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10-21-2025 Special Session Agenda Packet - CONFIDENTIAL
OCOEE CITY COMMISSION Ocoee Commission Chambers 1 N. Bluford Avenue Ocoee, Florida October 21, 2025 AGENDA 7:15 PM SPECIAL SESSION MEETING • CALL TO ORDER Roll Call and Determination of Quorum • REGULAR AGENDA 1. RFP #25-006 Lease and Operation of the Forest Lake Golf Club Firm Presentations (Firms interview order will be randomly selected by holding a drawing). • First Firm 7:20 PM – 8:05 PM, local time • Second Firm 8:10 PM – 8:55 PM, local time • Third Firm 9:00 PM – 9:45 PM, local time • PUBLIC COMMENTS • CITY COMMISSION DISCUSSION ON SELECTION OF TOP RANKED FIRM AND SECOND RANKED FIRM FOR LEASE NEGOTIATIONS • ADJOURNMENT APPEALS: In accordance with Florida Statutes § 286.0105: Any person who desires to appeal any decision at this meeting will need a record of the proceedings and for this purpose may need to ensure that a verbatim record of the proceedings is made which includes the testimony and evidence upon which the appeal is based. ACCOMMODATIONS FOR DISABILITIES: In accordance with Florida Statute § 286.26: Persons with disabilities needing assistance to participate in any of these proceedings should contact the Office of the City Clerk, 1 N. Bluford Avenue, Ocoee, FL 34761, (407) 905 -3105 48 hours in advance of the meeting. Page 1 of 53 Mayor Commissioners Rusty Johnson Scott R. Kennedy, District 1 Rosemary Wilsen, District 2 City Manager Richard Firstner, District 3 Craig Shadrix George Oliver III, District 4 City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761 phone: (407) 905-3100 ▪ www.ocoee.org _____________ REVISED October 6, 2025 City Commission Special Session Convene 7:15 p.m., local time, or as soon thereafter as possible Firms interview order will be randomly selected by holding a drawing First Firm 7:20 p.m. – 8:05 p.m., local time Second Firm 8:10 p.m. – 8:55 p.m., local time Third Firm 9:00 p.m. – 9:45 p.m., local time City Commission Final Rankings 10:00 p.m., local time, or as soon thereafter as possible Re: RFP #25-006 Lease and Operation of the Forest Lake Golf Club Notice of Interviews by the City Commission and Request for Additional Information To: The Top Three (3) Shortlisted Firms: Hampton Golf, Inc./FLGC Golf Holdings, LLC Ocoee Golf Holdings, LLC Tamarack Golf Management, LLC The top three (3) shortlisted firms are required by the City Commission, as discussed at the City Commission meeting on September 16, 2025, to submit by email prior to the interview by October 15, 2025 to Olena Stokych at ostokych@ocoee.org with a copy Joyce Tolbert at jtolbert@ocoee.org : • a more detailed one-page summary outlining their compensation and rent structure, • revenue sharing analysis, • a bank letter verifying proof of funds and financial capacity, • a five-year capital improvement plan, • a golf business growth strategy, and • expanded details regarding food and beverage operations, • complete and provide the attached Forest Lake Pro Forma Pre-Interview Questions spreadsheet. Please be advised on Tuesday, October 21, 2025, at 7:15 p.m., the City Commission will hear presentations at a special session up to fifteen (15) minutes for interviews/presentations with handouts from the three (3) Respondents for RFP #25-006, followed by a thirty (30) minute question and answer period. Interviews will take place at the above-scheduled times and will be held in the Commission Chambers at Ocoee City Hall located at 1 N. Bluford Avenue, Ocoee, Florida 34761. Time limits will be strictly adhered to; therefore, it is requested for each firm be available during the special session. The public RFP City Commission meeting will follow to finalize the rankings at approximately 10:00 p.m., local time. Special Guidelines: a) Each interview/presentation period will be for a maximum of fifteen (15) minutes for presentations followed by a thirty (30) minute question and answer period, and will be timed. Page 2 of 53 2 b) There are five (5) members of this City Commission. Please bring nine (9) handouts and one (1) electronic copy, so we have one for the project file. If desired, there will be room for up to two (2) display boards, but there will not be additional time allotted for complex setup. c) Bring all digital media on a Flash Drive in Microsoft applications: MS Powerpoint, MS Excel, or MS Word, or Adobe PDF. The City Hall Chambers is fully equipped with the latest technology for presentations. d) The discussion will start with each firm’s presentation, which should include introductions of those persons present, a brief overview of the company, and approach to golf course operation. Please limit the duration of your presentation to allow questions from the City Commission. Respondents should be prepared to answer technical questions regarding their proposals and approach to golf course operation. e) The Respondents will be allowed up to four (4) key project team members to be present. f) All costs for presentations, including travel related costs, shall be the responsibility of the Respondent, and the City shall make no reimbursement of any kind. Should there be any questions regarding the above, please contact me at ostokych@ocoee.org. All information concerning this RFP is posted on Bonfire, which may be accessed via the City’s website. Sincerely, Olena Stokych Purchasing Analyst Enclosure: Forest Lake Pro Forma Pre-Interview Questions 3 pages Cc: City Commission Page 3 of 53 Forest Lake Golf Course - 5 Year Budget Forecast - all cells to Be Completed By Proposer Company Name: Basis for compensation/rent 2026 2027 2028 2029 2030 Totals Projected Rounds of Golf Income Green Fees (current avg = $43)$- Cart Fees Merchandise Sales $- Driving Range based on proposers plan to expand/increase revenue $- Food / Beverage Sales $- Outside Facility Rental/Events $- Other $- Other $- Other $- Total Income $-$-$-$-$-$- Total Cost of Goods Sold $- GROSS PROFIT $-$-$-$-$-$- Expenses Golf Operations $- Total Golf Maintenance $- Total Food & Beverage $- Total General & Administration $- Total Expenses $-$-$-$-$-$- NET INCOME $-$-$-$-$-$- Compensation and Rent/revenue share Structure Guaranteed Annual Base Rent $- Additional or Alternative Rent (If Applicable) on Total Income (TI), Net Income (NI) or "Golf only revenue" income(GO) (Specify) $- Revenue Share calculation per your proposal based on projected revenues $- Other Source(s) per proposal - be specific and clear $- Percentage % of Rent Paid on Golf Only Revenue $- TOTAL $ RENT w/revenue share and or % based on proposers formula $-$-$-$-$-$- Page 1 Page 4 of 53 Capital Investment Plan and Proof of Financing Capital Investment $ Amount by Year $- Detailed Scope of Investment by Year (bullets) Financial Capacity - provide a certified bank letter verifying proof of funds associated with all financial commitments outlined in proposal. For each year, indicate amount of capital to be invested. Total Annual Contribution to Future Capital Fund $-$-$-$-$-$- TOTAL RENT and FUTURE CAPITAL CONTRIBUTION $-$-$-$-$-$- High Level Golf Course, Golf Program and Community Venue Growth Business Plan by Year (bulleted) High Level Description of plans for food and beverage operations by Year (bulleted) Page 2 Page 5 of 53 From:David Mayo To:Stokych, Olena; Justin Kuehn Cc:Tolbert, Joyce Subject:RE: Reminder - RFP #25-006 Lease and Operation of the Forest Lake Golf Club