Slate Creek Ranch represents the largest available contiguous parcel, containing 1,178 +/- acres, located near the nationally and internationally known ski resort and community of Steamboat Springs, Colorado. The subject property is adjacent to the Steamboat Springs city limits and directly adjacent to Bob Adams field which is the community’s private airport. The unique characteristics of this property are not only its location, size, and water, but very importantly; this ranch has a sub alpine feel complemented by the fact that its northern and eastern boundaries are directly adjacent to both United States Forest Service and Bureau of Land Management properties. The back door concept to this acreage is only shared by a select few competitive properties in the Steamboat Springs area and offers the owner(s) mitigation related open space and recreational opportunities along with the assurance that there will not be any additional development on these borders.

Slate Creek has historically been used as a cattle ranching operation and continues so today. The ranch has considerable historic irrigated acres and productive meadows which are irrigated by run off from the Slate Creek drainage and Pond #10’s storage together with the 334.5 shares of Woodchuck Ditch Company. The ranch owns 38% of the total shares of the Woodchuck Ditch Company. The headwaters of this ditch are located east of the property and takes water from two separate drainage basins. The first drainage is Gunn Creek. The second drainage which Gunn Creek confluences with is Soda Creek. Soda Creek flows in a southern direction from the head gate location and continues through the most exclusive and most expensive acreage adjacent to Steamboat Springs, this area is known as Strawberry Park. Soda Creek after passing through Strawberry Park then continues through the City of Steamboat Springs and confluences with the Yampa River in downtown Steamboat Springs. This is particularly important to the ranch because of the extensive water rights available by these very senior rights. The irrigation water contributes significantly to the ranches value and to the future development potential. Many competition properties do not have either the geology and or direct water source capabilities to allow for the maximum development potential of the property. Further within this report is more extensive information pertaining to the water rights and potential future plan for the ranches water. It should be noted the Woodchuck Ditch Company shares are irrigation rights and the domestic-household water for future development will be derived from expansion of the existing well-spring system on the ranches northern boundary. See well and spring applications within this package. It is estimated that the demand for domestic-household densities represented within this package can be met and or exceeded by these sources. Additionally, the area of the Pine Spring which is near the eastern boundary with the Bureau of Land Management adjacent property is anticipated to produce a significant contribution to the domestic-household demand if necessary.

As to the topography and the forage-foliage on the ranch, Slate Creek has a very good combination of open productive meadows and is complemented by indigenous forests surrounding Steamboat Springs. The forest consists of a nice mixture of lower elevation Gambrel Oak transitioning to Aspen and mixed Conifer-Pine and Spruce forests. Slate Creek Ranch lower elevations are situated in a gently rolling protected bowl with the western part of the ranch being the only open area and productive independent hay meadows. The lower elevation topography is ideal for development allowing access in at least three locations including a private access to the existing ranches improvements from paved Routt County Road 129 and allows for good year around sun with spectacular evening sunsets due to its southern exposure on a considerable percentage of the ranches acreage. The combined topography, soils, and foliage-forage is possibly ideal for future golf course construction and support amenities.

Being directly adjacent to the Steamboat Springs private airport is a benefit to the property and does not create a nuisance as it relates to sound from approaching or departing aircraft from the airport. The ranch is somewhat north and east of the runway and is protected from both approaches of the airport. Bob Adams field is not served by commercial aircraft but allows owners extremely convenient access with their private aircraft. The declared distances for landing is 3,852 feet, and for take off is 4,452 feet in length which allows for smaller prop plane and the new light jet aircraft capability. The location of the airport is additionally important because it is within the existing City Limits and is being developed under new ownership, which will likely develop a master plan of compatible support land uses and in an attractive architectural fashion. This area is also served by City water & sewer and in the event prospective purchaser/investors were to desire annexation to the City of Steamboat Springs, then these services could be extended and or complemented by the ranches existing water rights and topography.

DISCLAIMER:

Offering is subject to errors, omissions, prior sale, change in price(s) or withdraw without notice. Information regarding development options, financial or accounting statements, certain water rights, land classification, zoning and zoning regulations, carrying capacities, maps, future projections, etc., is intended only as a general guideline and has been provided by sources deemed reliable, but accuracy cannot be guaranteed. Prospective purchasers are encouraged to research the information to their own satisfaction.

Prospective purchasers and/or investors should consult legal and tax or other counsel pertaining to the contents herein. Proformas and spreadsheets are for illustrative purposes only. Seller, Sellers and Romick and Associates are not offering this as a security interest. This offering is a real estate offering and any future partnership(s) created by prospective investors/buyers shall not include contents of this package in any other secondary offering package which could be construed as a security offering containing information provided by the Seller, Sellers and Romick and Associates, Inc.

This information has been obtained and prepared by Romick and Associates, Inc. All contents contained herein expressed or implied shall not be guaranteed as to accuracy.