FCC White Paper Report

• Membership expectations have shifted, with members seeking improved amenities such as outdoor dining and enhanced social spaces and activities. • Thanks to our unique low density, superior golf courses, excellent racquet and fitness programs, vibrant social activities, and special membership culture, the Board and our advisors believe that Fiddlesticks can maintain its premier status by ensuring our non-golf facilities are “on par” with our competitors. • P ast projects, such as the fitness center, cabana, and patio dining, were downsized during development due to financial concerns , leaving them undersized for current demands. We are now facing a similar decision regarding the appropriate sizing of the clubhouse. • During the focus group meetings in January, it was presented that the first very rough cost estimate was approximately $36 million for the clubhouse and gatehouse. With value engineering, the cost might be reduced to $33 million. The Board authorized $110k to further the design to 10-15% complete to provide additional accuracy to these estimates. In May, the estimates were revised to a preliminary clubhouse and gatehouse cost estimate of $38 to $42 million. We have all seen the inflation and escalation tha t has affected the economy, making any estimate subject to variations. SWF has experienced construction inflation pressures due to the past two hurricanes hitting our area. • Section VIII will discuss financing methods, including monthly member costs depending on the method selected. We now expect the Long Mean renovation to be more costly than initially estimated. This means that unless there is a method other than using joining fees to fund the additional cost, fewer dollars will be available for the clubhouse/gatehouse project. The Long Mean final cost estimates won’t be available until early 2025, at which time the membership will be updated. • It should also be noted that from an operating (not capital) perspective, Fiddlesticks ranks among the lowest in annual membership costs compared to clubs with fewer than 750 homes and comparable amenities, including thirty-six holes of golf, eight pickleball courts, seven tennis courts, and a fitness center . Next Steps • It is very important for ALL members to participate in the upcoming process. Informal Q&A sessions with Board and Committee members will be held in December. Member tours will be provided before a formal Town Hall on January 10, 2025, to present challenges, explore solutions, and answer questions. Following this, members will receive a comprehensive survey to get your thoughts on what you

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