QuarterlyClubhouseREPORT

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

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