965	215,271 1,485,549

OPERATING REVENUES
CDD Operating Assessment Developed Lots Undeveloped Lots

Nov-17	Dec-17	Jan-18	Feb-18	Mar-18	Apr-18	May-18	Jun-18	Jul-18
10	11	12	13	14	15	16	17	18

423,439	-	538,017     3,766,119	1,076,034	-	-	-	-
-	-	-	-	-	-	-	-	-

Other Revenue	 	47,189	 	75,445	 	53,261	 	62,768	 	52,666	 	40,892	 	35,148	 	41,162	 	33,087	
Total Operating Revenues	470,628	75,445	591,278	3,828,887	1,128,700	40,892	35,148	41,162	33,087	
OPERATING EXPENSES
Evergreen Administration	
347,126	
362,482	
315,597	
331,669	
402,470	
304,194	
291,017	
273,060	
307,556	
Utilities	53,313	62,025	65,750	60,216	56,352	55,296	53,349	53,277	50,171	
Contract Services	40,537	40,537	43,776	43,776	43,776	43,776	43,776	43,776	43,776	
Additional CDD Services	13,925	13,925	13,925	13,925	13,925	13,925	13,925	13,925	13,925	
New Facilities Operations	-	-	-	-	-	-	-	-	-	
Real Estate Taxes	8,333	8,333	8,333	8,333	8,542	8,542	8,542	8,542	8,542	
Repairs & Maintenance	 	64,767	 	65,689	 	77,492	 	67,755	 	75,442	 	83,028	 	73,187	 	76,365	 	75,647	
Total Operating Expenses	528,001	552,992	524,875	525,674	600,507	508,761	483,796	468,945	499,618	
OPERATING INCOME	(57,373)	(477,547)	66,403	3,303,213	528,192	(467,869)	(448,648)	(427,783)	(466,531)	
Transfer to Capital Reserve	40,751	40,751	40,751	40,751	40,751	40,751	40,751	40,751	40,751	
Transfer to Operations Reserve	36,084	36,084	36,084	36,084	36,084	36,084	36,084	36,084	36,084	
Year-End Operating Account Balance	833,168	278,785	268,353	3,494,730	3,946,087	3,401,383	2,875,899	2,371,282	1,827,915	
CAPITAL RESERVE ACCOUNT
Beginning Balance	
187,458	
228,209	
268,960	
309,710	
350,461	
391,212	
431,963	
472,714	
513,465	
Transfer in from Operations	40,751	40,751	40,751	40,751	40,751	40,751	40,751	40,751	40,751	
Scheduled Replacements	-	-	-	-	-	-	-	-	-	
Interest Income	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	
Year-End Account Balance	228,209	268,960	309,710	350,461	391,212	431,963	472,714	513,465	554,216	
OPERATIONS ASSESSMENT ACCOUN
Beginning Balance	
324,760	
360,844	
396,929	
433,013	
469,097	
505,182	
541,266	
577,351	
613,435	
Transfer in from Operations	36,084	36,084	36,084	36,084	36,084	36,084	36,084	36,084	36,084	
Interest Income	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	 	- 	
Year-End Account Balance	360,844	396,929	433,013	469,097	505,182	541,266	577,351	613,435	649,520	
Target Balance (3-months)	1,554,725	1,554,725	1,554,725	1,554,725	1,554,725	1,554,725	1,554,725	1,554,725	1,554,725	
DEBT ASSESSMENT ACCOUNT
Beginning Balance	
1,485,549	
158,367	
158,367	
666,956	
4,227,077	
5,244,255	
5,244,255	
1,968,506	
1,968,506	

Debt Assessment Fee Developed Units Undeveloped Units
Less Annual Debt Service Principal
Interest
Year-End Account Balance

323,566	-	508,589     3,560,122	1,017,178	-	-	-	-
-	-	-	-	-	-	-	-	-

-	-	-	-	-	-	(1,625,000)	-	-
 (1,650,749) 		- 		- 	- 		- 		-          (1,650,749) 		- 		- 158,367	158,367	666,956     4,227,077	5,244,255	5,244,255	1,968,506	1,968,506	1,968,506

