MINUTES OF MEETING INDIGO
COMMUNITY DEVELOPMENT DISTRICT
The regular meeting of the Board of Supervisors of the Indigo Community Development District was held Wednesday, January 28, 2026 at 1:00 p.m. in the Fairfield by Marriott Daytona Beach, 1820 Checkered Flag Boulevard, Daytona Beach, Florida.

Present and constituting a quorum were:

Mark McCommon	Chairman
Kevin Kilian	Vice Chairman
Ken Workowski	Assistant Secretary
Ron Byrne	Assistant Secretary

Also Present were:

Jeremy LeBrun	District Manager
Katie Buchanan	District Counsel
Hunter Hurley	District Counsel
Kurt von der Osten	Field Operations Manager
Sandra Lewis	Jubilee HOA President
Daniel Zaremba	Dream Finders Homes

FIRST ORDER OF BUSINESS	Roll Call
Mr. LeBrun called the meeting to order and called the roll.

SECOND ORDER OF BUSINESS	Public Comments
Ms. Lewis stated the Board has become very concerned over the lack of treatment of the ponds and has received numerous complaints as well as litigation threats from residents regarding the horrible conditions on our ponds. In the past the ponds have typically been treated every 4-6 weeks. This was stopped in July 2025. Residents were constantly complaining and owners were losing home sales due to the condition of the ponds. We are wondering what happened. Why were the treatments abruptly stopped? Was there an issue with the treatments company? Why weren’t we notified? Are the ponds checked by anyone after treatment and anyone before of any of the issues? I have several pictures going back to July 2025 to the current date. I invite any

Board member to walk the Jubilee ponds with any of us to see the horrible condition they are now in.
Two homeowners expressed the same concerns along with a concern with the overflow structures.
Mr. Kilian asked are those ponds owned by us or the Jubilee homeowner’s association? Mr. von der Osten stated the HOA.
Mr. LeBrun stated I took note and most of those will be addressed under the field manager’s
report.

THIRD ORDER OF BUSINESS	Approval of the Minutes of the September 24,
2025 Meeting

On MOTION by Mr. Kilian seconded by Mr. McCommon with all in favor the Minutes of the September 24, 2025 meeting were approved as presented.

FOURTH ORDER OF BUSINESS	Review and Acceptance of Fiscal Year 2024
Audit Report
Mr. LeBrun stated it is a lengthy audit report and it says in our opinion the Indigo Community Development District complied in all material respects with the aforementioned requirements during the year end of September 30, 2024. It is a clean audit.

On MOTION by Mr. Workowski seconded by Mr. McCommon with all in favor the Fiscal Year 2024 Audit Report was accepted.

FIFTH ORDER OF BUSINESS	Consideration of First Amendment to the
Agreement with Solaris Management Services for Field Operations Management Services
Mr. LeBrun stated the Board has approved the new fees as part of the budget process and this amendment updates the agreement with the updated fees.

On MOTION by Mr. Kilian seconded by Mr. McCommon with all in favor the First Amendment to the Agreement with Solaris Management Services for Field Operations Management Services was approved.

SIXTH ORDER OF BUSINESS	Consideration of Development Agreement for
Residential Developments
Ms. Buchanan stated I will give you a high-level overview. We discovered recently that there is going to be a lot of renewed interest in some of the LPGA properties. Understanding now that the foreclosures are done and some of these properties that remained undeveloped and cleaned up their title are looking to find builders to come in and move forward with progress. To the extent that the District’s going to be involved, it would be very limited in scope to whether or not we want to participate and assist in offering bonds as a funding source for that particular property.
I want to be clear that the District doesn’t get to make decisions related to entitlements or zoning so whether or not someone has the authority to build is beyond your purview. That is something that is within the city and county jurisdiction. The question you are considering is whether you would like to work with a perspective company to come in and offer this funding option as an incentive to try to create a working relationship to provide some impact on what is constructed. What I mean by that is you have done it before with the Lennar phase, they were able to issue bonds through the District and then the residents within that Lennar area paid an additional debt service and the District funded the construction of the stormwater systems, some of the road, water/sewer, very basic infrastructure. We learned some things from the Lennar transaction and correspondence went to Dream Finders highlighting what I thought you would probably care about the most. Such as trying to understand the plan, what was going to be constructed. Make sure there is no floating mats in this one, understand what the expectation from the District as far as long term operation and maintenance. I have heard you discuss things like aesthetic consistency for monument signs and LPGA medallions and things like that and try to make sure it is fully integrated into the community. With those concerns noted I do think that Dream Finders reached out to each of you trying to explain what their position is on all those things and I suggested they attend today because this is the first time that you as a Board has had the opportunity to talk to each other about whether you would be interested in allowing this. The District doesn’t have a lot of time parameters in doing this but I understand that Dream Finders is hoping that you will talk about it and decide pretty quickly because I think they have some deadlines under their purchase

