Inspiration Metropolitan District - Board Historic Timeline

Executive SummaryMilestones/Events

1) Governance 2015 2016 2017 2018 2019Board Composition

Newland Board Members 0 5 4 2 2Previous Developer Board Members 5 0 0 0 0Resident Board Members 0 0 1 3 3

# BOD Meetings Held (Scheduled & Special Meetings) 5 7 6 12 Estimated 8

2) Resident/Builder Metrics 2015 2016 2017 2018(Budget Estimate)

2019

INSPIRATION COMMUNITY HOMES

# of Annual Closed Resident Homes 35 17 135 198 149Previous Year Annual Cummulative Resident Homes 217 252 269 404 602Total Inspiration Resident Homes Sold 252 269 404 602 751

(30% built out) (40% built out)

Note: # of Annual Resales 14 11 12 15 17Note: Closed Hilltop 55 Resident Homes 0 48 108 225 320

# Builders - All Ages 3 4 5 6 6# Builders - Hilltop 55 1 1 1 1 2

3) Developers of Inspiration (formally known as Rockinghorse) 2015 2016 2017 2018 2019Newland (NASH Inspiration, LLC) Summer of 2015 Present Present Present PresentWheelock Street Capital (January 2014-Summer of 2015)

Lennar (2008-2015)

4) Operational Metrics 2015 2016 2017 2018 2019Pathfinder Park 1 1 1 1 1

# Building Facilities Own/Maintain - Inspiration Club and Hops Garden (see attachement) 0 1 2 2 2

Neighborhood Activity Center (NAC) 0 0 0 0 1

5) Growth in Lifestyle Events & Communiation 2015 2016 2017 2018 2019

Lifestyle Events 4 8 19 105 151

Welcome Letters N/A N/A At Closing At Closing At Closing

Emails Periodic Periodic Periodic Bi-monthly Weekly

Mailed Newsletters Quarterly Quarterly Quarterly Quarterly Quarterly

District Community Informational Meetings N/A N/A N/A 1 4/year

6) Key External Professionals 2015 2016 2017 2018 2019

District Management Company CCMC CCMC CCMC CCMC CCMC

Accounting Firm Simmons & Wheeler Simmons & Wheeler CliftonLarsonAllen CliftonLarsonAllen CliftonLarsonAllen

Audit Firm Yanari,Watson, McGaughey Watson Coon Haynie & Co. Haynie & Co. Haynie & Co.

Legal White Bear White Bear White Bear White Bear White Bear

7) Management Company - CCMC 2015 2016 2017 2018 2019

Porfolio Manager 8 hrs./week - offsite 8 hrs./week - offsite

District Manager

Starting in Nov of 2016: 24

hrs./week - onsite24 hrs./week - onsite 24 hrs./week - onsite 40 hrs./week - onsite

Lifestyle Director Est. 520 hrs./year - onsite Est. 520 hrs./year - onsite Est. 520 hrs./year - onsite 500 hrs./year - offsite

Mainteance Tech 10 hrs./week 24 hrs./week

as of 5/20/2019 Page 1

Inspiration Metropolitan District - Board Historic Timeline

Executive Summary8) Major Contractors 2015 2016 2017 2018 2019

Common Area Landscaping Cox Landscaping Cox Landscaping BrightView Landscaping BrightView Landscaping BrightView Landscaping

Common Area Sidewalk Snow Removal Cox Landscaping Cox Landscaping BrightView Landscaping BrightView Landscaping BrightView Landscaping

Pool Maintenance N/A Perfect Pools Perfect Pools Perfect Pools Perfect Pools

9) Formally Established Resident Committees 2015 2016 2017 2018 2019

Social Committee X X X X X

Common Area and Landscaping Committee X X X

Residential Improvement Committee X

Finance Committee X

10) Resident Annual Operating Fees 2015 2016 2017 2018 2019

Annual $ Operating Fees Inspiration Metropolitan District $576 $576 $1,008 $1,008 $1,152

Annual $ Assesment Inspiration Community Association - Hilltop 55 Residents Only No Homes 792 $792 $840 $864

11) Financial Metrics (Source - CCMC & Annual Audit) 2015 Audited 2016 Audited 2017 Audited 2018 Unaudited 2019 Budget

Annual Total Operating Revenue $289.2 Thousand $511.6 Thousand $767.8 Thousand $1,258.3 Thousand $1,533.9 Thousand

Excess Revenue or Expenditure Surplus/(Deficit) $8.5 Thousand ($1.8) Thousand $44.0 Thousand $276.2 Thousand $89.2 Thousand

Developer Annual Advances $8.4 Thousand $45.6 Thousand 0 0 0

Reserves 0 0 0 0 TBD

Total Long Term Debt Oustanding Year End $48.9 Million $49.8 Million $62.2 Million $64.9 Million TBD

District Mil Levy

Debt 50 50 50 55.288 55.277

Operations 10 10 10 11.055 11.055

ARI 1 1 1 1.105 1.105

Additional Information Available

See Attached Exhibit 1 for Additional Information

The Inspiration Metropolitan District Board Historic Timeline Executive Summary (the “Summary”) is presented for informational purposes only. All numbers and figures are approximate and based on the most recent information as of May 3, 2019. The Summary does not present

any binding obligations or promises on the part of the Board of Directors of Inspiration Metropolitan District, any consultants or contractors, the developer, any homebuilders, or anyone else associated with the Inspiration development.

as of 5/20/2019 Page 2

Exhibit 1

The Inspiration Metropolitan District Board Historic Timeline Executive Summary (the “Summary”) is presented for informationa l purposes only. All numbers and figures are

approximate and based on the most recent information as of May 3, 2019. The Summary does not present any binding obligations or promises on the part of the Board

of Directors of Inspiration Metropolitan District, any consultants or contractors, the developer, any homebuilders, or anyone else associated with the Inspiration

development.

Page 3

Governance

Newland Board Members

Sandi Thomas, President January 19, 2016 – May 2022

Lindsey Linkow, Secretary July 26, 2016 – May 2022

Resident Board Members

Aaron Curtiss, Vice President/Assistant Secretary July 25, 2017 – May 2020

Dennis Colwell, Assistant Secretary February 7, 2018 – May 2020

Holly Svetz, Treasurer August 27, 2018 – May 2020

Resident/Builder Metrics

Builders – All Ages

CalAtlantic

David Weekley

Dream Finders

Lennar

Meritage

Richmond

Builders – Hilltop 55

Toll Brothers

2nd builder will be announced in 2019

Operational Metrics

# Building Facilities Own/Maintain

Pathfinder Park

o Includes: Playground, 2 Tennis Courts, In-line Skating Rink/Basketball Courts, Soccer Field

Inspiration Club (Opened in June 2016)

o Includes: Pool, Playground, Pavilion with Fire pit and Grill, and Event Lawn

Hops Garden (Opened in September 2017)

o Includes: Pavilion, Fire pit, Community Area with Tables, and Ping Pong Table

Lifestyle Event Summary

Event Type 2018 2019 Projected

Signature Events 4 4

Special Events 5 7

Community Connection 94 136

Common Area Committee (CAC) Events 2 4