Westridge Acres / the Gateway to Glenwood Springs, Colorado

WESTRIDGE ACRES / THE GATEWAY TO GLENWOOD SPRINGS, COLORADO A RESIDENTIAL / MIXED USE PLANNED URBAN DEVELOPMENT AND SUSTAINABLE VILLAGE (47.6 ACRES + 53.3 ACRES TOTALING 100.9 ACRES) WESTRIDGE ACRES | Development Location | Exponential Potential via Annexation/PUD Zoning

Dynamic Planned Urban Irreplaceable Superior Yield Preservation/Recreation Development Potential Access/Services and Lasting Legacy w Generationally Family Owned w 3 State Approved Entrances from w Exceptional Opportunity to both w Superior Ability to potentially Gateway Property Never for Sale Prior Highway 6 / Mitchell Creek creating Develop profitably and protect build 370 to 500+ of Multifamily/ Superior access to new Expansive West Glenwood’s own “World Townhouse Condominium Units, a w Immense Untapped Planned Development Class One-Of-A-Kind Elk Corridor” Mixed Use Retail Center as well as Urban Development potential higher above the parcels numerous Mid/High Level Single 7 World Class Ski Areas Voted 2015 Top 5 Cities in U.S. with Strong Future Assemblage w Superior Water Access via Family Houses in a high demand/ in 60 Mile Radius to Live in by Outside Magazine Synergy/Potential Westridge Acres own well water w Optimum High Visibility Location low inventory Housing Market with rights/privately-owned sewer taps for new “Branded Recreational w Opportunity for Investor/ very limited other land available and City and County water rights Mixed Use Self-Sustaining Village” World-Class Hunting Developer to create own Visionary in step with new city plans to w Successful Campground and RV and Fishing Development Concept in w Potential for all Westridge Acres further connect all recreational Park with Seasoned Revenues Irreplaceable Legacy Location parcels to get full City Services at infrastructure, bike baths, to the benefit of New Property Annexation w Imminent West Glenwood Springs sidewalks and utilities Owner until future development Annexation via Direct Contiguity to w Key Transit Location for 24 Hour w High Demand Current Housing 1541 Mitchell Creek, LLC Glenwood Water Treatment Station ( Storm King) Van Service connecting new Market w/ Severe Inventory Voted Rand McNally’s w Last Geographically Feasible “Glenwood Gateway Village” to Shortage supporting that a “Mixed Most Fun Small Town in the USA Development Location with Downtown, The Iron Hot Springs, Use Sustaining Mountain Village potential for excellent combination w City has drafted The Tram, Sunlight Ski Area, The Planned Urban Development” of prime view mid and high- imminent annexation by Hot Springs Pool, Aspen and Vail would potentially be highly end residential, retail, office, right memorandum of successful within Glenwood w Potential for Tax Subsidies via apartments/affordable housing understanding. Springs marketplace/economy ROARING FORK VALLEY Utilization of Alternative Energy Platforms In Future Development w Potential for superior “Developers Targeted Risk Adjusted 30% + Westridge Acres Range Internal Rate of Returns” via highest and best site utilization/ development planning

WESTRIDGE ACRES (AKA “THE AMICHAUX EXEMPTION”) PHOTOS T he Final Contiguous Strategic Western Location Unlocking the Last Geographically Buildable Acreage of Glenwood Springs.

Located at the end of the Roaring Fork Valley controlling all Western Access to Aspen, Vail, The Roaring Fork Valley and Storm King Ranch.

“Housing Development Picking Up In The Roaring Fork Valley” Aspen Times June 2015 The Roaring Fork Valley Regional Planning Commission will review a proposed housing development today. It’s a project that could bring needed affordable homes to an area seeing barely any inventory and skyrocketing prices. Aspen Public Radio’s Elise Thatcher continues our series on the housing shortage today.

