O r C w N F 0 rG m O N (~D R~ H ro~ ~ro • r ~~ N M O n t 2.5 Consider concept plan for' Comanche Trace, Pct. #~. (County Engineer/Thomas Morill h Don Beauregard) Discussion Only - Official Court Transcr-ipt on record COMMkSSIONERS' COURT AGENDA REQUEST ,-. "PLEASE FURNISH ONE ORIGINAL AND FIVE COPIES OF THIS REQUEST AND DOCUMENTS TO BE REVIEWED BY THE COURT MADE BY: Franklin Johnston. P.E. MEETING DATE: August 10. 1998 OFFICE: Road & Bridge Deoartment TIME PREFERRED: SUBJECT:(PLEASE BE SPECIFIC): Consider Conceot Plan for Comanche Trace. Pct. 2 EXECUTIVE SESSION REQUESTED: YES NO XX PLEASE STATE REASON: Consider Concept Plan for Comanche Trace. Pct. 2 ESTIMATED LENGTH OF PRESENTATION: 20 minutes PERSONNEL MATTER -NAME OF EMPLOYEE: NAME OF PERSON ADDRESSING THE COURT: Franklin Johnston. P.E. Thomas Morrill & Don Beaureoard Time for submitting this request for Court to assure that the matter is posted in accordance with Title 5, Chapters 551 8 552 of the Government Code is as follavvs. Meetings held on first Monday: 5:00 P. M. previous Tuesday Meetings held on Thursdays: 5:00 P. M. previous Thursday THIS REQUEST RECEIVED BY: THIS REQUEST RECEIVED ON: All Agenda Requests will be screened by the County Judges Office to determine H adequate information has been prepared for the Court's formal consideration and action at time of Court meetings. Your cooperation will be appreciated and contribute towards your request being addressed at the earliest opportunity. See Agenda Request Guidelines. C7 Z -~ D :.. to v PLANNED ENVIRONMENTS INC. LAND PLANNING, LAND9CAP6 1t GOLT COUR31; ARCHITYCTURt 1712 R10 GRANDi ^ AUSTIIi, ]'lRLB 7!701 ^ 51L/474-0606 00 YEAR PLAIN a~ ~ ~ m c° m ~o N m m~ ~ C ~ Qm O C ~~N LL ~ - c •- ~ ~.~ Wo ~ o0 ~~cWV~ Q~aw~r~ m~ W o~omo a ~rMO~ - -,. ,~ . , j=ai-'"-t"~. •- ~; VAY L~ U Q F- .._ _~ ... y-- f, _ t NORTH 0' t50' 300' 800' 800' w U Z Q U DATE: 7/31 /98 APPENDIX L DATE: 7/22/98 CONCEPT PLAN This form must be complded and returned to the office ojthe County Engineer before a meeting will beset for developing a Concept Plan. At the time ojthe meeting you will need: 1) Two drawings in sketch form 2) USGS Topographic map of the area ~SubdivisionName: Comanche Trace Name of Developer: HMB Partners. Inc. ~n~z Fa°'' Fi.~.~* n^° Suite 810 Denver. Colorado 80206 Voelkel Eng. & Surveyingphone:830)257-3377 Espey. Huston Ik Assoc.. Inc. Addressing the Court: Thomas N. Morrill Circle, Check,or Fill in the Blanks Precinct subdivision is located in 1 2 3 4 Subdivision Ges in the ETJ of the City? X Yes * No If so, what City Kerrville *partially Have you checked with the following authorities: City X yes No Tezas Department of Transportation Yes X No County Clerk for Name Duplication Yes X No 911 for Addressing & Rosd Names Yes X No On-Site Sewage Facilities Admin. X Yes No Flood Plain Administrator Yes x No Headwaters Underground Water Conservation District Yes X No /wastewaterAouaSource Water Provider Telephone Provider Electric Provider School District Number of Acres Number of Lots Minimum Lot Size Maamum Lot Size &TC/Bandera K-PUb- Kerrville 1,132 1,300+- 6,000 s.f. 50 acres Phone: (303) 370-0021 Concept Plan Meeting Considerations 1) Road Types Public County Maintained Paved Private Homeowners Maintain Unpaved Private Homeowners Maintain 2) Classification of Roads Arterial Collector Local Country Lane 2) Need for a Drainage Study 3) 4) 5) 6) 7) Comments• Appendix Kar County Subdivision Rules Bc Regulations May 11, 1998 Pa¢e 2C, Office Use Only Concept Plan _ Comanche Trace Ranch and Golf Club Kerrville, Texas Prepared By: HMB Partners, Inc. 6300 South Syracuse Way, Suite 355 Englewood, Colorado 80015 (303) 77I-0084 (303) 771-0085 FAX July 31, 1998 Concept Plan Comanche Trace Ranch and Golf Club Kerrville, Texas Table of Contents 1. 2. 3. 4. 5. 6. 7. Introduction Executive Summary Utility Providers Description of Improvements Entitlement /Construction Timing Summary Land Plan The Developer Disclaimer This document has been prepared solely for information purposes. No representations or warranties, expressed or implied, are made that actual results will conform to such projections. This document is provided subject to errors, omissions, and changes in the information and is subject to modification or withdrawal without notice. The contents herein are not to be reproduced or redistributed without the express written consent of HMB Partners, Inc. Juty 31, 1998 The Comanche Trace Ranch and Golf Club Introduction ,,,, HMB Partners, Inc. (HMB) is in the process of acquiring the 1,132 