MINUTES Of MEETING
UNIVERSITY PARK RECREATION DISTRICT WORKSHOP MEETING
Friday, May 17, 2024
12:00 p.m.
Business Offices
8301 The Park Boulevard, University Park, FL 34201

Board Members present in person or via phone:

Mark Criden Steve Ludmerer Sally Dickson David Murphy Rusty Piersons

Vice Chairperson Treasurer/2nd Vice Chairperson Chairperson
Assistant Secretary Assistant Secretary

Also, Present in person or via phone:

Vivian Carvalho Venessa Ripoll Kwame jackson Mark Barnebey John Fetsick

District Manager - PFM Group Consulting LLC
District Manager - PFM Group Consulting LLC (via phone) ADM - PFM Group Consulting LLC	(via phone) District Counsel - Blalock Walters
General Manager - Country Club

Various Audience Members in-person and via Zoom

FIRST ORDER OF BUSINESS		Organizational Matters Call to Order and Roll Call
The meeting was called to order at 12:00 p.m. by Ms. Dickson. Those in attendance are outlined above.

The Pledge of Allegiance was recited.

Public Comments

Tom, from Hampton Green, commented on the Board's commitment to consistent communication with the community and the importance for understanding of long-term goals in relation to the recent Bond Indenture. He asked for justification on expenditure plans and referenced Jim Case's resignation from the Board. He noted inconsistencies between Resolution 2024-13, from the March 22, 2024 meeting agenda and the version that appears on

the website.

Ms. Carvalho confirmed that the resolution has a scrivener error with the dates and advised that District Counsel is in the process of correcting the error. She noted that the Board approved the correct resolution with the correct exhibit during the March 22, 2024, meeting.

Dean Matt asked about the effective date of the Second Supplemental Trust Indenture and a capital spending plan that the community can agree with. He criticized the Board's actions and intentions and suggested that there has been falsification of documents and breaches of public disclosure laws. He also suggested that the bond validation appeal process will add six months and high costs which would be borne by the homeowners.

Paul Charlesworth expressed his opinion that the Board is comprised of people of goodwill and his concern that anyone would think anything to the contrary. He commented on the community's majority vote in favor of the bond issuance.

Mr. Barnebey noted that the Board approved the correct Second Supplemental Trust Indenture and stated that the Circuit Court approved the bond validation. He noted that the appeal period is 30 days.

Mary Jane supported the comments made in favor of the Board and the majority vote in favor of the bond issuance. She encouraged the homeowners who remain opposed to the bond to acknowledge that the large majority of people who did not vote in favor of the bond have accepted the result and support the efforts of the Board. She encouraged the Board to take action against persons who cause the residents to incur legal fees.

Steve Parkinson stated his opinion is that the bond referendum was done in a non- democratic way. He suggested that the vote was not for the Capital Improvement Plan, but for how it was going to be paid. He stated the Board should rethink how it was going to be paid for.

There were no further comments.

SECOND ORDER OF BUSINESS	Discussion

Discussion of the Update on the Amendments to Rules & Regulations

Mr. Ludmerer provided an update of the updates to the proposed amendments. He noted that he provided a summary titled Key Changes to Rules and Regulations.

There was discussion about the proposed changes.

Mr. Murphy asked for a few items to be rearranged and sentences added.

Mr. Ludmerer stated there will be a public hearing on the proposed amendments on May 21, 2024.

Discussion of Membership Caps and Initiation Fees

Mr. Fetsick provided an overview of the proposed membership caps, waitlist procedures, and initiation fees. He provided information on the membership numbers from 2022, 2023, and 2024, along with the proposed membership cap for 2025. He noted capping the full-membership does not cap the full revenue.

There was a lengthy discussion.

It was confirmed that the legal notice for a public hearing on these items on May 21, 2024, has been done.

Mr. Barnebey noted that if a waitlist deposit was to be included at the public hearing, that would need to be included in the Rules and Regulations.
I

Mr. Murphy noted that the proposed deposit policy is only for non-residents on the waitlist.