Confidential Westridge Acres Offering Summary Judd Dunning | Los Angeles Office | Executive Managing Director | 310.261.8428 | RE Lic #01520854 1 WESTRIDGE ACRES / THE GATEWAY TO GLENWOOD SPRINGS, COLORADO A RESIDENTIAL / MIXED USE PLANNED URBAN DEVELOPMENT AND SUSTAINABLE VILLAGE (47.6 ACRES + 53.3 ACRES TOTALING 100.9 ACRES)

DEVELOPABILITY ANALYSIS  DEVELOPMENT INEVITABILITY  ACCESS  RECREATION  CONTRIBUTION  PRESERVATION = LEGACY, HERITAGE & HIGH YIELD

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are not intended to be included in the zone districts. This map is for representative purposes only and is not a legal document. The parcel boundary re I/1 GeCitynelirnale sIn adrue s ofatrpiaplro xGlenwoodimate and not surveyR /a3c c M uSpringsrualtteif.a Umsiely o Rf etshiidse mntaia plZone should be fo rDistricts. general purposes only . MultipleThe City of Glenwoo d Springs does not warrant P Subject parcels Eastern border already adjacent to City the accuracy of the data contained herein. Please contact Community Development for confirmation and/or further information. • Local Land Plan Assessment Of High Probability of Much Higher Developable Density via PUD City/Annexation Negotiations I/2 River Industrial R/4 Residential Transitional

Subject already County Future Use Mapped as “Urban I/L LigPlannedht Industrial and Offi ceUnit DevelopmentGID Boundary zoned areas near Future Use Plan Mixed-Use Zoned or Commercial Zoned • Via Annexation, County Parcels Minimal Base Case Density Equates to R-120 Zone City Residential (1 Structure/20,000 sf) 0 1,000 2,000 Zone district boundaries are based on the 1988 Official Zone District Map with updates including more recent zoning ordinances. Rights-of-way Growth” and “Residential MH” (2 to 6 structures per acre). are not intended to be inclusubjectded in the zone districts. Th isproperties map is for representative purposes only and is not a legal document. The parcel boundary Feet Expansion Areas. lines are approximate and not survey accurate. Use of this map should be for general purposes only. The City of Glenwood Springs does not warrant I • Subject Parcels Already Proximate to existing Commercial and Planned Unit Development City Zones the accuracy of the data contained herein. Please contact Community Development for confirmation and/or further information. Map is based on best available data as October 2015. City of Glenwood Springs Zone Districts N:\GIS\GIS_Projects\CommunityDevelopment\Zoning\ZoningMap_102015.PDF 0 1,000 2,000 Author: JKoeing, THyatt; Date: 10/20/15 Feet I http://www.ci.glenwood-springs.co.us/ Map is based on best available data as October 2015. City of Glenwood Springs Zone Districts N:\GIS\GIS_Projects\CommunityDevelopment\Zoning\ZoningMap_102015.PDF Author: JKoeing, THyatt; Date: 10/20/15 Confidential Westridge Acres Offering Summary Judd Dunning | Los Angeles Office | Executive Managing Director | 310.261.8428 | RE Lic #01520854 2 http://www.ci.glenwood-springs.co.us/ WESTRIDGE ACRES / THE GATEWAY TO GLENWOOD SPRINGS, COLORADO A RESIDENTIAL / MIXED USE PLANNED URBAN DEVELOPMENT AND SUSTAINABLE VILLAGE (47.6 ACRES + 53.3 ACRES TOTALING 100.9 ACRES)

THE AMICHAUX EXEMPTION 48.22 Acre Assemblage WESTRIDGE ACRES In Place Superior Seasonal Development Location | Exponential Potential via Annexation/PUD Zoning Acres 11.1 Campground Revenues and Zoning Residential Suburban WA Potential Zoning Conversion Approx. 120 Apartment/Condo Units & more SFR’s or Cash Flow Until Development 1 Via Annexation Higher Density. Duplexes/Triplexes via PUD Potential for 120 Units of Single Family Residential and/or Attached Notes Housing (aka Townhomes, Condos, Duplexes/Triplexes) via PUD (*Est. Total Buildable: 8 acres or both WA2+3) Est. Density:12- 15 units/acre) APN 218506200075 1541 MITCHELL CREEK, LLC/STORM KING RANCH

