University Park Recreation District
3501 Quadrangle Blvd., Suite 270, Orlando, FL 32817	Phone: 407-723-5900 Fax: 407-723-5901
http://universityparkrd.com/

The Regular Meeting of the Board of Supervisors of University Park Recreation District will be held on Friday, July 8, 2022, at 1:00 p.m. at the Community Center located at 8301 The Park Boulevard, University Park, FL 34201 and or virtually.

Meeting ID: 845 8893 8513
Passcode: 755354
Join meeting via Zoom:
https://us02web.zoom.us/j/84588938513?pwd=eUE4Q3BTNGVLNXBsOGViRXk1cWo2QT09

BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Call to Order
Roll Call to Confirm Quorum
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]
Administrative Matters
Review & Acceptance of Letter of Resignation from Jim Case – Seat 1
Consideration of the Minutes of the June 10, 2022, Board of Supervisors Meeting
Consideration of the Minutes of the June 16, 2022, Board of Supervisors Continued Meeting
Staff Report Matters
District Counsel
District Manager
Club Management
Management Discussion & Analysis Report (under separate cover)

Business Matters
Update of the Strategic Planning of Phase II of the Master Plan Concept
Presentation of the University Park Recreation District Scenario Comparison Summary (under separate cover)
Consideration of Resolution 2022-12, Setting Out General Procedures for Bond Referendum

District Financial Matters
Ratification of Payment Authorizations # 74

Date	Meeting Type	Time	Location	Note	
August 2, 2022	Workshop Meeting	10:00 AM	University Park	Community Center	
August 12, 2022	BOS Meeting	1:00 PM	University Park	Community Center	
August 30, 2022	Workshop Meeting	10:00 AM	University Park	Community Center	

Supervisor Requests & Comments

Adjournment

University Park Recreation District

Review & Acceptance of Letter of Resignation from Jim Case – Seat 1

Good morning.

It is a sad occasion for me as this is the last time I will share a workshop of the University Park Recreation District. I'm stepping down as Chair of this board and as a Member of this board effective July 7th of 2022.

I have been honored to serve as chair and believe we have accomplished some positive improvements for our country club and our residents and members. We renovated the inside dining space; we completed upgrades to the golf course infrastructure for holes
1-18 and are finishing 19-27 this summer. We relocated croquet to a new pitch and are finally shortly constructing 4 pickleball courts.

Constructing a new outside dining and bar are are underway. These are elements of Phase 1 of our Master Plan concept and are substantially funded by the bond approved in 2019.

I am resigning as chair and as a member of the board of RD because a strong majority of the board is advancing a proposal for a second municipal bond which I cannot support. My fellow board members have worked long and hard to develop proposals they believe are necessary to build out our country club consistent with their vision for our future. I don1t, however, share their vision and have not been successful in persuading members to revise their views in any significant way. Serving as chair under these circumstances would not be in the interest of the RD residents or the board. I would be a fifth wheel dragging against the four aligned board members who wish to advance an agenda with which I do not agree.

For several months now the board has been looking ahead and discussing additional new construction projects we describe as Phase 2 of our Master Plan concept. Proposals for these projects exceed $16
M. 16 Million dollars was the price we paid to acquire the entire country club and achieve turnover and will require a bond in the range of $18 million, burdening every residence in University Park with an additional annual tax averaging almost $1,000, payable for 30 years. This new tax will be in addition to the tax supporting the 2019 bond which averages $1200 per year for each residence for 30 years.

The $18 million bond is proposed as a way to address "needs" that have been identified at the country club:
Upgrade irrigation of the golf course
Expand and modernize the kitchen
Create additional meeting space
Create space for indoor fitness workout classes
Improve working space for our administrative staff
Pave the parking lot
Create entry lake view

I recognize all these needs as valid. I disagree strongly, however, with the proposals to address these needs in terms of scope and time. I believe the proposals being currently advanced exceed dramatically our needs for fitness, workout and administrative offices. Current proposal could more than double the indoor space currently available in the country club. The proposals being advanced need to be scaled down dramatically to fit with the real scale of our needs herein University Park to protect the ambience of our country club.

And there is no real time urgency to most of these projects with the exception of the golf course irrigation and the kitchen expansion and upgrade.
Let's finish the outdoor dining, perfect the indoor dining , integrate a new chef into our club and give Curtis the funds to plan the irrigation upgrade for the golf course.
I do not want to waste your money and overbuild or possibly miss the mark and waste millions of dollars of your money.
The $16 million proposal for Phase 2 projects is a lot of money but it will not be the end. If prices hold, $16 million will construct the buildings but it will not outfit them or staff them or manage them or pay for upkeep. Those burdens will also fall to the residents and members in our community.
Other needs at the country club need to be addressed in the near term: improving the practice area for golf, replacing lights and fencing for tennis and expanding inside dining.
These are also real needs but will only be met if we can exercise prudence and good judgement with everything we do.
And if we reflect on the operational burden we create as we expand our infrastructure "If you build it they will come" is not a valid planning mantra. But if you build it you will have to furnish, staff, manage and maintain it.
The haste to move ahead on Phase 2 is driven by the notion that money is cheap now in the municipal bond market. Wasted money is

never cheap money and the extent of the build out currently contemplated is, in my opinion, excessive.

Problems with the current build-out proposal:
The scope of the build-out is too large. It is scaled to meet the needs of a hypothetical country club as defined by national country club developers, not defined by the needs and lifestyles of our members and residents.
The timing is too rushed. In pursuit of cheap money the board is pushing hard to gain approval for an $18 M bond without asking residents and members about specific components.
Money spent on unused resources is never cheap, regardless of a low interest rate.
No consideration has been given to the administrative burden created by the complicated workups required to achieve architectural plans, construction contracts and construction management.
The club is already taxed with operational issues: managing revisions to the interior dining, construction of the outside dining bar and cafe (with overruns already surfacing), construction of the new pickleball courts, relocating the pro shop and building out the current pro shop to replace the Varsity Club.
What do I think we should do?
Focus on the immediate and doable needs.

Offer a bond to fund a new irrigation system for the golf course to insure the integrity of the course and to save increasingly precious fresh water. This would also include money to expand and refurbish the kitchen.
Conduct a meaningful survey of the particular needs of our residents and the preferences for meeting the agreed upon needs in terms of specific amenities.

University Park Recreation District

Consideration of the Minutes of the June 10, 2022, Board of Supervisors Meeting

MINUTES OF MEETING

UNIVERSITY PARK RECREATION DISTRICT BOARD OF SUPERVISORS MEETING
Friday, June 10, 2022
1:00 p.m.
Community Center
8301 The Park Boulevard, University Park, FL 34201

Board Members present at roll call in person or via phone: James Case	Chairperson
Bill DiPaolo	Vice Chairperson
Steve Ludmerer	Treasurer
Sally Dickson	Assistant Secretary

Also, Present in person or via phone:
Vivian Carvalho	District Manager - PFM Group Consulting LLC (via phone)
Venessa Ripoll	District Manager - PFM Group Consulting LLC (via phone)
Jen Walden	Senior District Manager – PFM Group Consulting LLC Mark Barnebey	 District Counsel - Blalock Walters
Curtis Nickerson	Director of Properties & Facilities- Country Club John Fetsick	 General Manager – Country Club
Various Members of the General Public

FIRST ORDER OF BUSINESS	Organizational Matters Call to Order and Roll Call
The meeting was called to order at 1:00 p.m. by Mr. Case and Ms. Carvalho confirmed quorum to proceed with the meeting. Those in attendance are outlined above.

Mr. Case lead the Pledge of Allegiance.

Opening Comments

Mr. Case announced the public comment period will be open in the beginning and at the end of the meeting.

Public Comments

There were no public comments.	

SECOND ORDER OF BUSINESS	Administrative Matters

Consideration of the Minutes of the April 19, 2022, Town Hall Meeting

Consideration of the Minutes of the April 27, 2022, Town Hall Meeting

Consideration of the Minutes of the May 3, 2022, Board of Supervisors	Workshop Meeting

Consideration of the Minutes of the May 13, 2022, Board of Supervisors Meeting

Consideration of the Minutes of the May 31, 2022, Board of Supervisors	Workshop Meeting

Consideration of the Minutes of the May 31, 2022, Board of Supervisors	Continued Meeting

The Board reviewed all sets of Minutes. Mr. Case requested one motion to approve all minutes.

