Shores Golf Course Sale Off

Due to financing and bonding company limitations, Landscapes Unlimited Golf Group has
advised the City of Rockwall that they will not be able to purchase The Shores Golf Course from
IRI Golf Group, the current owner of The Shores.

Landscapes Unlimited Golf Group owns and operates more than 20 golf courses nationwide.
They had reached a preliminary agreement with IRI and Hillcrest Bank on terms for purchasing
the course after IRI had filed for Chapter 11 bankruptcy.

News that Landscapes Unlimited would not continue to pursue the purchase came as city officials
had started working with the company on terms for a lease agreement on that portion of The
Shores Golf Course located on land controlled by the City, which includes the back nine holes
along with portions of another four.

Hillcrest Bank has filed a motion with the bankruptcy court asking the court to lift the stay that has
prohibited its foreclosure on the property owned by IRI Golf Group. At this time, the City does not
know the timeline for the court’s action on the motion or a timeline for reopening of the course.

IRI filed Chapter 11 bankruptcy and closed the golf course in July.

City Manager Julie Couch said the City of Rockwall will continue to support the efforts of others to
secure reopening of the course as a quality golf facility.

“We will also continue to insure that the areas of the course that are currently maintained by the
City will continue to be irrigated, mowed, and maintained,” she added. “The City Council remains
committed to improving conditions at the course and to get it reopened.”