RenovationPROJECT_FINAL

The New Clubhouse project is budgeted at $56.3 million and the Substantial Renovation project is budgeted at $39.9 million. The Board Financing Committee has negotiated, and the Board has approved a 15-year reducing revolver proposal from Truist Bank to fund whichever project is approved by the Membership. The interest rate would be libor plus 120bp and fully hedged at an all-in rate of approximately 2.5%/year for the full 15 years. With this financing the monthly Member assessment for the New Clubhouse is projected to be approximately $424/month and the monthly assessment for the Substantial Renovation is projected to be approximately $249/month. In addition to the monthly Member assessments, the loan will also be repaid with the proceeds of 8 home turns/year. We have also created an email address for you to send questions you may have. We would use these as a guide for our Q&A Town Hall Meeting and would try to answer all of the questions, either at the meeting or in an email response. Please email your questions to clubhousequestions@frenchmanscreek.com. Much work remains to be done, but the first step is for our Community to choose between the New Clubhouse or the Substantial Renovation plan based on the information that is presented in this booklet and the various presentations you will receive. The Floor and Site Plans for both projects are included as separate exhibits.

Oversight Committee Michael Azeez

Diane Exter Jeff Stanfield

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