CBP_11_09_21_v15

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TABLE OF CONTENTS

BOOKLET A Letter from the President. .....................................................................................................Page 04 A Letter from the Ad Hoc Clubhouse Committee..................................................................Page 05 Project Description...................................................................................................................Page 06 New CLubhouse Budget.........................................................................................................Page 08 Club Financing. .......................................................................................................................Page 09 Site Plan. ...................................................................................................................................Page 11 Floor Plans. .............................................................................................................................. Page 13 Renderings............................................................................................................................... Page 17 Member Space Comparison..................................................................................................Page 39 Construction Time Table..........................................................................................................Page 45 Long Term Capitol Plan...........................................................................................................Page 47

Please email your questions to clubhousequestions@frenchmanscreek.com

PRESIDENT LETTER FROM THE

Dear Fellow Members,

On November 9, 2021 the Frenchman’s Creek Board of Governors unanimously approved presenting this New Clubhouse plan to the Membership for a vote. We are hoping that this plan will be attractive to a great majority of our community. The plan combines all the benefits of a state-of-the-art new building with a gracious 2nd floor entrance, in a building that combines both classic and contemporary design. The New Clubhouse design provides us with all the dining facilities that we currently have but with easy access to and expansive views from each venue. The building will have a similar number of total seats but with more of the seats outdoors under beautiful clerestory glass cupolas. It will have a state- of-the-art HVAC system. We will also have the ability to incorporate more energy efficient building technologies, including solar panels, which will lower our carbon footprint and our operating costs. There is a lot of enthusiasm about this plan, and we are hoping you agree. Please review the booklet carefully. There are some beautiful exterior and interior renderings, giving us all a sense of the building’s appearance. If the Membership approves this plan on December 3, 2021, Peacock + Lewis will begin their Design Development work immediately. During that process there will be some adjustments to these plans for design, code or operational reasons... a wall moved here, or a stair shifted there. But the building will be built primarily as you see in the booklet. If the plan is approved, we expect to close the loan with Truist quickly and hedge the interest rates for the life of the loan. Hopefully, everything will move forward with the plan as described so we will all be out of the tent and trailers and into this beautiful building by the end of 2024. We will be having a Town Hall meeting on Friday November 19, 2021 at 2:00 PM at the Oceanview Methodist Church. You may attend in person or by zoom. If you have any questions, please send them to ClubhouseQuestions@Frenchmanscreek.com or to President@Frenchmanscreek.com.

I look forward to discussing this with you, Best,

Diane Exter President

AD HOC CLUBHOUSE COMMITTEE LETTER FROM THE

Dear Member,

The Board voted to suspend the Substantial Renovation project and authorized our Committee and Peacock + Lewis, our architects, to prepare a design for a new clubhouse. The floor plan, site design, exterior and interior renderings and charts presenting a line-item budget and details of occupied spaces for venues in the building are included for your review and approval. The process was the result of several detailed reviews by the Ad Hoc Clubhouse Committee, our project manager, pre-construction consultant and management. In addition, over nine hours of zoom meetings with interested members of the community were conducted to hear and incorporate suggestions to be sure that the finished product reflected the desires of the residents wherever feasible from design and budget perspectives. The final design will be subject to our local permit and design development process. The booklet describes the new clubhouse plan that the Board along with the Ad Hoc Clubhouse Committee are putting forth for the community’s consideration. This is a completely new building, built to incorporate all current building codes.

We are also reconfiguring our site plan to maximize the car and cart parking, enhance the racquet sports complex and provide easier traffic flow around the building.

Peacock + Lewis has developed a new building based on numerous meetings with members, staff and the committee. They have considered how we use our clubhouse to achieve a design that maximizes the space and creates a comfortable environment. The Board and the Ad Hoc Clubhouse Committee are pleased and proud of the design and supporting information contained herein.We believe that this presentation is a right-sized, efficient, code compliant and elegant clubhouse for our premier country club in South Florida and one we will all be proud of for decades to come.

Harvey Schulweis - Chair Michael Azeez Patricia Fisher Ellen Levine

Bruce Malasky Jeffrey Stanfield

PROJECT DESCRIPTION

• Main Lobby/Reception: Soft seating groupings in the foreground, a concierge greeting to the right and a two-story volume cupola with sculptural lighting all combine to create a dramatic, uplifting first impression. • Pre-function Living Room: Past the con- cierge through a decorative glass entry, will be a beautiful gathering room for Member enjoy- ment prior to a function in the ballroom. With a variety of intimate seating arrangements, an illuminated gathering bar and access to a covered outdoor balcony. This space will also be available for a variety of events from a card parties to birthday celeratations and more. • Grille Room Lounge: Just left, upon en- try into the main lobby, will be a pre-dining gathering space serviced by a bar dedicat- ed to the Grille Room and Special Events Dining Room with exterior views to a beau- tiful illuminated and landscaped garden. • Ballroom/Main Dining Room: A state- of-the-art venue with sweeping views to the west golf holes. It will feature a large two-story clerestory cupola providing more natural light by day and an intimate glow in the evening. A dedicated plate-up kitchen is designed next to the ballroom to provide consistent delivery of cuisine to the members and their guests. • Grille Room Dining: Views to the south and east from several unique spaces including a covered outdoor dining space under a two-story clerestory cupula, and a beautiful wine display wall. An intimate dining room for parties of 30

– 50 is a new Member amenity adjacent to the Grille Room and adds increased capacity. • Sports Bar: All weather, open air, upscale de- sign. Amagnificent “Hub” day and night featuring casual fare. Everyone will enjoy “the best seat in the house” for TV viewing and vistas to the south. • 19th Hole: The orientation will position the entire venue with beautiful views out toward #9 South. It will have covered outdoor seating below the Sports Bar. A new culinary prepa- ration and delivery method will be designed with over 80’ of action stations and buffets. • Restrooms: More, larger, upgraded, and conveniently located facilities for Members on both floors. We will also introduce two facilities for staff in the kitchens and two in the POA. • Women’s Card Suites: The two women’s card venues will provide 100% more seat- ing than currently provided. There will be an attendant and lounge in the lower-level room. The upper-level card room will have the adjacent pre- function Living Room for gathering before and after cards. Expansive southern and western views with large ar- eas of covered outdoor seating to enjoy on nice days will be available on both levels. • Mens Card Room: Beautiful 84 seat suite with direct access to the 19th Hole and Mens Locker Room. • POAOffices: Will be designed and expanded with windows providing northern and western views. This will provide a first class, attractive

