ArrowCreek Golf Course Acquisition

Transcription

1 RESERVE STUDY Full Study ArrowCreek Golf Course Acquisition Published - December 06, 2014 Browning Reserve Group P. O. Box / Sacramento, CA Office (916) Fax (916) Bob@BrowningRG.com / Browning Reserve Group /6/ fsv :to.to Version 12/2/2014 1:02:37 PM

2 ArrowCreek Golf Course Acquisition Table of Contents Section Report Page Section I: of Golf Country Club Reserves 1 Section II: 30 Year Expense Forecast Detailed 5 Section III: 30 Year Reserve Funding Plan Cash Flow Method {c} 17 Section III-a: 30 Year Reserve Funding Plan Cash Flow Method - Ending Balances Chart 18 Section IV: 30 Year Reserve Funding Plan Fully Funded Balance and % Funded 19 Section IV-a: 30 Year Reserve Funding Plan Cash Flow Method - Percent Funded Chart 20 Section V: Reserve Fund Balance Forecast Component Method 21 Section VI: 30 Section VII: Tabular 78 Section VII-a: Expenditures by Year - Next 3 Years 82 Section XI: Glossary Reserve Study Terms /6/ fsv :to.to Version 12/2/2014 1:02:37 PM Browning Reserve Group 2014 TOC - i

3 Section I Full Study ArrowCreek Golf Course Acquisition Published - December 06, 2014 Reserve Study A Reserve Study was conducted of ArrowCreek Golf Course Acquisition (the "Golf Country Club"). A Full Study includes an on-site review upon where the following tasks are performed: development of a reserve component inventory; condition assessment based upon on-site visual observation; life and valuation estimates; fund status; and a funding plan. ArrowCreek Golf Course Acquisition is a Not Otherwise Classified with a total of 1,086 Lots. Physical Inspection Browning Reserve Group ("BRG") conducted a physical inspection of the Golf Country Club. The inspection encompassed those major components that the Golf Country Club is required to maintain. For this study components are determined to be major components if: 1. As of the date of the study, they have a remaining useful life of less than 30 years, and a value greater than $1, Such additional components, if any, determined by the Project Manager. During the inspection, BRG utilized the services of our own construction cost estimator. In addition, independent contractors were retained to render opinions on selected components as indicated in Section VI, Included Component Listing. Supplemental information to the physical inspection may have been obtained from the following sources: 1. Project plans where available. 2. Maintenance records of the reserve components where available. 3. Golf Country Club board members, management and staff. of Reserves For the first year of the Reserve Study, the reserve contribution is based upon the existing budget unless otherwise noted in Section III, Reserve Funding Plan. In addition BRG relied on the Golf Country Club to provide an accurate Beginning Reserve Balance /6/ fsv :to.to Version 12/2/2014 1:02:37 PM Browning Reserve Group 2014 P. O. Box / Sacramento, CA Office (916) Fax (916) Bob@BrowningRG.com /

4 Reserve Study - Full Study ArrowCreek Golf Course Acquisition 2 The status of the Golf Country Club's reserves, as reflected in the following Reserve Study, is as follows: 1. The Expenditure Forecast of the following Reserve Study identifies the major components which the Golf Country Club is obligated to repair, replace, restore or maintain, as determined in accordance with the criteria specified above, and specifies for each such component: a. Its current estimated replacement cost; b. Its estimated useful life; and c. Its estimated remaining useful life. 2. It is estimated that the total cash reserves necessary to repair, replace, restore or maintain such major components (in the aggregate) during and at the end of their first remaining useful life is $1,232,893. [For purposes of this calculation, necessary is defined as the Fully Funded Balance (FFB) (Component Current Cost X Effective Age / Useful Life, including a provision for interest and inflation in future years.)] 3. The current amount of accumulated cash reserves actually set aside to repair, replace, restore, or maintain such major components as of the fiscal year ending December 31, 20 is estimated to be $1,532, constituting 0.1% of the total expenditures anticipated for all such major components through their first end of useful life replacement. 4. Based upon the schedule of annual reserve contributions necessary to defray the cost of repairing, replacing, restoring or maintaining such major components in the years such expenditures are estimated to be required, it is estimated that annual reserve contributions in the initial amount of $300,000 [$23.02 per Lot per month (average)] for the fiscal year ending December 31, 20 (the first full fiscal year following first distribution of this report) will be necessary in order to meet all such reserve expenditures when they are projected to come due. Funding Assessment Based on the 30 year cash flow projection, the Golf Country Club's reserves appear adequately funded as the reserve fund ending balances remain positive throughout the replacement of all major components during the next 30 years. Nevada statute imposes no reserve funding level requirements nor does it address funding level adequacy, and although one or more of the reserve fund percentages expressed in this report may be less than one hundred percent, those percentages do not necessarily indicate that the Golf Country Club's reserves are inadequately funded. Percent Funded Status Based on paragraphs 1-3 above, the Golf Country Club is 0.1% funded. The following scale can be used as a measure to determine the Golf Country Club s financial picture whereas the lower the percentage, the higher the likelihood of the Golf Country Club requiring a special assessment, or other large increases to the reserve contribution in the future. Percent Funded Poor % Fair % Strong %

5 Reserve Study - Full Study ArrowCreek Golf Course Acquisition 3 Methodology The above recommended reserve contribution for the next fiscal year (and future fiscal years as outlined in Section III, Reserve Fund Balance Forecast) was developed using the cash flow method. This is a method of developing a reserve funding plan where the contributions to the reserve fund are designed to offset the variable annual expenditures from the reserve fund. Different reserve funding plans are tested against the anticipated schedule of reserve expenses until the desired funding goal is achieved. Funding Goals The funding goal employed for ArrowCreek Golf Course Acquisition is Threshold Funding: Establishing a Reserve funding goal of keeping the Reserve balance above a specified dollar or Percent Funded amount. Depending on the threshold, this may be more or less conservative than Fully Funding. Limitations The intention of the Reserve Study is to forecast the Golf Country Club's ability to repair or replace major components as they wear out in future years. The Reserve Study is not an engineering report, and no destructive testing was performed. The costs outlined in the study are for budgetary and planning purposes only, and actual bid costs would depend upon the defined scope of work at the time repairs are made. Also, any latent defects are excluded from this report. Compliance The Reserve Study was conducted pursuant with standards set forth by the Community Associations Institute (CAI) and the Association of Professional Reserve Analysts (APRA). General: Supplemental Disclosures BRG has no other involvement(s) with the Golf Country Club which could result in actual or perceived conflicts of interest. Personnel Credentials: BRG is a licensed general building contractor in California, #768851, and the owner, Robert W. Browning, holds the Reserve Specialist designation, #46 from the Community Associations Institute. Completeness: BRG has found no material issues which, if not disclosed, would cause a distortion of the Golf Country Club's situation. Reliance on Client Data: Information provided by the official representative of the Golf Country Club regarding financial, physical, quantity, or historical issues will be deemed reliable by BRG.

6 Reserve Study - Full Study ArrowCreek Golf Course Acquisition 4 Scope: This Reserve Study is a reflection of information provided to BRG and assembled for the Golf Country Club's use, not for the purpose of performing an audit, quality/forensic analysis, health and safety inspection, or background checks of historical records. Reserve Balance: The actual beginning reserve fund balance in this Reserve Study is based upon information provided and was not audited. Reserve Projects: Information provided about reserve projects will be considered reliable. Any on-site inspection should not be considered a project audit, quality inspection, or health and safety review. Browning Reserve Group

7 Section II ArrowCreek Golf Course Acquisition 30 Year Expense Forecast - Detailed Current Replacement Life Useful / Reserve Component Cost Remaining Golf Club Structural Repairs Trellis 1,716 Sq. Ft. Nine Iron Deli & Golf Club Building Maintenance 16,200 Sq. Ft. Building Door: Hardware 24 Panic Hardware (33%) Doors 65 Metal Doors (33%) Doors 53 Wood Doors Doors 3 Sectional Doors Total Structural Repairs 7, Roofing Low Slope: Vinyl 80 Squares- Golf Club Pitched: Tile 269 Squares- Golf Club Gutters / Downspouts 1,055 Lin. Ft. Building Total Roofing 256,345 68, ,591 8, ,164 7, ,146 9,447 21, ,058 37,100 30, ,310 81,591 27,058 9,447 72, , , , , Rehab General 2 Kitchen & Vista Storage Rooms General Kitchen Restroom General 2 Vista Dining Restrooms 0 - General Terrace Dining Restrooms General Pantry General 2 Waitress Stations General Vista Dining Room General Vista & Terrace Waiting Room General Terrace Room General Living Room 2, ,760 3,532 1, ,104 3, ,480 1, ,240 1, ,600 1, ,104 7, ,601 3, ,480 7, ,601 10, ,801 Version 12/2/2014 1:02:37 PM Browning Reserve Group to

8 Current Replacement Life Useful / ArrowCreek Golf Course Acquisition 30 Year Expense Forecast - Detailed Reserve Component Cost Remaining General Redfields Lounge General Board Room General 7 Offices General Hallways General Office Copy/Mechanical Room General Massage Therapist Room General Pro Shop General Locker Rooms Recreation Miscellaneous Locker Room Benches Lighting Parking Lot 14 Parking & Drive Miscellaneous Golf Club Lighting Total Rehab 119,250 Total Recreation 3,000 Total Lighting,900 10, ,801 2, , , ,601 2, ,200 1, ,280 17, , ,000 20, ,967 71,685 3, Mechanical Equipment HVAC 6 Golf Club South Roof HVAC Golf Club South Roof HVAC 6 Golf Club South Roof HVAC 3 Golf Club South Roof HVAC Golf Club South Roof HVAC Golf Club North Roof HVAC Golf Club North Roof HVAC 3 Golf Club North Roof HVAC Golf Club North Roof HVAC Golf Club North Roof HVAC Golf Club North Roof HVAC Golf Club North Roof 27, ,548 11, ,728 18, ,365 18, ,365 2, ,829, ,971 4, ,091, ,971 3, ,394 8, ,051 6, ,788 6, ,788 Version 12/2/2014 1:02:37 PM Browning Reserve Group to

