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HomeMy WebLinkAboutBack-Up DocumentsLEASE AGREEMIEN AS THIS LEASE AGREEMENT (hereinafter referred to as "Lease"), is made and entered into this day of 2020, by and between Miami Firefighters Federal Credit Union, a federally chartered credit union under the laws of the United States (hereinafter referred to as the "Lessee"), and the City of Miami, a municipal corporation of the State of Florida, having its principal office at 444 S.W. 2nd Avenue, Miami Florida 33130 (hereinafter referred to as the "City"). WITNESSETH: WHEREAS, the City owns and operates the property located at 1103 N.W. South River Drive, Miami, Florida 33136 ("Property"); and WHEREAS, Miami Firefighters Federal Credit Union has requested to lease a portion of the Property, consisting of approximately 3,385 SF as shown on the attached Exhibit B ("Leased Premises"), to operate a full service banking facility; and NOW THEREFORE, in consideration of the mutual covenants and provisions contained herein, the parties hereto agree as follows: 1. Definitions: The following words and expressions used in this Lease shall be construed as follows, except when it is clear from the context that another meaning is intended: a) Common Areas: "Common Areas" shall mean all areas, space, equipment and special services provided by the City on or off the land occupied by the Miami Firefighters Federal Credit Union for the common or joint use or benefit of Lessees of the property located at 1103 N.W. South River Drive, their employees, agents, customers, invitees and licensees, including but not limited to, open and enclosed courts, landscaped and planted areas, and the equipment and facilities appurtenant to each of the aforesaid. b) Contract Manager: "Contract Manager" shall mean City of Miami, Director of the Department of Real Estate and Asset Management, or the duly authorized representative. c) Days: "Days" shall mean calendar days. d) Deliverables: "Deliverables" shall mean all documentation and any items of any nature submitted by the Lessee to the City for review and approval pursuant to the terms of this Lease. e) Department: "Department" shall mean the Department of Real Estate and Asset Management (DREAM). f) Effective Date: "Effective Date" shall mean the date this agreement is executed by the City Manager of the City of Miami and attested to by the City Clerk. If the Effective date does not fall on the first day of the calendar month, it will be deemed to be the 1st day of the following calendar month. g) Intentionally Deleted Page 1 of 31 h) Intentionally Deleted i) Lease: "Lease" or "Lease Documents" shall mean collectively these terms and conditions, and all associated addenda and attachments, and all other attachments hereto and all amendments issued hereto. j) Lease Year: "Lease Year" shall mean 365 (366 days in a leap year) beginning on the Effective Date of this Lease and ending twelve (12) months later. k) Partial Term: "Partial Term" shall mean any part or portion of the Term (as defined below) of this Lease. 1) Intentionally Deleted m) Intentionally deleted n) Subcontractor: "Subcontractor" shall mean any person, entity, firm or corporation, other than the employees of the Lessee, who furnishes labor and/or materials, whether directly or indirectly, on behalf and/or under the direction of the Lessee and whether or not in privity of agreement with the Lessee. o) Union Lot: "Union Lot" shall mean the parking lot located at 1138 NW 7tn Street, Miami, FL as shown on Exhibit E. 2. Exhibits: The Exhibits listed in this Paragraph and attached to this Lease are hereby incorporated in and made a part of this Lease: Exhibit A: Description of the Property Exhibit B: Description of the Area Exhibit C: Insurance Exhibit D: ATM equipment locations Exhibit E: Union Lot Property Description: Approximately 3,385 square feet of office space located at 1103 N.W. South River Drive, Miami, Florida, as depicted in Exhibit "A" attached hereto and made a part hereof, on the first and second floors of the City of Miami Firefighters Fire Station 93 building (Station 43) (the "Leased Premises"). 4. Use: The City hereby grants unto the Lessee, and the Lessee hereby accepts from the City, a Lease for the Leased Premises to be used as a full service banking facility including automated teller machines, with the right to provide and/or sell such services, items or products that include, but are not limited to, life insurance, disability insurance, accidental death and dismemberment insurance, credit insurance, homeowners insurance, automobile insurance, GAP insurance, extended warranties, automobile purchasing services and investment services. Automated teller machine service must include membership in a multi -institutional program. Lessee shall use the Leased Premises only for the uses permitted herein. The Lessee shall not provide any other services or sell any other items or products without the prior written approval of the City, and any sales by the Lessee of services or items not specifically authorized in writing by the City shall constitute a default. The unapproved services or sale of items shall be discontinued immediately by the Lessee upon written notice from the City. Lessee shall conduct its business at Page 2 of 31 all times in accordance with this Lease. 5. Limitations on Use: Subject to Lessee's right to use the Leased Premises for the purposes specified in Paragraph 4, Lessee shall not suffer or permit the Leased Premises or any part thereof to be used in any manner, or anything to be done therein, or suffer or permit anything to be brought into or kept therein, which would in any way (i) violate any legal requirements or insurance requirements; (ii) cause structural injury to the Leased Premises or any part thereof, (iii) constitute a public or private nuisance; (iv) impair the appearance of the Leased Premises or adjoining areas; (v) materially impair or interfere with the proper and economic cleaning, heating, ventilating or air- conditioning of the Leased Premises or the proper and economic functioning of any other common service facility or common utility of the Leased Premises; (vi) impair or interfere with the physical convenience of any of the occupants of the Leased Premises; or (vii) impair any of the Lessee's other obligations under this Lease. 7. Operations: In the event, and to the extent that the Leased Premises may be untenantable by reason of damage by fire or other casualty, Lessee shall continuously and uninterruptedly use, occupy and operate the Leased Premises as a full service banking facility including minor portions thereof as are reasonably required for storage and office purposes, and such storage and office space only in connection with the business conducted by Lessee in the Leased Premises; and will have on the premises adequately trained personnel for efficient service to customers. 8. Governmental Approvals: If any governmental license or permit shall be required for the proper and lawful conduct of Lessee's business in the Leased Premises, or any part thereof, Lessee, at its expense, shall duly procure and thereafter maintain such license or permit and submit the same to inspection by the City. Lessee shall at all times comply with the terms and conditions of each license and permit. 9. Term: The City hereby leases the Leased Premises to the Lessee for an initial term of fifteen (15) years commencing on the Effective Date. 10. Option to Renew: The Lessee has the option of extending this Lease for two (2) additional terms of five (5) years each ("First Renewal Term" and "Second Renewal Term"), as long as the Lessee is not in Default of any of the Lease provisions. To exercise the First Renewal Term or the Second Renewal Term, the Lessee must give Lessor written notice by the latter of (1) the date which is one hundred eighty (180) prior to the expiration date of the Term or the First Renewal Term or (ii) the date thirty (30) days following written notice from Lessor advising Lessee that Lessee has failed to furnish notice of its option to exercise the First Renewal Term or the Second Renewal Term, as applicable, in the manner provided for herein, which notice shall state in bold capitalized large font letters that such notice constitutes final notice to Lessee of its option to exercise the First Renewal Term or the Second Renewal Term, as applicable. The First Renewal Term and the Second Renewal Term will be on the same terms and conditions as the Term, except that the Minimum Base Rent will be adjusted as set forth in Section 12 paragraph G & H below. 11. Holding Over: If Lessee remains in possession of the Leased Premises after the expiration of the term of this Lease, or any option period, without a new Lease reduced to writing and duly executed and delivered (even if Lessee shall have paid, and City shall have accepted, rent in respect to such holding over), Lessee shall be deemed to be occupying the Leased Premises only as a Lessee from month -to -month, subject to all covenants, conditions, and agreements of this Lease. If Lessee fails to surrender the Leased Premises upon the termination of this Lease, then Page 3 of 31 Lessee shall, in addition to any liabilities to the City accruing therefrom, indemnify and hold harmless the City and its assigns and agents from loss or liability resulting from such failure, including, without limiting the generality of the foregoing, any claims made by any succeeding Lessee on such failure. 12. Lessee's Obligation/Payments: Minimum Rent: Lessee, in consideration of the use and occupancy of the Leased Premises, does hereby covenant and agree with the City to pay to the City the sum of Sixty Six Thousand Eight Hundred Fifty Dollars and 00/100 Cents ($66,850.00) per annum in monthly installments of Five Thousand Five Hundred Seventy Dollars and 83/100 Cents ($5,570.83) ("Minimum Rent") due on the first day of each month in advance, without billing, less any credits for the Union Lot as detailed in Section 12h below commencing on the Effective Date and each month thereafter on the 1st of the month. All rent payments provided for in this Lease Agreement shall be made or mailed to: City of Miami Department of Real Estate and Asset Management 444 SW 2 Avenue (3id Floor) Miami, FL 33130 Attn: Lease Manager (Checks shall be made payable to the "City of Miami") b. Accord and Satisfaction: No payment by Lessee or receipt by City of an amount less than Minimum Rent shall be deemed an accord and satisfaction. The City may accept a check or payment from Lessee without prejudice to City's right to recover the balance of such Minimum Rent or pursue any other remedy provided in this Lease, at law or in equity. C. Sales Tax: The Lessee shall be liable for the prevailing State of Florida Sales and Use Tax imposed on rent [(currently at the rate of 6.5%)] on the amounts payable to the City under this Lease. This Sales and Use Tax shall be payable to the City when rent is due, which in turn will remit same, less authorized handling deductions, to the State. Said tax is applicable to Minimum Rent unless otherwise determined by the State of Florida. d. Taxes on Lessee's Personal Property: Lessee shall be responsible for and shall pay before delinquency all municipal, city or state taxes assessed against any occupancy interest or personal property of any kind, owned by or placed in, upon or about the Leased Premises byLessee. e. Late Payment Charge: In the event that the Lessee fails to make any payments, including Minimum Rent, within ten (10) calendar days of the due date, a late charge of $250.00 per month will be assessed. The right of the City to require payment of such late payment charge and the obligation of the Lessee to pay same shall be in addition to and not in lieu of the rights of the City to enforce other provisions herein, including termination of this Lease, or to pursue other remedies provided by law. Page 4 of 31 Worthless Check Draft: In the event that the Lessee delivers a dishonored check or draft to the City in payment of any obligation arising under this Lease, the Lessee shall incur and pay a service charge of $40.00 or five percent (5%) of the face amount of the check, whichever is greater. For each such dishonored check, such payment is to be made within not more than five (5) days from notice of such default. Further, in such event, the City may require that future payments required pursuant to this Lease be made by cashier's check or other means acceptable to the City. A second such occurrence of dishonored check during the lease term will be a breach of this Lease and, at the City's option, will constitute a default under this Lease, allowing termination. g. Annual Increase to Minimum Rent: On the first anniversary of the Effective Date and each anniversary thereafter, for the life of the Lease and any extensions or renewals thereof, the Minimum Rent shall increase by 3% of the amount due the prior year. It. Union Lot Rent Credit: On the Effective Date, the City will be granted the exclusive use of the Union Lot on weekends for the entire day and on weekdays from 3:OOPM through 7:OOAM. In exchange for the use of this lot, the City will grant the Lessee a rent credit in the amount of $2,090.00 per month ("Rent Credit") for the Term of this Lease and any extensions thereof unless cancelled or terminated by the City or Lessee upon providing a 30 day written notice of cancellation of the use of the Union Lot. Upon cancellation or termination of the use of the Union Lot, the Rent Credit will cease and the City's use of the Union Lot will no longer be permissible. On the first anniversary of the Effective Date and each anniversary thereafter, for the life of the Lease and any extensions or renewals thereof, the Rent Credit shall increase by 3% of the amount granted the prior year (provided that the City has not cancelled or terminated the use of the Union Lot). 13. Intentionally Deleted. 14. Intentionally Deleted 15. Use of Common Areas: Lessee and its concessionaires, sublessees, officers, employees agents, customers and invitees shall have the right, in common with the City and all others to whom the City has granted or may hereafter grant rights or who shall otherwise have such rights, to use the Common Areas, subject to such reasonable rules and regulations as the City may from time to time impose. Lessee agrees to abide by such rules and regulations. The City shall have the right to limit, or otherwise schedule, deliveries to Lessee. 16. Buildine Services: The City has caused all necessary utility lines and services to be brought to the Leased Premises. Lessee shall not place any unacceptable load or burden on the capacity of the applicable building systems and utility lines as determined either by the public utility providing such service or by the City's architect or engineer in the exercise of reasonable judgment. Lessee shall make all repairs caused by Lessee's negligence. 17. Curtailment or Interruption of Service: The City reserves the right to interrupt, curtail or suspend the provision of any utility service to which Lessee may be entitled hereunder when necessary by reason of accident or emergency or for repairs, alterations, or improvements in the judgment of City desirable or necessary to be made, or due to difficulty in obtaining supplies or labor or for any other cause beyond the reasonable control of the City. The work of such repairs, Page 5 of 31 alterations, or improvements shall be prosecuted with reasonable diligence. The City shall in no respect be liable for any failure of the utility companies or governmental authorities to supply utility service to Lessee or for any limitation of supply resulting from governmental orders or directives. No diminution or abatement of rent or other charges, nor damages, shall be claimed by Lessee by reason of the City's or other individual's interruption, curtailment or suspension of a utility service, nor shall this Lease Agreement or any of Lessee's obligations hereunder be affected or reduced thereby. If any payment of rent due hereunder shall remain unpaid for more than ten (10) days after it shall become due, the City may, without notice to Lessee, discontinue utilities service until all arrears of rent shall have been paid in full. The City shall not be liable for damage to persons or property or the business of Lessee for any such discontinuance, nor shall such discontinuance in any way be construed as an eviction of Lessee or cause an abatement of rent, or operate to release Lessee from any of Lessee's obligations hereunder. 