ATTACHMENT 9 S TATEMENT OF QUALIFICATIONS

BLUE ROCK SPRINGS GOLF COURSE VALLEJO, CA

SUBMITTED BY GREENWAY GOLF/PACIFIC UNION LAND COMPANY INC.

SEPTEMBER 8, 2017

TABLE OF CONTENTS

Tab 1. Greenway Golf - Firm Information and Development Qualifications & Pacific Union Land Co. - Firm Information and Development Qualifications

Tab 2. Financial Qualifications and Capability

Tab 3. Project Development Concept

Tab 4. Fiscal Impact

Exhibit A: References

Exhibit B: (CONFIDENTIAL) Financial Information

Exhibit C: Insurance Certificates

Introduction to the Development/Management Team

The proposed Development/Management Team (collectively, the “Team”) consist of a partnership between one of the nation’s leading golf course maintenance and management companies, Greenway Golf Inc. (“Greenway Golf”), and premiere Bay Area residential development company, Pacific Union Land Company Inc. (“Pacific Union”). If selected, the Team would create a standalone entity(s) on behalf of the newly formed partnership.

Individually, the two companies have enjoyed many years of proven success in their respective areas of expertise. This will be the first co-venture between Greenway Golf and Pacific Union, although the principals of companies have known each other and had a working relationship since the 80’s. George Kelley, the CEO of Greenway Golf worked for Pacific Union Co. from 1979-1992.

As further detailed herein, Greenway Golf would orchestrate the redesign and redevelopment and take over all operations and maintenance of the all golf oriented components of the project, including but not limited to, the golf course, practice center, multi-use club house and event center, maintenance buildings, carts and associated facilities, pathways and landscaping. Pacific Union will work with the City, regulating authorities and local community to plan, entitle, design, engineer, and the re-envisioned and improved golf course, public facilities and complimentary residential community.

Both Greenway Golf and Pacific Union have long standing roots in the Bay Area with key personnel having 25 to 30 years of experience leading similar projects, all of whom will be directly involved in the revitalization and redevelopment of the Blue Rock Springs Golf Course. We believe this team approach provides real substantive benefits towards ensuring the City’s vision and goals are met, with each component being developed and managed by experts in their respective fields. We think this partnership will provide the best possible outcome for the City and its residents.

Tab 1: Firm Information and Development Qualifications

Greenway Golf

Tab 1. A – Firm Information

1. Ownership/Organization Structure

• Greenway Golf formed in 2002, is a California corporation headquartered in Alameda, CA with support offices in Austin, TX & Ft. Lauderdale, FL • Greenway Golf is owned by its original founders and executive officers George Kelley, Marc Logan and Ken Campbell

2. Parent Company (not applicable)

3. Officers and Principals

GEORGE KELLEY Founder / Principal • Former touring pro & owner/co-designer of famed Stevinson Ranch GC (CA) • Past president of California Golf Course Owners Association & Co- Chairman California Stocker Cup • Recognized as one of Golf Inc. Magazine’s “18 Most Innovative People” 2013 • Visionary behind Greenway & involved in course marketing

MARC LOGAN Chief Agronomist/Principal • Greenway Turf Methodä Inventor | Leading advisor 100+ courses • Native of Australia & mentored at the famed Royal Melbourne • Received two Masters: Horticulture (turf) from Curtin University, Western Australia; and Botany from Canterbury, Australia • Project manager for over 30 golf construction projects (Includes – Alameda Corica Park, Mayacama GC, Meadow Resort, Waldorf Astoria GC, Kingsbarn, Bakers Bay Club) • Serves as oversight & director for all agronomy programs

KEN CAMPBELL COO/Principal • Successful private and resort club management for over 24 years • Business communications & entertainment background • Former golf club food and beverage manager and restaurant manager for Stuart Anderson’s Black Angus Restaurants • Former marketing manager for California Coast Golf Trail • Served as host club manager for LPGA Classic at Tulsa CC • Oversees all business plans and partnership services

4. Number of Years of Relevant Experience

• Principals have over 30 years of experience in golf management and currently operate and advise 12 properties (3 are municipal owned, including 45-hole Corica Park in Alameda, CA)

5. Describe Current and Anticipated Projects

Current Clients/Projects

• City of Alameda Chuck Corica Park (Municipal Owned Public Golf Facility, 45-Holes) Location: Alameda, CA | Sept 2012 – Present Service: Operate facility (excluding F&B) under a 25-year lease • Town of Davie, Florida, Davie G&CC (Municipal Owned Public Golf Facility, 18-Holes) Location: Ft Lauderdale, FL| 2011 – Present Service: Operate full facility under 10-yr hybrid lease • City of Broken Arrow, Oklahoma, Battle Creek GC (Municipal Owned Public Golf Facility, 18-Holes) Location: Tulsa, OK| 2006 – Present Service: Operate full facility under 10-yr agreement • Meadowood Resort Location: Napa Valley, California | 2015 - Present Services: Project management and golf course maintenance • Turlock Golf & Country Club Location: Central Valley, CA | 2007 – Present Service: Provide all course maintenance & turf management • Sherwood Country Club Location: Southern California | 2015- Present Service: Course Renovation Project Management Top 5 Southern California Best Courses • Los Angeles County Links at Victoria Location: Carson (LA), CA | 2015 - Present Service: Advise County and course operator Completed renovation of practice range 2017 • First Tee of Monterey Golf Course Location: Salinas, CA | 2010 - Present Service: Full Golf Course Maintenance • Crazy Horse Country Club Location: Salinas, CA | 2010 – Present Service: Golf Course Maintenance • Arrowhead Country Club Location: San Bernardino, CA | 2006 – Present Service: Golf Course Maintenance Advisement • Bonaventure Resort Golf Club Location: Weston, FL | 2012 – Present Service: Rebuilt greens, bunkers | Provide golf course maintenance • Grand Palms Resort Club Location: Pembroke Pines, FL Service: Full Golf Course Maintenance 27-hole golf course

Anticipated Projects

• New Bahamas Golf Course (Beginning in September 2017) Project management/oversight for new construction of a resort golf course in Bahamas • Turlock CC Sand Bunker Renovation (November 2017- February 2018) Project management and oversight to renovate all sand bunkers

Tab 1. B – Description of Key Personnel

(1) Principal-in-charge: GEORGE KELLEY CEO

The visionary behind Greenway Golf and responsible for business development, facility assessments and strategic planning. George is a sixth-generation descendant of a California Pioneer family whose current business interests include farming, a dairy operation, cattle and real estate development. George graduated from the University of Colorado. After competing on the golf team there he traveled the world as a touring professional. At the completion of his golf career, Kelley became a real estate broker working with Pacific Union Co. specializing in golf related ventures. In 1995 he developed and co-designed the highly-acclaimed Stevinson Ranch Golf Course on family owned land in the Central Valley of California. Stevinson Ranch was loved by players — it won Golf World’s Readers Choice Award for America’s Best Conditioned Public Course and #5 Overall Public Facility. George is a past president of the California Golf Course Owners Association, the state chapter of the NGCOA. (2) Golf Course Project Manager: MARC LOGAN Agronomist/Course Renovation Project Manager