9 Current Replacement Life Useful / ArrowCreek Golf Course Acquisition 30 Year Expense Forecast - Detailed Reserve Component Cost Remaining Water Heater 2 Golf Club- Bradford White Miscellaneous 2 Golf Club- Steam Generators Total Mechanical Equipment Furnishings Lockers 470 Locker Rooms, ,395 16, , ,250 Total Furnishings 164, Safety / Access Fire Control Misc Building Total Safety / Access 6, , ,661 1,892 17,395 6, ,681 7,681 Total [Golf Club] Expenditures 2.50% , ,202 17,395 82,186 87,725 27,058 80,005 9, , Golf Club Kitchen Rehab General Kitchen Employees Break/ Chefs Office General Kitchen Total Rehab 11,000 3, ,655 8, ,028 3,655 11, Appliances Refrigerator 3 Door Sandwich Prep Refrigerator Unit Refrigerator 3 Door Sandwich Prep Refrigerator Unit Refrigerator 2 Drawer Refrigerator Under Counter Unit Refrigerator 4 drawer Refrigerator Chief Base Unit Ice Machine Kloppenberg Ice Machine with 2 Cart Bins Oven Vulcan Convection Oven Miscellaneous Wolf 6 Burner Range Top Miscellaneous Wolf Rib Grill Range Top Miscellaneous Tri- Star Griddle Top Miscellaneous 4 Insert Steam Table Miscellaneous 38 Lin. Ft. Kitchen Hood Miscellaneous Dishwasher Exhaust Hood Miscellaneous Hand Washing Sink 7, ,920 7, ,920 5, ,223 7, ,920 20, ,500 4, ,613 4, ,203 4, ,613 1, ,584 2, ,050 38, , Version 12/2/2014 1:02:37 PM Browning Reserve Group to

10 Current Replacement Life Useful / ArrowCreek Golf Course Acquisition 30 Year Expense Forecast - Detailed Reserve Component Cost Remaining Miscellaneous Tilt Skillet Miscellaneous 2 Walk- In Boxes Miscellaneous Walk- In Boxes Compressor Miscellaneous Walk- In Boxes Compressor Garbage Disposal Food Waste Scrap Collection System Total Appliances 171,200, ,971 40, ,483 3, ,075 3,000 7, ,175 42,025 4,203 48,877 52,483 Total [Golf Club Kitchen] Expenditures 2.50% 42,025 4,203 48,877 3,655 52,483 11, Red Fields Lounge Bar Rehab General Bar Total Rehab 35,000 35, Total [Red Fields Lounge Bar] Expenditures 2.50% Nine Iron Deli Appliances Refrigerator 2 Door Sandwich Prep Refrigerator Unit Refrigerator Display Refrigerator Miscellaneous Double Sink Prep Table Miscellaneous 14' Stainless Steel Counter Miscellaneous 3' Stainless Steel Prep Table Miscellaneous Hand Washing Sink Total Appliances 9,800 3, ,960 3, ,394 1, ,697 1, , ,088 Total [Nine Iron Deli] Expenditures 2.50% 11, Golf Cart Barn Structural Repairs Building Maintenance 4,800 Sq. Ft. Cart Barn Doors 11 Cart Barn/ Golf Maintenance Building Total Structural Repairs 20, Roofing Pitched: Tile 1 Squares- Cart Barn Total Roofing 98,0 2, ,7 17, ,913 98, , Rehab Restrooms Cart Barn Restroom 1, ,131 Version 12/2/2014 1:02:37 PM Browning Reserve Group to

11 Current Replacement Life Useful / ArrowCreek Golf Course Acquisition 30 Year Expense Forecast - Detailed Reserve Component Cost Remaining Total Rehab 1,000 1,131 Total [Golf Cart Barn] Expenditures 2.50% 23, Golf Course Associated Structural Repairs Bridge Maintenance 9 Bridge Inspections (33%) Bridge Maintenance 9,600 Sq. Ft. Bridges- Maintain Total Structural Repairs 17, Roofing Low Slope: TBA 29 Squares- Golf Maintenance Office Building Pitched: Dimensional Composition 8 Squares- Legend Golf Course Restrooms Pitched: Tile 16 Squares- Irrigation Pump House Pitched: Tile 8 Squares- Nine Iron Deli Pitched: Tile 9 Squares- Challenge Golf Course Restrooms Pitched: Metal 104 Squares- Golf Maintenance Building Landscaping Total Roofing 99, Irrigation: Misc. Irrigation Compliance Upgrade[nr:1] Irrigation: Controllers 58 Golf Course (8%) Irrigation: Controllers 58 Golf Course- Maintenance Total Landscaping 123,207 7, ,195 8,610 9,046 9,504 9,985 10,490 11,021 9, ,086 11,411 12,911 23, ,608 18,281 8,610 9,046 11,411 9,504 9,985 23,401 11,021 2, ,072 10, , , , , ,782 25,608 3,072 46, ,560 48,749 49,968 51,217 52,497 53,810 55,5 56,534 57,947 59,396 60,881 62,403 63,963 65,562 5, ,945 6,094 6,246 6,402 6,562 6,726 6,894 7,067 7,243 7,424 7,610 7,800 7,995 8, ,287 54,843 56,214 57,619 59,060 60,536 62,049 63,601 65,191 66,820 68,491 70,203 71,958 73, Mechanical Equipment Swamp Cooler Irrigation Pump House Pumps, Motors 6 Irrigation Pump House- 75 hp (33%) Pumps, Motors Irrigation Pump House- Maintain Pumps, Motors 2 Irrigation Pump House- 5 HP Miscellaneous Irrrigation Pump Rm- Flowtronex Panels Miscellaneous Irrig Pump house- Fertilizer Injector Miscellaneous Irrig Pump house- Injector Pump Syst Total Mechanical Equipment 2, ,560 30, ,307 35,661 39,363 3, ,075 3,2 3,231 3,311 3,394 3,479 3,566 3,655 3,747 3,840 3,936 4,035 4,136 4,239 7, ,538 9,185 1, ,538 1,6 1,697 1,783 1,873 1,968 2,068 16, ,400 20,993 11, ,275 14,433 70,500 32,288 3,2 44,691 3,311 5,091 3,479 41,010 3,655 5,620 6,400 89,878 4,035 6,203 4,239 Version 12/2/2014 1:02:37 PM Browning Reserve Group to

12 Current Replacement Life Useful / ArrowCreek Golf Course Acquisition 30 Year Expense Forecast - Detailed Reserve Component Cost Remaining Total [Golf Course Associated] Expenditures 2.50% Grounds Paving Asphalt: Sealing 129,605 Sq. Ft. Parking Lots & Drive Asphalt: Ongoing Repairs 129,605 Sq. Ft. Parking Lots & Drive (2%) Asphalt: Major Repairs 129,605 Sq. Ft. Parking Lots & Drive Asphalt: Major Repairs Parking Lots & Drive (20 Only)[nr:1] Concrete Miscellaneous 613,834 Sq. Ft. Various (0.5%) Total Paving 398,276 Total Concrete 46,038 8,575 76, ,905 95,149 64,1 73, ,470 76,759 70,811 86,278 8,369 97,639 78,162 89,017 18, ,227 25,638 6, ,295 9,6 278, ,149 95, ,375 97, ,149 31,522 34,794 46, ,087 52,087 Total [Grounds] Expenditures 2.50% Total Expenditures 2.50% 97,375 52, ,149 31,522 34, ,487 80, , , , , , ,140 97, , ,299 97,639 89, ,344 Total Current Replacement Cost 1,989,372 Version 12/2/2014 1:02:37 PM Browning Reserve Group to

13 30 Year Expense Forecast - Detailed Reserve Component Golf Club Structural Repairs Trellis 1,716 Sq. Ft. Nine Iron Deli & Golf Club Building Maintenance 16,200 Sq. Ft. Building Door: Hardware 24 Panic Hardware (33%) Doors 65 Metal Doors (33%) Doors 53 Wood Doors Doors 3 Sectional Doors Total Structural Repairs 11,731 53,732 21,724, ,465 10,956 12,705 14,734 34,637 44,338 87,188 10,956 34,637 12,705, , Roofing Low Slope: Vinyl 80 Squares- Golf Club Pitched: Tile 269 Squares- Golf Club Gutters / Downspouts 1,055 Lin. Ft. Building Total Roofing 136, ,235 13, , , Rehab General 2 Kitchen & Vista Storage Rooms General Kitchen Restroom General 2 Vista Dining Restrooms 0 - General Terrace Dining Restrooms General Pantry General 2 Waitress Stations General Vista Dining Room General Vista & Terrace Waiting Room General Terrace Room General Living Room General Redfields Lounge General Board Room General 7 Offices General Hallways 3,621 12,673 1,599 1,599 4,522 6,489 3,244 2,317 13,905 6,489 13,905 18,539 18,539 13,905 Version 12/2/2014 1:02:37 PM Browning Reserve Group to

14 30 Year Expense Forecast - Detailed Reserve Component General Office Copy/Mechanical Room General Massage Therapist Room General Pro Shop General Locker Rooms Total Rehab 28,676 49,8 16,293 3,197 77,834 4, ,821 4,635 1, Recreation Miscellaneous Locker Room Benches Lighting Parking Lot 14 Parking & Drive Miscellaneous Golf Club Lighting Total Recreation Total Lighting Mechanical Equipment HVAC 6 Golf Club South Roof HVAC Golf Club South Roof HVAC 6 Golf Club South Roof HVAC 3 Golf Club South Roof HVAC Golf Club South Roof HVAC Golf Club North Roof HVAC Golf Club North Roof HVAC 3 Golf Club North Roof HVAC Golf Club North Roof HVAC Golf Club North Roof HVAC Golf Club North Roof HVAC Golf Club North Roof Water Heater 2 Golf Club- Bradford White Miscellaneous 2 Golf Club- Steam Generators Total Mechanical Equipment Furnishings 4,345 4,345 22, , ,243 18,434 29,495 29,495 4,097 24,579 7,374 24,579 4,916 13,109 9,832 9,832 23,395 25,578 23,395 25, ,984 Version 12/2/2014 1:02:37 PM Browning Reserve Group to