18. Certain Construction Contract Terms: All contracts entered into by the Lessee for the construction of any improvements to the Leased Premises shall require completion of the improvements within a specified time period, to be determined in consultation with the City, prior to the execution of said contract(s) and shall contain, unless otherwise authorized by the City, reasonable and lawful provisions for the payment of actual and liquidated damages to the City in the event contractor(s) fails to complete the construction on time. The Lessee agrees that it will use its best efforts to take all necessary action available under any such construction contract to enforce the timely completion of the work covered thereby. Lessee understands and agrees to procure any and all construction and electrical services in strict compliance with §255.20 Fla. Stats. (2007). Prior to commencing any construction, Lessee must deliver all plans, specifications and scheduling for any construction or other improvements, at its sole cost and expense, to the City, and specifically to the City Manager or his designee for approval at least sixty (60) days before commencement of any work. Further, Lessee shall not commence construction of any improvements upon the Leased Premises unless and until it has secured, and has on -hand, sufficient funds or resources to complete the improvement project. 19. Construction Bonds: Before any construction work on the Leased Premises is commenced or before any materials, equipment or supplies are purchased, the project developer shall deliver to the City and record in the public records of Miami -Dade City, Florida, a performance and payment bond with a surety insurer authorized to do business in the State of Florida as a surety in the full amount of the project cost. Such bond shall be in the form provided by §255.05 Fla. Stats. (2007) and shall name project developer as principal and City as obligee. 20. Ownership of Improvements: Upon the expiration or earlier termination of this Lease for any reason, all existing and future City installed fixtures, equipment, improvements and appurtenances attached to or built into the Leased Premises in such a manner as to become part of the freehold, whether or not by or at the expense of Lessee, shall become and remain a part of and be surrendered with the Leased Premises. Any furniture, furnishing, equipment or other articles of movable personal property owned by Lessee and located in the Leased Premises, shall be and shall remain the property of Lessee and may be removed by it at any time during the term of this Lease so long as Lessee is not in default of any of its obligations under this Lease, and the same have not become a part of the freehold, and so long as such does not materially affect Lessee's ability to use said premises and conduct its business as provided herein. However, if any of Lessee's property is removed and such removal causes damage to the Leased Premises, Lessee shall repair or pay the cost of repairing any damage to the Leased Premises resulting from such removal. Any property belonging to Lessee and not removed by Lessee at the end of the Lease Page 6 of 31 Term or a renewal, if applicable, shall, at the election of the City, be deemed to be abandoned by Lessee, and the City may keep or dispose of such property and restore the premises to good order within ten (10) days after billing Lessee for the cost of such disposal and or renovations needed to restore the premises. At the expiration of the term of this Lease, Lessee shall deliver to the City the keys and combinations to all safes, cabinets, vaults, doors and other locks left by Lessee on the Leased Premises. 21 Intentionally deleted 22. Lessee's Chances: a. Conditions for Making Changes: After the Effective Date, and subject to approval of the City in writing, Lessee may at any time, at its expense, make such other alterations, additions, installations, substitutions, improvements and decorations (hereinafter collectively called "Lessee's Changes"), in and to the Leased Premises, excluding structural changes, as Lessee reasonably may consider necessary for the conduct of its business in the Leased Premises, subject to approval by the City, in addition to the following conditions: i. The outside appearance or structural integrity of the subject property shall not be affected. ii. No part of the subject property not included within the Leased Premises shall be physically affected. iii. The proper functioning of any of the material, electrical, sanitary, fire protection, and other service systems shall not be adversely affected. iv. In performing the work involved in making Lessee's Changes, Lessee shall be bound by and observe all of the conditions and covenants contained in this Article. V. At the expiration or any earlier termination of this Lease, on the City's written request, Lessee shall restore the Leased Premises to its original condition. b. Approvals for Changes, Cost and Insurance: Lessee, at its expense, shall obtain all necessary governmental permits and certificates for the commencement of prosecution of Lessee's Changes and for final approval thereof upon completion, and shall cause Lessee's Changes to be performed in compliance therewith, and with all applicable laws and requirements of public authorities, and with all applicable requirements of insurance bodies, and in good and workmanlike manner, using materials and equipment at least equal in quality and class to the original installations of the Leased Premises, and so as not to impose any additional expense upon the City. Throughout the performance of Lessee's Changes, Lessee shall carry, or cause to be carried, insurance as set -forth in Paragraphs 53 and 54. If any of Lessee's Changes shall involve the removal of any fixtures, equipment or property in the Leased Premises which are the City's Property, such fixtures, equipment or other property shall be promptly replaced, at Lessee's expense, with fixtures, equipment or other property of like utility and at least equal value unless the City shall otherwise expressly consent in writing. C. Violations, Liens, and Security Interests: Lessee, at its expense, and with diligence and dispatch, shall secure the cancellation or discharge of all notices of violation arising from or otherwise connected with Lessee's Changes or operations in the Leased Premises Page 7 of 31 which shall be issued by any public authority having or asserting jurisdiction. Lessee shall promptly pay its contractors and materialmen for all work and labor done at Lessee's request. Should any such lien be asserted or filed, regardless of the validity of said liens or claims, Lessee shall bond against or discharge the same within ten (10) days of the filing of said encumbrance. In the event Lessee fails to remove or bond against said lien by paying the full amount claimed, Lessee shall pay the City upon demand any amounts paid out by the City, including the City's costs, expenses and attorney's fees. Lessee further agrees to hold the City harmless from and to indemnify the City against any and all claims, demands and expenses, including attorney's fees, by reason of any claim of any contractor, subcontractor, materialman, laborer or any other third person with whom Lessee has contracted, or otherwise is found liable for, in respect to the Leased Premises. Nothing contained in this Lease shall be deemed, construed or interpreted to imply any consent or agreement on the part of the City to subject the City's interest or estate to any liability under any mechanic's or other lien asserted by any contractor, subcontractor, materialman or supplier thereof against any part of the subject property or any of the buildings or improvements thereon (inclusive of the Leased Premises) and each such contract shall provide that the contractor must insert a statement in any subcontract or purchase order that the contractor's contract so provides for waiver of lien and that the subcontractor, materialman and supplier agree to be bound by such provision. 23. Lessee's Repairs and Maintenance: Lessee, at its expense, shall make promptly: All repairs, ordinary or extraordinary, in the Leased Premises, as shall be required for any reason whatsoever. Lessee shall also be required to make such repairs, other than those required to be made by the City under Paragraph 47, as may be necessary to maintain the Leased Premises and Lessee's property in as good order, condition, and repair. Lessee shall be responsible for repairs, maintenance, and replacements including all utility systems and HVAC systems serving the Leased Premises and appurtenances thereto, and shall keep them at all times neat, clean and in good repair, free from filth, overloading, danger of fire, explosion, or any nuisance, and return the same to the City, after removing all its property therefrom, at the expiration of the Lease Term, in as good condition as when received by Lessee, ordinary wear, tear and use, and casualty loss due to causes beyond Lessee's control, excepted. The provision of all interior maintenance within the Leased Premises is the sole and exclusive responsibility of the Lessee. Lessee agrees that it will cause no damage to foundations, roofs, walls or floors, and if it does, it will be liable to the City for the cost of repairs. If the Leased Premises are not surrendered as stated herein, in addition to all other rights given to the City herein or by law: a The City may, at its option, restore the Leased Premises to good order and condition and Lessee shall pay to the City within ten (10) days after billing therefore, as additional rent, the reasonable expense of such restoration; and b. Lessee shall indemnify and hold harmless the City against any and all claims, demands, loss, or damage, including attorney's fees, resulting from the delay by Lessee in Page 8 of 31 surrendering, the Leased Premises including, but not limited to, claims made by any succeeding Lessee or Lessor based on such delay. C. Lessee shall pay to the City as liquidated damages for any holdover, in addition to amounts paid pursuant to (b) above, double rent (including Minimum Rent). d. Lessee's obligations in this paragraph shall survive the termination of this Lease. 24. Facilities: The Lessee hereby agrees to submit for approval by the City detailed plans and specifications for any anticipated leasehold improvements and shall construct the improvements in accordance with the approved plans. All equipment and personal property fiunished by Lessee shall be of good quality and suitable for its purpose. As part of the approval process, the City shall have the right to require substitute equipment of personal property when such action is deemed necessary or desirable. Equipment acquired by the Lessee by way of purchase from the City that is unsuitable for Lessee's operations may be replaced with other equipment or personal property of the Lessee's choice, subject to the above conditions. It shall be the responsibility of the Lessee to coordinate activities with the City during any periods of construction and normal operations. The Lessee agrees to maintain said premises in the same condition, order, and repair as at the commencement of operations or after improvements, excepting only reasonable wear and tear arising from the use thereof under this Lease. 25. City Approval: The Lessee agrees that it will obtain prior written approval from the City in all of the following matters: a. Changes from originally approved specifications, activities, signage, and graphics. b. Equipment Lessee plans to install requiring any building modifications. C. Any use of the City's, or Facility's name. Further it is understood by Lessee that, should any of the above items not be approved, Lessee may offer alternative solutions. The City Manager or designee shall respond with a decision in any of the above matters within sixty (60) days. 26. City Approval of Change: The City reserves the right with stated just cause to require the Lessee to change within a stated time any and all items contained in Paragraph 25 it deems in need of change, despite previous approval of same. 27. Prior Approval Required: The Lessee agrees that it shall obtain prior written approval from the City in all of the following matters pursuant to this paragraph: a. Hours of daily operation. b. The decor of the Leased Premises and all signs to be installed, erected or displayed in or on the Leased Premises, and any changes thereto at any time during the term of this Lease. 28. Remedies for Lessee's Failure or Delay to Submit Plans or Perform Work: With regard to any leasehold improvements it seeks to make to the Leased Premises, if Lessee fails or omits to make timely submission to the City of any plans or specifications or delays in submitting or supplying information, or in giving authorizations or in performing or completing improvements, or fails to open for business for a period of 5 or more consecutive days, the City, in addition to any other right or Page 9 of 31 remedy it may have at law or in equity, may pursue any one or more of the following remedies: a. to the extent such failure, omission or delay is Lessee's fault or within Lessee's control, City may give Lessee at least ten (10) days written notice that, if a specified failure, omission or delay is not cured by the date therein stated, this Lease shall be deemed canceled and terminated. If such notice shall not be complied with, this Lease shall, on the date stated in such notice, ipso facto be canceled and terminated, without prejudice to City's rights hereunder. b. City may, after 30 days' prior written notice of its intention to do so, at Lessee's cost and expense, including, without limitation, expense for such overtime as City's architect may deem necessary, proceed with the completion of any such plans or specifications or Lessee's Work, as the case may be, and such performance by City, shall have the same effect hereunder as if the desired plans, specifications, information, approval, authorization, work or other action by Lessee had been done as herein required. For such purpose, City may enter upon the Leased Premises and take possession thereof and of all materials, appliances, equipment thereon and employ such other contractors and subcontractors, as it may elect, to complete Lessee's Work, and Lessee shall indemnify and hold City harmless from any liability that may be incurred thereby to Lessee's contractors or subcontractors. Intentionally deleted. d. City may require Lessee to pay to City, as additional rent hereunder, the cost to City of completing the Leased Premises in accordance with the terms and provisions of this Lease over and above what would have been such cost had there been not such failure. e. In exercising any of the foregoing remedies, City shall be entitled to retain and have recourse to any bond or escrow deposit provided by Lessee under Paragraph 19 hereof. 29. On -Site Manager Throughout the term of this Lease or any extensions thereof, the Lessee shall employ a qualified full-time on -site manager having experience in the management of this type of banking facility operation, who shall be available during normal business hours, and be delegated sufficient authority to ensure the competent performance and fulfillment of the responsibility of the Lessee under this Lease and to accept service of all notices provided for herein. 