Greenway’s turf scientist, oversees the turf management at all Greenway properties. An Aussie native, Marc has developed a reputation as one of the world’s leading agronomists. He’s also the creator of the proprietary Greenway Golf Turf Management Program, which is used with great results at some of the finest golf courses in the world. Marc mentored at the famed Royal Melbourne Golf Club, has two masters’ degrees, one in Horticulture (turf) from Curtin University, Western Australia, and one in Botany from Cambridge, Australia. He was the Superintendent at Mt. Lawley Golf Club in Perth from 1987-1999. During that time he began his consulting career. To date he has consulted with over 100 golf courses worldwide in every conceivable climatic condition. Time and time again, his methodologies have dispelled the common notion that bent grass greens can’t be effectively managed in cool climates. Noted golf course architect Rees Jones has called Marc “The best agronomist in America today.” (3) Other Key Personnel: Golf Operations - Greenway Golf KEN CAMPBELL Director of Operations

Is responsible for overseeing operations, marketing, financial performance and client relationships. Ken has excelled in leading operation teams in delivering friendly, comfortable service while achieving solid financial facility performance. Ken entered the golf (entertainment) business in 1993 serving as Food and Beverage Manager at Bailey Ranch Golf Club in Owasso, Oklahoma. Upon gaining valuable experience, Ken was hired by a prominent national management at the company’s Colorado flagship resort property, Arrowhead Golf Club. In 1998 Ken joined George Kelley as

General Manager of Stevinson Ranch. Ken has also served as General Manager and host site manager for the LPGA John Q. Hammons Classic and restaurant manager for Stuart Andersons Black Angus. JASON COOK

Jason has a degree in agronomics from the University of Massachusetts and more than 17 years of experience at high-end resort, private and all levels of public golf facilities. Jason’s well-rounded background and expert irrigation and safety experience fulfills a key niche for Greenway with a concentration in one of the most volatile and influential components in course management.

LISA STAMPER

Corporate controller in charge of overseeing all accounting, banking functions and HR of golf properties. Degree in accounting from Chico State with over 20 years professional accounting experience and past 9 years with Greenway.

PATTI STRAASS

Regional company accountant based at Alameda office. Responsible for daily accounting, payables and receivables. Has been serving as golf club account for more than 15 years with past 5 years serving as regional support accountant.

DON REYNOLDS

Company equipment manager in charge of procedures and oversight for all mechanical equipment on property.

Golf Operations Organizational Chart

Tab 1. C. - Experience of Proposer Relevant to Blue Rock Springs Proposal

1. Golf Project Related Experiences

-City of Alameda Chuck Corica Park (Municipal Owned Public Golf Facility, 45-Holes) Location: Alameda, CA | Sept 2012 – Present

Service: Operate facility (excluding F&B) under a 25-year lease Contact: Amy Wooldridge, Recreation & Parks Director, [email protected] | 510 747.7570

Project Team: Community and City Client Relations George Kelley, Construction Marc Logan, Operations Oversight Ken Campbell, Agronomy Jason Cook, Maintenance Equipment Management Don Reynolds, Accounting & HR Patti Straass and Lisa Stamper, Retail Mechanising Linksoul Brand Director John Ashworth

Greenway was selected in 2012 to operate the property from a national RFP that attracted the largest and best management companies in the industry. This concluded the previous 5-years of management of the property by Kemper Sports. In awarding Greenway a 25-year lease, the City noted its preference for an experienced local partner with large scale support capabilities and a proven ability to implement unique turf and marketing service programs that will differentiate the courses. In addition, the community appreciated how Greenway developed a vision for the property that embraced its past while moving the club forward with improved conditioning, services and financial sustainability.

Greenway has implemented its ‘Fun Starts Now’ program, which promotes fun and themed events to increase enjoyment and revenue of the Club. Additionally, as promised, Greenway has privately funded and fully renovated the practice facility and the 9-hole par-3 course and is currently renovating the South Course with famed architect Rees Jones, expected opening spring 2018.

Property Renovation Budget: $20M City shares in facility revenue and has no risk or liability on project or operations South Course Redesign by Rees Jones

- Meadowood Resort Location: St Helena, CA (Napa Valley) | 2013 – Present Service: Greenway served as project management and construction company for redesign, construction and grow-in of new 9-hole course and continues to provide contract golf course maintenance services. Project Team: Marc Logan lead manager, Ken Campbell operational support, Jason Cook, agronomy support, Accounting & HR Patti Straass Awards: Napa Valley’s Premiere 5-Star Luxury Resort Conde’ Nast Readers’ Choice Award

The goal of the project was to replace antiquated irrigation and drainage pipe, add internal drainage – crucial in an area that can get 40 inches of rain in a season – and replace the push-up greens with modern, sand-based designs. “What lies beneath” seems to be a common theme among Logan and Greenway’s projects. The beautiful fairways, greens, and bunkering are what the golfer loves, but the owners and maintenance staff understand and appreciate the benefits of a modern infrastructure.

“It was a challenging project,” explains Logan. “We had to get half of the nine holes finished in a very short timeframe, and put a fence up so that the wedding guests wouldn’t even know that construction was going on. Then we had 5 weeks to finish, before a major wine auction. And we had to be quiet, which isn’t easy to do when blasting rock. Bill Harlan’s wineries are known for their minimal environmental impacts. So redeploying the rock we found on site to create water retention areas fit in perfectly with that theme, just as one example.”

Logan and the team also found (mostly underground) the remains of rock walls that Chinese farmers used on the property to hold water for growing rice long before Meadowood existed. These rocks were placed in areas where they would not only serve a purpose – such as retaining walls around raised tee boxes – but also where their age would make them attractive additions to the course.

From Founding Partner: Bill Harlan… “Recently our golf course had fallen into a state of disrepair and needed a complete renovation. Greenway Golf had previously done some work for us and found them to be very professional in every aspect. We hired Marc and his company and they delivered as promised and was completed on time and on budget in spite of the numerous challenges. Since the course re-opened the reviews have been exceptional. I can assure you Greenway’s expertise is exceptional in all facets of construction, course conditioning and greens management, and that you will not regret the decision to work with Greenway.”

- Berkeley Country Club (formerly Mira Vista G&CC) Location: El Cerrito, CA | 2010

Service: Project Manager and irrigation construction for 18-hole course renovation

Project Team: Marc Logan, Project Manager

The project was on a strict budget and timeline and with any Club looking to do a renovation; the Club was trying to get the biggest bang for the buck. When the original renovation bids came in from the various contractors, they were over budget by almost $1 million. The irrigation upgrades alone came in over $410,000. The Club board decided to hire Greenway to serve as the project manager for all renovations and to serve as the construction team for the irrigation portion of the project so that a savings of over $400K could be realized. In the end, the Club installed more than 600 sprinklers than the original plan by utilizing Greenway. This is assisting the superintendent to better control water management. In turn, this saves money for water and chemicals that are applied.