15 30 Year Expense Forecast - Detailed Reserve Component Lockers 470 Locker Rooms Total Furnishings 304, , Safety / Access Fire Control Misc Building Total Safety / Access Total [Golf Club] Expenditures 2.50% Golf Club Kitchen Rehab General Kitchen Employees Break/ Chefs Office General Kitchen Total Rehab 11,124 11, , ,956 23,395 64, , ,705 4, , , ,538 5,294 5, Appliances Refrigerator 3 Door Sandwich Prep Refrigerator Unit Refrigerator 3 Door Sandwich Prep Refrigerator Unit Refrigerator 2 Drawer Refrigerator Under Counter Unit Refrigerator 4 drawer Refrigerator Chief Base Unit Ice Machine Kloppenberg Ice Machine with 2 Cart Bins Oven Vulcan Convection Oven Miscellaneous Wolf 6 Burner Range Top Miscellaneous Wolf Rib Grill Range Top Miscellaneous Tri- Star Griddle Top Miscellaneous 4 Insert Steam Table Miscellaneous 38 Lin. Ft. Kitchen Hood Miscellaneous Dishwasher Exhaust Hood Miscellaneous Hand Washing Sink Miscellaneous Tilt Skillet Miscellaneous 2 Walk- In Boxes Miscellaneous Walk- In Boxes Compressor Miscellaneous Walk- In Boxes Compressor 4,345 6,680 2,969 4,454 6,086 11,470 11,470 9,012 11,470 3, ,579 33,592 7,558 2,470 70,450 Version 12/2/2014 1:02:37 PM Browning Reserve Group to

16 30 Year Expense Forecast - Detailed Reserve Component Garbage Disposal Food Waste Scrap Collection System Total Appliances 10,392 4,345 24,494 6,086 71,771 41,0 2,470 70,450 Total [Golf Club Kitchen] Expenditures 2.50% Red Fields Lounge Bar Rehab General Bar Total Rehab Total [Red Fields Lounge Bar] Expenditures 2.50% Nine Iron Deli Appliances Refrigerator 2 Door Sandwich Prep Refrigerator Unit Refrigerator Display Refrigerator Miscellaneous Double Sink Prep Table Miscellaneous 14' Stainless Steel Counter Miscellaneous 3' Stainless Steel Prep Table Miscellaneous Hand Washing Sink Total Appliances Total [Nine Iron Deli] Expenditures 2.50% Golf Cart Barn Structural Repairs Building Maintenance 4,800 Sq. Ft. Cart Barn Doors 11 Cart Barn/ Golf Maintenance Building Total Structural Repairs Roofing Pitched: Tile 1 Squares- Cart Barn Rehab Restrooms Cart Barn Restroom Total Roofing Total Rehab Total [Golf Cart Barn] Expenditures 2.50% Golf Course Associated Structural Repairs Bridge Maintenance 9 Bridge Inspections (33%) 4,345 24,494 6,086 71,771 41,0 7,764 70,450 57,352 57,352 57,352 5,735 4,916 2,458 1, ,058 16,058 3,476 4,449 32,629 3,476 37, ,0 142,0 1,639 1, ,626 1,639 37,079 11,579 12,165 12,781 13,428 14,108 14,822,573 Version 12/2/2014 1:02:37 PM Browning Reserve Group to

17 30 Year Expense Forecast - Detailed Reserve Component Bridge Maintenance 9,600 Sq. Ft. Bridges- Maintain Total Structural Repairs 14,608 16,527 18,699 11,579 14,608 12,165 12,781 29,955 14,108 14,822 18,699, Roofing Low Slope: TBA 29 Squares- Golf Maintenance Office Building Pitched: Dimensional Composition 8 Squares- Legend Golf Course Restrooms Pitched: Tile 16 Squares- Irrigation Pump House Pitched: Tile 8 Squares- Nine Iron Deli Pitched: Tile 9 Squares- Challenge Golf Course Restrooms Pitched: Metal 104 Squares- Golf Maintenance Building Total Roofing Landscaping Irrigation: Misc. Irrigation Compliance Upgrade[nr:1] Irrigation: Controllers 58 Golf Course (8%) Irrigation: Controllers 58 Golf Course- Maintenance Total Landscaping Mechanical Equipment Swamp Cooler Irrigation Pump House Pumps, Motors 6 Irrigation Pump House- 75 hp (33%) Pumps, Motors Irrigation Pump House- Maintain Pumps, Motors 2 Irrigation Pump House- 5 HP Miscellaneous Irrrigation Pump Rm- Flowtronex Panels Miscellaneous Irrig Pump house- Fertilizer Injector Miscellaneous Irrig Pump house- Injector Pump Syst Total Mechanical Equipment Total [Golf Course Associated] Expenditures 2.50% Grounds Paving Asphalt: Sealing 129,605 Sq. Ft. Parking Lots & Drive 39,940,062 8,690 9,586 23,752 9,586 39,940 67,201 68,881 70,603 72,368 74,177 76,032 77,933 79,881 81,878 83,925 86,023 88,174 90,378 92,637 94,953 8,400 8,610 8,825 9,046 9,272 9,504 9,742 9,985 10,235 10,491 10,753 11,022 11,297 11,580 11,869 75,601 77,491 79,428 81,414 83,450 85,536 87,674 89,866 92,113 94,4 96,776 99, , , ,822 43,449 47,960 52,938 58,434 4,345 4,454 4,565 4,679 4,796 4,916 5,039 5,165 5,294 5,426 5,562 5,701 5,843 5,989 6,139 11,191 13,635 2,172 2,282 2,398 2,519 2,647 2,781 2,922 3,070 26,873 18,475 49,966 4,454 6,847 4,679 66,344 4,916 52,907 5,165 60,879 5,426 8,343 5,701 80,834 5,989 9, ,320 93, ,883 98, , , , ,927 2, , , , , , ,031 28,300 31,237 34,480 Version 12/2/2014 1:02:37 PM Browning Reserve Group to 2043

18 30 Year Expense Forecast - Detailed Reserve Component Asphalt: Ongoing Repairs 129,605 Sq. Ft. Parking Lots & Drive (2%) Asphalt: Major Repairs 129,605 Sq. Ft. Parking Lots & Drive Asphalt: Major Repairs Parking Lots & Drive (20 Only)[nr:1] Total Paving 10,107 11,6 12, ,518 38,407 42, , Concrete Miscellaneous 613,834 Sq. Ft. Various (0.5%) Total Concrete Total [Grounds] Expenditures 2.50% Total Expenditures 2.50% 66,676 66,676 85,351 85,351 66,676 38,407 42,394 85, , , , , , , , , , , , , , , ,777 3,569 Version 12/2/2014 1:02:37 PM Browning Reserve Group to

19 Section III ArrowCreek Golf Course Acquisition 30 Year Reserve Funding Plan Cash Flow Method Beginning Balance Inflated 2.5% Reserve Contribution 1,086 Percentage Increase Special Assessments / Other Interest After 2.50% Ending Balance , , , , ,237 36,095 72, , ,487 80, , , , , , ,140 97, , , , , , , , , , % -30.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% ,657 4,734 7,520 7,132 3,2 1,342 2,670 5, , , , , ,237 36,095 72, , ,402 Beginning Balance Inflated 2.5% Reserve Contribution 1,086 Percentage Increase Special Assessments / Other Interest After 2.50% Ending Balance , , , , , , , , , , , ,299 97,639 89, , , , , , , , , , , , , , , , , % 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% ,913 9,097 11,687 16,099 20,380 16,484 12,732 17,088 21,177 24, , , , , , , , , ,371 1,036,727 Beginning Balance Inflated 2.5% Reserve Contribution 1,086 Percentage Increase Special Assessments / Other Interest After 2.50% Ending Balance ,036, , ,701 1,076,561 1,250,1 1,490,131 1,119, , ,633 1,055, , , , , , , , , ,777 3, , , , , , ,0 337, , , , % 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% ,699 21,600 24,991 28,724 33,830 32,219 21,802 17,951 22,999 26, , ,701 1,076,561 1,250,1 1,490,131 1,119, , ,633 1,055,274 1,125,070 Version 12/2/2014 1:02:37 PM Browning Reserve Group

20 Fund Balance Section III-a ArrowCreek Golf Course Acquisition 30 Year Reserve Funding Plan Cash Flow Method - Ending Balances $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $ Version 12/2/2014 1:02:37 PM Browning Reserve Group Years

21 Section IV ArrowCreek Golf Course Acquisition 30 Year Reserve Funding Plan Including Fully Funded Balance and % Funded Year Beginning Balance Fully Funded Balance Percent Funded Inflated 2.50% Reserve Contribution Special Assessments & Other Contributions , % ,232, % 298, , , ,532 1,120, % 80, , , , ,711 1,232, % 100, , , , ,741 1,330, % 118, , , , ,416 1,417,8.5% 369, , , , ,237 1,254, % 413, , ,2 36, ,095 1,047, % 196, , ,342 72, ,638 1,067, % 168, , , , ,663 1,122, % 97, , , , ,402 1,255, % 197, , , , ,558 1,294, % 220, , , , ,325 1,316, % 97, , , , ,361 1,471, % 89, , , , ,690 1,642, % 127, , , , ,055 1,785, % 763, , , , ,113 1,286, % 118, , , , ,174 1,440, % 117, , , , ,969 1,606, % 160, , , , ,371 1,739, % 214, , ,310 1,036, ,036,727 1,826,7 43.9% 557, , , , ,900 1,569, % 181, , , , ,701 1,699, % 208, , ,991 1,076, ,076,561 1,811, % 173, , ,724 1,250, ,250,1 1,969, % 118, , ,830 1,490, ,490,131 2,194, % 733, ,0 0 32,219 1,119, ,119,639 1,802, % 832, , , , ,363 1,306, % 201, , , , ,633 1,453, % 126, , ,999 1,055, ,055,274 1,688,3 66.6% 3, , ,918 1,125,070 Interest Ending Balance Version 12/2/2014 1:02:37 PM Browning Reserve Group

22 Percent Funded Section IV-a ArrowCreek Golf Course Acquisition 30 Year Reserve Funding Plan Cash Flow Method - Percent Funded Years Version 12/2/2014 1:02:37 PM Browning Reserve Group

23 Section V ArrowCreek Golf Course Acquisition Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2014 Fully Funded Balance 20 Fully Funded Balance % Per Year Straight Line 20 Line Item Contribution based on Cash Flow Method Golf Club Structural Repairs Trellis 1,716 Sq. Ft. Nine Iron Deli & Golf Club Building Maintenance 16,200 Sq. Ft. Building Door: Hardware 24 Panic Hardware (33%) Doors 65 Metal Doors (33%) Doors 53 Wood Doors Doors 3 Sectional Doors 68, ,591 3,709 46,800 51, % 4,695 8, , ,050 4, % 1,160 7, ,146 1,358 1,200 2, % 1,719 21, ,058 2,706 2,167 4, % 3,425 37, ,732 1,791 18,550 20, % 2,267, , ,500 8, % 917 Sub-total [ Structural Repairs] 7, ,417 11,204 80,267 91, % 14, Roofing Low Slope: Vinyl 80 Squares- Golf Club Pitched: Tile 269 Squares- Golf Club Gutters / Downspouts 1,055 Lin. Ft. Building 72, ,725 4,874 40,000 45, % 6, , ,235 8,441 87,425 95, % 10,685 9, , ,748 5, % 580 Sub-total [ Roofing] 256, ,712 13, , , % 17,434 Version 12/2/2014 1:02:37 PM Browning Reserve Group