Date:Wednesday, October 15, 2025 8:20:32 PM Attachments:image001.png FLGC GOLF HOLDINGS, LLC (HG) Forest Lake_Financial Capacity 2.pdf FLGC GOLF HOLDINGS, LLC (HG) Forest Lake RFP Interview QuestionsAnswers_FINAL SUBMISSION.pdf FLGC GOLF HOLDINGS, LLC (HG) _Forest Lake RFP #25-006_Notice of Interviews Enclosure_October 21 2025_Forest Lake Pro Forma Pre-Interview Questions_HG_10.15.25. FINAL SUBMIT.pdf FLGC GOLF HOLDINGS, LLC (HG)_Forest Lake_Financial Capacity 1.pdf Good Afternoon, Please se attached all the requested documents for the lease and operation of the Forest Lake Golf Club. Thank you, David Mayo General Manager Blue Sky Golf Club 1700 Monument Rd Jacksonville, FL 32225 (P) (904) 446-2899 dmayo@hampton.golf From: Stokych, Olena <OStokych@ocoee.org> Sent: Tuesday, October 14, 2025 3:49 PM To: David Mayo <dmayo@hampton.golf>; Justin Kuehn <jkuehn@hampton.golf> Cc: Tolbert, Joyce <JTolbert@ocoee.org> Subject: Reminder - RFP #25-006 Lease and Operation of the Forest Lake Golf Club Importance: High Good afternoon. As a reminder, the last day to submit the requested information before the interview for RFP #25- 006 is tomorrow, October 15, 2025 (Wednesday). Looking forward to hearing from you. Thank you. Olena Stokych Purchasing Analyst Page 6 of 53 Forest Lake Golf Course - 5 Year Budget Forecast - all cells to Be Completed By Proposer Company Name: FLGC Golf Holdings, LLC / Hampton Golf Basis for compensation/rent 2026 2027 2028 2029 2030 Totals Projected Rounds of Golf 55,200 55,200 55,200 55,200 55,200 276,000 Income Green Fees (current avg = $43)2,484,000.00$ 2,533,680.00$ 2,584,354.00$ 2,636,041.00$ 2,688,761.00$ 12,926,836.00$ Cart Fees -$ -$ -$ -$ -$ -$ Merchandise Sales 165,600.00$ 168,912.00$ 172,290.00$ 175,736.00$ 179,251.00$ 861,789.00$ Driving Range based on proposers plan to expand/increase revenue 2,037,600.00$ 2,139,480.00$ 2,246,454.00$ 2,358,777.00$ 2,476,716.00$ 11,259,027.00$ Food / Beverage Sales 3,588,000.00$ 3,759,600.00$ 3,939,078.50$ 4,126,753.45$ 4,322,989.80$ 19,736,421.75$ Outside Facility Rental/Events 85,000.00$ 92,650.00$ 100,998.50$ 110,088.37$ 119,996.32$ 508,733.19$ Company Events 55,000.00$ 59,950.00$ 65,345.50$ 71,226.50$ 77,636.89$ 329,158.89$ Network events 30,000.00$ 32,700.00$ 35,643.00$ 38,850.87$ 42,347.45$ 179,541.32$ Private Parties 25,000.00$ 27,250.00$ 29,702.50$ 32,375.73$ 35,289.55$ 149,617.78$ Total Income 8,470,200.00$ 8,814,222.00$ 9,173,866.00$ 9,549,848.92$ 9,942,988.01$ 45,951,124.93$ Total Cost of Goods Sold 1,262,723.00$ 1,322,630.00$ 1,385,468.00$ 1,451,382.00$ 1,520,524.00$ 6,942,727.00$ GROSS PROFIT 7,207,477.00$ 7,491,592.00$ 7,788,398.00$ 8,098,466.92$ 8,422,464.01$ 39,008,397.93$ Expenses Golf Operations 716,941.00$ 724,110.00$ 731,351.00$ 738,665.00$ 746,051.00$ 3,657,118.00$ Total Golf Maintenance 1,133,690.00$ 1,145,027.00$ 1,156,477.00$ 1,168,042.00$ 1,179,723.00$ 5,782,959.00$ Total Food & Beverage 1,506,794.00$ 1,521,862.00$ 1,537,081.00$ 1,552,452.00$ 1,567,976.00$ 7,686,165.00$ Total General & Administration 1,413,509.00$ 1,427,644.00$ 1,441,921.00$ 1,456,340.00$ 1,470,903.00$ 7,210,317.00$ Total Expenses 4,053,993.00$ 4,818,643.00$ 4,866,830.00$ 4,915,499.00$ 4,964,653.00$ 23,619,618.00$ NET INCOME 3,153,484.00$ 2,672,949.00$ 2,921,568.00$ 3,182,967.92$ 3,457,811.01$ 15,388,779.93$ Compensation and Rent/revenue share Structure Guaranteed Annual Base Rent 240,000.00$ 240,000.00$ 240,000.00$ 240,000.00$ 240,000.00$ 1,200,000.00$ Page 1 Page 7 of 53 Additional or Alternative Rent (If Applicable) on Total Income (TI), Net Income (NI) or "Golf only revenue" income(GO) (Specify) Revenue Share calculation per your proposal based on projected revenues N/A N/A N/A N/A N/A -$ Other Source(s) per proposal - be specific and clear N/A N/A N/A N/A N/A -$ Percentage % of Rent Paid on ALL Gross Revenue of the club 183,510.00$ 200,711.00$ 218,693.00$ 237,492.00$ 257,149.00$ 1,097,555.00$ TOTAL $ RENT w/revenue share and or % based on proposers formula 423,510.00$ 440,711.00$ 458,693.00$ 477,492.00$ 497,149.00$ 2,297,555.00$ Capital Investment Plan and Proof of Financing Capital Investment $ Amount by Year 2,000,000.00$ 11,900,000.00$ 1,000,000.00$ 1,000,000.00$ 500,000.00$ 16,400,000.00$ Detailed Scope of Investment by Year (bullets) Financial Capacity - provide a certified bank letter verifying proof of funds associated with all financial commitments outlined in proposal. For each year, indicate amount of capital to be invested. Total Annual Contribution to Future Capital Fund 150,000.00$ 150,000.00$ 150,000.00$ 150,000.00$ 150,000.00$ 750,000.00$ Refer to Proposer's response to the notice of interviews and its respective RFP submission Proposer submitted the requisite proof of its financial capacity in proper's response to the notice of interviews. 5% of ALL GROSS REVENUE OF THE CLUB WITH NO EXCLUDED REVENUE WHATSOEVER. Page 2 Page 8 of 53 TOTAL RENT and FUTURE CAPITAL CONTRIBUTION 573,510.00$ 590,711.00$ 608,693.00$ 627,492.00$ 647,149.00$ 3,047,555.00$ High Level Golf Course, Golf Program and Community Venue Growth Business Plan by Year (bulleted) High Level Description of plans for food and beverage operations by Year (bulleted) Refer to Proposer's response to the notice of interviews and its respective RFP submission Refer to Proposer's response to the notice of interviews and its respective RFP submission Page 3 Page 9 of 53 1 Forest Lake RFP Interview Questions FLGC GOLF HOLDINGS, LLC October 15, 2025 Pursuant to that certain Notice of Interview by the City Commission and Request for Additional information (the “Notice”), FLGC GOLF HOLDINGS, LLC/HAMPTON GOLF (“Proposer”) hereby provides the following information related to the Notice: 1 A more detailed one-page summary outlining their compensation and rent structure o Initial submitted proposal: ▪ Initial Term: 10 Years ▪ Renewal Term: Four 10-year renewal options ▪ Commencement Date: January 1, 2026 ▪ Minimum Annual Guaranteed Rent: $240,000 ($20,000 monthly) ▪ Percentage Rent: 5% of ALL Gross Revenue of the Club ▪ Security Deposit: 3 Months of minimum annual guarantee ▪ Guarantor: Corporate Guaranty ▪ Letter of credit: Irrevocable letter of credit ▪ Performance security Performance bond ▪ Surety Company Zurich ▪ Insurance Company/Agent David Cosper ▪ Asset Manager 2% of all gross revenue of the club ▪ Resident Program Yes (As further described below) 2 Revenue Sharing Analysis a. The City of Ocoee will receive 5% of gross revenue of the club or the minimum annual guaranteed rent, whichever is greater. 3 Bank letter verifying proof of funds and financial capacity – Please see attached. 