- Waldorf Astoria Golf Resort at Disney World Location: Disney World Orlando, FL | 2010-2011

Service: Project Manager and grow-in for new construction of 18-hole resort course

Project Team: Marc Logan, Project Manager, Ken Campbell, Operations Director, Jason Cook, Superintendent, Accounting & HR Lisa Stamper

Project Budget: $8.7M

This new 18-hole golf course is part of the 482-acre Bonnet Creek resort development. The Waldorf Astoria Golf Club opened on October 1, 2009 and serves as an amenity for the 497-room Waldorf- Astoria Orlando and the 1,000-room Hilton Orlando Bonnet Creek at Disney World.. On behalf of the developer and working directly with world renowned architect Rees Jones, Greenway supervised all construction elements, expenses and provided staffing, equipment and management for the turf grow-in and maintenance. Utilizing Greenway’s expertise, Mr. Jones design was successfully created on time & under budget. Awards: Golfweek: Best New Courses 2010 and Golf Magazine: Gold Premier Resort

- Town of Davie, Florida, Davie G&CC (Municipal Owned Public Golf Course, 18-Holes) Location: Ft Lauderdale, FL| 2011 – Present

Service: Project manager for new course grow-in and Operate full facility under 10-yr lease Contact: David Flaherty, Parks Director [email protected]| (954) 797-1151

Project Team: Ken Campbell, Marc Logan and George Kelley, Maintenance Equipment Management Don Reynolds, Agronomy Patrick O’fee, Accounting & HR Lisa Stamper

Although Greenway was relatively new in the Florida market, the City selected Greenway from a national RFP based on its proprietary approach to promoting fun in service and its extremely successful track record with delivering superior playing conditions for guests.

Greenway operates under a 10-year lease agreement, which has eliminated all financial risks to the City. Greenway assumed all operating liabilities with an agreed revenue and profit sharing payment to the City. Greenway’s commitment to fun and its unique promotions including complimentary apples and free replacement golf balls if you lose one on a water hole have proven popular and profitable. Guests are playing more as these types of services are not expected at a course with $50 golf rate. The club has operated profitably since Greenway began.

- City of Broken Arrow, OK, Battle Creek GC (Municipal Owned Public Golf Facility, 18-Holes) Location: Tulsa, OK| 2006 – Present

Service: Operate full facility under 10-yr agreement and project manager for renovation of sand bunkers Contact: Scott Esmund, Parks Director [email protected]| (918) 693-0645

Project Team: Ken Campbell, Agronomy Marc Logan, Maintenance Equipment Management Don Reynolds, Accounting & HR Lisa Stamper

Greenway was selected from a national RFP and is responsible for all operations, staffing, marketing and maintenance for this City owned course. Net Income has improved $350K+ under Greenway since 2006, achieving positive income for first time in Club history. Course conditions are the best in the public market with greens considered better than most country clubs. Battle Creek is part of a master planned community with homes surrounding the golf course.

- Bakers Bay Golf & Ocean Club (18-hole resort course) Location: Great Guana Cay, Bahamas Service: Project manager and construction and golf course maintenance oversight for Tom Fazio design golf course. Project Team: Marc Logan, Project Manager, Ken Campbell, Project support, Lisa Stamper, Accounting Project Budget: $15.7M Greenway has done several projects with upscale developer Discovery Land. Bakers Bay Golf & Ocean Club represented challenges of working on a remote island with limitations for labor and resources. Lead by Marc Logan, Greenway managed the project on budget and to the specific environmental standards required for this resort and residential development. Greenways’ unique maintenance protocols were utilized to satisfy permitting to reduce chemical usage by more than 40% from typical golf course maintenance programs. Bakers Bay has been well received by players for its quality construction, design and playing conditions.  Tom Fazio Design Course  Ranked #1 Best Course in Bahamas  Featured on Golf Channels Hank Haney Show

2. Experience working with the neighborhood and community in project development

Greenway Community Experience: Greenway has worked on numerous projects involving municipalities as well as residential and commercial development. All have been successful with Greenway having a proven track record for being responsive to the community as well as golfers. Golf courses represent communities not just players, therefore forging strong relationships with local residents and community are an important part of a projects overall success.

Below is a list of Greenway’s current projects involving golf courses owned by municipalities and/or located with neighborhood associations adjacent or surrounding the golf course. • Corica Park – Alameda, CA Owned by City of Alameda, Corica golf courses have limited homes but a very active resident community with resident rates and local men’s and women’s club. • Battle Creek Golf Club – Broken Arrow, OK Owned by City of Broken Arrow, is part of a large master planned community with over 400 homes with multiple HOA’s. • Davie Golf Club – Davie, FL Owned by Town of Davie, 18-hole golf course is part of a housing community with condos, single family and apartments.

Greenway Recent Construction Management Projects

Project: Chuck Corica (City of Alameda) Location: Northern CA Project: 45-Hole Remodel & Practice Range Original Project Budget: $20M Greenway Project Savings: $3.6M

Project: Davie GC (Town of Davie) Location: Ft Lauderdale, FL Project: 18-hole Course Remodel and Rebuild of tees, cart paths & grow-in Original Project Budget: $700K Greenway Project Savings: $225K

Project: Bakers Bay GC (Discovery Land) Location: Bahamas / Design: Fazio Project: New Build 18-Hole Course Original Project Budget: $15.7M Greenway Project Savings: $3.2M

Project: Waldorf Astoria Golf Resort Location: Disney Orlando, FL Design: Rees Jones Project: New Build 18-Hole Course Original Project Budget: $8.7M Greenway Project Savings: $1.1M

Project: Mayacama GC Location: Sonoma, CA / Design: Nicklaus Project: Construction 18-Hole & Grow-in

Project: Pinery Country Club Location: Denver, CO Project: 27-Hole Course Remodel

Project: Turlock CC Location: Northern CA Project: Rebuild of 18 Greens

Project: Sherwood Country Club Location: Thousand Oaks, CA Project: 18-hole Remodel & Grow-in Host Site for Senior Champions Tour Event

3. Description of any other applicable experience or qualifications. • Restoration and Renovation Construction Experts Greenway is a California licensed golf course contractor with a proven experienced in-house golf course construction team. Which, for this project will better ensure long-term quality as the same company renovating the course would be maintaining it after.

• THE GREENWAY TURF METHOD™ Greenway’s Exclusive Program-Turf and Green Management Services Designed to Lower Costs & Improve Course Conditions • Founded by Greenway’s In-House Expert Agronomist/Botanist • Based on 100 Years of Research and Proven Applications • Maintenance Methods Supported by: * Top world courses including: Royal Melbourne GC, Australia; Monterey Peninsula CC, Tehama GC, Cal Club, Meadwood Resort, Corica Park, Valley Club in California, El Dorado, Cabo Mexico and Bakers Bay Clubin Bahamas.

* Chemical and Water Use. Greenway believes in customizing a tailored agronomic program to a course’s specific climate vs. a “one size fits all” approach. Greenway’s properties on average realize a 40-70% cost reduction on chemicals & fertilizer.

Environmental Management. Greenway is environmentally conscious and manages toward the GEO (Golf Environmental Organizational) standards, which exceed the more common Audubon Certification program.

• Facility Management Experience We’re in the Entertainment Business! At Greenway we approach facility management as though we are in the entertainment business and more specifically the “Business of Fun”.

