ROARING FORK CLUB CABINS FREQUENTLY ASKED QUESTIONS August 28, 2017

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Gervais Osborne
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ROARING FORK CLUB CABINS 52-64 FREQUENTLY ASKED QUESTIONS August 28, 2017 What is the Roaring Fork Club Cabins 52-64 project?

Planned are 13 cabins situated along the westerly and northerly edges of Hole #5 of the golf course. Existing employee housing will be relocated northwesterly of its current location.

1 ROARING FORK CLUB CABINS FREQUENTLY ASKED QUESTIONS August 28, 2017 What is the Roaring Fork Club Cabins project? Earlier this year, the Roaring Fork Club Board of Directors and Partners approved moving forward with development of 20 acres formerly known as the Arbaney Kittle Addition. Planned are 13 cabins situated along the westerly and northerly edges of Hole #5 of the golf course. Existing employee housing will be relocated northwesterly of its current location. The maintenance facilities will remain where located. Extensive grading, water and landscape features will create a setting representative of other cabins and sites within the Roaring Fork Club campus. Why is Roaring Fork Club building more cabins? The Roaring Fork Club chose to take on this expansion to meet demand of members for larger, multi-generational use residences and to enhance Club facilities. Key considerations are: Provide larger cabins for members that need additional space for their extended families Implement the project with reverence to the overall fabric and character of existing Roaring Fork Club cabin features and environs Relocate employee housing to the northwesterly portion of the property adjoining the existing Kittle House (to be converted to employee housing) and enable development of additional employee units Provide a place for much needed employee and guest overflow parking Convert long-term land and maintenance facility lease obligations to Roaring Fork Club ownership and control Provide resources to address near-term capital requirements for Club and Course refurbishments including golf course irrigation and fire protection systems What s going to be built? There are 13 cabin sites, eight of which adjoin the 5th hole and five of which are internally oriented around a new private pond enhanced by views of Basalt Mountain and nearby foothills. Three prototype cabins will range from 3,200 to 4,000 square feet in one-story and two-story configurations. Cabins will offer 4 to 5 bedrooms and/or den, larger kitchen and living areas, enhanced natural light, extensive decks and other distinctive features. Automobile parking for each Cabin will be in multi-unit two-car fully enclosed and over-sized (for storage) garages located at the entry to the Cabin area. Cabins will be accessed along cart paths typical of existing Roaring Fork Club cabin areas. The entire Cabins complex will be graded and landscaped with a mix of native grasses, Spruce, Fir and Aspen groves interconnecting with reconfigured Hole #5 pond and a new pond with meandering streams and water features.

2 Connective cart paths will provide easy and quick access to the Member Lodge and Club amenities. We are selling the sites to Roaring Fork Club members and then immediately building the cabins for them. This concentrates construction into a shorter, less impactful period and results in cost savings to our buyers. What are the Cabin choices? Cabin A ranch style, 3 bedrooms + den or 4 bedrooms, 3 ½ to 4 ½ baths, 3,207+ sq. ft. (optional 700 sq. ft. basement area that could be purposed for two bedrooms with baths, or wine room and entertainment area, or combinations thereof) Cabin B two story, 4 bedrooms + den or 5 bedrooms, 4 ½ to 5 ½ baths, 3,640 sq. ft. (optional 290 sq. ft. basement area that could be purposed for wine room or entertainment area) Cabin C two story, 4 bedrooms + den or 5 bedrooms, 4 ½ to 5 ½ baths, loft, 3,888+ sq. ft. Cabin features will be the Rocky Mountain style currently existing throughout the Roaring Fork Club campus. Exteriors will be of log and wood siding, rustic metal and composite shingle roofing, timber frame porches, thermal insulated and divided light windows, appropriate natural and manicured landscaping and extensive water features. Cabin square footages are estimates and are subject to minor modification through design development. Notes: (1) All cabins will have stairway access to a basement level mechanical room; (2) All cabins will be constructed over a 5 ½ foot crawl space; and (3) Town of Basalt approved Sketch Plan for this project limits RFC Cabins size to not more than 4,000 sq. ft. each. What are Cabin features and how do I provide input? Poss Architects is currently preparing construction documents for the three Cabin prototypes. There will be two exterior color and material options and two interior design packages for selection by each Cabin owner. Interior design choices will be of traditional cabin vernacular Cabin Rustic or a more contemporary plan Mountain Contemporary. The project team is formalizing a program for Buyers to request design modifications to the baseline plans and specifications. This program will be documented in the Lot Purchase and Cabin Development agreements to be distributed to Reservation Holders in late September. Opportunity for each Buyer to formalize requested design modifications will become available in October and beyond. In the interim, if there are questions about possible modifications, please contact Alexandra George who will discuss topics with the architectural/builder team. 100 ARBANEY RANCH ROAD BASALT, COLORADO RFCLUB.COM

