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IV) Golf Partnerships and Meadowbrook <br />A) Rick is kind of upside down in his golf partnerships so if there are any new <br />opportunities we probably won't be accepting them. <br />B) Wente and Pevely will be offered up for investment. Rick hasn't released them <br />yet because he is not completely comfortable with them at this point. <br />C) Wente will probably be the most profitable of the recent ventures, however, we <br />might not realize this because they want to keep the management in-house so they <br />will probably buy us out. In this scenario we will just see a return of our initial <br />investment. <br />D) The Meadowbrook investors will be receiving their payback soon. There are about <br />25 lots more that need to sell. Of the 25 lots, 20 of them will go towards the <br />payoff of the loan and the last 5 will be straight profit for the investors. <br />V) Consideration of the composition of RBI's board of directors. <br />A) Rick suggested that we consider adding Jeff Kahler, CFO, to the board of <br />directors. Eric motioned that we do so, Pam seconded it and all were in favor. <br />B) Discussion was had regarding the development of the CCL Board. The current <br />officers include Ken Gerlack (President), Dave Burnley (V.P.), and Rick Randall <br />(Secretary/Treasurer). The new composition should be Randy Maher as President, <br />Dave as Vice President and Rick as Secretary/Treasurer. <br />VI) Miscellaneous Business <br />A) Randy is loaded up and needs to unload some responsibilities to the Vice <br />Presidents. What are the Vice President's responsibilities? Everyone agrees that <br />we should see job descriptions for Rick, Randy, Jeff and Eric, and would like to <br />see how Todd could step-up. <br />B) Public Offering: <br />1) Earnest has been on retainer for $5,000./month and has been working for 3 <br />months. <br />2) Earnest and Rick are meeting with someone tomorrow for a private <br />placement at a public price. This is unusual but it could happen. <br />3) If we are going to do an IPO it needs to happen right away. The focus is <br />on recreational construction. <br />a) This brought up the discussion of Dennis Winkler and Tim <br />Chapman and who should be the lead on the sport fields. <br />C) The bonding company is offering a partial indemnity for bonding and personal <br />guarantees. <br />D) Bonuses: We have a new format completed based on lowering the percentages <br />and it is pre-tax. Jody will provide Jeffs revised explanation of the new bonus <br />plan with these board minutes. <br />E) Appraisal of company stock. <br />1) The stock is valued at $226,508. It took a million dollar hit for Landmark <br />and a million spike for equipment valuation. We have a pile of equity in <br />our equipment. <br />- July Board Meeting Page 4 -