QuarterlyClubhouseREPORT

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Quarterly Clubhouse Construction Report

On behalf of the Board and the Construction and Finance Committees and management, we are pleased to present data and narrative describing the status of the New Clubhouse Project as of September 30, 2023. It should be noted that this represents a snapshot at a point in time. There is no doubt that the information being presented will continue to evolve as the project proceeds. Our intent is to present updated information in each calendar quarter until completion in 2025. The base lines for purposes of evaluating the status of the project are the budget and renderings included in the booklet that was the basis upon which the community approved proceeding with the project. It is important to review some of the steps in the process to better understand how we arrived at where we are: • Initial budget and renderings in the “booklet”. • Negotiating and establishing the Guaranteed Maximum Price contract with Proctor Construction Company as well as contracts with architects, engineers, and owner’s representative. • Establishment of a Construction Committee to oversee the project and value engineer each element resulting in approximately $3 million in cost reductions. • Analyzing the accuracy of the construction drawings and synchronizing the details (with input from subcontractors) to assure that constructability was accurately represented. It should be noted that value engineering and the synchronizing of the drawings were time consuming but resulted in a timetable and budget as accurate as possible. • Monitoring the “buyout” of the project to obtain reliable budgets, milestones and timetables. We have already identified buyout savings which are allocated 70% to our reserves and 30% to the contractor. • Meeting of the Construction Committee several times each week with the architects and general contractor to review, monitor and edit elements currently in need of resolution and the resulting modifications of the budget, contingency and timetable. The chart attached to this cover letter is a presentation of the anticipated costs to complete at this time. These estimates include existing contracts and estimates of anticipated additional contracts that we believe will be executed as the project proceeds. The chart also reflects the

status of the unused contingencies. There are two components of contingency, a “contractor” contingency (approximately $2 million) and an “owner” contingency of approximately $4.7 million. The aggregate of these two contingencies remaining available is more than $5.3 million reflecting $1.3 million utilized through September 30 to fund the net additional costs from change orders. We should be aware that the remaining contingencies will not necessarily still be intact at completion but, we believe, will be adequate to absorb future change orders. We have also paid careful attention to the construction schedule and continue to expect the completion of the building to be during the summer of 2025 with occupancy in time for the 2025-2026 season. Some of the construction milestones referred to above are the removal of the dirt “pyramid” as the porte-cochere is backfilled, the west parking lot is restored, commencement of utilities and sitework on the east side of the site, initiating the building of the racquet sport facilities, and, of course, the opening of the clubhouse in 2025 to allow management to train personnel to operate the building. Ownership has also established milestones, such as low voltage installation, interior furniture, fixture and equipment design, landscaping, kitchen equipment and site lighting. Obviously, all hands are on deck and busy processing changes to the drawings to reflect more than twenty-five revisions resulting from value engineering and other change orders. This report is as of September 30, and we already know that more than $1 million additional change orders will be processed in October, still leaving more than $4 million of contingency available with most of the drawings, timetable alterations and pricing changes already identified. We sincerely hope that this report will answer most, if not all, of the questions the community may have but we are happy to provide additional information that will answer any other issues that are raised. Thank you, Construction Committee

Frenchmans Creek CC ‐ Budget Sheet (2023.09.30)

New Clubhouse Final Vote Budget

Revised Contract/Estimated

Comments

PROFESSIONALS FEES

1 Architect+Interiors 3 Civil Engineering

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

3,117,788 142,625 165,000 148,000 683,750

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

3,408,625 162,272 165,796 164,800 835,406

Note #1

5 Landscape/Hardscape Design

7 Food Service Design

8 Owner's Representative/Project Management

Note #2 Complete

14,800

9 Acoustical Consultant 10 Lighting Consultant 11 Misc. Consultant

‐

9,000 3,299

104,000 50,000 13,920 100,000 75,232 161,638 129,958 600

Provided from FCC 9.30.23

12 Surveyor

600

Complete Compelte Complete

13 Asbestos Consultant Survey 14 Low Voltage Consultant 15 Pre Construction advisor

13,920 100,000 33,823 135,000 102,611

16 Legal Expense

Provided from FCC 9.30.23 Provided from FCC 9.30.23 Provided from FCC 9.30.23

17 Additional Professional Fees ‐ Expenses

18 Bank Financing Expenses

PROFESSIONALS FEES SubTotal

4,670,216

5,387,047

B INSPECTION/TESTING 19 Construction Materials Testing 20 Threshold/Private Inspector/Plans

$ $ $

100,000 50,000 20,000 170,000 600,000 250,000 850,000

$ $ $

106,580

‐

Combined Scope in Line #19

21 GeoTech

6,700

INSPECTION/TESTING SubTotal

113,280

CITY/COUNTY & MISC.

