03-26-19.Slepkow.BUILDING PROJECT[1]

conditions and trends, for the Board and management to better understand the im- pact of their decisions; 3. The Plan will promote predictability, de- scribing where and what type of develop- ment the community desires; and 4. The Plan will target resources and be used to prioritize which projects can be undertak- en.  Expansion of the Spa & Wellness areas.  Renovation of the Beach Club swimming pool and patio exteriors.  Construction of a Golf Teaching Center.  Start of a renovation of one of the golf courses.  Replacement of the common area and home irrigation systems.  Paving of the neighborhood roadways.  Replacement of the landscape mainte- nance building.  Replacement of the community’s security camera systems.  Replacement of street lights and house post lights.  Community-wide reinforcement of lake bank slopes. The major capital items identified in the Plan are estimated to cost $21.9 million. These items will be funded from the following sources: POA The following major capital items have been included in this initial Plan: Club:

 New home sales will average eighteen (18) per year.

 Five (5) new home sales will be used to re- pay the clubhouse renovation loan, five (5) will fund the annual capital spending and eight (8) will be used to fund the Long Term Projects Plan.  The annual capital budget averages ap- proximately $2 million a year. The improve- ments planned for the clubhouse renova- tion will allow the capital budget to be re- duced for the immediate four years follow- ing the completion of the clubhouse reno- vation project and then revert back to the annual average.

 A minimum of $1 million will remain at all times in the Capital Improvement Fund.

POA Reserve Funds

 The POA Infrastructure Reserve is funded from POA maintenance fees.

Special Assessment

 The Long Term Projects Plan expenditures will exceed available funds in fiscal 2022.

 A Special Assessment will need to be lev- ied in fiscal year 2022 in the amount of $7,000 per member.  The primary reason for the Special Assess- ment is the expenditure related to the Spa & Wellness expansion.

Capital Improvement Fund under the

following assumptions:

 Members will continue to pay $200 per month into the capital fund.

 The new member equity will remain at $175,000, with a refundable portion of $60,000.

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CLUB BUILDING PROJECT