On December 10th, 2020, Tom Petrick received a DRAFT term sheet for a proposed transaction between Cypress Forest PUD (the “PUD”) and the Harris County Flood Control District (“HCFCD”) from HCFCD. HCFCD proposed to convey the 27 acres that it acquired from the Raveneaux CC owners to the PUD in exchange for approximately 140 acres owned by the PUD. The proposed 140 acres includes approximately 35 acres east of Champion Forest Drive and approximately 105 acres along Cypress Creek west of Champion Forest Drive. The CFPUD Board rejected the DRAFT term sheet at its January 5th, 2020 meeting and authorized its committee of Tom Petrick and David Normand to meet with interested golf groups to discuss considerations of potential golf operations within terms of any land exchange agreement with HCFCD. The CFPUD Board expects to continue discussions with HCFCD on a potential land exchange after taking feedback from the potential golf operators.