Acres 20.33 Acres Acres 11.66 Zoning Rural/RS1 Zoning Rural WA SK Potential Zoning Conversion R-120 Residential or High Density Potential Zoning Conversion 1 Via Annexation Residential/Apartments Commercial, High Density Residential or PUD 2 Via Annexation Westridge Parcel Owner 1541 Mitchell Creek, LLC *Same as above. Adjacent Duplex Last Available Notes Dependent on Westridge Annexation Notes Specifications Amazing City Views Up Entire Valley and City Acres 19.12 Zoning Rural Acres 7.4 SK Potential Zoning Conversion R-120 Residential or High Density Zoning Rural 2 Via Annexation Residential/Apartments Potential Zoning Conversion WA Commercial, High Density Residential or PUD Parcel Synergy Owner 1541 Mitchell Creek, LLC 3 Via Annexation Notes Dependent on Westridge Annexation * Potential for 250+ Apartment/Condo Units with Clubhouse/ Acres 10.22 Notes Amenities + 15 -18,000 sf Retail as buildable via PUD (Includes all WA4-WA7 Parcels) Dynamic Zoning Residential Suburban *Site used as “Commercial” RV Park Since 1971 SK Potential Zoning Conversion R-120 Residential or High Density 3 Via Annexation Residential/Apartments Acres 15.96 Assemblage Upside Zoning Rural Owner 1541 Mitchell Creek, LLC Notes Dependent on Westridge Annexation WA Potential Zoning Conversion Commercial, PUD, High Density Multihousing or Via Annexation Residential 4 Acres 3.72 Acres Imminent Zoning Residential Suburban *Same as above Notes Potential Zoning Conversion R-120 Residential or High Density Site used as “Commercial” RV Park Since 1971 Annexation SK4 Via Annexation Residential/Apartments Owner 1541 Mitchell Creek, LLC Acres 0.95 Notes Dependent on Westridge Annexation Zoning Rural WA Potential Zoning Conversion Commercial, PUD, High Density Multihousing or 5 Via Annexation Residential Potential to add an additional ±130 units of SFR, attached or *Same as above. Single Family Res. Rental Unit in multihousing (For a total project potential buildable of 500+) Notes Commercial RV Park since 1971. (*Potential Amenities/ Clubhouse Site)

Acres 0.48 SK SK ADJACENT LAND TRUST Zoning Single Family Residential (Within Rural) 1 4 38.8 Acre (Potential Future Assemblage TBD) WA Potential Zoning Conversion Commercial, PUD, High Density Multihousing or Acres 24.39 6 Via Annexation Residential Zoning Rural Potential Zoning Conversion Via R-120 Residential or High Density Residential/ *Same as above. Single Family Res. Rental Unit in LT Annexation Apartments or Commercial Use Notes Commercial RV Park since 1971. 1 (*Potential Amenities/ Clubhouse Site) Owner Adjacent Land Trust SK SK Prior Golf Range venture with prior City Annexation discussions. 2 3 Notes Potential for up to ±370 units Multihousing, attached, condos or (*Highest Site Utilization Unfeasible w/o Westridge Acres Service Access ) SFRS. Acres 14.47 WA Zoning Rural LT 4 LT Potential Zoning Conversion Via R-120 Residential SFR or High Density 1 WA 2 Annexation Residential/Apartments via PUD 5 WA Owner Adjacent Land Trust WA WA 1 Valuable Jeep Trail Easement to Storm WA 3 King Hunting Ranch LLC. á ã 2 Notes ä 6 (*Highest Site Utilization Unfeasible w/o â á ä ã áâ NOT A PART Westridge Acres Service Access ) ã LT â ä 2 Potential to add an additional ±200 units of SFR, attached or multihousing (for a total project potential buildable of ±700) PRESERVE PROTECT PROMOTE

Confidential Westridge Acres Offering Summary Judd Dunning | Los Angeles Office | Executive Managing Director | 310.261.8428 | RE Lic #01520854 3 A RESIDENTIAL / MIXED USE PLANNED URBAN DEVELOPMENT AND SUSTAINABLE VILLAGE (47.6 ACRES + 53.3 ACRES TOTALING 100.9 ACRES) WESTRIDGE ACRES s s s s s s s s s s s s s s