PROJECT DESCRIPTION

and productive work setting more commen- surate with the enormous effort our dedicated staff puts forth every day. It will allow full com- mand and control of the front of the building. • Golf Shop: Aligns along the Golf Gallery at the west end of the central gallery. Opposite the entries to the locker rooms, this new retail shop has a 36’ wide opening to the golf gallery in- viting members and guests into a gracious retail space. The offices will be situated along the western exposure overlooking the bag drop, cart staging, tournament patio, and starter. • Locker Rooms: Totally new design to meet the needs of “today”. The wet areas and grooming facilities will be shared with the card rooms. The locker areas and lockers will be appropriately sized while providing the necessary combination of lockers to meet the needs of a modern residential community. • Creek Kids: Conveniently located off the main gallery on the east end of the build- ing leading to the fitness center, tennis, and pool near the specialty ‘to-go’ venue with east views and outdoor covered seating. • Tennis Shop: This clubhouse design incor- porates the Tennis shop into the lower-level of the clubhouse at the southeast corner adjacent to the Specialty “to-go” Venue, 19th Hole and outdoor covered gathering space conveniently placed for access to the courts and dining. • Specialty “to-go”: On the southeast corner of the 19th Hole and adjacent to the tennis shop will be a new concept venue provid- ing a menu of specialty coffees and pastries, juices, smoothies, and healthy alternatives. • Cart Barn: Will be located under the arrival cir- cle and Porte cochere. In this location it will serve as a buffer between the Member/Staff occupied

spaces and the soil supporting the arrival circle.

• Meeting Rooms with endless possi- bilities: We will have more meeting spac- es with great flexibility. Our New Clubhouse will include a Boardroom off the front lobby foyer with large windows matching the win- dows of the Living Room opposite the front porch, two additional meeting rooms off the POA offices which can expand into one large meeting room, and an upper-level Special Events/Meeting Room. HR and POA will have their own dedicated meeting spaces. • Kitchen Facilities - new, modern, co- ordinated, efficient: The new kitchen fa- cilities have been designed with a central lower-level commissary that will be serving two finishing kitchens and the banquet plate- up kitchen all at the upper level. This allows for staff to move quickly and efficiently with- in the lower-level central area and have all services, functions, and storage in one place. • The Grille Room and Sports Bar Kitch- en: Will share a finishing kitchen with a prep kitchen/action station in the Sports Bar. French- man’s Creek Management and Culinary Team helped to design the kitchen and service areas to maximize quality and efficiency. A kitchen consultant will help advise on the final design, spacing, equipment, etc.

NEW CLUBHOUSE BUDGET

NEW CLUBHOUSE BUDGET Frenchmans Creek CC -Vote Budget Master Sheet (2021.11.02) A PROFESSIONALS FEES 1 Architect $ 2,260,094 2 Interior Design $ 432,019 3 Civil Engineering $ 150,000 4 Land Planner $ 100,000 5 Landscape/Hardscape Design $ 75,000 6 Landscape Irrigation Design $ 25,000 7 Food Service Design $ 40,000 8 Owner's Representative/Project Management $ 525,000 9 Acoustical Consultant $ 15,000 10 Lighting Consultant $ 25,000 11 Misc. Consultant $ 25,000 12 Surveyor $ 50,000 13 Asbestos Consultant Survey $ 5,000 14 Low Voltage Consultant $ 25,000 15 Pre Construction advisor $ 100,000 16 Legal Expense $ 50,000 17 Additional Professional Fees - Expenses $ 50,000 18 Bank Financing Expenses $ 100,000 PROFESSIONALS FEES SubTotal $ 4,052,113 INSPECTION/TESTING 19 Construction Materials Testing $ 100,000 20 Threshold/Private Inspector $ 50,000 21 GeoTech $ 20,000 INSPECTION/TESTING SubTotal $ 170,000 CITY/COUNTY & MISC. 22 Permit Fees $ 600,000 23 Utility Fees $ 250,000 CITY/COUNTY & MISC. SubTotal $ 850,000 OWNER PURCHASED 24 FFE $ 6,000,000 25 Phones, Computers, POS Hardware,Av,Data,TVs $ 1,218,000 26 Golf/Tennis Pro Shop fixtures $ 200,000 27 Landscape/lrrigation/Lighting $ 750,000 28 Kitchen Equipment $ 2,000,000 29 Laundry Equipment $ 250,000 30 Builder's Risk Insurance $ 354,000 OWNER PURCHASED SubTotal $ 10,772,000 Hard Construction Costs 31 Main Clubhuose $ 41,005,894 32 Sitework, New Parking, & Racquet Sports $ 4,910,801 Hard Construction Cost SubTotal $ 48,112,678 Total Cost SubTotal $ 63,956,791 33 Contractor Contingency $ 1,683,944 34 Owner/Design Contingency $ 7,909,574 15% Contingency Cost SubTotal $ 9,593,518 Total Direct Project Cost $ 73,550,308

CLUB FINANCING

SUMMARY

The New Clubhouse, if approved by the Members on December 3rd, will be financed with a 20-year Truist Bank reducing revolver, repaid by monthly member assess- ments of approximately $460/month and 8 new member homes sales/year. The projected borrowings will be hedged throughout the full life of the loan at the current attractive interest rates. Both the Board and the Finance Committee strongly approve of this financing. FINANCING DETAILS The Club’s current lender, Truist Bank, has committed to providing the financing needed to complete the New Clubhouse described in this booklet. The loan will be nearly identical to our existing Truist Bank Reducing Revolver (that was put in place to fund the Substantial Renovation) with the following adjustments:

1. The size of the Reducing Revolver will be increased from $29mm to $58mm.

month for 20 years (vs. the current monthly Member assessment of $262/month for 15 years) plus the proceeds from 8 new member home sales/year for 20 years (vs. the current 8 new member home sales/year for 15 years) The loan will continue as a reducing revolver, which allows the Club to use its cash balances to reduce the loan nightly and seasonally and therefore re- duce the Club’s total interest expense. Importantly, at maturity the Club is projected to have at least as much cash as it initially used to support the project. If the New Clubhouse project is approved by the Members on December 3, 2021, Truist expects that we should be able to close the upsized reducing revolver and put in place the additional swaps and caps by year end, or by early January at the latest.

