MANATEE COUNTY — In 2019, University Park residents purchased the development's golf club from developer John Neal for twice its appraised value at a time when the course's irrigation system was near the end of its life cycle.
The University Park Recreation District, which was created ahead of the sale and is run by five elected board members, issued around $24 million in bonds that property owners in the district will pay back over three decades.
The board now intends to issue $21 million in bonds to replace the irrigation system, provide a larger fitness center and add an activity center, along with renovating some existing amenities.
The bond referendum passed in January but requires validation, which the board will seek in Manatee County Court on April 29. Dean Matt has led a very vocal group that is working to have the validation denied because the existing language from the 2019 Bond prohibits additional bonds from being issued.
Dean claims the matter was misrepresented to citizens and that the board has been unresponsive to public records requests that could expose violations of Florida's Government in the Sunshine law. A summary of Dean's allegations to the court can be viewed here.
The validation hearing will take place on April 29 at 11:30 AM in Judge Edward Nicholas' courtroom.
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Ray
Why did you pay twice the appraised value for the property? Someone sold you a hidden problem.
Friday, April 26 Report this
marcfalcolaw
They were Nealed
Friday, April 26 Report this