Strategic Plan

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S T RAT EG I C P LAN 2 0 1 8 - 2 0 2 2

TAB L E OF CONT ENT S

CORE VALUE S , M I S S I ON , V I S I ON

FOUR P I L LAR S

6 - 7

ACCOMPL I SHMENTS FROM 2014-2017

S T RAT EG I C PR I OR I T I E S OUT L I NED

I N I T I AT I VE S OUT L I NED

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S T RAT EG I C PR I OR I T I E S DE TA I L ED

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2 0 1 8 I N I T I AT I VE S DE TA I L ED

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2 0 1 9 I N I T I AT I VE S DE TA I L ED

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CAP I TAL PROGRAM 2 0 1 8

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2 0 1 8 DUE S & PROJ ECT ED 2 0 3 2 DUE S

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2 0 1 8 OP ERAT I NG BUDGE T

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RE S ERVE EXP END I TURE S

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RE S ERVE FUND I NG P LAN : CASH F LOW ANALY S I S

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NEXT S T E P S & BOARD ACT I ON I T EMS

CORE VALUE S , M I S S I ON , V I S I ON

CORE VALUES The Core Values of Greystone Golf and Country Club represent our beliefs, which will guide us in our daily activities, regardless of the changing business environment. These principles will be the foundation of teamwork and member rela- tionships that we will practice remaining focused on our goals and objectives. 1. PEOPLE: We welcome diversity, value our members and staff, welcome all viewpoints, and support our role as part of a larger golfing community. 2. CUSTOMER SERVICE: The general manager, the staff, and the board of directors will provide the membership with prompt, accurate, and courteous answers to their questions and will attempt to resolve their problems and concerns in a timely fashion. Our staff will go to extraordinary lengths to satisfy and delight our members. They will be passionate about the service they provide and the opportunity they have been given to do so. 3. INTEGRITY: Wewill be fair, honest, and consistent in our dealings with members and staff. Mutual trust and respect will be the foundation of all relationships. 4. RESPECT: We will respect our fellowmembers, staff, guests, and neighbors. We understand our responsibility as stewards of a cherished property in maintain- ing the courses to the highest standards while minimizing our environmental impact. 5. FIDUCIARY RESPONSIBILITIES: We will exercise the utmost care and diligence in using the assets of the club. We will report factually and honestly about the expenditure of money and resources. We will use the assets of the club for benefit of the entire membership. 6. COMPETITION: We honor the spirit and rules of the game. We enjoy and support competition, at all levels of play, as well as our personal growth and improvement. We understand our responsibility in passing on our passion for golf, tennis, swim, and fitness.

MISSION Greystone Golf and Country Club is a family oriented private club that is committed to providing its members and guests with a premier country club experience. By fostering a club of excellence based on tradition, exceptional service, outstanding facilities and first-class amenities, recognized both regionally and nationally, we will create greater value for our members and prospective members. Doing so will build a prosperous future and lasting legacy for Greystone Golf and Country Club.

VISION To be a club of excellence in all that we do for our members and the greater Greystone community.

FOUR P I L LAR S

PILLAR ONE - GROW Growing our membership is about identifying opportunities in the marketplace and understanding what potential and existing members desire from Greystone Golf and Country Club. The first pillar, Grow, is centered on an in-depth understanding of the member’s needs, their perspective of Greystone Golf and Country Club, and increasing their awareness and use of our club. With the newer generation entering the workforce, it is imperative that Greystone Golf and Country Club adapt to trends and tap into the millennial membership opportunities. Our goal will be to grow at a rate 15 net GEMs per year for the next five years, which will bring us to 700 GEMs at the end of 2022. Position Statement PILLAR TWO – IMPROVE As part of an ongoing commitment to organizational excellence, it is critical that internal processes function at the level of productivity reflective of the highest standards for Greystone Golf and Country Club. There remains opportunity strive to provide an elite experience, consistent with the leaders in the field such as the Ritz-Carlton and Disney. We will establish Standards of Service and Delivery and improve the overall membership experience consistent with leaders in the industry. Our Foundation of Golf, Food and Beverage, Fitness, Tennis and Swimming need to be at the high end of the market standard before we take dynamic next steps. PILLAR THREE – INVEST Greystone Golf and Country Club is committed to developing its employees to be high performing professionals. To remain competitive and valued in the industry, it is critical that all employees represent the highest professional standards, taking advantage of internal and external professional developmental opportunities, and executing across clear expectations in their job roles. Focus will be on Interdepartmental training, Company-wide training and core trade conferences. It is also critical to invest in long term agreements with the most key personnel and lock into a mutual commitment and demonstrated loyalty for company and employee. PILLAR FOUR - BUILD It is important for Greystone Golf and Country Club to commit to updating and enhancing our facilities. The long-term capital replacement program with enhancements when replacing certain assets is critical to the Club’s success. Many compare caring for the Club assets to taking care of a home. Yes, but imagine hosting a neighborhood block party at your home 300 days a year and the increased wear on many aspects of the home. To retain members and bring in new prospective members we need updated facilities that everyone can be proud of utilizing. Also, a focus on non-golf sports amenities will drive families to join and stay the Club. END GOAL Create a foundation of excellence and long-term sustainability for generations to come!

ACCOMP L I SHMENT S 2 0 1 4 - 2 0 1 7

• Development of a Strategic Plan, Bringing the Regions Tradition back to Greystone and Embarking on a capital improvement program. • RENOVATION PROJECTS INCLUSIVE OF: 1. New Golf Cart Storage Facility with Plaza Staging Area 2. Golf Performance Center 3. New Fitness Center 4. New Casual Dining Restaurant, Cellar 91 • Transitioned from a Tenured General Manager to a New General Manager • New Golf Cart lease • New Golf Maintenance Equipment Lease (2 complimentary beverage carts and $30,000 in parts) • PERSONNEL CHANGES – Chef, Shift in Golf Management, Food and Beverage Restaurant and Catering (improvement still underway), Addition of full time graphics design, addition of two full time receptionists, Investment in a top-level Aquatics Director, moved to one Tennis Director, Pro- motion of Mallory Cooner to Director of Administration, Developed a Sales Team for Membership, Restructured Fitness Staff with top level trainers and new Director, and made a commitment to the Director of Golf Course Maintenance with a 4 year contract. • Revamped Hiring Process to include offer letters, drug testing, background checks and formal on-boarding with orientation. • Restructured Private Golf Outings to be a package price inclusive of all services resulting in $40,000 increase in sales from 2015 with the same number of outings. • Extended the contract with Regions Tradition and restructured from 15% of net to 13.5% of Gross Sales.

