Rarity Bay — Town Center District: Build-Out & Rental Program

Town Center
District Program

Section 01

Town Center District
at a Glance

~9.2 acres at the Northgate parcel. Four buildings. Three vertically stacked use tiers. Three development phases. Multiple investor entry points from Phase 1 debt through perpetual ground-lease equity.

District Strategy

The Town Center is the commercial and social core of Rarity Bay Resort & Community. Built over three gate-controlled phases on the upland Northgate parcel (no TVA or TRDA shoreline permits required), the district anchors a medical clinic, professional offices, activated retail, food & beverage, and — critically — 68 TGIF-owned SFR rental lofts that generate income in perpetuity under Timbertop Land Company's Declarant management authority. The district is not a cost center; it is a revenue engine with seven distinct income categories running simultaneously at stabilization.

Total District Acreage

~9.2 Ac

Northgate parcel — upland, no TVA/TRDA shoreline permits

Gross Buildable SF

~284K SF

4 buildings · 3 stories · ~0.7 FAR · structured parking separate

Total Construction Cost

~$38M

3 phases · BurWil as GC · Class D suppliers eligible as preferred vendors

7-Year District Revenue

$94.6M+

NNN leases + office sales + SFR loft rental + event revenue

How the District Revenue Stacks

Office Condo For-Sale

$18.4M proceeds

$18.4M

SFR Loft Rental (68 units)

$23.4M · 7yr

$23.4M

Medical / Wellness Anchor Lease

$3.9M · 7yr

$3.94M

Office NNN Lease Income

$3.4M · 7yr

$3.43M

Retail / F&B NNN Leases

$3.0M · 7yr

$3.0M

Wellness / Fitness / Flex

$2.1M · 7yr

$2.1M

Event / Community Revenue

$0.7M

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Declarant Control — Non-Negotiable Structure

All commercial ground leases and the SFR Loft Program operate under Timbertop Land Company's perpetual Declarant authority. Ground leases are not sold with any building; they remain perpetual income assets of TLC. The SFR lofts are owned and managed by TLC, not sold to individual buyers. This structure is the same Declarant model that generates $15.9M+ in annual recurring income across the broader Rarity Bay community — the Town Center District is its commercial-tier expression.

Section 02

Three-Tier
Building Architecture

Each building follows a deliberate vertical use strategy: ground-floor retail and services activate foot traffic; middle-floor professional office generates sale and lease revenue; upper-floor SFR lofts create TGIF-owned perpetual rental income.

Floor 3 — Upper Tier

SFR Rental Lofts

~73,400 SF · 68 units total

TGIF SFR Program

Floor 2 — Middle Tier

Professional Office Suites

~52,500 SF · NNN or for-sale

Office / Medical

Floor 1 — Ground Tier

Mixed-Use Retail, F&B, Clinic

~39,100 SF · NNN ground leases

Ground Lease NNN

Grade Level

Structured Parking Podium

Not counted in leasable SF

POA Managed

Upper — TGIF SFR Rental Lofts (owned, not sold)

Middle — Office NNN Lease / For-Sale Condos

Ground — NNN Ground Leases (perpetual, retained by TLC)

Ground Floor — Mixed-Use Retail & Services: Street-activating retail, food & beverage, the medical/urgent care clinic anchor (15,000 SF), a community pharmacy, a coffee and co-work lounge, a fitness/wellness studio, and the Town Center event lobby. All ground-floor commercial positions are structured as NNN ground leases under Timbertop Land Company's Declarant authority — 99-year terms with 3% annual escalators. These leases remain perpetual income to the fund; they are not sold with any building.

Middle Floor — Professional Office: Class A office suites targeting the Rarity Bay resident professional base plus regional medical, legal, financial, and real estate tenants from the Loudon/Monroe County corridor. Office suites are offered for-sale as condo ownership (targeted $280–$320/SF) or leased NNN ($24–$30/SF/year). Medical/wellness suites are structured as anchor ground leases. Office for-sale proceeds from Buildings B & C total an estimated $18.4M in Phase 2 — a near-immediate capital recycle event.

