Opposition rises to University Park Country Club purchase

A handful of University Park residents are trying to stop the proposed sale of University Park Country Club to homeowners from its developers, at least for now.

University Park residents Joe Moran and Lorraine Buck and a team of four others say they don’t oppose University Park residents purchasing the club and golf course, but they disagree with the cost and method, and they believe residents should have more input into the process.

Under the current plan, developers and owners John Neal and the Pasold family, represented by Charles Varah, would sell the 266-acre club and golf course, ponds within the community and an additional 100 acres of conservation area and other land to residents for $16.75 million. The deal would be funded through the formation of a special taxing district, called a recreation district, with bonds likely financed over 30 years.

More than 1,200 of about 1,550 homeowners and residents have signed petitions asking Manatee County commissioners to create the district. The commission must create the district through an ordinance, but the district would have its own governing board, composed of University Park residents. If the district is formed, homeowners and residents within University Park would vote on whether to issue bonds to fund the acquisition.

Opponents say the purchase price is too high and alternative methods of financing should have been considered.

“We, as a group, are not opposed to buying the facilities at all,” Buck said. “We’re simply opposed to the price we’re being asked to pay, and we are opposed to the fact that we don’t know other financial options at our disposal for this type of deal.”

Those opposed said they have a copy of original planning group documents that show an evaluation by Colorado-based HVS put the market value of the property at $6.2 million.

John Whyte, head of the planning group to form a recreation district, said that claim is false.

Whyte said he read through the 173-page report issued in October by HVS and “there is no reference anywhere to $6.2 million.”

Whyte said the final HVS report states clearly on the first page “it is our opinion that the ‘as is’ market value of the golf course and club improvements at University Park Country Club, as of July 19, 2017 is $13.5 million.”

The group in favor of the recreation district is therefore offering $12.5 million for the country club and golf course, and another $4.25 million (total of $16.75 million) for another approximately 100 acres not in the evaluation that includes commercially zoned plots fronting University Parkway, the sales office parcel with parking, a developable lot adjacent to the country club that could be used for an expansion, land with FP&L easements, and other miscellaneous acreage and ponds within the development.

Opponents still say they would like to consider options.

“We are asking for a renegotiation and a revote,” Buck said. “We believe there needs to be a more fair and equitable process, whereby all purchase options are put on the table.”

Buck said there should have been more transparency, such as providing a five-year projection showing operating profits and losses of the club.

The group’s next step is to try to have petitions invalidated.

“We’ve retained counsel to try to convince the Board of County Commissioners not to approve the recreation district,” Moran said.

If that effort fails, the opposition group wants to have non-golfers represented on the board of the recreation district. They say too many of 25-member team created to perform due diligence and put the deal together, are golfers. Eighteen of 25 are full members of the club with golf privileges, said Whyte.

Moran said the petitions should be withdrawn and redone after the opposition group has had a chance to air its concerns with fellow residents in a public format alongside the planning group. If opposition is given time to speak, Moran said he would support whatever vote residents make regarding the recreation district.

Whyte and Neal said the $6.2 million the opposition recommends as a purchase price is unreasonable and irrelevant.

“If they want to make progress, they could sit down with me,” Neal said. “All they want is to maintain the status quo. It’s up to them. They haven’t offered any alternatives and they don’t consider that the seller has input on the price.”