ACCOMP L I SHMENT S 2 0 1 4 - 2 0 1 7

• Extended the Women’s SEC contract and expanded the tournament to include TV coverage. • Hired Outside IT Company moving away from member managed IT. • Hired a Club Attorney • Hired a new Accounting Firm • Refinanced the Debt to save the Club over $50,000 annually • Created Player Development, Aspiring Tour Player, Tour Player and Non-Metro Categories of membership. • Re-named the non-resident membership to be National Membership with a full advertising campaign. • Added member services • Heightened level of staff professionalism and higher standards of employment (always working to improve). • Creation of Solid programming in dining that has stuck with members – Pizza and Pints, Wine Down Wednesdays, Family Night and Acoustic Fridays • Opened Plaza Bar and Increased to two beverage carts per course • Over 125 Net Positive Members from 2015-2017 • Increased the Level of creativity and execution of social events for the members • Synergy among the departments is creating unique experiences (i.e. Wimbledon on the Range) • Increased the cultural practices on the courses to include verticutting greens weekly, venting greens bi-weekly, aerifying greens twice annually, aerifying fairways and tees, and topdressing them twice annually, and aerifiying rough for the first time in history.

STRATEGIC PRIORITIES & INITIATIVES OUTLINED

2018-2022 STRATEGIC PRIORITIES 1. Grow Membership 2. Sustain Operations within known Revenue 3. Increase Capital Funding 4. Increase Capital Replacement 5. Build reserves 6. Pay down on our debt 7. Commit to non-golf sports improvements 8. Bring HOAs and Club to be one entity 9. Add unique aspects to the Club experience 10. Increase known revenue through new revenue streams, so we can rely less on the Regions Tradition and initiation fees. Truly being self-sustaining as a company.

2018 INITIATIVES 1. Restructure Operations 2. Raise Capital Fee

2019 INITIATIVES 1. Grow Membership

2. Begin Design of Pool Complex of the future. 3. Start a Development Campaign for Capital Giving living and personal Will. 4. Club to get two to three major sponsors at $100,000+ to show Tour that we are ready to commit even longer term. 5. Operations executing at a consistently high 7. Increase staff Development and Training. 8. Continued focus on Membership Retention 9. Naming Opportunity for Performance Center 10.Maintain and add new Variable Revenue Streams. 11. Development of an Incentive Program for members to bring a new member. level and the envy of the area clubs. 6. Push staff creativity and standards.

3. Combine dues and capital to be just dues. Make a by-law change for 20% of dues to go to replacement capital for transparency. 4. Use only known initiation fees for operations – those members on payment plans. 5. Begin building a reserve 6. Spend $500,000 on Clubhouse, Pool and Tennis facilities. 7. Buy a Food Truck 8. Extend SEC Contract 9. Take on management of 2-3 more HOAs. 10.Begin home lawn chemical application business (i.e. Chemlawn) 11. Staff Development 12. Solidify all operations to be best in class 13. Focus on Improving Regions Tradition Member Participation and Sponsorship. 14. Increased Sales for Banquets and Outings

STRATEGIC PRIORITIES 2018-2022

GROW MEMBERSHIP Through a new and aggressive sales team, we will plan to grow membership at a minimum of net positive 10 GEMS per year. This will be accomplished through changing strategy to more off site corporate presentations, focus on non-metro and national memberships. Our investment in non-golf sports and clubhouse physical improvements will make for an environment that is more attractive and easier to sell Social Memberships as well. The relationship with realtors is growing and with the new website containing a real estate listing section will bring more connection to the Club. Improved quality of the operations will assist in retention and consistency will bread excitement. SUSTAIN OPERATIONS WITHIN KNOWN REVENUE We will need to reduce expense by $275,000 in 2018 to stay within our known revenue streams. This is based on a 600 GEM average throughout the year. The plan to do this comes from reducing food and beverage service at Legacy to service golf only. This will include a 6-item lunch menu and staffing will include one bartender, one busser, one cook, shoe attendant and golf personnel. This will create a projected savings of $100,000. We will reduce the marketing budget by $40,000 due to no longer going to the retirement shows and the substantial cost of the video was a one-time cost. Move the fitness equipment lease to a fair market purchase and finance the balance. Payments will be lower andwe will own the equipment to utilize for an additional 3-5 years before staging in newpurchases vs. being on a continual lease plan. This will remove $50,000 from operations. Remove the part time merchandising position and incentivize Jon to do all the buying, which results in a $20,000 savings. Moving the trainers to 100% com- mission only and they can work as the front desk staff for more wages and up to two of them for full time. This is a savings of $45,000. The personnel changes in food and beverage management will result in a net positive $25,000 savings. This will be set up with a Food and Beverage Director, Restaurant Supervisor and two CateringManagers to book, plan and execute all events. The three individuals will report to the Food andBeverageDirector. All of the savings will result in a $290,000 savings from2017 forecasted year end results. INCREASE CAPITAL FUNDING Raise the monthly dues and capital fee from $675 to $800 per regular member and create a by-law change that allocates 20% of dues to capital. This will generate an additional $792,000 annually in capital funding above our debt service. Also, an additional $125,000 in initiation fees will move back to capital funding from operations.

INCREASE CAPITAL REPLACEMENT A 15-year capital replacement plan has been completed and the funds allocated to the associated projects.

BUILD RESERVES $100,000 per year for five years and $150,000 for the next ten years, resulting in $2M in reserves at the end of 2032.

PAY DOWN ON OUR DEBT Stay on our path with paying our debt service and at the end of 2022 we will have a $4.4M balloon with close to $400,000 in a reserve with West Alabama Bank and Trust. This can be used as a lump sum to reduce the refinancing debt to $4M. COMMIT TO NON-GOLF SPORTS IMPROVEMENTS The 15-year capital plan calls for improvements to the pools with resurfacing, mechanical, new dive blocks, newdiving board and new cabanas. The plan calls for resurfacing all tennis courts and repairing fences over the next two years. The main floor of the Clubhouse calls for new flooring, furniture and wall coverings. BRING HOA S AND CLUB TO BE ONE ENTITY This strategic initiative needs to begin with a sub-committee of past presidents and current board members. The group can work with the HOA Boards to educate them on the increased home value the mandatory membership would bring. After a period of education of Boards and all Residents, the HOA Boards would go to the residents for a covenant change vote. If a positive vote was the result, we would have one Board and social membership would be the base with golf as an upgrade. It would generate over $3.5M in additional dues annually. This level of dues revenue would allow all dues categories to be reduced by a collective 1 million dollars. We could grandfather all members living outside the gates and then moving forward, membership is only for homeowners of Greystone. That limited access will substantially impact home values.