4 Five-year Capital Improvement Plan a. Year 1: 2026 – Phase 1 – $2,000,000 i. Renovation of existing clubhouse and rejuvenation of food & beverage operations: $500,000 Page 10 of 53 2 ii. Cart path repair to fix potholes and improve overall surface: $500,000 iii. Re-grassing of 9 greens: $400,000 iv. Leveling and re-grassing of Tee boxes: $200,000 v. Landscape improvements: $400,000 b. Year 2: 2027 – Phase 2 – $11 ,900,000 i. New clubhouse (9,000 SF) featuring vista views: $9,500,000 ii. Re-grassing of 9 Greens: $400,000 iii. New parking lot: $500,000 iv. New covered driving range (20 bays): $1,500,000 c. Year 3: 2028 – Phase 3 – $1,000,000 i. Irrigation repair and partial replacement on 9 holes: $1,000,000 d. Year 4: 2029 – Phase 4 – $1,000,000 i. Irrigation repair and partial replacement on 9 holes: $1,000,000 e. Year 5: 2030 – Phase 5 – $500,000 i. Covered driving range (additional 20 bays): $500,000 5 Golf Business Growth Strategy a. Growing Resident, Member, and Guest Golf Usage i. Introduction of guest offerings aligned with underutilized tee sheet periods through the installation of an automated predictive pricing system. ii. Emphasis on golf programming—specifically golf events, tournaments, and leagues—to drive participation and engagement. iii. Tracking each guest’s activity and communicating tailored messages based on their individual behaviors and preferences. iv. Implementation of programs designed to encourage incremental spending during each visit without compromising profit margins. v. Expansion of hours of operation, as needed, following a review of utilization patterns. b. Events i. Hosting of an annual tournament for current Major participants. ii. Hosting of high school and collegiate golf tournaments to promote community involvement and visibility. c. Junior Programs i. Expansion of junior golf programs to foster early engagement and long-term player development. ii. Continued active support of First Tee – Central Florida through expanded onsite collaboration at Forest Lake, providing access to the practice facility, driving range, and golf course for youth programs (ages 7–18) that blend golf skills with life and leadership lessons. d. Resident Appreciation Program i. Introduction of resident discounts to increase participation and loyalty among the local community. Page 11 of 53 3 ii. Engagement of residents who do not currently play golf through the development of a covered, gamified driving range paired with enhanced food and beverage offerings. This synergy will create a natural transition from social engagement to golf participation. e. Please note: This program will be executed in alignment with the approved Capital Improvement Plan (see section above for details). 6 Expanded Details Regarding Food and Beverage Operations a. Golf Course, Clubhouse, and Driving Range Vision and Approach Our objective is to deliver a comprehensive food and beverage program that positions Forest Lake Golf Club and Rusty Niblick Pub as not only a premier golf destination, but also as a vibrant social and dining hub. The offerings will rival and in many cases exceed those of neighboring private clubs and popular casual restaurants in the community, such as Miller’s Ale House and similar regional operators. The food and beverage program will serve three primary audiences: 1. Clubhouse Members and Golfers – providing reliable, quality offerings before, during, and after play. 2. Driving Range and Entertainment Patrons – activating the new double-level, 40-bay range with a modern, fun, shareable menu designed for groups. 3. Community Guests – positioning the facility as a go-to option for casual dining, events, and gatherings, even for those not playing golf. b. Clubhouse Dining Program i. Concept: Casual-upscale clubhouse restaurant offering a sit-down experience for members, golfers, and community patrons. ii. Menu Design: Balanced between traditional clubhouse fare (sandwiches, salads, wraps, burgers) and elevated entrée selections (fresh fish, steaks, chef’s specials). iii. Price Point: $12–$20 for lunch entrées; $18–$28 for dinner entrées, consistent with well- known casual dining restaurants. iv. Quality Standards: Comparable or superior to neighboring private clubs, with an emphasis on fresh ingredients, seasonal specials, and signature dishes unique to the facility. v. Beverage Program: Full bar service including local craft beers, curated wine list, and cocktails that appeal to both golfers and social diners. c. Driving Range & Entertainment Bays i. Concept: An energetic, “social sports bar” food and beverage experience integrated into the 40-bay double-level range, modeled on a smaller-scale Topgolf environment. ii. Menu Design: a. Shareable plates: wings, sliders, flatbreads, nachos, loaded fries. Page 12 of 53 4 b. Group platters for bays: sampler boards, buckets of beer/seltzers, pitchers of cocktails. c. Kid-friendly options for families. iii. Price Point: Competitive with Alehouse and casual dining restaurants ($10–$16 for appetizers; $12–$20 for entrées). iv. Beverage Program: Branded signature cocktails, frozen drinks, domestic/craft beer buckets, and wine by the glass or bottle. d. On-Course Food & Beverage i. Beverage Carts: Two mobile carts circulating the course daily, stocked with cold drinks, sandwiches, snacks, and grab-and-go options. ii. Halfway House/Kiosk: Convenient walk-up service near the turn offering hot dogs, handheld sandwiches, energy drinks, and quick service items to maintain pace of play. e. Banquets & Events i. Clubhouse Banquet Rooms: Flexible event space for private parties, corporate outings, weddings, and golf tournaments. ii. Menu Offerings: Buffet, plated, and cocktail reception formats. Pricing customizable to community standards, with competitive packages. iii. Revenue Impact: Events drive incremental non-golf revenue while expanding community engagement. f. Comparative Standards & Assurance i. Benchmarking: Our menu and pricing strategy will be benchmarked quarterly against leading local restaurants (e.g., Miller’s Ale House, family-friendly casual dining operators) and neighboring golf clubs to ensure quality and competitiveness. ii. Quality Control: We will employ an experienced Executive Chef and F&B Director to oversee kitchen operations, service training, and menu development. iii. Community Activation: Weekly specials, live music nights, happy hours, and seasonal events (e.g., football watch parties, holiday brunches) will make the clubhouse and range a consistent draw beyond golf. g. Summary of Benefits to the City i. A COMMUNITY GOLF AND RECREATIONAL AMENITY THAT OUTPERFORMS AND EXCEEDS THE STANDARD AND QUALITY OF COMPARABLE GOLF CLUBS IN CENTRAL FLORIDA, INCLUDING THE CLERMONT NATIONAL GOLF COURSE AND THE VIEW RESTAURANT AND DRIVING RANGE IN CLERMONT, FLORIDA. ii. A clubhouse restaurant experience meeting or exceeding private club standards. iii. A driving range activation model delivering a “mini-Topgolf” destination for all ages. iv. A community-friendly price point comparable to regional Miller Ale House-style restaurants. v. A flexible event and banquet program generating new revenue streams. vi. Assurance that the facility will become a regional attraction for golf, dining, and entertainment. Page 13 of 53 5 h. Please note: This program will be executed in alignment with the approved Capital Improvement Plan (see section above for details). Page 14 of 53 Page 15 of 53 Page 16 of 53 1 Stokych, Olena From:Grant Johnson <gjohnson@troon.com> Sent:Wednesday, October 15, 2025 1:50 PM To:Tolbert, Joyce; Stokych, Olena Cc:Adam Laufer; Don Lipari; Bob Greenberg; Peter Solberg Subject:RE: Reminder - RFP #25-006 Lease and Operation of the Forest Lake Golf Club Attachments:RFP 25-006 Forest Lake Pro Forma Pre-Interview Questions - Ocoee Golf Holdings LLC -10.15.25.xlsx; Proposed Terms & Exceptions - Ocoee Golf Holdings, LLC.pdf; 5-Year Capital Improvement Plan - Ocoee Golf Holdings, LLC.pdf; 10-Year Proforma - Ocoee Golf Holdings, LLC.pdf; Proof of Funds (3).pdf; Proof of Funds (1).pdf; Proof of Funds (2).PDF Hello, Thank you for the opportunity to provide this additional information as requested by the Selection Committee for RFP #25-006. Please confirm receipt of our