ON MOTION by Mr. DiPaolo, seconded by Mr. Ludmerer, with all in favor, the Board approved the Minutes of the April 19, 2022, Town Hall Meeting, the April 27, 2022, Town Hall Meeting, the May 3, 2022, Board of Supervisors Workshop Meeting, the May 13, 2022, Board of Supervisors Meeting, the May 31, 2022, Board of Supervisors Workshop Meeting, and the May 31, 2022, Board of Supervisors Continued Meeting.

THIRD ORDER OF BUSINESS	Staff Report Matters District Counsel
Mr. Barnebey stated that the amendments are in the county attorney’s office and should be hearing back from them no later than next week.

District Manager

Mr. Case stated that the Manager Report would be given at a later date.

Club Management
a) Management Discussion & Analysis Report

Mr. Fetsick gave an overview via PowerPoint concerning Clubhouse Management.

Mr. Fetsick stated that they are in the process of hiring an executive Chef, there are 3-4 strong candidates for the position that are from across the country. Final interviews will include taste testing in the near future. There is also an additional position open in Accounts Payable.

Mr. Fetsick stated that the Back 9 of the golf course is officially under renovation at this time. He stated that gold course rounds have slowed since the peak season but are still active and the pace of play seems to have increased.

Mr. Fetsick stated that the outdoor dining renovations have started. The Courtyard Café has been introduced for outdoor dining during construction. Menu prices have been increased to reflect inflation. Chef Roger’s last day will be Friday, June 17, 2022.

Mr. Fetsick stated that the summer months are generally slower for new annual membership sales and have discounted Summer Membership Sales. Initiation fees are set to increase in January 2023. There will be a push this fall for summer member conversions and an advertising plan in downtown Sarasota. Both Mr. Case and Mr. Fetsick agree that the workshop should be devoted to memberships.

Mr. Fetsick gave a brief overview of the P&L, FY 2022 Forecast, and the Revenue Flash Report for May. Projections were stated as $1,600,000.00 over budget.

Mr. Fetsick stated that the parking lot repairs, and outdoor dining demolition has begun for Phase 1. The Pickleball court continues to wait for Manatee County on permitting, it will take around 8-10 weeks to build.

FOURTH ORDER OF BUSINESS	Business Matters

Review and Recommendation from the Committee for Engineering Services per the RFQ CCNA Requirements (under separate cover)

Mr. Fetsick stated that no engineer or engineering services proposals have been received per the RFQ. The Board has the ability to go out and recruit an engineering service.

Review and Consideration of the Outdoor Dining Proposals Received (under separate cover)

Mr. Case stated that no proposals were submitted concerning the Outdoor Dining. However, SR Construction is currently doing the demolition work and will be providing a proposal sometime next week. Their current work has been good standing, and a good relationship has been formed with the company.

Appointment of Auditor Selection Committee For FY 2022 Audit

Mr. Case stated that Ms. Dickson has volunteered to be on the Auditor Selection Committee as the only Board member. Mr. Fay and Mr. Crouch also expressed interest in serving on the committee.

ON MOTION by Mr. DiPaolo, seconded by Mr. Ludmerer, with all in favor, the Board appointed Sally Dickson, Dick Crouch, and Paul Fay as the Auditor Selection Committee for the FY 2022 Audit.

Update of the Strategic Planning of Phase II of the Master Plan Concept
a. Consideration			of Resolution	2022-11, Regarding Parameters for University Park Phase II Improvements		and Financing

Discussion took placed before the vote of the Board. It was suggested that item 2 include the verbiage of “will continue to receive” and item 5 include the verbiage of “may include” and “to help determine” to avoid confusion concerning the two items.

ON MOTION by Mr. DiPaolo, seconded by Mr. Ludmerer, with all in favor, the Board approved Resolution 2022-11, Regarding Parameters for University Park Phase II Improvements and Financing.

It was suggested that the next workshop be devoted to the referendum package and assignments. The workshop is set for Tuesday, June 28, 2022. It was suggested that District Management be asked to provide an Assessment Methodology with a bond sizing of
$16,000,000.00 and anticipated interest amount of 5.5%. A decision would need to be made concerning a 25/75, 50/50, or 100% ad valorem. It was requested that the FA team provide a scenario assessment methodology based on the 3 options of 25/75, 50/50, or 100% ad valorem for comparison. The FA Contract for the transaction is needed by June 28, 2022. Publication dates and deadlines for the referendum will also be needed.

FIFTH ORDER OF BUSINESS	District Financial Matters	
	Ratification of Payment Authorizations # 71-73	
Mr. Fetsick presented Payment Authorizations #71-73	

ON MOTION by Mr. DiPaolo seconded by Mr. Ludmerer, with all in favor, the Board ratified Payment Authorizations #71-73.

Supervisor Requests & Comments
There were no supervisor comments.

SIXTH ORDER OF BUSINESS	Continuance

Mr. Case stated the meeting will be continued to Thursday, June 16, 2022, at 3:00 PM at the Lakeside Room located at 7671 The Park Boulevard, University Park, FL 34201 so that the Board can meet with Lisa Briggs to look at remaining design issues with the outdoor dining renovation.

ON MOTION by Ms. Dickson, seconded by Mr. Ludmerer, with all in favor, the Friday, June 10, 2022, Board of Supervisors Meeting of University Park Recreation District was continued at 2:20 p.m. to Thursday, June 16, 2022, at the Lakeside Room located at 7671 The Park Boulevard, University Park, FL 34201 at 3:00 PM.

Secretary / Assistant Secretary	Chairperson / Vice Chairperson

University Park Recreation District

Consideration of the Minutes of the June 16, 2022, Board of Supervisors Continued Meeting

MINUTES OF MEETING

UNIVERSITY PARK RECREATION DISTRICT CONTINUED BOARD OF SUPERVISORS MEETING
Thursday, June 16, 2022
3:00 p.m.
Community Center
8301 The Park Boulevard, University Park, FL 34201

Board Members present at roll call in person or via phone: James Case	Chairperson
Bill DiPaolo	Vice Chairperson
Steve Ludmerer	Treasurer
Sally Dickson	Assistant Secretary

Also, Present in person or via phone:
Vivian Carvalho	District Manager - PFM Group Consulting LLC Curtis Nickerson	Director of Properties & Facilities- Country Club Various Members of the General Public

FIRST ORDER OF BUSINESS	Organizational Matters Call to Order and Roll Call
The meeting was reconvened to order at 3:00 p.m. by Mr. Case and Ms. Carvalho confirmed quorum to proceed with the meeting. Those in attendance are outlined above.

Public Comments

Mr. Case stated that public comments will be held until the end of the presentation.

SECOND ORDER OF BUSINESS	Business Matters

Discussions with Lisa Briggs Pertaining to Re-design Details in Outside Dining Area

Mr. John Tice and Ms. Lisa Briggs started giving their presentation to the Board. Ms. Briggs provided an overview of the furniture of the outdoor dining.

Lengthy discussion ensued in regard to the chair configuration of the outdoor dining space and the concerns of not enough seating accommodations for the various organizations within the RD.

Mr. Case provided the 2 matters to be addressed at the meeting. The roof metal color selection and the flooring color selection.

It was discussed 20 years warranty associated with the roof and the difficulty to color match the new roof with the existing roof.

The Board recess the meeting at 3:58PM for the purpose of reviewing the color palette of roof and flooring outside in the sunlight.

The Board reconvened at 4:13PM the Continued Board of Supervisor Meeting.

The consensus of the Board and the group was to proceed with the suggested color for the flooring by Ms. Briggs recommendation which outlined the lighter color of flooring
	and the darker color of flooring 	for the steps and trim areas surrounding the outdoor dining space. In addition, it was determined the brightsilver color for roof. There will be a larger sample of the color palette that Ms. Briggs will obtain for review as it relates to the roof.

The group did not make a decision to the bar base color. It will be reviewed at a later meeting.

It was asked if there will be a sound system in the outdoor dining area. Mr. Tice confirmed there will be a sound system and the lighting in the area along with the TV surrounding the bar.

THIRD ORDER OF BUSINESS	Adjournment

There were no additional items to come before the Board and Mr. Case requested a motion to adjourn.

ON MOTION by Mr. DiPaolo, seconded by Ms. Dickson, with all in favor, the June 16, 2022, Continued Board of Supervisors Meeting of University Park Recreation District was adjourned at 4:31 p.m.

