CBP_11_09_21_v15

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.

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