MINUTES OF MEETING
UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE WORKSHOP MEETING
Tuesday, January 13, 2026
10:00 am
Business Ofices
8301 The Park Boulevard, University Park, FL 34201

Finance Committee Members present in person or via Zoom:

Richard Crouch	Chair	
Cathie Schafer	Vice-chair	
Alan Port	Secretary	
Tony Crisaio	Member	
Craig Dwi ht (via Zoom)	Member	
Also, present in person or via Zoom:
David Murphy	Treasurer – University Park Recreation District John Fetsick	General Manager – University Park Country Club Paul Fay	Controller – University Park Country Club
Jennifer Brown	Executive Assistant – University Park Country Club Brent Wilder	Managing Director – PFM Group Consulting LLC Bob Gan	Bond Counsel – Greenber Trauri , LLP.
Steven Ludmerer	Former Treasurer – University Park Recreation District

FIRST ORDER OF BUSINESS	Organizational Matters
Call to Order, Roll Call, Pledge of
Alle iance
The meeting was called to order at 10:00 am by Richard Crouch. The pledge of alle iance was recited.
Public Comments
Public comments were made by Mr. Dean Matt.

SECOND ORDER OF BUSINESS	REPAYMENT OF 2024 NOTE (the BAN) AND ALTERNATIVES TO BOND FINANCING
Those present engaged in an active discussion of the history, terms, and alternatives to repay the 2024 Note (the BAN) and to finance capital improvements. The followingfacts, perspectives and conclusions were reached:

The 2024 Note was issued to finance the Irrigation System Improvements. These improvements were considered a necessity in 2023 and were to be repaid by proceeds from the Capital Improvement Bond or an Assessment. Appeals are delayingthe Bond. The 2024 Note was undertaken to defer an Assessment in anticipation of the Bond beingapproved duringthe term of the Note.

Currently, the 2024 Note has been extended to August 2027. Given the timingof Assessment collection, assessments must be on 2026 Tax Bill (November 2026). This requires the assessment to be on UPRD’s Preliminary Budget for FY27 by June 2026 and Final FY27 Budget by early September 2026.

An additional extension of two years (statutory maximum) is possible. A replacement five-year note would be considered circumventingthe five-year statute limitation and is not permitted. By law, the total term of any short term financingin anticipation of permanent bond financingis five years.

The committee discussed the potential approach of billingclub members versus residents. Several considerations were raised, includingconcerns that non-resident
members do not have a direct interest in the assets, the complexity and arbitrariness of allocatingcosts by membership class, and the potential for member resignations or downgrades. Based on the discussion, this approach was not viewed favorably by participants.

Given the current draw on the 2024 Note, and accrued interest, payoff of the note in 2027 would approximate $4.4 million. This would only allow recovery of ~ $600,000 of the $1,800,000 paid for the irrigation system from capital reserves. The resulting capital reserve funds balance would be reduced accordingly.

Committee members discussed the timingand structure of assessingproperty owners for the full amount of the $5,000,000 note. Some members expressed a preference for
assessingthe full amount as soon as practicable; however, no recommendation or action was taken. This topic will be revisited for formal consideration at a future committee meeting.

Accordingto counsel (Gang), if the Court invalidates the Bond, a new Referendum would be needed to issue greater than 5-year financing(i.e. another Bond, Bank

loan, etc.)

If an RFP doesn’t yield a satisfactory bid, a private placement could be used for
short-term financing. For long-term financing, the statutes require a public offering that does not produce a satisfactory bid before a private placement can be
considered.

The 2024 Note cannot be repaid in part. It may be repaid in whole at any time.

THIRD ORDER OF BUSINESS	DISCUSSION OF CAPITAL RAISING OPTIONS
The ollowing items were discussed by the committee:
We cannot increase the 2024 Note Assessment or more than the $5MM current level.

Projections showed that a 1% trans er tax on home sales, based on 2025 closings, plus a minimum capital dues of $500, would generate approximately $800,000 in capital revenue. Further exploration of the options will be discussed at the next meeting of the Finance Committee.

Inlation is increasing the cost of the delayed Capital Improvement projects and may require added capital funds.
Action Items:
Paul Fay – Complete a what-if schedule, of the potential revenue from ee and capital dues changes.

Alan Port – Conirm with counsel the viability o a Trans er Fee and the process for implementation.

All – Review documents, sources and scenarios or additional capital/ ee revenue and be prepared to discuss in depth at the next meeting.

Next Meetin  Scheduled

Date	Meeting Type	Time	Location	Note	
January 21,
2026	Finance
Committee Meeting	3:00 PM	Business
Ofices	In person or by Zoom	

Adjournment

The meeting was adjourned at approximately 11:54 am.