Solid InPlace RVPark Income Significant Community Housing Shortage Gateway Village Visibility Heritage &Legacy Increased City Services Benefits DevelopableNo Further Landto West RoadAccessMultiple Ability to Block Future Development IfDesired Potential for Future Further Area Assemblage Prime for Serial Annexation by Precedent Potential Adjacent Parcel Annexation via Contiguity Potential For Superior Developers Targeted 30% IRR(Range) Returns Process for Potential Large IRRIncrease Additional Future East West Assemblage Options in Attached Housing Units with Upper andLower Parcels PUD Potential for CONFIDENTIAL OPPORTUNITY eeomns o c Pras yet Perhaps another exclusive wildlife preserv c) or developments) sis Creek or4Mile Ranch housing community (similar to nearby Oa designed mid-higherlevel housing housing element + Retailcommunitysome + benefiting Units Housing Attached + SFR‘s potential for approx. and Sustaining Village( Development Urban Planned ation Recre “Mountain A a) i.e. concept, way to Glenwood Springs” then developed into alarger site besynergized into theadjacent, sion is that their“Westridge Acres“ main thenewowner, thefamily’s vi Although all decisions ultimately re deeply as they do. aesthetics of Glenwood Springs as ues thespirit, people andlongterm properties to atrusted partywho val interest lies inultimately selling the family inthearea, theAmichaux’ s As alongstanding/ well known land holdings. family’s three generation legacy exclusive the offer opportunity to acquire theAmichaux to pleased are Dunning Judd“Westridge and Acres“ generations. ing land bank investment for future ± 370 to REASONSPURCHASE TO ± b A beautifully A b) ) -500 SFR and/orMulti ± 370 to wt PUD *with heritage “Gate 200 more TBD units *Future possibility of adjacent assemblage to add s s s s

5 Skyrocketing Housing Prices World Class Branded Recreational PUD Village Site Water Access &Control Million Dollar Home/Clubhouse with Panoramic Valley View 00* ------

Glenwood Springs” New “Gateway to Execute &Contribute &Profit Annex &Optimize Envision &Design Assemble Purchase & ê ê ê ê

THE GATEWAY TO GLENWOOD SPRINGS, COLORADO * Purchase All 10Parcels Purchase Options Total Acreage Storm KingAcres Parcel #10 Storm King Parcel #9 Storm King Parcel #8 Storm King Parcel #7 Storm King Storm KingUpper Property Total Acreage Westridge Acres Parcel #6 Westridge Acres Parcel #5 Westridge Acres Parcel #4 Westridge Acres Parcel #3 Westridge Acres Parcel #2 Westridge Acres Parcel #1 Westridge Acres Westridge Acres Center Property Description: POTENTIAL BUILDABLE RESIDENTIAL month /$30,000 Yr. Buyer to doown duediligence. Sale Inclusive of Successful RV Campground Business ($400,000Gross Yr. Revenues with Significant Rental Upside). Duplex Rents Average $2500 PARCEL DESCRIPTION begins as terms. Westridge Acres shall besold "as is". Pricing shall beas follows: a few select parties until that time. Seller's desires sales shorter timetable before majority of 2016 campground booking Westridge Acres is scheduled to go to public market March 2016. 15, This sale opportunity will bepresented exclusively to *"Units" meaning apartments,residential or attached housing Final Pricing $12,500,000 Westridge/Storm KingPUDOutcome: Approx *500UNITS Westridge Acres + Storm KingProperties Only Westridge Potential PUDOutcome: Approx *370UNITS Westridge Acres Properties Only Subtotalsand Totals Storm KingLarge Access North Parcel SK1 Storm KingNofChurch SK4 Storm KingEast SK3 WestKing Storm SK2 Westridge Acres East Mesa WA1 WestridgeAcres WestMesa WA2 Westridge Acres RV(A/B/C) W3-W6 SALEPRICING, STRUCTURE, AND TARGET TIMING Annexation Annexation Keyfor Site Serial Sites