Poinciana CDD and Poinciana West CDD
SUPPLEMENTAL REPORT - Solivita Recreational Amenity Asset Valuation Study

Appendix A :: Special Assessment Bond, Series 2017

Environmental Financial Group 

SOURCES AND USES OF FUNDS

POINCIANA COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Revenue Bonds, Series 2017 [Close in 2017 Scenario A]
BBB Rated and AGM Insured Preliminary, Subject to Change

Dated Date	02/01/2017
Delivery Date	02/01/2017

Sources:
Bond Proceeds:
Par Amount	86,495,000.00
86,495,000.00

Uses:		
Project Fund Deposits: Purchase Price	
73,700,000.00	
Assessment Equalization	-3,896,736.14	
Project Fund	 	11,185,543.00	
	80,988,806.86	
Other Fund Deposits: CAPI (2 months)	
557,892.75	
Cash Funded Reserve at 50% of MADS	 	2,448,622.63	
	3,006,515.38	
Delivery Date Expenses: Cost of Issuance	
1,200,000.00	
Underwriter's Discount	 	1,297,425.00	
	2,497,425.00	
Other Uses of Funds: Rounding	
2,252.76	
	86,495,000.00	

Note: Based on average blended rates of 3.87%.

BOND PRICING

POINCIANA COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Revenue Bonds, Series 2017 [Close in 2017 Scenario A]
BBB Rated and AGM Insured Preliminary, Subject to Change

Maturity
Bond Component	Date	Amount	Rate	Yield	Price
Senior Term Bonds due 5/1/2046:
05/01/2046	86,495,000	3.870%	3.870%	100.000
86,495,000

Dated Date	02/01/2017		
Delivery Date	02/01/2017		
First Coupon	05/01/2017		
Par Amount
Original Issue Discount	86,495,000.00		
Production	86,495,000.00	100.000000%	
Underwriter's Discount	-1,297,425.00	-1.500000%	
Purchase Price Accrued Interest	85,197,575.00	98.500000%	
Net Proceeds	85,197,575.00		

BOND SUMMARY STATISTICS

POINCIANA COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Revenue Bonds, Series 2017 [Close in 2017 Scenario A]
BBB Rated and AGM Insured Preliminary, Subject to Change

Dated Date	02/01/2017	
Delivery Date	02/01/2017	
First Coupon	05/01/2017	
Last Maturity	05/01/2046	
Arbitrage Yield	3.870383%	
True Interest Cost (TIC)	3.996802%	
Net Interest Cost (NIC)	3.954928%	
All-In TIC	4.116334%	
Average Coupon	3.870000%	
Average Life (years)	17.662	
Duration of Issue (years)	12.148	
Par Amount	86,495,000.00	
Bond Proceeds	86,495,000.00	
Total Interest	59,120,780.63	
Net Interest	60,418,205.63	
Total Debt Service	145,615,780.63	
Maximum Annual Debt Service	4,897,245.25	
Average Annual Debt Service	4,978,317.29	
Underwriter's Fees (per $1000) Average Takedown
Other Fee	

15.000000	
Total Underwriter's Discount	15.000000	
Bid Price	98.500000	

Bond Component	Par Value	
Price	Average Coupon	Average
Life	
Senior Term Bonds due 5/1/2046	86,495,000.00	100.000	3.870%	17.662	
	86,495,000.00			17.662	

TIC		All-In TIC		Arbitrage
Yield	
Par Value
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount	86,495,000.00

-1,297,425.00		86,495,000.00

-1,297,425.00		86,495,000.00	
Cost of Issuance Expense
Other Amounts			-1,200,000.00			
Target Value	85,197,575.00		83,997,575.00		86,495,000.00	
Target Date	02/01/2017		02/01/2017		02/01/2017	
Yield	3.996802%		4.116334%		3.870383%	