We encourage guests to “Play Often… & Laugh More! As a result of this fresh approach to management and marketing, Greenway and its principals have successfully improved revenue at every course under its management. Team members are educated that while they all may have different tasks from each other, everyone has the same purpose and Mission… To Love, Serve & Deliver Fun for All.

Guest (Customer) Service Standards – We don’t have employees… We have “Ambassadors of Fun” – Our service philosophies are based on our Fun Starts Now beliefs. It has been proven when staff members enjoy their work it carries over to how they treat players and guests. We view staff members as internal customers and critical to the success of the Club. This begins with our internal Code of Fun that represents our approach to management and is what guides our team members each day.

Tab 1. D - Litigation History

None pending or in last 5-years for Greenway Golf

Tab 1: Firm Information and Development Qualifications

Pacific Union

Tab 1. A – Firm Information

1. Ownership/Organization Structure

• Pacific Union Land Company Inc., a California corporation, was founded in 1975. Pacific Union’s headquarters are in Danville California • Pacific Union is privately owned by its original founders and executive officers

2. Parent Company

• Hartz Holdings Inc. serves as the parent company for our primary businesses, under which falls Pacific Union Land Investors LLC (acquisitions), Pacific Union Land Company Inc. (primary operating entity, under which lies various sub-entities), Pacific Union Homes Inc. (mostly retired home building entity) and Hartz 675 LLC (our office building). Affiliated projects are set up as a single purpose entities and are thus not included in the attached financials for Hartz Holdings LLC.

3. Officers and Principals

JEFF ABRAMSON Co-founder, President & Chief Executive Officer

BILL TUNNEY Co-Founder & Advisory Board Member

JOHN MONTGOMERY Advisory Board Member

MATT TUNNEY Co-Founder & Senior Vice President

LORI WALTZER Chief Financial Officer

BRUCE MYERS Vice President of Land Development

4. Number of Years of Relevant Experience

• For over 40 years, Pacific Union sponsored partnerships have invested in real property¸ entitled and developed large tracts of land and built residential communities, multifamily, commercial projects, and retail projects in Northern California.

5. Describe Current and Anticipated Projects

Past Projects

MASTER PLANNED DEVELOPMENT • Edgewood Tracy, California 1998 - 2005 293 Acres / 1,257 Lots • Mossdale Landing Lathrop, California 2000 - 2008 316 Acres / 1,172 Lots • Bridle Ridge Oakdale, California 2002 - 2006 282 Acres / 950 Lots

RESIDENTIAL DEVELOPMENT • Magnolia Lane San Leandro, California 1991 - 1992 31 Homes • Camellia Court San Leandro, California 1992 – 1995 95 Homes • Summer Lake Newark, California 1994 - 1995 24 Homes • Stony Brook Danville, California 1994 - 1997 88 Homes • Mountain Gate Mill Valley, California 1997 - 2004 28 Homes • Campbell Place Danville, California 1997 - 1999 20 Homes • Lighthouse Point Santa Cruz, California 1998 - 2000 15 Homes • Riverwalk Fremont, California 1999 - 2001 122 Homes • Claremont Modesto, California 2000 - 2002 118 Homes • Claremont Pointe Modesto, California 2002 - 2003 67 Homes • Claremont Pointe Annex Modesto, California 2002 - 2004 106 Homes • Claremont Meadow Turlock, California 2002 - 2004 85 Homes • Claremont Grove Modesto, California 2003 - 2004 81 Homes • Claremont Oaks Ceres, California

2004 - 2006 184 Homes • Claremont Reserve Atwater, California 2004 - 2006 151 Homes • Claremont Reserve Annex Atwater, California 2005 - 2008 164 Homes • Claremont Crossing Oakdale, California 2004 - 2008 122 Homes • Claremont Terrace Porterville, California 2005 - 2008 81 Homes • Claremont Greens Tulare, California 2005 - 2008 95 Homes • Bridlewood Gilroy, California 2001 - 2004 60 Homes • Monte Vigne Morgan Hill, California 2001 - 2004 72 Homes • Vineyard Gate Livermore, California 2002 - 2006 89 Homes

COMMERCIAL DEVELOPMENT • West Gate San Leandro, California 1985 - 2004 31 Acres 3 Bldgs / 950,000 sq ft • South Front Street Livermore, California 1998 - 1999 5.4 Acres 2 Bldgs / 75,000 sq ft • Pacific Corporate Center Livermore, California 2000 - 2012 15 Acres 5 Bldgs / 206,000 sq ft • National Corporate Center Livermore, California 2000 - 2006 12.6 Acres 15 Bldgs / 186,000 sq ft

Current/Anticipated Projects

• 1010 Pacific Santa Cruz, California 2000 - Current 113 Units • Pacific Shores Santa Cruz, California 2000 - Current 206 Units • The Shops at Fairview Brentwood, California 2005 - Current 9.6 Acres 10 Bldgs 92,000 sq ft • Brentwood 24 Brentwood, California Current 9.6 Acres / 24 lots • Brentwood Guthrie Brentwood, California Current 4 acres / 101,000 sf / 631 unit self-storage • Shannon Ranch Visalia, California Current 51 Acres / 277 lots / 7 acres apartments / 6 acres of commercial

Tab 1. B – Description of Key Personnel

(1) Principals-in-charge:

BRUCE MYERS Vice President of Land Development

Bruce Myers serves as Vice President of Land Development for Pacific Union Land Company directing all land development and entitlement activities. Since joining Pacific Union in 1996, Mr. Myers has been involved in all phases of project development from land acquisition and due diligence through entitlement processing, home construction and sales. Mr. Myers leads a disciplined process that has helped assure Pacific Union’s track record of successful entitlement and development. He graduated with honors from the University of California at Berkeley and received a Juris Doctor degree from Loyola Law School. Mr. Myers lives with his wife and three children in Walnut Creek.

MATT TUNNEY Co-Founder & Senior Vice President

Matt Tunney is co-founder and Senior Vice President of Pacific Union Land Company. He is responsible for all investor relations including raising debt and equity for new projects for land development, building projects, and targeted new ventures. In addition, he is responsible for development and management of all commercial projects. He joined Pacific Union in 1991 and served as project manager on several early single family home developments. During his career at Pacific Union, Mr. Tunney has led efforts to develop the effective systems that have helped drive Pacific Union’s success. Mr. Tunney also served as Vice President of Sales & Marketing and corporate broker for all Pacific Union Homes’ projects as

well as Vice President of Corporate Development. He graduated from the University of California at Berkeley with a degree in International Political Economics and lives with his wife and three children in Orinda. Mr. Tunney actively invests in all Pacific Union Land Company sponsored partnerships.

(2) Project Manager:

JOSHUA REED Senior Director of Development and Construction

Joshua Reed is Senior Director of Development and Construction for Pacific Union Land Company. Mr. Reed is responsible for project due diligence and entitlement processing. Mr. Reed is project manager for PULC’s commercial construction and land development. In addition, Mr. Reed is responsible for new acquisitions, dispositions and contract management. Mr. Reed was previously responsible for the asset management of the single family residential rental portfolio owned by PULC-sponsored partnerships. Mr. Reed is a licensed California Real Estate Broker and LEED AP, with a 15+ year background in real estate and construction. Mr. Reed holds a degree from Arizona State University with a focus in geography and international business and lives in Napa with his wife and two daughters.

