Cayetana Ranch 1
Cayetana Ranch Cayetana is a unique 1,500 acre ranch located just 35 minutes North of San Francisco in Marin County. Cayetana was purchased in 2008 by 20 families who shared a passion for unspoiled nature and the desire to create a unique jointly-owned country retreat. While the surging Bay Area real estate market has made the ranch a great financial investment, the true value of the property has proved to be as a family getaway: a place to enjoy nature, expose children to ranch life, spend a quiet weekend in the country, and entertain friends. After capital investment exceeding $1mm, as well as hundreds of hours of member time dedicated to improvements, Cayetana now boasts three remodeled ranch houses, a 60 ft pool with entertaining area, 10 miles of single-track trails for mountain biking and hiking, horse paddocks and bridle trails, three fish-stocked ponds, a half-acre organic vegetable garden, fruit and olive orchards, a Deer Camp area with four permanent tents for entertaining and camping, a High Camp with two permanent tents for more secluded camping, a sustainable grass-fed cattle operation, and a vineyard that produces top-notch Pinot Noir and Viognier under the Kendric Vineyard label. Cayetana is seeking up to six new families to join our unique ranch community. New members will enjoy the same benefits and rights as the original members, both in terms of ownership and usage. Funds from the sale of new shares will be allocated to paying down the ranch s $4mm mortgage and to additional house improvements. 2
The Land 3
1,500 acres 35 minutes from San Francisco Cayetana NMLC LLC 4
Amenities Usage of the ranch 365 days per year for all members Three houses on trimester reservation system A 60 ft. pool and entertaining area, available for all members A large camping area (Deer Camp), suitable for campouts and parties, with new bathrooms and four new permanent tent cabins A smaller camping area (High Camp), with two permanent tent cabins and a bathroom Miles of trails circumnavigating and criss-crossing the ranch, ideal for hiking, mountain biking, and horseback riding A large vegetable garden Three fish-stocked ponds with swimming, kayaking and paddle boarding A sustainable grass-fed cattle operation Horse boarding facilities and expansive pastures A lease/business relationship with Kendric Vineyards who produces award winning Pinot Noir and Viognier from 8.5 acre onsite vineyard 5
Cayetana HQ Houses and Barns 6
Main Barn 7
Houses 8
House 1 9
House 2 & 3 10
Pool 11
Trails 12
Ponds 13
Deer Camp 14
High Camp 15
Garden 16
Cattle 17
Vineyard 18
Horses 19
Ownership Structure Ranch is fully owned by North Marin Land Trust, LLC (NMLC). The 20 owners are unit-holders of NMLC, each owning an equal percentage, currently 5%. All unit-holders retain pro rata ownership as land appreciates. All unit-holders participate in mitigation banking revenue. Ability to sell unit at any point in time (with 75% approval from other unit-holders required to approve new incoming family). A five-person board provides ranch governance, including developing the annual budget and deciding on day-to-day issues. Volunteer committees include Pool, Housing, Deer Camp, High Camp, Infrastructure, Cattle, Trails, Landscaping, Social. Monthly dues have ranged from $400-$1600 per month, depending on mitigation revenue and capital needs for ranch improvements. Dues target of $500 per month following sales of shares to new members. NMLC has approximately $4mm of debt. Proceeds from sales of new units will go toward paying down debt and ranch improvements. 20
Mitigation Banking Starting in 2010, we began developing a mitigation bank covering about 75% of ranch acreage. A mitigation bank is land that is permanently protected from future development, with an environmental easement ensuring its protection. In exchange for protecting the land, landowners receive credits that can be sold to real estate developers who are required to buy mitigation banking credits to offset wildlife or habitat impact of their development projects. The first phase of the project has been approved by the US Department of Fish and Wildlife, and the second phase is under review, with approval expected this year. Revenue to NMLC will come in over the next 20 years. Revenue to NMLC so far have totaled about $1mm. Revenue over the next 20 years has been projected to be as high as $15 million, although there is uncertainty about the ultimate amount and timing. 21
The People 22
Cayetana Family 1. Shelby & Carol Bonnie: Mason (17), Henry (15), Virginia (12) 11. Will Harris & Cecilia Harris: Pippa (11), Angus (10), Holt (6), George (4) 12. Bo & Kathryn Lasater: Lucy (13), Garland (10), Piper (8) 2. Jason & Meghan Bogardus: Aidan (10), Finn (8) 3. Kent & Farrow Carter: Madison (4), Avery (1) 4. Chris & Colby Clark: Fiona (11), Beatrice (8) 13. Robin & Mimi O Connell: Brooke (12), Briar (10), Cole (7) 14. Tim Parsa & Jamie Grenough: August (4), Pax (1) 15. Bill & Amy Reed: Margaret (4), Townsend (3) 5. Casper & Nina De Clercq: Lucas (8), Willem (6), Martin (5) 16. Andy & Stacy Scott: Audry (13), Nathan (11) 17. Pete & Christine Stovell: Katie (13), Peter (11), James (8) 18. Elizabeth Wellborn: Camille (10), JH (9) 6. Kempton & Meredith Dunn: Taylor (12), Davis (10), Chase (8) 7. Dave Dupont: Coleman (12), Mina (10) 8. Coby & Besty Everdell 9. Lycia Fried: McRae (16), Max (14), Eli (12), Gus (9) 10. Ted Glenwright 19. Colin Wiel: Eli (15), Zach (12) 20. Karen & Steve Wiel 23
New Member Process Families interested in learning more should contact a Cayetana Member they know well or Meghan Clark (clark.meghan@gmail.com) or Christine Stovell (cmillssf@yahoo.com). New Member Calendar: March 15-April 15: Ranch visits with interested families. April 15-May 15: Meet & Greet events with Ranch Members. May 31: Formal written expressions of interest due with refundable deposit. June 15: Formal acceptance letters sent. June 30: Share payments due. 24
FAQ How many new Members does Cayetana want? 2-6. Why is Cayetana seeking new Members? To raise capital for major house and infrastructure improvements and repayment of ranch debt. What is the price per shares? $650,000. Will the new shares be assuming a share of the ranch debt? Yes-- each share represents ownership in NMLC, which owns one asset (the ranch) and is party to debt agreements. The new members will not be personally liable for the debt, but their share will be encumbered by it. How much debt does NMLC have? $4mm. What are we looking for in new members? People who love the ranch, are looking for a unique, family-oriented community, and have the time and inclination to contribute to its maintenance, administration, and improvement. 25
FAQ (cont) What recent improvements have been made? Pool area, trail system, high camp tents, deer camp tents, house tune-ups. How much mitigation revenue has the ranch generated? ~$1mm How much additional revenue is anticipated? This is unclear and difficult to predict at this time. Why is it unclear? The sales pipeline for some of the types of credits that are available is opaque and has become difficult to predict. 26