Presented by Z. Gordon Davidson & Associates, Inc.

The Golf Club at Tierra Oaks Executive Summary

TABLE OF CONTENTS

Property Information ………………………………………………………………………………………………………………… 3

Golf Course Architects ………………………………………………………………………………………………………………… 3

Clubhouse ………………………………………………………………………………………………………………… 3

Annual Membership ………………………………………………………………………………………………………………… 4

Water ………………………………………………………………………………………………………………… 4

Practice Facilities & Equipment ………………………………………………………………………………………………………………… 4

Golf Course Improvements ………………………………………………………………………………………………………………… 5

Facility Summary ………………………………………………………………………………………………………………… 6

Score Card ………………………………………………………………………………………………………………… 7

Regional Information ………………………………………………………………………………………………………………… 8

Age ………………………………………………………………………………………………………………… 9

Household Income ………………………………………………………………………………………………………………… 9

Education ………………………………………………………………………………………………………………… 9

Local Information ………………………………………………………………………………………………………………… 11

Location ………………………………………………………………………………………………………………… 11

Access ………………………………………………………………………………………………………………… 11

Market Overview ………………………………………………………………………………………………………………… 13

Financial Summary ………………………………………………………………………………………………………………… 16

Asking Price ………………………………………………………………………………………………………………… 16

Disclaimer ………………………………………………………………………………………………………………… 17

PROPERTY INFORMATION

The Golf Club at Tierra Oaks is an 18 hole private club that is unique to the community of Tierra Oaks in Redding, CA. The golf course boasts one of Northern California’s most captivating championship golf layouts and an array of luxurious amenities. The existing course was designed by Jim Summers and Sandy Tatum in 1993.

The golf club is the centerpiece of Redding’s private gated community of Tierra Oaks comprised of approximately 190 acres. The setting is a microcosm of Redding’s best natural qualities – a creek with several small tributaries, rolling hills, ancient valley oak trees and large pine trees.

Golf Course Architects

The golf course was designed by the team of Jim Summers and Sandy Tatum. The Golf Club at Tierra Oaks is the result of an inspired collaboration between the distinguished golfing figures: Jim Summers, design craftsman and design expert, Sandy Tatum. Sandy has served as past president of the USGA. He helped design the Links at Spanish Bay with Tom Watson and Robert Trent Jones Jr. and was responsible for the restoration and remodel at Cypress Point, Pebble Beach and San Francisco Golf Club.

Clubhouse

The clubhouse is a two-story 10,530 square feet that includes a restaurant, dining area, commercial kitchen, snack bar, golf shop, bar area, and men’s and women’s locker rooms.

“I don’t think there is a golf course in the valley where you can have this kind of golf experience.“

- Sandy Tatum

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Annual Membership

The Golf Club at Tierra Oaks members enjoy exclusive access to the member-only golf club.

Water

The water supply for the course is provided by the Bella Vista Water District and the central control irrigation system is powered by a Rainbird Cirrus with Maxi. The output is 1,500 gallons per minute from the pump station.

Practice Facilities & Equipment

The Golf Club at Tierra Oaks has a driving range and complete practice facilities which include a chipping areas, practice bunker, and practice putting green. The fifty (50) electric ClubCar golf carts are leased.

THE GOLF CLUB AT TIERRA OAKS - ANNUAL MEMBERSHIP OPTIONS

Category Classification/Fees AnnuallyFull Golf Single $2,1008 Day Advance Tee Times Family $3,000

New Affiliate Full Golf Individual $1,0207 Day Advance Tee Times

Player Development Membership Individual $4685 Day Advance Tee TimesSource: Golf Club at Tierra Oaks

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Golf Course Improvements

The Golf Club at Tierra Oaks is above average in design and layout for this type of course and the surrounding competitive market. From the back tees, the course rating is 72.7 with a slope of 138 and a length from the tips at 6,791 yards.

The clubhouse is a two-story structure boasting 10,530 square feet for creating one-of-a-kind special events of all sizes from small, intimate dinners, corporate meetings, golf tournament, and weddings.