response. We have outlined the requested information below and in the numerous attachments: • a more detailed one-page summary outlining their compensation and rent structure, See attached “Proposed Terms & Exceptions” • revenue sharing analysis, Please see the attached spreadsheet with detail on Revenue, Expenses and Capital in the first 5 years. Additionally, we have provided our 10-year proforma provided in our initial response. Ocoee Golf Holdings, LLC has provided a proposal in which The City will receive $5.35M of capital investment into Forest Lake over the first 24 months of the term and 3.5% of Gross Revenues beginning in year 5. Over the proposed 10-year term, this totals $6.19M. Beyond this, we have proposed annual base rent of $100,000 per annum + a golf revenue share above outlined thresholds (see proposed terms) beginning in year 5. Over the 10-year term, the City will receive $7.29M in Rent + Capital Improvements, equally 63% of the proposed 10-year EBITDAR. • a bank letter verifying proof of funds and financial capacity, Please see attached “Proof of Funds Letters 1,2 &3” – marked confidential. • a five-year capital improvement plan, Please see attached “5-Year Capital Improvement Plan” detailing the timeline and project scope for our initial $5.35M capital investment to be spent over the first 24-months of the term. • a golf business growth strategy, and Ocoee Golf Holdings, LLC business growth strategy focuses on revitalizing the golf experience through reinvestment, programming diversity, and data-driven operations under Troon’s proven management model. Central to this approach is enhancing course quality, upgrading the driving range and irrigation systems, and implementing a robust player development program through the Kyle Berkshire Academy and certified PGA/LPGA instruction. Growth will be driven by increased rounds, yield optimization, new membership and instructional revenue streams, and destination- Page 17 of 53 2 level events that boost visibility and community engagement. Leveraging Troon’s national marketing, loyalty, and customer analytics platforms, Forest Lake will sustain long-term participation and revenue growth while positioning itself as a modern, inclusive, and high- performing municipal golf destination. • expanded details regarding food and beverage operations, While term restrictions and the significant capital required limit immediate investment in a new clubhouse and restaurant, Ocoee Golf Holdings will explore all available sources of capital funds to evaluate the feasibility of future clubhouse development. In the interim, our F&B strategy emphasizes leveraging modern kitchen FF&E to produce elevated, diverse offerings that enhance the guest experience and improve operational efficiency. The expanded patio and food truck area will serve as a lively, inviting social hub—creating an approachable, community-driven environment that complements the reimagined driving range and overall energy of Forest Lake Golf Club. • complete and provide the attached Forest Lake Pro Forma Pre-Interview Questions spreadsheet. Please see attached the completed spreadsheet. The numbers provided directly reflect the initial 10-year proforma provided in our initial response. We have provided the 10-year Proforma again as it details fully our Proposed Rent and Capital Plan including base rent, revenue sharing and capital reserve fund. We look forward to discussing these topics further in our scheduled presentation. Should you have any immediate questions, please do not hesitate to contact us. Sincerely, Grant Johnson | Director, Business Development Troon | c 571.926.5011 | gjohnson@troon.com Book a Meeting With Me From: Adam Laufer <alaufer@gmail.com> Sent: Tuesday, October 14, 2025 3:57 PM To: Grant Johnson <gjohnson@troon.com> Subject: Fwd: Reminder - RFP #25-006 Lease and Operation of the Forest Lake Golf Club Sent from my iPhone Begin forwarded message: From: "Stokych, Olena" <OStokych@ocoee.org> Date: October 14, 2025 at 3:51:37 PM EDT To: Donald Lipari <donlip5@outlook.com>, alaufer@gmail.com, rrg877@icloud.com, psolberg@troon.com Page 18 of 53 Forest Lake Golf Course - 5 Year Budget Forecast - all cells to Be Completed By Proposer Company Name: Basis for compensation/rent 2026 2027 2028 2029 2030 Totals Projected Rounds of Golf 54,750 44,938 57,488 60,362 62,173 Income Green Fees (current avg = $43)1,180,762$ 893,602$ 1,413,373$ 1,558,243$ 1,653,140$ 6,699,119.87$ Cart Fees 396,375$ 309,068$ 525,861$ 579,762$ 615,069$ Merchandise Sales 164,250$ 136,835$ 177,675$ 189,357$ 197,964$ 866,080.80$ Driving Range based on proposers plan to expand/increase revenue 292,563$ 425,027$ 691,179$ 762,025$ 808,432$ 2,979,225.39$ Food / Beverage Sales 468,650$ 563,522$ 622,484$ 663,413$ 693,565$ 3,011,634.09$ Outside Facility Rental/Events 20,000$ 16,662$ 26,565$ 28,312$ 29,598$ 121,136.82$ Other - Other Golf Revenue (club rental, 49,250$ 49,250$ 50,481$ 51,743$ 52,778$ 253,502.68$ Other - Clinic / School Revenue 70,000$ 108,500$ 181,738$ 186,281$ 190,007$ 736,524.99$ Other - Membership/Pass Sales 211,250$ 211,250$ 216,531$ 221,945$ 226,383$ 1,087,359.20$ Total Income 2,853,100$ 2,713,716$ 3,905,887$ 4,241,080$ 4,466,936$ 18,180,719$ Total Cost of Goods Sold 305,502$ 319,585$ 436,798$ 465,502$ 486,251$ 2,013,637$ GROSS PROFIT 2,547,598$ 2,394,131$ 3,469,089$ 3,775,578$ 3,980,686$ 16,167,082$ Expenses Golf Operations 442,522$ 455,392$ 465,541$ 477,284$ 489,380$ 2,330,119$ Total Golf Maintenance 1,185,368$ 1,214,847$ 1,282,286$ 1,311,548$ 1,341,688$ 6,335,736$ Total Food & Beverage 209,666$ 216,889$ 222,101$ 228,764$ 235,627$ 1,113,048$ Total General & Administration 505,920$ 521,849$ 527,387$ 543,209$ 559,505$ 2,657,870$ Total Expenses 2,343,475$ 2,408,977$ 2,497,315$ 2,560,805$ 2,626,200$ 12,436,773$ NET INCOME 204,123$ (14,846)$ 971,774$ 1,214,773$ 1,354,486$ 3,730,309$ Compensation and Rent/revenue share Structure - See attached 10 Year Proforma Guaranteed Annual Base Rent -$ -$ -$ -$ -$ -$ Additional or Alternative Rent (If Applicable) on Total Income (TI), Net Income (NI) or "Golf only revenue" income(GO) (Specify)-$ Page 1 Page 19 of 53 Revenue Share calculation per your proposal based on projected revenues -$ Other Source(s) per proposal - be specific and clear -$ Percentage % of Rent Paid on Golf Only Revenue -$ -$ -$ -$ -$ -$ TOTAL $ RENT w/revenue share and or % based on proposers formula -$ -$ -$ -$ -$ -$ Capital Investment Plan and Proof of Financing Capital Investment $ Amount by Year 1,850,000.00$ 3,500,000.00$ -$ -$ -$ 5,350,000.00$ Detailed Scope of Investment by Year (bullets) Financial Capacity - provide a certified bank letter verifying proof of funds associated with all financial commitments outlined in proposal. For each year, indicate amount of capital to be invested.see emailed response for Proof of Funds Letters Total Annual Contribution to Future Capital Fund 1,850,000.00$ 3,500,000.00$ -$ -$ -$ 5,350,000.00$ TOTAL RENT and FUTURE CAPITAL CONTRIBUTION 1,850,000.00$ 3,500,000.00$ -$ -$ -$ 5,350,000.00$ Please see attached “5-Year Capital Improvement Plan” detailing the timeline and project scope for our initial $5.35M capital investment to be spent over the first 24-months of the term. Page 2 Page 20 of 53 High Level Golf Course, Golf Program and Community Venue Growth Business Plan by Year (bulleted) High Level Description of plans for food and beverage operations by Year (bulleted) Ocoee Golf Holdings, LLC business growth strategy focuses on revitalizing the golf experience through reinvestment, programming diversity, and data-driven operations under Troon’s proven management model. Central to this approach is enhancing course quality, upgrading the driving range and irrigation systems, and implementing a robust player development program through the Kyle Berkshire Academy and certified PGA/LPGA instruction. Growth will be driven by increased rounds, yield optimization, new membership and instructional revenue streams, and destination-level events that boost visibility and community engagement. Leveraging Troon’s national marketing, loyalty, and customer analytics platforms, Forest Lake will sustain long-term participation and revenue growth while positioning itself as a modern, inclusive, and high-performing municipal golf destination While term restrictions and the significant capital required limit immediate investment in a new clubhouse and restaurant, Ocoee Golf Holdings will explore all available sources of capital funds to evaluate the feasibility of future clubhouse development. In the interim, our F&B strategy emphasizes leveraging modern kitchen FF&E to produce elevated, diverse offerings that enhance the guest experience and improve operational efficiency. The expanded patio and food truck area will serve as a lively, inviting social hub—creating an approachable, community-driven environment that complements the reimagined driving range and overall energy of Forest Lake Golf Club. Page 3 Page 21 of 53 19 CAPITAL IMPROVEMENT PLAN OPERATIONS / BUSINESS PLAN CATEGORY: Driving Range TIMELINE: Year 1 COST ESTIMATE: $1,200,000 1) DRIVING RANGE EXPANSION & RENOVATION To elevate the practice facility into a true year-round destination, Ocoee Golf Holdings will add 20 upgraded driving range bays, each equipped with advanced technology, overhead lighting, and comfortable seating to enhance both daytime and evening use. These bays will be designed to support interactive ball-tracking systems and digital game play, appealing to golfers of all skill levels as well as recreational users seeking a more social, engaging experience. The project also includes the installation of new range targets to support instructional programming and player development, as well as an extension of the range netting along the perimeter to ensure safety— particularly along adjacent roadways. These enhancements will transform the driving range into a signature feature of Ocoee National Golf Club, offering a dynamic blend of entertainment and training that drives usage, revenue, and community appeal. Ocoee Golf Holdings, LLC has developed a comprehensive Capital Improvement Plan focused on both foundational infrastructure upgrades and high-impact, revenue-generating enhancements designed to reposition Ocoee National Golf Course as the future Ocoee National Golf Club. We are committed to implementing a core capital program totaling $5.35 million within the first 24 months of the Lease term, addressing critical improvements to the golf course, practice facility, maintenance infrastructure, and clubhouse. These investments are designed to elevate the facility’s condition, guest experience, and long-term financial sustainability. In addition to this baseline commitment, we have identified a broader list of aspirational improvements—projects that would further enhance the destination but are not included in our initial capital outlay. These potential future investments will be pursued through strategic fundraising efforts, including the solicitation of grants, private donations, sponsorships, and community partnerships. Through this phased and responsible approach, Ocoee Golf Holdings is prepared to deliver both immediate upgrades and long-term transformational impact. Below is a summary of the anticipated capital investment projects: Page 22 of 53 20Page 23 of 53 21 CATEGORY: Driving Range & Clubhouse TIMELINE: Year 1 COST ESTIMATE: $300,000 2) CLUBHOUSE PATIO EXPANSION & OUTDOOR F&B ACTIVATION To elevate the golfer experience and meet anticipated increases in food and beverage demand, Ocoee Golf Holdings will invest $300,000 to transform the existing clubhouse patio into a modern, activated outdoor F&B zone. This expanded space will serve as a central hub for casual dining and social gathering, featuring a dedicated food truck pad, modular outdoor bar, upgraded patio seating, and ambient lighting—all designed to create an inviting, flexible environment for golfers and community visitors alike. Strategically located to serve guests on the driving range, making the turn, or relaxing post-round, the space will encourage dwell time and significantly enhance F&B revenue potential. The project also anticipates necessary upgrades to restroom capacity and ADA-compliant access, ensuring the facility remains inclusive and functional as traffic grows. Beyond its functional benefits, this new social zone will serve as a signature “hang spot” at Ocoee National Golf Club—complementing the technology-driven range experience, hosting events and gatherings, and positioning the facility as a year-round destination for both golf and leisure. Page 24 of 53 CATEGORY: Golf Course TIMELINE: Year 2 COST ESTIMATE: $3,500,000 3) NEW IRRIGATION SYSTEM 22 A top priority in Ocoee Golf Holdings’ capital improvement plan is the complete replacement of the existing irrigation system, with a dedicated investment of $3.5 million. A modern, efficient irrigation system is essential to improving turf health, playability, and long-term sustainability at Ocoee National Golf Club. The new system will feature state-of- the-art central controls, individual head coverage, and water-saving technologies that allow for precise management of turf conditions across greens, fairways, tees, and roughs. This investment will dramatically improve course conditioning, reduce water usage, and lower long-term maintenance costs—supporting both environmental stewardship and exceptional player experience. In addition, a modern irrigation infrastructure will enhance agronomic flexibility, supporting future course enhancements and ensuring consistent quality year- round. CATEGORY: Clubhouse TIMELINE: Year 1 COST ESTIMATE: $175,000 4) CLUBHOUSE REPAIRS & IMPROVEMENT To address existing water intrusion and preserve the structural integrity of the facility, Ocoee Golf Holdings will allocate $50,000 to perform targeted roof repairs on the clubhouse. This work will address active leaks, prevent further damage to interior finishes, and ensure the building remains safe, dry, and functional for staff and guests. CLUBHOUSE ROOF REPAIRS – $50,000 In tandem with structural repairs, an additional $125,000 will be invested in a cosmetic interior refresh of the clubhouse to elevate the overall guest experience. This includes new carpeting, updated furniture, fixtures, and equipment (FF&E), and minor layout enhancements to create a more welcoming and functional environment. These upgrades are designed to align the interior atmosphere with the elevated outdoor amenities and practice areas, reinforcing a cohesive, modern brand identity throughout Ocoee National Golf Club. CLUBHOUSE INTERIORS REFRESH – $125,000 Page 25 of 53 23 CATEGORY: Golf Course TIMELINE: Year 1 COST ESTIMATE: $1,500,000 - Operational Expense 5) NEW FLEET OF MAINTENANCE EQUIPMENT Ocoee Golf Holdings will invest $1.5 