acre Comanche Trace Ranch, which is located in Kerr County, Texas, one hour northwest of San Antonio. The property is being acquired to be developed into a masterplanned residential golf community. - Comanche Trace gained prominence in Texas in the 1980's as a world class equestrian facility. A member of the prominent Shelton (King Ranch) family created boarding and training facilities, including a 31,000 square foot indoor arena, for 200 horses. He also built a state of the art office building from which to operate his breeding, ranching and oil and gas activity. HMB in collaboration with Planned Environments, Inc. of Austin, Texas has created a land plan consisting of approximately 1,300 dwelling units and an 18-hole golf course. The natural "hill country" rolling terrain of the property is ideally suited for creating an inventory of building sites that will appeal to a broad range of residents, from medium priced family environments to gated neighborhoods. Existing water features, vegetation and soil conditions have reinforced the routing plan of a championship golf facility. A dramatically designed 24,000 square foot office building, sitting on top of the highest point on the property, (1,800 ft.) may ultimately be converted to a golf clubhouse. Assuming a positive response to the concept plan submitted and the resolution of a few additional due diligence issues, HMB plans to close the transaction in September of 1998. A Phase I preliminary plat will be submitted to the City/County within sixty days of closing. Kerr County, and the City of Kemille, represent all of the components that appeal to the lifestyle evolution from urban to rural communities that is sweeping across the United States. _ It's average mean temperature is 81 °, which is enhanced by its being located in the Texas Hill Country 1,700 ft. above sea level. In addition to San Antonio, it is geographically positioned to appeal to families from Houston (a three and a half hour drive) and Austin (a one and a half _ hour drive). The cost of living is 6% below the national average, with no state income tax. Excellent health care, cultural and recreational facilities are available. Infrastructure is in place, including a progressive telephone company with fiber optic capability, to support a growing _ business environment. The City of Kemille markets itself as "open for business", as well as an ideal location for retirement. HMB intends to establish the golf course as a high quality daily fee facility with certain privileges and preferences for property owners. It will be utilized to primarily attract relocations from the four major Texas markets of San Antonio, Austin, Dallas and Houston. The course may evolve into a private facility as adequate home building is experienced. Initial projections are five to six years. HMB feels that the combination of national demographic trends, the location and infrastructure of Kerr County and the City of Kerrville, Texas and the natural beauty of the Comanche Trace Ranch offer an excellent opportunity to create a successful residential golf community. HMB Partners, Inc. The Comanche Trace Ranch and Golf Club .~. Executive Summary Location: Kerr County, Texas 40 miles northwest of San Antonio, Texas Property: 1,132 acres of rolling terrain with existing improvements including equestrian facilities and a 24,000 square foot office building that will be converted to a clubhouse/community facility. Development: To create a masterplanned residential and golf community consisting of approximately 1,300 single family homesites and an 18-hole championship golf course. Timing: Concept plan submittal to the City of Kerrville and Kerr County in August, 1998. Closing is scheduled for September, 1998. Preliminary plat submittal to the City of Kerrville and Kerr County in November, 1998. Final plat submittal to the City of Kerrville and Kerr County in February, 1999. Commence lot pre-sale program in April, 1999 Completion of approximately 150 Phase I building sites in late 1999, early 2000 Opening of golf course in early 2000 Development Team: • Developer - HMB Partners, Inc., Denver, CO • Land planner -Planned Environments, Austin, TX • Golf course architect -Jay Morrish /Roy Bechtol, Dallas-Austin, TX • Civil Engineer - Espey, Huston & Associates, Inc., Austin, TX • Club House architect - RTG Partners, Jack Tisdale, Austin, TX • Landscape architect -Planned Environments, Inc., Austin, TX • Local surveyor - Voelkel Engineering & Surveying, Kerrville, TX HMB Partners, Inc. - The Comanche Trace Ranch