December 2022 Progress Update

Since our last update in late September, the Board of Directors and Management have continued to make excellent progress in bringing Renew '22 to fruition. The project is proceeding on budget and on target for completion in spring 2025.

Below is a brief summary of the major milestones completed over the past few months, upcoming milestones and important closure notices for the new year as we prepare for construction:

Stakeholder Engagement

• Continued consultation by hcma (Prime Consultant) with the Board of Directors, Renew '22 Special Board Committee (SBC), Renew '22 Member Design Advisory Committee, Youth Committee, Food and Beverage Committee and internal working group.

Permitting

• Project Team met with the District of West Vancouver regarding the pre-application building permit.

• Building permit application for Phase 1 (Youth and Admin) submitted mid-December.

Design

• Phase 1 Detail Design completed in November.

• Phase 2 (Food and Beverage) Schematic Design is scheduled to be completed in mid-January.

Procurement

• General Contractor qualification process was completed for Phase 1; four firms confirmed to participate in tender process.

• A Request for Proposal has been issued to Construction Management firms for Phase 2 scope of work; Renew '22 SBC and Management will analyze bids and make their selection early in the new year.

Costing

• LEC Quantity Surveyors onboarded through a competitive procurement process to assist in capital budget control.

• LEC Quantity Surveyors currently completing a Class B cost estimate for both Phase 1 and a Class C cost estimate for Phase 2; the report is expected in the first quarter of 2023.

Budget and Schedule

• The Renew '22 project is on schedule and on budget. Subject to permitting, construction of Phase 1 is scheduled to commence in April 2023.