(3) Other Key Personnel:

JEFF ABRAMSON Co-founder, President & Chief Executive Officer

Jeff Abramson is co-founder, President and Chief Executive Officer of Pacific Union Land Company, a diversified firm doing residential and commercial land development in California. As a leader in the Northern California real estate industry, Mr. Abramson has had decades of success leading a firm of seasoned professionals applying disciplined systems for successful results. His career has involved a wide range of successful residential and commercial land development, commercial project management, multifamily development, and production home building. Mr. Abramson and Pacific Union have effectively used their knowledge and systems to target niched residential development as well as managing development and entitlement work for land assemblies and construction for municipalities. Mr. Abramson has a degree in Business Economics from the University of California at Santa Barbara. Mr. Abramson actively invests in all Pacific Union Land Company sponsored partnerships.

LORI WALTZER Chief Financial Officer

Lori Waltzer serves as Chief Financial Officer of Pacific Union Land Company. Ms. Waltzer oversees the feasibility and profitability of new projects, secures financing for new and ongoing projects and is responsible for fiscal discipline, financial reporting/compliance, risk management and the day-to-day operations of the Company. Prior to joining Pacific Union in 2002, Ms. Waltzer worked at CB Richard Ellis as a financial consultant, where she was responsible for valuing large commercial real estate assets and preparing detailed leasehold analyses. Ms. Waltzer holds an undergraduate degree in Public Policy from Stanford University and an MBA from Columbia Business School. She lives with her husband and two children in Oakland.

Tab 1. C. Experience of Proposer Relevant to Blue Rock Springs Proposal

1. Golf Project Related Experiences

In its early years Pacific Union developed a limited number of golf courses such as the Preseve in Carmel Valley and Meadowood Hotel & Resort in St. Helena. However; as mentioned above, golf course development is not our primary area of focus, thus we have partnered with Greenway Golf to lead the Team’s effort to design, revitalize, redevelop and ultimately manage the golf course and associated facilities.

2. Experience working with the neighborhood and community in project development

Early community outreach has always been a focal point of Pacific Union’s development philosophy. The company launched its home building division in 1991 as an in-fill home builder in San Leandro where communicating with neighboring property owners was an invaluable part of the development process. These efforts typically included a combination of neighborhood meetings, door-to-door outreach and informational flyers. Given its roots as an in-fill developer, Pacific Union views collaboration with local and neighborhood groups as an essential component to a successful project and employs this holistic approach in all of its communities. As the company has grown into Alameda, Contra Costa, Santa Cruz and Marin counties, local community outreach has continued to remain a priority.

Eventually Pacific Union expanded into a significant full scale, production homebuilder in Northern California, developing over 2,000 single-family and apartment homes in 22 residential subdivisions and two multi-family communities. In addition to its successful home building operations, Pacific Union has also acted as a master developer for several large tracts of land which were entitled and developed for residential, commercial and multifamily uses. Its community outreach efforts likewise evolved to include more intensive approaches such as focus groups, public relations campaigns and appropriate use of social media.

Highlights of Pacific Union’s master planning experience include Mossdale Landing in Lathrop, Edgewood in Tracy and Bridle Ridge in Oakdale.

Mossdale Landing is a 475 acre site located on a portion of the area known as the Mossdale Village component of the West Lathrop Specific Plan between the west side of I-5 and the San Joaquin River within the City of Lathrop. The project was acquired, designed and entitled by Pacific Union. As master developer of 316 acres in Mossdale Landing, Pacific Union sold 14 neighborhoods consisting of 1,172 lots to merchant homebuilders and developed the main project infrastructure including major roadways, 6.5 acres of commercial, two K-8 school sites, a fire station, and 6 parks one of which is over 20 acres in size.

Edgewood is a 293 acre, master planned community in Tracy. This project consists of 1,257 single- family lots, a 7 acre apartment site, an 11 acre commercial site, a 15 acre elementary school site and three parks totaling 11 acres. After purchasing the un-entitled land, Pacific Union completed the project’s tentative and final maps, installed infrastructure improvements and sold super-pad neighborhoods to builders.

Bridle Ridge is a 282 acre, master planned community located in the southwest side of the City of Oakdale. This project consists of 1,046 single family residential lots, a 10 acre elementary school site and 4 parks totaling 28 acres. Pacific Union acquired and entitled the entire project, and acting as master developer, phased the installation of major project infrastructure and sold neighborhoods to merchant builders.

In addition to the master planned communities, Pacific Union has entitled and sold an additional 1,000 lots to merchant homebuilders, bringing total lot deliveries to over 4,500, since 1999. Significant multifamily and commercial projects were also built and in some cases are still held by Pacific Union sponsored partnerships.

Tab 1. D. Litigation History in the Past 5 Years

Outside of its homebuilding entity, Pacific Union Homes, being named in various predatory lawsuits (which are a relatively common occurrence in the homebuilding industry), the company has not been named in any legal disputes that were not dismissed or otherwise settled without need for litigation.

Tab 2: FINANCIAL QUALIFICATION AND CAPABILITY

A. Three (3) years of profit and loss statements and balance sheets

See attached CONFIDENTIAL financials (Pacific Union), Exhibit B

B. Evidence of financial capacity to fund the project and secure bonding adequate to construct the project

See attached CONFIDENTIAL bank reference letter from City National Bank (Pacific Union), Exhibit B

C. Bankruptcy disclosure

Neither Greenway Golf nor Pacific Union has had any loan defaults in the last five years; nor has Greenway Golf or Pacific Union had any bankruptcies or foreclosures for members of the ownership and development team.

D. Insurance capability

See attached insurance certificates, Exhibit C

Tab 3: PROJECT DEVELOPMENT CONCEPT

A. Overview of the Proposed Project

Since 2000 the golf industry has seen a decline in avid golfers of nearly 20%. What we are still experiencing is an oversupply of golf courses. The golf industry downward trend in rounds is expected to remain a challenge for all courses but even more for those like Blue Rock built in suburban communities (versus those in high density city centers). This is further challenged at Blue Rock with the increasing cost of water and maintenance to irrigate 36-holes, which will continue to challenge the sustainability of the courses.

There is significantly more competition for the golfers who remain active. One of the most important considerations among golfers when deciding as to where they will play is the conditioning of the golf course. In order to remain competitive, golf courses must have great turf with good drainage and excellent greens.

For these reasons, it doesn’t support the need for two 18-hole courses at this location. The proposed plan is to remodel the West Course with a top golf architect to provide a superior quality design golf course maintained in excellent year-round condition that can host upwards of 60K rounds a year. And to redevelop the East course as part a new master planned residential community.

The Team’s vision for redevelopment of the property includes: • Completely redesigned, state-of-the-art golf facility, with a name brand golf course designer • New 9,000-12,000 square foot multi-use club house and event center serving both the golf course and the local community • Complete driving range/practice facility featuring a short loop practice course offering Par 3 golf, Footgolf and Frisbee golf • New master planned residential community on approximately 100 acres located on the east side of Columbus Parkway.