30. Hours of Operation: At a minimum, the bank shall operate five (5) days per week, Mondays through Fridays, continuously no earlier than 8:OOAM to no later than 5:OOPM, except on City, State, and Federal holidays. The City may require a change in days and/or hours of operation, if, in the reasonable discretion of the City, such a change is desirable in providing the best service to the public. 31. Intentionally deleted. 32. Personnel: The Leased Premises shall have sufficient staff to provide outstanding service. The Lessee shall provide the City with the name and telephone number of a management person of the Lessee who will be on call, at all time, for emergencies or other matters related to the operations under this Lease. Page 10 of 31 The Lessee shall ensure that all its personnel are courteous and cooperative and present a neat, clean and professional appearance at all times. The Lessee shall ensure that all employees having public contact are able to understand and communicate in spoken English. 33. Public Contact With Lessee's Employees: Lessee's employees in contact with the public shall perform their duties in an efficient and courteous manner. Lessee's employees will not be considered agents of the City. 34. Quality of Lessee's Service: Lessee shall conduct its operations in an orderly manner and so as not to annoy, disturb, or be offensive to customers, patrons, or others in the immediate vicinity of such operations. Lessee shall control the conduct, demeanor and appearance of its officers, members, employees, agents, representatives, and upon objection of the City concerning the conduct, demeanor or appearance of any such person, Lessee shall immediately take all necessary steps to correct the cause of such objection. Lessee shall furnish good, prompt and efficient service, adequate to meet all reasonable demands therefore. The Lessee shall not conduct any business or activity not specifically authorized by this Lease in the Leased Premises, unless approved in writing by the City Manager. It is expressly understood and agreed that the said operation shall not interfere in any manner with the use of the public area or infringe upon the normal method of operations of any other parties authorized to conduct business at or near the Leased Premises. The Lessee agrees that a determination by the City shall be accepted as final in evaluating whether its activities infringe on the rights of others and that Lessee shall fully comply with any decisions on this matter. 35. Suns: The nature, size, shape and installation of Lessee's business signs within the Leased Premises or in, on or adjacent to the subject property must first be approved in writing by City. Said signage must also be approved by City and all governmental authorities having jurisdiction. All signs shall be removed by the Lessee at termination of this Lease and any damage or unsightly condition caused to premises because of or due to said signs shall be satisfactorily corrected or repaired by the Lessee. 36. Monitoring Services: The City shall have the right, without limitation, to monitor and test the quality of services of the Lessee, including, but not limited to personnel and the effectiveness of its cash - handling procedures, through the use of the shopping service, and other reasonable means. 37. Ingress and Egress: Subject to applicable rules and regulations, statutes and ordinances, and the terms of this Lease governing the use of the facility, Lessee, Lessee's agents and servants, patrons and invitees, and suppliers of service and furnishers of materials shall have right of ingress and egress to and from the premises. 38. Services/Eciuipment Provided by City: The City shall provide the following: a. Electrical services as existing. b. Water facilities as existing. C. Sewage collection facilities as existing. d. Waste collection service. 39. Equipment and Services Provided by Lessee: The Lessee, at its sole cost, shall provide: a. Extermination service (if additional service, other than what the City is currently providing, is Page 11 of 31 required). b. Janitorial service 40. Equipment Installed by Lessee: Any equipment, furnishings, and/or advertising installed by the Lessee shall be in keeping with the appropriate standards of decor at the leased premises and must be approved by the City prior to installation, which approval shall not be unreasonably withheld. The Lessee shall not install, remove or replace the equipment or furnishings without notification to, and prior approval by the City, which approval shall not be unreasonably withheld. Following the installation of any additional equipment, furnishing and improvements which the City may approve from time to time, Lessee shall provide to the City a statement setting forth the cost of such equipment, furnishings or improvements and the date upon which the installation of such equipment, furnishings and improvements was completed. Lessee agrees that all new equipment, furnishings and improvements provided shall meet the requirements of all applicable building, fire, pollution and other applicable codes or regulations. Lessee shall not alter or modify any portion of the Leased Premises or the improvements constructed therein without first obtaining written approval from the City. 41. Appearance of Leased Premises: Upon failure of the Lessee to maintain the Leased Premises as required herein, the City may, after fifteen (15) days written notice to the Lessee, enter upon the Leased Premises and perform all cleaning, maintenance and repairs which may be necessary and the cost thereof, plus 25% for administrative costs, shall constitute additional rental(s), and shall be billed to and paid by the Lessee. Additionally, the City may resort to other remedies available herein. Lessee shall repair all damages to the leased or non -leased portions of the Leased Premises caused by the Lessee, its employees, agents, or independent contractors. 42. Quiet Enioyment of Leased Property: The City covenants and agrees that so long as no default exists in the performance of Lessee's covenants and agreements contained herein, Lessee may peaceably and quietly hold and enjoy the Leased Premises and all parts thereof for that portion of the Lease Term, free from eviction or disturbance by the City or any person claiming under, by, or through the City. Page 12 of 31 43. Right to Transfer or Convey Leased Property: The City shall have the right to transfer or convey in whole or in part the Leased Premises, this Lease and all rights of the City existing and to exist, and rents and amounts payable under the provisions hereof, and nothing herein contained shall limit or restrict any such right, and the rights of the Lessee under this Lease shallbe subject and subordinate to all instruments executed and to be executed in connection with the exercise of any such right of the City, including, but not limited to a lease and to all renewals or modifications thereof. This paragraph shall be self -operative and no further instrument or subordination shall be required. Lessee covenants and agrees, if requested, to execute and deliver upon demand such further instruments confirming such subordination of this Lease as shall be requested by the City. Lessee hereby irrevocably appoints the City as its attorney in fact to execute and deliver any such instrument for and in the name of the Lessee. Notwithstanding the foregoing, the City shall provide Lessee with written notice of any such transfer or conveyance within five (5) days of the date that the City transfers or conveys the Leased Premises. Thereafter, for a period of 180 days after its receipt of such written notice of transfer or conveyance, Lessee shall have the right, at its sole option, to terminate this Lease by providing written notice of termination to the City and/or the new owner of the Leased Premises. Lessee shall then have 180 days from the date of providing such written notice to vacate the Leased Premises, after which it will have no further obligation to pay any rent(s) under this Lease. 44. Liability for Damage or Iniury: The City shall not be liable for damage or injury which may be sustained by any party or persons on the Leased Premises other than the damage or injury solely caused by the negligence or intentional actions of the City, its agents and employees while in the course of City business, and as limited by sovereign immunity and F.S.768.28. 45. Indemnification: The Lessee shall indemnify, defend, and hold harmless the City and its officers, employees, agents and instrumentalities from any and all liability, losses or damages, including attorney's fees and cost of defense, which the City or its officers, employees, agents or instrumentalities may incur as a result of claims, demands, suits, causes of actions or proceedings of any kind or nature arising out of, relating to or resulting from the performance of this Lease by the Lessee or its employees, agents, servants, partners, principals or subcontractors. The Lessee shall pay all claims and losses in connection therewith and shall investigate and defend all claims, suits or actions of any kind or nature in the name of the City, where applicable, including appellate proceedings, and shall pay all costs, judgments, and attorney's fees which may issue thereon. Lessee expressly understands and agrees that any insurance protection required by this Lease or otherwise provided by Lessee shall in no way limit the responsibility to indemnify, keep and save harmless and defend the City or its officers, employees, agents and instrumentalities as herein provided. 46. Damage or Destruction of Premises: If either the Leased Premises or any portion of the subject property (the "Premises") is partially damaged due to Lessee's negligence, but not rendered unusable for the purposes of this Lease, the same shall with due diligence be repaired by the Lessee from proceeds of the insurance coverage and/or at Lessee's own cost and expense. If the damage shall be so extensive as to render such premises unusable for the purposes intended, but capable of being repaired within thirty (30) days, the damage shall be repaired with due diligence by the Lessee from the proceeds of the insurance coverage policy and/or at its own cost and expense. In the event the said premises are completely destroyed due to Lessee's negligence, Lessee shall repair and reconstruct the premises so that they equal the condition on the Effective Date, and pay the City the Minimum Rent. In lieu of reconstructing, Lessee shall reimburse the City all expenses incurred by the City in restoring the Premises to their original condition, plus Minimum Rent, until the Premises has been leased to another vendor or possession returned to Lessee. The election of remedies shall be at the sole discretion of the City. 47. City's Repair: The City, as its responsibility, and at its expense (except if the damage is caused by Lessee), shall make all structural repairs and replacements, as necessary, or desirable in order to keep Page 13 of 31 in good order and repair the foundations, roofs and structural soundness of floors and walls of the Leased Premises of the Property. The City shall grant no allowance to Lessee for a diminution of rental value for interruption of business and no liability on the part of the City by reason of inconvenience, annoyance, or injury to business arising from the City, Lessee or others making any repairs, alterations, addition, improvements, restorations, or replacements, in or to any portion of the Property or the Leased Premises, or in or to fixtures, appurtenances, or equipment thereof. The City shall be under no obligation to make any such repairs until and unless Lessee notifies the City in writing, and the City agrees, of the necessity therefore, in which event the City shall have a reasonable time thereafter to make such repairs. Notwithstanding any other provision of this Lease to the contrary, Lessee's rent including additional rent shall abate to the extent, and for such period of time, as all or any portion of the Leased Premises are rendered untenantable by reason of any cause for which the City is responsible. The City shall have the absolute right to make reasonable repairs, alterations, and additions to any structures and facilities, including the Leased Premises, free from any and all liability to the Lessee for loss of business or damages of any nature whatsoever during the making of such repairs, alterations, and additions, except for such damage caused by the sole negligence or intentional misconduct by the City and where not otherwise indemnified by the Lessee. In making such repairs, alterations, and additions, the City shall take such reasonable measures as are necessary to minimize interference with Lessee's operations of the Leased Premises. If the Lessee's business is interrupted, a pro-rata adjustment of the minimum rent payable hereunder for the period of such interruption shall be made. 48. Assienment, Subletting, and Successors in Interest: Lessee shall not assign or sublet this Lease nor any portion thereof, nor any property associated with this Lease without prior written approval of the City which may be withheld in the City's sole and absolute discretion. At no time shall Lessee attempt to mortgage, pledge or otherwise encumber this Lease or the Leased Premises. Unapproved assignment or subletting shall be grounds for immediate termination of this Lease. It is agreed that all terms and conditions of this Lease shall extend to and be binding on assignees, sublessees and other successors, as may be approved by the City. Lessee shall be liable for acts and omissions by any sublessee affecting this Lease. The City reserves the right to directly terminate (and evict or pursue any applicable remedy) any sublessee for any cause for which Lessee may be terminated. 49. Intentionally Deleted. 50. Security Deposit: Prior to the start of the Lease, the Lessee shall furnish a Security Deposit in cash equal to three (3) months monthly guarantee or $10,000.00 whichever is greater, redeemable at the end of the Agreement term except for such conditions pertinent thereto. Additionally, if the City must draw upon any portion of the security provided, the Lessee hereby agrees to restore the security to its original amount within seven (7) days of receiving notice by the City that the security was drawn upon. In the event that the Lessee abandons its performance of the Lease, the City will retain the security deposit. 51. City's Property Insurance: Any insurance the City may maintain shall not cover Lessee's improvements and betterments, contents, or other property of Lessee. Lessee shall not violate, or permit the violation of, any condition imposed by any of the City's insurance policies, and shall not do, or permit anything to be done, or keep or permit anything to be kept in the Leased Premises which would increase fire or other property or casualty insurance rate on the building or buildings in which the leased premises is located or the property therein over the rate which would otherwise then be in effect (unless approved by the City and Lessee pays the resulting Page 14 of 31 increased amount of premium as provided under the further terms hereof), or which would result ininsurance companies of good standing refusing to insure the same or any of such property in amounts and at normal rates reasonably satisfactory to the City. If, by reason of any act or omission on the part of Lessee, the rate of property insurance on the Leased Premises or equipment or other property of the City or other tenants shall be higher than it otherwise would be, Lessee, after first receiving 15 days prior written notice to correct such act or omission and having failed to do so, shall reimburse the City, on demand, for that part of the premiums for property insurance paid by the City because of such uncorrected act or omission on the part of Lessee, which sum shall be deemed additional rent for purposes of collection only. The City also reserves the right to require the Lessee to correct such act or omission which caused the property insurance to increase and restore to its original status. 