Secretary / Assistant Secretary	Chairperson / Vice Chairperson

University Park Recreation District

District Counsel

University Park Recreation District

District Manager

University Park Recreation District

Club Management

Management Discussion & Analysis Report (under separate cover)

University Park Recreation District

Update of the Strategic Planning of Phase II of the Master Plan Concept

University Park Recreation District

Presentation of the University Park Recreation District Scenario Comparison Summary (under separate cover)

University Park Recreation District

Consideration of Resolution 2022-12, Setting Out General Procedures for Bond Referendum

Venessa Ripoll

From:
Sent:
To:

Cc: Subject:
Attachments:

billdip1@gmail.com
Saturday, June 18, 2022 10:08 AM
'james case'; 'Sally Dickson'; 'Steven Ludmerer'; karenlpagano@gmail.com; Vivian Carvalho
jfetsick; 'Bruce Mantia' Friday District Workshop
Bond Summary.docx; Member and owner survey draft 6.16.22.docx

ALERT: This message is from an external source.BECAUTIOUS before clicking any link or attachment BOARD MEMBERS, DO NOT RESPOND
Just before our June meeting was continued, I believe we agreed that there were a number of important subjects that should be reviewed and resolved at the upcoming workshop. We should put ourselves in a position to make some definitive decisions on direction. Our objective should be to arrive at a consensus that can be formally voted on at the July meeting. Costs are escalating faster than we anticipated.
These items were mentioned as subjects to review:
Establish a date for the referendum. Steve's schedule calls for August 16. Approving this at the July meeting allows time for notification as required by law and provides a definitive track for our progress.
Review the project list (already sent) for which the funds would be used. The important point for now is not to focus on a specific project or sequence. It is important that we find agreement to follow either Option I or Option II. The key question is Option II worth almost an extra $2 million.
Once the option is decided, the amount of the bond can be definitively established.
Review and determine the fairest split for payment by each member.
With a firm amount and split established, we will be able to complete the voter information package and determine an approximate amount that will be due from each resident. A copy of a draft of that document (Bond Summary) is attached.
We have committed to conduct a survey of the residents. I believe we have general agreement on the direction of that survey. A suggested draft of a survey is attached for your review. Again, the key point of discussion now is the direction of the survey rather than the wording of specific questions. If we agree on that, we can turn it over to the experts to finalize. I do not believe we need any formal motion to do this.
Because we have spent extensive discussion time on these issues, we can hopefully resolve them before we adjourn, though it could be a long meeting.
VIVIAN: Please make these items part of our agenda.

Bill DiPaolo
7110 Marston Court University Park, FL 34201 352 220 4496

1

VOTER REFERENDUM INFORMATION (6/14/2022)
INTRODUCTION
In 2019, Residents agreed to purchase University Park Country Club from the developer by establishing a Recreation District and agreeing to a $24 million municipal bond issue. Proceeds were to fund the purchase and provide some operating and capital funds. Over the 30-year life of the property, little had been done to maintain or add assets or amenities of the club.
One of the first actions of the new District Board was to establish the mission and vision for UPCC:

Our mission is to deliver to members and guests ever evolving lifestyle experiences that are engaging and inclusive by providing exemplary service, facilities and amenities. Our vision is to be the preeminent gathering place for members and guests to meet, socialize and enjoy lifestyle opportunities that exceed their expectations in a modern club environment that also enhances our residential community.
To meet these objectives, a year of planning began that included member advisory groups, surveys, consultants and the retention of Fawley Bryant Architects to create a Master Plan that would serve as a blueprint for club development for the next decade. To verify these findings, new member advisory groups were established and an additional resident survey planned to confirm the results. The guidance of the Master Plan was accepted by the residents.
From the 2019 bond funds, Phase I of the Master Plan was implemented. This includes remodeling dining areas, adding pickleball, constructing a new outdoor bar, parking lot repairs and providing needed maintenance on the golf course, which produces over $2,000,000 in outside revenue annually, as well as numerous smaller projects.
With Phase I nearing completion, it is time to plan and implement Phase II of the Master Plan.
At the time of the purchase, the capital fund balance was $0, and while the Club is operationally sound, showing a surplus each year, these funds along with bond funds were needed immediately to maintain and improve our infrastructure and facilities. With this need for funds, there was no ability to build capital reserves for future projects. There are additional priority projects that must be executed and are a part of Phase II of the Master Plan. It is essential that funding be secured for these projects in a sufficient amount that allows for the execution of Phase II as well as provide time to build capital reserves for the future and take meaningful steps towards our mission and vision.

FINANCING RECOMMENDATION
The Board has limited options to secure needed funding, which current needs show to be $16 million. Even a substantial increase in dues would not provide sufficient capital in a timely manner. The District Charter currently prohibits borrowing for more than a two-year term. For the capital required, a significant assessment of each residence over a short time frame might place an undue burden on homeowners.

Municipal bond funding is an avenue available to our Club as a Recreation District that is not available to other country clubs. This allows UPCC to secure long-term funding for long term projects at the lowest possible rates, causing the least financial stress on residents. For these reasons,
The University Park Recreation District Board of Supervisors recommends that residents approve by referendum a $16 million municipal bond, and that preparations for this issue be done with all due haste.
To issue such a bond would require approval of a majority of voting homeowners of the District. Other financing methods require only a majority vote of the Board of Supervisors.

HOW WILL THE VOTE BE DONE?
The referendum is scheduled for August 16, 2022. Each residential address will be entitled to one vote. Ballots will be distributed by mail and may be returned by mail or in person to Club offices. There will be a short period of time on election day to allow for in person voting. Ballot counting will begin at the close of the election and results will be independently verified. Assuming the election is favorable, the bond process will begin immediately. It is anticipated funds will be available by December 15, 2022. No payment of the debt will be required by residents before November 2023. Detailed instructions will be included with the ballot.

HOW WOULD THE FUNDS BE USED?
Generally, the funds would be used to implement some Master Plan projects and critical infrastructure and maintenance issues over a three-year period. All projects are designed to preserve and protect existing assets and revenue streams as well as adding to the member experience. It is the intent to provide greater social opportunities, enhanced and expanded dining experience as well as updating and improving our existing athletic facilities. Overall, the investment will add significant value to a UPCC membership and enhance the member experience.
Projects were selected based on crucial maintenance issues and preference input by a wide portion of the membership gathered beginning with the turnover through the present. The projects are consistent with our mission and vision and reflect changing needs of a new generation of club members. A listing of these projects, along with estimated costs and a brief description of each can be found in Exhibit 1.

ADDRESSING RESIDENTS’ QUESTIONS
Throughout the vetting process, residents have posed significant questions. Most of these, along with responses have been summarized on the Recreation District web site. Please go to https://universityparkrd.com/questions-answered for a complete listing of these issues.
Some issues, particularly those with a financial impact, are addressed here.
Question: Won’t all this make UPCC too expensive compared to other clubs in the area?

While this does not directly relate to the bond issue, it is the use of the bond funds for three years that will allow the accumulation of capital reserves with a combination of increases in dues, initiation fees and the addition of a capital fund charge. See Exhibit 2 for a forecast of the reserves. It is projected that there will be a reserve capital fund of about $2,000,000. Even with these steps implemented, membership in UPCC is still a bargain. A comparison of UPCC fees and other clubs can be found in Exhibit 3.

Question: The addition of the new bond payment on top of the original bond and all other Manatee County fees could make our tax bill so high it could depress real estate values.
Like the Country Club, living in University Park is a bargain as well. Even with the addition of the new bond payment, University Park tax bills are still below comparable properties in Lakewood Ranch. See Exhibit 4.
Question: How will each resident’s share be determined?
The bond funds will be used for the amenities of the club, which all members enjoy equally, regardless of the value of the home. At the same time, maintaining the Club at high standards contributes to increased real estate values. While all homes participate in this benefit, homes with a higher value can expect more from increased values. The fairest way is to calculate the assessment based on 50% home value and 50% divided evenly among all residences. An exact amount for each residence will be provided before the referendum. Another factor is that if an all-ad valorum (100% of assessed value) approach were used, values would have to be calculated annually and payment would not be consistent.

Question: When will you be asking for more money?
This request for this bond funding was not unplanned. During the takeover there was not time to research, create and adopt a master plan. It has taken three years to do a proper job and the bond proceeds allow implementation of Phase 2 of that plan. Exhibit 2 shows the accumulation of capital funds over the next few years because of the bond. This reserve should preclude any need for additional bonds or assessments. While it can never be a promise, it does not appear that additional funds will not be needed for at least 10 years, maybe longer.

CURRENT CLUB USAGE

UPCC is a successful club. Since the takeover, membership has grown substantially, and it is anticipated that growth will continue. See Exhibit 5 for current and projected membership. Between the athletic facilities, restaurant, meetings, close to 500 people per day take advantage of Club facilities. This kind of usage emphasizes and accelerates the need to expand and improve facilities and requires more staff to maintain the level of service. Bond funds allow us to meet these requirements.