Upper Floor — SFR Rental Lofts: The loft tier is reserved for the TGIF SFR Rental Program. These units are built, owned, and managed by Timbertop Land Company — never sold to individual buyers. 68 units across three tiers (Standard 1BR, Premium 2BR, Penthouse 3BR) generate $3,344,000 in gross annual rental income at stabilization. Because TGIF owns the units as asset owner, it captures 100% of gross rental income from the loft program (versus the 20% management fee collected on resident-enrolled properties in the broader Lock & Leave program). This is the highest cash flow per square foot use in the entire district.

Four Buildings — Use Distribution

Building	Ground Floor Use	Office Floor Use	Loft Floor Use	Total SF	Phase
Building A Anchor / Medical	15,000 SF Medical Clinic + 3,200 SF Pharmacy	14,000 SF Medical/Wellness Office Suites	8 Penthouse Lofts (3BR/1,800 SF) + 10 Premium Lofts	~62,000 SF	Phase 1
Building B Retail / Office	4,200 SF Restaurant + 2,400 SF Café/Co-Work	18,500 SF Professional Office (Legal / Financial / RE)	20 Standard Lofts (1BR/850 SF)	~58,000 SF	Phase 2
Building C Hospitality / Office	5,400 SF Boutique Retail (3 bays) + 4,800 SF Wellness Studio	12,000 SF Executive Office / Private Suites	10 Premium Lofts (2BR/1,250 SF)	~60,000 SF	Phase 2
Building D Loft / Co-Work	3,600 SF Community Event Lobby / Flex	8,000 SF Co-Work / Flex Office	20 Standard Lofts (1BR/850 SF)	~74,000 SF	Phase 3
Total Town Center District				~254,000 SF net leasable	3 Phases

No TVA / TRDA Shoreline Involvement

The Town Center District is entirely on upland parcels. No TVA dock, shoreline, or impoundment permits are required. Permitting path is DRB architectural approval (internal, Month 2) + TRDA building permits (Month 3) — the same gate timeline that controls the rest of the master development. First commercial tenant occupancy targets Month 14 for Building A.

Section 03

Phased Build-Out
Schedule & Capital

Three gate-controlled phases aligned with the master development timeline. Each phase is funded by the preceding phase's cash flow — zero speculative vertical construction. Class D Strategic Supplier Partners are eligible as preferred vendors at each phase.

Phase 1 — Mo. 3–14

$7.8M

Northgate gateway + Building A shell (clinic anchor + pharmacy + medical office + penthouse lofts). Ground lease income begins upon tenant occupancy.

Phase 2 — Mo. 15–28

$18.2M

Buildings B & C vertical build. Office for-sale proceeds ($18.4M) recycle Phase 2 capital. Retail NNN leases activate immediately upon delivery.

Phase 3 — Mo. 24–36

$12.4M

Building D + remaining loft floors. SFR Loft Program launches. Full district stabilization targets Year 4–5 with all 68 loft units occupied.

Phase Detail — Costs, Triggers, & Revenue Events

Phase	Scope	CapEx	Trigger / Gate	Revenue Events Upon Delivery	Timing
Phase 1 — Northgate Gateway & Building A Anchor Shell
P1-A	Community gateway monumentation, Northgate parcel grading & utilities to all pad sites, Town Center plaza hardscape	$2,400,000	DRB approval Mo.2 · No TRDA permit needed for sitework	Sets buyer first impression · activates lot sale price psychology	Mo. 3–8
P1-B	Building A shell: medical clinic (15,000 SF), pharmacy bay (3,200 SF), medical office floor (14,000 SF), penthouse loft rough-ins (8 units)	$5,400,000	TRDA/DRB building permit Mo.3 · Anchor tenant LOI pre-close	Medical anchor: $525,000/yr NNN · Pharmacy NNN: $89,600/yr · Medical office for-sale: $4.13M or $392K/yr NNN	Mo. 6–14
Phase 2 — Buildings B & C Vertical Build (Office + Retail + Lofts)
P2-A	Building B: restaurant (4,200 SF), café/co-work (2,400 SF), professional office (18,500 SF), 20 standard lofts	$9,600,000	Phase 1 Building A occupancy certificate · TRDA permit	Restaurant/café NNN: $219,600/yr · Office for-sale proceeds: $5.27M · 20 standard lofts: $912K/yr gross rental	Mo. 15–24
P2-B	Building C: boutique retail (5,400 SF), wellness studio (4,800 SF), executive office (12,000 SF), 10 premium lofts	$8,600,000	Phase 2-A foundation complete · concurrent with P2-A construction	Retail/wellness NNN: $246,000/yr · Office for-sale proceeds: $3.72M · 10 premium lofts: $624K/yr gross rental	Mo. 18–28
Phase 3 — Building D Loft Tower & Full SFR Program Launch
P3-A	Building D: community event lobby (3,600 SF), co-work/flex office (8,000 SF), 20 standard lofts, co-work memberships	$8,200,000	Phase 2 delivery complete · SFR program documentation filed with POA	Co-work NNN: $192K/yr · Event revenue: $64,800/yr · 20 lofts: $912K/yr gross rental	Mo. 24–33
P3-B	Full district landscape, wayfinding signage, parking podium finishing, common area FF&E, loft furnishing package (68 units)	$4,200,000	Building D structural complete	SFR Program fully operational · all 68 lofts available for rental · Yr 4 stabilized: $3.34M gross/yr	Mo. 30–36
Total Town Center Construction		$38,400,000	Funded by: TGIF capital draw (Phase 1) + Phase 2 office for-sale proceeds ($18.4M recycle) + Phase 3 operating cash flow