ADD UNIQUE ASPECTS TO THE CLUB EXPERIENCE Examplesof thiswouldbetheadditionof creativeevents,BuyingaFoodTruck, andinnovativeprogramming.

INCREASE KNOWN REVENUE Through new revenue streams, we can rely less on the Regions Tradition and initiation fees. Truly being self-sustaining as a company.

FOOD MINIMUM Reduce the food minimum to $400 annually and have it end September 30 for everyone. Raising dues to $800 per month gives $15 per month additional to operations after the 20% allocation to capital. This is $180 annually to operations per GEM, which off sets the unspent minimum that would be lost as revenue.

STRATEGIC INITIATIVES – 2018

1. Grow membership by net 10 GEMs 2. Restructure Operations as outlined in the strategic priorities above. 3. Raise Capital Fee as outlined in the strategic Priorities above. 4. Combine dues and capital to be just dues. Make a by-law change for 20% of dues to go to replace- ment capital for transparency. 5. Use only known initiation fees for operations – those members on payment plans. 6. Put $100,000 in reserve 7. Spend $500,000 on Clubhouse, Pool and Tennis facilities. 8. Buy a Food Truck 9. Extend SEC Contract through 2021 10. Take on management of 2-3 more HOAs. This will generate $50,000 to $75,000 in revenue per HOA and we have the infrastructure. One additional employee would be needed, which allows us to create a succession plan for Steve Janney’s retirement. 11. Begin home lawn chemical application business (i.e. Chemlawn) – Jason can have one employee com- plete this service for up to 250 homes and at that number of homes we will create a net income of $100,000. 12. Staff Development – Creation of Greystone University consisting of 4 six-week classes meeting once per week for two hours. The content is about service culture, Greystone history and culture, creating experiences and leadership development. The climax is a full day class by a Ritz Carlton Trainer and then a graduation. Upon completion of each class the employee will be compensated in the form of a bonus and their nametag will change. 13. Solidify all operations to be best in class – evaluate our current SOPs established in 2015 and update for current business model. Ensure standards are being met and the personalized member experience is at or above the level of any area, club, resort, restaurant or hotel. 14. Focus on Improving Regions Tradition Member Participation and Sponsorship. Development of a standing tournament committee to ensure increased member participation, volunteerism, sponsorship and member engagement during tournament week. We will develop an opt in program with a sales approach offering several different packages for members and their guests. 15. Increased Sales for Banquets and Outings – team is already getting aggressive about increasing sales for 2018 over 2017 actual events. 16. Life Members increase to 30, but offer pay back plan at 26-30 or wait for 31st to get begin redeeming another life member. This will generate $660,000 to add to the capital replacement program. 17. Legacy to become a Golf Centric Club with Founders being the Country Club. Restrict members to host 6 guests per year at Legacy. Increase the greens fee to $125 and increase Outing Package from $195 to $250 for new outings and all by 2019. Separate Logos will be created for Board consideration.

STRATEGIC INITIATIVES – 2019

1. Grow Membership by net 10 GEMS 2. Begin Design of Pool Complex of the future. Develop concept drawings and placeholder pricing. 3. Start a Development Campaign for Capital Giving living and personal Will. This will allow the Club to begin an endowment for named capital projects and many members feel such an affinity to the Club they would donate money to specific projects while living or in their Will. 4. Club to get two to three major sponsors of $100,000 plus to show Tour that we are ready to commit even longer term. The tournament needs to be financially viable for them and the charity, and in return it will bring the Club another $40,000 in revenue. 5. Operations executing at a consistently high level and the envy of the area clubs. This will begin to show with a couple of classes graduating from Greystone University and another 60-100 enrolled in the program. 6. Push staff creativity and standards. Develop people to bring the ideas and plan for execution forward vs. the ideas just coming from the GM. 7. Increase staff Development and Training. Turn the training of line employees over to the graduates of Greystone University. 8. Continued focus on Membership Retention by hiring a Member Services Manager to focus on reten- tion, services, ambassadors, buddy system. Save 5 GEMS annually and they pay for themselves 9. Naming Opportunity for Performance Center – Find a golf company to pay an annual fee for naming rights Maintain and add new Variable Revenue Streams. Build on HOA management, Pizza Delivery, Chemical Applications and Food Truck 10. Development of an Incentive Program for members to bring a new member. A new big idea similar to the Mercedes raffle in 2016.

2018 CAPITAL PROGRAM

2018 Capital Program Area

Reserve Component Inventory

2018

Clubhouse - F

Audio Visual

3,000

Clubhouse - F

Floor Coverings, wood

95,910

Clubhouse - F

Floor Coverings, Carpet

25,339

Clubhouse - F

Furniture (indoor and outdoor), Phased

60,000

Clubhouse - F

Kitchen Equipment, Upstairs Kitchen

10,000

Clubhouse - F

Light Fixtures, Exterior

1,700

Clubhouse - F

Light Fixtures, Interior

2,484

Clubhouse - F

Office Equipment, Phased

2,000

Clubhouse - F

Paint Finishes, Phased

6,122

Clubhouse - F

Heating and Cooling Units, Phased

22,400

Clubhouse - F

Walls, Masonry, Paint Finish, Inspections and Partial Repointing

1,320

Clubhouse - F

Floor Tile

30,000

Clubhouse - F

Windows and Doors, Exterior

12,000

Clubhouse - F

Waste Receptacles, Custom

15,000

Fitness

Audio Visual

3,000

Fitness

Remodel Childcare Room

13,000

Golf Ops

Paint Finishes

2,600

Golf Ops

Stucco

1,964

Golf Ops

Waste Receptacles, Custom

3,500

Clubhouse - L

Audio Visual

3,000

Clubhouse - L

Floor Coverings, Carpet

37,500

Clubhouse - L

Light Fixtures, Exterior

1,313

Clubhouse - L

Paint Finishes, Phased

11,693

Clubhouse - L

Heating and Cooling Units, Phased

6,000

Clubhouse - L

Windows and Doors, Exterior

3,437

Clubhouse - L

Waste Receptacles, Custom

10,000

Carts - L

Facility Buildings Wood Siding, Windows and Doors

3,357

Paving

Gates

20,000

Tennis

Tennis Courts, Surface Rebuild

90,000

Tennis

HVAC

7,200

Tennis

Waste Receptacles, Custom

6,000

Pool

Mechanical Equipment

50,000

Pool

Plaster Finish Replacement and Tile Repairs

90,000

Pool

Diving Blocks

12,000

Pool

Shade Structures

10,000

Pool

Waste Receptacles, Custom

10,000

Pool

Audio Visual

3,000

Course - F

HVAC

3,500

Course - F

Equipment Lift Maintenance

3,500

Course - F

Dump site cleanup #15

15,000

Course - F

Cart Paths

30,000

Course - F

Bridges (Four on #18, One on #10 in 2018. Four on #15/#16 in 2019)