2. The maturity will be extended 20 years after the new loan’s closing date, expected in late Decem- ber or early January. Our original loan matured 15 years after the first closing in March 2021. 3. The loan will have a 5 basis point higher equiva- lent spread and will refer to SOFR* instead of LI- BOR, as LIBOR is being phased out globally. The spreadwill be 30 day SOFR plus 129 basis points. 4. All of our existing swaps and caps will remain essentially in place (though they will now ref- erence SOFR instead of LIBOR). Additional swaps and caps will be added, so that the Club’s loan will continue to be protected against increases in interest rates for the full term of the loan. 5. The repayment of the loan will be funded with a monthly Member assessment of roughly $460/

1. As part of the original Truist loan, the club swapped a portion of the loan at an all-in cost of 3.03% and purchased an all-in 2.5% cap for

*SOFR has replaced LIBOR as the instrument to price interest rates. SOFR is defined as secured overnight financing rate, LIBOR is the London-Inter Bank offered rate.

CLUB FINANCING

POSSIBLE VARIANCES BEFORE AND AFTER CLOSING

$7mm of the loan. These swaps and caps would be slightly more expensive if put in place today. The projection model we are using assumes we keep a similar percentage of swaps and caps for the combined larger loan and assumes rates increase by 50bp from today’s rates in the next 6 weeks, which would be a very large unusual move. Under this scenario the monthly Member assessment would be $460/month. The actual monthly Member assessment will be determined based on where swap rates and cap premiums are on the closing date. 2. The projected cost of the NewClubhouse is $73.6 mm (which is made up of a $64mm project plus $9.6mm in contin- gency reserves). These numbers are based on estimates provided to the Club by the Club’s owner’s rep, pre-construction contractor and architect and are being used as guidance only. These estimates include the increases in building material costs and wages that are currently in the market. Our concern about future cost increas- es is partly why the contingency reserve is so high. Actual costs cannot be determined until the Club has obtained biddable architectural plans and received contractor bids, which are not an- ticipated to be received until 9 months following approval by the Membership. It is at that time only that the Club will have defined construction costs. We are comfortable with this risk given the large contingency priced into the project. 3. The other area of possible variance is in the assumption that 8 new member homes sales will be available each year for paying down part of the reducing revolver. In the last 20 years, FCC has had only two years when new mem- ber home sales fell below 11 homes and that

was in fiscal 2008/2009 (5 homes) and fiscal 2002/2003 (7 homes). Over the last 20 years Frenchman’s has averaged 18.5 new member home sales per year. Last year the Club set up a 3 home-turn reserve in case new member home sales fell below 8 homes for several years in a row. Each new member home sale brings in $140,000. The Substantial Renovation project was approved in February of this year. The following outlines the various sources and uses of cash related to this project through December 2021: 1. Sources include eleven months of $262/month member assessments plus the proceeds of 8 new member home sales (2 at $115,000/home and 6 at $140,000/home.) Total sources total $2.8mm. 2. Uses include all professional fees associated with the Substantial Renovation until the Decem- ber vote plus the legal and bank fees associated with the Substantial Renovation loan plus the $.8mm allocated to the Temporary Facilities, as referred to in the booklet. Total uses total $1.7mm. 3. The $1.1mm of incremental sources has been built into the Truist New Clubhouse model. THE SUBSTANTIAL RENOVATION CASH FLOWS

NEW CLUBHOUSE SITE PLAN

FLOOR PLANS

VIEWOF THE NEWCLUBHOUSE ARRIVAL 17

SHORT VIEWFROM #1 TEES (SOUTHWEST) 19

LONG VIEWFROM #9 TEES (SHOUTHWEST) 21

VIEWFROM THE FITNESS CENTER APPROACH ON THE NORTHEAST SIDE OF THE BUILDING 23

VIEWOF MAIN ARRIVAL LOBBY 25

VIEWOF MAIN ARRIVAL LOBBY 27

VIEWOFWOMEN’S CARD ROOM 29

VIEWOF SPORTS BAR 31

VIEWOF THE SOUTHEAST CORNER OF THE GRILLE ROOM 33

GRILLE ROOM

VIEWOF THE GRILLE ROOM TERRACE 35

M TERRACE

VIEWOF THE GRILLE ROOM

VIEWOF THE BALLROOM PRE-FUNCTION

TOTAL CLUBHOUSE SPACES

SPA use TOTAL CLUBHOUSE SPACE Existing Clubhouse Original New Clubhouse Subs sq. ft. sq. ft.

AIR CONDITIONED INTERIOR SPACES Air Conditioned Lower Interior

2,304 6,255 8,559 use 53,359 Air Conditioned Upper Interior 39,718 Air Conditoned Annex Total Air Conditioned Interior 93,077

42,304 36,255

78,559 Existing Clubhouse Original New Clubhouse Subs sq. ft. sq. ft.

EXTERIOR MEMBER SPACES Hard Covered Member Spaces Louvered Member Spaces Open Terrace Member Spaces Tournament Patio Total Member Exterior

7,226 2,613

17,226

6,970

1,356 Retractable Member Spaces

1,356

8,582 use 9,583

18,582 Existing Clubhouse Original New Clubhouse Subs sq. ft. sq. ft.

OTHER EXTERIOR SPACES Hard Covered Exterior Walkways Awning Covered Exterior Walkways

919 2,647

919

3,106

2,379 1,402 3,000 7,700 use 4,841 Porte Cochere 2,378 Exterior Stairs and Ramp 660 Shed Storage for Dining Room (Non AC) 838 Ventilated Annex/Cart Barn 2,600 Total Other Exterior 12,229 Total Square Footage 14,889

2,379 1,402

3,000

7,700 Existing Clubhouse Original New Clubhouse Subs sq. ft. sq. ft.

