GGC Project Plan Information Booklet

PROJECT TIMING

NOTE: The information detailed in the red box indicates the golf course enhancement work. This project will not delay completion of the required infrastructure work and the course reopening.

As stated previously, our advisors recommend completing the project as 18 holes at once. However, if it can be determined that there will be no major impact on the quality, speed/experience and cost, the Board will certainly consider completing the project as 9 holes over two segments. The anticipated impact includes: TWO-SEGMENT 9-HOLE PROJECT IMPACT

PROJECT QUALITY

SPEED/EXPERIENCE

COST

„ Hard cost estimated to increase approximately 30 - 35%. „ Operating subsidy doubles to $4M. „ A longer period of membership recruitment challenges. „ Increased employee costs:

„ In the event the same shapers are not available for both segments, the final product could produce inconsistent playing experiences on each 9 holes, even if we only did the necessary replacements. „ Playing conditions will vary due to the amount of time each 9 has matured. „ Potentially inconsistent bunker sand between both segments.

„ Substandard 9 holes in year one due to maintenance inefficiencies and capability challenges. „ No tournaments for 2 years. „ Impact on hosting guests. „ Limited parking and physical access to the clubhouse.

√ Key employee retention. √ Recruiting challenges. √ Caddy program impact.

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