20,000

Course - F

Dam Repiar #18, Lower

20,000

Course - F

Course Landscape Renovations

10,000

Course - L

Cart Paths

10,000

Course - L

Bridges

20,000

Course - L

Dump site cleanup

17,000

General

Irrigation satellites financing - LHOA

29,580

General

Turf Equipment Package - John Deere

20,589

General

Kitchen Equipment Financing

72,835

General

Debt Service

331,848

General

Food Truck

25,000

General

Computer and peripherals replacement

12,500

General

Contingency

25,000

Anticipated Expenditures, By Year

$1,449,190

DUES 2018

DUES 2032

Begin CPI increase in 2021 (used 2% annually)

Regular

$800

$1015

Social

$400

$508

Non-Metro

$400

$508

Junior

$400

$508

National

$265

$335

House

$200

$254

PDM

$250

$300

Aspiring PGA

$300

$350

PGA Tour

$200

$250

20% of dues to capital by-laws change CPI By-laws change for dues increase annually starting 2021 Reduce Minimum Spending to $400 annually 9/30 end date

GREYSTONE GOLF & COUNTRY CLUB 2018 BUDGET

2018 OPERATING BUDGET

Budget

Income: Guest Green Fees

$ 300,181

Cart Fees

537,557 311,161 197,242 86,249 40,736 21,167 65,774 52,719

Golf Outings

Net Pro Shop Sales Other Rentals/Fees Performance Center

Net Food & Beverage Sales Swim Fees/Sales (Net) Tennis Fees/Sales (Net)

1,483,064 Reduced Unspent Food Minimum by $50,000

Fitness

‐

Membership Dues

4,662,384 Dues increased by $15/Month/GEM

Revenue Generation Program

Other Income

681,046

Total Income:

$ 8,439,280

Operating Expense: Golf Shop Performance Center

$ 951,029 Removed $20,000 for Part-time Merchandiser

102,979

Food & Beverage Swimming Pool

1,621,013 Reduced expense $100,000; restructure Legacy

140,514 279,877

Tennis Fitness

190,774 Reduced expense $100,000; trainers to 100% commission, equipment lease to capital

Golf Course Maintenance

2,982,453 1,122,318

Clubhouse

General & Administrative

984,613

Membership

224,919 Reduced advertising expense $40,000

Total Expenses:

$ 8,600,490

Operating Income (Loss)

(161,210)

From Initiation Fees

200,000

Net Income(Loss)

$ 38,790

This budget includes no raises for staff. Recommend first $150,000 in surplus be allocated to staff in the form of a bonus.

RESERVE EXPENDITURES for RESERVE EXPENDITURES RESERVE XPENDITURES for

E Explanat

Greystone Golf & Country Cl b

Greystone Golf & Country Club

1) 2)

2.0%

1) 2)

4100 Greystone Drive

FY 201

Birmingha , Alabama 35242

Birmingham, Alabama 35242

Quantities:

Estimated Life Analysis,

Quantities:

