Club Membership Meeting March 5, 2022
Advisory Board of Governors Linda Davis, Chair Angela Enright Rege Brunner Don Hanna Jack Kendall
Keith Morgan Brien Smith Lewis Wilks Scott Wilson
Development Committee Scott Wilson , Chair Billy Busch Tim Cleveland Mac Duncan
Don Hanna Tom Pazera Mike Roach
Club Committee Brien Smith, Chair John Armour Angela Enright Mary Moody
Keith Morgan John Pipkin Bart Rankin
Strengths & Challenges STRENGTHS
• Supportive membership • Position in marketplace is strong • Sustainable Club operations • Transparency between members and developer • Dedicated employee family
Strengths & Challenges C H A L L ENG ES
• Workforce recruitment & retention • Rising costs of goods and labor
State of the Club Membership Golf Financial Staffing
Membership Count As of December 31, 2021
Membership Type
Count
Golf
208
Ranch
106
Sunday House*
69
TOTAL
383
*Currently 11 of the 80 Sunday House owners have Resident Golf Memberships, a full-access category that was discontinued in Oct 2015.
Memberships with Golf Dues Maximum of 475, per 2015 Membership Plan
Golf Members Projected at Turnover* 474 Residential Units – 70%
332
73 Non-Resident Memberships – 60%
44
Sunday House / Lake House Memberships – 100%
15
TOTAL
391
*Projections are based on approximate current percentages of Residential and Non-Residential members who elect Golf Dues vs Ranch Dues
Golf Course Usage (Rounds) 15,921
11,415 9,441 7,669
6,139
15,249
Financial • 2021 - Cash flow positive • 2022 - Projected positive before capital expenditures • Well positioned to absorb additional cost associated with new major amenities • On track for sustainable long-term positive cash flow prior to turnover
Staffing • Recruitment
• Retention • Wages & benefits • Workforce housing
“Life of Project” Fiber Broadband ARB Boot Ranch Timeline
Broadband Fiber Status Nexstream
Architectural Review Board Keith Morgan succeeding Don Hanna as member representative Weekly Meetings – Avg 6 topics New Design Guidelines 2020 Dark Sky Compliance 2022
Boot Ranch Timeline 2004
Hal Sutton launches construction and lot sales at Boot Ranch.
2006
Golf Course, Golf Shop, and Men’s Locker Room open.
2007
Sutton secures development partnership with Legacy Properties that infuses $70M in financing from Lehman Brothers.
2006 – 65 Lots
2007 – 105 Lots
October 2007 Planning Map Developed Ph 1 Lots 91 Proposed Ph 1 Overlook Cabins 21 Proposed Ph 1 “Hole 9” Lots 11 Proposed Ph 2 Lots 460 Total Lots 583
2008
Lehman Brothers collapses and Boot Ranch assets are frozen.
July 2008 Sales Map 127 Total Lots 41 Closed/Under Contract 5 Closed/Listed at Resale
2009
Lehman announces intention to sell Boot Ranch, which will end involvement by Sutton and Legacy.
2010
Boot Ranch assets sell at auction for $50M to subsidiary Lehman Brothers Holdings, Inc., which retains Pine Street Partners to manage development and Club operations.
2011
Clubhouse and Lodges completed after 3-year construction hiatus.
2012
Lehman takes BR off market, announcing plans to hold indefinitely.
2014
Ranch Club opens as first family-centric amenity.
2015
Lehman Brothers Holdings offers BR for sale, the last asset in its portfolio. Wheelock Street Capital purchases BR with Terra Verde Group as its Operating Partner.
Development Philosophy Product mix to meet market demand Cluster density around amenities Sustainability of Club at turnover
2017
Renovation of Golf Course greens and bunkers
2017
Putting Park and Activity Field open in Metzger Park. Pavilion and lighting added 2020.
2017
First Phase of Lake Club opens
2018
Clubhouse interior and terrace renovations completed
2019
Metzger Market and Mail Center opens
2020
Fitness Center (FIT) and housekeeping headquarters completed
2022
Projected opening of Racquet Club Projected completion of broadband Fiber project
2023
Projected completion of new Gun Club
2024
Projected completion of Lake Club
PRELIMINARY CONCEPT
Residential Development & Sales
October 2014 Planning Map Provided by Lehman Bros
Lot Status 331 residential units offered thru Dec 2021
As of 12/3/21
Sources of Sales - 2015-2021
Questions & Answers IN PERSON Raise your hand. We will come to you with a microphone.
ON ZOOM Submit questions using the Q&A option at the bottom of your screen.