1. Court Decisions on Garrett #1 and #2
Our attorneys reported that Judge Nicholas entered an order declining to hold an emergency hearing on Garrett’s July 3, 2019 motion for an injunction to halt collection of the O&M Assessment and ratification of the BAN. Therefore, the District can continue to collect its special assessments and proceed with the issuance of the bond anticipation note to acquire the recreational facilities and club.
2. No Settlement Proposal from Mr. Garrett
At the District’s July 9th workshop Mr. Garrett announced his willingness to settle his lawsuits. Counsel asked that he transmit is proposal formally through his attorney, and then the District would promptly respond and engage. By email on July 15th District Counsel received a generalized note related to one aspect of a settlement from Mr. Garrett’s attorney. The District requested that the informal email proffer be provided in a formal settlement offer covering all aspects of the litigation. To date the District continues to wait for Mr. Garrett’s offer to settle the dispute as he promised.
3. Hearing Schedule
The consolidated trials Garrett #1 and #2 and the Bond Validation case have been set by Judge Nicholas for November 13 and 15, 2019.
4. The $1,000 Special Assessment
The District has received over $350,000 in special assessments to date. As you know, these funds will be used to pay for legal expenses to defend against the Garrett suits, for District operating expenses and to repay the $350,000 short term line of credit.
The Board has extended the deadline for payment of the assessment to August 30, 2019. For those who have chosen to pay in installments the new deadlines are: August 30th, October 29th, and December 28th.
The District is aggressively pursuing notice of every homeowner. Actions include additional mailings and coordinating with the home owners association. If you are out of the country or haven’t received your O&M Statement, the letters for O&M assessments and for the assessments for the proposed BAN are available on the District’s website: http://universityparkrd.com/letters. The O&M Statement (revised) is dated 07-15-2019.
5. Bond Anticipation Note Assessment Hearing July 23rd
The District will hold the second and final assessment hearing for the bond anticipation note (The Equalization Hearing) in the Varsity Room on July 23rd at 10:00 AM EDT.
6. Bond Anticipation Note Sale Schedule
At its July 12th meeting the Board directed staff to negotiate an investment banking agreement with Roosevelt and Cross (“RC”). This activity is underway. The District expects to sell the Note no later than at its regularly scheduled meeting on September 13th or sooner if the documentation can be expedited. Purchase of the recreational facilities and club would follow soon thereafter.
7. Subscribing to the Newsletter
We now have over 500 subscribers to the newsletter. Subscribing is easily done through the website. If you should have trouble subscribing, please contact the District Manager’s office at 407-235-5900.
8. Up Coming Meetings
Special Meeting 10:00 AM July 23 Card Room
Special Meeting 3:30 PM August 13 Lakeside Room
Regular Meeting 1:00 PM September 13 Lakeside Room