3 What will the new Cabins cost? The full price including site purchase, site development and Cabin construction, including landscape and water features, high quality interior finishes and appliances is estimated to range from $4.4 to $5.2 million depending on site and cabin selections. The initial site purchase price ranges from $1,750,000 to $1,975,000 with site closing anticipated January or February Payments for construction will occur at various stages through completion. When will this all happen? July September 2017 o Process development applications through Town of Basalt o Finalize Cabin A, Cabin B and Cabin C architectural plans o Distribute Lot Purchase and Cabin Development agreements to Reservation Holders o Seek buyers for all Cabin sites October January 2017 o Execute formal Lot Purchase and Cabin Development Agreements with Reservation Holders o Obtain Development Plan and Plat approvals from Basalt Planning & Zoning Commission and Town Council o Bid site development work and select infrastructure contractor o Bid landscape and water features work and select landscape contractor January - February 2018 o Record final plat and subdivision improvements agreements o Close on Kittle land purchase o Close Lot Purchase agreements with buyers o Enter Cabin Development agreements with buyers o Enter site improvement contracts March May 2018 o Prepare employee housing site and install foundations o Move existing and/or build new employee housing o Initiate Phase I site development work o Start Phase I Cabin construction June October 2018 o Initiate Phase II site development work o Start Phase II Cabin construction May 2019 June 2020 o Deliver cabins for occupancy o Celebrate completion of outstanding community 100 ARBANEY RANCH ROAD BASALT, COLORADO RFCLUB.COM

4 Who is the development team? RFC Properties, LLC (Developer) o Project Oversight RFC Board, Kent Meager and Geoff Hasley, COO o Project Manager Dennis Carruth, Carruth Properties Company o Project Insight Bill Hegberg o Construction Manager Don Carpenter, Project Resource Company o Real Estate and Marketing Manager Alexandra George o Construction Coordinator Teri Bruna Consultants/Service Providers o Site Design and Landscape Architecture Design Workshop o Cabin Architecture Bill Poss Architects/Planners o Civil Engineering Sopris Engineering o Environmental Colorado Wildlife Science o Soils/Geotechnical CTL Thompson o Traffic Felsburg Holt & Ullevig o Title/Escrow/Closing Land Title Guarantee Company Cabin Builder o Harriman Construction Who are the service providers? In-house treated water service Basalt Municipal Water system Exterior landscape and features water service Roaring Fork Club raw water irrigation system Sanitary sewer service Basalt Sanitation District Natural gas service Black Hills Energy Electric service Holy Cross Energy Cable service Comcast Cable Communications Exterior landscape, water features, cart paths maintenance Roaring Fork Club Cabin Corporation Concierge services Roaring Fork Club Cabin Corporation Note: All owners of the Cabin Lots shall automatically become members of Roaring Fork Club Cabin Corporation and subject to its rules, regulations, and assessments for services provided. Declaration of Covenants, Conditions and Restrictions for RFC Cabins PUD All Cabin Lots will be subject to a separate Declaration of Covenants, Conditions and Restrictions, the purpose of which is to restrict the use, occupancy, development, redevelopment and maintenance of the Cabin Lots in order to preserve and protect the quality and integrity of the Cabin Lots, to integrate the Cabin Lots, operationally, with the adjacent Roaring Fork Club, and to preserve and protect the rural residential and recreationally-oriented character of the Cabin Lots for the benefit of Declarant, the subsequent owners of the Cabin Lots, the Roaring Fork Club, and the owners of Cabin Lots within the Roaring Fork Club Transfer Assessment 100 ARBANEY RANCH ROAD + BASALT, COLORADO RFCLUB.COM

