Page 26 - VCC 2022 Capital Plan New Binded

WHY AND WHY NOW

As we have shared with membership, one of the most urgent needs in regard to Club quality and
member experience is renovation of our golf course, as most aspects of the golf course have come

to the end of their useful life. Beyond the golf course, there are additional projects which relate

directly to the results of the membership survey we performed in 2021. All of these projects taken

together will continue to keep the Club at the forefront of attracting new members, as new

interest in joining should be the goal of every private club. In addition, the capital strategy being
implemented should result in the ability to undertake additional projects in future years.

Background and Due Diligence

The genesis of the current project started with the formation of the Long Range Planning
Committee (LRP) in 2019. The LRP’s purpose was to determine the needs of our Club and develop

the methods for achieving those. At a relevant point in the process, we were able to hire Bill

Bergin, a golf course architect, to work with us on master planning our golf course. The result of

Mr. Bergin’s work is an 18- and 27-hole routing and proposed budget for each.

We also engaged Ray Ferreira & Company to perform several tasks for the Club. Mr. Ferreira

undertook an analysis of the Club, a survey of members and held focus groups with members.
Based on those findings, he has helped the Board and LRP develop a strategic plan for the Club,

has performed a market analysis, potential member analysis and competition analysis for the Club

which has informed our financial decision making on the project. Several members of our group

have worked extensively on the development of a financial review and modeling tool which we

have used extensively in the process. We have been able to plug in approximately 10 years of
actual numbers from the Club and then forecast for the same time period as to various aspects of