The golf course would remain open to the public with preferential rates for Vallejo residents. The existing residential neighborhood should experience increased property values from an improved golf course aesthetic, while restricting development to the eastern area will limit development impacts on existing neighbors. All improvements and community benefits will be wholly funded by the residential development located away from existing residential.

GOLF FACILITIES PROPOSED IMPROVEMENTS

• Proposed Golf Course Renovation and Improvements

A complete renovation and redesign of the West Course will allow us to provide a course that is financially sustainable for the City and the local community to enjoy for many years. During this proposed renovation, it is our intent to minimize impacts to the East course so as to not alienate the core group of golfers that support Blue Rock Springs on a regular basis.

We are proposing to design and build a golf course that will be playable for all level of golfers with multiple sets of tees. The greens will be significantly larger than what currently exists and we will attempt to limit penal elements to the design. When looking at a new routing plan we will attempt to create short loop options that will allow for the option of playing less than 18 holes or even 9 holes for that matter. If possible we will attempt to create some four to six hole routes. Because we are connected 24/7 by smart phone technology people believe that they have less time for golf. If we can provide a quick and fun golf experience, we can capture more golfers who might be willing to allocate an hour or two to a round of golf, but not four to five hours.

In addition, to further address some of the primary barriers to golf; time, money and difficulty… The proposed plans include a full renovation of practice range to include superior natural turf and mat hitting stations, social areas, fun targets, and a short loop practice course located around the perimeter of the existing range. The practice course will be developed to accommodate Par 3 golf, Footgolf and Frisbee golf. It is a place the entire family can enjoy fun, affordable entertainment together as well as an excellent beginner course or a good short game practice area for better players.

• New Clubhouse Proposed

To best support the golf course and the community, a new clubhouse is proposed to be developed and built up the hill to the north and west of the existing clubhouse (see included map). The new location will allow use of the existing infrastructure while offering better vistas of the property. The existing clubhouse will be utilized while the new clubhouse is built.

Further research and review is warranted with the community before new clubhouse plans are finalized, however, it is anticipated a 6,000-8,000 square foot clubhouse will be developed to accommodate a retail store, golf check-in, full service dining and bar, community and company meeting spaces, specialty exercise room and an outdoor patio. In addition, a special events center approximately 3,000-4,000 square feet is proposed to host weddings and events up to 250 guests. The vision is to have a casual and vibrant environment to serve food and drink for players and non-golfers for breakfast, lunch and dinner as well be a social gathering place for the community. The proposed specialty exercise room would be designed to be a multi-purpose room ideally suited for aerobics, dance and fitness classes.

The clubhouse would be financed and paid for through the joint venture of Pacific Union and Greenway Golf and operated by Greenway Golf as the golf property manager.

• Golf Course Projected Proforma

At this preliminary stage of review of the property and plans, the initial projected golf course income of the property is based on a top architect redesigned 18-hole public golf course, new clubhouse and 250-person event center and a practice course/range. Under the proposed plans with a new clubhouse; weddings, banquets and tournaments will increase significantly and expenses will be more efficient without maintenance and the water costs of a second golf course. Upon completion of the proposed improvements, initial annual rounds are anticipated to be slightly less than the current total rounds for 36-holes at 53,000/yr. increasing to an average of 60,000+ annually with total revenues projected in year 1 at $3.3M improving to $4M+ by year 10. A full detailed revenue plan will be developed upon more due diligence and discussions with the City on proposed plans.

• Operating Agreement Terms

Golf Course Proposed Agreement - Depending on final commitments and other terms, ultimately a long- term lease on the golf course is desired whereas all operating costs and capital improvements would be the responsibility of the operator and not the City. In the lease agreement, the City would have oversight and approval of all proposed improvements and modifications to the property and services as well as City resident public green fee rates. Operator would be subject to appropriate performance clauses.

Interim Management Option - As the proposed plans will require some time and due diligence, if warranted Greenway Golf is capable and prepared to assume management of the property immediately ahead of final agreement and plans under an interim fee based management agreement. Utilizing Greenway’s proven systems, programs and expertise, more efficiencies can be achieved to assist City efforts to minimize the subsidies of the property and to generate more positive cash flow ahead of initiating a lease agreement. This can be further discussed and considered during the selection process.

• Financial Considerations to City

Golf Lease Proposal – In exchange for agreed improvements to the property, and part of a long-term operating lease, a percentage (ranging from 3-10% depending on category of income and final agreed plans) of gross income is proposed to be paid to the City. Rent will likely be reduced or waived during the first few years to help offset the significant capital contributions that will be required to renovate the golf course and to build a new clubhouse. The payment to the City would be paid monthly based on the prior month’s total gross income from all golf course revenue sources. The operating lease will eliminate all operating and capital subsidies by the City and in the long-term guarantee positive income back to the City from the agreed gross revenue payments.

This is similar to other golf course leases in place with Greenway Golf and municipalities but we are open to discussions and alternative if preferred by City.

• Golf Course Public Use & Management

Under the proposed terms, Greenway Golf would operate and manage all aspects of the golf course and clubhouse. The lease agreement for the golf course will be structured to ensure its continued operation as a public daily fee course.

• Golf Course Proposed Fee Structure

Proposed pricing for public play would be multi-tiered with residents receiving preferred rates. Additionally, annual public memberships will be offered that allow frequent players to enjoy full amenities of the club for a set fee. Below is a projected pricing matrix. The proposed pricing is intended to provide insight to where we believe the club pricing should be positioned but warrants further evaluation based on additional due diligence and timing and details of the final approved plans.

Golf rates proposed will vary based on time of day and demand, the price range posted is an only an estimate of pricing for the various periods of the week.

Category Rate Estimates Weekdays Weekends/Holidays Public Green Fees $27-37 $37-$47 Vallejo Resident* $5-10 off regular public green fees Twilight/Specials** $13-17 $13-27 18-Hole Cart Rental $12 $12 18-Hole Golf Board Rental $20 $20

** Specials will vary by season and times

Annual Membership Plan – Under the proposed plan, the current annual membership programs would continue to be offered and remain comparable in price prior to planned renovations. Following remodeling of the golf course and new clubhouse, pricing and programs are expected to be modified to best fit with the improvements.

PROPOSED MASTER PLANNED RESIDENTIAL COMMUNITY

The master planned residential community of approximately 100 acres will wrap around the driving range and practice facility on the east side of the project area. The strategic location minimizes view, noise, traffic and other impacts to nearby existing residential. In addition, by eliminating the higher operational costs of the East course, the Team will be able to focus resources on the newly renovated west course, practice facility and multi-purpose club house. The east side location will offer exceptional views from within the project, complemented by an open space experience that capitalizes on the property’s adjacency to Blue Rock Park and the Bay Area Ridge Trail.

The residential component will likely be low to medium density single family detached homes. The project entitlements will include a General Plan Amendment and Rezoning to Low and/or Medium Density Residential or PD to accommodate the change of land use. The Team will work with the City and other stakeholders to further refine the overall concept plan, including amenities and unit count, to produce a preferred development plan for the master planned community.