and sale agreement. To the extent you want to be helpful we can do that and to the extent that you need more information don’t rush. I want to make sure you feel comfortable that you have the information you need to make decisions. The one way to try to document this is that before they purchased the property they would like the assurance from the District that you are willing to help because I do think it impacts their financing modeling. That is the actual document in the agreement, which is this form of agreement between the District and the developer that provides the District’s intent to issue bonds, understanding that we are agreeing in advance on how the O&M assessments will be broken out, what the improvement plan would be, and trying to identify any issues and concerns upfront so that everyone is on the same page.
At this time Dream Finders doesn’t have a full-fledged capital improvement plan but I’m confident they would have enough information to prepare one with an Engineer’s assistance quickly based on what they are looking at and have provided to you. What is also in your agenda package is a site plan and overview of where the property is so you can get a sense of the scale of what they are looking at acquiring. I’m happy to answer your questions and I’m also happy to turn it over so you can ask any substantive questions you have about the development.
Mr. Kilian stated I didn’t think we were adequately schooled on the existing bonds and the bonds that were under default and what that meant to the District. Specifically, the perception that homeowners are paying off other people’s debt, which they are not. I think we need to make that clear to everybody. We have had several developments that have not lived up to our community standards as it relates to landscaping and other things. I hope we can get assurances from the developer that that is all going to happen and I know you can’t mandate a common landscaper for example but some of these developments are in bad disrepair and they are not that old. I can only speak for myself, I asked Jeremy if he would give us a better explanation of the existing bonds and the default bonds so we could be better schooled to answer some questions from the residents. We are not going to hold your feet to the fire per se, but we would like some assurances from the developer that community standards are going to upheld.
Mr. Zaremba stated I appreciate you taking time to consider this as we try to move forward with this deal. I can’t speak for other builders and what they have done in the past but we want to get deals done so we are happy to work with the Board, to make sure everything is cohesive and we have standard landscaping to your standards, entry signs, even amenity center so we are happy to work with you whether that is some sort of agreement or I’m sure we can get creative to make

you sure that we are upholding everything to your standards. There is a lot in our plans such as the stormwater ponds will be deeded to the HOA and maintained by the HOA and our entry sign whatever, we have an 8-foot masonry wall between our property and the wastewater facility to the north, we are trying to put as much as we can on the HOA, not necessarily on the CDD so the other residents in the community are not feeling the impact of all the expenses.
Ms. Buchanan stated then you are probably looking at funding stormwater, utilities, streets, most of which will go to other entities. The city would take the roads, the utilities would be picked up by the utility, so things that the CDD wouldn’t be responsible for in the long term.
Mr. Kilian stated you have common area landscaping for your development. Mr. Zaremba stated yes, there is extensive landscaping in our plans right now.
Mr. Workowski stated I think one of the issues we have is that in one development the city approved the setback and that was left a mess with a natural buffer. Some of those things are a concern. We cannot approve or disapprove the development but there is a master association that have those covenants and in the rear view those were not followed. We would look for some type of cooperation before that would be submitted to the city or something else that we are involved in that process.
Mr. Zaremba stated we are happy to work with you as much as we can and this is a good opportunity.
Mr. Kilian asked timing wise where do you see your project in terms of when you would
start?
Mr. Zaremba stated we are still going through our due diligence phase, this being one of
the key things we are trying to get through. We are currently looking at the end of February to have some final answers and we can run our underwriting to make sure the financials of the deal make sense for us and we would look to start breaking ground in the March/April timeframe assuming all goes well. The conservative answer is mid-summer. The first phase will take about a year and likely open sales in the summer of 2027.
Mr. McCommon stated your map shows an entrance off LPGA and Dunn Avenue. Is that going to be the only entrance?
Mr. Zaremba stated for now, yes. Ultimately the city or county will continue Dunn Avenue Extension and I’m sure we will get another entrance.

