Clients:  Ekmark & Ekmark, LLC and Beus Gilbert PLLC

Gruen Gruen + Associates (GG+A) completed a review of the relevant literature, toured the property and area, and completed interviews with knowledgeable individuals in Lake Havasu as well as an interview with a national residential community and golf course developer. GG+A also obtained and analyzed relevant time-series lot and home sales data for relevant developments in the Lake Havasu housing market. In addition, GG+A obtained sales data on recreational vehicle (“RV”) parks. The purpose of this research and analysis was to consider the likely effects on the demand for and value of residential property within The Refuge at Lake Havasu residential community (located at 3103 London Bridge Road, approximately one-half mile north of the Lake Havasu City limits) of the following:

a) The removal of the designation of the golf course in the Refuge development as an Arnold Palmer branded Signature Golf Club with a championship quality course as the result of the decrease in both size and quality of the course;

b) The introduction of a proposed RV Park on the grounds of the former Arnold Palmer golf course (a small number of RVs have already been using the property without hook-ups for various services) and the advertising and promotion of the use of the former Arnold Palmer Signature Golf Club by nonresidents as RV sites; and

c) The construction and operation of a 300 seat “event tent” and outdoor storage of equipment, including air conditioning units, on grounds previously devoted to the golf course and associated landscaping, for concerts, weddings, dinner theatres and like events, without adding any additional parking to the venue.