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POWDER MOUNTAIN DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT (herein the “Agreement”) is entered into this ________ day of July 2008, by and between Western America Holdings, LLC and Eden Heights II, LLC (herein “Powder Mountain”) and its successors and/or assigns and Weber County, a political subdivision of the State of Utah (herein the “County”) for the land located in the unincorporated area of Weber County and Cache County, as more particularly described herein. RECITALS WHEREAS, Powder Mountain owns approximately 6,351 acres of real property located within Weber County, as described in Exhibit “B” (the “Property”), on which Powder Mountain desires to develop a destination year-round resort development, (herein the “Project”); and WHEREAS, §17-27a-102(b) UTAH CODE ANNOTATED (“UCA”) permits the County to enter into development agreements it considers “necessary or appropriate for the use and development of land within the unincorporated area of the county” and use the development agreement to fulfill land use purposes including the “governing [of] uses, density, open spaces [and] structures” while providing “fundamental fairness in land use regulation” and balancing “the foregoing purposes with a landowners private property interests”; and WHEREAS, §28-35-9 of the Weber County Ordinances (“WCO”) provides that “the County Commission may require a petitioner, at the time of Zoning Approval, to enter into a Zoning Development Agreement”; and WHEREAS, the Ogden Valley Planning Commission has reviewed Powder Mountain’s zoning application for the Project, as required by state law, and has made a recommendation of approval subject to certain conditions; and WHEREAS, various property owners, including Powder Mountain as one of the sponsors, petitioned the County to establish the Town of Powder Mountain and while acknowledging that the petition is in conformance of the law, a commissioner approached Powder Mountain to explore the possibility of the Project remaining in the unincorporated county and being approved and built under the County’s jurisdiction; and WHEREAS, based upon this request, the County and Powder Mountain entered in discussions which resulted in a consensus on continuing the Project within the County’s jurisdiction, as provided in this Agreement; and Page 1 of 58 WHEREAS, the County recognizes that the creation of a high-quality world-class destination resort at Powder Mountain that mitigates the traffic impact, as provided in this Agreement, will provide great value to Ogden Valley, the rest of the County, and the State as a whole; and WHEREAS, in light of the great economic value the County has determined it to be appropriate, pursuant to Title 17C-1 UCA, to create a Community Development Area (“CDA”) containing the Property in order to assist the development in achieving its full potential; and WHEREAS, §17C-1-207(1)(a)(iii) UCA allows the County as a “public entity” to “assist and cooperate in the planning” of the CDA by rezoning “any part of the project area and make any legal exceptions from building regulations and ordinances” and, pursuant to §17C-1-104(1) UCA this action is not subject to the requirements of Title 17, Chapter 27a; and WHEREAS, the County has carefully balanced the private property interests involved, the impact of new development on the residents who live in Ogden Valley, and the economic development opportunity of the Project in approving this Agreement; and WHEREAS, the County Commission, acting on behalf of the County, has considered the Planning Commission’s recommendations and agrees with some of their proposed conditions, disagrees with some, has modified some, and has added some of its own conditions, including the requirement that Powder Mountain agree to a 1% property transfer fee to be used primarily to limit future residential development in Ogden Valley by providing open space, and recreational property in Ogden Valley; and WHEREAS, both the County and Powder Mountain desire a comprehensive solution that entitles but limits the type of uses that have the most impact on traffic to and from the Resort by requiring that all of the land controlled by the owners of Powder Mountain be subject to the density limitations, creating the 1% transfer fee so that as units are sold and resold at the Resort, this generates a revenue stream that will be used to reduce growth of traffic generating residential units in Ogden Valley; and not including any other property in this Agreement that was part of the incorporation petition except the Property; and WHEREAS, the County, pursuant to its authority under state law and its ordinances and in furtherance of its land-use policies and economic development interests has approved a zone change in conjunction with the implementation of this Agreement; and Page 2 of 58 WHEREAS, the County has made certain determinations with respect to the proposed Project, including that, if it is developed as provided in this