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

The Workshop Meeting of the Board of Supervisors of University Park Recreation District will be held on Tuesday, June 3, 2025, at 2:00 PM at the Business Offices 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’ WORKSHOP MEETING AGENDA

Organizational Matters
Call to Order
Roll Call
Pledge of Allegiance
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]
Discussion
Extension Options Related to the Series 2024 Note
Monthly Cash Flow Forecasts and Reports

Date	Meeting Type	Time	Location	Note	
June 13, 2025	BOS Meeting	1:00 PM	University Park	Business Offices	
July 1, 2025	Workshop Meeting	2:00 PM	University Park	Business Offices	
July 11, 2025	BOS Meeting	1:00 PM	University Park	Business Offices	

Supervisor Requests & Public Comments

Adjournment

University Park Recreation District
Series 2024 Bond Anticipation Note Preliminary Financing Options
June 3, 2025

PFM Financial Advisors LLC	200 S. Orange Ave	786.671.7480

Suite 760	pfm.com

Orlando, FL 32801

Summary
 The District's $5,000,000 Bond Anticipation Note, Series 2024 (“BAN”), issued to finance irrigation improvements to the golf course, is set to mature on August 12, 2026
The current drawn balance of the BAN is ~$3,960,000
The BAN has a variable rate that adjusts monthly (4.22% as of 5/1/2025)
Interest on the BAN is capitalized, meaning draws are made on the BAN to pay for accrued interest, increasing the drawn balance by the interest amount due
 As it stands, the District has 4 options as it pertains to the repayment of the BAN
Scenario 1: Repay the BAN at maturity
Scenario 2: Extend the BAN’s maturity by 1-year, and then repay at maturity1
Scenario 3: Extend the BAN’s maturity by 1-year, and then issue bonds to repay the BAN1&2
Scenario 4: Issue bonds to repay the BAN2
 The District cannot proceed with the issuance of bonds under Scenarios 3 & 4 until a ruling is made by the court

1Contingent upon formal credit approval from Regions Bank

Category	Amount	
Debt Service	$5,000,000.00	
Administrative Collection Cost	$376,344.09	
Total Annual Assessment	$5,376,344.09	
50% of Annual Assessment*	$2,688,172	
Number of Homes	1,202	
Base Rate per Home*	$2,236.42	
		
Market Rate per Home	
Maximum	$10,664.84	
Minimum	$2,628.25	
Average	$4,472.83	
Median	$4,290.78	

Resolution 2024-25
 Scenarios 1 & (2) – repay the (extended) BAN at maturity, would result in a one- time assessment to residents, per Resolution 2024-25, which can be found and read in detail on the District’s website
Archives > Passed Resolutions
 The calculation of the one-time assessment utilizes a 50/50 methodology, which includes a base rate plus a variable rate (based on the market value of said property). To the right is an excerpt of Table 4 from the Supplemental Assessment Methodology Report, Series 2024 Note (Exhibit C of Resolution 2024- 25)

*Includes administrative costs

Scenarios 1 & (2) – Repay the (extended) BAN at maturity
 Scenarios 1 & 2 would be a result of the District’s inability to issue long term debt to retire the BAN
 Scenario 1 is the District’s current course of action
 Scenario 2 (extension of the BAN’s maturity by 1-year) is dependent on receipt of formal credit approval from Regions Bank. Regions is currently working through its internal process to offer an extension
 Under each scenario, the District has an undrawn balance on the BAN of ~$1,030,000.
PFM has prepared a preliminary cash flow analysis to project use of the remaining capacity
Since the rate is variable, also provided is a sensitivity analysis assuming a rate of 5.25%

Preliminary Cash Flow Analysis – Remaining Capacity of the 2024 BAN	
Category	Scenario 1	Scenario 2	
Interest Rate	4.22%	5.25%	4.22%	5.25%	
Draw Capacity Immediately (7/12/2025)	$795,243	$737,795	$598,359	$496,688	
Draw Capacity at Maturity	$830,008	$777,956	$648,610	$548,198	
Difference	($34,765)	($40,162)	($50,252)	($51,510)	
Total CAPI if drawn immediately	$240,972	$298,420	$437,856	$539,526	
Total CAPI if drawn at maturity	$206,206	$258,258	$387,604	$488,017	

Scenarios (3) & 4 - Repay the (extended) BAN with Long-term Bonds
 Scenarios 3 & 4 would be a result of the court ruling in favor of the District, permitting the issuance of long-term bonds to retire the BAN
 Scenario 3 assumes a successful 1-year extension of the BAN, to then be retired by long-term bonds
 Scenario 4 assumes the District receives a favorable ruling on/before July 15th, allowing the District to proceed with long-term bonds
 Each of these scenarios allows the District to avoid levying the one-time assessment
Instead, debt from the issuance of long-term bonds would be spread amongst annual payments (typically 30 years) like the District’s Series 2019 Bonds. Annual assessments would be determined at the time of pricing and subject to current market conditions

Preliminary Cash Flow Analysis – Remaining Capacity of the 2024 BAN	
Category	Scenarios 1 & 4	Scenarios 2 & 3	
Interest Rate	4.22%	5.25%	4.22%	5.25%	
Draw Capacity Immediately (7/12/2025)	$795,243	$737,795	$598,359	$496,688	
Draw Capacity at Maturity	$830,008	$777,956	$648,610	$548,198	
Difference	($34,765)	($40,162)	($50,252)	($51,510)	
Total CAPI if drawn immediately	$240,972	$298,420	$437,856	$539,526	
Total CAPI if drawn at maturity	$206,206	$258,258	$387,604	$488,017	

Upcoming Key Dates

 June 3, 2025 – Board Workshop
 June 13, 2025 – Board Meeting
 July 1, 2025 – Board Workshop
 July 11, 2025 – Board Meeting
 September 30, 2025 – End of District Fiscal Year
 August 12, 2026 – Maturity of Series 2024 BAN

University Park Country Club Capital Account Forecast			
Capital Account Balance 4/30/2025	958,360		
Fiscal Year 2025	Inititation Fees	Capital Dues	10% Outside Golf	
958,360	
May	158,000	9,260	22,448	1,148,068	
June		9,300	16,777	1,174,145	
July		9,300	13,243	1,196,688	
August		9,300	10,890	1,216,878	
September		9,300	11,262	1,237,440	
				1,237,440	
Additional Draws from BAN				500,000	
2025 Projects					
Back 9 Renovation				(1,100,000)	

Balance at 9/30/2025		637,440 	
Fiscal Year 2026	
Inititation Fees	
Capital Dues	
10% Outside Golf	

637,440	
October		9,300	17,153	663,893	
November		299,230	21,392	984,515	
December	510,800	10,315	24,951	1,530,581	
January		10,315	28,878	1,569,774	
February		10,315	36,037	1,616,126	
March		10,315	37,805	1,664,246	
April		10,315	25,374	1,699,935	
May		10,315	14,948	1,725,198	

2026 Projects				1,725,198	
Mid 9 Renovation				(1,000,000)	

Remaining Balance In May After Mid 9		725,198