and Golf Club Utility Providers - Potable Water - AquaSource, Inc. will provide potable water to the project. -They will properly permit and utilize (and enhance) the two existing - wells on the property. Wastewater - AquaSource will develop a zero discharge wastewater plant on the - property under TNRCC permit requirements. Holding capacity for re-use water will be developed. All re-use water will be utilized for irrigation purposes. Permitting for potable and wastewater will be approved by the TNRCC and comply with all local regulatory bodies including the - UGRA. Irrigation Water - - Water to irrigate the golf course will be provided by Guadalupe River water rights existing and new irrigation wells, and ultimately re-use water. Future Water/Wastewater/ Re-Use Water - The project is being designed to be totally serviced by _ AquaSource, Inc. as per the above. However, the Developer and AquaSource are currently having discussions with the UGRA that may result in UGRA providing wholesale water, wastewater, and - re-use water in the future. Critical factors to be determined prior to an actual agreement for such services include timing and economics. Electricity - KPUB for northern one half of the property and Bandera Electric for the south one half. Telephone - Kemille Telephone Company. - Police, Fire, Emergency Medical - County/Private. Cable Television - TCI. Roads - It is anticipated that roads within the project will be a combination of public (county) and private, pursuant to mutual agreement with - the County. Roads within the project will be to City standards and/or approved - variances thereto. HMB Partners, Inc. The Comanche Trace Ranch and Golf Club Description of Improvements ^ In order to understand the significance of the improvements that were made to the ranch it is important to know its history. Comanche Trace was purchased by a member of the well known, Shelton (King Ranch) family of Kingsville, Texas in 1983, during the heady days of the oil and gas exploration business. It - was acquired to create a world class equestrian facility from which its owner would facilitate his mineral and ranching businesses. It was selected because of its hill country terrain, unusually rich topsoil, unique vegetation, and proximity to Dallas. The owner's objective was to create ^ an environment from which he could support his administrative staff, as well as showcase a quarter horse, cattle, exotic game hunting, and farming operation. ^ Sparing no expense, Mr. Shelton built equestrian facilities capable of accommodating two hundred horses. The highest quality materials were used to create over nine miles of corral fencing. A veterinarian and breeding facility was built, along with training stables, working ^ pens, equipment sheds, hay barns and storage buildings. A 30,300 sq. ft. indoor riding and show arena was constructed. It includes a glass enclosed viewing and entertainment area. _ It is the intention of the developers to utilize a portion of these facilities as an equestrian environment that will appeal to some of the homeowners in the community. A number of the existing corrals, out buildings and paddocks will be consolidated in an area surrounding the - indoor riding arena (see site plan). This will create an attractive equestrian ambiance that will not conflict with the overall development concept of a golf community. The land plan creates a limited number of 30 to 50 acre equestrian oriented home sites along the entrance road that _ will relate to these facilities from a physical and ambiance perspective. Strict codes, covenants and restrictions (CC&R's) will be utilized to ensure that the equestrian properties are in keeping with the quality of the development. ^ The original owner established an exotic wild game preserve on the property. Herds of Black Buck Antelope, Axis, and Big Horn Sheep can be found throughout the ranch. A wild game fence surrounds the property and compliments an active game management program. It is believed that a portion of these animals can be integrated into the open space, hiking and trail system within the ranch. The most striking improvement made to Comanche Trace was the development of a 24,245 sq. fl. headquarters/office building. The owner selected the highest point on the property; which ^ is also one of the highest points in the Kemille area. At about 1,800' elevation, this facility can be seen for miles. It is recognized by anyone living in or frequently visiting Kerrville as a symbol of the unique ambiance that Comanche Trace