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GOLF CLUB AT TIERRA OAKS - FACILITY SUMMARY

Facility Type Private Grassing:

No. Holes 18 Tee's/Fairways Bermuda Grass/Overseeded with Fescue

Course Design Traditional Greens Poa/Bentgrass

Year Developed 1993 Irrigation:

Architect/Designer Jim Summers/Sandy Tatum Operation Automatic

Course Layout Double Fairways-Continuous-Returning 9's Make/Type Rainbird Cirrus with Maxi

Green Construction USGA Max. Output 1500 GPM

Cart Paths Concrete & asphalt paved, surface Coverage 100%

Path Coverage 100% Water Source Bella Vista Water District

Practice Facilities: Driving Range, Chipping Green, Practice Bunker, Putting Green

Property Amenities Paved parking, landscape, and parking spaces

Restaurant/Lounge Snack bar, restaurant, lounge

Parking Type Asphalt paved, surface

Buildings:

Clubhouse 10,530 SF

Maintenance Building 5,000 SF

Cart Storage Area 4,500 SF

Gross Building Area 20,030 SF

Source: Golf Club at Tierra Oaks

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SCORE CARD

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REGIONAL INFORMATION

Shasta County is one the northernmost counties in California. The largest city in the county is Redding, which is approaching 100,000 residents. The county has a population approaching 180,000 residents and is projected to grow to 195,000 residents by 2025. The recreation industry is the principal source of economic activity in the county, with Shasta Lake and Lassen Peak as the main visitor attractions in the area.

Shasta County Population Projections, 5-year Increments

Estimate Projections

2010 2015 2020 2025 2030 2035 2040 2045 2050

177,538 180,021 187,524 195,628 202,156 207,865 212,264 216,340 220,252

California Dept. of Finance, Dec. 2014

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Age

Shasta County has a median age of 41.9 years, providing a reliable and experienced labor pool, as well as a stable consumer market. Projections for the next ten years indicate the highest increase will be in the 35-44 age group.

Household Income

The median household income for 2014 in Shasta County was $21.42 per hour or $44,556 annually, which is substantially lower than many other areas in the Western U.S. Shasta County businesses have reduced labor costs, even though they pay an above average wage to attract the best employees Shasta County has to offer.

Education

Residents in Shasta County are better educated than the statewide average, with 64% of residents having at least some college education. In addition, Shasta County was above the statewide average of residents holding high school diplomas, as well as associate’s degrees.

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AREA MAP

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LOCAL INFORMATION

Location

Tierra Oaks is located in the city of Redding and is bordered by the neighborhoods of Mountain Gate to the North, Shasta to the West, Redbluff to the South, and Oak Run to the East. It is approximately 170 miles north of Sacramento and 95 miles south of Yreka.

Access

Primary access to Tierra Oaks is provided by Oasis Road. This arterial connects the neighborhood with Redding to the south via Interstate 5, and City of Mount Shasta and Yreka to the north.

Tierra Oaks Neighborhood

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Demographic Summary in a 20-minute to 40-minute drive radius

GOLF CLUB AT TIERRA OAKS - DEMOGRAPHICS

19700 La Crescenta Drive Radius 20.0 Radius 30.0 Radius 40.0Redding, CA 96003 Minutes Minutes Minutes

Population

2021 Population Projection 113,639 155,889 175,385

2016 Estimated Population 111,545 152,821 171,948

2010 Population 109,740 150,043 168,727

2000 Population 98,880 136,551 153,139

Growth 2000 - 2010 10.98% 9.88% 10.18%

Growth 2010 - 2016 1.64% 1.85% 1.91%

Growth 2016 - 2021 1.88% 2.01% 2.00%

Households

2021 Households Projection 44,994 61,384 68,923

2016 Estimated Households 44,204 60,221 67,633

2010 Households 43,604 59,263 66,563

2000 Households 38,761 52,968 59,383

Growth 2000 - 2010 12.49% 11.88% 12.09%

Growth 2010 - 2016 1.38% 1.62% 1.61%

Growth 2016 - 2021 1.79% 1.93% 1.91%

Income

2016 Estimated Median Household Income $45,074 $45,581 $45,810

2016 Estimated Average Household Income $63,263 $63,719 $63,819

Age 25+ College Graduates - 2016 16,726 21,697 24,255

Age 25+ Percent College Graduates - 2016 21.7% 20.4% 20.2%

Source: January 28, 2017 Survey - ESRI from U.S. Census Burea

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Market Overview

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Golfer Demand in a 20-minute to 40-minute drive radius