million in a new, state-of-the-art fleet of maintenance equipment to support the ongoing care and operational excellence of Ocoee National Golf Club. This upgraded fleet will include modern mowers, utility vehicles, turf care machinery, and specialized equipment designed to improve efficiency, enhance turf quality, and reduce downtime. By equipping the maintenance team with advanced tools and technology, the club will ensure superior course conditions year-round, optimize labor productivity, and support sustainable agronomic practices critical to the long-term success of the facility. This new maintenance equipment fleet will be acquired through an operating lease financed over a 60-month term, allowing for manageable capital expenditures while ensuring the latest technology and equipment remain in use throughout the lease period. FUTURE CAPITAL PROJECTS - TO BE CONSIDERED In addition to the committed $5.25 million capital improvement plan, Ocoee Golf Holdings has identified a series of future enhancement projects that will further elevate Ocoee National Golf Club to a superior competitive and recreational level. These projects are contingent upon securing additional funding beyond the baseline capital commitment and are intended to drive continued facility improvement, player experience, and long-term value. To incentivize additional investment, Ocoee Golf Holdings proposes that for each incremental $1 million invested above the initial $5.25 million, the lease agreement term will be automatically extended by four years, providing mutual benefit and a strong alignment of interests for long-term facility stewardship. Potential future projects under consideration include: Greens replacement and renovation Maintenance facility expansion Wash station installation Bunker restoration and redesign Course-wide drainage improvements Regrassing of tees, fairways, and rough areas New tee construction Cart path repairs and upgrades These projects will be prioritized based on available capital and operational needs, and will be pursued through a combination of grants, sponsorships, private donations, and reinvested revenues. Ocoee Golf Holdings remains committed to transparently evaluating and implementing these enhancements to ensure Ocoee National remains a premier golf destination. Page 26 of 53 12345678910Total 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Description CATEGORY YEAR COST Capital Capital Capital Capital Capital Capital Capital Capital Capital Capital Capital Projects Projects Projects Projects Projects Projects Projects Projects Projects Projects Projects Annual Capital Reserve 3.50%$845,236 -$ -$ -$ -$ -$ 161,278$ 165,248$ 169,316$ 173,397$ 175,998$ 845,236$ Cumulative ACR -$ -$ -$ -$ -$ 161,278$ 326,526$ 495,841$ 669,238$ 845,236$ Maintenance / Course Projects Start Up Equipment 1 $100,000 100,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 100,000$ Range Structure & Technology 1 $1,200,000 1,200,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 1,200,000$ Food Truck, & Outside Bar 1 $175,000 175,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 175,000$ Patio Expansions 1 $200,000 200,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 200,000$ New Irrigation System 2 $3,500,000 -$ 3,500,000$ -$ -$ -$ -$ -$ -$ -$ -$ 3,500,000$ Clubhouse Roof 1 $50,000 50,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 50,000$ Clubhouse Interior Updates 1 $125,000 125,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 125,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Sub-Total Maintenance / Course Projects $5,350,000 1,850,000$ 3,500,000$ -$ -$ -$ -$ -$ -$ -$ -$ 5,350,000$ Cumulative Maintenance / Course Projects 1,850,000$ 5,350,000$ 5,350,000$ 5,350,000$ 5,350,000$ 5,350,000$ 5,350,000$ 5,350,000$ 5,350,000$ 5,350,000$ (1,850,000)$ (5,350,000)$ (5,350,000)$ (5,350,000)$ (5,350,000)$ (5,188,722)$ (5,023,474)$ (4,854,159)$ (4,680,762)$ (4,504,764)$ Total Proposed Capital $5,350,000 1,850,000$ 3,500,000$ -$ -$ -$ 161,278$ 165,248$ 169,316$ 173,397$ 175,998$ 6,195,236$ Cumluative Proposed Capital $267,500 1,850,000$ 5,350,000$ 5,350,000$ 5,350,000$ 5,350,000$ 5,511,278$ 5,676,526$ 5,845,841$ 6,019,238$ 6,195,236$ PROPOSED CAPITAL IMPROVEMENTS FOREST LAKE GOLF COURSE Page 27 of 53 O C O E E GOLF HOLDINGS PROPOSED TERMS & EXCEPTIONS Page 28 of 53 86 CONSIDERATIONS & STRUCTURE PROPOSED TERMS & EXCEPTIONS Ocoee Golf Holdings, LLC (OGH) proposal is structured as a Lease Agreement between OGH and the City, covering the management, operation, and financial responsibility of Ocoee National. OGH will subcontract with Troon to provide complete turn-key management including, golf operations, F&B operations, golf course and facility maintenance, marketing and promotion, general and administrative functions, operating budgeting, employee hiring and training, capital project recommendations/execution, and financial management and reporting. All employees would be employees of Troon. OGH shall pay the City a Base Fee, a Gross Revenues Fee (based upon percentages of Greens Fees, Cart Fees, and Membership / Card Holder Revenues over a defined threshold) and contribute annually to a Capital Improvement Fund for the sole and exclusive right to manage, direct and use of the facility. This structure best aligns the interests of OGH and the City. The structure promotes the growth of rounds and gross revenues for the benefit of Ocoee National and would provide both OGH and the City financial incentive for increased revenues and more efficient operations. OGH is dedicated to the goals of achieving the financial and community/recreational goals of the City. OGH remains open to discussion about alternative structures, and ultimately is committed to developing the most advantageous long-term partnership for both the City and OGH. OGH reserves the right to engage in discussions with the City with respect to this Response and Bid Proposal. PROPOSED TERM:Ten (10) years, two five (5) year extension at the sole discretion of OHG. BASE FEE:OGH will pay the Town an Annual Base Fee of $0 per annum in years 1-5, $100,000 per annum in years 6-10, and if extended, $150,000 per annum in years 11-15, and $200,000 per annum in years 16-20. The Annual Base Fee shall be paid in twelve equal installments. REVENUE SHARE:OGH shall pay to the Town a revenue share (“Revenue Share”) of Gross Golf Revenues, Gross Food & Beverage Revenues and Gross Other Revenues (as defined below) equal to a certain percent that exceed the annual thresholds (“Annual Thresholds”) for the 2025 Calendar Year Revenues for Ocoee National as described below: a. Gross Golf Revenues - Fifteen percent (15%) of Gross Golf Revenues that exceed an Annual Threshold of One Million and Eight Hundred Thousand Dollars ($1,800,000) but are less than or equal to Two Million Two Hundred and Fifty Thousand Dollars ($2,250,000), and Thirty Five percent (35%) of Gross Golf Revenues that exceed an Annual Threshold of wo Million Two Hundred and Fifty Thousand Dollars ($2,250,000). “Gross Golf Revenue” means gross receipts from green fees, cart fees, and membership / loyalty card holder fees. Page 29 of 53 87 b. Revenue Share thresholds above shall increase annually two- and one-half percent (2.5%). c. Golf Instruction, Driving Range, Food & Beverage, and Clinic/Camp Revenue shall not be calculated in revenue share fees to the City. d. Revenue Share amounts will be paid no