represents. The azchitecture and building materials represent the forest hill country work that money could buy. No expense was spared to create a building that looked beautiful and could accommodate the business interests of Mr. Shelton. A winding drive leads to a walled courtyard that supports pazking for eighty cazs. The ^ exterior of the building is a combination of local cedar and rock, with numerous glass walls that offer spectacular views of the surrounding ranch and countryside. lYMB Partners, Inc. The Comanche Trace Ranch and Golf Club The interior of the building was designed to accommodate a staff of seventy people. The building steps down the slope of a south facing knoll, which allows each level an unrestricted _ view. Besides open administrative areas it includes a fully equipped commercial kitchen that was utilized to serve over seventy guests and employees on a daily basis. The upper level includes a private bar with seating capacity for approximately sixty people, off which a balcony _ offers western vistas that are unobstructed for miles. HMB has hired the architectural firm of RTG Partners Inc. of Austin, Texas to assist in the _ analysis of converting the office building to a clubhouse facility. RTG specializes in golf course club house design and has worked on numerous projects in concert with HMB's land planning firm, Planned Environments, Inc. RTG's preliminary analysis of the building indicates that it _ has excellent potential to be converted into a member's clubhouse. The size of interior spaces, condition of building materials, parking layout and kitchen appear adequate to create locker rooms, a health facility, member's grill, lounge, etc. RTG has identified a site adjacent and below the office building that will accommodate the development of a pro shop and starter area (combined - 4,500 sq. ft.). It will offer access from the club house for members, as well as separate access for fee guests until the course evolves into a private environment. The pro shop and starter area will be built in concert with the golf course. The renovation of the office building may be phased to correspond with resident demand in year four of the development. HMB Partners, Inc. - The Comanche Trace Ranch and Golf Club Land Development Timing Concept plan submittal to the City of Kemille and Kerr County Closing - Preliminary plat submittal to the City of Kemille and Kerr County - Final plat submittal to the City of Kemille and Ken County '- Commence lot pre-sale program Completion of approximately 150 Phase I building sites Golf Course Development Timing August, 1998 September, 1998 November, 1998 February, 1999 April, 1999 Late 1999, early 2000 The golf course architect and land planner propose the following schedule. 1.) Complete fmal "preliminary" land plan and golf routing. 2.) Complete working drawings bid materials for golf course. 3.) Construction /seeding /maturation of course completion. 4.) Golf Course Open October 1, 1998 December 1, 1998 January -December, 1999 April, 2000 HMB Partners, Inc. - The Comanche Trace Ranch and Golf Club Land Plan - Comanche Trace Ranch represents some of the most desirable topography in the Texas Hill Country for residential development. Beginning at the entrance (off of state highway 173) _ approximately 200 acres of meadows extends south and west. The tree lined entrance road bisects this area which creates a natural opportunity to develop large (40 to 50 acre) lots. The equestrian area, which includes an indoor and lighted outdoor riding arena, is located in this - portion of the ranch. Strict architectural controls will be maintained to ensure that the equestrian ambiance is consistent and of a high quality. The Equestrian Estate and Equestrian Village lots will create an inviting hill country entrance to the overall development, without infringing on - the dominant residential/golf theme of the community. As the entrance road curves and departs the equestrian portion of the ranch it invites residents - into a golf ambiance. The four northern-most holes of the golf course are immediately visible and lead the eye to the vista beyond which includes rolling hills covered with mature Spanish Oak trees. These four holes are located at the end of the meadow area which establishes an " excellent opportunity to introduce a medium density (3 to 4 per acre) Golf Village product. Of these first one hundred sites, approximately 35% will be contiguous to the course. '- As the main entrance road meanders through the development it begins to enter the