104,841

PARKING Existing Clubhouse Original New Clubhouse Subs Cars 220 279 Golf Carts 322 350

use

279 350

MEMBER SPACE COMPARISON

ACE Subs SPA ES (As of October 29th) ouse Substantial Renovation New Clubhouse

sq. ft.

57,068 39,718

46,802 39,596 2,160 88,558

42,304 36,255

78,559

96,786

Subs New Clubhouse

ouse Substantial Renovation

sq. ft.

3,491 6,970

18,133

17,226

1,356

7,298

2,380 20,513

18,582

17,759

Subs New Clubhouse

ouse Substantial Renovation

sq. ft.

12,615

8,451

919

2,378 1,155

2,110

2,379 1,402 3,000 7,700

928

874

3,320 20,342

3,890 15,379

Subs New Clubhouse

ouse Substantial Renovation

sq. ft.

04,841

134,887

124,450

ouse Substantial Renovation

Subs New Clubhouse

279 350

276 393

302 350

-FUN se 16,403 DINING, LOBBY AND PRE-FUNCTI TOTAL DINING AREA Existing Clubhouse Original New Clubhouse Air Conditioned Interior* 19,134 16,403 DINING, LOBBY AND PRE-FUCTION SP CES

8,764 1,356 26,523 1,139 11,648 Hard Covered Exterior* 397 Louvered or Awning Covered Exterior* 6,970 Uncovered* 1,794 Total Dining Areas* 28,295 Total Seating 1,062 Total Kitchen Space* 10,462

8,764

1,356

26,523 1,139 11,648

TOTAL LOBBY AND PRE- FUNCTION AREAS

Existing Clubhouse

Original New Clubhouse

RESTAURANT BREAKDOWN 9,020 3,830 12,850 REAK l New se Seats 170 Air Conditioned Interior* 10,171 9,020 Hard Covered Exterior* 3,830 Open Terrace* Total Lobby and Pre-Function* 10,171 12,850 *sq. ft. RESTAURANT BREAKDO Existing sq. ft. Existing Seats Original New Clubhouse sq. ft. Original New Clubhouse Seats Sub Renov Grille Room Grille Room - A/C 5,405 182 4,179 170 RESTAURANT BREAKDOWN

12 52 234 328 1,412 60 242 5,919

Special Events Room Outdoor Hard Covered Outdoor Uncovered Total Grille Room Main Dining/Ballroom West

12 52

1,794 7,199 2,351 3,727 1,911 7,989

234

Main East

Total Main Dining/Ballroom* Sports Bar Louvered Covered Exterior

384 39 6,952

384

5,668

168

Hard Covered Exterior Total Sports Bar

193 193 193 91 36 320 8 4,392 168 4,392 184 4,410 14 2,960 56 1,356 254 8,726 534

193 193

5,668

19th Hole 19th Hole - A/C

5,740

193

Outdoor Hard Covered Outdoor Louvered Covered

397

1,302

Outdoor w/ Awning Total 19th Hole

7,439

320

Grab N Go Juice Bar, Grab N Go, Ice Cream

Totals Total Indoor Total Outdoor

767 372 1,139 19,134 764 16,043 9,161 298 10,120 Total 28,295 1,062 26,523

767 372

1,139

* Number of seats plus Dance Floor

MEMBER SPACE COMPARISON NCTIO S FUNCTION SPACES (As of October 29th) e Substantial Renovation New Clubhouse

16,403 8,764

18,295 3,069

17,151 11,697

1,356

6,970

28,334 1,074 13,295

28,848 1,150 15,853

26,523 1,139 11,648

Substantial Renovation

New Clubhouse

9,020 3,830

11,144

14,690 1,515

422

7,298 18,864

12,850

16,205

KDOW Substa Renovatio REAKDOWN New e Seats Substantial Renovation sq. ft. Substantial Renovation Seats New Clubhouse sq. ft. New Clu house Seats

5,405

182

3,626 1,005 2,464

130

170

12 52

54 90

2,672

102

8,077

284

7,095

274

234

2,351 3,727 1,753 7,831

384

390

7,545

400

5,668

168

193 193

6,848 6,848 4,975 2,385

230 230

5,668

168

5,059

162

193

397

14 56

1,302

36 320

6,758

232

7,360

246

18,295 10,039 28,334

734 340

17,151 11,697 28,848

746 404

767 372

1,139

1,074

1,150

OTHER CLUBHOUSE SPACES HOUSE SPA Original New Clubhouse OTHER CLUBHOUSE SP C WOMEN'S CARD PLAYING AREAS Existing Clubhouse Original New Clubhouse Su Re

3,620 2,525 6,145 148 60 208 2,545 2,545 92 9

Air Conditioned Interior se. ft. Hard Covered Exterior sq. ft.

3,620 2,525 6,145

Total Women's Card Playing Areas

Interior Seats Exterior Seats Total Seats

148

208

Original New Clubhouse MEN'S CARD PLAYING AREAS Existing Clubhouse

Original New Clubhouse

Su Re

2,107 1,025 3,132 1,985 1,985

Air Conditioned Interior sq. ft. Hard covered Exterior sq. ft. Total Men's Card Playing Areas

2,107 1,025 3,132

80 36 116

Interior Seats Exterior Seats Total Seats

80 36

116

Original New Clubhouse GOLF SHOP Existing Clubhouse

Original New Clubhouse

Su Re

2,751 2,362

Air Conditioned Interior sq. ft.

2,751

Original New Clubhouse TENNIS SHOP Existing Clubhouse

Original New Clubhouse

Su Re

Air Conditioned Interior sq. ft.

Original New Clubhouse MEMBER LOCKERS Existing Clubhouse

Original New Clubhouse

Su Re

1,651 1,651 3,320 3,568

Ladies Member Lockers sq. ft. Men's Member Lockers sq. ft.