24 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2014 Fully Funded Balance 20 Fully Funded Balance % Per Year Straight Line 20 Line Item Contribution based on Cash Flow Method Golf Club Rehab General 2 Kitchen & Vista Storage Rooms General Kitchen Restroom General 2 Vista Dining Restrooms 0 - General Terrace Dining Restrooms General Pantry General 2 Waitress Stations General Vista Dining Room General Vista & Terrace Waiting Room General Terrace Room General Living Room General Redfields Lounge General Board Room General 7 Offices General Hallways General Office Copy/Mechanical Room General Massage Therapist Room General Pro Shop General Locker Rooms 2, , ,500 1, % 349 1, , % 93 3, , ,167 1, % 378 1, , % 189 1, , % 135 1, , % 93 7, , ,500 3, % 810 3, , ,167 1, % 378 7, , ,500 3, % , , ,333 4, % 1,080 10, , ,333 4, % 1,080 2, , % 229 8, , ,188 2, % 802 7, , ,500 3, % 810 2, , , % 270 1, , % , ,676 1,147 3,500 4, % 1,452 30, ,8 1,966 6,000 7, % 2,489 Sub-total [ Rehab] 119, ,780 9,130 33,946 41, % 11, Recreation Miscellaneous Locker Room Benches 3, , % 275 Version 12/2/2014 1:02:37 PM Browning Reserve Group

25 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2014 Fully Funded Balance 20 Fully Funded Balance % Per Year Straight Line 20 Line Item Contribution based on Cash Flow Method Golf Club Lighting Parking Lot 14 Parking & Drive Miscellaneous Golf Club Lighting, , ,700 8, % % 216 Sub-total [ Lighting],900 22, ,033 8, % 1, Mechanical Equipment HVAC 6 Golf Club South Roof HVAC Golf Club South Roof HVAC 6 Golf Club South Roof HVAC 3 Golf Club South Roof HVAC Golf Club South Roof HVAC Golf Club North Roof HVAC Golf Club North Roof HVAC 3 Golf Club North Roof HVAC Golf Club North Roof HVAC Golf Club North Roof HVAC Golf Club North Roof HVAC Golf Club North Roof Water Heater 2 Golf Club- Bradford White Miscellaneous 2 Golf Club- Steam Generators 27, ,548 2,037 18,000 20, % 2,578 11, , ,500 8, % 1,074 18, ,365 1,358 12,000 13, % 1,719 18, ,365 1,358 12,000 13, % 1,719 2, , ,667 1, % 239, ,971 1,131 10,000 11, % 1,432 4, , ,000 3, % 430, ,971 1,131 10,000 11, % 1,432 3, , ,000 2, % 286 8, , ,333 6, % 764 6, , ,000 4, % 573 6, , ,000 4, % 573, ,395 1,450 7,500 8, % 1,835 16, ,661 1,177 11,733 13, % 1,490 Sub-total [ Mechanical Equipment] 165, ,948 12, , , % 16, Furnishings Lockers 470 Locker Rooms 164, ,974 10,166 27,417 33, % 12,868 Version 12/2/2014 1:02:37 PM Browning Reserve Group

26 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2014 Fully Funded Balance 20 Fully Funded Balance % Per Year Straight Line 20 Line Item Contribution based on Cash Flow Method Golf Club Safety / Access Fire Control Misc Building 6, , ,000 2, % 648 Sub-total Golf Club 887,951 1,253,671 58, , , % 74, Rehab Golf Club Kitchen General Kitchen Employees Break/ Chefs Office General Kitchen 3, , ,400 1, % 308 8, , ,800 3, % 698 Sub-total [ Rehab] 11,000 14, ,200 4, % 1,006 Version 12/2/2014 1:02:37 PM Browning Reserve Group

27 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2014 Fully Funded Balance 20 Fully Funded Balance % Per Year Straight Line 20 Line Item Contribution based on Cash Flow Method Golf Club Kitchen Appliances Refrigerator 3 Door Sandwich Prep Refrigerator Unit Refrigerator 3 Door Sandwich Prep Refrigerator Unit Refrigerator 2 Drawer Refrigerator Under Counter Unit Refrigerator 4 drawer Refrigerator Chief Base Unit Ice Machine Kloppenberg Ice Machine with 2 Cart Bins Oven Vulcan Convection Oven Miscellaneous Wolf 6 Burner Range Top Miscellaneous Wolf Rib Grill Range Top Miscellaneous Tri- Star Griddle Top Miscellaneous 4 Insert Steam Table Miscellaneous 38 Lin. Ft. Kitchen Hood Miscellaneous Dishwasher Exhaust Hood Miscellaneous Hand Washing Sink Miscellaneous Tilt Skillet Miscellaneous 2 Walk- In Boxes Miscellaneous Walk- In Boxes Compressor Miscellaneous Walk- In Boxes Compressor Garbage Disposal Food Waste Scrap Collection System 7, , ,667 5, % 668 7, , ,667 5, % 668 5, , ,667 4, % 525 7, , ,667 5, % , ,500 1,025 19,000 20, % 1,297 4, , ,275 4, % 292 4, , ,467 3, % 355 4, , ,200 4, % 389 1, , ,011 1, % 111 2, , ,867 2, % , ,450 2,348 6,333 7, % 2,973 2, , % % 29, ,971 1,131 10,000 11, % 1,432 40, ,483 2,099 22,400 24, % 2,657 3, , ,800 3, % 259 3,000 4, % 344 7, , ,533 7, % 605 Sub-total [ Appliances] 171, ,660 10, , , % 13,586 Sub-total Golf Club Kitchen 182, ,343 11, , , % 14,592 Version 12/2/2014 1:02:37 PM Browning Reserve Group

28 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2014 Fully Funded Balance 20 Fully Funded Balance % Per Year Straight Line 20 Line Item Contribution based on Cash Flow Method Rehab General Bar Red Fields Lounge Bar 35, ,352 2,294 7,000 8, % 2,904 Sub-total Red Fields Lounge Bar 35,000 57,352 2,294 7,000 8, % 2, Nine Iron Deli Appliances Refrigerator 2 Door Sandwich Prep Refrigerator Unit Refrigerator Display Refrigerator Miscellaneous Double Sink Prep Table Miscellaneous 14' Stainless Steel Counter Miscellaneous 3' Stainless Steel Prep Table Miscellaneous Hand Washing Sink 3, , ,333 2, % 334 3, , ,000 2, % 286 1, , ,000 1, % 143 1, , % % % 48 Sub-total [ Appliances] 9,800 11, ,533 7, % 936 Sub-total Nine Iron Deli 9,800 11, ,533 7, % Golf Cart Barn Structural Repairs Building Maintenance 4,800 Sq. Ft. Cart Barn Doors 11 Cart Barn/ Golf Maintenance Building 2, , ,200 1, % , , ,200 14, % 1,260 Sub-total [ Structural Repairs] 20,000 22,628 1,267 14,400, % 1, Roofing Pitched: Tile 1 Squares- Cart Barn Rehab Restrooms Cart Barn Restroom 98, ,0 4,738 49,075 53, % 5,998 1, , % 95 Sub-total Golf Cart Barn 119,0 165,910 6,081 64,142 70,3 2.57% 7,697 Version 12/2/2014 1:02:37 PM Browning Reserve Group

29 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2014 Fully Funded Balance 20 Fully Funded Balance % Per Year Straight Line 20 Line Item Contribution based on Cash Flow Method Golf Course Associated Structural Repairs Bridge Maintenance 9 Bridge Inspections (33%) Bridge Maintenance 9,600 Sq. Ft. Bridges- Maintain 7, ,195 2,732 2,600 3,998 1.% 3,458 9, ,086 2,017 5,760 7, % 2,553 Sub-total [ Structural Repairs] 17,400 18,281 4,749 8,360 11, % 6, Roofing Low Slope: TBA 29 Squares- Golf Maintenance Office Building Pitched: Dimensional Composition 8 Squares- Legend Golf Course Restrooms Pitched: Tile 9 Squares- Challenge Golf Course Restrooms Pitched: Tile 16 Squares- Irrigation Pump House Pitched: Tile 8 Squares- Nine Iron Deli Pitched: Metal 104 Squares- Golf Maintenance Building 23, ,608 1,423 18,044 19, % 1,801 2, , ,440 1, % 6 5, , ,950 2, % ,400 30, ,200 5, % 636 6, , ,000 3, % , ,000 14, % 0 Sub-total [ Roofing] 99,850 62,019 2,657 42,634 47, % 3, Landscaping Irrigation: Misc. Irrigation Compliance Upgrade[nr:1] Irrigation: Controllers 58 Golf Course (8%) Irrigation: Controllers 58 Golf Course- Maintenance 71, ,782 36,391 35,504 72,782.35% 46,064 46, ,560 23,780 23,200 47, % 30,101 5, ,945 2,973 2,900 5, % 3,763 Sub-total [ Landscaping] 123, ,287 63,144 61, , % 79,928 Version 12/2/2014 1:02:37 PM Browning Reserve Group

