3501 Quadrangle Blvd., Suite 270, Orlando, FL 32817
Phone: 407-723-5900	Fax: 407-723-5901
https://universityparkrd.com/

The workshop meeting of the Finance Committee of the University Park Recreation District will be held on Tuesday, January 13th at 10:00 am at the Business Offices located at 8301 The Park Boulevard, University Park, FL 34201 and or virtually.
Meeting ID: 846 5002 7762 Passcode: 106696
Join meeting via Zoom: https://us02web.zoom.us/j/84650027762?pwd=sS6JkHas6u4UuzJpHsHD5NYuSa4oVt.1

Finance Committee Workshop Meeting Agenda Updated 1/12/2026

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 Committee]
Business Matters
Discuss Alternatives to Bond Financing
Discuss Capital Raising Options
Next Meeting Scheduled
Date	Meeting Type	Time	Location	Note	
January 21, 2026	Finance Committee Meeting	3:00 pm	Business Offices	In person or by Zoom	

Finance Committee Member Requests & Public Comments

Adjournment

Business Matter – Item #1
Alternatives to BAN – Questions by Board Member
Attached are two documents, one is a legal opinion based upon certain questions concerning the RD's ability to Borrow funds.
The second is a treatise by a Board member discussing possible financing alternatives.

Please read through these documents in preparation of a discussion about these matters. The Board has asked us to investigate what our alternatives are if the Supreme Court does not approve our Bond issue.

Mark Barnebey <mbarnebey@blalockwalters.com>
.·-..---=-
University Park Recreation District/Short-term loans

10/10/2025 10:41 AM

To Sally Dickson - UPRD {sally.dickson@UniversityParkRD.com) <sally.dickson@universityparkrd.com> • steve.heitzner@universityparkrd.com • scott.huebner@universityparkrd.com • David.Murphy@universityparkrd.com <david.murphy@universityparkrd.com> • Russell.Piersons@universityparkrd.com <russell.piersons@universityparkrd.com> Copy
Vivian Carvalho {carvalhov@pfm.com) <carvalhov@pfm.com> • John Fetsick Gfetsick@universitypark-fl.com) <jfetsick@universitypark-fl.com> • Robert C.Gang{GangR@gtlaw.com) <gangr@gtlaw.com> • Marisa Powers <mpowers@blalockwalters.com> • Jennifer Alexander <jalexander@blalockwalters.com>

Supervisors - We recently received essentially the following questions: Inquiry:
Can the District roll over a loan for the same project into another loan?

Can the District revise the Charter to allow the RD to borrow for a longer term, for example 10
year?

Can the District revise the Charter to allow us to roll the BAN into the new "longer term" loan?

Response:

As some of these questions overlap, please allow me to answer them in a single response. The District has the authority to borrow money pursuant to Section 2-8-154 of the District Charter. Section 2-8-156 provides for Short Term Borrowing and provides in relevant part as follows:

The UPRD at any time may obtain short-term loans or lines of credit with a maturity of five years or less, in such amount on such terms and conditions as the Board may approve, for the purpose of paying any of the expenses of the UPRD or any costs incurred or that may be incurred in connection with any of the Projects....

Bonds are defined in Section 2-8-152 of the Charter as any general obligation bond, special assessment bond, refunding bond, and other such obligation in the nature of a bond, but provides that a Bond does not include short-term loans or lines of credit with a maturity of five years of less. Section 2-8-157 of the Charter provides Bonds must be the subject of a referendum prior to the issuance of the Bonds, unless they are refunding Bonds. Thus, a short-term loan of up to five years in length is currently not subject to a approval by referendum, but a long-er--term loan or bond issuance would be.
Although the Charter does not specifically discuss the possibility of an extension of a loan or a roll over to a new loan, the concern would be that the District could be attempting to circumvent the Charter referendum requirements for approval by the Electors by borrowing for a shorter period than five years and then extending or rolling over the loan to extend past the five year period. This concern could be mitigated by the facts and timing of the extension or roll over to a new loan, but that would be determined by the facts involving a future event and cannot be determined at this time. In the absence of specific information, we recommend that if the District believes that it will need longer than five years to repay a loan, then a referendum should be held unless there is a change to the Charter.

Observations;
UPCRD Charter allows for a short-term loan up to 5 years.
The Bond Anticipation Note (BAN) is a 3-year loan from Regents Bank and due August 2027.
If the 2024 Bond (Bond) fails at the FSC, the current plan is to assess homeowners on their 2027 taxes.
Due to Manatee County (MC):�ments, the deadline to inc.lude this assessment as a tax on 2027 taxes is August 2��	.-� ?_
The cost for MC to tax homeowners is expensive ($376k).  1. b O
The BAN is a $5M loan and currently UPCRD owe $4 M.
Interest on the BAN is about 5% per year and due 2 times per year, February and August.
The current plan is to roll the interest charge into the loan.

�� Considerations;

/

c/1,V:. \\

1 time tax assessment will inflate taxes without an explanation (Zillow) and could contribute to the untrue belief that University Park Country Club (UPCC) is a high tax neighborhood.
The majority voted for the Bond proving homeowners prefer deferred payment vs.
�ssessments
f All  Members benefit from a better golf course (1,353 Members vs. 1,202 homeowners)
/ We have divided community over the spending plans.
/  If UPCRD self-funds improvements through Dues and Capital Funds, homeowners will be more agreeable.
As a Recreational District (RD) we always have the legal option to assess, but it should be a last resort.
3 Sources of Capital; Initiation Fees (Full, $20k/$30K), Outside Golf (10%Capital Allocation), Capital Dues (5%/10%) Est. $1.4M per year

The new golf irrigation system is a Capital improvement and can be paid for from Capital Funds.
Regents Bank may or may not extend the term of the loan from 3 to 5 years.
To lengthen UPCRD short-term loan term from 5 years to 10 or more years may require a referendum.
UPCRD has planned capital improvement to the golf course, est $1M per year for 26 & 27.
If UPCRD pays the interest and pays down principle, in a worst-case scenario, the amount we would need to assess homeowners would be less.
Questions;
Do we have the funds to pay the interest on the BAN and pay down principle?
If we demonstrate that UPCRD can pay the interest and pay down principle for the BAN, will Regents or another bank, be more inclined to extend the loan to 5 years? 10 years? Or more?
If UPCRD extends the short-term lending period to 1O years and we add 7 years to the BAN can UPCRD pay the BAN from dues and capital funds?