1,651 1,651

Original New Clubhouse MISCELLANEOUS Existing Clubhouse

Original New Clubhouse

Su Re

539 1,077 1,094

Theatre sq. ft. Creek Kids sq. ft.

539

1,077

Original New Clubhouse TOTAL POA SPA Existing Clubhouse

Original New Clubhouse

Su Re

POA, Acctg, Business Cntr, Mrktg, F&B Offices, etc sq. ft.

5,752 795 745 7292 3,944 1,250 671 5865

5,752

Conference Rooms sq. ft.

795 745

Board Room sq. ft.

Totals

7292

Original New Clubhouse TOTAL BACK OF HOUSE Existing Clubhouse

Su Re

Original New Clubhouse

Storage, HR, Employee Café/Lockers, Maintenance, Woodshop, BOH Elevators and Stairs sq. ft.

10,292 13,285

10,292

MEMBER SPACE COMPARISON

ACES E SPA ES

(As of October 29th)

(

Substantial Renovation Substantial Renovation New Clubhouse

4,885

3,620 2,525 6,145

4,885

4,500

4,885 176 176

4,885

4,500

148 60 208

176

204

176

204

Substantial Renovation Substantial Renovation New Clubhouse

2,431

2,107 1,025 3,132

2,431

1,965

2,431 80 80

2,431

1,965

36 116

Substantial Renovation Substantial Renovation New Clubhouse

3,231

2,751

3,231

2,465

Substantial Renovation Substantial Renovation New Clubhouse

1,170

Substantial Renovation Substantial Renovation New Clubhouse

2,294 2,968

1,651 1,651

2,294 2,968

1,655 1,465

Substantial Renovation Substantial Renovation New Clubhouse

455 1,094

539

455

1,077

1,094

1,165

Substantial Renovation Substantial Renovation New Clubhouse

4,776 1,250 671 6697

5,752

4,776 1,250

6,315 1,355

795 745

671

755

7292

6697

8,425

Substantial Renovation Substantial Renovation New Clubhouse

13,285

10,292

13,285

11,795

Frenchman's Creek Preliminary Construction Schedule New Clubhouse a 11/4/2021 ek bhouse and Si Frenchman's Creek Preliminary Construction Schedule New Clubhouse and Site Development 11/4/2021

ID Task Name

Duration

Start

Finish Predecessors

Qtr 2Qtr 3Qtr 4Qtr 1Qtr 2Qtr 3Qtr 4Qtr 1Qtr 2Qtr 3Q 1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd

Frenchman's Creek NEW CLUBHOUSE

Duration Predecessors Start 744 days Mon 1/10/22 Thu 11/14/24

ID Task Name

Finish Predece Frenchman's Creek NEW

1 /24 2

Frenchman's Creek NEW CLUBHOUSE Site-Ar itecture-Permitting-Bidding

744 days Mon 1/10/22 Thu 11/14/24

225 days Mon 1/10/22 Fri 11/18/22

Site-Architecture-Permitting-Bidding

Site Plan and

Site Plan and Permiting and Pricing

225 days Mon 1/10/22 Fri 11/18/22

Site-Architecture-Permitting-Bidding

2 /22

225 days Mon 1/10/22 Fri 11/18/22

Architectural

Architectural and Permitting and Pricing

225 days Mon 1/10/22 Fri 11/18/22

3 /22

Site Plan and Permiting and Pricing

225 days Mon 1/10/22 Fri 11/18/22

Construction

642 days Wed 6/1/22 Thu 11/14/24

Construc

Mobilization

15 days Wed 6/1/22 Tue 6/21/22

4 /22

Architectural and Permitting and Pricing

225 days Mon 1/10/22 Fri 11/18/22 Mobilization

Clubhouse Demolition

100 days Wed 6/8/22 Tue 10/25/22

Clubhouse Demolition

5 /24

Construction

642 days Wed 6/1/22 Thu 11/14/24

Site Work U/G

104 days Mon 11/21/22 Thu 4/13/23

Site Work U/G

6 /22 22

Mobilization Clubhouse Construction (New)

15 days Wed 6/1/22 Tue 6/21/22

514 days Mon 11/21/22 Thu 11/7/24

Clubhouse Co

Landscaping/ Hardscaping

83 days Tue 7/9/24 Thu 10/31/24

Clubhouse Demolition

9 /22

100 days Wed 6/8/22 Tue 10/25/22

SiteWork Paving & Grading

78 days Tue 7/30/24 Thu 11/14/24

Site Work U/G

16 /23

104 days Mon 11/21/22 Thu 4/13/23

Page 1

22 /24

Clubhouse Construction (New)

514 days Mon 11/21/22 Thu 11/7/24

Landscaping/ Hardscaping

83 days Tue 7/9/24 Thu 10/31/24

32 /24

SiteWork Paving & Grading

78 days Tue 7/30/24 Thu 11/14/24

38 /24

Page 1

Creek Clubhouse and Site Development 1

ite Developm

sh Predecessors

Qtr 2Qtr 3Qtr 4Qtr 1Qtr 2Qtr 3Qtr 4Qtr 1Qtr 2Qtr 3Qtr 4Qtr 1Qtr 2Qtr 3Qtr 4Qtr 1Qtr 2Qtr 3Qtr 4 1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half Qtr 2Qtr 3 tr 4 tr 1Q st Half 2n Half 1st H

/14/24

Frenchman's Creek NEW CLUBHOUSE

/18/22

Site-Architecture-Permitting-Bidding Si e-Architectur

Site Plan and Permiting and Pricing

/18/22

Architectural and Permitting and Pricing

/18/22

/14/24

Construction

/21/22

Mobilization

Mob

/25/22

Clubhouse Demolition

Clubh

/13/23

Site Work U/G

1/7/24

Clubhouse Construction (New)

/31/24

Landscaping/ Hardscaping

/14/24

SiteWork Paving & Grading

LONG-TERM PROJECT PLAN The Long-Term Project Plans (“Plans”), for the Club and POA, address the capital expenditure needs of the community beyond the revised New Clubhouse project. The Plans address the significant capital expenditures for recreational facilities and the community’s infrastructure over the next ten years. The Plans identify major capital expenditures, totaling $40.1 million with two projected membership assessments totaling $25,000 starting in FY 24-25. The primary funding sources for these expenditures are the current cash balances (see Note), the equity from new member home sales and the monthly capital contribution. New member home sales are conservatively established at a yearly average of eighteen per year, of which eight are reserved to service the clubhouse project debt. If new member home sales exceed this net average, the membership assessment could be reduced. It should also be noted that the costs of these projects are conservatively estimated in today’s dollars. Of course, all future major projects, their timing, and the financing options would have to be approved by the Board of Governors and subsequently by the community.