Mr. McCommon asked have you had discussions with the city about whether they will require a traffic light or anything?
Mr. Zaremba stated we did run a traffic impact analysis and nothing was contemplated at that time. That may be something that changes as more developments come through.
Mr. McCommon asked can you give us some background on the company.
Mr. Zaremba stated Dream Finders was founded in 2008 in Jacksonville as our corporate headquarters and we have expanded nationwide. I work in the Jacksonville division and we go from South Georgia to Daytona, we also have Orlando. We don’t have anything in Daytona but have a couple communities in Palm Coast. We build and close about 8,000 homes a year across the nation.
Mr. McCommon asked what do you anticipate the selling price of these homes to be?
Mr. Ramone stated that is going to be driven by market conditions. We are reserving 3-4 acres for an amenity site, generally a restroom building, pavilion and pool, open space, nice landscaping, gated and open space, 225 acres in total about 95 acres of wetlands, trying not to impact the wetlands and keep it as natural as we can.
Mr. Kilian asked what are you asking of us today?
Mr. Zaremba stated we would like a commitment to issue bonds.
Ms. Buchanan stated there is an agreement in the agenda whether or not you want to approve that today or you want to give them a gentleman’s agreement or take no action, all of those are on the table. I think they are asking to feel comfortable before they close on the land. At least feel confident that you would work with them in good faith to move forward with issuing the bonds. Based on the terms that were described in Mr. Blevins email.
Mr. McCommon stated generally I’m okay with a gentleman’s type agreement. I’m not sure I want to sign anything without the actual development being platted and moving forward.
Ms. Buchanan stated my guess is based on the way the timing works that they probably need that money to fund infrastructure in advance of platting. I expect that they would prepare that Engineer’s report, which details the improvements going in and how much they cost.
Mr. McCommon stated my concern to a point is that we would be agreeing to issue bonds and the whole plan would change compared to what we are seeing today and that is not what I recall seeing when we had Lennar, notwithstanding the issues that came up with Lennar.

Ms. Buchanan stated ultimately Lennar did the same thing, they brought back an Engineer’s report, which is what you approved to make sure everyone understood what was going in.
Mr. McCommon stated it talked about the funding amounts and timing and things of that
nature.
Ms. Buchanan stated Dream Finders is in a chicken or egg position, they don’t want to
move forward without this commitment from you but at the same time they have to have more due diligence to give you what you need before you would be willing to sign this agreement. You could have a motion to agree in concept to issue bonds in connection with the terms described in Mr. Blevins email and put that as an exhibit to the meeting minutes. That way we can all remember what it is.
Mr. von der Osten stated we have learned quite a bit from the last two developments. I think all issues can be avoided with some proactive work and what you are signing off on is avoiding those things. I am very familiar with Dream Finders and I have seen a lot of their work and seen a lot of their products in neighborhoods in other areas. Is Dunn Avenue being funded from the bond also along with neighborhood infrastructure?
Mr. Zaremba stated we have an agreement with the city that we will construct that. How we fund that if it is through a CDD funds I can’t answer but I imagine so.
Ms. Buchanan stated you can fund offsite improvements through the CDD provided they are required by an agreement with a regulatory body or by the development order.
Mr. von der Osten stated I understand Dunn will go to the county. Will there be any landscape plan for Dunn Avenue as it runs through our community? If there is upgraded landscaping who is maintaining it? These are all questions that are easy to answer upfront rather than try to hash out after everything is signed off on. The stormwater system looks like the same type design as in Preserve Phase B.
Ms. Buchanan stated I sent him all your questions. The response said, the proposed stormwater ponds are typical and adequately sized. Also they confirmed the ponds are proposed to be typical wet ponds, no floating mats, no dry retention.
Mr. Zaremba stated we found out last night there are dry retention ponds, I’m disclosing
that.