BOND DEBT SERVICE

POINCIANA COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Revenue Bonds, Series 2017 [Close in 2017 Scenario A]
BBB Rated and AGM Insured Preliminary, Subject to Change

Period Ending	
Principal	
Coupon	
Interest	
Debt Service	Annual Debt Service	Bond Balance	Total Bond Value	
02/01/2017						86,495,000	86,495,000	
05/01/2017	1,185,000	3.870%	836,839.13	2,021,839.13		85,310,000	85,310,000	
11/01/2017			1,650,748.50	1,650,748.50	3,672,587.63	85,310,000	85,310,000	
05/01/2018	1,625,000	3.870%	1,650,748.50	3,275,748.50		83,685,000	83,685,000	
11/01/2018			1,619,304.75	1,619,304.75	4,895,053.25	83,685,000	83,685,000	
05/01/2019	1,690,000	3.870%	1,619,304.75	3,309,304.75		81,995,000	81,995,000	
11/01/2019			1,586,603.25	1,586,603.25	4,895,908.00	81,995,000	81,995,000	
05/01/2020	1,755,000	3.870%	1,586,603.25	3,341,603.25		80,240,000	80,240,000	
11/01/2020			1,552,644.00	1,552,644.00	4,894,247.25	80,240,000	80,240,000	
05/01/2021	1,825,000	3.870%	1,552,644.00	3,377,644.00		78,415,000	78,415,000	
11/01/2021			1,517,330.25	1,517,330.25	4,894,974.25	78,415,000	78,415,000	
05/01/2022	1,895,000	3.870%	1,517,330.25	3,412,330.25		76,520,000	76,520,000	
11/01/2022			1,480,662.00	1,480,662.00	4,892,992.25	76,520,000	76,520,000	
05/01/2023	1,970,000	3.870%	1,480,662.00	3,450,662.00		74,550,000	74,550,000	
11/01/2023			1,442,542.50	1,442,542.50	4,893,204.50	74,550,000	74,550,000	
05/01/2024	2,050,000	3.870%	1,442,542.50	3,492,542.50		72,500,000	72,500,000	
11/01/2024			1,402,875.00	1,402,875.00	4,895,417.50	72,500,000	72,500,000	
05/01/2025	2,130,000	3.870%	1,402,875.00	3,532,875.00		70,370,000	70,370,000	
11/01/2025			1,361,659.50	1,361,659.50	4,894,534.50	70,370,000	70,370,000	
05/01/2026	2,215,000	3.870%	1,361,659.50	3,576,659.50		68,155,000	68,155,000	
11/01/2026			1,318,799.25	1,318,799.25	4,895,458.75	68,155,000	68,155,000	
05/01/2027	2,300,000	3.870%	1,318,799.25	3,618,799.25		65,855,000	65,855,000	
11/01/2027			1,274,294.25	1,274,294.25	4,893,093.50	65,855,000	65,855,000	
05/01/2028	2,395,000	3.870%	1,274,294.25	3,669,294.25		63,460,000	63,460,000	
11/01/2028			1,227,951.00	1,227,951.00	4,897,245.25	63,460,000	63,460,000	
05/01/2029	2,485,000	3.870%	1,227,951.00	3,712,951.00		60,975,000	60,975,000	
11/01/2029			1,179,866.25	1,179,866.25	4,892,817.25	60,975,000	60,975,000	
05/01/2030	2,585,000	3.870%	1,179,866.25	3,764,866.25		58,390,000	58,390,000	
11/01/2030			1,129,846.50	1,129,846.50	4,894,712.75	58,390,000	58,390,000	
05/01/2031	2,685,000	3.870%	1,129,846.50	3,814,846.50		55,705,000	55,705,000	
11/01/2031			1,077,891.75	1,077,891.75	4,892,738.25	55,705,000	55,705,000	
05/01/2032	2,795,000	3.870%	1,077,891.75	3,872,891.75		52,910,000	52,910,000	
11/01/2032			1,023,808.50	1,023,808.50	4,896,700.25	52,910,000	52,910,000	
05/01/2033	2,905,000	3.870%	1,023,808.50	3,928,808.50		50,005,000	50,005,000	
11/01/2033			967,596.75	967,596.75	4,896,405.25	50,005,000	50,005,000	
05/01/2034	3,020,000	3.870%	967,596.75	3,987,596.75		46,985,000	46,985,000	
11/01/2034			909,159.75	909,159.75	4,896,756.50	46,985,000	46,985,000	
05/01/2035	3,135,000	3.870%	909,159.75	4,044,159.75		43,850,000	43,850,000	
11/01/2035			848,497.50	848,497.50	4,892,657.25	43,850,000	43,850,000	
05/01/2036	3,260,000	3.870%	848,497.50	4,108,497.50		40,590,000	40,590,000	
11/01/2036			785,416.50	785,416.50	4,893,914.00	40,590,000	40,590,000	
05/01/2037	3,390,000	3.870%	785,416.50	4,175,416.50		37,200,000	37,200,000	
11/01/2037			719,820.00	719,820.00	4,895,236.50	37,200,000	37,200,000	
05/01/2038	3,525,000	3.870%	719,820.00	4,244,820.00		33,675,000	33,675,000	
11/01/2038			651,611.25	651,611.25	4,896,431.25	33,675,000	33,675,000	
05/01/2039	3,660,000	3.870%	651,611.25	4,311,611.25		30,015,000	30,015,000	
11/01/2039			580,790.25	580,790.25	4,892,401.50	30,015,000	30,015,000	
05/01/2040	3,805,000	3.870%	580,790.25	4,385,790.25		26,210,000	26,210,000	
11/01/2040			507,163.50	507,163.50	4,892,953.75	26,210,000	26,210,000	
05/01/2041	3,955,000	3.870%	507,163.50	4,462,163.50		22,255,000	22,255,000	
11/01/2041			430,634.25	430,634.25	4,892,797.75	22,255,000	22,255,000	
05/01/2042	4,115,000	3.870%	430,634.25	4,545,634.25		18,140,000	18,140,000	