22 Permit Fees 23 Utility Fees

$ $

932,549 250,000

Note #3

Permit Fees with Local Municipalites

CITY/COUNTY & MISC. SubTotal

1,182,549

OWNER PURCHASED

$ $ $ $ $ $ $

6,250,000

$ $ $ $ $ $ $

4,567,500 760,000 1,718,000 439,402 848,851 5,117,399 763,980

Note #6

24a FFE_P+L 24b FFE ‐ Owner

‐

Note #4, #6

1,718,000 439,402 1,250,000 5,420,376 800,000

Note #6 Note #6 Note #6

25 Phones, Computers, POS Hardware,Av,Data,TVs

26 Golf/Tennis Pro Shop fixtures 27 Landscape/Irrigation/Lighting 28 Kitchen Equipment 30 Builder's Risk Insurance

Owner Changes 2023.09.26, Contracted

Complete

OWNER PURCHASED SubTotal

$ $

15,877,778 21,567,994

$ $

14,215,132 20,898,008

Total Soft Cost

Hard Construction Costs

31 Demo & Utilies

$ $

‐

$ $

‐

32 Main Clubhouse Project

67,493,444 67,493,444 89,061,438

69,508,872 69,508,872

Note #5

Hard Construction Cost SubTotal

Total Cost SubTotal

$ 90,406,880

33 Contractor Contingency 34 Owner/Design Contingency

$ $

2,024,803 4,688,918 6,713,721

$ $

1,829,358 3,538,921 5,368,279

Contingency Cost SubTotal Total Direct Project Cost

95,775,159

$ 95,775,159

Notes: #1 ‐ Vote Booklet, Renderings, Value Enginneering Drawing Revisions, Onwer Revisions

#2 ‐ Schdeule Impact #3 ‐ PBG Fire and Police fees not included in orginal budget provided by PBG Buildign Department and Additional Cost of Construction increased from original budget

#4 ‐ All Back of house furniture remvoed from P+L scope, owner to direct purchase #5 ‐ Change Orders to Original Contract ‐ Owner Changes, Vaule Engieering, Scope Gaps

#6 ‐ Detailed Bid process completed, award of contract will be determined based on procuremnt timing with constrcution schedule to minimize warehousing cost

ID ID

Task Name Task Name ID

Duration 675 days

Start

Finish

Resource Names

Task Name

Duration 675 days

Start

Duration

Finish Start

Resource Names Finish

N D J Resource N 202

1 2 3 4 5 6 7 8 9

Construction Milestones Construction Milestones 1

Mon 4/3/23 Fri 10/31/25 Thu 5/25/23 Mon 11/13/23

1 2 3 4 5 6 7 8 9

West Cart Path & Parking Lot Partial Completion 123 days West Cart Path & Parking Lot Partial Completion 123 days Construction Milestones 2

Mon 4/3/23 Fri 10/31/25 Thu 5/25/23 Mon 11/13/23 675 days

Mon 4/3/23 Fri 10/31/25 Thu 5/25/23 Mon 11/13/23

West Cart Path & Parking Lot Partial Completion 123 days

Roof Structure & Dry ‐ in Roof Structure & Dry ‐ in Exterior Finish Work Completion Main Clubhouse Power Release 3 4 Exterior Finish Work Completion Main Clubhouse Power Release MEP Finishes in the Building Completion 5 MEP Finishes in the Building Completion Interior Finishes Completion Interior Finishes Completion Tennis Court Construction Tennis Court Construction 8 Proctor recieves TCO and Stocking Permit for Clubhouse Proctor recieves TCO and Stocking Permit for Clubhouse 9 Roof Structure & Dry ‐ in Exterior Finish Work Completion Main Clubhouse Power Release 6 7 Interior Finishes Completion Tennis Court Construction