✅

Gate A — Internal DRB (Month 2)

Architectural approval from Design Review Board. Timbertop Land Company controls DRB as Declarant — internal process, no external agency. Gateway and sitework begin immediately.

🔒

Gate B — TRDA/DRB Building Permit (Month 3)

Required for all vertical construction (Buildings A, B, C, D). All Town Center parcels are upland — zero TVA shoreline permitting involved. Target permit issuance Month 3 following DRB recognition.

🔒

Gate C — Phase 1 Occupancy → Phase 2 Trigger

Building A certificate of occupancy triggers Phase 2 construction. Office for-sale presales open Month 12 (when Bldg A is visibly rising). Phase 2 construction starts Month 15 with 40%+ presold.

Class D Strategic Supplier Partnership — Construction Role

Class D investors at $500,000+ minimum are eligible to participate as preferred vendors and construction contractors for the Town Center build-out. This dual-role structure means a supplier investor can earn both equity returns on their $500K investment AND preferred vendor contracts for building materials, FF&E, mechanical/electrical, or loft furnishing packages. BurWil Construction serves as GC; Class D suppliers fill subcontractor and supply chain roles. See the Strategic Supplier Partnership Program for full eligibility and approval criteria.

Section 04

Complete Space Program
& Revenue Matrix

Every square foot across all four buildings, organized by floor tier, use type, lease structure, and 7-year revenue projection. Ground leases are retained by TLC in perpetuity. Office suites are offered for-sale or NNN. Lofts are TGIF-owned SFR inventory.

Reading This Table

Recurring lease revenue is shown at Year 1 stabilized rates; all NNN and ground lease positions escalate at 3% annually thereafter. Office for-sale proceeds ($18.4M total) represent a one-time capital event shown separately. SFR loft revenue is shown as gross rental income — TGIF captures 100% as asset owner. All figures are forward-looking projections subject to final planning approvals and market conditions.