(NOT INCLUSIVE OF PUD FINALLY EXPANDED NEGOTIATIONS) R040332 R006545 R020432 R020103 R040056 R006546 R006546 R006544 R006543 R010168 Tax ID: PARCEL TOTAL * Buyer to doown DueDiligence &Estimations Annexation PUD/130 Units +2-3Large Home Sites onLower Mitchell Creek Road via PUD/ Upper Properties +Additional 3rd Rear Access Road, allows for anotherpotential 17,000 SF Retail +2 State Access Roads Center Properties andRV Park to Yield aPotential to yield aPUD/370 Units +/-with Per to beAnnexed City Acre 4,384,664 2,075,548 1,083,817 444,748 871,200 483,821 507,910 831,560 161,608 FT2 Confidential Westridge Acres Offering Summary Size (Est.): PARCEL TOTAL 20.33 10.22 53.39 15.96 11.66 19.12 0.48 47.6 3.72 0.95 7.50 11.1 101 106.78 ACRES 26.00 24.92 47.72 10.22 11.68 19.12 11.12 3.72 ESTIMATED BUILDABLE $123,762 Vacant Landwith Acess Road ACRES 35.6 17.3 Campground/Commercial Campground/Commercial 0.0 8.0 0.6 3.9 9.7 4.3 9.1 Single Family -Inholding SFR/Shop -Inholding * City will issue formal letter than Westridge to beAnnexed Current Use: VacantLand VacantLand VacantLand VacantLand Vacant Land TotalAcres TotalAcres ESTIMATED *PUD PUD/Density + PUD/Density+ Per Potential .25 AC PER DWELLING 0.25 0.25 0.25 0.25 0.25 0.25 0.25 Unit

TOTAL ESTIMATED NUMBER OFLOTS $25,000 POTENTIALDEVELOPMENT TIMELINES 142 69 39 36 32 16 17 0 2 (*TBD City Hearings, etc.) (TBD Phase(TBD Schedule Request Submitted 2 -3 Weeks After 18 -24 Months

and Weather) 4 -6Months 9-16 Months 60 -90Days 45 -60Days 30-60 Days s s s s s s LOCAL SINGLE FAMILY/MULTI-HOUSING MARKET OBSERVATIONS

Paddmapper, Rent.com, Craig’s List only reporting 3apartments incity for rent. Most local apartment vacancies filled via private whisper campaigns months ahead. Average Listing Price for Homes inGlenwood Springs onmarket as of12/2015 is from $634,000 to $859,228 for 3and4 bedroom homes. West to distant Rifle, Silt andNew Castle due to lack of inventory. Current significant housing “flight toaffordability” down Valley from Aspen to Glenwood Springs. Many local and up valley residents now further moving All local apartmentbuildings fully occupied except very occasional standard rollover. Single Family Housing Rentals inGlenwood Springs remains at little ornoinventory. Reported waiting periods are 6mos. to 1 year onaverage. No (or very limited) newmulti-housing orattached housing development inlocal pipelineexcept 1future phase expansion of Village Green Apartments

Completed Project Build Project Commence Construction Permitting, Subdivision Annexation, Zoning, Development, Create Development Conceptual Plan Annexation Pre-App Meeting Close LandPurchase Judd Dunning |Los Angeles Office | Executive Managing Director | 310.261.8428 | RE Lic #01520854

as Contiguous Property) Cardinal Ranch Water Plant Across River (*Classified Affordable Housing Component) Roaring Fork School District Funding (Inclusive of Now Underway New Glenwood BridgeFunding andMain City Project Bayou /Terra Vista Development Sites (3.74 Acres) Roaring Fork Valley School District) (15.83) Acres Overall with12 Acres to beparceled off to 2014 Rick Deimoz Glenwood Partnership, LP Discount Tire Development SIte with (3.18Acre Land) 51537 Highway 6&24 Glenwood Springs (Inclusive of 4.54Acre Land) 2015 The Antler Hotel Sale Growth Events SalesComparables/Contributing Valuation/ Acres" pricing. price peracre than subject "Westridge higher significantly at transacted below non-existent. Notably all relative sales acreage within theCity is limitedvery or has bothprimecommercial/residential similar “last developable location” that Springs. Comparative sale values for a excellent economic growth inGlenwood tributing investment factors demonstrate The following comparative sales andcon