Agreement, it is in conformance with its land use goals and Powder Mountain’s development proposal is a reasonable and appropriate development for a destination resort; and, WHEREAS, the County will adopt a resolution to create the Powder Mountain Local District, within the meaning of Title 17B UCA in order for Powder Mountain to assess its own Property to pay for millions of dollars of infrastructure and services that will be necessary for the Project to developed at a quality level that befits a world-class destination resort; and WHEREAS, the County, in the exercise of its discretion, has elected to approve this Agreement and be bound by its provisions; WHEREAS, Powder Mountain has voluntarily represented to the County that it will enter into this binding Agreement and develop the Project in conformance with the development requirements set forth in this Agreement; NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein, the parties agree as follows: 1. Definitions. The capitalized terms used in this Agreement have the meanings set forth herein and in Exhibit “A”. 2. Affected Property. The legal description of the Property contained within the Project boundaries is attached as Exhibit “B”. No additional property may be added to or removed from the Property for the purposes of this Agreement except by written amendment to this Agreement executed and approved by Powder Mountain and the County. Reserved Legislative Powers. Nothing in this Agreement shall limit the future exercise of the police power by the County in enacting zoning, subdivision, development, transportation, environmental, open space and related land-use plans, policies, ordinances and regulations after the date of this Agreement, provided that the adoption and exercise of such power shall not restrict Powder Mountain’s vested rights to develop the Project as provided herein. This Agreement is not intended to and does not bind the County Commission in the independent exercise of its legislative discretion with respect to such future land use regulations generally, as they apply to other developments within the County. 3. Petition for Incorporation. Page 3 of 58 A. The County hereby acknowledges and agrees that the Town of Powder Mountain petition for incorporation filed on January 18, 2008 (“Incorporation Petition”) has met all legal requirements as set forth in state law, that the filing shall remain intact and in force, until such time as it is withdrawn as provided in Paragraph 4, and that at anytime, prior to it being withdrawn, the petitioners may request that the petition be placed on a County Commission agenda for the granting of the petition. The County further hereby acknowledges that if such a request is made, the petition shall be placed on the next regularly scheduled County Commission agenda, and shall be approved at that meeting and further that the act of approving the petition is purely administrative and non-discretionary. 4. The Incorporation Petition is automatically withdrawn by the incorporation sponsors, immediately upon the execution of this agreement by both parties (see Withdrawal of Incorporation Petition attached as Exhibit “C”). 5. Concept Development Plan. The Concept Development Plan (“CDP”) is attached as Exhibit “D” and the County finds that it meets the requirements of §28-35-4 WCO and pursuant to §28-35-7 WCO has been approved in conjunction with the rezoning. Powder Mountain agrees to develop the Project in conformance with the CDP. 6. Zoning Designation. A. Pursuant to §28-35-9 WCO, the County is approving this Agreement in conjunction with a zoning approval of the Property. Pursuant to §28-9-11 WCO, the Property shall be rezoned pursuant to the zoning designations shown on the map attached as Exhibit “E”. B. The parties agree that a preferable way to zone the Property is to have one overlay Destination Resort Zone that covers the entire Property with one unified zone. The County agrees to work in good faith with Powder Mountain to create an overlay zone that permits development of the Project as contemplated by this Agreement and place the zone on the Property on or before August 1, 2008. C. Even without an overlay zone, pursuant to §28-35-11 WCO and §§17-27a-102(b), 17C-1-104(1), and 17C-1-207(1)(a)(iii) UCA the County adopts the density, design, and construction criteria set forth in the Exhibits as the density, design, and construction of the Project on the Property. To the extent there are conflicts Page 4 of 58 between the requirements contained in the existing County land use regulations and this Agreement, the provisions of this Agreement shall prevail. 7. Vested Rights. Powder Mountain shall have an irrevocable vested right to develop the property in accordance with this Agreement and the County land use regulations in effect at the time this Agreement was executed, except as the land use regulations are modified by this Agreement, including the overlay zone described in Paragraph 6(B).

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