Use / Tenant Type	Building / Floor	SF	Yr 1 Rate	Yr 1 Revenue	7-Yr Revenue	Structure
Ground Floor — NNN Ground Leases (retained by Timbertop Land Company perpetually)
Medical Clinic / Urgent Care	Bldg A · Floor 1	15,000	$35/SF	$525,000	$3,936,000	99-yr Ground Lease · 3% escalator · Anchor
Pharmacy / Health Retail	Bldg A · Floor 1	3,200	$28/SF	$89,600	$672,000	NNN Lease · 5-year term
Restaurant / Fine Dining	Bldg B · Floor 1	4,200	$34/SF	$142,800	$1,070,000	Ground Lease NNN · 3% escalator
Café / Coffee & Co-Work Lounge	Bldg B · Floor 1	2,400	$32/SF	$76,800	$576,000	NNN Lease · community-facing
Boutique Retail (3 bays)	Bldg C · Floor 1	5,400	$26/SF	$140,400	$1,053,000	NNN Lease · phased delivery
Fitness / Wellness Studio	Bldg C · Floor 1	4,800	$22/SF	$105,600	$792,000	Ground Lease NNN · wellness operator
Community Event Lobby / Flex	Bldg D · Floor 1	3,600	$18/SF	$64,800	$486,000	POA / Event revenue · Declarant managed
Ground Floor Subtotal				$1,145,000	$8,585,000	All positions NNN · 3% annual escalation
Middle Floor — Professional Office (For-Sale Condo or NNN Lease)
Medical / Wellness Office Suites	Bldg A · Floor 2	14,000	$28/SF NNN or $295/SF sale	$392,000	$2,940,000	NNN lease or for-sale condo · $4.13M sale option
Professional Office (Legal / Financial / RE)	Bldg B · Floor 2	18,500	$26/SF NNN or $285/SF sale	$481,000	$3,607,500	NNN or for-sale · $5.27M sale proceeds
Executive Office / Private Suites	Bldg C · Floor 2	12,000	$30/SF NNN or $310/SF sale	$360,000	$2,700,000	NNN or for-sale · $3.72M sale proceeds
Co-Work / Flex Office	Bldg D · Floor 2	8,000	$24/SF NNN	$192,000	$1,440,000	NNN monthly memberships · hot-desk + suites
Office Floor Subtotal — NNN Lease Track				$1,425,000	$10,687,500	If leased (not sold). For-sale track: $13.12M in Bldg B & C proceeds
Office Floor Subtotal — For-Sale Track (Bldg B & C)				$18,400,000 one-time proceeds		Phase 2 capital recycle event · Mo. 24–28 closings
Upper Floor — TGIF SFR Rental Lofts (TGIF-owned · not sold · 100% gross rental income to fund)
Standard Loft (1BR / 850 SF)	All Bldgs · Floor 3	34,000 40 units	$3,800/mo	$1,824,000	$12,768,000	TGIF owned · resort-furnished · Lock & Leave eligible
Premium Loft (2BR / 1,250 SF)	Bldg A, B · Floor 3	25,000 20 units	$5,200/mo	$1,248,000	$8,736,000	TGIF owned · resort-furnished · amenity-facing views
Penthouse Loft (3BR / 1,800 SF)	Bldg A · Floor 3	14,400 8 units	$7,200/mo	$691,200	$4,838,400	TGIF owned · full resort finish · lakeview premium
SFR Loft Subtotal — 68 Units				$3,763,200	$26,342,400	100% gross to TGIF as asset owner · perpetual CPI escalation
TOTAL TOWN CENTER — All Floors (Recurring Income)				$6,333,200/yr	$45,614,900	Excl. office for-sale proceeds of $18.4M

* All recurring revenue shown at Year 1 stabilized rates. NNN and ground lease positions escalate 3% annually. SFR loft revenue assumes 92% average occupancy at Year 3+ stabilization. Office for-sale proceeds shown as one-time Phase 2 event. Forward-looking projections — see disclaimer.

Section 05

Commercial Rental
Program Structure

The Town Center participates in two rental tracks: the NNN Ground Lease Program (ground and office floors, perpetual income to TLC) and the TGIF SFR Loft Rental Program (upper floors, TGIF-owned asset income). Both operate under Timbertop Land Company's Declarant authority.

Stabilized Annual Income

$6.33M

All floors combined at Year 3+ stabilization · 3% annual escalation thereafter

Office For-Sale Proceeds

$18.4M

Phase 2 capital recycle event · Buildings B & C · Month 24–28

Ground Lease Annual

$1.14M

Retained by TLC perpetually · 99-year terms · 3% escalator · never sold

Blended Gross Margin

~88%

NNN leases and SFR lofts carry very low operating cost vs. gross income

Option A — Commercial NNN Ground Lease Portfolio

Structure: Perpetual Ground Lease Income Retained by Timbertop Land Company

All seven ground-floor positions and the medical clinic anchor are structured as NNN ground leases with 99-year terms and 3% annual escalators. These leases are not sold to investors as individual instruments — they are assets of Timbertop Land Company held under Declarant authority, and their income flows to the fund as perpetual distributable cash. Equity investors in Class C (8% preferred) and Class D (7% preferred) participate in this income stream as part of their ongoing distribution. This is the same perpetual ground lease model that underlies the $6.3M+ annual commercial lease stream described across the broader project.

