1. District Completes the Assessment Process for the Bond Anticipation Note
The District completed the assessment process for the proposed Bond Anticipation Note (“BAN”) at its meeting on July 23rd. This is another step to allow the District to issue a BAN to purchase the club, recreational facilities, and land; if and when the Board determines that this would be in the best interests of University Park.
2. New Court Filings by Mr. Garrett
Our attorneys reported that Mr. Garrett’s attorney filed motions on Monday:
(a) Requesting the court establish an escrow account for the $1,000 special assessment
(b) Requesting an injunction to prevent the District from issuing the BAN.
The hearing is scheduled for September 3rd at 9:00 AM in front of Judge Nicholas in courtroom 6E in the Manatee County Justice Center 1051 Manatee Avenue in Bradenton. The hearing was scheduled without consultation to our attorneys as is customary and courteous in this matters.
3. No Settlement Proposal from Mr. Garrett
At the District’s July 9th workshop, Mr. Garrett announced his willingness to settle his lawsuits. Counsel asked he formally convey his proposal through his attorney, and the District would promptly respond and engage. On July 15th via email, District Counsel received a generalized note related to one aspect of a settlement from Mr. Garrett’s attorney. The District requested 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 to provide all the terms of an offer to settle the dispute as he promised.
4. Hearing Schedule
As noted above, on September 3rd Judge Nicholas will hear motions on the injunctions. The consolidated trials in the Garrett #1 and #2 cases and the Bond Validation case have been set by Judge Nicholas for November 13 and 15, 2019.
5. The $1,000 Special Assessment
The District has received over $500,000 in special assessments to date. These funds are being used to pay for legal expenses to defend against the Garrett lawsuits, the District’s 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. There is a $20.00 fee per payment installment. If you have not already done so, please make your checks payable to University Park Recreation District and mail them to:
University Park Recreation District
12051 Corporate Boulevard
Should you have any questions about the assessment, please email Mr. Mishlove Mishlovea@pfm.com.
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 revised O&M Statement is dated 07-15-2019.
The assessments are permitted pursuant to the UPRD Charter and Florida law. The assessments must be remitted to the University Park Recreation District to be credited.
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 595 subscribers to the newsletter. Subscribing is easily done through the website. If you should have trouble subscribing, please email firstname.lastname@example.org.
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8. Up Coming Meetings
Workshop August 6 10:00 AM Card Room
Special Meeting August 13 3:30 PM Lakeside Room
Workshop September 6 8:00 AM Card Room
Regular Meeting September 13 1:00 PM Lakeside Room
Workshop September 24 10:00 AM Card Room
District Counsel’s Letter to Ms. Edwards
To view Counsel’s letter to Mr. Garrett’s attorney, CLICK HERE.