later than May 31st of the following Year. STRUCTURE: OGH shall remain solely responsible for all obligations of the agreement and the City shall have full recourse to OGH for any liabilities caused by this entity. All employees at Ocoee National shall be Troon employees and will work exclusively for the benefit of Ocoee National. Troon and OGH will retain exclusive right to hire and terminate employees. COURSE OPERATION:All operating expenses of Ocoee National shall be the responsibility of OGH. OGH will execute an Operating Lease for the golf carts and maintenance equipment with funds inside of the operational budget. GOLF CARTS:OGH will procure a new golf cart fleet at Ocoee National in Year 1 with the anticipation of replacing the fleets via lease in Year 1. Troon has assumed the replacement of the fleets no later than every 5 years. FF&E AND MAINTENANCE EQUIPMENT: OGH will procure a new maintenance equipment and FF&E at Ocoee National in Year 1 with the anticipation of supplementing necessary items as needed. OGH will retain all ownership of the equipment and FF&E at the remainder of the term. GREEN FEE / CART RATES: OGH shall have sole discretion to set greens fees and cart fees, provided that a resident rate shall be established and made available to all customers who present valid proof of residency within the City of Ocoee. Such resident rates shall be submitted to the City annually for review and approval. Page 30 of 53 CAPITAL IMPROVEMENTS: In addition to the Base Fee and Revenue Share payments, OGH shall make an Initial Capital Investment up to $5.35M within the first 24- months of the contract term. Beyond this, beginning in Year 5 and continuing thereafter, OGH will deposit three and one half percent (3.5%) of Gross Revenues into an Annual Capital Reserve (“CIF”). The amounts in the CIF shall be strictly used for Capital Improvements to the Premises upon mutual agreement by both parties. Capital Improvements shall mean all projects, building systems and all improvements, repairs or replacements to the buildings and golf course (including pump stations and irrigation systems) of Ocoee National which have an expected useful life of a period of three (3) years or more and which cost in excess of Five Thousand Dollars ($5,000). OGH’s responsibility for Capital Improvements is limited to the Initial Capital Investment and the balance in the CIF. Capital Reserve payments will be deposited into the CIF before May 31st of following Year. EXISTING INVENTORY: OGH is not mandated to buyout existing pro shop and food & beverage inventory, but may have the opportunity to do so if desired. OUTSTANDING CREDITS, DEPOSITS & EVENTS: OGH shall be paid the full amount of all outstanding gift cards and gift certificates in January 2026. Any outstanding rainchecks that are redeemed in 2026 and beyond shall be reimbursed to OGh within 30 days. Any outstanding deposits for events in 2026 and beyond shall be paid to OGH in January 2026. OGH shall be provided a list of all contracted events for 2025 and beyond. TERMINATION:If the agreement is terminated for any reason, OGH shall be paid the unamortized (20-Year term) amount of the Initial Capital Investment of $5.35M. PHASE I / PCA:OGH shall contract for a Phase I and Property Condition Assessment for all Verticals, Pump Station, and Parking Lots prior to commencement date. ADDITIONAL CAPITAL: While not required, OGH may elect to invest capital into Ocoee National beyond the initial $5.35M for benefit of the facility. For every $1M additional capital invested, the lease agreement shall automatically extend by four (4) contract years. 88Page 31 of 53 89 ADDITIONAL TERMS PROPOSED TERMS & EXCEPTIONS 1. 99-Year Ground Lease for New Multi-Use Facilities We propose the development of a new, permanent structure on the Ocoee National Golf Club property. This facility would be privately funded and constructed by our team and would include the following: • A full-service restaurant (as requested by the City) • A modern Pro Shop (essential to golf operations) • Dedicated event and banquet space for weddings, tournaments, and functions • Facilities for the LPGA Hall of Fame and related exhibits • A high-performance golf training center • Potential office and administrative space • Potential hospitality component (e.g., boutique golf hotel or short-stay lodge) In order to finance and justify this capital-intensive development, we respectfully request a 99-year ground lease on the footprint of this development site. This lease would provide long-term security for the investment while ensuring the facility remains a lasting public benefit. Additional Points: Should OGH not maintain an operational lease of the golf course, the City would lease back the Pro Shop (and optionally the restaurant) under commercially reasonable terms, since these are core components of the golf operation which the City retains ownership of. We would also construct a separate golf equipment storage facility in support of ongoing operations. This structure would likewise be subject to a ground lease, with rent paid by the City to our operating entity through the term of the master lease or until termination. 2. Contingency Clause Regarding Dynasty Sports Complex We understand that part of the City’s anticipated growth in tourism and golf activity is tied to the proposed Dynasty Sports Complex, which is expected to drive substantial foot traffic and regional economic activity. Given that our development model and revenue assumptions are closely tied to the projected success of this facility, we respectfully request the inclusion of a performance contingency clause in the agreement: If the Dynasty Sports Complex is not completed and operational within 24 months from the execution of our agreement, we shall have the option to reduce our financial and/or operational commitments under the RFP by a defined and material amount. This clause is necessary to ensure alignment between projected tourism growth and our proposed investment. Without the increased volume that the complex is expected to generate, the overall economics of the project change substantially. Page 32 of 53 FOR - OYP 100% 100% 100% 100% ROUNDS 54,750 44,938 57,488 60,362 62,173 62,794 63,422 64,057 64,697 64,697 599,377 YEAR 1234567891010 YEAR 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 TOTAL REVENUES GARRISON LAKE & DEERFIELD Greens Fees 1,180,762$ 893,602$ 1,413,373$ 1,558,243$ 1,653,140$ 1,711,413$ 1,754,455$ 1,798,580$ 1,843,814$ 1,871,472$ 15,678,855$ Cart Fees 396,375$ 309,068$ 525,861$ 579,762$ 615,069$ 636,750$ 652,764$ 669,181$ 686,011$ 696,302$ 5,767,144$ Driving Range 292,563$ 425,027$ 691,179$ 762,025$ 808,432$ 836,929$ 857,978$ 879,556$ 901,677$ 915,202$ 7,370,568$ Pro Shop Sales 164,250$ 136,835$ 177,675$ 189,357$ 197,964$ 202,942$ 208,046$ 213,279$ 218,643$ 221,922$ 1,930,913$ Food (Food & Soft Drinks)206,000$ 247,702$ 273,620$ 291,610$ 304,864$ 312,531$ 320,391$ 328,449$ 336,709$ 341,760$ 2,963,636$ Beverages (Alcohol)262,650$ 315,820$ 348,865$ 371,803$ 388,701$ 398,477$ 408,499$ 418,772$ 429,305$ 435,744$ 3,778,636$ Other Food & Beverage Revenue 20,000$ 16,662$ 26,565$ 28,312$ 29,598$ 30,343$ 31,106$ 31,888$ 32,690$ 33,181$ 280,345$ Other Golf Revenues (club rental, handicap, locker, bag storage)49,250$ 49,250$ 50,481$ 51,743$ 52,778$ 53,834$ 54,910$ 56,009$ 56,849$ 57,701$ 532,806$ Clinic / School Revenue 70,000$ 108,500$ 181,738$ 186,281$ 190,007$ 193,807$ 197,683$ 201,636$ 204,661$ 207,731$ 1,742,043$ Membership Fees 211,250$ 211,250$ 216,531$ 221,945$ 226,383$ 230,911$ 235,529$ 240,240$ 243,843$ 247,501$ 2,285,384$ Misc. Revenue -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL REVENUE 2,853,100$ 2,713,716$ 3,905,887$ 4,241,080$ 4,466,936$ 4,607,938$ 4,721,363$ 4,837,591$ 4,954,203$ 5,028,516$ 42,330,329$ % increase -5% 44% 9% 5% 3% 2% 2% 2% 1% COST OF SALES*GARRISON LAKE ONLY COGS - Instruction 85%59,500$ 92,225$ 154,477$ 158,339$ 161,506$ 164,736$ 168,030$ 171,391$ 173,962$ 176,571$ 1,480,737$ COGS - Pro Shop Merch. 