Mr. von der Osten stated the location is important because the dry retention pond in Phase B of the Preserve is a giant eyesore in the most prominent location in the entire community behind the mailbox. It is either all algae or all cattails, or just dirt. The homeowners are already asking me about it and I do not have an answer. There is also the pretreatment swales before the ponds that we have the Preserve Phase B, which make this a problem for the CDD because we accepted those. In your community the HOA will have to worry about it but they stay wet during the rainy season and it starts growing cattails, weeds and whatnot and you cannot maintain that area between the homes and the lake. It really creates an eyesore. That is not for us to say yay or nay.
Mr. Zaremba stated there are six smaller retention areas and these dry ponds on our plans. I am willing to get with our Engineer to see if that is something we can remove. Maybe we can adjust the stormwater systems to make those wet ponds. It would be great to meet them at the Preserve and offer their input on what we should be doing given what they have in the Preserve so it doesn’t happen in this neighborhood.
Mr. McCommon asked where do you anticipate putting the monument entrance? Is it right at LPGA or further into the development?
Mr. Zaremba stated I would have to look to see where we are able to have signage.
Mr. McCommon asked do we feel like a gentleman’s agreement? I don’t know that I have enough comfort to just sign something.
Ms. Buchanan stated if you don’t have enough comfort to sign then don’t. That is the easy answer on my part. Does Dream Finders feel comfort in this sort of gentleman’s agreement?
Mr. LeBrun stated if the Engineer’s report reflects everything that has been written and stated and is on record, would anyone be opposed to moving forward with a bond issuance? I see three head shakes.
Mr. Workowski stated this would not be outside the norm to have a positive consideration because that is the next thing we would do so there is nothing unusual from that standpoint, but we need to see a full submission before we sign. A gentleman’s agreement would be consistent with what we have done, we have issued bonds. I would feel comfortable to press forward with consideration on that with requirements that we get additional information from the Engineer’s report.
Mr. LeBrun stated for the residents’ information this will not affect any other resident; assessments would only be in the area the new residents would be buying.

Mr. Zaremba stated if we could get some sort of motion that the Board is agreeable if you are, to issuing bonds that would help my case to the executives of my company. Unfortunately, they just don’t take your word.

On MOTION by Mr. McCommon seconded by Mr. Kilian with all in favor the Board will work in good faith with Dream Finders towards a bond issuance for the property subject to the improvements being as represented and discussed at the Board meeting and the communications from Mr. Blevins.

SEVENTH ORDER OF BUSINESS	Staff Reports
District Counsel
Ms. Buchanan stated I will start with an apology because it didn’t get done, the NST Agreement, I’m always anxious about it when it is the first time anybody has done it and that is where we were at. Since your last meeting one of my partners has negotiated the same agreement and I was kind of holding the line to make sure our terms were very similar. They also had the benefit of working with a national homebuilder in negotiating the agreement so it was nice to have that comfort. They are in fact pretty similar so I think that is okay. The one question that Jeff and I have been back and forth on is making sure that we were on the same page with the Beemats. The contract as written includes the $50,000 payment, which we believe would be sufficient to remove the Beemats but nowhere in the agreement does it actually spell out that NST will transfer enough credits to make sure we are still in compliance after these mats are removed. I think conceptually we are on the same page, but I do think it is important to add language to the NST agreement to clarify that one point.
Mr. Kilian stated I think the timing was later this year.
Mr. von der Osten stated I believe the timing is getting pushed back. Jeff did call me a few weeks ago and told me about the timeframe and delaying getting this agreement together, but it is pushing dates back.
Mr. Kilian asked what notification have we provided to Beemats? Mr. von der Osten stated nothing.
Ms. Buchanan stated the caveat he said that NST did not offer to lead the permitting effort or pay the permit modification fee. That is why I need to understand this more. We need to engage Brett to make sure we understand is he able to do that and how much.

Mr. von der Osten stated Jeff knows what he is trying to do.
Ms. Buchanan stated you are copied on those emails and if you could help with that technical side of it, I would appreciate it.

District Engineer
There being no comments, the next item followed.