hill portion of the ranch, which at its highest point gains 235 feet of altitude. It continues to bisect the golf _ course with medium density residential enclaves fitting naturally into the terrain offering a combination of golf course and hill country views. These Golf Village and Hillside Village neighborhoods will offer individual residential personalities. In many locations the topography - invites the opportunity to introduce a smaller gated village concept within the larger community. Because of the mature vegetation on this portion of the property the golf amenity does not dominate the ambiance, but instead blends itself into a pleasant hill country atmosphere. At the west boundary of the property the topography rises to a level that creates an opportunity to introduce high quality estate lots. These low density sites will offer commanding views of - the ranch and the surrounding valley. The mature oak trees in this area will allow siting of residences that ensures privacy and exclusivity. It is anticipated that large custom homes will be built in these locations. The highest concentration of activity at the ranch will be the golf clubhouse. Initially this facility will consist of a pro shop, grill and facilities that will support a daily fee and resident - preference golf course. Above this location, on the highest point of the ranch, sits a dramatic 24,000 square foot building that was used by the previous owner for business and entertainment. It is anticipated that this structure will be converted to a members clubhouse, as the golf course - evolves into a private club concept. Adjacent to this activity center a higher density residential product will be introduced. A townhouse type ambiance will be designed for residents who anticipate limited in residence use. These units could be used as rental properties by full time - residents who desire guest accommodations. HMB Partners, Inc. The Comanche Trace Ranch and Golf Club Phasing The development of the ranch will be phased in concert with the demand demonstrated in the marketplace. Phase one, which is scheduled to commence in early 1999 and be complete by - eazly 2000, will consist of the golf course, new golf clubhouse and related facilities, equestrian azea, and approximately one hundred and fifty residential building sites; which will include the Equestrian Estate, Cluster Village and Golf Village product types. The entrance road divides the northern 250 acres of the ranch, of which a portion off of Highway 173 lies in the flood plain. Four to six 30 to 50 acre equestrian estate lots will be - located in this area. Each equestrian estate lot will require a designated building site that is at or above the BFE of 1582'. Approximately 140 additional sites will be created in Phase I. These will range in size from 10,000 square feet to 30,000 square feet. Future phases will be developed as lot sales dictate. Based on existing mazket conditions, it is anticipated that it will take in excess of ten yeazs to sell all of the 1,300 lots. It is the "'" developer's intention to have a minimum of fifty sites available for sale at all times. HMB Partners, Inc. .-. ~ V ~ .~ F ~y ~ M ""~yy yV 11 V 0 a" O U ~_ w O O N ~~ U d m O C W z V °p ~, i + ~ w ~ y d 0 °a i ~. n' ~ C ~C d ~ a o 9 a a ~ w EO 'r"' 9 N 8 ~ y N D w x ,; O U 0 m s 7 F ~ .C 9 E N I a w ~ m ~ '~ T ~O 7 e N I a .+ l~ N ~; a r r0 O N u '~~O^ N .~ ~ .d0 7 ~ ~ b ` GOi a = ~> .= _ m O 'N = C ~ o ~ 7 ~ y G E N ~ ~ m ~ c. a ~_ tp y ~ o u E ~ '~O C 3 > g d `A a N A Y d V O O 9 'm O ~ ~ ~ ~ .~ ~? ? M d M N. V H1 N. ? f~ K V1 M .„ M N v1 cn w Y N a ~ o M ° N ~ m a ~ ° m Q] G N d a m ° .. Q] G N w` a O ° N y G ry d a M $ N y G A i a M ° .. e' G A d n. W ~. c .. Hf o N Q] ~ .. °~ 4 d ~ a 0 a°i E 0 v E 0 a°~ E 0 E a 0 4 v E 0 a °o @ 0. L °~ o eo a p e m o ~ v c o 1; c C ° a°i v '~O ~ O r F m V ~ O c F 'v 'O ~ O a F c O fr y o y m 9 ~ O a a F o ea o C m 3 0 ~ O a w w r o h M M aaxx .G 'O O w d O. w u Yn O y ~ io7 u m W ~ ~ U _ x p ~ ~ ;; a U m .