- Invested For Community Growth Just Passed November 3rd 2015 Increased Traffic Flow, Housing Demand andEconomic Growth New Infrastructure Recently For YearsAhead 2 MilesRadius 2 ½ Mile Radius Mile ½ Finalized 2014 1 Mile Radius Mile 1 Radius Mile 1 2014 Sale 2014 Sale 2014 Sale 2015 Sale Details $7,618,000/ Vacant Landoffered at Market at $6,500,000/ $2,700,000/ Financial Consideration ($481,000 Per Acre) $130,000,000 $130,000,000 $122,000,000 $1,800,000 Estimated $1,677,973 Per Acre $849,056 Per Acre $541,666 Per Acre

4 WESTRIDGE ACRES / THE GATEWAY TO GLENWOOD SPRINGS, COLORADO A RESIDENTIAL / MIXED USE PLANNED URBAN DEVELOPMENT AND SUSTAINABLE VILLAGE (47.6 ACRES + 53.3 ACRES TOTALING 100.9 ACRES)

New Construction Oasis Creek Apartments Development WESTRIDGE ACRES Development Location | Exponential Potential via Annexation/PUD Zoning 116 Unit New Construction Multifamily Development 1.5 Miles East from Westridge Acres • 116 Units | 3.74 Acres Site | 30 units Per Acre/Density • Land Price: $1,800,000/2014 Sale | $481,200/Acre EXISTING CONDITIONS SURVEY • Planned: 5 Story Structure | 4 Stories Apartments 1 Level Parking Amichaux Exemption • Dog Washing Room | Snowboard Tuning Room Situated in Govt.' Lots 5 and 6, Section 6 Fire Pit/Patios • 2 Buildings x 15,216 SF Floor Plates | 121,728 sf (est) Township 6 South, Range 92 West of the 6th P.M. • Unit Mix: 69 1bd/1bth (avg 700 sf ) + 47 2bd/2bth County of Garfield, State of Colorado (avg 1050 SF) • Market Cap Rate Trending: 5.25% to 5.5% é • Projected Delivery Date Spring 2017 STORM KING NORTH + 53.3 ACRES Surveyor's Certification WESTRIDGE CENTER ASSEMBLAGE ONLY I, the undersigned, being a Licensed Professional Land Surveyor in the State of Colorado hereby certify that this Existing Conditions Survey and accompanying map has been prepared by SurvCo, Inc. under my direct supervision and checking and that it is true and correct to the best of my knowledge and belief. By: Samuel D. Phelps Colorado Licensed Professional Land Surveyor No. 27613 For and on Behalf of SurvCo, Inc. A Colorado Corporation Date of Certification: 21/November/2015

Notice: (In accordance with C.R.S. 13-80-105 et. seq.) According to Colorado law you must commence any legal action based upon any defect in this survey within three years after you first discover such defect. In no event, may any action based upon any defect in this survey be commenced more than ten years from the date of certification shown hereon.

Surveyor's Notes: 1. This map has been prepared pursuant to client request to demonstrate the location of the aerial survey depicted hereon and the relationship with the record boundary of the Amichaux Subdivision Exemption plat (Reception No. 503633). 2. Record bearings as depicted on the Amichaux Exemption plat have been rotated +01°11'55"to conform to Colorado Central Zone (0502) grid bearings and are relative to an observed grid bearing of N.87°16'42"W. for the centerline of 8th street in the City of Glenwood é Springs. Monetization being found at the intersection of 8th street WESTRIDGE LOWER 47.62 ACRES and Palmer Ave. is a aluminum cap in a range box and at the intersection of 8th and Pitkin Avenue is a brasscap in a range box. 3. This survey does not represent a title search by this land surveyor or survey company to determine ownership or any easements of record or those that may be apparent in the field that may affect the subject property. No current title insurance commitment has been reviewed in the preparation of this map. Easements of record are not shown on this map. 4. This survey is based on the recorded plat of the Amichaux Exemption as field for record January 21st, 1996 and is recorded under Reception No. 503633 of the records of Garfield County, Colorado. 5. The aerial survey as depicted hereon is taken from the 2010 City of Glenwood Springs aerial survey and is deemed to be generally reliable but should be field verified prior to reliance thereon for design or construction.