GOLF PARTICIPATION AND FREQUENCY CHART

20 Minute Drive Radius 30 Minute Drive Radius 40 Minute Drive Radius

Total Population 111,545 152,821 171,948

Total Households 44,204 60,221 67,633

State Participation Rate (% of Tot. Pop) 8.20% 8.20% 8.20%

Estimated Number of Golfers 9,147 12,531 14,100

State Frequency Rate (Rounds per Golfer per Year) 19.3 19.3 19.3

Estimated Play Rate (Rounds per Capita per Year) 2.1 2.1 2.1

Consumer Survey-based Annual Rounds Est. 176,531 241,855 272,125

Geography: (3 Selected) Golf Course: 20, 30, & 40 Minute Drive Radii: Golf Club at Tierra Oaks

Source: January 2017 Survey Conducted by Z. Gordon Davidson & Associates from U.S. Census Data

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SUMMARY OF COMPETITIVE CLUBS

1 2 3

Name Riverview Country Club Gold Hills Golf Club Wilcox Oaks Golf Club

Type Club Private Semi-Private Private

City Redding Redding Red Bluff

County Shasta County Shasta County Tehama County

Distance/Direction from Subject 12.0 Miles 4.0 Miles 34.0 Miles

Year Built 1947/1951 1978/1980 1935/1957/1977

Number Holes 18 18 18

Length (Yards) 6,610 6,609 6,268Architect Henry Rother/Doug Nickels

(2001)Walter Wentz Various designers involved

(owners and members)

Green Fees - Weekends & Holidays (Inc. Cart) $68.00 $68.00 $60.00

Compiled by: Golf & Resort Properties

SUMMARY OF COMPETITIVE CLUBS

4 5 6

NameLake Redding Golf Course River Tasalmi Golf Club

(River Bend) Allen's Golf Course

Type Club Public Semi-Private Public

City Redding Redding Redding

County Shasta County Shasta County Shasta County

Distance/Direction from Subject 12.0 Miles 12.0 Miles 14.0 Miles

Year Built 1958/1989 1990/1991 1962/1964

Number Holes 9 9 9

Length (Yards) 1,790 2,148 3,412Architect Redesigned over the years

with various individualsBill Ralston Dick Menning

Green Fees - Weekends & Holidays (Inc. Cart) $37.00 $25.00 $40.00

Compiled by: Golf & Resort Properties

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FINANCIAL SUMMARY

Detailed financial data is available; please inquire about our secure website.

ASKING PRICE

We are offering this unique investment opportunity without an asking price. Contact us to submit your offer.

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Disclaimer

This Golf Property Analysis is provided for internal purposes of a potential investment and is subject to errors, omissions, change of membership deposits and fees and other changes to the materials, statements and information contained herein or relating to the Property.

Z. Gordon Davidson & Associates, Inc. nor any of their respective affiliates, partners, directors, officers, employees or agents, make any representations or warranties, whether express or implied, by operation of law or otherwise, with respect to this research and analysis or the Property or any materials, statements or information contained herein or relating thereto, as to the accuracy or completeness of such materials, statements or information, or as to the condition, quality or fitness of the Property; nor do they assume any responsibility with respect thereto. Such materials, statements and information have in many circumstances been obtained from outside resources and have not been tested or confirmed. In particular, is based on various assumptions and no guarantee or assurance can be given.

The potential investor must perform their own examination of the Property and information relating to same, and shall rely solely on such examination and inspection, and not on this Golf Property Analysis or any materials, statements or information of discounted cash flow analysis contained herein or otherwise provided.

Z. Gordon Davidson & Associates, Inc.

80884 Via Puerta Azul La Quinta, CA 92253

Office: 760.564.6454 Cell: 760.238.7120 www.zdavidson.com zdavidson@dc.rr.com

Broker License No. 01150581

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