Page 13 - Brochure - Concept Master Plan - Publisher Version

Cost Of The Project

The Long-Range Planning Committee has worked on the projected cost of the project with
the team of Professionals.

The project will be financed through a revolving line of credit. Each Member will be
assessed up to an additional $190 per month.

For this sum, we can refurbish every Member space in the Clubhouse, do the necessary
expansion of our kitchen facilities, add a casual dining venue, expand our outdoor dining
capacity, build a new cart barn with added space for additional carts, build a new state of
the art Fitness Center (with a golf simulator area and spa like space for massage and
treatment rooms) and refurbish our golf course bathrooms. We will also build a sixth
tennis court, two pickleball courts, a new playground, new Golf Course Maintenance
Facilities and make our front entrance look modern and elegant.

The Professionals’ estimated cost of the project is not to exceed $21 million. This includes
a $1.4 million contingency and has taken into account inflationary considerations as we
will not break ground until mid-2023.

It is projected that between $4.5 and $5 million of our existing loan, would have to be
rolled into a new line of credit of between $25.5 and $26 million. The loan would have a
20-year amortization. This line of credit would be repaid as follows:

a) The current $380 per month improvement assessment paid by Members would
continue through the life of the loan.
b) An additional improvement assessment not to exceed $190 per month would be
charged to Members.

c) Sponsored Guests will be charged an improvement fee up to $125 per month
(conservatively assuming 65 Sponsored Guests).

d) The funds the club keeps from home sales per year would be applied against the
loan. We are conservatively estimating at least 10 home sales per year.

This would be sufficient to pay off the loan over 20 years assuming the interest rate is no
more than 5%. This also would leave room in the line of credit to pay the old loan owed by
the Association to certain Members in November 2024.

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