Confidential Westridge Acres Offering Summary Judd Dunning | Los Angeles Office | Executive Managing Director | 310.261.8428 | RE Lic #01520854 5 WESTRIDGE ACRES / THE GATEWAY TO GLENWOOD SPRINGS, COLORADO A RESIDENTIAL / MIXED USE PLANNED URBAN DEVELOPMENT AND SUSTAINABLE VILLAGE (47.6 ACRES + 53.3 ACRES TOTALING 100.9 ACRES)

WESTRIDGE ACRES Westridge Acres Core EXISTING CONDITIONS SURVEY Development Location | Exponential Potential via Annexation/PUD Zoning Property Amichaux Exemption Note: Green line is a potential access drive to comply with an 8% gradient with some portions of the drive through the West & East Mesa as less than 8%. This analysis below remains focused upon the Buildable Slope/Acreage Situated in Govt.' Lots 5 and 6, Section 6 Westridge Center properties as the core location to unlock development and serial annexation of he Summary Analysis Township 6 South, Range 92 West of the 6th P.M. entire development. County of Garfield, State of Colorado Analysis of gross development é concept is an estimation solely STORM KING NORTH + 53.3 ACRES focused upon site’s topographic WESTRIDGE CENTER ASSEMBLAGE ONLY mapping, slope gradients, use areas and potential centerline for new road AREA C & D: Profiles as more steep in slope, yet remains developable. To best EAST MESA: 4.356 acres as more buildable. Well planned road to the East mesas in the core accommodate parking and access particularly for higher densities, planning must be Westridge Acre property which is system will open up excellent amount of attached residential exact and would be more costly, steeper slopes at the fringes of flatter terrain with development use. by boundary and precedent subject adjacent drives may also accommodate buildable pads. to immediate annexation. This analysis is generated for purposes of projecting the reasonable potential ‘highline” picture of buildable elements for a potential purchaser. Slope usability is estimated via current City Code guidelines, which are subject to change. Potential “buildable” assumptions based on primarily single family and high density residential development as it relates to localized vehicular access /parking requirements. Notably, the subject property retains core ability to unlock highest use of all adjacent and potential future assemblage WEST MESA: Solid developable slope profile with properties in subject area. (*See some driveway restrictions to highest acreage. next Page 7 expanded area map) *Purchaser is responsible to do own AREA B: Superior usable lower site area. 16% slope diligence and take full responsibility with excellent room for access design. for their own potential development projections.

AREA A: Assumed and estimated 17,000 square foot building foot print. Adjacent parking é opportunity may restricted commercial square footage to 10–14,000 square feet. Excavation to WESTRIDGE LOWER 47.62 ACRES accommodate the building, parking and access estimated to consume/require an acre of land area.

Confidential Westridge Acres Offering Summary Judd Dunning | Los Angeles Office | Executive Managing Director | 310.261.8428 | RE Lic #01520854 6 X

6015 5940

5980 5955

5935

/ 6030 THE GATEWAY TO GLENWOOD SPRINGS, COLORADO 5970 WESTRIDGE ACRES 5975 5950

6010 5965

5930 A RESIDENTIAL / MIXED USE PLANNED URBAN DEVELOPMENT AND SUSTAINABLE VILLAGE (47.6 ACRES + 53.3 ACRES TOTALING 100.9 ACRES) 5885 5925 6005 5915 W W 5945

5990 5"W ' 1 1 '

5 .

08 5

9 7° 1 S00°03'15"W 1

S 2.36' 940

S25°09'43"W H

L 5910 4.89' C EK

5920 E

5960 EL

M ROAD CR 460.44' WESTRIDGE ACRES Full area potential master plan overview with S00°02'45"E Consolidated Assemblage Development Location | Exponential Potential via Annexation/PUD Zoning topographic map and buildable acreage estimations 4.8 ac.

