From:	muchodeanaero@aol.com
To:	Vivian Carvalho; Kwame Jackson
Subject:	Fw: Recommendation to SCRAP Strategic Planning Committee Pamphlet!
Date:	Friday, June 26, 2026 6:35:56 PM

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Dean Matt
aka MuchoDeanAero aka The Pickleball Pilot 630.248.0646

MuchoDeanAero - aviation adventures and the home of The World Record 48-48-48 Pickleball Challenge

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----- Forwarded Message -----
From: muchodeanaero@aol.com <muchodeanaero@aol.com>
To: Vivian Carvalho <carvalhov@pfm.com>
Cc: Steve Heitzner <steve.heitzner@universityparkrd.com>; Scott Huebner <scott.huebner@universityparkrd.com>; Greg Selep
<greg.selep@universityparkrd.com>; Steve Swanson <steve.swanson4@universityparkrd.com>
Sent: Monday, June 15, 2026 at 07:11:00 AM EDT
Subject: Recommendation to SCRAP Strategic Planning Committee Pamphlet!

As you may be aware, the Strategic Planning Committee is planning the distribution of a pamphlet "Understanding Your Recreation District."

This piece contains inaccurate information and suppresses other information and does more to confuse and mislead residents than it portends to make them understand the Recreation District.

This pamphlet a) suppresses important information for the UPRD residents, and b) potentially contains inaccurate/misleading information.

This issue deserves the review of the UPRD Board.

Residents would be best served if this communication be scrapped altogether as it is intends to reach the conclusion that BOND FINANCING is a good thing when that is not always the case.

Important Information [Disingenuously] Omitted

Like UPRD presentations and Dickson Administration talking points of yesteryear, the piece focuses on "cash payments" and does not address/disclose that the average $36,000 total [P&I] debt burden [effectively, debt or a lien which must be repaid before your house is "free and clear"] imposed for this 30-year bond immediately decrease the value of your house vs. the value immediately BEFORE the imposition of such a BOND non-ad valorem assessment.

This is an IMPORTANT [and I'd argue a REQUIRED] disclosure that is omitted. In so doing, UPRD is not fully disclosing pertinent information to residents as is their duty as fiduciaries.

 Potentially Inaccurate Information:

The piece infers residents benefit from a delta between the Municipal rate of 2.75 - 3.5% and a commercial rate of 7.0 % and cites $19.7 mm interest savings over 30 years.

This is inaccurate and a Red Herring on two levels:

It mixes apples and oranges:
No commercial bank would lend UPRD money for 30 years. Maybe 5 years. As such, the total amount of interest paid by UPRD (i.e., RESIDENTS) under a 5-year commercial loan would be significantly less than that of a 30-year bond as this chart concludes:

 
As such, this section implies is totally misleading and that this "buries the headline."
The headline should be: "Using a municipal bond burdens residents to $17.7 mm MORE in interest incurred than a 5-year commercial loan"
Further, this piece purposefully deceives residents to concluding that BOND FINANCING is superior to other financing types (like COMMERCIAL bank loans or even assessments). Certainly, from a total cost of DEBT INCURRED it is not superior...it is INFERIOR. This point is omitted from the pamphlet.
I think the Board confuses "convenience" with "total burden of debt" when using BOND Financing:
The piece does not mention that the use of BOND FINANCING by SUPERVISORS who default to this financing [like a kid defaults to loading up a credit card] and who believe that cash is the only thing to focus on, or who compare apples and oranges and don't demonstrate a full understanding of the ways Bond Financing can be [and has been misused] here at University Park, is a convenient but terribly dangerous thing. Afterall, it enabled our "elders" to pay $20mm (and counting) for assets worth $6.2.

Inaccurate rate information

The piece stipulates that Bond Financing rates are 2.75 - 3%. This is simply incorrect.

The rate that UPRD (i.e. RESIDENTS) would pay on a 30-year bond closer to 5%. In fact, in 2024 Town Hall presentations, the failed $21 mm bond was assumed to be 5.5%:

Not sure if that rate is close to that today. It may be 5%. In any event, I doubt UPRD's current face value rate it is anywhere near even the high end of 3.5% cited in the piece.

 I think the Strategic Planning Committee is mistakenly citing the effective interest rate that would be incurred by an INVESTOR in this municipal bond...but not us, the residents, who pay the 5% rate (in this example)
 In other words: since municipal bonds are [generally] tax deductible TO THE INVESTORS OF THESE MUNICIPAL BONDS, their effective tax rate would be the face value rate (say 5%) less their effective tax rate (say 40%). Or 5% x (1-40%) = 3.5%.
 In this example, residents pay 5% and the investors enjoy 5% cash interest income but taxed as if it is 3.5%
 As such, the pamphlet's assertion that $19.7 mm in interest savings is wrong on two fronts:
A) It compares an unattainable interest rate to B) a loan product that is not offered in the market!

This project should be scrapped. It just isn't accurate. As such, it is more propaganda that we are used to receive from the Dickson Administration.

I thought we are all trying to change behavior and be better. However, this piece is just more of the same: inaccurate propaganda trying to push an agenda.

Allowing this piece to be distributed is not consistent with OUR CORE VALUES in operating with the highest of integrity and ethics and being financially accurate and transparent.

I would think that our Strategic Planning Committee would have had better review/oversight before being on the cusp of going to press.

In the future, residents should expect that a Governance Committee [bringing in legal review as necessary] reviews all such planned communication to the residents to assure information is accurate and balanced. In the interim, legal review should have taken place but it is apparent that none was.

Please add this to your next meeting's agenda to address.

Regards,

Dean Matt
aka MuchoDeanAero aka The Pickleball Pilot 630.248.0646

MuchoDeanAero - aviation adventures and the home of The World Record 48-48-48 Pickleball Challenge

Golf Gear - golf accessories
Gone to Pot Book - cannabis industry non-fiction