° _ '7 O ~ a> 'p = .7'. ~ ~° ~ '.. U' d eq ~ a m v o 3 m ~ 7 ~ '.4' d w W ? '~' y =° ~ a ~` ~ U F ~ w w ~ e~+ O i ~~y ~yi - The Comanche Trace Ranch and Golf Club The Developer - HMB Partners, Inc. (HMB) is a real estate investment and development company headquartered in Denver, Colorado. It was established by its two principles, Donald E. Beauregard and - Thomas N. Morrill in 1989 (see exhibit A). Initial projects included development of residential resort housing in Summit County, Colorado, a residential subdivision in Santa Fe, New Mexico, and a golf course residential development in Pella, Iowa. The primary activity of the company from 1991 through 1996 was the acquisition and management of suburban office buildings. Major market penetration included Denver, Colorado - and Phoenix, Arizona. HMB utilized its full service management and leasing company (HMB Property Services) to value enhance the portfolio and position it for disposition. - In 1997 the company re-directed its primary business focus to residential land development. Major acquisitions were made in Santa Fe, New Mexico, Wickenburg, Arizona, Sonoma County, California and Denver, Colorado, and Kerrville, Texas, (see exhibit B). HMB's staff possess a diverse universe of skills that provides administrative, fmancial and advisory support for its development and operating assets. Each project represents an individual -' business plan to which key HMB employees are assigned. The influence of the companies two principals is felt on every project. "- HMB prides itself on its relationships with a broad base of local, regional and national clients. From local service providers to Fortune one hundred companies, HMB employs a full service _ approach to ensure that every relationship is straight forward, comprehensive and mutually beneficial. HMB Partners, Inc. The Comanche Trace Ranch and Golf Club Exhibit A Donald E. Beauregard With more than 25 years of experience in the acquisition and development of land and operating real estate assets, Mr. Beauregazd employs diverse skills to enhance property value and implement development activity. - As Director of Real Estate from 1973 to 1981 for the nationally acclaimed Keystone Resort, he employed his marketing and management skills to assist in the development - of a comprehensive master plan. During his tenure, the project evolved into a destination resort that included 1,000 condominiums, a Robert Trent Jones, Jr. golf course and residential community, and a full service guest lodging environment. In the early 1980's, he established the U. S. subsidiary of Rohan Group, PLC, apublicly- traded European commercial development and investment company. Serving as CEO, he directed commercial development activities in Colorado and served as consultant for their California affiliates. Projects included the development of industrial, retail, and office buildings as well as land acquisition and development. Thomas N. Morrill Tom's expertise is rooted in a hands-on background of acquisitions, finance, - administration, and development. After receiving his MBA degree from the University of Texas in 1976, he spent six years in the competitive banking and corporate acquisition arena, beginning with Republic National Bank of Dallas. His experience includes both - debt and equity structures as well as corporate fmance and planning. In the 1980's, he operated as CFO and Executive VP of the L.C. Fulenwider Company, one of Denver's oldest and largest full-service real estate development firms. He was responsible for the - administration, marketing and disposition of an investment and development portfolio exceeding $100 million in commercial and residential properties, including custom home residential subdivisions and high-rise condominiums. Mr. Beauregazd and Mr. Morrill are the sole principals of HMB Partners, Inc. They are - actively involved in all facets of its operations to insure that the highest standards of the real estate investment industry are constantly employed. The synergism created by their combined expertise has resulted in HMB Partners being recognized as one of Denver, Colorado's most - successful investment real estate companies. HMB Partners, Inc. The Comanche Trace Ranch and Golf Club Exhibit B HMB Partners, Inc. (HMB) has created a business plan designed to capture the demand associated with America's changing lifestyle and demographic trends. The evolution of the _ seventy-five million Americans known as "baby boomers" to a rural lifestyle is undeniable. Ten thousand people a day for the next ten years will turn fifty years old. High on their list of priorities is an early and active retirement lifestyle. Add to the equation an expected inheritance - of $1 trillion dollars in the next ten years, and the opportunity associated with delivering quality residential environments in desirable rural communities becomes clear. The HMB land portfolio consists of five parcels of property located in the southwestern and - western portions of the United States. They have been assembled with the intent of creating demographic