5940

6000 6025

5950 6050 5930 6075 5975

5920

5880

Buildable Slope/Acreage 5910

5870 Storm King North 5900

WV Access Parcel 5890 Summary Analysis 8.0 Acres 5860 5850

5840

Analysis of gross development con- 20' ROADWAY & DRAINAGE EASEMENT REC. NO. 686131

Storm King Tracts D

DRIVEWAY

5830

RE RETAINING C X

WALL L *(Blue) GARAGE

PROPERTY

LINE CE

2.9' 2.0' GARAGE 5825 cept is an estimation solely focused ENCROACHM RETAINING ENT MIT WALL DRIVEWAY ENCROACHM ENCROACHM ENT ENT upon site’s topographic mapping, 5820

5900 5815

5925

5950 5975

slope gradients, use areas and new 6000

6025

roads. This analysis is generated for 5810

5805 purposes of projecting the reason- 53.39 TOTAL ACRES 3.2 Ac.

Westridge Tracts 5800 able potential ‘highline” picture of 5 (Red) 579 buildable elements for a potential X 5775 5785 Storm King N of Church5820 5825 5815

purchaser. Slope usability is estimat- 5790

.06 Acres 5850 6025 5950

5875 5975

5900 ed via current City Code guidelines, 5925 5780

6000

which are subject to change. Poten- 5770

5810

tial “buildable” assumptions based 5760

Storm King West 5805 0.0 Acres on primarily single family and high 57755765

5795 5785 density residential development as it 5800 Storm6000 King East relates to localized vehicular access 9.7 Acres

/parking requirements. Notably, the 5975

5780 5750 5875 center properties subject property 5875 5900 5875 5755 5850 5950 5875 6000 5850 5850 5770 5745

5850 Westridge 5740 retains core ability to unlock 5875 5825 5825 5760

5925 5890 Mesa 5730 East 5800 5735 5875 5880 5975 5775 5900 highest use of all adjacent and 5870 5875 4.3 Acres 5765 5850

Area C 5875 5860 5850 5825 4.594 Acres 5875 potential future assemblage proper- 5850 5780 5950 5850 5850 5840 5850 NOT A PART 5830 5810 Westridge 5825 5840 5805 Westridge RV 5820 5800 5795 5800 ties in subject area via annexation 5790 5770 5830 5765 5785 5775 West Meas 9.1 Acres 5755 5825 FUTURE ASSEMBLAGE POTENTIAL5810 5825 5775 5825 5780 5760 5820 5755 (A 1.1, B 3.4, C 4.6) 5925 3.9 Acres 5750 5805 5720 5735 and serial annexation as a result. 5800 5760 5810 5775 5745 5750 5760 5790 5755 5800 5725 5795 5740 5800 5800 Area B 5745 5800 5900 5770 3.435 Acres 5775

5790 5780 5750 Dever5765 East 5740 *Purchaser is responsible to do own 5740 5775 5785 5730 5785 5775 5735 5745 5875 5780 9.5 acres 5750 5760 5735 5850 5730 5705 diligence and take full responsibility 5775 5730 Dever West 5725 5725 5750 5825 5720 5730 5770 5755 5725 A 5715 5750 Area 5770 5720 1.067 Acres 5720 5800 3.3 Acres 5720 5755 5730 5705 5765 5745 5740 5705 for their own for their own potential 5760 5735 5710 5715 5710 5775 5715 5760 5700 5730 5725 5710 5700 5705 5695 5760 5705 5755 5750 5735 5750 5740 5705 5690 5750 5695 5695 5685 5750 5680 5765 development projections. 5745 5735 5735 5700 5700 5720 5695 5740 5750 5690 5730 5705 5710 5745 5710 5720 5725 5715 5700 5715 5710 5730 5690 5715 5745 5730 5695 5700

5740 5695 5690 5690 5700 5725 5705 5700 5685 5680 5685 5700 5675 5695 5680 5695 5675 5665 5670 5690 5690 5725 5670 5680 5695 5685 5720 5750 5720 5695 5695 5695 5710 5685 5675 5715 5690 5705 5690 5690 5700 5685 5725 5690 5680 5660 5680 5700 5675 5675 5695 5665 5665 5695 5670 5680 5660 5675 5685 5690

5715 5710 5705 5700 5695 47.62 TOTAL ACRES 5690 5690

5690

5670 5675 5680

Confidential Westridge Acres Offering Summary Judd Dunning | Los Angeles Office | Executive Managing Director | 310.261.8428 | RE Lic #01520854 7