1. Executive Committee Meeting February 13, 2017

2. Development Activity Update

3. Current Development Task Status

4. 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

5. 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

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

7. Comparison of Project Costs with Previous Estimates

8. Key Project Ratios Based on Updated Model

9. 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.

10. Next Steps

11. Development Cost Summary through Design Development Phase

12. 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

17. Sales and Census: YTD