{THE LEDGES of St. George} - UtahCribs Weblog 7 717 5,355 0.12 $180,000 $84,604 $2,837 41 7 718 4,867 0.11 $180,000 $84,604 $2,579 42 7 719 4,414 0.10 $180,000 $84,604 $2,339 43 7

Prepared April 2009 

Confidential – For Internal Use Only 

{THE LEDGES of St. George}

LAKE CITY CAPITAL, LLC|  

{THE LEDGES OF ST. GEORGE} 

Confidential 

EXECUTIVE SUMMARY  

The Ledges of St. George is a large, upscale, master planned community.  Located north of St. 

George, UT, at the entrance to Snow Canyon. 

86 vacant, fully‐developed lots are included in this acquisition profile 

February 9, 2009 appraisal: 

$20,850,000 retail value 

$9,800,000 bulk wholesale value 

The loan is in default and in foreclosure proceedings.  The current note payoff is $17,009,489. 

The loan has been collateralized by the 86 lots, and: 

An 18‐Hole Golf Course 

Golf maintenance building 

Golf clubhouse 

Clubhouse restaurant 

All furniture, fixtures, and equipment required to run the businesses 

An appraisal was conducted on these businesses on March 20, 2009: 

Asset replacement value (Cost Approach): $7,500,000 

Business value (Income Approach): $5,100,000 

LAKE CITY CAPITAL, LLC|  

{THE LEDGES OF ST. GEORGE} 

Confidential 

NUMBER  PHASE  LOT #  SF  Size  APPRAISED RETAIL APPRAISED WHOLESALE 

EST. PROPERTY 

TAX 

1  5  502  24,075 0.55 $750,000 $352,518  $8,514

2  5  507  25,758 0.59 $575,000 $270,264  $9,110

3  5  519  40,369 0.93 $1,000,000 $470,024  $14,277

4  6  601  20,394 0.47 $240,000 $112,806  $10,805

5  6  602  24,355 0.56 $260,000 $122,206  $8,613

6  6  603  26,127 0.60 $260,000 $122,206  $9,240

7  6  604  21,567 0.50 $240,000 $112,806  $7,627

8  6  605  16,249 0.37 $220,000 $103,405  $8,609

9  6  606  18,354 0.42 $230,000 $108,106  $9,724

10  6  607  18,418 0.42 $230,000 $108,106  $9,758

11  6  608  19,038 0.44 $230,000 $108,106  $10,086

12  6  609  23,488 0.54 $260,000 $122,206  $8,307

13  6  610  21,932 0.50 $240,000 $112,806  $7,757

14  6  611  17,722 0.41 $220,000 $103,405  $9,389

15  6  612  17,693 0.41 $220,000 $103,405  $9,374

16  6  613  17,210 0.40 $220,000 $103,405  $9,118

17  6  614  21,795 0.50 $240,000 $112,806  $7,708

18  6  615  17,861 0.41 $220,000 $103,405  $9,463

19  6  616  20,948 0.48 $230,000 $108,106  $11,098

20  6  617  18,321 0.42 $230,000 $108,106  $9,707

21  6  619  27,406 0.63 $270,000 $126,906  $9,692

22  6  620  17,761 0.41 $220,000 $103,405  $9,410

23  6  621  17,211 0.40 $220,000 $103,405  $9,118

24  7  701  4,375 0.10 $180,000 $84,604  $2,318

25  7  702  5,108 0.12 $180,000 $84,604  $2,706

26  7  703  4,633 0.11 $180,000 $84,604  $2,455

27  7  704  4,546 0.10 $180,000 $84,604  $2,408

28  7  705  4,542 0.10 $180,000 $84,604  $2,406

29  7  706  4,555 0.10 $180,000 $84,604  $2,413

30  7  707  4,568 0.10 $180,000 $84,604  $2,420

31  7  708  4,581 0.11 $180,000 $84,604  $2,427

32  7  709  5,391 0.12 $180,000 $84,604  $2,856

33  7  710  5,004 0.11 $180,000 $84,604  $2,651

34  7  711  4,952 0.11 $180,000 $84,604  $2,624