District Manager
Presentation of Arbitrage Rebate Calculations Report for the Series 1999A Bonds
Mr. LeBrun stated you are not allowed to earn more interest on the bonds than you are paying and this is a third-party firm that performs those calculations to ensure we are in compliance with tax laws. There is no tax liability.

On MOTION by Mr. Workowski seconded by Mr. McCommon with all in favor the Arbitrage Rebate Calculation Report was accepted.

Field Operational Manager
Mr. von der Osten stated Lennar is in the process of finalizing and turning over everything in the community, but they have sent to me and I forwarded to the manager, the stormwater permits for Phase B and ask that the District sign off on perpetual maintenance with the water management District. Our Engineer has performed inspections of Phase B and did come back with a punch list, and I forwarded that to Lennar but have not heard an update on where they stand on the punch list items, which I think we would want completed before we sign off on that.
Mr. Kilian stated I have recollection of a prior meeting where we had a similar discussion when they wanted us to agree to something and we said they needed to fulfill their obligations and they are not doing that.
Ms. Buchanan stated the prior meeting was turning over the real property, but I think the permits and the real property should go hand in hand.
Mr. von der Osten stated we still have washouts, issues around some of the structures they need to repair otherwise we are paying to correct it.
Mr. Kilian asked do they understand we are not signing off until that is completed?

Mr. von der Osten stated correct, and the city hasn’t signed off on the city improvements.
The HOA as of Monday did turn over to the residents.
Mr. Shackleford stated if you require a performance bond from the developer it gives them a cash incentive to get things done.
Ms. Buchanan stated technically, all of our construction agreements require a payment and performance bond. I think what he is talking about is what I generally call a maintenance bond, which is similar to what a city might request prior to turning over the roads to ensure if there are any problems with the way that they operate you can tap into that. We don’t frequently do it, but I certainly can understand the rationale behind it.
Mr. von der Osten stated I think we need to talk about the landscaping requirements and who maintains it along Dunn Avenue. If you want it to look like a regular county road or like part of the community when it goes through the community, Champions, International Golf, Tournament, Grand Champion were all landscaped via the bond money and it spells out who will pay for what, the landscape and irrigation plan and maintenance.
Mr. Kilian stated just thinking about the stretch of a couple hundred feet or more between LPGA and where your development is starting, who is maintaining it? Is it the city because you are sharing it with the city and stadium? It could be a mess.
Mr. von der Osten stated a case in point is that pond by the apartments. It was just left out there and the other is a natural buffer when that went up it was not very good. It is lower than everything around it and full of weeds that die off. You have to have some type of specificity to a natural buffer.
Mr. Kilian asked have you had discussions with the city of how the maintenance is going to be ongoing?
Mr. Ramone stated I imagine it will be maintained by the city or the county whoever the road is dedicated to. It is certainly something we can discuss.
Mr. von der Osten stated I would think Dunn Avenue maintenance would be communitywide not neighborhood wide.
I want to address the Jubilee lake situation for the residents here. There are several things going on there. We have some new personnel as the lake management company and we have a new account manager as of last week. We had long term Josh, but Josh has been MIA for six months. We have been given new people to deal with. The issue you had in the last six months is

basically Solitude who is the lake management company can no longer access the lakes the way they need to be accessed. Basically they have ATV vehicles or whatnot, they circle the lakes and treat them. They are now saying the lake banks are in such poor condition the only way to access the lakes at Jubilee is walking on foot with backpack sprayers, which takes basically a half a day. The big spray you are talking about was completed in half a day with a backpack sprayer going back and forth to the truck mixing chemicals and walking around the lakes because of the steep slopes or erosion and also just access issues. Another problem is the lakes are silting up, the erosion is filling these lakes and we have had this discussion many times and we have an Engineer’s report on it. The lakes are in need of quite a bit of physical maintenance and that is not a District responsibility. Spraying is not going to solve the problem of the capital maintenance. The HOA owns the lakes. The new account manager is putting together a site map, all the issues pinpointed on the site map so we know what we have then determine if it is CDD or HOA that needs to go in and repair it. If it is an inlet that is CDD not HOA we will go in and take care of that.
A resident stated the issue I have with that is everything I read from the original ICDD states that you are responsible for storage, storage is the pond depth.
Mr. von der Osten stated no, we are not.
A resident stated if you can’t show me anything else, we have ponds that are connected from different communities into our community, all the water in those ponds comes off city streets. Why is it our responsibility? Everything I read says the ICDD is responsible for the complete waterway, drainage, ponds, vegetation, storage and quality of water. Water quality is fine but the rest of it you are supposed to be taking care of the whole thing. You have a 10-foot easement around every pond to do this. I don’t understand why you think the dredging is not part of the ICDD responsibility. Unless someone can show me on a document given to the city, I say that they are yours.
Mr. von der Osten stated this conversation has been had many times on who owns these ponds and it is a Jubilee HOA responsibility. The land under the ponds is owned by the CDD, the CDD was responsible for dredging and maintaining the main structure; it is owned by the HOA. There is an agreement with the city that the District will spray for algae, that is the only thing we do.
Mr. McCommon asked are there any CDD owned lakes in Jubilee?