52. Lessee's Property Insurance: Lessee shall carry fire and extended coverage, and vandalism and malicious mischief insurance and sprinkler damage insurance on all improvements and betterments, equipment, furniture, fixtures, inventory and supplies or other property of Lessee's in the amount of at least eighty percent (80%) of the full replacement costthereof. 53. Lessee's Other Required Insurance: Prior to Lessee occupying the Leased Premises, Lessee shall maintain and furnish to Miami -Dade City, c/o General Services Administration, Risk Management Division, I I I N.W. Ist Street, Suite 2340, Miami, Florida 33128, Certificate(s) of Insurance which indicate that insurance coverage has been obtained which meets the requirements as outlined below: a. Worker's Compensation Insurance Pursuant to Florida Statutes, Chapter 440. b. Public Liability Insurance on a comprehensive basis including Contractual Liability, Products and Completed Operations, Personal Injury and Broad Form Property Damage in an amount not less than $500,000.00 per occurrence for Bodily Injury and Property Damage combined. Miami -Dade City must be shown as additional insured with respect to this coverage. Automobile Liability Insurance covering all owned, non -owned, and hired vehicles used in connection with the work, in an amount not less than $300,000.00 per occurrence for Bodily Injury and Property Damage combined. d. Construction Phase: In addition to the insurance required in a - c above, the Lessee shall provide or cause its contractors to provide original policies indicating the following types of insurance coverage prior to any construction: Owner's Protective Liability Insurance - issued in the name of Miami- Dade City as sole Named Insured in amounts as indicated in b above. This policy must be endorsed to indicate that any premium whether deposit or final shall be the sole obligation of the Lessee or their contractor. ii. Completed Value Builder's Risk/Installation Floater on an "All Risk" basis in an amount not less than one hundred (100%) percent of the insurable value of the Improvements and/or Betterments. The policy shall be in the name of City of Miami, the Lessee and the Contractors as their interest may appear. Page 15 of 31 Operation Phase: All insurance policies required above shall be issued by companies authorized to do business under the laws of the State of Florida and satisfactory to the City, with the following qualifications: The company must be rated no less than `B" as to management and no less than "Class W as to financial strength, by the latest edition of Best's Insurance Guide, published by A.M. Best Company, Oldwick, New Jersey, or its equivalent subject to the approval by the City Risk Management Division. Or The company must hold a valid Florida Certificate of Authority as shown in the latest "List of All Insurance Companies Authorized or Approved to Do Business in Florida" issued by the State of Florida, Department of Insurance, and be a member of the Florida Guaranty Fund. 54. Evidence of Insurance: The Lessee shall be responsible for assuring that the insurance certificates required in conjunction with this subsection remain in force for the Term of the Lease. The Lessee shall be responsible for submitting new or renewed insurance certificates to the City at a minimum of thirty (30) calendar days before such expiration. In the event that expiration certificates are not replaced with new or renewed certificates that cover the Lease Term, the City may at its sole discretion terminate the Lease for cause, but only after first providing Lessee with 30 days prior written notice to cure such default. Prior to execution of the Lease by the City and the Effective Date, the Lessee shall obtain all insurance required herein and submit same to City for approval. All insurance shall be maintained throughout the Term of the L e a s e. Certificates will show that no modification or change in insurance shall be made without thirty (30) days written advance notice to the certificate holder. The Public Liability Insurance coverage required in Paragraph 53 b. above, shall include those classifications, as listed in standard liability insurance manuals, which are applicable to the operations of the Lessee of the performance of this lease. The City reserves the right to reasonably amend the insurance requirements by the issuance of a notice in writing to the Lessee. The Lessee shall provide any other insurance or security reasonably required by the City. If the Lessee does not agree that the amended insurance requirements are reasonable, the Lessee may dispute the amended insurance requirements in writing within thirty (30) days after receiving notice of the amendment(s) and the parties shall thereafter resolve their dispute over the amended insurance requirements via non -binding mediation, reserving all rights thereafter. 55. Termination by the City: a. This Lease shall automatically terminate upon any of the following: i. Institution of proceedings in voluntary bankruptcy or reorganization by the Lessee; H Institution of proceedings in involuntary bankruptcy against the Lessee if such proceedings continue for a period of ninety (90) days; iii. Assignment by Lessee for the benefit of creditors; iv. Except for closures due to natural disasters and/or other similar emergencies, abandonment or Page 16 of 31 discontinuation of operations without cause for more than a 48 hour period without prior written approval from the City; V. The discovery of any misstatement in the Lessee's proposal leading to award of this Lease, which in the determination of the City significantly affects the Lessee's qualifications to perform under the Lease; vi. Subject to the provisions of Paragraph 51, unapproved change of ownership interest in Lessee and/or failure to submit the ownership list within 24 hours upon the request of the City; or vii. Failure to cease any activity which may cause limitation of City's use of the leased premises. b. Non-payment of Rent/Health Hazard: This Lease shall terminate after fifteen (15) calendar days written notice by the City either by posting on or at the Leased Premises and by certified or registered mail to any known address of Lessee set forth in Paragraph 66 hereof for doing any of the following: i. Non-payment of any sum or sums due hereunder after the due date for such payments; provided, however, that such termination shall not be effective if Lessee makes the required payment(s) during the fifteen (15) calendar day period following mailing of the written notice. Additionally, the City may sue for rent for the unexpired term of this Lease as set forth below. ii. Notice of any condition posing a threat to health or safety of the public or patrons and not remedied within the seven (7) calendar day period from receipt of written notice. Non-performance of Covenants: This Lease shall terminate after thirty (30) days from receipt by Lessee of written notice having either been posted on or at the Leased Premises or by certified or by registered mail to the address of the Lessee set forth in Paragraph 68 hereof for any of the following: i. Non-performance of any covenant of this Lease other than non-payment of rent and others listed in a and b above, and failure of the Lessee to remedy such breach within the thirty (30) calendar day period from receipt of the written notice. ii. A final determination in a court of law in favor of the City in litigation instituted by the Lessee against the City or brought by the City against Lessee. In the event that the City terminates this Lease by operation of any of the provisions as stated in Sections 55 a, b and c, then, in addition to other rights and remedies available to the City under the law, the Lessee shall pay to the City the equivalent of two (2) year's Minimum Rent due and owing under this Lease as liquidated damages. The Lessee shall otherwise not have any further liability for the payment of the Minimum Rent after termination of the Lease. d. Intentionally deleted. e. Habitual Default: Notwithstanding the foregoing, in the event that the Lessee has frequently, regularly or repetitively defaulted in the performance of or breached any of the terms, covenants and conditions required herein to be kept and performed by the Lessee, regardless of whether the Lessee has cured each individual condition of breach or default, the Lessee shall be determined by the City to be an "habitual violator". At the time that such determination is made, the City shall issue to the Lessee a written notice advising of such determination and citing the circumstances therefor. Such notice shall Page 17 of 31 also advise the Lessee that there shall be no further notice or grace periods to correct any subsequent breaches or defaults and that any subsequent breach(es) or default(s), of whatever nature, taken with all previous breaches and defaults, shall be considered cumulative and, collectively, shall constitute a condition of noncurable default and grounds for immediate termination of this Lease. In the event of any such subsequent breach or default, City may cancel this Lease upon the giving of written notice of termination to the Lessee, such cancellation to be effective upon the thirtieth (30) day following the date of receipt thereof and all payments due hereunder shall be payable to said date, and the Lessee shall have no further rights hereunder. Immediately upon receipt of said notice of termination, the Lessee shall discontinue its operations at the leased premises, and proceed to remove all its personal property in accordance with the applicable provisions of this Lease. 56. Termination by Lessee: Lessee shall have the right upon thirty (30) calendar days from receipt of written notice to the City by certified or registered mail to the address set forth in Paragraph 66 hereof to terminate this Lease at any time after the occurrence of one or more of the following events: a. Issuance by any court of competent jurisdiction of any injunction substantially restricting the use of the Leased Premises for the purposes set forth herein, and the remaining in force of said injunction for a period of more than thirty (30) calendar days. b. The assumption by the United States Government or any authorized agency thereof, or any other governmental agency, of the operation, control, or use of the subject property, or any substantial part, or parts, thereof in such a manner as substantially to restrict Lessee's operations for a period of ninety (90) calendar days or more. C. The Leased Premises are untenantable for one hundred eight (180) or more consecutive days. If the Lease is terminated by Lessee for any of the foregoing reasons (i.e., for cause), Lessee shall not have any further liability for the payment of the Minimum Rent after termination. Further, at any time after the first five (5) years of this Lease, Lessee shall also have the right to terminate this Lease without cause by providing the City with one (1) year's prior written notice of its intent to vacate the Leases Premises (the "Vacancy Date") (which written notice shall be sent by certified or registered mail to the address set forth in Paragraph 66 hereof). If Lessee elects to terminate this Lease in such manner without cause, Lessee shall be required to pay the City, in addition to any Minimum Rent owed through the Vacancy Date, an early termination fee (the "Early Termination Fee") equal to the amount of one (1) additional year's Minimum Rent due and owing under this Lease. The Early Termination Fee shall be due on the Vacancy Date, and after payment of such Early Termination Fee, Lessee shall have no further liability to the City for the payment of the Minimum Rent. 57. Termination of Lease: Following the termination of this Lease, the Lessee, within one hundred and twenty (120) calendar days, shall forthwith remove all of its personal property not acquired under the terms of this Lease. Any personal property of Lessee not removed in accordance with this paragraph may be removed by the City for storage at the cost of the Lessee or shall constitute a gratuitous transfer of title thereof to the City for whatever disposition is deemed to be in the best interests of the City. The City shall not be liable to Lessee Page 18 of 31 for the safekeeping of Lessee's personal property during or after termination of this Lease. Lessee shall not remove any City -owned equipment, supplies in bulk, or fixtures within the Leased Premises at any time without pre -approval in writing from the City. Lessee shall be liable to the City for the fair market value of any City -owned equipment, supplies in bulk, or fixtures removed without City pre -approved written permission. Lessee shall also be liable for any expenses incurred by the City in prosecuting any action against Lessee following unapproved item removal described above. Lessee shall also be liable to the City for any expenses incurred by the City in replacing any items wrongfully removed by Lessee. It is the intention of the parties to this Lease that all furnishings and equipment purchased or leased by the Lessee, except those permanently affixed to buildings, as defined under the laws of the State of Florida, shall be the personal property of the Lessee. Upon the termination of this Lease Agreement and the removal of all personal property by Lessee, the Lessee shall deliver said premises to the City in the condition set forth in Paragraph 64 hereof. 58. No Waiver of Right to Enforce: The waiver by either party of any breach of any term, covenant, or condition herein contained shall not be deemed to be a waiver of such term, covenant, or any subsequent breach of the same or any other term, covenant, or condition herein contained. The subsequent acceptance of rent hereunder by City shall not be deemed to be a waiver of any preceding breach by Lessee of any term, covenant, or condition of this Lease, other than the failure of Lessee to pay the particular rental so accepted, regardless of City's knowledge of such preceding breach at the time of acceptance of such rent. No covenant, term, or condition of this Lease shall be deemed to have been waived by either party, unless such waiver be in writing by the waiving party nor shall there be any accord and satisfaction unless expressed in writing and signed by both City and Lessee. 59. Rules and Regulations: The Lessee will observe, obey, and comply with all rules and regulations adopted by the City and all laws, ordinances and/or rules and regulations of other governmental units and agencies having lawful jurisdiction, which may be applicable to Lessee's operations under this Lease. Failure to do so will constitute a breach of the Lease. 60. Hurricane Preparedness: The Lessee shall follow the City's emergency evacuation and hurricane plan, as set forth for the Leased Premises. 61. Inspection by City: The City shall have the authority to make periodic reasonable inspections of the Leased Premises, equipment, and operations during the normal operating hours thereof to determine if such are being maintained in a neat and orderly condition. The Lessee shall be required to make any improvements in cleaning or maintenance methods reasonably required by the City. Such periodic inspections may also be made at the City's discretion to determine whether the Lessee is operating in compliance with the terms and provisions of this Lease. 