Though usage is strong, and facilities are taxed, there is no single amenity, with the exception of the restaurant that is used by more than a third of our membership. Of our amenities, it is offices, meeting space and fitness facilities that are outdated and not up to the standards of University Park. In spite of that, usage of these areas is still good. An expanded fitness center will allow UPCC to offer wellness and fitness training to be included in social membership, increasing the value of that membership class; new offices provide a proper environment for our staff and improved meeting facilities will offer additional social opportunities to all members. The bond funds will address these areas of weakness on the Club campus and increase usage. Exhibit 6 reviews usage of various amenities.

CLUB FINANCES
Since the takeover, Club finances for operations have been strong and have met expectations provided in the early proformas. As one understands the financial model of a country club, the need for extensive capital spending, as provided by the bond, becomes obvious. Most people coming from a non-club business, look to a company’s subsidiaries to make money. Such is not the case with club amenities.
Virtually all country clubs underwrite all amenities. UPCC is not a golf course, a tennis club nor a restaurant. It is the product of all amenities formed into a “club.” The primary revenue streams for a club are dues and initiation fees and the amount of those revenues is dependent on the quality of all the amenities. This is what makes the continued capital investment in our assets so important. It insures the future viability and success.
UPCC is fortunate that because of the quality of our golf course, outside play contributes $2,000,000 to revenues, a figure we must protect with consistent maintenance and improvement to the golf course and attendant facilities.
For a more detailed view of Club finances please see the following exhibits: Exhibit 7 – Current financial statement
Exhibit 8 – Current balance sheet
Exhibit 9 – Proforma statements of operating results for next 5 years Exhibit 10 - Current staffing levels and future requirements

WHY THE BOND NOW?

It was the intent of the Board to introduce the subject of a bond approximately 12 months from now. The specter of rising interest rates, escalating construction costs and supply problems forced the acceleration of the project research, recommendations and the proposal of the bond. By acting earlier, the same results can be achieved at a lower cost to the residents.

WHY YOU SHOULD VOTE YES!

The vast majority of the listed projects, particularly those with high dollar amounts, must be completed within a reasonable period. By not acting in many of these areas, the Board would not be executing its fiduciary responsibility to the membership and residents. It is not the purpose to build a super club nor to compare ourselves to others. The intent is to build a self-sustaining country club that demonstrates the values and supports the lifestyles of our diverse community. The concern is not just this year, but the next ten years and beyond. The goal is to create an environment that reflects the standards of University Park and to position the Club to maintain those standards over the next decade.

A bond issue is the fairest, most economical way to achieve these ends by providing the necessary funding. Projects to be funded are long term projects. Thirty-year financing means residents owning the home at any time would finance the amenities. Any other option could be a burden to some residents and requires payment long before completion of the useful life of the assets with annual payments three to five times larger than the bond and provides a windfall to the next owners of the residence.

The Board of Supervisors asks that you approve the bond referendum.

DRAFT 6/14/22
Q 1. I have lived in University Park for:
Less than 5 years
Between 5 -10 years
More than 10 years
Q 2. What is your UPCC membership category?
Full
Social/resident social
Racquets
Summer
I am not a member
Q 3. I'm involved in the following activities in the Park (select all that apply):

Cards/games in the Varsity Room/Card room
Croquet
Racquets
Fitness Center
Golf
Dining/Special Events (i.e., Trivia, Bingo)
Specialty clubs/groups (book clubs, biking, walking, etc.)
Other, Womens’ Club, UPCAI (Homeowners’ Association)
Q 4. Overall how would you describe the value you receive for your membership?

A very good value
A good value
An OK value
Not a good value
Not a good value at all

Q 5. The UPRD Board is proposing the Phase II concepts to address a variety of issues including those listed below. Please mark ALL the issues you feel are important to you:

To upgrade buildings/infrastructure now 30 years old and in need of renovation
To maintain/upgrade existing athletic facilities
To increasing dining options and meet member demands, including member dining as well as outside banquets and weddings.
To ensure we remain competitive with similar country clubs within our market area
To maintain/increase the value of our homes
To build capital reserves for the future.
To provide our staff with an appropriate work environment
To attract new club members in all categories (Social/Racquets/Golf, etc.) as a means of maintaining final stability now and in the future.
To increase the value of a Social Membership
To increase opportunities for social contact and activities

Q 6. Based on the UPRD Master Plan developed with the community, the UPRD Board has held several workshops and Town Hall meetings to present Phase II projects and concepts for resident input. These projects and concepts include the maintenance and improvement of amenities that will expand social opportunities, broaden dining opportunities, improve the golf and other athletic facilities and provide the ability to perform critical maintenance on existing infrastructure and assets. How do you feel about the Phase II concepts presented to date?

Very Positive
Somewhat Positive
Neither Positive nor Negative
Somewhat Negative
Very Negative
Have Not Followed and Need Additional Information

Q 7. While all projects have merit and most are essential, your opinion in the following areas will help establish the priorities. For those club FACILITIES and recreational areas you use, tell us how you rate the overall PHYSICAL quality of each. (If you have not used the facility or areas - skip that item and go on to the next.)
(use 1-5 rating)
Dining room
The Café
Lakeside Room
Varsity Club
Card room
Pro shop
Fitness Centre
Golf course
Tennis Courts
Croquet Pitch
Parking Lot

Q 8. The estimated cost for Phase II projects will be $14,000,000-$18,000,000. Because the Club has limited capital reserves, financing these projects can be accomplished in one of two ways or a combination of both. Please indicate your preference.

A 30-year bond similar to the bond approved to support the original purchase of the club and turnover of the community. This approach must be approved by a vote of the homeowners. Very preliminary estimates suggest the average Phase II 30-year bond might range from $  to $  per month per home, depending on interest rates and the bond amount.

A capital assessment on each residence of approximately $13,000-$16,000, payable over three years at approximately $5,000 annually. This would not require a vote of the homeowners.

A combination of bond and capital assessment that would generate the required $14,000,000-
$18,000,000. Residents would vote on the bond portion of this approach.

Prefer A.
Prefer B.
Prefer C.

Q 9. I plan to live in UPCC for some time
Agree
Disagree
Q 10. What is your age?
Under 35
36 – 45
46 – 55
56 – 65
66 – 75
76 – 85
Over 85
Q 11. What is your work status?
Work full time
Work part-time
Retired, not employed

Thank you for your participation.

RESOLUTION 2022-12

A RESOLUTION OF THE BOARD OF SUPERVISORS SETTING OUT GENERAL PROCEDUES FOR THE 2022 BOND REFERENDUM ELECTION, REPEALING RESOLUTIONS IN CONFLICT; PROVIDING AN EFFECTIVE DATE.

WHEREAS, the University Park Recreation District (the “District”) is authorized by Chapters 418 and 189 Florida Statutes and Manatee County Ordinance No. 18-29, now Article III of Chapter 2-8 of the Manatee Code of Ordinances, which Ordinance serves as the Charter of the District (the “Charter”), to own, acquire, construct, equip, operate, maintain and improve recreation facilities and improvements within the District, including the facilities and improvements known as the “University Park Country Club”, as deemed necessary or convenient by the Board of Supervisors of the District (the “Board”) for the carrying out of the functions of the District, and to enter into contracts and agreements necessary or incidental to the functions of the District and the execution of its powers; and
WHEREAS, the Board has determined that one owner of each residence or residential property, if there is no residence, within the District (“Owner”) shall be entitled, qualified and permitted to vote at such referendum; and
WHEREAS, the Board believes that the benefits to be derived by the District from the proposed recreation facility improvements justify the submission to the Owners of the Question of the issuance by the District of the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the District
that:
Section 1.	The Board intends to conduct a referendum to issue bonds in an
amount not to exceed $18,000,000.00 to finance improvements to the facilities and land of the District. The list of proposed recreation facility improvements are listed in Exhibit “A”.
Section 2.	The Board desires to establish general parameters for the referendum election to provide guidance in conducting the elections as follows:

The referendum election shall be held in the University Park Community Center located at 8301 The Park Boulevard, University Park, FL 34201, on
	, 2022, from 9:00 A.M. to Noon.

The ballot questions shall be in substantially the form as shown in
Exhibit “B”.

One owner of each residence, or residential property if there is no residence, within the District (“Owner”) shall be entitled, qualified and permitted to vote at such referendums.