BOND DEBT SERVICE

POINCIANA COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Revenue Bonds, Series 2017 [Close in 2017 Scenario A]
BBB Rated and AGM Insured Preliminary, Subject to Change

Period Ending	
Principal	
Coupon	
Interest	
Debt Service	Annual Debt Service	Bond Balance	Total Bond Value	
11/01/2042			351,009.00	351,009.00	4,896,643.25	18,140,000	18,140,000	
05/01/2043	4,275,000	3.870%	351,009.00	4,626,009.00		13,865,000	13,865,000	
11/01/2043			268,287.75	268,287.75	4,894,296.75	13,865,000	13,865,000	
05/01/2044	4,445,000	3.870%	268,287.75	4,713,287.75		9,420,000	9,420,000	
11/01/2044			182,277.00	182,277.00	4,895,564.75	9,420,000	9,420,000	
05/01/2045	4,620,000	3.870%	182,277.00	4,802,277.00		4,800,000	4,800,000	
11/01/2045			92,880.00	92,880.00	4,895,157.00	4,800,000	4,800,000	
05/01/2046	4,800,000	3.870%	92,880.00	4,892,880.00				
11/01/2046					4,892,880.00			
	86,495,000		59,120,780.63	145,615,780.63	145,615,780.63			

NET DEBT SERVICE

POINCIANA COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Revenue Bonds, Series 2017 [Close in 2017 Scenario A]
BBB Rated and AGM Insured Preliminary, Subject to Change