62. Rieht of Entrv: The City shall have the right to enter upon the Leased Premises at all reasonable times, whether or not during normal business hours, to examine same and to make such repairs, alterations, replacements, or improvements in the Leased Premises as the City deems necessary, but the City assumes no obligation to make repairs in the Leased Premises other than those expressly provided for in this Lease. The City agrees, however, that any such repairs, alterations, replacements, or improvements shall be made with minimum amount of inconvenience to Lessee and that the City will diligently proceed therewith to completion. The City or the City's agents shall also have the right to enter upon the Leased Premises at reasonable times to show them to actual or prospective tenants, or lessees of the SUBJECT PROPERTY. During the one hundred Page 19 of 31 and eighty (180) days prior to the expiration of the Term of this Lease, the City may show the Leased Premises to prospective tenants. If, during the last ninety (90) days of the term of this Lease, Lessee shall have removed all or substantially all of Lessee's property therefrom, the City may immediately enter, alter, renovate, and redecorate the Leased Premises without elimination or abatement of rent or other compensation and such action shall have no effect upon this Lease. 63. Intentionally deleted. 64. Surrender of Premises: At the expiration or earlier termination of the Term of this Lease, Lessee shall peaceably surrender the Leased Premises in as good a condition as the Leased Premises were on the Effective Date, ordinary wear and tear and damage by condemnation, fire or other casualty excepted. Lessee shall deliver all keys for the Leased Premises to the City at the place then fixed for the payment of rent, and shall notify the City in writing of all combinations of locks, safes and vaults, if any, in the Leased Premises. Ordinary wear and tear shall be deemed not to include damage or injury caused by moving Lessee's property or trade fixtures into or out of the Leased Premises. Lessee's obligation to observe and perform the covenants set forth in this paragraph shall survive the expiration or earlier termination of the term of this Le ase . 65. Approvals: Except as provided otherwise, whenever prior approvals are required hereinabove by either party, such approvals shall not be unreasonably withheld. 66. Notices: Any notices submitted or required by this Lease shall be sent by registered or certified mail addressed to the parties as follows: To the City: Department of Real Estate and Asset Management 444 SW 2 Avenue, Miami, Florida 33130 (31d Floor) Attn: Director To the Lessee: Miami Firefighters FCU 1111 NW 7t' St Miami, FL 33136 Attn: Patrick Totten, CEO or to such other address as either party may designate in writing, and where receipt of same is acknowledged by the receiving party. The City may alternatively provide notice by posting written notice on or at the Leased Premises. If attempted delivery of such notice by mail is thwarted by any avoidance of receipt or unavailability for receipt by the intended recipient, such notice will have the effect of being constructively received by the recipient three (3) days after mailing. 67. Interpretations: This Lease and the exhibits and attachments hereto, and other documents and agreements specifically referred to herein, constitute the entire, fully integrated Lease between the parties with respect to the subject matter hereof and supersede all prior or contemporaneous verbal or written agreements between the parties with respect thereto, excepting any past or contemporaneous written or verbal agreements expressly and clearly incorporated by reference within the four corners of this Lease. This Lease may be amended only by written document, properly authorized, executed, and delivered by both parties hereto. For the City, appropriate authorization shall be construed to mean appropriate formal action by the City Manager or the City Manager's designee or, if required by law, the Miami City Commission. This Lease shall be Page 20 of 31 interpreted as a whole unit and paragraph headings are for convenience only. The Lease shall not be construed in favor of one parry or the other. All matters involving the Lease Agreement shall be governed bylaws of the State of Florida. 68. Securi : The Lessee acknowledges and accepts full responsibility for the security and protection of its equipment, other personal property and money used in connection therewith. The City makes no warranties as to any obligation to provide security for the Leased Premises, outside of standard security measures supplied by the City in general. Lessee may provide its own specialized security for the Leased Premises, subject to the City's written approval. Absence of said Lessee security measures shall not increase the City's security obligation. 69. Rights Reserved to City: All rights not specifically granted to the Lessee by this Lease are reserved to the City. The designation of any particular remedy for the City is without prejudice to any other relief available in law or equity, and all such relief is reserved to the City. 70. Lien: The City shall have a lien upon all personal property of the Lessee on the leased premises to secure the payment to the City of any unpaid money accruing to the City under the terms of this Lease. 71. Entirety of Agreement: The parties hereto agree that this Lease sets forth the entire agreement between the parties, and there are no promises or understandings other than those stated herein. None of the provisions, terms and conditions contained in this Lease may be added to, modified, superseded or otherwise altered, except as may be specifically authorized herein or by written instrument executed by the parties hereto. 72. Headings: The headings of the various paragraphs and sections of this Lease, and its Table of Contents, are for convenience and ease of reference only, and shall not be construed to define, limit, augment or describe the scope, context or intent of this Lease or any part or parts of this Lease. 73. Waiver: Waiver of any breach shall not constitute waiver of any other breach. Invalidation of any portion of this Lease shall not automatically invalidate the entire Agreement. 74. Performance: The parties expressly agree that time is of the essence in the performance of this Lease and that the failure by either party to complete performance within the time specified, or within a reasonable time, if no time is specified herein, shall relieve the other party of any obligation to accept such performance. 75. No Partnership or Agency: The City and the Lessee are independent entities and the officers, employees, and agents of one are not, and shall not represent themselves to be, officers, employees, or agents of the other. This Lease does not constitute and shall not be represented to constitute a partnership between the City and the Lessee. 76. Choice of Venue: Any litigation between the City and the Lessee relating in any way to this Lease Agreement shall be brought and presented exclusively in a Court located in Miami -Dade City, Florida. 77. Subcontractural Relations: Lessee shall not enter into any subcontracts, retain consultants; or Page 21 of 31 assign, transfer, convey, sublet, or otherwise dispose of the Lease, or any or all of its rights, title or interest herein, or its power to execute such Lease to any person, company, or corporation without the prior written consent of the City, which will not be unreasonably withheld. Consent of the City does not confer upon the subcontractor any direct right of action against the City, or action against the City through the operator, or involve the City in any expense. 78. Intentionally deleted. 79. Local, State, and Federal Compliance Requirements: Lessee agrees to comply, subject to applicable professional standard, with the provisions of any and all Federal, State and the City orders, statutes, ordinances, rules and regulations which may pertain to the Services required under this Lease. 80. Nondiscrimination: During the performance of this Agreement, Lessee agrees to not discriminate against any employee or applicant for employment because of race, religion, color, sex, handicap, marital status, age or national origin, and will take affirmative action to insure that they are afforded equal employment opportunities without discrimination. Such action shall be taken with reference to, but not limited to: recruitment, employment, termination, rates of pay or other forms of compensation, and selection for training or retraining, including apprenticeship and on the job training. 81. Assumptions, Parameters, Proiections, Estimates and Explanations: The Lessee understands and agrees that any assumption, parameters, projections, estimates and explanations presented by the City herein are provided to the Lessee for evaluation purposes only. However, since these assumptions, parameters, projections, estimates and explanations represent predictions of future events, the City makes no representations or guarantees; and the City shall not be responsible for the accuracy of the assumptions presented; and the City shall not be responsible for conclusions to be drawn therefrom; and any assumptions, parameters, projections, estimates and explanations shall not form the basis of any claim by the Lessee. The Lessee accepts all risk associated with using this information. 82. Intentionally deleted. 83. Induleence Not Waiver: The indulgence of either party with regard to any breach or failure to perform any provision of this Lease shall not be deemed to constitute a waiver of the provisions or any portion of this Lease, either at the time of breach or failure occurs or at any time throughout the term of this Lease. 84. Survival: The parties acknowledge and agree that the respective obligations of the Lessee and the City under this Lease that by nature would continue beyond the termination, cancellation or expiration thereof, shall survive termination, cancellation or expiration hereof. 85. City as Sovereign: It is expressly understood that notwithstanding any provision of this Lease and the City's status thereunder: a. The City retains all of its sovereign prerogatives and rights as a City under Florida laws and Page 22 of 31 shall in no way be estopped from withholding or refusing to issue any approvals of applications for building, zoning, planning or development under present or future laws and regulations of whatever nature applicable to the planning, design; construction and development of the Leased Premises or the operation thereof, or be liable for the same; and b. The City shall not by virtue of this Lease be obligated to grant the Lessee any approvals of applications for building, zoning, planning or development under present or future laws and ordinances of whatever nature applicable to the planning, design, construction, development and/or operation of the Leased Premises. 86. No Liability for Exercise of Police Power: Notwithstanding and prevailing over any contrary provision in this Lease, or any City covenant or obligation that may be contained in this Lease, or any implied or perceived duty or obligation including but not limited to the following: a. To cooperate with, or provide good faith, diligent, reasonable or other similar efforts to assist the Lessee, regardless of the purpose required for such cooperation; b. To execute documents or give approvals, regardless of the purpose required for such execution or approvals; C. To apply for or assist the Lessee in applying for any City, city or third party permit or needed approval; or d. To contest defend against or assist the Lessee in contesting or defending against any challenge of any nature. Page 23 of 31 IN WITNESS WHEREOF, the parties hereto have executed this Agreement of the day and year first above written. ATTEST: Lo Todd B. Hannon City Clerk APPROVED AS TO INSURANCE REQUIREMENTS By: Ann -Marie Sharpe Department of Risk Management WITNESS: By: Signature Print Name By: Signature Print Name CITY OF MIAMI, a municipal corporation of the State of Florida By: Arthur Noriega V. City Manager APPROVED AS TO FORM AND CORRECTNESS By: Victoria Mendez City Attorney MIAMI FIREFIGHTERS FEDERAL CREDIT UNION By: Signature Print Name Date Page 24 of 31 EXHIBIT A DESCRIPTION OF PROPERTY 1103 NW South River Drive Miami, Florida 33136 FOLIO No. 01-3135-030-0010 LEGAL DESCRIPTION SPORTSMAN PARK SEC B PB 55-30 TRACT A THRU C LOT SIZE 148975 Page 25 of 31 EXHIBIT B DESCRIPTION OF AREA Offices of approximately 3,385 square feet Located at 1103 N.W. South River Drive Miami, Florida 33136 Page 26 of 31 rr+v�4-J I ve a --- t. N 13 - — ��l C7 "FLs " CI'R PL.A1 f iLl5i /0. :.r 7 - . T 3 EXHIBIT C INSURANCE Licensee, at its sole cost, shall obtain and maintain in full force and effect at all times throughout the period of this Agreement, the following insurance coverage: A. Commercial General liability affording coverage for bodily injury, including death, and property damage, including coverage for premises and operations liability, products and completed operations, personal and advertising injury, contingent and contractual exposures with limits of at least $1,000,000 per occurrence, $2,000,000 policy aggregate protecting and affording coverage against all claims, demands or actions in connection arising out of the use of the property. The City shall appear listed as an additional insured on this coverage. B. "All Risk" special form coverage, including theft, windstorm and flood coverage, and insuring 100% replacement cost on the building and Licensee's improvements, including all .its equipment, fixtures, furniture and all other personal property in and about the property. Business Income and Extra Expense should be included preferably issued on an Actual Loss Sustained Basis. C. Automobile Liability affording coverage on all owned autos, including hired and non - owned auto exposures with limits of at least $1,000,000 and listing the City of Miami as an additional insured with respect to this coverage. D. Workers' Compensation affording statutory limits for the State of Florida. E. The City's Department of Risk Management, reserves the right to reasonably amend the insurance requirements by the issuance of a notice in writing to Licensee. The Licensee shall provide any other insurance or security reasonably required by the City. F. The policy or policies of insurance required shall provide for notice of cancellation or Page 28 of 31 material changes in accordance to policy provisions. Said notice should be delivered to the City of Miami, Department of Risk Management, 444 SW 2 Avenue, 9th Floor, Miami, Florida 33130, with copy to City of Miami, Department of Real Estate and Asset Management, 444 SW 2 A venue, 3rd Floor, Miami, Florida 33130, or such other address that may be designated from time to time. G. A current evidence and policy of insurance evidencing the aforesaid required insurance coverage shall be supplied to Department of Public Facilities of the City at the commencement of this Agreement and a new evidence and policy shall be supplied at least twenty (20) days prior to the expiration of each such policy. Insurance policies required above shall be issued by companies authorized to do business under the laws of the State, with the following qualifications as to management and financial strength: the company or companies should be rated "A-" as to management, and no less than class " W as to financial strength, :in accordance with the latest edition of Best's Key Rating Guide, or the company or companies holds a valid Florida Certificate of Authority issued by the State of Florida, Department of Insurance, and is a member of the Florida Guarantee Fund. Receipt of any documentation of insurance by the City or by any of its representatives, which indicates less coverage than required, does not constitute a waiver of Licensee's obligation to fulfill the insurance