Position	SF	NNN Rate	Yr 1	Yr 7	Term
Medical Clinic Anchor	15,000	$35/SF	$525,000	$627,000	99-yr · 3% esc.
Pharmacy / Health Retail	3,200	$28/SF	$89,600	$107,000	NNN 5-yr
Restaurant	4,200	$34/SF	$142,800	$170,600	99-yr · 3% esc.
Café / Co-Work	2,400	$32/SF	$76,800	$91,800	NNN 5-yr
Boutique Retail (3 bays)	5,400	$26/SF	$140,400	$167,800	NNN 5-yr
Wellness / Fitness Studio	4,800	$22/SF	$105,600	$126,200	99-yr · 3% esc.
Event Lobby / Flex	3,600	$18/SF	$64,800	$77,500	POA managed
Ground Floor Total			$1,145,000	$1,368,000	Growing perpetually at 3%/yr

Option B — Office Condo For-Sale Program (Phase 2 Capital Recycle)

Structure: Condo Ownership or NNN Lease — Investor Decision Point at Phase 2

At Phase 2 delivery (Month 24–28), TGIF evaluates market conditions and exercises one of two value-capture strategies for the office floors of Buildings B and C: (1) for-sale condo at $280–$320/SF targeting the resident professional base and regional tenants, generating $18.4M in one-time proceeds that recycle Phase 2 capital; or (2) NNN lease at $26–$30/SF, generating $1.42M/year in recurring income. In most market scenarios, the for-sale track is prioritized in Phase 2 to accelerate capital return to investors, while Building D's co-work floor remains a lease play for ongoing income.

For-Sale Track — $18.4M Proceeds

Building B Professional Office: 18,500 SF × $285/SF = $5.27M
Building C Executive Suites: 12,000 SF × $310/SF = $3.72M
Building A Medical Office: 14,000 SF × $295/SF = $4.13M
Total condo for-sale proceeds: $18.4M (Phase 2 Mo. 24–28)
Proceeds recycle into Phase 3 loft buildout and investor distributions
Buyer profile: resident physicians, attorneys, financial advisors, regional RE professionals

NNN Lease Track — $1.42M/yr

Building B: 18,500 SF × $26/SF = $481,000/yr
Building C: 12,000 SF × $30/SF = $360,000/yr
Building A Medical: 14,000 SF × $28/SF = $392,000/yr
Building D Co-Work: 8,000 SF × $24/SF = $192,000/yr
Total NNN lease income: $1,425,000/yr escalating 3% annually
Best for longer-hold Class C/D investors prioritizing recurring yield

Section 06

SFR Loft Program
Reserved for TGIF

68 resort-quality loft units across three tiers, built and permanently owned by Timbertop Land Company. Never sold. Never transferred. Operated as furnished short-term and mid-term rentals under Declarant management authority, generating 100% gross rental income to the fund in perpetuity.

Why the Lofts Are Not Sold — The Perpetual Income Argument

Selling a loft at $850/SF generates approximately $722,500 per standard unit — a one-time event. Retaining that same unit as a rental asset generates $3,800/month gross ($45,600/yr), or a 6.3% annual yield on replacement cost, compounding with CPI escalation every year thereafter. At a 7-year hold, the rental income on a standard loft totals $319,200 — plus the retained asset value at exit. At a 10-year QOZ hold, the loft has generated $456,000 in gross income and still carries its full capital value with zero tax on appreciation. The lofts are the highest long-duration income asset in the entire Town Center portfolio. Selling them would be leaving perpetual value on the table.

Total SFR Loft Units

68 Units

40 Standard (1BR) · 20 Premium (2BR) · 8 Penthouse (3BR)

Gross Annual Rental (Stabilized)