1

J (

For example; the annual payments for a $4M loan, at 5% costs is about $691k. Pljase have the Finance Committee build cash f�ow m�	for these scenarios?
�A- Current 3 year BAN, due August 202;--
1. 5. BAN+ 2 years, due August 2029	�	vr :J
\ 6. Ban + 7 years, due August 2034	\
1
I

Business Matters – Item #2
Capital Income Projections and Reserve Requirements

University Park Country Club	
Fiscal Year 2026	
5 Year Capital Plan	
									
		2026	2027	2028	2029	2030		Comments	
Available Funds								
									
Beginning Balance	238,003	(407,964)	(1,139,186)	(97,208)	974,186			
									
Initiation Fees	510,800	536,340	563,157	591,315	620,881		

Assumes a 5% year-over-year increase	
Capital Dues	414,769	435,507	457,283	480,147	504,154			
Golf Ops Allocation	248,670	261,103	274,158	287,866	302,260			
BAN/Bond Repayment	1,835,548							
									
Total Available Funds	3,247,790	824,986	155,412	1,262,120	2,401,480			
									
Uses of Funds							Primary Uses	
									
The Park Grille								
	Grille	220,936	3,607	-	80,024	-		Building - A/C, roof, restroom renovation	
	Café	-	-	85,602	-	54,167		Bar Equipment, Firepits	
	Varsity Club	274,721	-	10,927	44,514	71,876		Building - A/C, Built-in Cabinetry, flooring, restroom renovation	
	Kitchen	251,475	-	-	2,926	-		Equipment	
Total Park Grille	747,132	3,607	96,529	127,464	126,043			
									
Racquets and Fitness								
	Building/Other	101,594	-	-	-	-		Building -Built-in Cabinetry, flooring, restroom reno	
	Fitness Equipment	101,764	-	-	-	-		Strength and Aerobic machines	
	Racquet Courts	122,253	-	2,185	10,346	34,779		Laser level, water fountains, ball machine	
Total Racquets and Fitness	325,611	-	2,185	10,346	34,779			
									
Golf Operations & GCM								
	Golf Operations	232,265	4,986	10,272	39,535	-		Cart barn roof, doors and metal wall, club storage	
	GCM Euipment	222,583	68,960	38,714	-	191,925		Club carts, greens rollers and topdressers	
	GCM Building/facility	222,480	-	-	-	22,026		Overhead doors, grinder	
	Irrigation	-	-	-	-	-			
	Golf Course	1,573,342	1,390,478	81,955	84,413	98,539		Bridges, bunkers, tees & fairways	
Total Golf Operations & GCM	2,250,670	1,464,424	130,941	123,948	312,490			
									
Asphalt Pavement	-	317,580	-	-	-		Parking Lot	
									
10% Contingency	332,341	178,561	22,966	26,176	47,331			
									
Total Uses of Funds	3,655,754	1,964,172	252,621	287,934	520,643			
									
Remainder	(407,964)	(1,139,186)	(97,208)	974,186	1,880,837			

12/15/2025	1/1

2026 Budget – Dues and Initiation Fees

University Park Country Club 2026 Budget - Dues Initiation Fees

2026	Budget																	
								     Membership 	Dues			 		Capital 	Dues					      Initiation 	Fees		
Memberships		Count	Rate	Total		%	Rate	Total			Qty	Rate		Total	
Full	Family	- Resident		190	11,715		2,221,826		5%	586	111,091			7	20,000	140,000	
Full	Single	- Resident		126	8,910		1,122,300		5%	446	56,115			8	20,000	160,000	
Full	Family	- Nonresident		69	11,715		822,871		10%	1,172	82,287			-	30,000	-	
Full	Single	- Nonresident		65	8,910		589,275		10%	891	58,928			2	30,000	60,000	
						Full	Total	450			4,756,272				308,421			17			360,000	
Racquets	Family	- Resident		28	5,050		145,503		5%	253	7,275				4,000	-	
Racquets	Single	- Resident		43	3,785		160,599		5%	189	8,030			2	4,000	8,000	
Racquets	Family	- Nonresident	15	5,050		76,445		10%	505	7,645				5,000	-	
Racquets	Single	- Nonresident		28	3,785		105,293		10%	379	10,529			3	5,000	15,000	
						Racquets	Total	114			487,840					33,479			5			23,000	
Social	Family	- Resident		475	1,550		701,888		5%	78	35,094			28	2,500	70,000	
Social	Single	- Resident		202	1,200		230,050		5%	60	11,503			18	2,500	45,000	
Social	Family	- Nonresident		55	1,550		83,113		10%	155	8,311			-	-		-	
Social	Single	- Nonresident		57	1,200		67,400		10%	120	6,740			-	-		-	
			Social	Total	789			1,082,450				61,648			46			115,000	
				Passes/Trial			397,526		Passes		11,221		Appl	Fee/Trials			12,800	
Total							6,724,088				414,769						510,800	

1/12/2026	1/1