requirements herein. In the event Licensee shall fail to procure and place such insurance, the City may, but shall not be obligated to, procure and place same, in which event the amount of the premium paid shall be paid by Licensee to the City as an additional fee upon demand and shall 1.11 each instance be collectible on the first day of the month or any subsequent month following the date of payment by the City. Licensee's failure to procure insurance shall in no way release Licensee from its obligations and responsibilities as provided herein. Page 29 of 31 EXHIBIT D PROPOSED ATM EQUIPMENT LOCATIONS Page 30 of 31 EXHIBIT E Union Lot 111912018 Property Search Application - Miami -Dade County OFFICE OF THE PROPERTY APPRAISER Summary Report Property Information Folio: 014102-00"110 Property Address: 1138 NW 7 ST Miami, FL 33136-3605 Owner MIAMI FIREMANS FED CREDIT UNION Mailing Address 1111 NW 7 ST MIAMI, FL 33136-3604 PA Primary Zone 6100 COMMERCIAL - NEIGHBORHOOD Primary Land Use 2865 PARKING LOTIMOBILE HOME PARK: PARKING LOT Beds ! Baths f Half 01010 Floors 0 LMng Units 0 Actual Area 0 Sq.Ft Li Area 0 Sq.Ft Adjusted Area 0 Sq.Ft Lot Size 6,550 Sq.Ft Year Built 0 Assessment Information Year 2018 2017 2016 Land Value $327,500 $294,750 $327,500 Building Value $0 $0 $0 XF Value $12,167 $12,329 ` $12,008 Market Value $339,667 $307,078 $339,508 Assessed Value 1 $286,5041 $260,459 $315,154 Benefits Information Benefit Type 1 2018 2017 2016 Non -Homestead Cap Assessment Reduction $53,163 $46,519 $24,354 Note: Not all benefits are applicable to all Taxable Values (i.e. County, School Board, City, Regional). Short Legal Description LAWRENCE ESTATE LAND COS SUB PB 2-46 LOT 5 LESS NI OFT i BLK 2 LOT SIZE 6550 SQUARE FEET OR 14826-212 1290 1 Generated On: 111912018 Taxable Value Information 2018 20171 2016 County Exemption Value 1$0 $0 $0 Taxable Value 1 $286,504 $260,459 $315,154 School Board Exemption Value 1 $0 $0 $0 Taxable Value 1 $339,667 $307,078 $339,508 city Exemption Value $0 $0 $0 Taxable Value 1 $2W,504 $260,469 $315,154 Regional Exemption Value $0 $0 $0 Taxable Value 1 $286,504 $260,4591 $315,154 Sales Information OR Previous Price Book- Qualification Description Sale Page 12/0111990 $80,000 1 020- Sales which are qualified 21 06/01/1990 $0 14763- Sales which are disqualified as a result of 1567 examination of the deed The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disciaimerand User Agreement at http:/A cmiamidade_gov/infoidisdaimer.asp Version: Page 31 of 31 a. RENTAL STUDY CITY OF _MIAMI FIREFIGHTERS CREDIT_ UNION OFFICE LOCATED AT I I I I NW S RIVER DRIVE MIAMI, FLORIDA 33136 AS OF FEBRUARY 1, 2019 PREPARED FOR DR. VIVIAN IZSACK, PH.D. CITY OF MIAMI DEPT. OF REAL ESTATE AND ASSET MANAGEMENT 444 SW 2ND AVENUE, 3" FLOOR MIAMI, FL. 33130 -the URBAN `Group REAL ESTATE CONSULTANTS The URBANBAN REAL ESTATE ADVISORS I PROGRAM MANAGERS I REAL ESTATE APPRAISALS Group REAL. ESTATE. CONSULTANTS February 4, 2019 Dr. Vivian Izsack, Ph.D. Senior Project Representative Department of Real Estate and Asset Management City of Miami 444 SW 2nd Avenue, 3rd Floor Miami, Fl. 33130 Re: Rental Study -Office Space City of Miami Firefighters Credit Union 1111 NW S River Drive. Miami, Fl. 33136 Part of Folio Number: 01-3135-030-0010 Dear Dr. Izsack, Ph.D.: Per your request, we have reviewed the above referenced property for the purpose of providing you with an opinion of the market rent for the 3,385 square foot office space occupied by the City of Miami Firefighters Credit Union. The office space is a one- and two-story building that is part of the overall building with a common address of 1103 NW South River Drive and the entire building houses a fire station, administration building, repair garage and the credit union. This analysis is to determine the current market rent for the office space only. We were not provided with a survey or building sketch and have relied on the building size as provided by the City of Miami and we assume the size is accurate. The property is currently zoned C-1 Civic in the City of Miami. The purpose of our analysis is to form an opinion of the market rent of the credit union office space as of the effective date, February 1, 2019. The function of this report is for the use by the client in the determination of the market rent to be paid by the credit union as a tenant. We have prepared the attached report, which contains a recapitulation of the data utilized to form an opinion of the market rent as of February 1, 2019. Based upon our inspection of the property and market data analysis, it our opinion that the market rent of the property as of February 1, 2019 is as follows: SIXTY-SIX THOUSAND DOLLARS-$19.50 PSF ANNUALLY ($66,000) Sincerely, p �7�D k�l Robert D. Miller, ASA State Certified General R.E. Appraiser No. RZ1270 1424 South Andrews Avenue • Suite 200 • Fort Lauderdale • Florida 33316 Telephone: 954-522-6226 • Fax: 954-522-6422 * www: theurbangroup.com TABLE OF CONTENTS Tableof Contents...................................................................................................................................1 Summary of Salient Facts and Conclusions..........................................................................................2 Aerial and Sketch of the Subject Property ............................................................................................ 3 Definitionof Market Rent..................................................................................................................... 5 CompetencyProvision.......................................................................................................................... 5 Purpose and Function of the Appraisal................................................................................................. 5 LegalDescription.................................................................................................................................. 5 Scopeof Services................................................................................................................................... 5 MarketingPeriod...................................................................................................................................6 RealEstate Tax Infonnation..................................................................................................................6 PropertyDescription.............................................................................................................................. 7 AreaMap............................................................................................................................................... 8 NeighborhoodDescription and Map..................................................................................................... 9 Flood Zone and Zoning Information..................................................................................................10 Highestand Best Use...........................................................................................................................15 AppraisalProcess................................................................................................................................16 Market Rental Information..................................................................................................................17 Reconciliation...................................................................................................................................... 26 Assumptions and Limiting Conditions................................................................................................27 Certification......................................................................................................................................... 29 ADDENDUM Photographs of the Subject Property Qualifications of the Appraiser 1 The URBAN Group REALESTATE CONSULTANTS SUMMARY OF SALIENT FACTS AND CONCLUSIONS PROPERTY LOCATION: Located on the NWC of NW S. River Drive & NW 7th Street in the City of Miami, Florida. Property has a common street address of 1103 NW S. River Drive, Miami, Florida. OWNER'S NAME/ADDRESS: City of Miami, Department of P & D 444 SW 2nd Avenue, Suite 325 Miami, Florida 33130 INSPECTION DATES: February 1, 2019 SITE SIZE: 148,975 square feet -Whole Property Size ZONING: C-1 Civic, The Civic Zone consists of public use space and facilities that may contrast in use to their surroundings while reflecting adjacent Setbacks and landscape. PRESENT USE: Credit Union Office and Bank Facility HIGHEST AND BEST USE: The highest and best use is as currently utilized IMPROVEMENTS: The subject office space is a one- and two-story facility with a reception area, private offices, restroom facilities and a bank teller area (Open to Second Floor) with a vault on the main floor. The total building area has been provided to use by the client at 3,385 square feet of building area. The second -floor space is `l' shaped and consist of private offices, a break room and a restroom facility. The interior finishes are tile flooring and carpeting, acoustical tile ceiling with fluorescent lighting and the building has security cameras and central air- conditioning. The zoning requires a total of 10 parking spaces for this use as the parking requirement is three spaces for every 1,000 feet of office space. It is assumed that these spaces are provided on site. SALES HISTORY: No sales history was reported on the Property Appraiser website and no sales were noted in the last ten years. No listing or leasing information was provided to the appraiser and it does not appear that the property has been listed for sale within the past 10 years. MARKET RENT ESTIMATE: $66,000 (Annual Market Rent) $ 5,500 (Monthly Rental) $19.50 (Annual Per Square Foot Unit Rental Rate) DATE OF VALUE: February 1, 2019 2 The URBAN Group REALESTATE CONSULTANTS L pk, AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY 933 4 3 I The URBAN Group REAL ESTATE COKSULTA `[TS SKETCH OF SUBJECT PROPERTY 1103 NW South River Dr. Miami, FI.33136 Sketch of whole property site. No sketch for building was provided and the space is connected to the other uses on the property. 1 i,, URBAN DEFINITION OF MARKET RENT Market rent is defined as "the rental income that a property would most probably command in the open market; indicated by the current rents paid and asked for comparable space as the date of the appraisal". We utilized a gross rental unit of comparison in this assignment based on our review of market rents in the area. COMPETENCY PROVISION The appraiser has completed appraisals of office and bank properties in the Miami -Dade and Tri- County area during his 36 years as a real estate appraiser in South Florida. As a result of these experiences, the appraiser meets the competency provision of USPAP. PURPOSE AND FUNCTION OF REPORT The purpose of this report is to form an opinion of the market rent of the 3,385 square foot one- and two-story office spaced used as a banking operation for the City of Miami Firefighters Credit Union. as of the effective date, February 1, 2019. The function of this report is for the client's use in the determination of the market rent for this office space. LEGAL DESCRIPTION -WHOLE PROPERTY Tracts A to C of Sportsman Park Section B, according to the plat thereof as recorded in Plat Book 55, Page 30, Public Records of the Miami -Dade County, Florida. SCOPE OF SERVICES We have compiled all the necessary data in order to formulate an opinion of the market rent. We have presented the applicable data in this Appraisal Report format. Any additional supporting data can be found in our working file. In preparing our report, we have reviewed and relied upon the following data. Listings and leases for similar office space and bank facilities throughout the subject neighborhood and Miami -Dade County over the past three years. 2. Review of public records for all pertinent sales data. Retrieved information from LoopNet, CoStar Comps, IRIS, MLS and the Property Appraiser's Office. Review and considered the history of the subject property and neighborhood. 4. Review of Miami -Dade and neighborhood trends. Inspection of neighborhood and analysis of land use patterns and trends. 6. Inspection of subject property and rental information utilized in the report. 5 The URBAN Group REALESTATE CONSULTANTS MARKETING PERIOD Based upon review of the neighborhood and competing properties it is our opinion that the marketing period for the office space would be three to six months. REAL ESTATE TAX INFORMATION Property I.D. 01-3135-030-0010-(Part of) ,,ASSESSMENT INFtRI T Af1411Ni Y Year 2I18 2017 2016 Land Value 33:796,250 $3.796,250 S3,796,2 Building Value $2,788,323 $2,827.094 S2,715,885 Extra Feature Value $294,36{} $297,963 $301,579 Market Value ,878,933 36,921,312 S6.813,714 Assessed Value 36:118,329 $5,56.2,119 -5.056,471 The property is owned by a governmental body and thus is tax exempt with no taxes due for the whole property. The above assessment is for the entire complex and a separate assessment was not available for the credit union portion of the whole property. 6 The URBAN Group REALESTATE CONSULTANTS PROPERTY DESCRIPTION LOCATION: Located on the NWC of NW S. River Drive & NW 7th Street in the City of Miami, Florida. Property has a common street address of 1103 NW S. River Drive, Miami, Florida. OWNER'S NAME/ADDRESS: City of Miami -Department of P & D 444 SW 2nd Avenue, Suite 325 Miami, Florida 33130 INSPECTION DATES: February 1, 2019 SITE SIZE: 148,975 square feet -Whole Property DIMENSIONS: Basically, rectangular in size for the whole property ZONING: C-1 Civic, The Civic Zone consists of public use space and facilities that may contrast in use to their surroundings while reflecting adjacent Setbacks and landscape. PRESENT USE: Miami Firefighters Credit Union as part of larger Fire Department Headquarters Facility with a fire station, repair facility and administration building. HIGHEST AND BEST USE: The highest and best use is as currently utilized with a governmental use. SALES HISTORY: No sales history was reported on the Property Appraiser website and no sales were noted in the last ten years. No listing or leasing information was provided to the appraiser and it does not appear that the property has been listed for sale within the past 10 years. IMPROVEMENTS: The subject building is a two-story office building with an elevator and consists of offices, restrooms, bank vault, bank teller area, reception area and a break room. 7 The URBAN Group REALESTATE CONSULTANTS a la mode, irlC- rrw z9rh st r NW lath Si lne: le -..+.es eaare eerw.wr.+ar Nyd 2Bth St NW 27th St N4V 27[h. 5t a NW 26th S+ NW 27th St NW 26th St NW 2Sth St NYJ 24th St NW 23 NW 23rA St 1 :E Nw 22�d St Nw 22nd 5 -` NW 22nd St s fir. Nw 21st NW 21st 5t� n 4 q n ° 1.20thSt � row 201 a NW 19th St NW Z 3i0` NW 1Bth Terrace n NW lath St y 7 NW 17th St NLV 17th St �i ,,5` 7otwa v NW 16th Terrace a NW 16th St P-k 20 ¢ rs NW loth 5t c ` to Nw 15th lA � NW 9dth NW loth St - 3s —"" 2 3 TOLL IW-V Z t 8361 n y 3A) NW 12th St S i � Sl1B]ECT 1103 NWS River Dr .. "Aw 11th Ter M W' llth TE•rraee NW loth St NW 1Gt rn `A'S a NW gth St ga t cs NW STh St P tq nv.' T[h 5t NW 6th St il?nvmi �44 � NW Gth St NW I iuer Sth St a NW 5[h St � a m i n § z t r2. M NW am sr NW dth St c NW 4"n Stct = �`� r N'Jv 31d St NW 3rd 5t Z Y ? $ z z � � 2 L Q `� S "el W 2nd 5t NW 2nd St �' � s ,p- � '� R NW 1s[ St z NW ls[ St ^ rn w Klaple* s+ W Flagler 51. sv% W Flagler St SW Fiegler T.— LfmFttA VAr' A SW Yst St mSW 2nd St ti q SW 3rd St 447 SW 4[h Sty ty SW 3rd St T D @ � SW Sth St � rj T n w Wi St m sw 7th St ». sW ath St ssw 2 Ca1'le Ocho SW 8tk1 St � r svv sth St SW 9-th St ' `a a sw loth c7 OO St � 'r SW loth 5t 4 SW loth St s SW llth S[ ,�„ � q N s T SW llth sit,ram o SW llth Terrace � Sw filth Terrace a .! 3 s 1®. SW lath 5W l2[h StA.st J - y ?