LONG TERM PROJECT PLANS DEVELOPMENT

THE FOLLOWING MAJOR CAPITAL ITEMS HAVE BEEN INCLUDED IN THE PLANS:

The Plans are updated annually in conjunction with the community’s operating and capital budgets process. The projects to be undertaken, their timing and the financing options to fund the projects will be left to future Boards to decide: 1. The Plans will provide a steady point of reference for taking future action; 2. The Plans will be framed around well- researched information and facts on existing conditions, surveys and analysis for the Board and management to understand the impact of their decisions; 3. The Plans will promote predictability, describing where and what type of development the Community desires; and 4. The Plans will target resources and be used to prioritize which projects can be undertaken.

Club: 1. Renovation and improvements to the golf course and landscape maintenance facility. 2. Expansion of the Spa & Wellness Center. 3. Renovation of the Beach Club, including interior decoration, swimming pool and patio exteriors. 4. Construction of a Golf Teaching Center. 5. Renovations of the North and South golf courses. POA: 1. Paving of the neighborhood roadways. (2/3 completed) 2. Renovation and improvements to the golf course and landscape maintenance facility. 3. A new Security Gatehouse, designed similar to the projected new clubhouse. 4. Community-wide reinforcement of lake bank slopes. (significantly begun) 5. Replacement of house mailboxes. 6. Replacement of streetlights. 7. Replacement of the Community’s security camera systems.

LONG TERM PROJECT PLAN

THE MAJOR CAPITAL ITEMS IDENTIFIED IN THE PLANS ARE ESTIMATED TO COST $40.1 MILLION. THESE ITEMS WILL BE FUNDED FROM THE FOLLOWING SOURCES:

CAPITAL IMPROVEMENT FUND UNDER THE FOLLOWING ASSUMPTIONS:

NOTE: As of November 1, 2021, the Club has total cash balances in our Truist accounts of $20,856,612. It is estimated that at fiscal year end April 30, 2022, free cash, available for future capital expenditures, will be approximately $8 million. This would cover the estimated costs of the renovation of golf and landscape maintenance building and estimated costs of the Beach Club Renovation, with approximately $1.5 million remaining for future capital needs.

• Current free cash balances. (see Note) • Members will continue to pay $200 per month into the Capital Fund. • The new member equity is $200,000; with a refundable portion of $60,000. • The non-refundable portion on eight (8) home sales will be reserved to repay the • clubhouse debt. • New home sales will average eighteen (18) per year. • The annual capital budget previously averaged approximately $1.5 million a year. The capital budget will be reduced during the clubhouse project’s planning and construction period and first five years of operations. It may or may not revert to the annual average, which cannot be predicted at this time. • A minimum of $1 million will remain at all times in the Capital Improvement Fund. • The POA Reserve will be used to fund the POA projects. The POA Reserve is funded through borrowing from the Club Capital Fund and POA maintenance fees.

CASH FLOW CLUB LONG TERM PROJECTS PLAN For the Fiscal Year Ending April 30, 2022

23-24 47,200 ) ( 00,000 ) ( 80,000) ( SOURCES OF FUNDS FYE 21-22 FYE 22-23 FYE 23-24 FYE 2 Capital Contribution - $200 per month X 600 mbrs ( $ 1,447,200 ) ( $ 1,447,200 ) ( $ 1,447,200 ) ( $ 1,44 Home Sales - 18 home sales X $200, 00 ( 3,6 0,000 ) ( 3,600,000 ) ( 3,600,000 ) ( 3,60 Certificate Redemption - 18 home sales X $60,000 ( (1,080,000) ( (1,080,000) ( (1,080,000) ( 1,08 00,000) 20,000) 00,000) Annual Capital Budget ( (1,059,000) ( (1,100,000) ( (1,100,000) ( Clubhouse Loan Repayment - 8 homes X $140,000 ( (1,120,000) ( (1,120,000) ( (1,120,000) ( Board Capital Contingency ( (6 0,000) ( (600,000) ( (600,000) ( PPP Proceeds Allocated to the Capital Fund ( 2,337,300 )

( ( ( ( 1,10 1,12 (60

( (1,416,800) (

) - ) (

) (

- Capital and Infrastructure Carryover Commitments Loans to the POA Infrastructure Reserve Fund Loan Repayments from POA Maintenance Fees

Note 1

( (1,300,000) ( (2,250,000)

15,000 ) ( 5,000 ) ( 67,200 ) ( Note 1 ( 260,000 ) ( 390,000 ) ( 615,000 ) ( 61 Interest Income ( 4,000 ) ( 5,000 ) ( 5,000 ) ( Net Sources (Use) of Funds ( $ 1, 72,700 ) ( $ (707,800) ( $ 1,767,200 ) ( $ 1,76

LONG TERM EXPENDITURES

Spa & Wellness Center

( $ 10,000,000 ) ( $ 750,000 ) ( ( $ 8,000,000 ) ( $ 8,000,000 )

( (10,00

(

North Course Improvements South Course Renovation North Course Renovation

(750,000)

00,000) Golf Teaching Center ( $ 500,000 ) ( (500,000)

Beach Club - Exterior and Interior Renovation Golf Maintenance Facility Improvements - Note 4

( $ 3,500,000 ) ( $ 1,625,000 ) (

(125,000) ( (1,500,000) Total Long Term Expenditures ( $ (32,375,000) ( $ (875,000) ( $ (1,500,000) ( $ (500,000) ( $ (10,0 $32,375,000

00,000)