69 days

Tue 5/21/24 Fri 8/23/24

69 days

Tue 5/21/24 Fri 8/23/24 69 days

Mon 10/14/24 Tue 5/21/24 Fri 8/23/24

Mon 10/14/24 Mon 3/3/25 Fri 3/7/25

Mon 10/14/24

5 days

Mon 3/3/25 Fri 3/7/25 5 days

Mon 3/3/25 Fri 3/7/25

Mon 3/24/25 Thu 6/5/25 Wed 6/25/25 Fri 6/27/25

MEP Finishes in the Building Completion

Mon 3/24/25 Thu 6/5/25 Wed 6/25/25 Fri 6/27/25 Tue 7/2/24

Mon 3/24/25 Thu 6/5/25 Wed 6/25/25 Fri 6/27/25

257 days

Tue 7/2/24 Fri 6/27/25

257 days

Tue 7/2/24 Fri 6/27/25 257 days 0 days

0 days

0 days Proctor recieves TCO and Stocking Permit for Clubhouse

Clubhouse Completion ‐ FINAL CO Clubhouse Completion ‐ FINAL CO 10

Mon 9/1/25

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32

Clubhouse Completion ‐ FINAL CO

Mon 9/1/25

Demo of Temp Facilites Demo of Temp Facilites 11

45 days 585 days 530 days 30 days 240 days 515 days 30 days 20 days 585 days 15 days 465 days 592 days 60 days 10 days 624 days 30 days 55 days 411 days 86 days 44 days 21 days 281 days

Mon 5/29/23 Thu 12/1/22 Fri 3/7/25 Tue 3/7/23 Mon 9/1/25 Fri 10/31/25 Mon 4/3/23 Fri 6/27/25 Mon 4/3/23 Fri 4/11/25 Mon 8/7/23 Fri 9/15/23 Mon 5/13/24 Fri 4/11/25 Mon 4/3/23 Fri 3/21/25 Mon 3/25/24 Fri 5/3/24 Mon 2/24/25 Fri 3/21/25 Mon 4/3/23 Fri 6/27/25 Mon 8/14/23 Fri 9/1/23 Mon 9/18/23 Fri 6/27/25 Mon 2/24/25 Fri 3/7/25 Mon 1/2/23 Thu 5/22/25 Mon 1/2/23 Fri 2/10/23

Demo of Temp Facilites

45 days 585 days 530 days 30 days 240 days 515 days 30 days 20 days 585 days 15 days 465 days 592 days 60 days 10 days 624 days 30 days 55 days 411 days 86 days 44 days 21 days 281 days

Mon 9/1/25 Fri 10/31/25 Mon 4/3/23 Fri 6/27/25 Mon 4/3/23 Fri 4/11/25 Mon 8/7/23 Fri 9/15/23 Mon 5/13/24 Fri 4/11/25 Mon 4/3/23 Fri 3/21/25 Mon 3/25/24 Fri 5/3/24 Mon 2/24/25 Fri 3/21/25 Mon 4/3/23 Fri 6/27/25 Mon 8/14/23 Fri 9/1/23 Mon 9/18/23 Fri 6/27/25 Thu 12/1/22 Fri 3/7/25 45 days 585 days 530 days 30 days 240 days 515 days 30 days 20 days 585 days 15 days 465 days 592 days Mon 2/24/25 Fri 3/7/25 Mon 1/2/23 Thu 5/22/25 Mon 1/2/23 Fri 2/10/23 Tue 3/7/23 10 days 624 days 30 days Tue 3/7/23 60 days

Mon 5/29/23 Mon 2/24/25 Fri 3/7/25 Mon 1/2/23 Thu 5/22/25 Mon 1/2/23 Fri 2/10/23 Mon 9/1/25 Fri 10/31/25 Mon 4/3/23 Fri 6/27/25 Mon 4/3/23 Fri 4/11/25 Mon 8/7/23 Fri 9/15/23 Mon 5/13/24 Fri 4/11/25 Mon 4/3/23 Fri 3/21/25 Mon 3/25/24 Fri 5/3/24 Mon 2/24/25 Fri 3/21/25 Mon 4/3/23 Fri 6/27/25 Mon 8/14/23 Fri 9/1/23 Mon 9/18/23 Fri 6/27/25 Thu 12/1/22 Fri 3/7/25 Mon 5/29/23

