Executive Committee Meeting February 13, 2017

Development Activity Update

Current Development Task Status

Villa Sales Progress Currently have 8 Villa residences sold Two sales events tomorrow Several good leads are still in pipeline Resident reception for prospects February 20

Villa Construction Cost Opinion Design Development (DD) Plans 100% complete by SFCS Construction Cost Opinion updated for Villas based on 100% complete DD documents by McPherson

Project Costs with McPherson Cost Opinion on Villas at DD, Parking at SD, and Estimates of CC and Pool by SFCS

Comparison of Project Costs with Previous Estimates

Key Project Ratios Based on Updated Model

Financing Update Continuing Communication with UMB Submitted latest financial model with Design Development cost opinion and 2016 year-end financial results included. Affirmed the following assumptions: -3.25% interest rate on a 20 year amortization schedule -No Debt Service Reserve Fund -Cost of Issuance will include a real estate appraisal, Alta survey, Title Insurance, etc. -Direct Placement Bond Issue with UMB purchasing bonds; Will be a ‘draw down’ loan during construction. Anticipate that UMB will provide a conditional commitment letter by February 17, 2017.

Next Steps

Development Cost Summary through Design Development Phase

Schematic Design Progress on Balance of Project Parking Structure Pool and Connector Community Center Brewster East Renovation Schematic Design Complete by March 13 Cost opinion by McPherson by April 7

Sales and Census: 2017 YTD