30 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2014 Fully Funded Balance 20 Fully Funded Balance % Per Year Straight Line 20 Line Item Contribution based on Cash Flow Method Golf Course Associated Mechanical Equipment Swamp Cooler Irrigation Pump House Pumps, Motors 6 Irrigation Pump House- 75 hp (33%) Pumps, Motors Irrigation Pump House- Maintain Pumps, Motors 2 Irrigation Pump House- 5 HP Miscellaneous Irrrigation Pump Rm- Flowtronex Panels Miscellaneous Irrig Pump house- Fertilizer Injector Miscellaneous Irrig Pump house- Injector Pump Syst 2, , ,000 1, % , ,307 8,077 7,500, % 10,224 3, ,075 1,538 1,500 3, % 1,946 7, , ,375 5, % 1,193 1, , , % , ,400 1,640 14,400 16, % 2,076 11, ,275 1,128 9,900 11, % 1,427 Sub-total [ Mechanical Equipment] 70,500 74,693 14,221 39,425 54, % 18,001 Sub-total Golf Course Associated 310, ,279 84,770 2, , % 107, Grounds Paving Asphalt: Sealing 129,605 Sq. Ft. Parking Lots & Drive Asphalt: Ongoing Repairs 129,605 Sq. Ft. Parking Lots & Drive (2%) Asphalt: Major Repairs 129,605 Sq. Ft. Parking Lots & Drive Asphalt: Major Repairs Parking Lots & Drive (20 Only)[nr:1] 18, ,227 2,112 1,650 1, % 2,673 6, , % , ,149 16,7 195, , % 20,452 95, ,375 48,688 47,500 97, % 61,630 Sub-total [ Paving] 398, ,046 67, , , % 85, Concrete Miscellaneous 613,834 Sq. Ft. Various (0.5%) 46, ,087 5,209 23,019 28, % 6,593 Sub-total Grounds 444, ,134 72, , , % 92,303 Version 12/2/2014 1:02:37 PM Browning Reserve Group

31 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2014 Fully Funded Balance 20 Fully Funded Balance % Per Year Straight Line 20 Line Item Contribution based on Cash Flow Method [A] [B] Totals 1,989,372 2,513, , ,636 1,232, % 300,000 [EndBal] [EndBal] [A] [B] Percent Funded 0.00% 0.12% Version 12/2/2014 1:02:37 PM Browning Reserve Group

32 Section VI ArrowCreek Golf Course Acquisition Trellis Golf Club Structural Repairs 1,716 Sq. Ft. Nine Iron Deli & Golf Club Quantity 1,716 Unit of Measure Square Feet 22 Cost /SqFt $ % Total Cost/Study $68,640 Replacement Year 2021 Future Cost $81,591 This is to repair, replace and maintain the trellis. With proper paint/stain maintenance, not allowing wood to be penetrated by moisture, wood trim should last as long as the buildings last. In 2014, the structures appear very dry and in need of painting. Some beam ends are splitting. nine iron deli trellis- 272 sf golf club- 1,444 sf Building Maintenance 16,200 Sq. Ft. Building Quantity 16,200 Unit of Measure Square Feet 10 Cost /SqFt $ % Total Cost/Study $8,100 Replacement Year 2019 Future Cost $9,164 This is for general building repairs. Repairs may include stucco, wood trim, stonework, lighting, and windows. Painting is completed through operating. 5 Version 12/2/2014 1:02:37 PM Browning Reserve Group

33 Golf Club Structural Repairs Door: Hardware 24 Panic Hardware (33%) Quantity 24 Unit of Measure Items 6 Cost /Itm $900 Qty * $/Itm $21,600 This is to replace the exit panic hardware on a percentage basis. 8- golf club interior doors 16- golf club exterior doors 33.33% Total Cost/Study $7,200 Replacement Year 2019 Future Cost $8, Doors 65 Metal Doors (33%) Quantity 65 Unit of Measure Items 10 Cost /Itm $1,000 Qty * $/Itm $65, % Total Cost/Study $21,666 Replacement Year 2023 Future Cost $27,058 This is to repair, replace and maintain the metal doors on a percentage basis. 2- Irrigation pump house 7- cart barn 13- golf maintenance building 3- nine iron deli 3- golf club utility/storage 25- golf club interior and exterior Golf restrooms: 3- Legend 6 Tee 3- Legend 16 Tee 2- Challenge 7 Tee 4- Challenge 13 hole 9 Version 12/2/2014 1:02:37 PM Browning Reserve Group

34 Doors Golf Club Structural Repairs 53 Wood Doors Quantity 53 Unit of Measure Items 30 Cost /Itm $700 This is to repair, replace and maintain the metal doors. 36- golf club 2- cart barn 13- golf maintenance office building (3 doors are missing) 2- bar swinging doors % Total Cost/Study $37,100 Replacement Year 2029 Future Cost $53, Doors 3 Sectional Doors Quantity 3 Unit of Measure Items 30 Cost /Itm $5, % Total Cost/Study $,000 Replacement Year 2029 Future Cost $21,724 This is to replace the Vista Room four door sectional openings. This is for door replacement only. Version 12/2/2014 1:02:37 PM Browning Reserve Group

35 Golf Club Roofing Low Slope: Vinyl 80 Squares- Golf Club Quantity 80 Unit of Measure Squares Cost /Sqrs 18 $ % Total Cost/Study $72,000 Replacement Year 2022 Future Cost $87,725 This is to replace the low slope vinyl roofing and composite parapet with a similar type product Pitched: Tile 269 Squares- Golf Club Quantity 269 Unit of Measure Squares 30 Cost /Sqrs $ % Total Cost/Study $174,850 Replacement Year 2029 Future Cost $253,235 This is to replace the tile roofing system. Tile roofs should be regularly inspected and repaired as indicated to ensure maximum life. In 2014, areas of loose or dislodged tile and chipped or broken tiles were observed. The roofing should be inspected and repaired prior to inclement weather Building was reroofed. Tile roofing is loose and/or dislodging from the supportive structure on the south roof. Version 12/2/2014 1:02:37 PM Browning Reserve Group

36 Golf Club Roofing Gutters / Downspouts 1,055 Lin. Ft. Building Quantity 1,055 Unit of Measure Linear Feet This is to replace the gutters and downspouts. 30 Cost /l.f. $ % Total Cost/Study $9,495 Replacement Year 2029 Future Cost $13, Rehab General 2 Kitchen & Vista Storage Rooms Quantity 2 Unit of Measure Lump Sum 10 Cost /LS $1, % Total Cost/Study $2,500 Replacement Year 2018 Future Cost $2,760 This is for a general rehab of the interior. Client input will further define this component. 1- storage room- FRP walls 1- storage room- painted walls Cost reduced 50%, $5,000 to $2,500, per client 11/28/ Version 12/2/2014 1:02:37 PM Browning Reserve Group

37 Golf Club Rehab General Kitchen Restroom Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,000 Replacement Year 2018 Future Cost $1,104 This is for a general rehab of the interior. Client input will further define this component. 1- sink 1- toilet FRP walls Cost reduced 50%, $2,000 to $1,000, per client 11/28/ General 2 Vista Dining Restrooms Quantity 2 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $3,500 Replacement Year 2024 Future Cost $4,480 This is for a general rehab of the interiors. Client input will further define this component. 2- sinks with granite tops 2- toilets Cost reduced 50%, $7,000 to $3,500, per client 11/28/14 . Version 12/2/2014 1:02:37 PM Browning Reserve Group

38 Golf Club Rehab 0 - General Terrace Dining Restrooms Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,750 Replacement Year 2024 Future Cost $2,240 This is for a general rehab of the interior. Client input will further define this component. 2- sinks with granite top 2- toilets Cost reduced 50%, $3,500 to $1,750, per client 11/28/ General Pantry Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,250 Replacement Year 2024 Future Cost $1,600 This is for a general rehab of the interior. Client input will further define this component. FRP walls Cost reduced 50%, $2,500 to $1,250, per client 11/28/14 . Version 12/2/2014 1:02:37 PM Browning Reserve Group

39 Golf Club Rehab General 2 Waitress Stations Quantity 2 Unit of Measure Lump Sum Cost /LS $ % Total Cost/Study $1,000 Replacement Year 2018 Future Cost $1,104 This is for a general rehab of the interior. Client input will further define this component. upper cabinet- 6 lf lower cabinet- 6 lf 1- sink Cost reduced 50%, $2,000 to $1,000, per client 11/28/ General Vista Dining Room Quantity 1 Unit of Measure Lump Sum Cost /LS $7, % Total Cost/Study $7,500 Replacement Year 2024 Future Cost $9,601 This is for a general rehab of the interior. Client input will further define this component Cost reduced 50%, $,000 to $7,500, per client 11/28/14 . Version 12/2/2014 1:02:37 PM Browning Reserve Group

40 Golf Club Rehab General Vista & Terrace Waiting Room Quantity 1 Unit of Measure Lump Sum Cost /LS $3, % Total Cost/Study $3,500 Replacement Year 2024 Future Cost $4,480 This is for a general rehab of the interior. Client input will further define this component Cost reduced 50%, $7,000 to $3,500, per client 11/28/ General Terrace Room Quantity 1 Unit of Measure Lump Sum Cost /LS $7, % Total Cost/Study $7,500 Replacement Year 2024 Future Cost $9,601 This is for a general rehab of the interior. Client input will further define this component Cost reduced 50%, $,000 to $7,500, per client 11/28/14 . Version 12/2/2014 1:02:37 PM Browning Reserve Group

41 Golf Club Rehab General Living Room Quantity 1 Unit of Measure Lump Sum Cost /LS $10, % Total Cost/Study $10,000 Replacement Year 2024 Future Cost $12,801 This is for a general rehab of the interior. Client input will further define this component Cost reduced 50%, $10,000 to $5,000, per client 11/28/ General Redfields Lounge Quantity 1 Unit of Measure Lump Sum This is for a general rehab of the interior. Cost /LS $10, % Total Cost/Study $10,000 Replacement Year 2024 Future Cost $12, Cost reduced 50%, $20,000 to $10,000, per client 11/28/14 . Version 12/2/2014 1:02:37 PM Browning Reserve Group

42 Golf Club Rehab General Board Room Quantity 1 Unit of Measure Lump Sum 20 Cost /LS $2, % Total Cost/Study $2,500 Replacement Year 2029 Future Cost $3,621 This is for a general rehab of the interior. Client input will further define this component. built in cabinet- 8' x 13' Cost reduced 50%, $5,000 to $2,500, per client 11/28/ General 7 Offices Quantity 7 Unit of Measure Items 20 Cost /Itm $1, % Total Cost/Study $8,750 Replacement Year 2029 Future Cost $12,673 This is for a general rehab of the interior. Client input will further define this component. Events Office Office #1 (2- cabinets- 8' x 4') Accounting Office General Managers Office Office #2 Director of Golf Office Head Professional Office Cost reduced 50%, $17,500 to $8,750, per client 11/28/14 . Version 12/2/2014 1:02:37 PM Browning Reserve Group