Owners shall be identified as those owning a residence, or residential property, if there is no residence, based on the property owners as identified on the Manatee County Property Appraiser’s website as of June 30, 2022 (“Owners”).

Mailed notice of the referendum election shall be sent to the Owners at least 45 days in advance of the election. District Management shall be responsible for mailing the notice. If the mail is returned as undeliverable and there is a second address on record with the District, then District will make reasonable effort to send the mailed notice to the second address.

The mailed notice shall include an absentee ballot for voting and a ballot envelope for returning to the District. If voting by absentee ballot, the voter shall place the absentee ballot inside the ballot envelope, which shall be returned to the District Management Office. The District Management Office shall be the sole receiver of ballots. The ballot envelope shall be marked with an identifier to determine the property for which the ballot is being cast. If a ballot is sent without a ballot envelope, the ballot, and any possible identifying information, shall be set aside for review by the Election Chair and shall only be counted if it can be determined the property for which the vote is being cast, is qualified to vote and that no other votes have been cast for that property.

All ballot envelopes shall remain sealed until the close of voting on
election day.

Absentee ballots may also be cast in a locked box in the lobby of the University Park Community Center up until close of polls on election day. The locked box shall only be opened by District Manager personnel after the close of the polls on election day.

The notice to the property owners shall identify when the election date shall be, where the election shall be held and where absentee ballots are to be sent or filed consistent with this resolution.

After the close of the voting on referendum election day, District Management shall tally the votes, and upon completion of the tally, shall announce the results publicly. The results of the election shall be confirmed at the next regular meeting of the Board of Supervisors.

Notice of the election shall be published in the Bradenton Herald by District Management at least twice:

Once in the fifth week prior to the election day.

Once in the third week prior to the election day.
Section 3.	This Resolution shall supersede any resolutions in conflict.

Section 4.	This Resolution shall become effective upon adoption and shall remain in effect unless rescinded, superseded or repealed.

PASSED AND ADOPTED this 	 day of 	, 2022.

ATTEST:	BOARD OF SUPERVISORS UNIVERSITY PARK RECREATION DISTRICT

Secretary/Assistant Secretary	Chairman

EXHIBIT “A”
List of Proposed Recreation Facility Improvements

EXHIBIT B
Official Ballot

OFFICIAL BALLOT

UNIVERSITY PARK RECREATION DISTRICT MANATEE COUNTY, FLORIDA
BOND REFERENDUM
	, 2022

PROPOSITION

ISSUANCE OF ASSESSMENT BONDS FOR IMPROVEMENT OF UNIVERSITY PARK RECREATION DISTRICT

Shall University Park Recreation District issue not exceeding $18,000,000 of non-ad valorem assessment bonds to provide permanent financing for the acquisition and improvement of the University Park Recreation District, maturing within 32 years, bearing interest at not exceeding the maximum legal rate, and payable from non-ad valorem assessments of the District levied in connection therewith?

YES (FOR BONDS) NO (AGAINST

If you are in favor of the agreement to issue said bonds, place an "X" in the box to the left of the words "YES (FOR BONDS)"

If you are not in favor of the issuance of said bonds, place an "X" in the box to the left of the words "NO (AGAINST BONDS)"

BOND PROJECT WORKSHEET		
OPTION I	OPTION II	
ESSENTIAL PROJECTS		
Kitchen	$	2,000,000	$	1,900,000	
Bulkheads/Bridges	$	525,000	$	525,000	
Golf irrigation	$	4,300,000	$	4,300,000	
Lake Banks	$	400,000	$	400,000	
Enviomental Upgrades	$	300,000	$	300,000	
Parking Lot	$	750,000	$	750,000	
Office, Activity, Fitness-Wellness Space	$	6,500,000	
Remodel Varisty Club /Cart Barn for Office/Meeting	$	5,000,000		
New Cart Barn ???		
Fitness Center	$	3,000,000	inc. in office/acti	
Upgrade Varsity Club	$	100,000	
Upgrade ProShop with Deck area	$	600,000	
Upgarde Pro Shop for mtg/dining/deck to VC capacity (+2000ft  $	1,500,000 	 		
$	17,775,000	$	15,375,000	
OTHER PROJECTS		
Board Walk	$	210,000	$	210,000	
Entry View	$	500,000	$	500,000	
Water Feature	$	100,000	$	100,000	
2 Tennis Courts	$	250,000	$	250,000	
2 Pickleball Courts	$	310,000	$	310,000	
Cart Path Bump Out	 $	275,000 	 $	275,000 	
$	1,645,000	$	1,645,000	
TOTAL FUNDS	$	19,420,000	$	17,020,000	
Option I includes total remodel of Varsity Club & cart barn.		
Option II includes new 15,000 s.f. of office/activity/fitness-wellness space		
Figures are approximately $2+ million over original estimates because of inflation.		
OTHER PROJECTS include future projects funded out of capital fundss , as necessary.		
Expanding golf practice facilities not included.		
Furnishings not included.		
6/19/2022		

University Park Recreation District Series 2022 Bonds Financing Scenario Comparison Summary

Presented By: PFM

June 24, 2022

200 S. Orange Avenue Ste 760
Orlando, FL 32801

3501 Quadrangle Blvd
Ste 270
Orlando, FL 32817

www.pfm.com

Propose Series 2022 Bond Issuance

 The District has identified additional recreation projects and capital improvements needed within the University Park Recreation District (“UPRD” or “District”)
If approved by referendum, the projects would be financed via the District’s issuance of the Series 2022 Bonds secured by special assessments
 The District followed a similar process for its Series 2019 Bond Issuance which funded the acquisition & improvement of recreational facilities within UPRD
 The Series 2022 Bond Issuance includes two Preliminary Sizing Scenarios

Scenario 1 - $16,000,000 with an interest rate of 5.5% (Project Fund $13,130,684)

Scenario 2 - $18,000,000 with an interest rate of 5.5% (Project Fund $14,771,774)

 The repayment of the bonds would be via special assessments payable by the residents of UPRD to be collected over a 30-year term
 The payment runs with the land and can be prepaid by the landowner at any time prior to the maturity of the bonds

Series 2022 Bonds Sizing - $16M (Preliminary)

Series 2022 Bonds Sizing - $18M (Preliminary)

Series 2022 Bond – Assessment Allocation

 The allocation of the Series 2022 Bond assessments is still to be determined.
 The Series 2019 Bonds were allocated using a methodology which resulted in a fixed annual assessment for all property owners within the District
50% of the annual debt service assessment was based on a fixed amount for each of the 1,202 residential units within the District
50% of the annual debt service assessment was allocated using the market value of each home based on 2017 valuations.
 Similar to the Series 2019 Bonds assessment allocation, the Series 2022 Bonds are being evaluated based on the following scenarios:
50% Market Rate & 50% Fixed
75% Market Rate & 25% Fixed
100% Market Rate

Summary of Series 2022 Bonds – Assessment Allocation Scenarios

Series 2022 Bonds - $16,000,000 Pricing
Scenario(s)*	50 Mkt / 50 Fix	75 Mkt / 25 Fix	100 Mkt	
No. of Homes	1,202	1,202	1,202	
Bond Par Amount	$16,000,000	$16,000,000	$16,000,000	
MADS (net)	$1,118,625	$1,118,625	$1,118,625	
MADS (gross - 7% )	$1,202,823	$1,202,823	$1,202,823	
Series 2022 Gross Assessments	50 Mkt / 50 Fix	75 Mkt / 25 Fix	100 Mkt	
Fixed Series 2022 Assessment Per Unit	$500.34	$250.17	$0.00	
Avg. Assessment	$1,000.68	$1,000.68	$1,000.68	
Median assessment	$962.34	$943.17	$924.00	

*Series 2022 Bonds will be applying 2021 Market Values

Series 2022 Bonds - $18,000,000 Pricing
Scenario(s)*	50 Mkt / 50 Fix	75 Mkt / 25 Fix	100 Mkt	
No. of Homes	1,202	1,202	1,202	
Bond Par Amount	$18,000,000	$18,000,000	$18,000,000	
MADS (net)	$1,258,550	$1,258,550	$1,258,550	
MADS (gross - 7% )	$1,353,280	$1,353,280	$1,353,280	
Series 2022 Gross Assessments	50 Mkt / 50 Fix	75 Mkt / 25 Fix	100 Mkt	
Fixed Series 2022 Assessment Per Unit	$562.93	$281.46	$0.00	
Avg. Assessment	$1,125.86	$1,125.86	$1,125.86	
Median assessment	$1,082.72	$1,061.15	$1,039.58	

*Series 2022 Bonds will be applying 2021 Market Values

June 23, 2022

Steve Ludmerer Treasurer
University Park Recreation District 3501 Quadrangle Blvd., Ste 270
Orlando, FL 32817 Dear Mr. Ludmerer:

3501 Quadrangle Blvd
Suite 270
Orlando, FL 32817
407.723.5900

pfm.com

As provided for in Exhibit A and Exhibit B of the Agreement for Financial Advisory
Services (“Agreement”) between Fishkind and Associates, Inc. (“Fishkind”) and the University Park Recreation District (the “Client” and/or “District”) dated January 4, 2019 and assigned to PFM Financial Advisors, LLC (“PFM”) on April 18, 2019, PFM agrees to provide Financial Advisory (“FA”) services associated with the Series 2022 Bond issuance consistent with Agreement.