$3.76M

At 92% average occupancy · Year 3+ full stabilization

7-Year Gross Rental Revenue

$26.3M

Assuming Phase 3 delivery at Month 36 and ramp to stabilization by Year 4

Retained Asset Value

$57.8M

68 units at avg. $850/SF replacement cost — the asset never leaves the fund

Loft Tier Detail

Tier 1 · 40 Units

Standard Loft

$3,800

Per month gross rent · 1BR / 850 SF

Unit Count40 units

LocationAll 4 Buildings

Annual Gross (all 40)$1,824,000

7-Yr Gross$12,768,000

Finish LevelResort · furnished

Target TenantMonthly · seasonal

Tier 2 · 20 Units

Premium Loft

$5,200

Per month gross rent · 2BR / 1,250 SF

Unit Count20 units

LocationBldg A & B

Annual Gross (all 20)$1,248,000

7-Yr Gross$8,736,000

Finish LevelPremium resort · amenity views

Target Tenant6-mo+ stays · remote professionals

Tier 3 · 8 Units

Penthouse Loft

$7,200

Per month gross rent · 3BR / 1,800 SF

Unit Count8 units

LocationBldg A · top floor

Annual Gross (all 8)$691,200

7-Yr Gross$4,838,400

Finish LevelLuxury · lakeview · full resort FF&E

Target TenantAnnual lease · executive / medical

Portfolio Total

68-Unit Program

$3.76M

Gross annual at stabilization

7-Yr Revenue$26.3M gross

Asset Value Retained$57.8M

Mgmt StructureTLC Declarant

OwnershipTGIF / TLC forever

QOZ Yr 10 Tax EventZero tax on appreciation

How Lofts Fit the Broader Lock & Leave Program

The TGIF-owned lofts are managed under the same Lock & Leave rental management framework that governs the broader residential rental program across 200+ community units. The difference: community property owners enrolled in Lock & Leave keep their gross rental income and pay TGIF a 20% management fee. For the loft units TGIF owns outright, 100% of gross rental income flows directly to the fund. As the community population grows and more owners enroll their properties, the management fee income also grows — two parallel income streams from the same rental platform. The lofts are the highest-yield component of this program at the fund level.

Section 07

Investor Entry Points
by Phase & Structure

Four distinct ways to participate in the Town Center District — from short-hold Phase 1 construction debt through perpetual ground lease equity. Each option maps to the existing TGIF investment series and minimum requirements.

Series Mapping

All four options map to existing TGIF investment series: A1 (10% preferred, $100K min, 36-month), A2 (9% preferred, $150K min, 7-yr QOZ), Class C (8% preferred, $250K min, 10-yr QOZ), Class D / Strategic Supplier Partnership (7% preferred, $500K min, perpetual). Class D investors may also participate as preferred vendors and construction contractors on the Town Center build-out. See the PPM and Strategic Supplier Partnership Addendum for complete terms.

Option A · Series A1

Phase 1 Construction & Anchor Lease

10%

Preferred return · 36-month term

UseBldg A shell + gateway

Min Investment$100,000

Return SourceClinic NNN $525K/yr

Hold Period36 months

QOZ BenefitDeferral only

Best ForShort-hold · income-focused

Option B · Series A2 / Class C

Phase 2 Office Build & For-Sale Proceeds

9–8%

Preferred return · 7–10yr QOZ

UseBldg B & C construction

Min Investment$150,000–$250,000

Return Source$18.4M for-sale recycle

Hold Period7–10 years (QOZ)

QOZ BenefitDeferral + step-up + zero gain

Best ForConstruction debt · QOZ investors

Option C · Class C / QOZ 10-yr

SFR Loft Program & Ground Lease Income

Preferred return · 10-yr QOZ hold

UsePhase 3 loft buildout

Min Investment$250,000

Return Source$3.76M/yr loft rental

Hold Period10 years (QOZ)

QOZ BenefitZero tax on appreciation

Best ForLong-hold · tax-advantaged income

Option D · Class D Supplier Partner

Perpetual Equity + Preferred Vendor Role

Preferred return · perpetual ground lease participation

UseAll phases · dual-role

Min Investment$500,000

Return SourcePreferred dist. + vendor contracts

Hold PeriodPerpetual

QOZ BenefitFull 10-yr benefits

Best ForSuppliers · contractors · long-duration family offices

Investor Option Summary — Town Center District

Option	Series	Phase Coverage	Revenue Source	Preferred Return	Minimum	Hold	Best For
A — Anchor Lease	A1	Phase 1	Medical clinic NNN $525K/yr	10%	$100,000	36 months	Short-hold income
B — Office Build / Sale	A2 / Class C	Phase 2	$18.4M office for-sale proceeds	8–9%	$150,000	7–10 yr QOZ	Construction debt · QOZ
C — Loft & Ground Lease	Class C	Phase 3	$3.76M/yr SFR rental + NNN escalation	8%	$250,000	10 yr QOZ	Long-hold tax-advantaged
D — Perpetual / Dual-Role	Class D	All Phases	Preferred dist. + vendor contracts + ground lease participation	7%	$500,000	Perpetual	Suppliers · family office · perpetual income

Contact — Tony Cosey, Executive VP of Capital Markets

To discuss Town Center investment participation, preferred vendor eligibility, or phased entry structures, contact Tony Cosey directly: [email protected] · (865) 564-9870. Subscription and verification portal: sign.timbertopinvest.com. PPM available at online.fliphtml5.com/ghgok/Timbertop-PPM-FINAL-10182025/.