43 Golf Club Rehab General Hallways Quantity 1 Unit of Measure Lump Sum Cost /LS $7, % Total Cost/Study $7,500 Replacement Year 2024 Future Cost $9,601 This is for a general rehab of the interior. Client input will further define this component Cost reduced 50%, $,000 to $7,500, per client 11/28/ General Office Copy/Mechanical Room Quantity 1 Unit of Measure Lump Sum Cost /LS $2, % Total Cost/Study $2,500 Replacement Year 2024 Future Cost $3,200 This is for a general rehab of the interior. Client input will further define this component. uppers- 10 lf lowers- 12 lf counters- 12 lf Cost reduced 50%, $5,000 to $2,500, per client 11/28/14 . Version 12/2/2014 1:02:37 PM Browning Reserve Group

44 Golf Club Rehab General Massage Therapist Room Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,000 Replacement Year 2024 Future Cost $1,280 This is for a general rehab of the interior. Client input will further define this component. upper cabinet- 6 lf lower cabinet- 6 lf 1-sink with formica top Cost reduced 50%, $2,000 to $1,000, per client 11/28/14 . Version 12/2/2014 1:02:37 PM Browning Reserve Group

45 Golf Club Rehab General Pro Shop Quantity 1 Unit of Measure Lump Sum 25 Cost /LS $17, % Total Cost/Study $17,500 Replacement Year 2034 Future Cost $28,676 This is for a general rehab of the interior. Client input will further define this component. full cabinet- 8' x 20 lf full cabinet- 8' x 8 lf full cabinet- 2-9' x 2 lf lower cabinet- 3' x 18 lf lower cabinet- 3' x 20 lf reception counter- 4' x 21 lf granite counter tops- 45 sf formica counter tops-22 sf Cost reduced 50%, $35,000 to $17,500, per client 11/28/14 . Version 12/2/2014 1:02:37 PM Browning Reserve Group

46 Golf Club Rehab General Locker Rooms Quantity 1 Unit of Measure Lump Sum 25 Cost /LS $30, % Total Cost/Study $30,000 Replacement Year 2034 Future Cost $49,8 This is for a general rehab of the interior. Client input will further define this component. Men's: 2- urinals 2- toilets 1- steam room 4- shower stalls fixtures towel/toiletries cabinet- 8' x 12 lf 1- sink vanity- 3 lf 3 sink vanity- 10 lf built in cabinets: uppers- 28 lf lowers- 28 lf full cabinet- 8' x 20 lf reception counter- 8 lf granite counters- 21 lf formica reception counter- 8 lf Women's: 4- toilets 1- steam room 2- shower stalls fixtures towel/toiletries cabinet- 8' x 6 lf 1- sink vanity- 3 lf 3 sink vanity- 10 lf built in cabinets: uppers- 7 lf lowers- 4 lf full cabinet- 8' x 17 lf massage reception counter with sink - 13 lf granite counters- 26 lf Cost reduced 50%, $60,000 to $30,000, per client 11/28/14 . Version 12/2/2014 1:02:37 PM Browning Reserve Group

47 Golf Club Recreation Miscellaneous Locker Room Benches Quantity Unit of Measure Items This is to replace miscellaneous exercise equipment. men's- 13 women's Cost /Itm $ % Total Cost/Study $3,000 Replacement Year 2029 Future Cost $4, Cost reduced 50%, $6,000 to $3,000, per client 11/28/ Lighting Parking Lot 14 Parking & Drive Quantity 14 Unit of Measure Items This is to replace the parking lot lights. 8- single head 6- double head 30 Cost /Itm $1, % Total Cost/Study $,400 Replacement Year 2029 Future Cost $22, Cost reduced 50%, $30,800 to $,400, per client 11/28/14 . Version 12/2/2014 1:02:37 PM Browning Reserve Group

48 Golf Club Lighting Miscellaneous Golf Club Lighting Quantity 1 Unit of Measure Lump Sum 3 Cost /LS $ % Total Cost/Study $500 Replacement Year 20 Future Cost $512 This is for miscellaneous lighting. As lighting is typically replaced as needed, most replacements will be from operating. 12- chandeliers 63- wall lights Cost reduced 50%, $1,000 to $500, per client 11/28/ Version 12/2/2014 1:02:37 PM Browning Reserve Group

49 HVAC Golf Club Mechanical Equipment 6 Golf Club South Roof Quantity 6 Unit of Measure Items Cost /Itm $4, % Total Cost/Study $27,000 Replacement Year 2019 Future Cost $30,548 This is to replace HVAC system equipment. It is possible that sub-components of this system can be replaced or rebuilt to extend its life BRG contacted the mechanical vendor, ACR Mechanical (702) , and they provided a reserve study bid for replacing all of the north & south roof units for approximately $60,000. BRG has increased that costing to be safe and is using $1,500 per ton: 1 York RTU-2 DINA036NO7225C 1 York RTU-7 DINA036NO7225C 1 York RTU-10 DINA036NO7225C 1 York RTU-11 DINA036NO7225C No card 1 York RTU-12 DINA036NO7225C 1 York RTU-13 DINA036NO7225C 5 Version 12/2/2014 1:02:37 PM Browning Reserve Group

50 HVAC Golf Club Mechanical Equipment Golf Club South Roof Quantity 1 Unit of Measure Items Cost /Itm $11, % Total Cost/Study $11,250 Replacement Year 2019 Future Cost $12,728 This is to replace HVAC system equipment. It is possible that sub-components of this system can be replaced or rebuilt to extend its life. York RTU-9 DM090N82AAA3A HVAC 6 Golf Club South Roof Quantity 6 Unit of Measure Items Cost /Itm $3, % Total Cost/Study $18,000 Replacement Year 2019 Future Cost $20,365 This is to replace HVAC system equipment. It is possible that sub-components of this system can be replaced or rebuilt to extend its life. York RTU-8 DIEB024A06B HVAC 3 Golf Club South Roof Quantity 3 Unit of Measure Items Cost /Itm $6, % Total Cost/Study $18,000 Replacement Year 2019 Future Cost $20,365 This is to replace HVAC system equipment. It is possible that sub-components of this system can be replaced or rebuilt to extend its life. Carrier RTU-1 48HJE NB HVAC Golf Club South Roof Quantity 1 Unit of Measure Items Cost /Itm $2, % Total Cost/Study $2,500 Replacement Year 2019 Future Cost $2,829 This is to replace HVAC system equipment. It is possible that sub-components of this system can be replaced or rebuilt to extend its life. 1- exhaust fan 5 Version 12/2/2014 1:02:37 PM Browning Reserve Group

51 HVAC Golf Club Mechanical Equipment Golf Club North Roof Quantity 1 Unit of Measure Items Cost /Itm $, % Total Cost/Study $,000 Replacement Year 2019 Future Cost $16,971 This is to replace HVAC system equipment. It is possible that sub-components of this system can be replaced or rebuilt to extend its life. Rapid RTU No identification card was found for this equipment. The $,000 cost indicated above should be confirmed by client HVAC Golf Club North Roof Quantity 1 Unit of Measure Items Cost /Itm $4, % Total Cost/Study $4,500 Replacement Year 2019 Future Cost $5,091 This is to replace HVAC system equipment. It is possible that sub-components of this system can be replaced or rebuilt to extend its life. Rheem RTU-14 RRKA-A036CK08E 5 Version 12/2/2014 1:02:37 PM Browning Reserve Group

52 HVAC Golf Club Mechanical Equipment 3 Golf Club North Roof Quantity 3 Unit of Measure Items Cost /Itm $5, % Total Cost/Study $,000 Replacement Year 2019 Future Cost $16,971 This is to replace HVAC system equipment. It is possible that sub-components of this system can be replaced or rebuilt to extend its life. Exhaust fans- EF1 thru EF3 (cook line hoods and dishwasher) HVAC Golf Club North Roof Quantity 1 Unit of Measure Items Cost /Itm $3, % Total Cost/Study $3,000 Replacement Year 2019 Future Cost $3,394 This is to replace HVAC system equipment. It is possible that sub-components of this system can be replaced or rebuilt to extend its life. CU No I.D.- Appears to be coils/compressor for refrigeration HVAC Golf Club North Roof Quantity 1 Unit of Measure Items Cost /Itm $8, % Total Cost/Study $8,000 Replacement Year 2019 Future Cost $9,051 This is to replace HVAC system equipment. It is possible that sub-components of this system can be replaced or rebuilt to extend its life. Carrier RTU-4 48HJE N13 5 Version 12/2/2014 1:02:37 PM Browning Reserve Group

53 HVAC Golf Club Mechanical Equipment Golf Club North Roof Quantity 1 Unit of Measure Items Cost /Itm $6, % Total Cost/Study $6,000 Replacement Year 2019 Future Cost $6,788 This is to replace HVAC system equipment. It is possible that sub-components of this system can be replaced or rebuilt to extend its life. Carrier SF-1 48HJE HVAC Golf Club North Roof Quantity 1 Unit of Measure Items Cost /Itm $6, % Total Cost/Study $6,000 Replacement Year 2019 Future Cost $6,788 This is to replace HVAC system equipment. It is possible that sub-components of this system can be replaced or rebuilt to extend its life. RTU-6 Carrier 48HJE NB Water Heater 2 Golf Club- Bradford White Quantity 2 Unit of Measure Items 12 Cost /Itm $7,500 This is to replace the water heaters. Includes disposal of old unit. Bradford White 100 gallon model D100L3003 NA % Total Cost/Study $,000 Replacement Year 2020 Future Cost $17,395 6 Version 12/2/2014 1:02:37 PM Browning Reserve Group

54 Golf Club Mechanical Equipment Miscellaneous 2 Golf Club- Steam Generators Quantity 2 Unit of Measure Items Cost /Itm $8, % Total Cost/Study $16,000 Replacement Year 2018 Future Cost $17,661 This is to maintain/replace the sauna Steam Master model HC- 30 steam generators dated Lockers Furnishings 470 Locker Rooms Quantity 470 Unit of Measure Items This is to replace the lockers. men's- 392 women's Cost /Itm $ % Total Cost/Study $164,500 Replacement Year 2039 Future Cost $304,974 Version 12/2/2014 1:02:37 PM Browning Reserve Group

55 Golf Club Safety / Access Fire Control Misc Building Quantity 1 Unit of Measure Lump Sum Cost /LS $6, % Total Cost/Study $6,000 Replacement Year 2024 Future Cost $7,681 This is to replace miscellaneous fire control items such as fire risers, sprinkler heads, pumps, etc Golf Club Kitchen Rehab General Kitchen Employees Break/ Chefs Office Quantity 1 Unit of Measure Lump Sum Cost /LS $3, % Total Cost/Study $3,000 Replacement Year 2022 Future Cost $3,655 This is for a general rehab of the interior. Client input will further define this component. upper cabinet- 6 lf lower cabinet- 6 lf 1- sink 8 Version 12/2/2014 1:02:37 PM Browning Reserve Group