Services to be Provided:
As requested by the District, PFM agrees to provide assessment consulting and debt transaction management services associated with the District’s Series 2022 Bonds as such services are described in Exhibit A of the Agreement.

Compensation for Services Provided:
PFM shall be compensated a fixed fee of 0.50% of the net bond proceeds of the Series 2022 Bonds (i.e., net of original issue discount or premium), plus expenses not to exceed
$2,500, for the assessment consulting and debt transaction management services described above. Such fees are contingent upon the successful issuance of the Series 2022 Bonds and payable at closing.

Subject to the receipt and access to information we deem necessary, in our sole discretion, to complete the tasks outlined above, PFM anticipates being able to complete the scope of work within the scheduled refunding timeline as presented by the District.

UPRD June 23, 2022
Page 2

Provided the terms are acceptable, please have an authorized official of the District sign and return a copy of this letter to us to acknowledge acceptance of the terms of this engagement.

Sincerely,

__________________

PFM FINANCIAL ADVISORS LLC

Managing Director

Accepted by:

(Signature)

(Print Name)

(Date)

DISCLOSURE OF CONFLICTS OF INTEREST AND OTHER IMPORTANT MUNICIPAL ADVISORY INFORMATION PFM FINANCIAL ADVISORS LLC

Introduction

Public Financial Management, Inc., PFM Financial Advisors LLC, and PFM Swap Advisors LLC (hereinafter, referred to as “We,” “Us,” or “Our”) are registered municipal advisors with the Securities and Exchange Commission (the “SEC”) and the Municipal Securities Rulemaking Board (the “MSRB”), pursuant to the Securities Exchange Act of 1934 Rule 15Ba1-2. In accordance with MSRB rules, this disclosure statement is provided by Us to each client prior to the execution of its advisory agreement with written disclosures of all material conflicts of interests and legal or disciplinary events that are required to be disclosed with respect to providing financial advisory services pursuant to MSRB Rule G-42(b) and (c) (ii). We employ a number of resources to identify and subsequently manage actual or potential conflicts of interest in addition to disclosing actual and potential conflicts of interest provided herein.

How We Identify and Manage Conflicts of Interest
Code of Ethics. The Code requires that all employees conduct all aspects of Our business with the highest standards of integrity, honesty and fair dealing. All employees are required to avoid even the appearance of misconduct or impropriety and avoid actual or apparent conflicts of interest between personal and professional relationships that would or could interfere with an employee’s independent exercise of judgment in performing the obligations and responsibilities owed to a municipal advisor and Our clients.

Policies and Procedures. We have adopted policies and procedures that include specific rules and standards for conduct. Some of these policies and procedures provide guidance and reporting requirements about matters that allows Us to monitor behavior that might give rise to a conflict of interest. These include policies concerning the making of gifts and charitable contributions, entertaining clients, and engaging in outside activities, all of which may involve relationships with clients and others that are important to Our analysis of potential conflicts of interest.

Supervisory Structure. We have both a compliance and supervisory structure in place that enables Us to identify and monitor employees’ activities, both on a transaction and Firm-wide basis, to ensure compliance with appropriate standards. Prior to undertaking any engagement with a new client or an additional engagement with an existing client, appropriate municipal advisory personnel will review the possible intersection of the client’s interests, the proposed engagement, Our engagement personnel, experience and existing obligations to other clients and related parties. This review, together with employing the resources described above, allows Us to evaluate any situations that may be an actual or potential conflict of interest.

Disclosures. We will disclose to clients those situations that We believe would create a material conflict of interest, such as:
1) any advice, service or product that any affiliate may provide to a client that is directly related to the municipal advisory work We perform for such client; 2) any payment made to obtain or retain a municipal advisory engagement with a client; 3) any fee-splitting arrangement with any provider of an investment or services to a client; 4) any conflict that may arise from the type of compensation arrangement We may have with a client; and 5) any other actual or potential situation that We are or become aware of that might constitute a material conflict of interest that could reasonably expect to impair Our ability to provide advice to or on behalf of clients consistent with regulatory requirements. If We identify such situations or circumstances, We will prepare meaningful disclosure that will describe the implications of the situation and how We intend to manage the situation. We will also disclose any legal or disciplinary events that are material to a client’s evaluation or the integrity of Our management or advisory personnel. We will provide this disclosure (or a means to access this information) in writing prior to starting Our proposed engagement, and will provide such additional information or clarification as the client may request. We will also advise Our clients in writing of any subsequent material conflict of interest that may arise, as well as the related implications, Our plan to manage that situation, and any additional information such client may require.

General Conflict of Interest Disclosures

Disclosure of Conflicts Concerning the Firm’s Affiliates
Our affiliates offer a wide variety of financial services, and Our clients may be interested in pursuing services separately provided by an affiliate. The affiliate’s business with the client could create an incentive for Us to recommend a course of action designed to increase the level of the client’s business activities with the affiliate or to recommend against a course of action that would reduce the client’s business activities with the affiliate. In either instance, We may be perceived as recommending services for a client that are not in the best interests of Our clients, but rather are in Our interests or the interests of Our affiliates. Accordingly, We mitigate any perceived conflict of interest that may arise in this situation by disclosing it to the client, and by requiring that there be a review of the municipal securities transaction or municipal financial product to ensure that it is suitable for the client in light of various factors, after reasonable inquiry, including the client’s needs, objectives and financial circumstances. Further, We receive no compensation from Our affiliates with respect to a client introduction or referral. If a client chooses to work with an affiliate, We require that the client consult and enter into a separate agreement for services, so that the client can make an independent, informed, evaluation of the services offered.

Disclosure of Conflicts Related to the Firm’s Compensation
From time to time, We may be compensated by a municipal advisory fee that is or will be set forth in an agreement with the client to be, or that has been, negotiated and entered into in connection with a municipal advisory service. Payment of such fee may be contingent on the closing of the transaction and the amount of the fee may be based, in whole or in part, on a percentage of the principal or par amount of municipal securities or municipal financial product. While this form of compensation is customary in the municipal securities market, it may be deemed to present a conflict of interest since We may appear to have an incentive to recommend to the client a transaction that is larger in size than is necessary. Further, We may also receive compensation in the form of a fixed fee arrangement. While this form of compensation is customary, it may also present a potential conflict of interest, if the transaction requires more work than contemplated and We are perceived as recommending a less time consuming alternative contrary to the client’s best interest so as not to sustain a loss. Finally, We may contract with clients on an hourly fee bases. If We do not agree on a maximum amount of hours at the outset of the engagement, this arrangement may pose a conflict of interest as We would not have a financial incentive to recommend an alternative that would result in fewer hours. We manage and mitigate all of these types of conflicts by disclosing the fee structure to the client, and by requiring that there be a review of the municipal securities transaction or municipal financial product to ensure that it is suitable for the client in light of various factors, after reasonable inquiry, including the client’s needs, objectives and financial circumstances.

Disclosure Concerning Provision of Services to State and Local Government, and Non-Profit Clients
We regularly provide financial advisory services to state and local governments, their agencies, and instrumentalities, and non- profit clients. While Our clients have expressed that this experience in providing services to a wide variety of clients generally provides great benefit for all of Our clients, there may be or may have been clients with interests that are different from (and adverse to) other clients. If for some reason any client sees Our engagement with any other particular client as a conflict, We will mitigate this conflict by engaging in a broad range of conduct, if and as applicable. Such conduct may include one or any combination of the following: 1) disclosing the conflict to the client; 2) requiring that there be a review of the municipal securities transaction or municipal financial product to ensure that it is suitable for the client in light of various factors, including the client’s needs, objectives and financial circumstances; 3) implementing procedures that establishes an “Informational Bubble” that creates physical, technological and procedural barriers and/or separations to ensure that non-public information is isolated to particular area such that certain governmental transaction team members and supporting functions operate separately during the course of work performed; and 4) in the rare event that a conflict cannot be resolved, We will withdraw from the engagement.