68% 111,690$ 93,048$ 120,819$ 128,763$ 134,615$ 138,001$ 141,472$ 145,030$ 148,677$ 150,907$ 1,313,021$ COGS - Food (food and soft drinks) 35% 71,997$ 71,997$ 86,572$ 95,630$ 101,918$ 106,550$ 109,230$ 111,977$ 114,793$ 117,680$ 988,343$ COGS - Beverage (alcohol) 24% 62,315$ 62,315$ 74,930$ 82,770$ 88,212$ 92,221$ 94,541$ 96,918$ 99,356$ 101,855$ 855,432$ TOTAL COST OF SALES 305,502$ 319,585$ 436,798$ 465,502$ 486,251$ 501,508$ 513,272$ 525,316$ 536,788$ 547,013$ 4,637,533$ GROSS INCOME 2,547,598$ 2,394,131$ 3,469,089$ 3,775,578$ 3,980,686$ 4,106,430$ 4,208,091$ 4,312,276$ 4,417,415$ 4,481,503$ 37,692,796$ LABOR*GARRISON LAKE ONLY Increase >>3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Golf Operations Labor 278,250$ 286,598$ 295,196$ 304,051$ 313,173$ 322,568$ 332,245$ 342,213$ 352,479$ 363,053$ 3,189,826$ General and Administrative Labor 115,000$ 118,450$ 122,004$ 125,664$ 129,434$ 133,317$ 137,316$ 141,435$ 145,679$ 150,049$ 1,318,346$ Golf Course Maintenance Labor 478,140$ 492,484$ 507,258$ 522,476$ 538,150$ 554,295$ 570,924$ 588,051$ 605,693$ 623,864$ 5,481,335$ Food and Beverage Labor 142,898$ 147,185$ 151,601$ 156,149$ 160,833$ 165,658$ 170,628$ 175,747$ 181,019$ 186,450$ 1,638,169$ Total Direct Labor 1,014,288$ 1,044,717$ 1,076,058$ 1,108,340$ 1,141,590$ 1,175,838$ 1,211,113$ 1,247,446$ 1,284,870$ 1,323,416$ 11,627,676$ Total Payroll Taxes 9.00% 91,286$ 94,025$ 96,845$ 99,751$ 102,743$ 105,825$ 109,000$ 112,270$ 115,638$ 119,107$ 1,046,491$ Total Medical/Health Benefits 73,906$ 76,123$ 78,407$ 80,759$ 83,182$ 85,678$ 88,248$ 90,895$ 93,622$ 96,431$ 847,252$ Insurance - Workers Comp 1.75% 11,316$ 18,283$ 18,831$ 19,396$ 19,978$ 20,577$ 21,194$ 21,830$ 22,485$ 23,160$ 197,050$ TOTAL LABOR 1,190,796$ 1,233,147$ 1,270,142$ 1,308,246$ 1,347,493$ 1,387,918$ 1,429,555$ 1,472,442$ 1,516,615$ 1,562,114$ 13,718,468$ Labor as % of Revenue 42% 45% 33% 31% 30% 30% 30% 30% 31% 31% 32% Labor Burden %17% 18% 18% 18% 18% 18% 18% 18% 18% 18% OTHER OPERATIONAL EXPENSES* Increase >>3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Golf Operations Expense 41,750$ 43,003$ 43,003$ 44,293$ 45,621$ 46,990$ 48,400$ 49,852$ 51,347$ 52,888$ 467,145$ General & Administrative Expense 327,423$ 337,245$ 337,245$ 347,363$ 357,783$ 368,517$ 379,572$ 390,960$ 402,688$ 414,769$ 3,663,566$ Golf Course Maintenance Expense 317,140$ 326,654$ 376,654$ 387,953$ 399,592$ 411,580$ 423,927$ 436,645$ 449,744$ 463,237$ 3,993,125$ Food and Beverage Expense 41,900$ 43,157$ 43,157$ 44,452$ 45,785$ 47,159$ 48,574$ 50,031$ 51,532$ 53,078$ 468,824$ Sales and Marketing Expense 25,485$ 26,250$ 27,037$ 27,848$ 28,684$ 29,544$ 30,430$ 31,343$ 32,284$ 33,252$ 292,157$ Golf Cart Lease - Tied to Lease Tab 74,100$ 74,100$ 74,100$ 74,100$ 74,100$ 88,920$ 88,920$ 88,920$ 88,920$ 88,920$ 815,100$ Equipment Leases - Tied to Lease Tab 306,882$ 306,882$ 306,882$ 306,882$ 306,882$ 306,882$ 153,441$ 153,441$ 153,441$ 153,441$ 2,455,057$ Start-up Equipment - Tied to Lease Tab -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Insurance - G&L 18,000$ 18,540$ 19,096$ 19,669$ 20,259$ 20,867$ 21,493$ 22,138$ 22,802$ 23,486$ 206,350$ TOTAL OTHER OPERATIONAL EXPENSES 1,152,679$ 1,175,830$ 1,227,174$ 1,252,560$ 1,278,707$ 1,320,459$ 1,194,757$ 1,223,329$ 1,252,758$ 1,283,070$ 12,361,323$ -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- TOTAL EXPENSES 2,343,475$ 2,408,977$ 2,497,315$ 2,560,805$ 2,626,200$ 2,708,377$ 2,624,313$ 2,695,771$ 2,769,374$ 2,845,184$ 26,079,791$ EBITDAR 204,123$ (14,846)$ 971,774$ 1,214,773$ 1,354,486$ 1,398,053$ 1,583,778$ 1,616,504$ 1,648,042$ 1,636,319$ 11,613,005$ CUMULATIVE EBITDAR 204,123$ 189,277$ 1,161,050$ 2,375,823$ 3,730,309$ 5,128,362$ 6,712,140$ 8,328,644$ 9,976,686$ ####### OPERATING MARGIN 7% -1% 25% 29% 30% 30% 34% 33% 33% 33% THRESHOLD RENT PAYMENTS - Rent - Base Fee Payments Threshold Percentage -$ -$ -$ -$ -$ 100,000$ 100,000$ 100,000$ 100,000$ 100,000$ 500,000$ - Rent - Golf Revenue Share Payments Initial $1,800,000 15.0%-$ -$ -$ -$ -$ 107,738$ 114,125$ 120,747$ 127,189$ 124,879$ 594,679$ GF, Carts, Memberships/Cards Second $2,250,000 35.0% TOTAL RENT TO CITY -$ -$ -$ -$ -$ 207,738$ 214,125$ 220,747$ 227,189$ 224,879$ 1,094,679$ CUMULATIVE RENT -$ -$ -$ -$ -$ 207,738$ 421,863$ 642,610$ 869,800$ 1,094,679$ % OF EBITDA 0% 0% 0% 0% 0% 15% 14% 14% 14% 14% 9% -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- OTHER EXPENSE / DEBT SERVICE - Capital Projects / Captial Reserve 3.5%1,850,000$ 3,500,000$ -$ -$ -$ 161,278$ 165,248$ 169,316$ 173,397$ 175,998$ 6,195,236$ Cumulative Capital Reserve 1,850,000$ 5,350,000$ 5,350,000$ 5,350,000$ 5,350,000$ 5,511,278$ 5,676,526$ 5,845,841$ 6,019,238$ 6,195,236$ EBITDA (1,645,877)$ (3,514,846)$ 971,774$ 1,214,773$ 1,354,486$ 1,029,038$ 1,204,405$ 1,226,442$ 1,247,455$ 1,235,442$ 4,323,090$ CUMULATIVE EBITDA (1,645,877)$ (5,160,723)$ (4,188,950)$ (2,974,177)$ (1,619,691)$ (590,653)$ 613,751$ 1,840,193$ 3,087,648$ 4,323,090$ % OF EBITDA -806% 23675% 100% 100% 100% 74% 76% 76% 76% 76% 37% 12345678910 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 TOTAL VALUE TO TOWN (RENT + CAPITAL) 1,850,000$ 3,500,000$ -$ -$ -$ 369,016$ 379,373$ 390,063$ 400,587$ 400,877$ 7,289,915$ CUMULATIVE VALUE TO TOWN 1,850,000$ 5,350,000$ 5,350,000$ 5,350,000$ 5,350,000$ 5,719,016$ 6,098,389$ 6,488,451$ 6,889,038$ 7,289,915$ ANNUAL RENT+CAPITAL % OF EBITDAR 906% -23575% 0% 0% 0% 26% 24% 24% 24% 24% 63% CUMULATIVE RENT + CAPITAL% OF CUMULATIVE EBITDAR 906% 2827% 461% 225% 143% 112% 91% 78% 69% 63% Prepared by DATE OF ISSUANCE Friday, August 1, 2025 20 YEAR OPERATING PROFORMA Forest Lake Golf Club 10521 Clarcona Ocoee Rd, Apopka, FL 32703 Page 33 of 53 Page 34 of 53 October 07, 2025 © CONFIDENTIAL 3DJHRI Page 2 ©2025 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. (0520-05J5) CC4116952 SGC95961-04 10/25 Page 36 of 53 Morgan Stanley Smith Barney LLC. Member SIPC. CONFIDENTIAL Page 37 of 53 1 Stokych, Olena From:Leah Lucier <Leah@stoneybrookwestgolfclub.com> Sent:Wednesday, October 15, 2025 4:53 PM To:Stokych, Olena Cc:Tolbert, Joyce; Rocky Hodge Subject:RFP #25-006 Lease and Operation of the Forest Lake Golf Club - Tamarack Golf Management LLC Attachments:RFP #25-006 - Tamarack Golf Management LLC Pre-Interview Response.pdf Good evening, Please find attached the full pre-interview response for Tamarack Golf Management, LLC. Thank you, Leah Leah Lucier Event Coordinator Marketing Manager Call or Text: 689-276-7602 Email: leah@stoneybrookwestgolfclub.com Web: stoneybrookwestgolfclub.com Address: 15501 Towne Commons Blvd, Winter Garden, FL Sign Up For Our Newsletter: CLICK HERE Page 38 of 53 Page 39 of 53 Page 40 of 53 Page 41 of 53 Page 42 of 53 Page 43 of 53 Page 44 of 53 Page 45 of 53 Page 46 of 53 Page 47 of 53 Page 48 of 53 Page 49 of 53 Page 50 of 53 Page 51 of 53 Page 52 of 53 Page 53 of 53