Total Future

1st Year of

Years

Unit

Costs of

1st Year of

Years

Unit

Costs of

Line

15‐Year P r

Line

15‐Year Per

Item Area Total Phase Units 2018 ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐ FOUNDERS CLUBHOUSE ELEMENTS (1991) 1 Clubhouse ‐ F 8 1 Allowance Audio Visual 2018 5 to 7 3,000 24,000 3,000 2 Clubhouse ‐ F 9,565 4,783 Square Feet Ceilings, Acoustical Tiles and Grid 2020 to 25 3 32,138 3 Clubhouse ‐ F 3,197 1,599 Square Yards Floor Coverings, wood 2018 8 to 12 60 211,002 95,910 4 Clubhouse ‐ F 2,981 1,491 Square Feet Floor Coverings, Carpet 2018 to 25 17 83,617 25,339 5 Clubhouse ‐ F 10 2 Allowance Furniture (indoor and outdoor), Phased 2018 5 to 15 30,000 336,000 60,000 6 Clubhouse ‐ F 1 1 Allowance Kitchen Equipment, Upstairs Kitchen 2023 to 15 68,000 154,160 10,000 7 Clubhouse ‐ F 2 2 Allowance Kitchen Equipment, Cellar 91 2026 to 15 47,000 227,480 8 Clubhouse ‐ F 3 3 Allowance Equipment, Trophy Room Bar 2027 to 10 14,000 49,560 9 Clubhouse ‐ F 1 1 Allowance Life Safety System (control panel and emergency devices) 2020 to 25 20,000 24,000 10 Clubhouse ‐ F 34 2.27 Each Light Fixtures, Exterior 2020 to 25 750 29,070 1,700 11 Clubhouse ‐ F 265 16.56 Each Light Fixtures, Interior 2020 to 25 150 42,483 2,484 12 Clubhouse ‐ F 208 208 Each Lockers, Wood 2025 to 30 500 122,720 13 Clubhouse ‐ F 16 1 Allowance Office Equipment, Phased 2018 5 to 10 2,000 34,200 2,000 14 Clubhouse ‐ F 16,324 2,041 Square Feet Paint Finishes, Phased 2018 6 to 10 3 55,828 6,122 15 Clubhouse ‐ F 25 20 4 Plumbing Fixtures (Includes Counters and Mirrors) 2033 to 35 3,000 338,400 16 Clubhouse ‐ F 400 400 Squares Roof, Asphalt Shingles 2015 15 to 20 0 275 140,800 17 Clubhouse ‐ F 24 2 Each Heating and Cooling Units, Phased 2018 15 to 25 3 11,200 298,368 22,400 18 Clubhouse ‐ F 1 1 Cooling Tower 2019 100,000 102,000 19 Clubhouse ‐ F 1 1 Each Steam Room 2019 to 15 3 15,000 15,300 20 Clubhouse ‐ F 3,961 330 Square Feet Walls, Masonry, Paint Finish, Inspections and Partial Repointing 2016 8 to 12 8 4 17,587 1,320 21 Clubhouse ‐ F 2 2 Each Water Heaters 2020 20 to 25 12 25,000 113,000 22 Clubhouse ‐ F 4,000 2,000 Square Feet Floor Tile 15 66,000 30,000 23 Clubhouse ‐ F 4,500 2,250 Square Feet Stucco 25 129,375 24 Clubhouse ‐ F 1,800 120 Square Feet Windows and Doors, Exterior 2030 to 35 22 100 205,200 12,000 25 Clubhouse ‐ F 1 1 Allowance Waste Receptacles, Custom 2018 15 15,000 15,000 15,000 Total Ph se Units Reserve Component Inve tory Replacement Us ful R maining Cost, $ Replacement, $ n1 2018 2019 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ FOUNDERS CLUBHOUSE ELEM NTS (1991) 8 1 Allowance Audio Vis al 2018 5 to 7 3,000 24,000 3,000 2020 to 25 3 32,138 2018 to 12 60 211,002 95,910 2018 to 25 17 83,617 25,339 10 2 Allowance Furniture (i door a outdoor), Phased 2018 5 to 15 30,000 336,000 60,000 1 Allowance Kitchen Equipment, Upstairs Kitchen 2023 to 15 68,000 154,160 10,000 2 Allowance Kitchen Equipment, Cellar 91 2026 to 15 47,000 227,480 3 Allowance Equipment, Trophy Ro m Bar 2027 to 10 14,000 49,560 1 Allowance Lif Safety Syst m (control pa el and emergency devices) 2020 to 25 20,000 24,000 34 2.27 Each Light Fixtures, Exterior 2020 to 25 750 29,070 1,700 1, Light Fixtures, Interior 2020 to 25 150 42,483 2,484 2, Each Lockers, Wood 2025 to 30 500 122,720 16 1 Allowance Office Equipment, Phased 2018 5 to 10 2,000 34,200 2,000 2, 2018 6 to 10 3 55,828 6,122 25 0 4 Plumbing Fixtures (Includes Co nters and Mirrors) 2033 to 35 3,000 338,400 61, Squares Roof, Asphalt Shingles 2015 to 20 275 140,800 24 2 Each Heating and Cooli g Units, Phased 2018 5 to 25 3 11,200 298,368 22,400 22, 1 Cooling T wer 2019 100,000 102,000 102, 1 Each Steam Room 2019 to 15 3 15,000 15,300 15, 2016 8 to 12 8 4 17,587 1,320 1, 2 Each Water He s 2020 to 25 12 25,000 113,000 Square Feet Floor Tile 15 66,000 30,000 25 129,375 2030 to 35 22 100 205,200 12,000 12, 1 Allowance Waste Receptacles, Custom 2018 15 15,000 15,000 15,000 Reserve Component Inventory Replacement Useful Remaining Cost, $ Replacement, $ mn1 2 Clubhouse ‐ F 9,565 4,783 Square Feet Ceilings, Acoustical Tiles nd Grid 3 Clubhouse ‐ F 3,197 1,5 9 Square Yards Floor Coverings, wood 4 Clubhouse ‐ F 2,981 1,49 Square Feet Floor Coverings, Carpet 5 Clubhouse ‐ F 6 Clubhouse ‐ F 7 Clubhouse ‐ F 8 Clubhouse ‐ F 9 Clubhouse ‐ F 10 Clubhouse ‐ F 11 Clubhouse ‐ F 265 16.56 Each 12 Clubhouse ‐ F 208 13 Clubhouse ‐ F 14 Clubhouse ‐ F 16,324 2,041 Square Feet Pain Finishes, Phas d 15 Clubhouse ‐ F 16 Clubhouse ‐ F 400 17 Clubhouse ‐ F 18 Clubhouse ‐ F 19 Clubhouse ‐ F 20 Clubhouse ‐ F 3,961 330 Square Feet Walls, Masonry, Pai t Finish, Inspections and Partial Repointing 21 Clubhouse ‐ F 22 Clubhouse ‐ F 4,000 2, 23 Clubhouse ‐ F 4,500 2,25 Square Feet Stucco 24 Clubhouse ‐ F 1,800 12 Square Feet Windows a Doors, Exte ior 25 Clubhouse ‐ F tem Area 1 Clubhouse ‐ F

‐‐‐‐‐‐‐‐

26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41

FITNESS CE TER

FITNESS CENTER

Fitness Fitness Fitness Fitness Fitness Fitness Fitness Fitness Fitness Fitness Fitness Fitness

3,000 1,5 square Feet Floor/Wall Tile

2016 8 to 12

2016 8 to 12 8

15 50 50

54,900 17,100 73,200 72,000 27,360 17,250 22,448 13,013 13,000 85,400 300,000 7,649

Fitness Fitness Fitness Fitness Fitness Fitness Fitness Fitness Fitness Fitness Fitness Fitness

3,000 1,500 square Feet Floor/Wall Tile 300 300 square yd Floor Coverings 1,200 1,200 Square Feet Floor Coverings, Rubber square yd Floor Coverings Square Feet Floor Coverings, Rubber

15 50 50

54,900 17,100 73,200 72,000 27,360 17,250 22,448 13,013 13,000 85,400 300,000 7,649

300

2025 2016 2017 2025 2025 2026

to 25 to 12 to 12

2025 2016 2017

to 25 to 12 to 12

1,200 ,

8 9

2 8

Allowance Furniture

15,000

2 8

2 Allowance Furniture 1 Allowance Audio Visual

15,000

1 Allowance Audio Vis al

3,000

Light Fixtures, Interior (Includes Emergency and Exit)

4 Each

to 25 to 25

17 17

300 400

4 Each

2025 2025

to 25 to 25

17 17

300 400

Lockers

46 23 Each

990 33 Square Feet Mirrors

2026 20 to 25 17 0 to 25 17

990 330 Square Feet Mirrors

8,000 2,667 Square Feet Pain Finishes

2015 6 to 10 2018 20 to 25

2015 6 to 10 2018 20 to 25 7

8,000 2,667 Square Feet Paint Finishes

1 7 1

Allowance Remodel Chil care Room

1 7 1

1 Allowance Remodel Childcare Room

13,000

Split Systems

1 Each

2017 2023

to 15

10,000 50,000

1 Each

2017 2023

to 15

10,000 50,000

Allowance Equipment, Cardio/Strength

1 Allowance Equipment, Cardio/Strength

GOLF OPERATIONS BUILDING

42 Golf Ops 43 Golf Ops 44 Golf Ops 45 Golf Ops 46 Golf Ops 47 Golf Ops 48 Golf Ops 49 Golf Ops 50 Golf Ops 51 Golf Ops 52 Golf Ops

3,900 1,3 Square Feet Pain Finishes

2015 6 to 10

2015 6 to 10 7

8,944

42 Golf Ops 43 Golf Ops 44 Golf Ops 45 Golf Ops 46 Golf Ops 47 Golf Ops 48 Golf Ops 49 Golf Ops 50 Golf Ops 51 Golf Ops 52 Golf Ops