56 Golf Club Kitchen Rehab General Kitchen Quantity 1 Unit of Measure Lump Sum 20 Cost /LS $8, % Total Cost/Study $8,000 Replacement Year 2027 Future Cost $11,028 This is for a general rehab of the interior. Client input will further define this component. Kitchen Overall size 31' x 31' FRP walls Appliances Refrigerator 3 Door Sandwich Prep Refrigerator Unit Quantity 1 Unit of Measure Items Cost /Itm $7,000 This is to replace the 3 door sandwich prep table refrigerator unit. reference # SR % Total Cost/Study $7,000 Replacement Year 2019 Future Cost $7,920 5 Version 12/2/2014 1:02:37 PM Browning Reserve Group

57 Golf Club Kitchen Appliances Refrigerator 3 Door Sandwich Prep Refrigerator Unit Quantity 1 Unit of Measure Items Cost /Itm $7,000 This is to replace the 3 door sandwich prep table refrigerator unit. reference # KR % Total Cost/Study $7,000 Replacement Year 2019 Future Cost $7, Refrigerator 2 Drawer Refrigerator Under Counter Unit Quantity 1 Unit of Measure Items Cost /Itm $5,500 This is to replace the 2 drawer under counter refrigerator unit reference # KR % Total Cost/Study $5,500 Replacement Year 2019 Future Cost $6,223 5 Version 12/2/2014 1:02:37 PM Browning Reserve Group

58 Golf Club Kitchen Appliances Refrigerator 4 drawer Refrigerator Chief Base Unit Quantity 1 Unit of Measure Items Cost /Itm $7,000 This is to replace the 4 drawer chef base refrigerator unit reference # KR % Total Cost/Study $7,000 Replacement Year 2019 Future Cost $7, Ice Machine Kloppenberg Ice Machine with 2 Cart Bins Quantity 1 Unit of Measure Items 20 Cost /Itm $20, % Total Cost/Study $20,000 Replacement Year 20 Future Cost $20,500 This is to replace the Shuttle- Plus storage system commercial ice machine including the Manitowoc compressor. In 2014, the ice machine is not working per Chief. 1 Version 12/2/2014 1:02:37 PM Browning Reserve Group

59 Oven Golf Club Kitchen Appliances Vulcan Convection Oven Quantity 1 Unit of Measure Items This is to replace the Vulcan convection oven. 20 Cost /Itm $4,500 In 2014, the Vulcan oven is in need of repair per Chief % Total Cost/Study $4,500 Replacement Year 20 Future Cost $4, Miscellaneous Wolf 6 Burner Range Top Quantity 1 Unit of Measure Items This is to replace the Wolf 6 burner range top. Cost /Itm $4,000 In 2014, the Wolf grill range top is in need of repair per Chief % Total Cost/Study $4,000 Replacement Year 2016 Future Cost $4,202 2 Version 12/2/2014 1:02:37 PM Browning Reserve Group

60 Golf Club Kitchen Appliances Miscellaneous Wolf Rib Grill Range Top Quantity 1 Unit of Measure Items This is to replace the Wolf rib grill range top. Cost /Itm $4,500 In 2014, the Wolf grill range top is in need of repair per Chief % Total Cost/Study $4,500 Replacement Year 20 Future Cost $4, Miscellaneous Tri- Star Griddle Top Quantity 1 Unit of Measure Items This is to replace the Tri- Star griddle top. 18 Cost /Itm $1, % Total Cost/Study $1,400 Replacement Year 2019 Future Cost $1,584 5 Version 12/2/2014 1:02:37 PM Browning Reserve Group

61 Golf Club Kitchen Appliances Miscellaneous 4 Insert Steam Table Quantity 1 Unit of Measure Items This is to replace the steam table. In 2014, the steam table is not working per Chief. Cost /Itm $2, % Total Cost/Study $2,000 Replacement Year 20 Future Cost $2, Miscellaneous 38 Lin. Ft. Kitchen Hood Quantity 38 Unit of Measure Linear Feet This is to replace the Delafield hood system linear foot hood 1-14 linear foot hood 30 Cost /l.f. $1, % Total Cost/Study $38,000 Replacement Year 2039 Future Cost $70,450 Version 12/2/2014 1:02:37 PM Browning Reserve Group

62 Golf Club Kitchen Appliances Miscellaneous Dishwasher Exhaust Hood Quantity 1 Unit of Measure Items This is to replace the Delafield Air Tec exhaust hood. 30 Cost /Itm $2, % Total Cost/Study $2,000 Replacement Year 2034 Future Cost $3, Miscellaneous Hand Washing Sink Quantity 1 Unit of Measure Items This is to replace the hand washing sink. Cost /Itm $ % Total Cost/Study $300 Replacement Year 2019 Future Cost $339 5 Version 12/2/2014 1:02:37 PM Browning Reserve Group

63 Golf Club Kitchen Appliances Miscellaneous Tilt Skillet Quantity 1 Unit of Measure Items This is to replace the Groan tilt skillet. Cost /Itm $, % Total Cost/Study $,000 Replacement Year 2019 Future Cost $16, Miscellaneous 2 Walk- In Boxes Quantity 2 Unit of Measure Items 25 Cost /Itm $20, % Total Cost/Study $40,000 Replacement Year 2025 Future Cost $52,483 This is to replace the fan coil and condensers. Client should secure vendor quotes to better define a scope of work and cost for this component. Information received may be incorporated into this study. 1- refer box EDEY (reference #KR2) 1- refer/freezer KOPAK combo box (reference #KF1) In 2014, one compressor is in need of replacement. Version 12/2/2014 1:02:37 PM Browning Reserve Group

64 Golf Club Kitchen Appliances Miscellaneous Walk- In Boxes Compressor Quantity 1 Unit of Measure Items This is to replace the compressors. Cost /Itm $3,000 In 2014, one compressor is in need of replacement per Chief % Total Cost/Study $3,000 Replacement Year 20 Future Cost $3, Miscellaneous Walk- In Boxes Compressor Quantity 1 Unit of Measure Items This is to replace the compressor. Cost /Itm $3, $3,000 was expended for one compressor per client % Total Cost/Study $3,000 Replacement Year 2029 Future Cost $4, Garbage Disposal Food Waste Scrap Collection System Quantity 1 Unit of Measure Items Cost /Itm $7, % Total Cost/Study $7,000 Replacement Year 20 Future Cost $7,175 This is to replace the Salvador food waste scrap collection disposal system model S914. In 2014, the disposal system is not working per Chief. 1 Version 12/2/2014 1:02:37 PM Browning Reserve Group

65 Red Fields Lounge Bar Rehab General Bar Quantity 1 Unit of Measure Lump Sum 25 Cost /LS $35, % Total Cost/Study $35,000 Replacement Year 2034 Future Cost $57,352 This is for a general rehab of the interior. Client input will further define this component. full back bar cabinet- 10' x ' bar front counter- 4' x 25 lf bar front counter top- 63 sf back bar counter- 4' x 14 lf back bar counter top- 32 sf Nine Iron Deli Appliances Refrigerator 2 Door Sandwich Prep Refrigerator Unit Quantity 1 Unit of Measure Items Cost /Itm $3, % Total Cost/Study $3,500 Replacement Year 2019 Future Cost $3,960 This is to replace the Delfield 2 door sandwich prep table refrigerator unit Refrigerator Display Refrigerator Quantity 1 Unit of Measure Items Cost /Itm $3,000 This is to replace the Beverage Air display refrigerator model MT % Total Cost/Study $3,000 Replacement Year 2019 Future Cost $3,394 5 Version 12/2/2014 1:02:37 PM Browning Reserve Group

66 Nine Iron Deli Appliances Miscellaneous Double Sink Prep Table Quantity 1 Unit of Measure Items This is to replace the double sink prep table. Cost /Itm $1, % Total Cost/Study $1,500 Replacement Year 2019 Future Cost $1, Miscellaneous 14' Stainless Steel Counter Quantity 1 Unit of Measure Items This is to replace the 14' counter. Cost /Itm $1, % Total Cost/Study $1,000 Replacement Year 2019 Future Cost $1, Miscellaneous 3' Stainless Steel Prep Table Quantity 1 Unit of Measure Items This is to replace the prep table. Cost /Itm $ % Total Cost/Study $300 Replacement Year 2019 Future Cost $339 5 Version 12/2/2014 1:02:37 PM Browning Reserve Group

67 Nine Iron Deli Appliances Miscellaneous Hand Washing Sink Quantity 1 Unit of Measure Items This is to replace the hand washing sink. Cost /Itm $ % Total Cost/Study $500 Replacement Year 2019 Future Cost $ Golf Cart Barn Structural Repairs Building Maintenance 4,800 Sq. Ft. Cart Barn Quantity 4,800 Unit of Measure Square Feet 10 Cost /SqFt $ % Total Cost/Study $2,400 Replacement Year 2019 Future Cost $2,7 This is for general building repairs. Repairs may include stucco, wood trim, stonework, lighting, and windows. stucco faced surface- 4,800 sf 5 Version 12/2/2014 1:02:37 PM Browning Reserve Group

68 Doors Golf Cart Barn Structural Repairs 11 Cart Barn/ Golf Maintenance Building Quantity 11 Unit of Measure Items This is to repair, replace and maintain the doors. In 2014, damaged door jambs was observed. 4-8' x 16' doors at cart barn 7-12' x 10' doors at golf maintenance building 20 Cost /Itm $1, % Total Cost/Study $17,600 Replacement Year 2019 Future Cost $19, Roofing Pitched: Tile 1 Squares- Cart Barn Quantity 1 Unit of Measure Squares Cost /Sqrs 30 $ % Total Cost/Study $98,0 Replacement Year 2029 Future Cost $142,0 This is to replace the tile roofing system. Tile roofs should be regularly inspected and repaired as indicated to ensure maximum life. Version 12/2/2014 1:02:37 PM Browning Reserve Group