Mr. von der Osten stated no. I think the back lake near the FPL powerlines might be CDD. A few portions of the ponds belong to the CDD.
Mr. Kilian stated most of the ponds in LPGA are owned and managed by the HOA. Less than half the ponds in LPGA are owned and managed by the CDD. As we have operated to date, we do not own that pond and if we did any expense we incur would impact the people in your community only, not the entire community. Just like the pond that we have in the Preserve the costs incurred there are only impacting the homeowners in that community.
Mr. von der Osten stated the overpass had white rocks installed. We finished the season with the holiday lights and the electrical issues are all behind us and everything has been taken down.
Mr. Kilian stated independent of the Jubilee area, we were going to get a map of the rest of the ponds and who owns what because the city owns the one beside my house, the homeowners’ association owns the one in front of me. We need to have that.
Mr. von der Osten stated we need to add one community to it.

EIGHTH ORDER OF BUSINESS	Financial Statements
A copy of the financials was included in the agenda package.

NINTH ORDER OF BUSINESS	Approval of Check Register
August – January

On MOTION by Mr. Workowski seconded by Mr. McCommon with all in favor the check register was approved.

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

ELEVENTH ORDER OF BUSINESS	Supervisors Requests and Public Comments
Mr. Shackleford stated when you were talking about the landscaping for all of that at LPGA and Dunn Avenue, there is a new shopping center going on that corner.
Mr. Kilian stated the plat shows that land is owned by the city.

Ms. Lewis asked can we assume that our ponds are going to be sprayed going forward so we can tell the residents threatening to sue us that is going to happen?
Mr. von der Osten stated if the Board will approve $480 extra for a visit to walk and spray the lake.
Mr. Kilian asked how often are the visits?
Mr. von der Osten stated now is the off season and they can’t spray during the off season. I would say it would probably be a month and I would like approval for two or three visits over the next six months to spray.

On MOTION by Mr. Workowski seconded by Mr. McCommon with all in favor staff was authorized to have the ponds in Jubilee sprayed three times at an extra expense of $480 per visit.

A resident asked is Solitude the only company out there? Mr. von der Osten stated they are not the only company. A resident asked why can’t you contact other companies?
Mr. LeBrun stated he mentioned a new branch manage and a new tech and that might be a sign they are trying to make a shift.
Mr. McCommon asked are we not having these same issues in other ponds?
Mr. von der Oten stated you might be getting them soon in the Renar Golf Community.
You have weirs that are not functioning.
Mr. McCommon stated but that is Renar’s responsibility.
Mr. von der Osten stated it is my understanding that Renar is proceeding with a special assessment to do some lake repairs.

TWELFTH ORDER OF BUSINESS	Next Scheduled Meeting – March 25, 2026 at
1:00 p.m. at the Fairfield by Marriott Daytona Beach, 1820 Checkered Flag Boulevard, Daytona Beach, Florida
Mr. LeBrun stated the next scheduled meeting is March 25, 2026 at 1:00 p.m. in the same location. March is when we kick off the budget process.

THIRTEENTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Kilian seconded by Mr. Byrne with all in favor the meeting adjourned at 2:06 p.m.

Secretary/Assistant Secretary	Chairman/Vice Chairman