3,900 1,300 Square Feet Paint Finishes

8,944

2,600

8 1

2 Allowance Plumbing Fixtures

2035 2011 2018 2035 2020 2020 2020 2018

to 35

2,000

18,960 11,400 69,600 78,210 33,040

8 1

2 Allowance Plumbing Fixtures

2035

to 35

2,000

18,960 11,400 69,600 78,210 33,040

Heating and Cooli g Units, Phased Facility Buildings, Roofs, Asphalt Shingles

Heating and Cooling Units, Phased Facility Buildings, Roofs, Asphalt Shingles

Each

2011 15 to 25 3 2018 15 to 20 10 5 to 25 3 5 to 20 1

10,000

1 Each

10,000

200

200 200 Squares Squares

300 100

660 165 Allowance Facility Buildings Wood Siding, Windows and Doors 660 1 5 Allowance Facility Buildings Wood Siding, Windows a Doors

to 40 to 20 to 25 to 25

27 12 12 12

2035 2020 2020 2020 2018

to 40 to 20 to 25 to 25

27 12 12 12

Allowance Facility Buildings, Interior Renovatio s

28,000

1 Allowance Facility Buildings, Interior Renovations

28,000

Light Fixtures, Exterior Light Fixtures, Interior

15 84

15 15 Each 84 84 Each Each Each

500 200

9,000

500 200

9,000

20,496 33,580

4,208 81 Square Feet Stucco

4,208 281 Square Feet Stucco 1,143 1,143 Square Feet Masonry Square Feet Masonry

1,964

1,143 ,

‐

Allowance Waste Receptacles, Custom

2018

3,500

1 Allowance Waste Receptacles, Custom

2018

3,500

53 54

LEGACY CLUBHOUSE (2001)

55 Clubhouse ‐ L

55 Clubhouse ‐ L 8

8 1 Allowance Audio Vis al

2018 2020

5 to 7 to 25

3,000

24,000

1 Allowance Audio Visual

2018 2020

5 to 7 to 25

3,000

24,000

3,000

56 Clubhouse ‐ L 3,450 1,150 Square Feet Ceilings, Acoustical Tiles and Grid 56 Clubhouse ‐ L 3,450 1,1 Square Feet Ceilings, Acoustical Tiles nd Grid

8,418

57 Clubhouse ‐ L

750 2 Square Yards Floor Coverings, Ceramic Tile

2010 8 to 12

15 50

12,975 169,500 112,600 170,491 36,000 17,483 27,083 135,890 27,840 40,224 169,200 89,600

57 Clubhouse ‐ L

750 250 Square Yards Floor Coverings, Ceramic Tile

2010 8 to 12

15 50

12,975 169,500 112,600 170,491 36,000 17,483 27,083 135,890 27,840 40,224 169,200 89,600

58 Clubhouse ‐ L 3,000 75 Square Feet Floor Coverings, Carpet

2020 2019 2020 2020 2020 2020 2031

to 25 to 12 to 15 to 25 to 25 to 25 to 30

58 Clubhouse ‐ L 3,000 750 Square Feet Floor Coverings, Carpet

2020 2019 2020 2020 2020 2020 2031

to 25 to 12 to 15 to 25 to 25 to 25 to 30

37,500

59 Clubhouse ‐ L 60 Clubhouse ‐ L 61 Clubhouse ‐ L 62 Clubhouse ‐ L 63 Clubhouse ‐ L 64 Clubhouse ‐ L 65 Clubhouse ‐ L

3 3 1

1 Allowance Furniture

15,000 71,600 30,000

40,

59 Clubhouse ‐ L 60 Clubhouse ‐ L 61 Clubhouse ‐ L 62 Clubhouse ‐ L 63 Clubhouse ‐ L 64 Clubhouse ‐ L 65 Clubhouse ‐ L

3 3 1

1 Allowance Furniture

15,000 71,600 30,000

1 Allowance Kitchen Equipment, Mai Kitche

1 Allowance Kitchen Equipment, Main Kitchen

1 Allowance Life Safety System (control panel and emergency devices) Allowance Lif Safety Syst m (control pa el and emergency devices)

12 12 12 17

Light Fixtures, Exterior Light Fixtures, Interior

2 Each

750 150 500

2 Each

750 150 500

1,313

157 13 Each 214 107 Each

Lockers, Wood

3 1 Allowance Office Equipment, Phased

2021 5 to 10 2018 6 to 10

2021 5 to 10 2018 6 to 10 3 2

8,000

1 Allowance Office Equipment, Phased

3 2

8,000

66 Clubhouse ‐ L 11,693 3,8 8 Square Feet Pain Finishes, Phas d

66 Clubhouse ‐ L 11,693 3,898 Square Feet Paint Finishes, Phased

11,693

67 Clubhouse ‐ L 68 Clubhouse ‐ L

67 Clubhouse ‐ L 68 Clubhouse ‐ L 20 200

20 20 Allowance Interior Updates, renovations Allowance I t rior Updates, renovatio s

2019

to 35

1,500

30,

2019

to 35

1,500

Roof, Asphalt Shingles

200 200 Squares Squares

2032 15 to 20 7

350

2032 15 to 20 7

350

Page 1 of 3

Explanatory Notes:

1) 2.0% is the estimated future Inflation Rate for estimating Future Replacement Costs. 2) FY 2018 is Fiscal Year beginning January 1 and ending December 31.