(

CLUB LONG TERM PROJECTS PLAN CASH FLOW

33,500 ) ( Opening Capital Fund Balance ( $ 7,743,600 ) ( $ 7,941,300 ) ( $ 5,733,500 ) ( $ 7,00

67,200 ) ( 00,000) ( 67,200 ) ( ( ( 00,700 ) ( or the f Gateho Net Sources (Use) of Funds ( 1,072,700 ) ( (707,800) ( 1,767,200 ) ( 1,76 Long Term Expenditures ( (875,000) ( (1,500,000) ( (500,000) ( (10,00 Net Funds ( 197,700 ) ( (2,207,800) ( 1,267,200 ) ( (8,23 Assessment - $25,000 per Member Note 2 & 3 ( $ 10,00 Per Member Assessment ( $ 1 Ending Capital Fund Balance ( $ 7,941,300 ) ( $ 5,733,500 ) ( $ 7,000,700 ) ( $ 8,76 Note 1 - The Capital Fund will loan the POA Infrastructure Reserve the funds needed for the follow L ndscape Maintenance Building Replacement (Note 4), and New Security Gatehouse. T out of POA Maintenance Fees. Note 2 - The assessment can be billed and paid by the membership through a number of options an Note 3 - Home sales above the projected 18 would reduce the assessment per member Note 4 - The total cost to renovate the entire Golf and Landscape Maintenance Area, including the s for a total estimated cost of $3,250,000 ote 1 - Note 2 - te 3 - ote 4 - The Capital Fund will loan the POA Infrastructure Reserve the funds needed for the following POA projects - Irrigation System Repla ement, Road Rep ving, Landscap Maintenance Building Replacement ( ote 4), and New Security Gatehouse. These funds will be paid back to the Capital Fund over a ten year period out of POA Maintenance Fees. The membership will be able to pay the assessments through a number of options that will be determined in the future. Home s les above the projected 18 would reduce the assessm nt per ember. The total cost to renovate the entire Golf and Landscape Maintenance Area, including the service road, is shared equally between club and POA for a total estimated cost of $3,250,000. of optio er ncluding

LONG TERM CAPITAL PLAN

FYE 24 ( $ 1,447 ( 3,600 ( (1,080 23-24 FYE 24-25 FYE 25-26 FYE 26-27 FYE 27-28 FYE 28-29 FYE 29-30 FYE 30-31 47,200 ) ( $ 1,447,200 ) ( $ 1,447,200 ) ( $ 1,447,200 ) ( $ 1,447,200 ) ( $ 1,447,200 ) ( $ 1,447,200 ) ( $ 1,447,200 ) 00,000 ) ( 3,600,000 ) ( 3,600,000 ) ( 3,600,000 ) ( 3,600,000 ) ( 3,600,000 ) ( 3,600,000 ) ( 3,600,000 ) 80,000) ( (1,080,000) ( (1,080,000) ( (1,080,000) ( (1,080,000) ( (1,080,000) ( (1,080,000) ( (1,080,000)

( ( ( ( 00,000) ( (1,100,000) ( (1,300,000) ( (1,300,000) ( (1,500,000) ( (1,500,000) ( (1,750,000) ( (2,000,000) 20,000) ( (1,120,000) ( (1,120,000) ( (1,120,000) ( (1,120,000) ( (1,120,000) ( (1,120,000) ( (1,120,000) 00,000) ( (600,000) ( (600,000) ( (600,000) ( (600,000) ( (600,000) ( (600,000) ( (600,000) - ) ( - ) ( - ) ( - ) ( - ) ( - ) ( - ) ( - )

(1,100 (1,120

(600

( ( 15,000 ) ( 5,000 ) (

615,000 ) (

615 615,000 ) ( 615,000 )

5 ( $ 1,767 5,000 ) ( 5,000 ) ( 5,000 ) ( 5,000 ) ( 5,000 ) ( 5,000 ) ( 5,000 ) 67,200 ) ( $ 1,767,200 ) ( $ 1,567,200 ) ( $ 1,567,200 ) ( $ 1,367,200 ) ( $ 1,367,200 ) ( $ 1,117,200 ) ( $ 867,200 )

( (10,000,000)

(

(10,000

( (8,000,000)

00,000)

( (3,500,000)

( $ (10,00 00,000) ( $ (10,000,000) ( $ (3,500,000) ( $ ) ( $ (8,000,0 0) ( $ - ) ( $ (8,000, 00) ( $ - ) -

( $ 7,000 33,500 ) ( $ 7,000,700 ) ( $ 8,767,900 ) ( $ 6,835,100 ) ( $ 8,402,300 ) ( $ 1,769,500 ) ( $ 3,136,700 ) ( $ 1,229,194 )

( ( ( 67,200 ) (

1,767,200 ) (

1,567,200 ) (

1,767 1,367,200 ) ( 1,367,200 ) ( 1,117,200 ) ( 867,200 )

00,000) ( (10,000,000) (3,500,000) (

(10,000 ) ( (8,000,000) ( - ) ( (8,000,000) ( - ) -

(8,232 ( $ 10,000 ( $ 16 ( $ 8,767 followin ouse. Th 67,200 ) ( (8,232,800) ( (1,932,800) ( 1,567,200 ) ( (6,632,800) ( 1,367,200 ) ( (6,882,800) ( 867,200 ) ( $ 10,000,000 ) ( $ 4,975,294 ) ( $ 16,694 ) ( $ 8,306 ) 00,700 ) ( $ 8,767,900 ) ( $ 6,835,100 ) ( $ 8,402,300 ) ( $ 1,769,500 ) ( $ 3,136,700 ) ( $ 1,229,194 ) ( $ 2,096,394 ) or the following POA projects - Irrigation System Replacement, Road Repaving, Gatehouse. These fund will be paid back to the Capital Fund over a ten year period

f options and payment schemes er ncluding the service road, is shared equally between club and POA

ons and

g the se

CASH FLOW POA LONG TERM PROJECTS PLAN For the Fiscal Year Ending April 30, 2022

23-24 0,000 ) ( 0,000) ( SOURCES OF FUNDS FYE 21-22 FYE 22-23 FYE 23-24 FYE 2 Reserve Funding from POA Fees ( 844,300 ) ( 1,000,000 ) ( 1,100,000 ) ( 1,200 Annual Capital Spending ( (230,000) ( (250,000) ( (250,000) ( 250