	Cash Funded		
Period	Total	CAPI (2	Reserve at 50%	Net	
Ending	Debt Service	months)	of MADS	Debt Service	
11/01/2017	3,672,587.63	557,892.75		3,114,694.88	
11/01/2018	4,895,053.25			4,895,053.25	
11/01/2019	4,895,908.00			4,895,908.00	
11/01/2020	4,894,247.25			4,894,247.25	
11/01/2021	4,894,974.25			4,894,974.25	
11/01/2022	4,892,992.25			4,892,992.25	
11/01/2023	4,893,204.50			4,893,204.50	
11/01/2024	4,895,417.50			4,895,417.50	
11/01/2025	4,894,534.50			4,894,534.50	
11/01/2026	4,895,458.75			4,895,458.75	
11/01/2027	4,893,093.50			4,893,093.50	
11/01/2028	4,897,245.25			4,897,245.25	
11/01/2029	4,892,817.25			4,892,817.25	
11/01/2030	4,894,712.75			4,894,712.75	
11/01/2031	4,892,738.25			4,892,738.25	
11/01/2032	4,896,700.25			4,896,700.25	
11/01/2033	4,896,405.25			4,896,405.25	
11/01/2034	4,896,756.50			4,896,756.50	
11/01/2035	4,892,657.25			4,892,657.25	
11/01/2036	4,893,914.00			4,893,914.00	
11/01/2037	4,895,236.50			4,895,236.50	
11/01/2038	4,896,431.25			4,896,431.25	
11/01/2039	4,892,401.50			4,892,401.50	
11/01/2040	4,892,953.75			4,892,953.75	
11/01/2041	4,892,797.75			4,892,797.75	
11/01/2042	4,896,643.25			4,896,643.25	
11/01/2043	4,894,296.75			4,894,296.75	
11/01/2044	4,895,564.75			4,895,564.75	
11/01/2045	4,895,157.00			4,895,157.00	
11/01/2046	4,892,880.00		2,448,622.63	2,444,257.37	
	145,615,780.63	557,892.75	2,448,622.63	142,609,265.25	

FORM 8038 STATISTICS

POINCIANA COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Revenue Bonds, Series 2017 [Close in 2017 Scenario A]
BBB Rated and AGM Insured Preliminary, Subject to Change

Dated Date	02/01/2017
Delivery Date	02/01/2017

Bond Component	
Date	
Principal	
Coupon	
Price	
Issue Price	Redemption at Maturity	
Senior Term Bonds due 5/1/2046:	
05/01/2017	1,185,000.00	3.870%	100.000	1,185,000.00	1,185,000.00	
05/01/2018	1,625,000.00	3.870%	100.000	1,625,000.00	1,625,000.00	
05/01/2019	1,690,000.00	3.870%	100.000	1,690,000.00	1,690,000.00	
05/01/2020	1,755,000.00	3.870%	100.000	1,755,000.00	1,755,000.00	
05/01/2021	1,825,000.00	3.870%	100.000	1,825,000.00	1,825,000.00	
05/01/2022	1,895,000.00	3.870%	100.000	1,895,000.00	1,895,000.00	
05/01/2023	1,970,000.00	3.870%	100.000	1,970,000.00	1,970,000.00	
05/01/2024	2,050,000.00	3.870%	100.000	2,050,000.00	2,050,000.00	
05/01/2025	2,130,000.00	3.870%	100.000	2,130,000.00	2,130,000.00	
05/01/2026	2,215,000.00	3.870%	100.000	2,215,000.00	2,215,000.00	
05/01/2027	2,300,000.00	3.870%	100.000	2,300,000.00	2,300,000.00	
05/01/2028	2,395,000.00	3.870%	100.000	2,395,000.00	2,395,000.00	
05/01/2029	2,485,000.00	3.870%	100.000	2,485,000.00	2,485,000.00	
05/01/2030	2,585,000.00	3.870%	100.000	2,585,000.00	2,585,000.00	
05/01/2031	2,685,000.00	3.870%	100.000	2,685,000.00	2,685,000.00	
05/01/2032	2,795,000.00	3.870%	100.000	2,795,000.00	2,795,000.00	
05/01/2033	2,905,000.00	3.870%	100.000	2,905,000.00	2,905,000.00	
05/01/2034	3,020,000.00	3.870%	100.000	3,020,000.00	3,020,000.00	
05/01/2035	3,135,000.00	3.870%	100.000	3,135,000.00	3,135,000.00	
05/01/2036	3,260,000.00	3.870%	100.000	3,260,000.00	3,260,000.00	
05/01/2037	3,390,000.00	3.870%	100.000	3,390,000.00	3,390,000.00	
05/01/2038	3,525,000.00	3.870%	100.000	3,525,000.00	3,525,000.00	
05/01/2039	3,660,000.00	3.870%	100.000	3,660,000.00	3,660,000.00	
05/01/2040	3,805,000.00	3.870%	100.000	3,805,000.00	3,805,000.00	
05/01/2041	3,955,000.00	3.870%	100.000	3,955,000.00	3,955,000.00	
05/01/2042	4,115,000.00	3.870%	100.000	4,115,000.00	4,115,000.00	
05/01/2043	4,275,000.00	3.870%	100.000	4,275,000.00	4,275,000.00	
05/01/2044	4,445,000.00	3.870%	100.000	4,445,000.00	4,445,000.00	
05/01/2045	4,620,000.00	3.870%	100.000	4,620,000.00	4,620,000.00	
05/01/2046	4,800,000.00	3.870%	100.000	4,800,000.00	4,800,000.00	
	86,495,000.00			86,495,000.00	86,495,000.00	