10%

12%

14%

16%

18%

20%

22%

24%

26%

28%

2019 2032 ‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

3,000

14,921

17,217 115,092 30,406

95,910 25,339 60,000 10,000

27,872

63,600 144,160

67,200

70,800

74,400

109,040

118,440

49,560

24,000

1,700 2,484

1,734 2,534

1,768 2,584

1,802 2,633

1,836 2,683

1,870 2,733

1,904 2,783

1,938 2,832

1,972 2,882

2,006 2,932

2,040 2,981

2,074 3,031

2,108 3,081

2,142 3,130

2,176 3,180

122,720

2,000 6,122

2,040

2,080 6,366

2,120

2,160 6,611

2,200

2,240 6,856

2,280

2,320 7,101

2,360

2,400 7,346

2,440

2,480 7,591

2,520

2,560 7,836

61,200

64,800

67,200

70,800

74,400

140,800

22,400

22,848 102,000 15,300

23,296

23,744

24,192

24,640

25,088

25,536

25,984

26,432

26,880

27,328

1,320

1,347

1,373

1,400

1,426

1,452

1,479

1,505

1,532

1,558

1,584

1,611

53,000

60,000 36,000

30,000

58,500 12,480

70,875 15,120

12,000 15,000

12,240

12,720

12,960

13,200

13,440

13,680

13,920

14,160

14,400

14,640

14,880

15,360

26,100

28,800

17,100

73,200

34,200

37,800

3,000

3,120 1,300

3,240 1,350

3,360 1,400

3,480 1,450

3,600 1,500

3,720 1,550

3,840

1,325

1,375

1,425

1,475

1,525

1,575

10,672

11,776

3,637 6,187

4,013 6,827

13,000

‐

11,600

11,800

12,000

12,200

12,400 50,000

12,600 50,000

12,800 50,000

50,000

3,016 4,640

3,328 5,120

2,600

4,320

4,880

11,400

69,600 19,140

17,820

20,130

21,120

33,040

9,000

20,496

1,964

2,003

2,042

2,082

2,121

2,160

2,199

2,239

2,278

2,317

2,356

2,396

2,435

2,474

2,514

‐

3,500

3,000

3,000 4,002 4,350

3,000

3,000 4,416 4,800

3,825

37,500

40,500

43,500

48,000 38,400

40,000

34,200 58,000

74,464

38,027

36,000

1,313

1,339

1,365 2,041

1,391 2,080

1,418 2,120

1,444 2,159

1,470 2,198

1,496 2,237

1,523 2,277

1,549 2,316

1,575 2,355

1,601 2,394

2,434

2,473 67,410 10,080

68,480

8,480

9,280

11,693

13,564

14,967

30,600

32,400

33,600

35,400

37,200

89,600

ge 1 of 3

9/25/2017 2:46 PM

Quantities:

Estimated Life Analysis,

Total Future

1st Year of

Years

Unit

Costs of

1st Year of

Years

Unit

Costs of

Line

15‐Year Per

Line

15‐Year Per

Item Area

Total Phase Units

Reserv Component I ve tory

Replacement Useful Remaining Cost, $ Replacement, $ mn1 Replacem nt Useful Remaining Cost, $ Replacem nt, $ mn1

Item Area

Total Phase Units

Reserve Component Inventory

2018

146 147 148 149 150 151 152 153 154

Pool Pool Pool Pool Pool Pool Pool

2,000 1,000 Square Fe t Carpet

2,000 1,000 Square Feet Carpet

11,900 40,0 0 69,200

11,900 40,000 69,200

1 Allowance Shade Struc res

2018 2033 2020 2020 2018 2018

1 Allowance Shade Structures

2018 2033 2020 2020 2018 2018 2019 2022 2018 2021 2018 2019 2022 2019 2018 2018 2018 2018 2019 2024 2020 2020 2025 2025 2018 2026 2025 2025 2019 2020 2022 2022 2020 2027 2018 2018 2026 2020 2022 2020 2025 2023 2024 2018 2022 2022 2020 2019 2019 2024

10,0 0

10,000

7 Allowance Plumbing Fixtures (Includes Counters and Mirrors) 7 Allowance Plumbing Fixtures (Includes Counters and Mirrors)

to 35 to 25 to 25

25 12 12

3,000

to 35 to 25 to 25

25 12 12

3,000

Light Fixtures, Exterior Light Fixtures, Interior

3 Each 8 Each

750 300

7,785 8,650

3 Each 8 Each

750 300

7,785 8,650

1 8

1 Allowance Waste Receptacles, Custom 1 Allowance Waste R ceptacles, Custom

10,0 0 24,000

1 8

10,000 24,000

10,0 0

10,000

1 Allowance Audio V sual

1 Allowance Audio Visual

5 to 7

3,000 3,000

GOLF COURSE ELEMENTS ‐ FOUNDERS GOLF COURSE EL M NTS ‐ FOUNDERS

155 Course ‐ F 156 Course ‐ F 157 Course ‐ F 158 Course ‐ F 159 Course ‐ F 160 Course ‐ F 161 Course ‐ F 162 Course ‐ F 163 Course ‐ F 164 Course ‐ F 165 Course ‐ F 166 Course ‐ F 167 Course ‐ F 168 Course ‐ F 169 Course ‐ F 170 Course ‐ F 171 Course ‐ F 172 Course ‐ F 173 Course ‐ F 174 Course ‐ F 175 Course ‐ F 176 Course ‐ F 177 Course ‐ F 178 Course ‐ F 181 Course ‐ L 182 Course ‐ L 183 Course ‐ L 184 Course ‐ L 185 Course ‐ L 186 Course ‐ L 187 Course ‐ L 188 Course ‐ L 189 Course ‐ L 190 Course ‐ L 191 Course ‐ L 192 Course ‐ L 193 Course ‐ L 194 Course ‐ L 195 Course ‐ L 196 Course ‐ L 197 Course ‐ L 198 Course ‐ L 199 Course ‐ L 200 Course ‐ L 201 Course ‐ L 202 Course ‐ L 203 Course ‐ L 204 Course ‐ L 205 Course ‐ L 209 General 210 General 211 General 212 General 213 General 214 General 215 General 216 217 General 218 General 179 180 206 207 208

1 Allowance Maintenance Buildings, Interior Renovations, Complete 1 Allowance Mainte ance Buildings, Interior Renovations, Complete

2019

to 25 to 40

12 22

100, 0 75,000 18,500 40,0 0

to 25 to 40

12 22

100,000 75,000 18,500 40,000

1 1 Allowance Maintenance Buildings, Metal Roof, Metal Siding, Windows & Doors 1 1 Allowance Mainte ance Buildings, Metal Roof, Metal Siding, Windows & Doors

202

1 Allowance HVAC

2018 2021 2018 2019

3,500

1 Allowance HVAC

3,500

Mainte ance vehicle, Phased Equipment Lif Mainte ance

Maintenance vehicle, Phased Equipment Lift Maintenance

10 10 Each

to 15

10 10 Each

to 15

3,500

1 1 1

1 Allowance On‐course restrooms renovation, interior 1 Allowance On‐course est ooms renovation, i terior

20,0 0 40,0 0

20,000 40,000

45,000 40,0 0

45,000 40,000

1 Allowance Material bin expansion/cover 1 Allowance Pumpstation exterior repairs 1 Allowance Material bin expansio /cover 1 Allowance Pumpstation ext rior repairs

202

2019

5,000

Bunkers Fairways

‐ ‐

Greens

2024 20 to 25 2021 20 to 25

900, 0

2024 20 to 25 2021 20 to 25

900,000

1 3

1 Allowance Irrigation System Replacement 1 Allowance Irrigat on System Replacem nt 1 Allowance Dump site cleanup #15 1 Allowance Dump site cl anup #15

2,000, 0 50,1 0 513,000 80,0 0 20,0 0 25,000 350,0 0 30,0 0 20,0 0 75,000 135,000 150,0 0 150,0 0 45,000 25,000 21,000 100, 0 700, 0 171,000 60,0 0 150,0 0 30,0 0 250,0 0 60,0 0 200, 0 25,000 45,000 56,780 30,0 0 25,000 40,0 0 820,0 0 30,0 0 2,500, 0