Disclosure Related to Legal and Disciplinary Events
As registered municipal advisors with the Securities and Exchange Commission (the “SEC”) and the Municipal Securities Rulemaking Board (the “MSRB”), pursuant to the Securities Exchange Act of 1934 Rule 15Ba1-2, Our legal, disciplinary and judicial events are required to be disclosed on Our forms MA and MA-I filed with the SEC, in ‘Item 9 Disclosure Information’ of form MA, ‘Item 6 Disclosure Information’ of form MA-I, and if applicable, the corresponding disclosure reporting page(s) (“DRP”). To review the foregoing disclosure items and material change(s) or amendment(s), if any, clients may electronically access PFM Financial Advisors LLC filed forms MA and MA-I on the SEC’s Electronic Data Gathering, Analysis, and Retrieval system, listed by date of filing starting with the most recently filed, at:

PFM Financial Advisors LLC –
http://www.sec.gov/cgi-bin/browse-edgar?company=PFM+Financial&owner=exclude&action=getcompany

Specific Conflicts of Interest Disclosures – University Park Recreation District – Series 2022

To Our knowledge, following reasonable inquiry, we are not aware of any other actual or potential conflict of interest that could reasonably be anticipated to impair Our ability to provide advice to or on behalf of the client in accordance with applicable standards of conduct of MSRB Rule G-42.

PFMFA currently advises numerous entities including the Manatee County School District which may have relationships or activities from time to time that overlap with those of the University Park Recreation District. While Our clients have expressed that this experience in providing services to a wide variety of clients generally provides great benefit for all of Our clients, there may be or may have been clients with interests that are different from (or adverse to) other clients. If for some reason any client sees Our engagement with any other particular client as a conflict, We will mitigate this conflict by engaging in a broad range of conduct, if and as applicable. Such conduct may include one or any combination of the following: 1) disclosing the conflict to the client; 2) requiring that there be a review of the municipal securities transaction or municipal financial product to ensure that it is suitable for the client in light of various factors, including the client's needs, objectives and financial circumstances;
3) implementing procedures that establishes an “Information Bubble” that creates physical, technological and procedural barriers and/or separations to ensure that non-public information is isolated to particular area such that certain governmental transaction team members and supporting functions operate separately during the course of work performed; and 4) in the rare event that a conflict cannot be resolved, We will withdraw from the engagement.
.

Municipal Advisory Complaint and Client Education Disclosure

The MSRB protects state and local governments and other municipal entities and the public interest by promoting fair and efficient municipal securities markets. To that end, MSRB rules are designed to govern the professional conduct of brokers, dealers, municipal securities dealers and municipal advisors. Accordingly, if you as municipal advisory customer have a complaint about any of these financial professionals, please contact the MSRB’s website at www.msrb.org, and consult the MSRB’s Municipal Advisory Client brochure. The MSRB’s Municipal Advisory Client brochure describes the protections available to municipal advisory clients under MSRB rules, and describes the process for filing a complaint with the appropriate regulatory authority.

PFM’s Financial Advisory services are provided by Public Financial Management Inc., and PFM Financial Advisors LLC. PFM’s Swap Advisory services are provided by PFM Swap Advisors LLC. All entities are registered municipal advisors with the MSRB and SEC under the Dodd Frank Act of 2010.

University Park Recreation District

Ratification of Payment Authorizations # 74

6/10/2022

University Park Recreation District

Payment Authorization No. 74

O&M - General Fund Expenses

Vendor	Invoice	Description	Amount	
PFM	DM-06-2022-46	District Management Fee: June 2022	$	5,833.33	
PFM	OE-EXP-05-051	Postage	$	0.53	
Blalock Walters	40896-000-43	General Representation - May 2022	$	7,056.00	
Blalock Walters	40896-028-1	Amendment to ORI order & GDP	$	1,202.50	
Bradenton Herold	123425	Notice of Public Meeting & RFP/RFQ - May 2022	$	1,601.24	

O&M - General Fund Expenses Total	$	15,693.60

Asst. Secretary/Secretary	Asst. Treaf¥r	

Bill Toi

University Park Recreation District
/o PFM Group Consulting District Accounting Department
3501 Quadrangle Blvd., Suite 270 Orlando, FL32617
United States of America

Remittance Options:

PFM Group Consulting LLC PO Box 65126
Baltimore, MD 21264-5126 United States of Ameri<;a

pfm

1735 Market Streel 42nd Floor Philadelphia, PA 19103
+1 (215) 5676100

Company Addr'ess:

RE:	District Management Fee: June 2022

Date	Invoice Number	
June 1, 2022	DM-06·2022-46	
Paymeril Terms	Due Date	
Upon Receipt	June 1, 2022	

Professional Fees
Total Amount Due

$5,833.33
$5,833.33

BlllTo.		

University Park Recreation District
c/o PFM Group Consulting District Accounting Department
3501 Quadrangle Blvd., Suite 270
Orlando, FL 32817 United States of America

Remittance Options:
1,.IL!!l.lMall:..
PFM Group Consulting LLC PO Box 65126
Baltimore, MD 21264-5126 United States of America

pfm

1735 Market Street 42nd Floor Philadelphia, PA 19103
+1 (215) 5676100

RE:	April 2022 Postage $0.53

Date	Invoice Number	
May 31, 2022	OE·EXP-05-051	
Payment Terrris	Due Date	
Upon Receipt	May 31, 2022	

Expenses
Total Amount Due

$0.53
w

BLALOCK WALTERS
ATTORNEYS  AT LAW

WEMAKE A DIFFERENCE

P.O. Box 469 Bradenton, Florida 34206-0469
ph: 941.748.0100 fx: 941.745.2093

UNIVERSITY PARK RECREATION DISTRICT PFM FINANCIAL ADVISORS, LLC
3504 LAKE LYNDA DRIVE, SUITE 107
ORLANDO, FL  32817

Page	1
May 31, 2022
Account #	40896-000
Invoice#	40896-000-43

ATTN:	ACCOUNTSPAYABLE@UNIVERSITYPARK-FL.COM GENERAL REPRESENTATION

REMITTANCE COPY

BALANCE

40896-000

MPS	$7,056.00

If you prefer to receive paperless invoices by email, please complete the information below or email billing@blalockwalters.com.

	 Yes, I would prefer paperless billing by email.

Email Address for paperless billing purposes:

Please Return the Remittance Copy with Your Payment Make Check Payable to Blalock Walters, P.A.
Federal Tax ID# 59-1950976

BLALOCK WALTERS
ATTORNEYS  AT LAW

WEMAKE A DIFFERENCE
P.O. Box 469• Bradenton, Florida 34206-0469 ph: 941.748.0100 fx: 941.745.2093

UNIVERSITY PARK RECREATION DISTRICT PFM FINANCIAL ADVISORS, LLC
3504 LAKE LYNDA DRIVE, SUITE 107
ORLANDO, FL 32817

Page:	1
May 31, 2022
Account # 40896-000
Invoice #	40896-000-43

ATTN:	ACCOUNTSPAYABLE@UNIVERSITYPARK-FL.COM

	GENERAL REPRESENTATION			

MPB				
	
For Professional Services Rendered Thru 05/31/2022			

05/02/2022	
MPB	Review and respond to Memorandum from Steve Ludmerer; telephone	HOURS		
	conference with Jim Case; preparation of comments on the Request for Proposals; telephone conference with Vivian Carvalho.	
1.40	
329.00	
	JA	Email to Max Sigler regarding status of charter revision.	0.20	20.00	
05/03/2022	MPB  Preparation for and attendance at Board Workshops.	3.70	869.50	
05/05/2022	MPB	Telephone conference with James Case.	0.30	70.50	
05/09/2022	MPB	Review and respond to Memorandum from Bob Gang.	0.10	23.50	
05/10/2022	MPB	Telephone conference with Rossina Leider on status of the Charter			
	Amendments; telephone conference with Chair.	0.60	141.00	
05/11/2022	MPB  Telephone conference with Vivian Carvalho; preparation of Memorandum to			
	Gary Chase; telephone conference with County staff regarding Charter			
	processing.	1.10	258.50	
05/12/2022	MPB  Review and respond to Memorandum from Rossina Leider.	0.20	47.00	
	JA	Attend meeting with County staff regarding Charter amendment.	0.20	20.00	
05/13/2022	MPB		Review and respond to Memorandum from Vivian Carvalho; telephone conference with Vivian Carvalho; conference with Jim Case; preparation for			
	and attendance at Board meeting; conference with Chair.	4.30	1,010.50	
	JA	Email to Rossina Leider and Jamie Elbert regarding status and follow up from			
	meeting. Review and respond to email from Jaime Elbert. Work with documents in ACCELA.	
0.70	
70.00	
05/15/2022	MPB		Review Development Orders for University Park; review and respond to Memorandum from the Chair regarding expansion processing.	
2.10	
493.50	