( 1,300,000 ) ( 2,250,000 )

Note 1

Loan from Club Capital Fund

5,000) Loan Repayment to Club Capital Fund Note 1

( (260,000) ( (390,000) ( (615,000) (

( 615

(

489,300 )

PPP Proceeds Allocated to the POA

5,000 ) ( Net Sources of Funds ( $ 2,143,600 )( $ 2,610,000 )( $ 235,000 ) ( $ 335

LONG TERM EXPENDITURES

New Gatehouse

( $ 750,000 ) ( $ 400,000 ) ( $ 250,000 )

( (750,000) ( (400,000) ( (250,000)

Mailbox Replacement

Street and Post Lights - Note 3

0,000) Lake Bank Slopes

( $ 2,500,000 )( (250,000) ( (250,000) ( (250,000) (

( 250

Neighborhood Roadway Paving Maintenance Building - Note 2 Security Camera Replacement

( $ 1,300,000 )( (1,300,000)

( $ 1,625,000 )( (125,000) ( (1,500,000)

( $ 900,000 ) Total Long Term Expenditures ( $ 7,725,000 )( $ (1,675,000) ( $ (3,150,000) ( $ (250,000) ( $ 250 $7,725,000

0,000)

(

POA LONG TERM PROJECTS CASH FLOW

24,400 )( Opening Reserve Fund Balance ( $ 1,395,80 )( $ 1,864,400 )( $ 1,324,400 )( $ 1,30

5,000 ) ( 0,000) ( 5,000) ( Net Sources of Funds ( 2,143,600 ) ( 2,610,000 ) ( 235,000 ) ( 335 Long Term Expenditures ( (1,675,000) ( (3,150,000) ( (250,000) ( 250 Net Funds ( 468,600 ) ( (540,000) ( (15,000) ( 85

09,400 )( Ending Reserve Fund Balance ( $ 1,864,40 )( $ 1,324,400 )( $ 1,309,400 )( $ 1,39

s - Irrigatio urity Gate Note 1 - The Club Capital Fund will loan the POA Infrastructure Reserve the funds needed for the following POA projects - Irrigati n Syste Replacement, Neighborhood Roadway Repaving, Landscape Maintenance Building Repl cement (Note 4), and New Security Gatehouse. funds will be paid back to the Club Capital Fund over a ten year period out of POA Maintenance Fees. Note 2 - The total cost to renovate the entire Golf and Landscape Maintenance Area, including the service road, is shared equally by the C and POA for an estimated cost of $3,250,000 Note 1 - The Club Capital Fund will loan the POA Infrastructure Reserve the funds needed for the following POA projects - Irrigation System Replacement, Neighborhood Roadway Repaving, Landscape Maintenance Building Replacement (Note 4), and New Security Gatehouse. These funds will be paid back to the Club Capital Fund over a ten year period out of POA Maintenance Fees. The total cost to renovate the entire Golf and Landscape Maintenance Area, including the service road, is shared equally by the Club and POA for an estimated cost of $3,250,000. ed equally per street sible for th Note 3 - The POA is in discussion with Florida Power and Light to enter into an FPL program in which, for a monthly fee per street light, F replace all the street lights in the community, maintain the street lights and provide electricity. The POA will be responsible for the initial of trenching and boring of new wiring. Note 2 -

Note 3 -

The POA is in discussion with Florida Power and Light to enter into an FPL program in which, for a monthly fee per street light, FPL will replace all the street lights in the community, maintain the street lights and provide electricity. The POA will be responsible for the initial cost of trenching and boring of new wiring.

LONG TERM PROJECT PLAN

( ( 23-24 FYE 24-25 FYE 25-26 FYE 26-27 FYE 27-28 FYE 28-29 FYE 29-30 FYE 30-31 0,000 ) ( 1,200,000 ) ( 1,300,000 ) ( 1,300,000 ) ( 1,300,000 ) ( 1,300,000 ) ( 1,300,000 ) ( 1,300,000 ) 0,000) ( (250,000) ( (250,000) ( (250,000) ( (250,000) ( (250,000) ( (250,000) ( (250,000)

FYE 24 1,200,

(250,

( 5,000) ( (615,000) ( (615,000) ( (615,000) ( (615,000) ( (615,000) ( (615,000) (

(615, (615,000)

( $ 335, 5,000 ) ( 335,000 ) ( $ 435,000 ) ( $ 435,000 ) ( $ 4 5,000 ) ( $ 435,000 ) ( $ 435,000 ) ( $ 435,000 )

( 0,000) ( (250,000) ( (250,000) ( (250,000) ( (250,000) ( (250,000) ( (250,000) (

(250, (250,000)

( $ (250, ( (300,000) ( (300,000) ( (300,000) 0,000) ( (250,000) ( $ (250,000) ( $ (550,000) ( $ (550,000) ( $ (550,000) ( $ (250,000) ( $ (250,000)

( $ 1,309 24,400 )( 1,309,400 )( $ 1,394,400 )( $ 1,579,400 )( $ 1,464,400 )( $ 1, 49,400 )( $ 1,234,4 0 )( $ 1,419,400 )

( ( ( 5,000 ) ( 5,000) (

335,000 ) (

435,000 ) (

335, (250, 435,000 ) ( 435,000 ) ( 435,000 ) ( 435,000 ) ( 435,000 ) (250,000)

0,000) ( (250,000) ( (250,000) ( (550,000) ( (550,000) ( (550,000) ( (250,000) (

85,000 ) (

185,000 ) ( (115,000) ( (115,000) ( (115,000) (

85, 185,000 ) ( 185,000 )

( $ 1,394 09,400 )( 1,394,400 )( $ 1,579,400 )( $ 1,464,400 )( $ 1,349,400 )( $ 1,234,400 )( $ 1,419,400 )( $ 1,604,400 )

on System ehouse. Th s - Irrigation System urity Gatehouse. These

by the Clu ed equally by the Club

light, FPL he initial c per street light, FPL will sible for the initial cost

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