A Recreation District (RD) is a municipal entity (under Florida Statute 418) created to acquire, maintain & improve recreation facilities in a specific geographic area. It can issue tax-exempt, 30-year municipal bonds, secured by annual tax revenues or assessments.
Bond amortization is spread over the 30 years and levied by the county tax assessor on property owners as a non-ad valorem assessment in the annual property tax bill. The bond amortization assessment will not change over the 30 years of the bonds.
The University Park Recreation District (UPRD) was created in August 2018 by Manatee County, on petition by a majority of citizens in the RD, with the objective of acquiring the University Park Country Club amenities, facilities and land.
UPRD is governed by the Charter approved in the related Manatee County Ordinance and is administered by a five-person volunteer Board of Supervisors, elected by the property owners. The UPRD Board is assisted by a District Manager and District Attorney.
In November 2019, UPRD issued $24 million of Series 2019 Bonds to fund the purchase of the club facilities and other lands, and to provide for certain other provisions and reserves.
The Board contracted with Park Boulevard Management LLC to manage its recreational facilities. This includes: the golf, tennis and restaurant facilities; club membership & fees; public use of the facilities; appropriate club rules; and other business operations related to the club.