B. Concept Development Plan

C. Proposed Overall Development Schedule

Development Milestone Estimated Timeline Exclusive Negotiation Rights Agreement (ENRA) 3-6 months Meet with Stakeholders/Develop Project Guidelines 2-3 months Conceptual Design Stage 1-2 months Development & Disposition Agreement (DDA) 2-4 months Community Outreach 3-6 months Preferred Development Plan 2-3 months Project Application & Design Guidelines 2-4 months Environmental Review 6-8 months Design Development, Plan Review & Permits 3-6 months Site Construction 6-12 months TOTAL ESTIMATED TIMELINE 30-54 months (2.5-4.5 years)

Tab 4: FISCAL IMPACT

As further detailed in the previous section, the proposed development would eliminate the City’s current subsidy to the golf course operations and replace an existing liability with a long term fixed income stream to the City from the lease of the golf course property, with potential for additional revenue sharing options from facility rentals and associated services. Additionally, the City’s General Fund would be supplemented by additional property taxes and assessment revenues from the new residential homes. Bringing new high wage earners into an upscale, master planned community would also drive additional sales tax revenues and other economic benefits to the City. A complete fiscal impact analysis is anticipated as part of the project entitlements to further detail the economic benefits of the proposed development.

EXHIBIT A REFERENCES

. Banking References . City References CITY NATIONAL BANK CITY OF LATHROP Charlie McGann, Senior Vice President Steven Salvatore, City Manager 150 California Street, 13th Floor 390 Towne Centre Drive San Francisco, CA 94111 Lathrop, CA 95330 (415) 576-2808 (209) 941-7220 [email protected] [email protected]

CALIFORNIA BANK OF COMMERCE CITY OF OAKDALE Dan Fujimoto, Vice President Bryan Whitemeyer, City Manager 3595 Mt. Diablo Blvd., Suite 220 280 N. Third Avenue Lafayette, CA 94549 Oakdale, CA 95361 925 444-2936 (209) 845-3571 [email protected] [email protected]

UMPQUA BANK CITY OF DANVILLE Bruce Lawrie, Senior Vice President Kevin Gailey, Chief of Planning 1333 N. California Blvd., Suite 545 510 La Gonda Way Walnut Creek, CA 94596 Danville, CA 94526 (925) 949-2866 (925) 314-3305 [email protected] [email protected]

. Golf Course References CITY OF ALAMEDA, CA Amy Wooldridge, Dir. of Parks & Recreation 1 Clubhouse Memorial Road, Alameda, CA 94502 (510) 390-0886 [email protected]

CITY OF BROKEN ARROW, OK, Scott Esmond, Parks Director Tulsa, OK (918) 693-0645 [email protected]

TOWN OF DAVIE, FLORIDA David Flaherty, Parks Director Davie, FL (954) 797-1151 [email protected]

COUNTY OF LOS ANGELES, CA Warren Leary, County Golf Director Los Angeles CA (626) 821-4646 [email protected]

EXHIBIT C INSURANCE

DATE (MM/DD/YYYY) CERTIFICATE OF LIABILITY INSURANCE 9/6/2017 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). CONTACT PRODUCER NAME: Arthur J. Gallagher & Co. PHONE FAX (A/C, No, Ext): 415-546-9300 (A/C, No): 415-536-8499 Insurance Brokers of CA, Inc. LIC #0726293 E-MAIL 1255 Battery Street, Suite 450 ADDRESS: San Francisco CA 94111 INSURER(S) AFFORDING COVERAGE NAIC #

INSURER A :First Specialty Insurance Corporation 34916

INSURED HARTHOL-01 INSURER B :Travelers Property Casualty Co of America 25674

Pacific Union Land Company, Inc. INSURER C : 675 Hartz Avenue, Suite 300 Danville, CA 94526 INSURER D : INSURER E :

INSURER F : COVERAGES CERTIFICATE NUMBER: 134497792 REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR ADDL SUBR POLICY EFF POLICY EXP LTR TYPE OF INSURANCE INSD WVD POLICY NUMBER (MM/DD/YYYY) (MM/DD/YYYY) LIMITS A X COMMERCIAL GENERAL LIABILITY IRG000635805 9/15/2016 9/15/2017 EACH OCCURRENCE $1,000,000 DAMAGE TO RENTED CLAIMS-MADE X OCCUR PREMISES (Ea occurrence) $50,000 MED EXP (Any one person) $Excluded PERSONAL & ADV INJURY $1,000,000 GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $2,000,000 PRO- POLICY X JECT LOC PRODUCTS - COMP/OP AGG $2,000,000 OTHER: $ B COMBINED SINGLE LIMIT AUTOMOBILE LIABILITY BA6177N26117CAG 6/15/2017 6/15/2018 (Ea accident) $1,000,000 X ANY AUTO BODILY INJURY (Per person) $ OWNED SCHEDULED BODILY INJURY (Per accident) $ AUTOS ONLY AUTOS HIRED NON-OWNED PROPERTY DAMAGE AUTOS ONLY AUTOS ONLY (Per accident) $ $

A UMBRELLA LIAB X OCCUR IRE000567105 9/15/2016 9/15/2017 EACH OCCURRENCE $3,000,000 X EXCESS LIAB CLAIMS-MADE AGGREGATE $3,000,000

DED X RETENTION $ 0 $ WORKERS COMPENSATION PER OTH- STATUTE ER AND EMPLOYERS' LIABILITY Y / N ANY PROPRIETOR/PARTNER/EXECUTIVE E.L. EACH ACCIDENT $ OFFICER/MEMBER EXCLUDED? N / A (Mandatory in NH) E.L. DISEASE - EA EMPLOYEE $ If yes, describe under DESCRIPTION OF OPERATIONS below E.L. DISEASE - POLICY LIMIT $

DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required)

CERTIFICATE HOLDER CANCELLATION

SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE Evidence of Insurance THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.

AUTHORIZED REPRESENTATIVE

© 1988-2015 ACORD CORPORATION. All rights reserved. ACORD 25 (2016/03) The ACORD name and logo are registered marks of ACORD DATE (MM/DD/YYYY) EVIDENCE OF COMMERCIAL PROPERTY INSURANCE 9/6/2017 See Attached... THIS EVIDENCE OF COMMERCIAL PROPERTY INSURANCE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE ADDITIONAL INTEREST NAMED BELOW. THIS EVIDENCE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS EVIDENCE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE ADDITIONAL INTEREST. PRODUCER NAME, PHONE COMPANY NAME AND ADDRESS NAIC NO: CONTACT PERSON AND ADDRESS (A/C, No, Ext): 415-546-9300 28932 Arthur J. Gallagher & Co. Markel American Insurance Company Insurance Brokers of California, Inc. LIC #0726293 N14 W23800 Stone Ridge Drive 1255 Battery Street #450 Waukesha WI 53188 San Francisco CA 94111