1 3

2,000,000 50,100 513,000 80,000 20,000 25,000 350,000 30,000 20,000 75,000 135,000 150,000 150,000 45,000 25,000 21,000 100,000 700,000 171,000 60,000 150,000 30,000 250,000 60,000 200,000 25,000 45,000 56,780 30,000 25,000 40,000 ‐ ‐ 820,000 30,000 2,500,000

2018 2018 2018 2018 2019 2024 2020 2020 2025 2025 2018 2026

15,000 30,0 0

15,000 30,000

15,000 30,0 0 20,0 0 20,0 0

15,000 30,000 20,000 20,000

1 Allowance Cart Pa hs

1 Allowance Cart Paths

2 1 Allowance Bridges (Four on #18, One on #10 in 2018. Four on #15/#16 in 2019) 2 1 Allowance Bridges (Four n #18, One on #10 in 2018. Four n #15/#16 in 2019)

1 1 1 1 1 1 2

1 Allowance Dam Repiar #18, Lower 1 Allowance Dam Repiar #18, Lower

1 1 1 1 1 1 2

1 Allowance Flume R pair #9 1 Allowance Creek R storation

1 Allowance Flume Repair #9 1 Allowance Creek Restoration

350,0 0

350,000

1 Allowance Clubhouse Landscape Renovation 1 Allowance Clubhouse Landscape Lighting 1 Allowance Clubhouse Landscape R novation 1 Allowance Clubhouse Landscape Light ng

20,0 0 75,000 135,000 10,0 0 150,0 0

20,000 75,000 135,000 10,000 150,000

1 Allowance Pond Dredging (#14, Lake on #3, #16 Lake by bridge) 1 Allowance Pond Dredging (#14, Lake on #3, 16 Lake by bridge)

1 Allowance Stone Wall Extensions on #4 & #13 1 Allowance Course Landscape Renovations 1 Allowance Capital Equipment Package 1 Allowance Stone Wall Extensio s #4 & #13 1 Allowance Course Landscape R novations 1 Allowance Capit l Equipment Pack ge

10,0 0

10,000

GOLF COURSE EL M NTS ‐ LEGACY

GOLF COURSE ELEMENTS ‐ LEGACY

1 Allowance Maintenance Buildings, Interior Renovations, Complete 1 Allowance Mainte ance Buildings, Interior Renovations, Complete

2025 2025 2019 2020

to 25 to 40

12 22

20,0 0 25,000

to 25 to 40

12 22

20,000 25,000

1 1 Allowance Maintenance Buildings, Metal Roof, Metal Siding, Windows and Doors 1 1 Allowance Mainte ance Buildings, Metal Roof, Metal Siding, Windows and Doors

1 Allowance HVAC

6,000

1 Allowance HVAC

6,000

Ponds and Lakes, Dredging

to 25

Bunkers Fairways

202

Greens

202

1 Allowance Tee R novation #9

2020 2027 2018 2018 2026 2020 2020 2025 2023 2024 2018 202

30,0 0

1 Allowance Tee Renovation #9

30,000

Irrigat on

Irrigation

1 Allowance Cart Pa hs 1 Allowance Bridges

10,0 0 10,0 0 150,0 0 250,0 0 60,0 0 200, 0 25,000 45,000 17,000 30,0 0 25,000 20,0 0

1 Allowance Cart Paths 1 Allowance Bridges

10,000 10,000 150,000 250,000 60,000 200,000 25,000 45,000 17,000 30,000 25,000 20,000

10,0 0 20,0 0

10,000 20,000

2 1 1 1 1 1 1 1 3 1 1 1 1 1 1

1 Allowance Capital Equipment Package 1 Allowance Capit l Equipment Pack ge

1 Allowance Flume R pair #12 1 Allowance Creek R storation

1 Allowance Flume Repair #12 1 Allowance Creek Restoration

1 Allowance ADS Pipe Replacement #15 1 Allowance ADS Pipe R placem nt #15 1 Allowance Greens Fans Replacem nt (if Bentgrass) 1 Allowance Greens Fans Replacement (if Bentgrass)

1 Allowance Well drilling/installation 1 Allowance Cart Path ‐ Teaching Facility 1 Allowance Well dri ling/i stallation 1 Allowance Cart Pa h ‐ Teaching Facility

1 Allowance Dump site cl anup

1 Allowance Dump site cleanup

17,000

1 Allowance Pole barn for equip. storage 1 Allowance Covers for material bins 1 Allowance Maintenance vehicle 1 Allowance Pumpstation exterior repairs 1 Allowance Pumpstation maintenance 1 Allowance Pole barn for equip. storage 1 Allowance Covers for material bins 1 Allowance Mainte ance vehicle 1 Allowance Pumpstation ext rior repairs 1 Allowance Pumpstation mainte ance 1 Allowance On‐course est ooms renovation, i terior 1 Allowance On‐course restrooms renovation, interior

202 202

2020 2019 2019 2024

5,000

25,000

25,000 50,0 0

25,000

25,000 50,000

GENERAL

Irrigation satellites financing ‐ LHOA Turf Equipment Package ‐ John Deere Irrigat on satelli s financing ‐ LHOA Turf Equipment Pack ge ‐ John Deer

13 2,465 Each 42 1,7 6 Each 53 6,070 Each 71 27,654 Each

2,465 1,716 6,070

32,045 72,062 321,687 25,000 187,500 60,0 0 4,977, 20

13 2,465 Each 42 1,716 Each 53 6,070 Each 71 27,654 Each

2,465 1,716 6,070

32,045 72,062 321,687 25,000 187,500 60,000 4,977,720

29,580 20,589 72,835 331,848 25,000 12,500

Kitchen Equipment Financing

Debt Service Food Truck

27,654 25,000 12,500 30,0 0

27,654 25,000 12,500 30,000

1 Each

2018 2018 2023

1 Each

2018 2018 2023

1 Allowance Computer and peripherals replacement 1 Allowance Computer and peri herals replacem nt

5 7

1 Allowance Serv r R placem nt

1 Allowance Server Replacement

11 15

Allowance Establish Capit l Floor

2018 2018

2,000, 0

11 15

Allowance Establish Capital Floor

2018 2018

2,000,000

100, 0 25,000

100,000 25,000

1 Allowance Continge cy

25,000

375,000

1 Allowance Contingency

25,000

375,000

219 220

Anticipated Expenditures, By Year

25,769,450 $

Anticipated Expenditures, By Year

25,769,450 $

1,449,190 $ $ 1,449,1 0 1,2$

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