69 Golf Cart Barn Rehab Restrooms Cart Barn Restroom Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,000 Replacement Year 2019 Future Cost $1,131 This is for a general rehab of the restroom. Client input will further define this component. 1- sink 1- toilet Cost reduced 50%, $2,000 to $1,000, per client 11/28/ Golf Course Associated Structural Repairs Bridge Maintenance 9 Bridge Inspections (33%) Quantity 9 Unit of Measure Items 2 Cost /Itm $2,600 Qty * $/Itm $23, % Total Cost/Study $7,800 Replacement Year 2016 Future Cost $8,195 This is for bridge inspections. The bridges useful life should exceed the scope of the 30 year reserve study. Legends bridges are as follows: 4 tee- 10' x 30' 4 tee- 10' x 60' 5 tee- 10' x 60' tee- 10' x 90' Challenge bridges are as follows: 9 hole- 10' x 30' 10 tee- 10' x 30' 10 hole- 10' x 30' 12 tee- 10' x 90' tee- 10' x 60' 2 Version 12/2/2014 1:02:37 PM Browning Reserve Group

70 Golf Course Associated Structural Repairs Bridge Maintenance 9,600 Sq. Ft. Bridges- Maintain Quantity 9,600 Unit of Measure Square Feet 5 Cost /SqFt $ % Total Cost/Study $9,600 Replacement Year 2016 Future Cost $10,086 This is for bridge maintenance. The steel and concrete bridges should exceed the 30 year scope of this reserve study. Maintenance will consist primarily of painting and will be completed thru operating.. In 2014, the bridges are in need of painting. Legends bridges are as follows: 4 tee- 10' x 30' 4 tee- 10' x 60' 5 tee- 10' x 60' tee- 10' x 90' Challenge bridges are as follows: 9 hole- 10' x 30' 10 tee- 10' x 30' 10 hole- 10' x 30' 12 tee- 10' x 90' tee- 10' x 60' Roofing Low Slope: TBA 29 Squares- Golf Maintenance Office Building 18 Quantity 29 Unit of Measure Squares Cost /Sqrs $ % Total Cost/Study $23,200 Replacement Year 2018 Future Cost $25,608 4 This is to replace the roofing with an undetermined roofing product Placed in service. Version 12/2/2014 1:02:37 PM Browning Reserve Group

71 Golf Course Associated Roofing Pitched: Dimensional Composition 8 Squares- Legend Golf Course Restrooms Quantity 8 Unit of Measure Squares Cost /Sqrs 25 $ % Total Cost/Study $2,400 Replacement Year 2024 Future Cost $3,072 This is to reroof with a dimensional composition roofing product. Composition roofs should be regularly inspected and repaired as indicated to ensure maximum life. 6th and 16th tees Pitched: Tile 8 Squares- Nine Iron Deli Quantity 8 Unit of Measure Squares Cost /Sqrs 30 $ % Total Cost/Study $6,000 Replacement Year 2029 Future Cost $8,690 This is to replace the tile roofing system. Tile roofs should be regularly inspected and repaired as indicated to ensure maximum life Placed in service. Version 12/2/2014 1:02:37 PM Browning Reserve Group

72 Golf Course Associated Roofing Pitched: Tile 16 Squares- Irrigation Pump House Quantity 16 Unit of Measure Squares Cost /Sqrs 30 $ % Total Cost/Study $10,400 Replacement Year 2029 Future Cost $,062 This is to replace the tile roofing system. Tile roofs should be regularly inspected and repaired as indicated to ensure maximum life Placed in service Pitched: Tile 9 Squares- Challenge Golf Course Restrooms 30 Quantity 9 Unit of Measure Squares Cost /Sqrs $ % Total Cost/Study $5,850 Replacement Year 2034 Future Cost $9,586 This is to replace the tile roofing systems which were installed between 2002 and Tile roofs should be regularly inspected and repaired as indicated to ensure maximum life. 7th and 13th tees Pitched: Metal 104 Squares- Golf Maintenance Building Quantity 104 Unit of Measure Squares Cost /Sqrs 40 $ % Total Cost/Study $52,000 Replacement Year 2044 Future Cost $109,074 This is to replace the metal roofing system. With proper maintenance, this component's life may be extended. The building structure should exceed the scope of the 30 year reserve study Building was constructed. Version 12/2/2014 1:02:37 PM Browning Reserve Group

73 Golf Course Associated Landscaping Irrigation: Misc. Irrigation Compliance Upgrade Quantity 1 Unit of Measure Lump Sum 2 Cost /LS $71, % 1 Treatment [nr:1] Total Cost/Study $71,007 Replacement Year 20 Future Cost $72,782 This is for the irrigation compliance upgrade per October 28, 2014 quote by Turf Star This component has been entered into the reserve study as a non-recurring component. Client input regarding on-going maintenance, if not paid thru operating, will further define this component Irrigation: Controllers 58 Golf Course (8%) Quantity 58 Unit of Measure Items 1 Cost /Itm $10,000 Qty * $/Itm $580, % Total Cost/Study $46,400 Replacement Year 20 Future Cost $47,560 This is to replace the Toro irrigation controllers. Client provided information regarding cost and frequency of replacement will further define this component. Costing above from the Golf Course Superintendent. 1 Version 12/2/2014 1:02:37 PM Browning Reserve Group

74 Golf Course Associated Landscaping Irrigation: Controllers 58 Golf Course- Maintenance Quantity 58 Unit of Measure Items This is to maintain the Toro irrigation controllers. 1 Cost /Itm $ % Total Cost/Study $5,800 Replacement Year 20 Future Cost $5, Mechanical Equipment Swamp Cooler Irrigation Pump House Quantity 1 Unit of Measure Items 20 Cost /Itm $2,000 This is to replace the Phoenix model 2128B swamp cooler % Total Cost/Study $2,000 Replacement Year 2024 Future Cost $2,560 Version 12/2/2014 1:02:37 PM Browning Reserve Group

75 Golf Course Associated Mechanical Equipment Pumps, Motors 6 Irrigation Pump House- 75 hp (33%) Quantity 6 Unit of Measure Items 4 Cost /Itm $,000 Qty * $/Itm $90, % Total Cost/Study $30,000 Replacement Year 2017 Future Cost $32,307 This is to repair and replace the 75 hp pumps and motors on a percentage basis. In 2014, two pumps were out for repairs. 5- Baldor 75 hp pumps 1- Goulds turbine 75 hp pump Pumps, Motors Irrigation Pump House- Maintain Quantity 1 Unit of Measure Lump Sum This is for annual maintenance. 1 Cost /LS $3, % Total Cost/Study $3,000 Replacement Year 20 Future Cost $3,075 1 Version 12/2/2014 1:02:37 PM Browning Reserve Group

76 Golf Course Associated Mechanical Equipment Pumps, Motors 2 Irrigation Pump House- 5 HP Quantity 2 Unit of Measure Items This is to replace the pumps. 8 Cost /Itm $3, % Total Cost/Study $7,000 Replacement Year 2017 Future Cost $7, Miscellaneous Irrrigation Pump Rm- Flowtronex Panels Quantity 1 Unit of Measure Lump Sum 2 Cost /LS $1, % Total Cost/Study $1,500 Replacement Year 20 Future Cost $1,537 This is to repair the Flowtronex PST control panels. A client provided cost history will further define this component as simultaneous replacement is unlikely. 1 Version 12/2/2014 1:02:37 PM Browning Reserve Group

77 Golf Course Associated Mechanical Equipment Miscellaneous Irrig Pump house- Fertilizer Injector Quantity 1 Unit of Measure Lump Sum This is to bring the fertilizer injector operational. 10 Cost /LS $16, % Total Cost/Study $16,000 Replacement Year 20 Future Cost $16, Miscellaneous Irrig Pump house- Injector Pump Syst Quantity 1 Unit of Measure Lump Sum 10 Cost /LS $11,000 This is to bring the injector main pump system operational % Total Cost/Study $11,000 Replacement Year 20 Future Cost $11,275 1 Version 12/2/2014 1:02:37 PM Browning Reserve Group

78 Grounds Paving Asphalt: Sealing 129,605 Sq. Ft. Parking Lots & Drive Quantity 129,605 Unit of Measure Square Feet 4 Cost /SqFt $ % Total Cost/Study $18,145 Replacement Year 2024 Future Cost $23,227 This is to prepare the surface and apply a single coat asphalt emulsion product. If a second coat is desired the cost is generally 10% to 20% higher Sealing deferred until 2024 per client 11/17/ Asphalt: Ongoing Repairs 129,605 Sq. Ft. Parking Lots & Drive (2%) Quantity 129,605 Unit of Measure Square Feet 4 Cost /SqFt $2.50 Qty * $/SqFt $324, % Total Cost/Study $6,480 Replacement Year 2024 Future Cost $8,295 This is for miscellaneous repairs including crackfill, skin patching and minor dig out & fill. Cracks 1/4" or wider should be filled when observed. Until major repairs of the paving is completed, any on-going emergency repairs are figured to be replaced from operating This work is anticipated to coincide with seal coating Asphalt: Major Repairs 129,605 Sq. Ft. Parking Lots & Drive Quantity 129,605 Unit of Measure Square Feet 20 Cost /SqFt $ % Total Cost/Study $278,651 Replacement Year 2020 Future Cost $323,149 This is for major excavation, recompaction and installation of new hot mix asphalt to selected areas. As major paving rehab approaches, should client contract the services of a qualified paving professional to develop a paving plan, this plan may be incorporated into the reserve study $95,000 anticipated parking lot repair in 20 per client 11/17/ Remove and replace in 2020 per client. Cost per unit decreased from $3.5 to Version 12/2/2014 1:02:37 PM Browning Reserve Group

79 Grounds Paving Asphalt: Major Repairs Parking Lots & Drive (20 Only) Quantity 1 Unit of Measure Lump Sum 2 Cost /LS $95, % 1 Treatment [nr:1] Total Cost/Study $95,000 Replacement Year 20 Future Cost $97, $95,000 anticipated parking lot repair in 20 per client 11/17/ Concrete Miscellaneous 613,834 Sq. Ft. Various (0.5%) Quantity 613,834 Unit of Measure Square Feet 10 Cost /SqFt $.00 Qty * $/SqFt $9,207,510 This is for miscellaneous concrete repair on a percentage basis. In 2014, most needed repairs were on the cart paths. legend cart path- 297,904 sq ft challenge cart path- 276,640 sq ft golf club- 27,500 sf ft nine iron deli- 2,550 sq ft cart barn interior- 9,240 sq ft.50% Total Cost/Study $46,038 Replacement Year 2019 Future Cost $52,087 5 Version 12/2/2014 1:02:37 PM Browning Reserve Group