UNIVERSITY PARK RECREATION DISTRICT GENERAL REPRESENTATION
MPB

Page:	2
May 31, 2022
Account # 40896-000
Invoice#	40896-000-43

	HOURS		
05/16/2022	MPB	Telephone conference with Jim Case; review and respond to Memorandum			
		from John Fetsick; preparation of Memorandum to Supervisors; telephone			
		conference with Jim Case.	2.30	540.50	
05/17/2022	MPB	Attend Workshop; work on Development Order applications; review and			
		respond to Memorandum from John Fetsick.	2.50	587.50	
05/18/2022	MPB	Review and respond to Memorandum from John Fetsick; work on application			
		information.	0.40	94.00	
05/19/2022	MPB	Telephone conference with Chair; review issues regarding redevelopment of			
	JA	the Country Club and ORI updates.
Monitor emails from Manatee County regarding charter revision application.	0.80
0.30	188.00
30.00	
05/20/2022	MPB	Preparation of draft Resolution regarding amending the development orders			
		for University Park Recreation District and extending their lives.	0.90	211.50	
05/22/2022	MPB	Review and respond to Memorandum from Rob Gang.	0.30	70.50	
05/23/2022	MJP	Review Resolution regarding ORI amendment to request an increase in			
		square footage.	0.20	40.00	
	MPB	Work on Resolution; preparation of Memorandum to Chair and John Fetsick;			
		telephone conference with Chair; preparation of Memorandum to Board of			
		Supervisors and PFM.	1.40	329.00	
05/24/2022	MJP	Review communication from John Fetsick regarding amendment to ORI.	0.20	40.00	
	MPB	Review Memorandum from John Fetsick; preparation of Memorandum to the			
		Supervisors; review and respond to Memorandum from John Fetsick.	0.60	141.00	
05/25/2022	MPB	Review and respond to Memorandum from John Fetsick; telephone call to			
		Katie LaBarr regarding ORI Amendments; telephone conference with Jim			
		Case.	0.90	211.50	
05/26/2022	MJP	Participate in agenda meeting.	0.90	180.00	
	MJP	Review Resolution 2022-10, Option A.	0.20	40.00	
	MPB	Attend the Agenda meeting; prepare alternative Resolution; telephone			
		conference with Tom Christopher.	1.50	352.50	
05/30/2022	MPB	Review and respond to Memorandum from Steve Ludmerer.	0.20	47.00	
05/31/2022	MJP	Prepare for and attend workshop and continued meeting.	3.00		600.00	
		TOTAL FOR THE ABOVE SERVICES	31.50	7,056.00	
		TOTAL CURRENT WORK		7,056.00	
		PREVIOUS BALANCE		$3,924.50	

UNIVERSITY PARK RECREATION DISTRICT GENERAL REPRESENTATION
MPB

Page:	3
May 31, 2022
Account# 40896-000
Invoice#	40896-000-43

PAYMENTS RECEIVED

05/23/2022	Payment received on account. Thank you!	-3,924.50

AMOUNT DUE (includes Previous Balance if shown above)	$7,056.00

If you prefer to receive paperless invoices by email, please complete the information below or email billing@blalockwalters.com.

	 Yes, I would prefer paperless billing by email.

Email Address for paperless billing purposes:

Please Return the Remittance Copy with Your Payment
Make Check Payable to Blalock Walters, P.A.
Federal Tax ID# 59-1950976

BLALOCK WALTERS
ATTORNEYS  AT LAW

WEMAKE A DIFFERENCE

P.O. Box 469 Bradenton, Florida 34206-0469
ph: 941.748.0100 fx: 941.745.2093

UNIVERSITY PARK RECREATION DISTRICT PFM FINANCIAL ADVISORS, LLC
3504 LAKE LYNDA DRIVE, SUITE 107
ORLANDO, FL 32817

Page	1
May 31, 2022
Account #	40896-028
Invoice #	40896-028-1

ATTN:	ACCOUNTSPAYABLE@UNIVERSITYPARK-FL.COM AMENDMENT TO ORI DEV. ORDER & GDP

REMITTANCE COPY

BALANCE

40896-028

MPB	$1,202.50

If you prefer to receive paperless invoices by email, please complete the information below or email billing@blalockwalters.com.

	 Yes, I would prefer paperless billing by email.

Email Address for paperless billing purposes:

m

m

BLALOCK WALTERS
ATTORNEYS  AT LAW

WEMAKE A DIFFERENCE
P.O. Box 469• Bradenton, Florida 34206-0469 ph: 941.748.0100 fx: 941.745.2093

UNIVERSITY PARK RECREATION DISTRICT PFM FINANCIAL ADVISORS, LLC
3504 LAKE LYNDA DRIVE, SUITE 107
ORLANDO, FL 32817

Page:	1
May 31, 2022
Account# 40896-028
Invoice#	40896-028-1

ATTN:	ACCOUNTSPAYABLE@UNIVERSITYPARK-FL.COM AMENDMENT TO ORI DEV. ORDER & GDP
MPS

For Professional Services Rendered Thru 05/31/2022

05/17/2022

05/18/2022

05/23/2022

05/24/2022

05/25/2022

TEF	 Review of issues related to ORI and GDP Amendment TEF	Begin to work on ORI Amendment
TEF	Review of prior approval documents related to ORI TEF	 Work on project narrative
TEF	Work on project narrative
TOTAL FOR THE ABOVE SERVICES TOTAL CURRENT WORK

AMOUNT DUE (includes Previous Balance if shown above)

HOURS
0.20	37.00

1.00	185.00

1.30	240.50

2.50	462.50

-1.50 	277.50
6.50	1,202.50

1,202.50

$1,202.50

If you prefer to receive paperless invoices by email, please complete the information below or email billing@blalockwalters.com.

	 Yes, I would prefer paperless billing by email.

Email Address for paperless billing purposes:

UNIVERSITY PARK RECREATION DISTRICT
Attn:Accounts Payable 7671 THE PARK BOULEVARD UNIVERSITY PARK BRADENTON, FL 34201

Print

Pagel oil

MAYINVOICE	
Invoke No.:	123425	
Invoke Date:	05/31/2022	
DueDate:	06/30/2022	
BIii-To Account:	2958S	
Sales Rep:	Ryan Dixon	

Dlb!	AdNo.	PO	Desafpllon	Size	Noles	NetAmount  1	
05/20/2022	945717	Notice of District
Engineer RFO	BRO-Bradenton Herald • Legal I Legals & Public Notices	B-Full Page		$700.00	
		CCNA					
05/20/2022	945739	RFPOutside dining	BRO-Bradenton Herald • Legal I Legals & Public Notices	B-FullPage		$700.00	

Dates

OrderNo.

Description

Product

Size

BIiied
Units

NetAmount

05/06/2022 •05/06/2022	257095	Print Legal Ad	BRO-Bradenton Herald
IPL0069899	Legal I Legals & Public Notices CLS
05/24/2022 • 05/24/2022	265868	Print Legal Ad	BRO-Bradenton Herald
IPL0074126	LegalI legals & Public Notices CLS

2x58 L

1x53L

116L

53L

$138.06

$63.18

	MaySummary	
$1.601.241

McClatchy Company LLC PO Box 510150
Livonia Ml 48151

Please Return This Portion With Your Payment (Thank You)

ADVERTISING INVOICE
UNIVERSITY PARK RECREATION DISTRICT
Attn: Accounts Payable 7671 THE PARK BOULEVARD UNIVERSITY PARK BRADENTON. FL 34201

0000029585 0000123425 000160124 3

MAYINVOICE	
Invoice No.:	123425	
Account No.:	29585	
Account Name:	UNIVERSITY PARK RECREATION DISTRICT	
Amount Due:	$1,601.24	

Email questions to ssccreditandcollections@mcclatchy.com

McClatchy Company LLC PO Box 510150
Livonia Ml 48151

University Park Recreation District

Supervisor Requests & Comments