Owner Activites Owner Activites 12 Low Voltage Low Voltage 13

Owner Activites

Low Voltage

Contract/Buyout Contract/Buyout 14

Contract/Buyout

Install 15

Install

ProShop Fixtures ProShop Fixtures 16

ProShop Fixtures

Contract/Buyout Contract/Buyout 17

Contract/Buyout

Install 18

Install

Landscape/Irrigation Landscape/Irrigation 19 Contract/Buyout Contract/Buyout 20 Kitchen Equipment Contract/Buyout Install Kitchen Equipment Contract/Buyout 22 23 24 Install HVAC TEST & BALANCE Install HVAC TEST & BALANCE 25 26 Contract/Buyout Install Install Install 21

Landscape/Irrigation

Contract/Buyout

Kitchen Equipment Contract/Buyout

HVAC TEST & BALANCE

Contract/Buyout

T & B (HVAC) Contract/Buyout 27

T & B (HVAC)

Fri 3/7/25 Fri 9/1/23 Fri 9/1/23 55 days 86 days

Thu 5/22/25 Fri 3/28/25 Fri 12/29/23 Fri 3/7/25 9/1/23 9/1/23

Thu 5/22/25 Fri 3/28/25 Fri 12/29/23

FFE

411 days

T & B (HVAC)

Fri 3/7/25 Fri 9/1/23

Thu 5/22/25 Fri 3/28/25 Fri 12/29/23

FINAL FFE Meetings FINAL FFE Meetings 29 30 Preperataion of FFE Proposal Preperataion of FFE Proposal 31 FFE Proposal ‐ Client Review/Aprpoval FFE Proposal ‐ Client Review/Aprpoval FINAL FFE Meetings Procurement Procurement 32

FFE

Preperataion of FFE Proposal

Mon 1/1/24 Thu 2/29/24 Fri 9/1/23 44 days

Mon 1/1/24 Thu 2/29/24

FFE Proposal ‐ Client Review/Aprpoval

Thu 2/1/24 Fri 3/1/24 21 days 281 days

Thu 2/29/24 Fri 3/28/25 2/1/24 3/1/24

Thu 2/29/24 Fri 3/28/25

Mon 1/1/24 Thu 2/29/24

Thu 2/1/24 Fri 3/1/24

Thu 2/29/24 Fri 3/28/25

Procurement

Task Split

Inactive Milestone Inactive Summary Manual Task Duration-only Manual Summary Rollup Manual Summary

Start-only Finish-only External Tasks External Milestone Deadline Path Predecessor Mileston Page 1 Start-only Finish-only External Tasks External Miles Deadline Path Predeces Page 1 Sta Fin Ext Ext De Pa Pa

Milestone Summary Project Summary Inactive Task Task Split

Inactive Milestone Inactive Summary Manual Task Duration-only Manual Summary Rollup Manual Summary

Project: 2023.10.19 Frenchman' Date: Thu 10/19/23 Project: 2023.10.19 Frenchman' Date: Thu 10/19/23

Project: 2023.10.19 Frenchman' Date: Thu 10/19/23

Milestone Summary Project Summary Inactive Task

Resource Names

NDJFMAMJ J ASONDJ FMAMJ J ASONDJFMAMJ J ASON 2023 2024 2025

Names

NDJFMAMJ J ASONDJ FMAMJ J ASONDJFMAMJ J ASON 2023 2024 2025 2024 2025

11/13

8/23

10/14

3/7

3/24

6/5

6/25 6/27

9/1

art-only nish-only ternal Tasks ternal Milestone eadline ath Predecessor Milestone Task

Path Predecessor Summary Task Path Predecessor Normal Task Progress Manual Progress

Start-only Finish-only External Tasks External Milestone Deadline Path Predecessor Milestone Task

Path Predecessor Summary Task Path Predecessor Normal Task Progress Manual Progress

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