Monday, April 30, 2007

Letter from Florida Gulf Ventures LLC

April 23, 2007

Dear Neighbor:

As you will recall, when we announced the closing of the Golf Club nearly one year ago, we
promised to keep you, as a nearby neighbor, informed and involved in the plans for development
of this important property. In keeping with our promise, I would like to update you on our

Since the Golf Club closed, we have had discussions with a number of parties, including the City
of Cape Coral, who expressed a potential interest in retaining all or part of the golf course. None
of these discussions led to an offer to purchase the property. Sadly, as shown by the number of
additional golf course closings in our area, golf is a business in decline. The current economic
conditions cannot support a golf course operation. Absent this ability, our partners are deeply
committed to finding a solution that is advantageous to the entire community, accentuates our
beautiful Florida environment and meets the needs of the local market.

It is still very early in the planning process, and we are continuing to explore the most beneficial
use for the property. We are working with experts to assess what uses would be supported by the
local market. The project will include significant public park and lake components. Some
possible business ventures might include retail shops, offices and multi-family residential.

Today we submitted an application with the City of Cape Coral to request a future land use
amendment to zone the property for mixed use development. This application will be reviewed
both by the City of Cape Coral and the State of Florida in a lengthy process of approval.

Again, let me emphasize that we have not developed any plans for this site and will not do so
without first seeking the input from neighbors like you. Soon, you will be invited to a community
meeting with other residents and business leaders to discuss the type of businesses that might be appropriate and beneficial for the project. Your opinions are very important to us.

We reiterate our promise to keep you informed about the progress of this development and look
forward to meeting you soon at the community meeting.


Kent Carlson

Florida Gulf Ventures, LLC P0. Box 07457 Fort Myers, Florida 33919