Maturity Date	
Interest
Rate	
Issue Price	Stated Redemption at Maturity	Weighted Average Maturity	

Yield	
Final Maturity	05/01/2046	3.870%	4,800,000.00	4,800,000.00			
Entire Issue			86,495,000.00	86,495,000.00	17.6619	3.8704%	

Proceeds used for accrued interest	
0.00	
Proceeds used for bond issuance costs (including underwriters' discount)	2,497,425.00	
Proceeds used for credit enhancement	0.00	
Proceeds allocated to reasonably required reserve or replacement fund	2,448,622.63	

COST OF ISSUANCE

POINCIANA COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Revenue Bonds, Series 2017 [Close in 2017 Scenario A]
BBB Rated and AGM Insured Preliminary, Subject to Change

Cost of Issuance	$/1000	Amount	
Costs of Issuance (Estimate)	13.87363	1,200,000.00	
	13.87363	1,200,000.00	

Scenario A at 3.87% Average Blended Rate

# Units	

Net Proceeds Per Unit (unadjusted)	

Buydown per Unit	

Adjusted Net Proceeds Per Unit	

Adjusted Net Proceeds	

% Allocation of Debt	

Allocation of Projected Par	

Par Per Unit	

Projected MADS	

Grossed‐up 7% (Annl Assmts)	

Annual Assessment Per Unit	

Monthly Per Unit	
Monthly Equivalent if Paid in Nov Annly	
Compare to Current Club Fees per Unit	
672	$15,171.68	$3,528.30	$11,643.38	$7,824,352.31	9.66%	8,355,588.70	12,433.91	$473,083.61	$508,692.06	$756.98	$63.08	$60.56	$66.00	
149	$15,171.68	$1,940.56	$13,231.12	$1,971,436.17	2.43%	2,105,287.33	14,129.45	$119,198.89	$128,170.85	$860.21	$71.68	$68.82	$75.00	
680	$15,171.68	$1,764.15	$13,407.53	$9,117,120.48	11.26%	9,736,129.69	14,317.84	$551,248.22	$592,740.02	$871.68	$72.64	$69.73	$76.00	
170	$15,171.68	$176.41	$14,995.26	$2,549,194.87	3.15%	2,722,273.10	16,013.37	$154,131.90	$165,733.23	$974.90	$81.24	$77.99	$85.00	
3924	$15,171.68	$0.00	$15,171.68	$59,533,667.69	73.50%	63,575,721.17	16,201.76	$3,599,582.62	$3,870,518.94	$986.37	$82.20	$78.91	$86.00	
5595				$80,995,771.53	100.00%	86,495,000.00		$4,897,245.25	$5,265,855.11					
Total Par Amount of Bonds					86,495,000.00		$4,897,245.25