� SW 13th St S SW14ah Terrace SW loth Terrace $w 14[h St tiabg P s4� s� cicr J ?p py� .y SW lSth 5t -? -p 4� o� -sue � d.. if Q fEEr 5�25O�Ml 'y 3 Tar xC_ ;3. Pj SW 1:G[h St �1'�3 ... -.t b 19 HERE. 2O:9�IQ.IT salt Cor a�lYe m 8 The URBAN Group REAC ES I AT CONSULTANTS NEIGHBORHOOD DESCRIPTION The neighborhood is located in an area of Little Havana generally described as being bound on the east by the I-95 expressway, to the north by the Miami River, on the south by SW 7th Street and NW 27th Avenue to the west. This is an area in the beginning stages of revitalization and generally comprised mixed uses with numerous small single family residential and multi -story older residential walk up apartment complexes that are at or near the end of their economic lives. The area is also comprised of commercial and retail business and is east of the new Marlins Park baseball stadium. The Stadium was completed in March of 2012 and is located on 17 acres of the former Miami Orange Bowl site in Little Havana. The Stadium is designed in a neomodern form of baseball architecture. Marlins park was also LEED certified as the greenest MLB park in 2012. The building is the sixth MLB stadium to have a retractable roof. With a seating capacity of 37,442, it is the third largest in Major league Baseball by official capacity, and the smallest by actual capacity. The baseball stadium is located about 5 blocks to the west of the subject property. This area is just west of the downtown Miami development area and just south of the Miami River. Based on the development plans in the works and in close proximity to the downtown and the Port of Miami as well as the expressway systems, it is very apparent that the market could eventually develop these lands into some type of residential and or mixed -use developments. Little Havana is a neighborhood of Miami, Florida, and home to many Cuban exiles, as well as many immigrants from Central and South America, Little Havana is named after Havana, the capital and largest city in Cuba. As of 2000, Little Havana had a population of 49,206 residents, with 11,266 families residing the neighborhood. The current population has increased to 128,073 with median age of 39.22 years, and 29,548 family households. The median household income was $15,213.16 in 2000 and is now $22,258. The ethnic makeup of the neighborhood was 85.08% Hispanic of Latino of any race (mainly Cubans, but also many Nicaraguans and Hondurans, as well as other Latinos), 3.79% Black of African Americans, 10.14% Non -Hispanic White, and .69% other. In general, the neighborhood is an older well -established neighborhood with a strong supply of business opportunities and affordable residential housing. Due to the convergence of several highways and arterial roadways within or adjacent to the subject neighborhood, transportation/access to the area is generally considered to be good. In summary, the subject neighborhood is well established, with the long-term outlook for the neighborhood is for the market to continue to strengthen as new development has begun in the subject area and other areas of South Florida. 9 The URBAN Group REALESTATE CONSULTANTS cNew 151h.`' 14th St ^raw � �iW�,si4th Sti '• a�e�' a �-— :_, „ _ ,�_ Y - .` it y . -N19At - - ■ s -� f7l,,. I + :N'ti..3Tth:.St;._... STATCG FA L r'f: a. r r7TV48011, W4,�,th SUBJECT 1103 NW 5 River Dr - - ® •� JW Hth. Terra..e T p v 4..' NW Nw 6tYe$i, r a SY: ry h ~* a t t ■ +I iSt F IL w rY_ A ggL N i r lct s'.r, lei tik F aaler St i mo;ards Y sw I't st _ :;a %yY' Fta ,r.^ii-Fi i.'. i'..'�.r.• -r ,,,. ZONING INFORMATION ON SUBJECT PROEPRTY ZONING The subject property is zoned "C-1 The Civic Institution District by the City of Miami under the Miami 21 land use development standards. A copy of the C-1 zoning code is on the next three pages and is taken from the City of Miami - Miami 21 Code of Ordinances: "C-1" Civic, The Civic Zone consists of public use space and facilities that may contrast in use to their surroundings while reflecting adjacent Setbacks and landscape. 11 The URBAN Group REALESTATE CONSULTANTS MIAMI 21 ARTICLE 4. TABLE 1 TRANSECT ZONE DESCRIPTIONS AS ADOPTED - MAY 2011 THE NATURAL ZONE consists of lands approximat- ing a wilderness condition, permanently set aside for conservation in an essentially natural state. THE RURALZON E consistsof lands In open or cultivated state or sparsely settled. These include woodland, grassland and agricultural land. THE SUB -URBAN ZONE consists of low -Density areas, primarily comprised of Single -Family and Two Family residential units with relatively deep Setbacks, Streetscapes with swales, and with or without Side- walks. Blocks may be large and the roads may be of irregular geometry to accommodate natural and historic conditions. THE GENERAL URBAN ZONE consistsof a Mixed -Use but primarily residential urban fabric with a range of Building types including rowhouses, small apartment Buildings, and bungalow courts. Setbacks are short with an urban Streetscape ofwide Sidewalks and ireas In planters. Thoroughfares typically define medium- sized blocks. THE URBAN CENTER ZON E consists of higher Density Mixed -Use Building types thataccommodate retail and office Uses, rowhouses and apartments. Anetwork of small blocks has Thoroughfares with wide Sidewalks, steady street tree planting and Buildings set close to the Frontages with frequent doors and windows. r THE URBAN CORE ZONE consists of the highest Density and greatest variety of Uses, including Civic Buildings of regional importance. A network of small blocks has Thoroughfares with wide Sidewalks, with steady tree planting and Buildings set close to the Frontage with frequent doors and windows. THE CIVIC ZONE consists of public use space and The facilities that may contrast in use to their surroundings Civic while reflecting adjacent Setbacks and landscape. • THE DISTRICT ZONE consists of the least regulated Building and accommodates commercial and industrial Uses of a scale and with a Streetscape that facilitate vehicular access. r i S try 0. � Z it u� )• j ter, LLL �s U �21 1� 1♦"1��Q-���i 9 s 1 "a a. fO i y IV.3 12 The URBAN Group REAC ES I AT CONSULTANTS y IV.3 12 The URBAN Group REAC ES I AT CONSULTANTS IV.3 12 The URBAN Group REAC ES I AT CONSULTANTS AS ADOPTED - MAY 2011 DENSITY (UNITS PER ACRE) RESIDENTIAL SINGLE FAMILY RESIDENCE COMMUNITY RESIDENCE ANCILLARY UNIT TWO FAMILY RESIDENCE MULTI FAMILY HOUSING DORMITORY HOME OFFICE LIVE •WORK WORK -LIVE LOGGING BED & BREAKFAST INN HOTEL OFFICE OFFICE COMMERCIAL AUTO -RELATED COMMERCIAL ESTAB, ENTERTAINMENT ESTABLISHMENT ENTERTAINMENT ESTAB•-ADULT FOOD SERVICE ESTABLISHMENT ALCOHOL BEVERAGE SERVICE ESTAB, GENERAL COMMERCIAL. MARINE RELATED COMMERCIAL ESTAB. OPEN AIR RETAIL PLACE OF ASSEMBLY RECREATIONAL ESTABLISHMENT CIVIC COMMUNITY FACILITY RECREATIONAL FACILITY RELIGIOUS FACILITY CIVIL SUPPORT COMMUNITY SUPPORT FACILITY INFRASTRUCTURE AND UTILITIES MAJOR FACILITY MARINA PUBLIC PARKING RESCUE MISSION TRANSIT FACILITIES EDUCATIONAL CHILDCARE COLLEGE 1 UNIVERSITY ELEMENTARY SCHOOL LEARNING CENTER MIDDLE I HIGH SCHOOL PRESCHOOL RESEARCH FACILITY SPECIAL TRAINING /VOCATIONAL INDUSTRIAL AUTO -RELATED INDUSTRIAL ESTBL. MANUFACTURING AND PROCESSING MARINE RELATED INDUSTRIAL ESTBL. PRODUGTSAND SERVICES STORAGE! DISTRIBUTION FACILITY T4 URBAN GENERAL 3O I 3S I 96 R Allowed By Right WAllowed By Warrant: Administrallve Process - CRC (Coordinated Review Committee) E Allowed By Exceptloo: Public Hearing- granted by PZAB (Planning, Zoning &Appeals Board) Boxes with no designation signify Use prohlhlted. ARTICLE 4, 75 URBAN CENTER 65� ©00 C civic USES Uses may be further modified by Supplemental Regulations, State Regulations, or other provisions of this Code. Sae City Code Chapter 4 for regulations related to Alcohol Beverage Sorvice Estab. Additional densities in some TS zones are illustrated In Dlagram 9. "AZ: Density of lowest Abutting Zone IV6 13 The URBAN Group REAC ES I AT CONSULTANTS CS - CIVIC SPACE Cl -CIVIC INSTITUTION Of NO - CIVIC INSTITUTION HEALTH DISTRICT IDENSITY(UPA) NIA DENSITY OF ABUTTING ZONE ISO UNRS PER ACRE RESIDENTIAL Ali[ tensity, parking and loading regulations to match that Uses are permissible as listed In Table 3, limited by • Minimum of i perking space for every 800 square feet ofthe most restrictive Abutting zone. compliancewkh: of Residential Use. • Parking requirement may be reduced according to the • Densityand all Intensity, parking and loading regulaltues • Loading -See Article 4, Table 5 Shared Parking Standard, Article 4. Table 5. to match that of the most roslrlclive Abutting zone, • Minimumofl Blcyde Rack Spoceforovery 20vehlcular spaces reauked. LODGING • Minimum of 1 parking space for every 800 square feet of Residential Use. • Loading - See ANde 4, Table 5 OFFICE Office Uses are permissible as listed in Table 3. • Minimum of 1 parking space for every 800 square feel • Minimum of 3 parking spaces for every 1,000 square of Office Use. feet of Office Use. • Loading -See Adds 4, Table 5 • Minimum ofone Bike space for every 20vehicularspace$ required (before any reductions). • Parking ratio may be reduced according to the shared parking standard. • Paddng may be provided offsito in Cl, D. TS or TS wflhfn 500 feet through a parking management plantzone, COMMERCIAL Commercial Uses are permissible as listed In Table 3. Commercial Uses are permissible as listed In Table 3, • Minimum of 1 parking space for every 600 square feet • Minimum of 3 parking spaces forevery 1,000 m of cam- limited by compliance wfth: of Commerrlel Use. merdal space. • Building area allowed for Commercial Use on each lot • Loading - See Article 4, Table 5 • Minimum ofone Bike space for every 20 vehicul ar spews shall be less than 25k Building floor area total. required (before any reductions). •Minimum of parldng spaces for every 1,000sfofearn- Parking ratio may be reduced according to the shared merotal space parking standard. • Minimum oft packing space for every 7 seats In a Major • Loading - See Article 4, Table S. Sports Facility •Loading needs, including maneuvering, shall be accom- •Minlmumofens Bike space forevory20vehicwlarspaces maklaled on Site. required (before any reductions), • Parking ratio maybe reduced according to the shared parking standard. • Parking ratio may be reduced for Major Sports Facility Within 1 mile bra Metromil, MetromoverStman, ormare transit facility by up to 10%. • Loading - See Article 4, Table 5 • Loading needs, Including maneuvering, shall be accom. modeled on site. CIVIC Civic Uses are permissible as listed 1n Table 3. Civic Uses are pam lasibie as listed in Table 3. • Minimum of 1 parking space for every 600 square feet • Minimum all parking spaceforevery5 seatsofassembly • Minimum off parkingspaceforevery5se818afe8sembly of Civic Use. uses, uses. • Loading • See Article 4, Table 5 • Mnimum oil paddngepaceforevery 1,000mofex4lbition • Minimumofl parkingspaceforeveryi,000sfofexhlbition or recreation space, and parking spaces for other Uses of recreation space, and parking spaces for other Uses as required. as requlred. • Minimumofl parking space for every staff member for • Minimumofl parkungspaceforeveryslagmember for recreational uses. recreational uses, • Minimum of 1 parking space for every 500 mof Building •Minimum of 1 parking space for every 500 at of Building area for recreational uses. Me for recreaffanal uses. • Minimum ofone Bike space for every 20vehicularspaces • Minimum ofone BikeSpew forevery20 vehicdlerspacce required (before any reductons), required (before any reductions). • Parking maybeprovldedoffsitem Cl, D, T5or T6vnthln • Parking maybe provided oHsfte in Cl, D,T5orT6 wihin 500 feel through a parking mane emenl Nanizone. 500 feel through a parking management planlzone. CIVILSUPPORT Civil Support Uses are permissible as listed In Table 3, Civil Support Uses am permissible as listed in Table 3, • Minimum of d parking space for every 800 square fast limited by compliance with: limited by compliance with: of Civil Support Use. • ForCitfISuppod, a minimum oft parking space for every For Civil Suppod,amintmumoftparkfngspaceforevery •Loading- See Article 4, Table 1,000 at, 1,000 at • ForMadne Uses,aminimumofl parkingspaceforevery • ForAssembly uses, a minimum of 1 parking space for 5 slips. every 5 seats. • For Marine Uses, aminimum oft parking spaceforevery 5 slips. • Adult Daycare - Minimum of 1 space per slaty member and 1 space far owner. EDUCATIONAL Educational Uses are permissible as listed in Table 3, Educational Uses are permissible as listed in Table 3, • Minimum of 1 perking space for every 800 square feet Ireland by cempllance with: limited by compliance with: of Educational Use. • Minimum of 2 parking spares for every 1,000 at of Minimum of 2 parking spaces for every 1,000 of of • Loading - See Article 4, Table 5 ad—flonal space educatlonal space • Minimum of one Bike spaceforevery20vehicularepaces •Schools- Minimum of l parking apace foreach facultyor required (before any reductions). staff member, 1 visitor parking space per 100 students, • Childcare Facilities - Minimum of 1 space per stag I parking space per 5 students In grades 11 and 12 or member, i space for owner and 1 drop-off space for CollegeRlnivemily. every 10 clients cared for, • Childcare Facilities - Minimum of i space per staff member, i space for owner and 1 drop-off space for every 10 clients cared for. • Minimum ofone Blkeapaceforevery20 vehicular spaces re uired before any reductions. IV.1Ii 14 The URBAN Group REAL ESTATE CONSULTANTS DEFINITION OF HIGHEST AND BEST USE That reasonable and probable use that will support the highest and present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from among reasonable, probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible and which results in the highest land value. Implied within this definition is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization of individual owners. Also implied is that the determination of the highest and best use results from the appraiser's judgment and analytical skill, i.e., that the use determined from the analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of probable selling price (Market Value), another appropriate term to reflect highest and best use would be "most probable use". In the context of investment value, an alternative term would be "most profitable use". HIGHEST AND BEST USE The subject consists of a 148,975-square foot parcel located on the north side of NW 7th Street at the intersection with NW S, River Drive, just east of NW 12th Avenue in the City of Miami. The Marlins Stadium is located a few blocks to the west, south of NW 7th Street. The site is physically able to be constructed with a variety of improvements from single family and multi -family to industrial and commercial. The legally permitted uses would be limited to those allowed under the C-1 Civic zoning district as noted earlier in the report. The financially feasible and maximally productive uses are generally the government uses that are utilized on sites with this type of zoning and thus the current improvements as the Miami Fire Department Headquarters and fire station in addition to the equipment repair garage and the credit union are all allowed and compatible uses for this zoning classification. Based on the four criteria for the estimation of the highest and best use, it is our opinion that the subject 148,975 square foot site would have a highest and best use for some type of governmental use and the highest and best use as improved would be the current improvements. 