land use, and timing synergism. Common characteristics include: ~- • Within one and a half hours driving time from metropolitan areas of at least one million people. • Mild seasonal climates. • Rural ambiance with sophisticated medical, educational, cultural and recreational "' infrastructure. _ • Adequate availability of utilities; specifically substantiated long term water supply. _ • Communities with established land use policies that reward quality projects, and restrict undesirable planning. - The holdings are in different stages of the development cycle which should allow for an orderly implementation of the company's business plan. HMB Partners, Inc. - The Comanche Trace Ranch and Golf Club - Comanche Trace is a 1,132 acre ranch located adjacent to the city of Kemille, Texas, which is sixty miles northwest of San Antonio. It represents rolling "hill country" terrain and vegetation that is well suited for golf course and residential development. Kerrville is a city of 20,000 people that possesses all of the attributes associated with the baby _ boomer migration from urban to rural environments. They include reasonable proximity to Austin, San Antonio and Houston, Texas; a mature cultural, social and medical infrastructure, availability of recreational amenities, a moderate cost of living, and predictable availability of _ utilities. HMB in concert with Ausfm based consultants has created a land use plan for 1,300+ home _ sites and an 18-hole championship golf course. Individual neighborhoods within the development will offer a broad range of lot price alternatives. The golf course will initially be a fee facility. As an adequate number of residences are built the course may evolve into a - private club for owners within the development. A formal land plan will be filed in Kerrville and Kerr County in the fourth quarter of 1998. It - is anticipated that final plat approval will be achieved within 120 days. Lot sales (reservations) aze projected to commence in early 1999. - Market feasibility analysis substantiates that significant pent-up demand exists for apre- retirement/retirement golf community in Kerrville. It is anticipated that the development will be received similarly to comparable communities such as Fair Oaks Ranch (Boerne), Riverhill (Kerrville), and Horseshoe Bay (Marble Falls). HMB is projecting the sale of 350 homesites in the first five years of availability. HMB Partners, Inc. The Comanche Trace Ranch and Golf Club _ Monte Sereno is a 610 acre parcel of land located within the city of Santa Fe, New Mexico. It is strategically positioned in the prestigious northeast quadrant of the city, within three miles _ of the historic "Plaza", and within one mile of the world renowned Santa Fe Opera. The terrain consists of three prominent ridges running northeast that offer unrestricted views of the Sangre de Cristo and Jemez mountains as well as the city of Santa Fe. Because the property is not _ encumbered by Santa Fe's restrictive escarpment ordinance views from the majority of the single family homesites will be comparable to the most desirable in the marketplace. _ Monte Sereno is within the city limits of Santa Fe. It is zoned planned resort residential community (PRRC) which allows the development of 276 detached single family homesites, a 250 room resort hotel and 46 townhome lots. This unique entitlement is guaranteed in _ perpetuity. All issues relating to the ability to obtaining a development permit have been resolved. -- The first phase of development which includes 92 single family homesites has been advanced through final plat approval. Infrastructure required for all off and on site improvements has been engineered and priced through competitive bids. Monte Sereno represents a unique development opportunity. The combination of a fully vested entitlement, spectacular terrain, with final engineering completed, in the most desirable location within one of the most desirable communities in the United States is difficult to fmd. HMB Partners, Inc. - The Comanche Trace Ranch and Golf Club Passacreek is a 350 acre parcel of property located in the heart of the Sonoma County wine country. It is contiguous to the city of Healdsburg, California. The property is accessed by a one hour and thirty minute drive from the city of San Francisco on Highway 101. The property consists of a combination of open grass lands and rolling hills covered with mature _ California Oak trees. Views to the distant mountains and vineyards are breathtaking. The entrance of the property has