35  7  712  4,211 0.10 $180,000 $84,604  $2,231

36  7  713  4,494 0.10 $180,000 $84,604  $2,381

37  7  714  4,232 0.10 $180,000 $84,604  $2,242

38  7  715  4,502 0.10 $180,000 $84,604  $2,385

39  7  716  5,075 0.12 $180,000 $84,604  $2,689

40  7  717  5,355 0.12 $180,000 $84,604  $2,837

41  7  718  4,867 0.11 $180,000 $84,604  $2,579

42  7  719  4,414 0.10 $180,000 $84,604  $2,339

43  7  720  8,437 0.19 $240,000 $112,806  $4,470

44  7  721  5,968 0.14 $240,000 $112,806  $3,162

45  7  722  4,933 0.11 $240,000 $112,806  $2,614

46  7  723  5,220 0.12 $240,000 $112,806  $2,766

47  7  724  5,296 0.12 $240,000 $112,806  $2,806

48  7  725  5,581 0.13 $240,000 $112,806  $2,957

LAKE CITY CAPITAL, LLC|  

{THE LEDGES OF ST. GEORGE} 

Confidential 

NUMBER  PHASE  LOT #  SF  Size  APPRAISED RETAIL APPRAISED WHOLESALE 

EST. PROPERTY 

TAX 

49  7  728  5,378 0.12 $240,000 $112,806  $2,849

50  7  729  5,513 0.13 $240,000 $112,806  $2,921

51  7  732  5,547 0.13 $240,000 $112,806  $2,939

52  7  734  5,355 0.12 $240,000 $112,806  $2,837

53  7  735  5,310 0.12 $240,000 $112,806  $2,813

54  7  736  5,310 0.12 $240,000 $112,806  $2,813

55  7  737  5,299 0.12 $240,000 $112,806  $2,807

56  7  738  5,150 0.12 $240,000 $112,806  $2,728

57  7  739  5,678 0.13 $240,000 $112,806  $3,008

58  7  741  5,222 0.12 $165,000 $77,554  $2,767

59  8  801  16,596 0.38 $220,000 $103,405  $8,793

60  8  802  19,698 0.45 $230,000 $108,106  $10,436

61  8  803  24,918 0.57 $350,000 $164,508  $8,813

62  8  805  19,470 0.45 $300,000 $141,007  $10,315

63  8  807  19,974 0.46 $230,000 $108,106  $10,582

64  8  808  19,689 0.45 $230,000 $108,106  $10,431

65  8  809  20,283 0.47 $240,000 $112,806  $10,746

66  8  810  17,104 0.39 $220,000 $103,405  $9,062

67  8  811  18,766 0.43 $230,000 $108,106  $9,942

68  8  812  19,939 0.46 $230,000 $108,106  $10,564

69  10  1014 18,113 0.42 $230,000 $108,106  $9,596

70  10  1015 18,268 0.42 $230,000 $108,106  $9,678

71  10  1016 20,108 0.46 $240,000 $112,806  $10,653

72  10  1017 19,929 0.46 $230,000 $108,106  $10,558

73  10  1018 19,680 0.45 $230,000 $108,106  $10,427

74  10  1019 17,848 0.41 $220,000 $103,405  $9,456

75  10  1020 18,813 0.43 $220,000 $103,405  $9,967

76  10  1021 18,065 0.41 $230,000 $108,106  $9,571

77  10  1022 20,250 0.46 $240,000 $112,806  $10,729

78  10  1023 18,491 0.42 $230,000 $108,106  $9,797

79  10  1024 16,666 0.38 $220,000 $103,405  $8,830

80  10  1025 17,559 0.40 $220,000 $103,405  $9,303

81  10  1026 22,644 0.52 $250,000 $117,506  $8,008

82  10  1027 17,310 0.40 $220,000 $103,405  $9,171

83  10  1028 20,433 0.47 $240,000 $112,806  $10,825

84  10  1029 19,410 0.45 $230,000 $108,106  $10,283

85  10  1030 21,023 0.48 $240,000 $112,806  $11,138

86  10  1031 21,451 0.49 $240,000 $112,806  $7,586

TOTAL  1,215,152.00 27.90 $20,850,000 $9,800,000  $586,390

AVERAGE  14,129.67 0.32 $242,442 $113,953  $6,818

LAKE CITY CAPITAL, LLC|  

{THE LEDGES OF ST. GEORGE} 

Confidential