Upon the sale of a Cabin Lot, including the initial sale by RFC Properties, LLC to an owner, the property shall be subject to payment of a real estate transfer assessment in the amount of two percent

5 Upon the sale of a Cabin Lot, including the initial sale by RFC Properties, LLC to an owner, the property shall be subject to payment of a real estate transfer assessment in the amount of two percent ( RETA ) to the Town of Basalt. The RETA funds shall be used by the Town of Basalt for general community benefits. Real Property Taxes Property located within the Roaring Fork Club and within the proposed RFC Cabins project will be subject to real estate tax assessments. Current tax authorities and 2016 tax rates are summarized below: Authority Pitkin County General Fund County TV/FM Translator County Road & Bridge County Human Services Healthy Community Fund Open Space & Trails Town of Basalt Basalt Fire Protection Basalt Sanitation Aspen Valley Hospital Basalt Library Roaring Fork School District Roaring Fork School District Roaring Fork School District Colorado Mountain College Colorado River Water Conservation District Basalt Water Conservancy Crown Mountain Park & Recreation District Total Mill Levy 2016 Mill Levy Note: The 2016 Colorado residential assessment rate was 7.96%. For example, a property valued at $4,500,000, assessed at 7.96% and subject to a mill levy of mills would receive an annual property tax bill in the amount of $32,646. What entitlements are required prior to Project start? The property is in the Town of Basalt which is the governing authority for approval of zoning and property development plans. The first step, Sketch Plan approval, was granted by the Town Planning Commission on April 17 and by the Town Council on May 23. The Project Team has assembled a comprehensive package comprising a combined Preliminary Development Plan and Final Development Plan application which was submitted to the Town on August 17. Town of Basalt final approvals are anticipated in the December 2017/January 2018 time frame, anticipating final plat recordation and initial lot closings in February ARBANEY RANCH ROAD BASALT, COLORADO RFCLUB.COM

6 How do I become a Site and Cabin Owner? The first step is to contact Dennis Carruth or Alexandra George to arrange an information meeting and site tour. If you like what you see, then the following process applies: Choose an unreserved Cabin site, enter a Reservation Agreement, and advance an initial $250,000 deposit. o After we have received 13 reservations, we will be building a back-up reservation list; priority for this list will be in the order in which back-up reservations are received. A back-up reservation will consist of a fullyexecuted back-up reservation agreement and a refundable deposit of $100,000. Enter into a Lot Purchase Agreement and a Cabin Development Agreement. Close on your Lot purchase anticipated January Begin Cabin construction and advance periodic payments. o Phase I May 2018 to July 2019 o Phase II September 2018 to June 2020 Note: No ownership interest in a Cabin Lot shall be held by, sold or transferred to any person who is not a Regular Member of the Roaring Fork Club. How do I stay updated on project happenings? Project updates and documents will be available on How do I contact you? Dennis Carruth, Project Manager, dcarruth@rfclub.com, Cell: Alexandra George, Real Estate & Marketing Manager, ageorge@rfclub.com, Cell: Note: Dennis Carruth, Broker, and Alexandra George, Broker Associate, are Colorado licensed real estate brokers under Carruth Properties Company, acting as Seller s Agent with respect to the RFC Cabin project. Mr. Carruth and Ms. George, as well as Carruth Properties Company, are members of the Aspen Board of Realtors. 100 ARBANEY RANCH ROAD + BASALT, COLORADO RFCLUB.COM

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