been planted with ten acres of cabernet sauvignon vineyards which creates a wine country ambiance. The contiguous property to the east is owned and operated _ by the world renowned Jordan Winery. HMB Partners has identified an initial land use plan of one hundred, one acre estate lots that will _ be located on ridge tops, fifty cluster sites that will located in the grassy flatland, and seventy five high density units that will be utilized for a destination resoNspa environment. Strong market demand has been identified for these land uses, which HMB feels are synergistic. Passacreek is located within the City of Healdsburg's urban growth boundary. This development corridor was approved overwhelmingly as a ballot issue in the November 1996 election. It - represented a public endorsement of the city's desire to promote the annexation and zoning of this property. City utilities have been extended to the southwest property line. HMB Partners has submitted a development plan to the city of Healdsburg. It is anticipated that the annexation and zoning will be complete in the second half of the year 2000. HMB Partners, Inc. - The Comanche Trace Ranch and Golf Club The Wickenburg Ranch is a 2,600 acre parcel of land located two miles north of Wickenburg, Arizona. This city of 8,000 people is a one hour and thirty minute drive northwest of Phoenix, _ and lies in the southwestern portion of Yavapai County. The property consists of rolling Sonoran desert terrain that offers unrestricted views of Vulture _ Peak and Bradshaw mountain ranges. It is predominantly surrounded by BLM and state land. The five star Wickenburg Inn Tennis and Guest Ranch is located contiguous to the property. A cooperative working relationship exists between the owner of that facility, the Merv Griffm _, Organization, and the ownership of the ranch. The Wickenburg Inn should be a valuable amenity to the ultimate use of the ranch. HMB Partners, Inc. as asset managers of CDC Wickenburg Ranch, LLC has retained a Prescott, Arizona land planning fum to assist in the preparation of a development plan that will be submitted to the county by mid 1998. It will request the ability to create 2,000 single family - homesites and two eighteen hole golf courses. It is anticipated that the approval process will take six to eight months to complete. A preliminary step to the planning submittal is the validation of an adequate water supply through the appropriate state agencies. HMB Partners, Inc. - The Comanche Trace Ranch and Golf Club The Ringsby (70/470) property differs from the other HMB holdings in that it represents a unique commercial development opportunity. The property consists of 503 acres of undeveloped - land located in Aurora, Colorado. Aurora is Colorado's second largest city and makes up the eastern and northeastern metropolitan Denver area. In addition, it is also the regional gateway to the new Denver International Airport (DIA). This development parcel is strategically located at the southwestern comer of the intersection of Denver's major east-west artery, Interstate 70, and the under construction new southern and _ eastern urban beltway known as E-470. E-470 will connect the southern metropolitan area (and points further south) to the north and northeast, including direct access to DIA. The E-470 beltway is scheduled to be completed in the Spring of 1999. The intersection of these two highways will represent the most desirable north/south and east/west access point in the northeastern metropolitan area. This property will also possess - excellent commercial visibility at this intersection, with a mile of frontage on E-470 and a mile of frontage on Interstate 70. - HMB Partners, Inc. is working closely with the City of Aurora to create a land use plan that will maximize the development of this site. There is a consensus among the parties that the Ringsby property represents an opportunity to support retail/commercial, high density residential, mixed use and office development product. It is anticipated that a final land use plan that will take the form of a planned unit development and will be achieved within the following eighteen months. - HMB is also working closely with the E-470 Highway Authority and the City of Aurora to insure that the property receives the necessary interchange and highway access to support the uses that are contemplated. The Ringsby pazcel represents a unique opportunity to create one '- of metropolitan Denver's most convenient and high profile mixed use land developments. HMB Partners, Inc.