FAX E-MAIL IF MULTIPLE COMPANIES, COMPLETE SEPARATE FORM FOR EACH (A/C, No): 415-536-8499 ADDRESS: CODE: SUB CODE: POLICY TYPE AGENCY Builder's Risk CUSTOMER ID #: HARTHOL-01 NAMED INSURED AND ADDRESS LOAN NUMBER POLICY NUMBER Pacific Union Land Company, Inc. MKLM4IM0050001 675 Hartz Avenue, Suite 300 EFFECTIVE DATE EXPIRATION DATE Danville, CA 94526 CONTINUED UNTIL 08/14/2017 08/14/2018 TERMINATED IF CHECKED

ADDITIONAL NAMED INSURED(S) THIS REPLACES PRIOR EVIDENCE DATED:

PROPERTY INFORMATION (ACORD 101 may be attached if more space is required) X BUILDING OR BUSINESS PERSONAL PROPERTY LOCATION / DESCRIPTION

THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS EVIDENCE OF PROPERTY INSURANCE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. COVERAGE INFORMATION PERILS INSURED BASIC BROAD X SPECIAL COMMERCIAL PROPERTY COVERAGE AMOUNT OF INSURANCE: $ 1,500,000 DED: 5,000 YES NO N/A BUSINESS INCOME RENTAL VALUE X If YES, LIMIT: Actual Loss Sustained; # of months: BLANKET COVERAGE X If YES, indicate value(s) reported on property identified above: $ TERRORISM COVERAGE X Attach Disclosure Notice / DEC IS THERE A TERRORISM-SPECIFIC EXCLUSION? X IS DOMESTIC TERRORISM EXCLUDED? X LIMITED FUNGUS COVERAGE X If YES, LIMIT: 15,000 DED: 5,000 FUNGUS EXCLUSION (If "YES", specify organization's form used) X IM 7050 09 08 REPLACEMENT COST X AGREED VALUE X COINSURANCE X If YES, % EQUIPMENT BREAKDOWN (If Applicable) X If YES, LIMIT: SEE REMARKS DED: SEE REMARKS ORDINANCE OR LAW - Coverage for loss to undamaged portion of bldg X If YES, LIMIT: INCLUDED DED: 5,000 - Demolition Costs X If YES, LIMIT: INCLUDED DED: 5,000 - Incr. Cost of Construction X If YES, LIMIT: INCLUDED DED: 5,000 EARTH MOVEMENT (If Applicable) X If YES, LIMIT: DED: FLOOD (If Applicable) X If YES, LIMIT: DED: WIND / HAIL INCL X YES NO Subject to Different Provisions: X If YES, LIMIT: Included DED: 5,000 NAMED STORM INCL X YES NO Subject to Different Provisions: X X If YES, LIMIT: Included DED: 5,000 PERMISSION TO WAIVE SUBROGATION IN FAVOR OF MORTGAGE HOLDER PRIOR TO LOSS X CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. ADDITIONAL INTEREST CONTRACT OF SALE LENDER'S LOSS PAYABLE LOSS PAYEE LENDER SERVICING AGENT NAME AND ADDRESS MORTGAGEE X Loss Payee NAME AND ADDRESS Evidence of Insurance

AUTHORIZED REPRESENTATIVE

ACORD 28 (2016/03) © 2003-2015 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD AGENCY CUSTOMER ID: HARTHOL-01 LOC #:

ADDITIONAL REMARKS SCHEDULE Page 1 of 1

AGENCY NAMED INSURED Arthur J. Gallagher & Co. Pacific Union Land Company, Inc. 675 Hartz Avenue, Suite 300 POLICY NUMBER Danville, CA 94526

CARRIER NAIC CODE

EFFECTIVE DATE: ADDITIONAL REMARKS THIS ADDITIONAL REMARKS FORM IS A SCHEDULE TO ACORD FORM, FORM NUMBER: 28 FORM TITLE: EVIDENCE OF COMMERCIAL PROPERTY INSURANCE REMARKS Building Limit: $750,000 -- Maximum loss payable for any one building or structure Catastrophe Limit: $2,500,000 -- Maximum loss payable to all buildings or structures in any one occurrence. EQUIPMENT BREAKDOWN Insurance Company: The Hartford Steam Boiler Inspection and Insurance Company Policy Number: FBP2355921 Policy Period: 8/14/2017 to 8/14/2018 Equipment Breakdown Limit: $2,500,000 Equipment Breakdown Deductible: $5,000

ACORD 101 (2008/01) © 2008 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD

GREENW1 OP ID: GI DATE (MM/DD/YYYY) CERTIFICATE OF LIABILITY INSURANCE 09/06/2017 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). CONTACT PRODUCER 858-452-2200 NAME: Gina Kepler Wateridge Insurance Services PHONE 858-452-2200FAX 858-452-6004 10717 Sorrento Valley Rd. (A/C, No, Ext): (A/C, No): E-MAIL San Diego, CA 92121 ADDRESS: [email protected] Daniel Caudill INSURER(S) AFFORDING COVERAGE NAIC # INSURER A : Hiscox Ins Co Ltd Bermuda

INSURED Greenway Golf Associates, Inc. INSURER B : Greenway Golf, Inc. 9311 N Fm 620 #123 INSURER C : Austin, TX 78726 INSURER D :

INSURER E : INSURER F : COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR ADDL SUBR POLICY EFF POLICY EXP LTR TYPE OF INSURANCE INSD WVD POLICY NUMBER (MM/DD/YYYY) (MM/DD/YYYY) LIMITS COMMERCIAL GENERAL LIABILITY EACH OCCURRENCE $ DAMAGE TO RENTED CLAIMS-MADE OCCUR PREMISES (Ea occurrence) $ MED EXP (Any one person) $ PERSONAL & ADV INJURY $

GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $ PRO- POLICYJECT LOC PRODUCTS - COMP/OP AGG $ OTHER: $ COMBINED SINGLE LIMIT AUTOMOBILE LIABILITY (Ea accident) $ ANY AUTO BODILY INJURY (Per person) $ OWNED SCHEDULED AUTOS ONLY AUTOS BODILY INJURY (Per accident) $ HIRED NON-OWNED PROPERTY DAMAGE AUTOS ONLY AUTOS ONLY (Per accident) $ $

UMBRELLA LIAB OCCUR EACH OCCURRENCE $ EXCESS LIAB CLAIMS-MADE AGGREGATE $

DED RETENTION $ $ WORKERS COMPENSATION PER OTH- AND EMPLOYERS' LIABILITY STATUTE ER Y / N ANY PROPRIETOR/PARTNER/EXECUTIVE E.L. EACH ACCIDENT $ OFFICER/MEMBER EXCLUDED? N / A (Mandatory in NH) E.L. DISEASE - EA EMPLOYEE $ If yes, describe under DESCRIPTION OF OPERATIONS below E.L. DISEASE - POLICY LIMIT $ A Professional Liab MPL138750416 10/23/2016 10/23/2017 Ea. Claim 1,000,000 Aggregate 1,000,000

DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) Evidence of Coverage City of Vallejo

CERTIFICATE HOLDER CANCELLATION EVIDENC SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. Evidence Only

AUTHORIZED REPRESENTATIVE

ACORD 25 (2016/03) © 1988-2015 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD EXHIBIT B FINANCIALS

CONFIDENTIAL

CONFIDENTIAL FINANCIAL INFORMATION

REDACTED

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