15 The URBAN Group REALESTATE CONSULTANTS APPRAISAL PROCESS In order to arrive at the market rent for the property, we have reviewed and considered comparable office rentals in the area. In addition, we also reviewed leases for bank facilities. Most bank leases are for free standing buildings with drive thru lanes. The subject property is more of a storefront type operation, so the use of free-standing leases was not included but was considered in our review. Therefore, we have reviewed and considered leases for office space in the general vicinity of the subject property. On the following pages is a sampling of the office buildings reviewed and these were considered the most applicable in our analysis. From the review of these office properties, we will arrive at a gross annual rental rate for the subject property. In this instance, the rents reviewed were generally modified gross rents, which would be a full -service gross rent with some caps on real estate taxes. Since the subject is located in a tax-exempt building, we have deducted the applicable real estate taxes to reflect the rent for the subject property. This is the most feasible approach to consider in the estimation of a market rent for the subject property and we have relied on this methodology. 16 The URBAN Group REALESTATE CONSULTANTS COMPARABLE RENTAL NUMBER 1 FOLIO NUMBER 01-3135-024-0170 LOCATION OF RENTAL: 1370 NW 161h Street Miami, Florida 33125 UNIT SIZE: 2,200 Square Feet ANNUAL UNIT RENTAL RATE: $21.82 per square foot of building area BUILDING DESCRIPTION: Two story converted home into office, built in 1949 with good parking. COMMENTS Modified gross lease with $2.75 in real estate taxes. 17 The URBAN Group REALESTATE CONSULTANTS COMPARABLE RENTAL NUMBER 2 FOLIO NUMBER 01-3135-024-0090 LOCATION OF RENTAL: 1571 NW 13th Court Miami, Florida 33125 UNIT SIZE: 3,336 Square Feet ANNUAL UNIT RENTAL RATE: $24.00 per square foot of building area BUILDING DESCRIPTION: One story office building with 10 parking spaces. Built in 1950 and renovated to current standards COMMENTS Full service gross lease with $4.16 in real estate taxes 18 The URBAN Group REALESTATE CONSULTANTS COMPARABLE RENTAL NUMBER 3 FOLIO NUMBER 01-3135-025-0240 LOCATION OF RENTAL: 1385 NW 151h Street Miami, Florida 33125 UNIT SIZE: 2,000 Square Feet-1,00 Square Feet per Floor ANNUAL UNIT RENTAL RATE: $22.74 per square foot of building area BUILDING DESCRIPTION: Two story office building converted from house with 6 parking spaces. In good condition and build in 1949 but renovated. COMMENTS Modified gross lease with $3.03 in real estate taxes. 19 The URBAN Group REALESTATE CONSULTANTS COMPARABLE RENTAL NUMBER 4 FOLIO NUMBER 01-4102-005-5170 LOCATION OF RENTAL: 1250 NW 71h Street Miami, Florida 33125 UNIT SIZE: 650 Square Feet and 1,300 square feet ANNUAL UNIT RENTAL RATE: $22.15 per square foot of building area (2nd Floor) $23.07 per square foot of building area (1st Floor) BUILDING DESCRIPTION: Two story office retail facility built in 1937 with 40 surface parking spaces. COMMENTS Modified Gross lease with $2.35 in real estate taxes 20 The URBAN Group REALESTATE CONSULTANTS COMPARABLE RENTAL NU MBER 5 Ti vr - -- Ohio FOLIO NUMBER: LOCATION OF RENTAL: UNIT SIZE: ANNUAL UNIT RENTAL RATE: BUILDING DESCRIPTION: COMMENTS 01-4102-006-0810 78 NW 13th Avenue Miami, Florida 33136 3,600 Square Feet and 2,806 square feet $25.00 per square foot of building area( Office) $26.34 per square foot of building area(Medical) Two story multi -tenant office building with 40 parking spaces built in 1963 and renovated in 2000. Modified gross rental with $2.72 in real estate taxes. Medical office space leased at slightly higher level. 21 The URBAN Group REALESTATE CONSULTANTS COMPARABLE RENTAL NUMBER 6 FOLIO NUMBER 01-4102-006-0900 LOCATION OF RENTAL: 1401 SW 1st Street Miami, Florida 33135 UNIT SIZE: 10,000 Square Feet ANNUAL UNIT RENTAL RATE: $21.00 per square foot of building area BUILDING DESCRIPTION: Twi story multi -tenant office building built in 1957 and renovated. 40 surface parking spaces provided. COMMENTS 2nd Floor space. Modified Gross lease with real estate taxes at $1.72 per square foot. 22 The URBAN Group REALESTATE CONSULTANTS COMPARBLE RENTAL SUMMARY TABLE RENTAL UNIT TYPE OF UNIT RE NET # ADDRESS SIZE LEASE RENTAL TAXES RENTAL 1370 NW 16TH 1 Street 2,200 Modified Gross $21.82 $ 2.75 $19.07 Full Service 2 1571 NW 13th Court 3,336 Gross $24.00 $ 4.16 $19.84 3 1385 NW 15th Street 2,000 Modified Gross $22.74 $ 3.03 $19.71 4 1250 NW 7th Street 650 Modified Gross $22.14 $ 2.35 $19.79 1,300 Modified Gross $23.07 $ 2.35 $20.72 5 78 SW 13th Avenue 3,600 Modified Gross $25.00 $ 2.72 $22.28 2,806 Modified Gross $26.34 $ 2.72 $23.62 6 1401 SW 1st street 10,000 Modified Gross $21.00 $ 1.72 $19.28 23 The URBAN Group REALESTATE CONSULTANTS COMPARABLE RENTAL LOCATION MAP r NW 29th St i la rlloue, lncw r NW 29th St rne+neer•.n+em eaeae ee++.na+-+ar NW 2,6th St NW 27th ST Z NW 27th St NW 2611h St NW 27th St NW 25th St ry NW 25th St W 25th St NW 24th S[ NW 23 NW 23rd St � a NW 22nd St NW 22nd S NW 22nd St z 3 z r{�r z : 4 — m _o w w w NW 21st T x i NW 21st Sty =' 20th St N!J 201 n r) z z r7 ;p NW 19th St .. s NLV 19th St F15 TAL No. 2 RENTAL No. 1 9 NLh 13th Ct137p NW 1i�th St Nw 17th St miles NW N D.fi9 miles hJW Town 3 MPark o NW 1€th St _s2NW15th 0 r Rl N rAL No. 3 NW 14ti- 1.3a5 JVd 15th St NV1W14thSt � SUBJECT B � ti 1� 0.67 Miles NW z 1103 NW S River Dr. c� X Q v\ 3A1 NW 12th St 3 Park srRb VW 11th Terrace . hIW 11th Terrace NW filth �+ RENTAL No. 4 _r NVJ 101hst K' iy NW 1ct y NW 9th St 1250 NW 7th St =y 0.15 miles SW r � a' NW sth St m rwwsthSt RENTAL No. 5 � �M1'�+a 78 SW 13th Ave NW nth St g NW Sth 5t Rive 0.59 miles S St a a rtry T cil 2 t N dth sr NW 4th St s RENTAL No. 5k1411n1401 SW 1st Srd 5t P z `z �cz0.63 miles SLV NtiV znd St a I--lamst i NW 1st St Zst st M w Flagle* sv W f%agler 5t Terrace TTLE HA VANA SW 1st St SW 2T1d St T y, 2R , 5 SW 3rd St SW 3rd St M7 SW 4th St p ; T, SW 5th St D e`p ^s n SW 6th St SW 7th St SW 7th St SW e Celle C)tho SW SO St � v+ v SW 9th St SW 9th St q SW loth St m ^4 sW 14th St ¢ SW loth St n v m SW 11th St w s SW ilth St m r s � SW filth Terrace � SW 71th Terrace � f� - qg � � SW 72th w SW 12th St r P SW 13Yh St SW 14th Terrace SW 14th Sty .ram p c SW 14th Terrace as S ��, SW 15th St ' •pq �e id�]QSeel S 25ozje bp Bing� �SL,'+;3.Y•FJr SW 16th St ' bcM9 HERE 0 70Tff IRoreso'R t tilYeymi. s 24 The URBAN Group REAL ESTATE CONSULTANTS MARKET RENT ESTIMATE COMPARABLE RENTAL DATA In order to form an opinion of the market rent for the building, we have reviewed numerous bank facilities and office facilities in the subject neighborhood and throughout Miami -Dade County. The majority of bank leases are reflective of a standalone structure with drive thru facilities and expansive parking lots. The subject property is part of a larger governmental use complex and the zoning requires parking at a level of 3 for every 1,000 square feet of space or approximately 10 spaces. Based on the subject circumstances, the review of free-standing bank facilities was not considered applicable and thus not presented in our review. We then reviewed and considered office rentals in the subject neighborhood and expanded the area to the north and south with all of the comparable rentals located within .70 miles of the subject property. The comparable rentals are summarized on the table on page 22 and indicate a range in annual unit rental rates of $19.07 to $23.82 per square foot of building area without real estate taxes. The rentals indicated a range in sizes from a low of 650 square feet to a high of 10,000 square feet with the majority of the leases reviewed in the 2,000 to 3,600 square foot range or within the range of the subject property at 3,385 square feet of building area. The buildings had a range in gross rentals from a low of $21.00 to a high of $26.34 and none of these properties were in a tax-exempt building and thus an adjustment to each was consider applicable. The adjustment was based on the real estate taxes attributable to that space at that time and after deducting those expenses, an adjusted range in market rents was indicated from a low of $19.07 to a high of $23.63 per square foot of rentable building area. The majority of the leases were in the $19.07 to $19.84 per square foot of rentable space range after deducting the real estate taxes. These comparable rentals were all considered to be very comparable to the subject property from a size, location, condition, etc. standpoint and thus it was our opinion that a rental rate for the subject within this range was most applicable. Therefore, we have estimated the market rent for the credit union space based on a unit rental rate of $19.50 per square foot of rentable building area. This would be a gross rental with the tenant responsible for their own electric use. Based on our review of the rental information, it is our opinion that a market rental rate of $19.50 per square foot of rentable building area would be applicable. 3,385 square feet x $19.50 per Square Foot = $66,007.50 say $66,000 Annually 25 The URBAN Group REALESTATE CONSULTANTS RECONCILIATION The review of the comparable rental data indicated an adjusted range in unit rental rates on an annual basis from roughly $19 to $20 per square foot of rentable building area. From the review of the comparable rentals, it was our opinion that unit rental rate of $19.50 per square foot of rentable space would be applicable. This rate does not include the real estate taxes as the subject building is exempt from real estate taxes. Based upon our review of the subject's location, size and condition, it is our opinion that the market rent for the subject office facility operated as the City of Miami Firefighters Credit Unions located at 1111 NW 7t' Street, aka 1111 NW S. River Drive as of February 1, 2019, is as follows: MARKET RENT OF CREDIT UNION OFFICE SPACE SIXTY-SIX THOUSAND DOLLARS ANNUALLY ($66,000) 26 The URBAN Group REALESTATE CONSULTANTS ASSUMPTIONS AND LIMITING CONDITIONS The legal description furnished to the appraiser is assumed to be correct. All existing liens and encumbrances have been considered, however, the property is appraised as though free and clear, under responsible ownership and competent management. The information identified in this report as being furnished to the appraiser by others is believed to be reliable; however, the appraiser assumes no responsibility for its accuracy. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. It is assumed that the utilization of the land any improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. The distribution, if any, of the total valuation in this report between land and any improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. Possession of this report, or copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event, only with proper written qualifications and only in its entirety. It is assumed that the building size is accurate. 27 The URBAN Group REALESTATE CONSULTANTS ASSUMPTIONS AND LIMITING CONDITIONS (Continued) Disclosure of the contents of this appraisal is governed by the bylaws and regulations of the American Society of Appraisers. The appraiser herein by reason of the appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in questions unless arrangements have been previously made. Neither all, nor part of the contents of this report, especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected, shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. I have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since I have no direct evidence relating to this issue, I did not consider possible non-compliance with the requirements of ADA in estimating the value of the property. Unless otherwise stated in this report, the existence of hazardous materials, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on, or in the property. The appraiser is not qualified to detect such substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. 28 The URBAN Group REALESTATE CONSULTANTS CERTIFICATION I certify that, to the best of our knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimated, the attainment of a stipulated result, or the occurrence of a subsequent event. My analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice of The American Society of Appraisers and The Appraisal Foundation. I have made a personal inspection of the property that is the subject of this report. I have not performed any services regarding the property as an appraiser or in any other capacity during the past three years. John F. Zink provided significant professional assistance in the preparation of this report including research and sales data collection. My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice. I have met or exceeded the minimum prescribed educational requirements for Recertification as an Accredited Senior Appraiser (ASA) of the American Society of Appraisers. l r r� Robert D. Miller, ASA State Certified General R.E. Appraiser No. RZ1270 29 The URBAN Group REALESTATE CONSULTANTS ADDENDUM 1M IM I� �71 111 1m■F Mmr, 10 m r lmsi r■m■ PHOTOGRAPHS OF THE SUBJECT PROPERTY 7-761111,Tb11 CEfj-"Will [ �1 11 View of Front on Buil Street View looking westerly 1 4 711 -7 2 RE W� - 1W nth Street Entrance View of rear or South River Drive entrance ,rr a! L cal office Teller waiting area Men's bathroom on first floor r 71 Vault View of teller area from second level Bathroom st. w 740 Break room on second floor First floor reception area QUALIFICATIONS ROBERT D. MILLER, ASA EDUCATION: Appraisal Institute Courses SSP Standards of Professional Practice I -A Fundamentals of Real Estate Appraisal I-B Capitalization Theory and Techniques 8 Appraising a Single -Family Residence 2-1 Case Studies in Real Estate Valuation 2-2 Report Writing Business Valuation Seminar Litigation Valuation Other Appraisal Courses Mass Appraisal of Residential Properties Florida State Law and USPAP Factory Built Housing Automated Valuation Models PROFESSIONAL Senior Member of American Society of Appraisers - AFFILIATION: South Florida Chapter No. 82 — Accredited Senior Appraiser (ASA) Real Property Urban LICENSED: Real Estate Broker- State of Florida- Inactive Certified General Real Estate Appraiser RZ#1270- State of Florida EXPERIENCE: 1995-Present Real Estate Appraiser and Subconsultant 1993-1995 Vice President -The Urban Group, Inc. 1978-1993 Real Property Analysts, Inc., Fort Lauderdale, Florida, Executive Vice President 1987 Involved in United States Senate Study Right -of -Way Acquisition Procedures QUALIFIED AS EXPERT WITNESS FOR: Condemnation proceeding in Lake, Kankakee, Cook and DuPage Counties, Illinois and Broward, Dade, Monroe, Palm Beach and Duval Counties, Florida. Testified in Bankruptcy Court in Florida and Texas and Federal Court in Miami, Florida HAS COMPLETED: Appraisal Assignments Commercial, vacant and improved Condemnation projects Industrial, vacant and improved Multi -family residential, Mobile Home Parks Office, vacant and improved Special purpose properties Counseling Acquisition projects Income tax analysis Investment analysis Tax assessments ROW Cost Analysis Special assessments Review Services VARIOUS CLIENTS OVER THE PAST TEN YEARS GOVERNMENT PRIVATE ATTORNEY BROWARD COUNTY BROWARD COUNTY AVIATION DEPARTMENT BROWARD COUNTY SCHOOL BOARD CHARLOTTE COUNTY CITY OF CORAL SPRINGS CITY OF FORT LAUDERDALE CITY OF FORT MYERS CITY OF HALLANDALE BEACH CITY OF HOLLYWOOD CITY OF LAUDERDALE LAKES CITY OF KEY WEST CITY OF MIRAMAR CITY OF MIAMI SPRINGS CITY OF POMPANO BEACH CITY OF RIVIERA BEACH CITY OF SUNRISE FEDERAL AVIATION ADMINISTRATION FLORIDA DEPARTMENT OF TRANSPORTATION LEE COUNTY PALM BEACH COUNTY PALM BEACH COUNTY SCHOOL BOARD SMALL BUSINESS ADMINISTRATION SOUTH FLORIDA WATER MANAGEMENT TOWN OF DAVIE US DEPARTMENT OF HOUSING & URBAN DEVELOPMENT ALTMAN DEVELOPMENT CORPORATION BELLSOUTH MOBILITY CLEAR CHANNEL OUTDOOR CLEVELAND CLINIC LENNAR HOMES THE TAUBMAN COMPANY SBA TOWERS INC. UNITED HOMES WAL-MART CORPORATION ACKERMAN SENTERFITT JAMES BRADY & ASSOCIATES BECKER & POLIAKOPF BRIGHAM-MOORE COKER AND FEINER BRIAN PATCHEN PA HOLLAND & KNIGHT DALE BRUSCHI PA TEW CARDENAS VANCE DONEY & MACGIBBON GOREN CHEROF DOODY & EZROL PA WEIS S-SEROTA-HELFMAN