It was agreed that the waitlist costs would include a $1,000 non-refundable application fee and a
$30,000 initiation fee for non-resident full-membership, inclusive of a $5,000 non-refundable deposit. The $5,000 deposit is refundable if you are still on the waitlist after two years and no longer want to participate. This amount would accrue liability, but not be escrowed. The benefits of being on the waitlist will include one-day advance tee time availability. This would be revisited next year and adjusted accordingly.

There was a brief discussion about Social Membership and the cost of adding a Guest Fee.

Mr. Fetsick reviewed the initiation fees comparing the actual fees from 2022 through 2024 to the proposed fee of 2025. These were broken down into Full-Membership, Racquet Membership, and Social Membership. There was also comparison between resident and Non-Resident.

There was a discussion regarding a competitor, their amenities, benefits, and the difference in their fees compared to UPRD. It was proposed to increase the Social initiation fee for residents in the future.

Discussion on the Preliminary Review of FY 2025 Enterprise Fund Budget

Mr. Fetsick introduced the item and noted that the Enterprise Fund is for the Country Club operations and the General Fund is for the Recreation District operations. Mr. Fetsick gave an Executive Summary of both funds.

Mr. Fetsick reviewed Enterprise Fund year-to-date FY 2024 budget, noting that it is forecast to be a 'break even'. This is mostly attributed to unanticipated high labor costs. The forecast for FY 2024 capital allocation is $1.6million, compared to the budgeted $1.06million, mainly driven by an increase in initiation fees due to Full-Membership sales.

Mr. Fetsick noted the annual dues increase for Social Membership is 15%. He reviewed the initiation fees, capital funding, and capital dues and noted that the fees remain competitive.

There was a brief discussion regarding the increase in the dues over the past three years.

Mr. Fetsick stated he would include a three-year track history for the District compared to a three­ year track history for the benchmark.

Mr. Fetsick reviewed the Key Assumptions for the Golf Operations. He compared the 2023 golf rounds to budgeted 2025 golf rounds He also reviewed the Trail Fee increase. There will be no new Non-Resident Trail Fees offered.

There was a discussion regarding cart fees.

Mr. Fetsick reviewed the Key Assumptions for the Dining Operations. The budget does not anticipate disruption to the operation while the kitchen is being renovated and the revenue reflects an increase, based on the menu pricing. He noted that he had a meeting with the Food and Beverage Committee and the recommendation was to increase the menu pricing and give all members a discount instead of implementing a non-member surcharge.

Mr. Fetsick reviewed the Key Assumptions for Labor. Except for the Golf Pro, there were no significant labor increases or decreases. Total payroll reflects 52% of total revenue, which is below the industry standard for Florida.

Mr. Fetsick reviewed the Executive Summary for the General Fund which included the Audit, District Counsel, District Management, and All Other Expenses. He noted that the FY 2024 forecast is unfavorably to budget primarily due to legal fees related to the bond process.

Update on Bond Validation

There was a short discussion about the Final Judgment Order.

Mr. Ludmerer stated that Regions Advantage has extended the Bond Anticipation Note (BAN) closing date from June 12 to June 30.

There was a discussion regarding the BAN rates and possible costs related to the appeal process.

Ms. Dickson reviewed the upcoming scheduled meetings:
Board Meeting and Open Public Hearing - May 21, 2024, 10:00 am.
Continued Public Hearing, Workshop Meeting and Board Meeting - June 4, 2024, 2:00 pm.

There was a short discussion about the items that would be covered in the meetings and the possible need for an additional workshop meeting.

Mr. Ludmerer discussed the Business Group's recommendations which he would like included on the agenda of June 4 Workshop Meeting Agenda.

There was a discussion to have these recommendations included at a Workshop at a later time in order to have more time to discuss. This would include discussion of the Social Membership and possibly adding another tier, based on the recommendations.

It was agreed to have the Workshop Meeting scheduled for September 3, 2024, dedicated to discussing the Business Group's recommendations.

THIRD ORDER OF BUSINESS	Adiournment

There were no additional items to come before the Board.

Ms. Dickson adjourned the May 17, 2024, Workshop Meeting of University Park Recreation District at 2:04 p.m.

Secretary I Assistant Secretary