Section 08

Absorption Schedule
& Stabilization

The Town Center District reaches full stabilization at Year 4–5, with loft occupancy ramping from first delivery through full 92% occupancy. Commercial tenants are anchored pre-close where possible; retail absorption is conservative at 24 months from delivery.

Year 1 · Mo. 1–12

Commercial (Phase 1)18%

Office SF Leased0 SF

Lofts Occupied0 units

Annual Revenue$525K

SourceMedical anchor only

Year 2 · Mo. 13–24

Commercial (Bldg A)42%

Office SF Leased / Sold14,000 SF

Lofts Occupied18 units

Annual Revenue$2.1M

SourceBldg A + loft ramp

Year 3 · Mo. 25–36

Commercial (B + C)71%

Office For-Sale Closes$18.4M

Lofts Occupied44 units

Annual Revenue$4.3M

SourceBldg B/C deliver · lofts

Year 4–5 · Stabilization

District Occupancy92%+

All Office Sold / Leased52,500 SF

All Lofts Occupied68 units

Annual Revenue$6.33M

SourceFull district · all tiers

Full 7-Year Revenue Build by Category

Revenue Category	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	7-Yr Total
Ground Floor NNN Leases	$525K	$955K	$1,145K	$1,179K	$1,215K	$1,251K	$1,289K	$8,559K
Office NNN Lease (non-sale)	—	$392K	$985K	$1,233K	$1,270K	$1,308K	$1,347K	$6,535K
Office Condo For-Sale Proceeds	—	—	$18,400K	—	—	—	—	$18,400K
SFR Loft Rental (68 units)	—	$684K	$1,680K	$3,155K	$3,763K	$3,876K	$3,992K	$17,150K
Event / Community Revenue	—	$35K	$65K	$80K	$85K	$88K	$90K	$443K
Annual Total	$525K	$2,066K	$22,275K	$5,647K	$6,333K	$6,523K	$6,718K	$50,087K+

Year 3 total includes $18.4M office for-sale proceeds (one-time). Recurring stabilized income (ex-sale proceeds) reaches $6.33M/yr by Year 5. All figures forward-looking projections. 3% annual escalation on NNN and loft rental assumed Year 4+.

Upside Not In Base Case

The following revenue sources are deliberately excluded from the 7-year model above and represent additional upside available to investors: (1) Loft short-term premium rental rates — base model uses monthly rates; peak resort-season STR rates could increase gross rental 15–25%. (2) Retail percentage rent — NNN leases may include percentage-rent kickers above sales thresholds. (3) Building D co-work membership ramp — modeled conservatively at $192K/yr; a thriving co-work market could 2x this figure. (4) Phase 4 expansion — the Northgate parcel has additional acreage capacity for a potential Building E, not included in this program.

Forward-Looking Statements & Risk Disclosure: This document contains forward-looking projections regarding the Rarity Bay Town Center District that are based on assumptions about future events and conditions. Actual results may differ materially from those projected. All revenue figures, absorption rates, occupancy assumptions, rental rates, and return projections are estimates subject to market conditions, construction timelines, permitting, financing availability, and other factors beyond the control of Timbertop Growth Investment Fund LLC. This document does not constitute an offer to sell or a solicitation to buy any security. Securities are offered only to Accredited Investors as defined under SEC Regulation D, Rule 506(c), pursuant to a Private Placement Memorandum. Past performance is not indicative of future results. Investors should carefully review the complete PPM, including all risk factors, before making any investment decision. Timbertop Growth Investment Fund LLC, Timbertop Land Company LLC, and their principals do not make any representations as to the accuracy of forward-looking projections. See complete disclosure at sign.timbertopinvest.com.