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Exhibit D
APPRAISAL REPORT Ancillary Building; Repair Shop & Boat Dock Racks Area 3501 Rickenbacker Causeway Miami, Miami -Dade County, FL 33149 Job # L-08-23-014 PREPARED FOR Ms. Ashley McGregor Special Projects Assistant - Department of Real Estate and Asset Management City of Miami 444 SW 2 Avenue 3rd Floor Miami, FL 33130 PREPARED BY Joseph J. Blake and Associates, Inc. 5201 Blue Lagoon Drive Suite 270 Miami, FL 33126 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 5201 Blue Lagoon Drive, Suite 270 I Miami, FL 33126 I Phone: (305) 448-1663 I Fax: (305) 448-7077 I www.iosephiblake.com January 22, 2024 Ms. Ashley McGregor Special Projects Assistant - Department of Real Estate and Asset Management City of Miami 444 SW 2 Avenue 3rd Floor Miami, FL 33130 Re: Ancillary Building; Repair Shop & Boat Dock Racks Area 3501 Rickenbacker Causeway Miami, FL 33149 Dear Ms. McGregor: As requested, we have prepared an appraisal of the property referenced above presented in the attached Appraisal Report. The purpose of the appraisal is to develop an opinion of the following values: Date of Value 11/9/23 Interest Appraised Leasehold Interest Value Type Market Rent Briefly described, the subject consists of an average quality 1-story marina related space, in average overall condition, containing approximately 638 SF of net rentable area and constructed in 1980. The space was previously used as a repair shop. The space is currently vacant. The subject's site consists of approximately 2,690 SF or approximately 0.06 acres of land. The site consists of a boat dock rack area, which was previously used as a boat launching ramp for the City of Miami (lessor). Per lease, the only permitted use of this site is for the purpose of launching boats and no other uses. At time of inspection, the boat dock rack area had four dry slips. Per conversation with marina representative at time of inspection, the slips have not been previously rented. Therefore, we have not considered any potential revenue associated with the dry slips if rented. The appraisal and the attached Appraisal Report have been prepared in conformity with and are subject to the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (USPAP). In preparing this appraisal, we considered the use of the three most widely recognized approaches to value: the Cost, Income Capitalization and Sales Comparison Approaches. The appraisal is subject to the attached Assumptions and Limiting Conditions and Definition of Market Value. The appraisal did not use or rely upon unsupported conclusions relating to bias, such as characteristics relating to race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, disability, group homogeneity, or any other prohibited basis. Regional Offices: Atlanta I Boston I Chicago I Dallas I Los Angeles I Miami I Orlando I Phoenix I New York City I San Antonio San Francisco I Washington D.C. Blake & Sanyu Alliance: Tokyo I Osaka I Nagoya I Tohoku January 22, 2024 Ms. Ashley McGregor Page 2 of 2 Based on the analysis of pertinent physical and economic factors, we have arrived at the following value opinions: Market rent breakdown for Repair Shop/Ancillary Building: 638 SF x $45.00 per SF = $28,710 or rounded to $30,000 annually or $2,500 monthly Market rent breakdown for Boat Rack Area: 2,690 SF x $140.00 SF = $376,600 or rounded to $380,000. Multiplying the subject's land value by the land capitalization rate, equates to $24,700 ($380,000 x 0.065) or rounded to $25,000 annually or $2,100 monthly. Value Date of Value Interest Appraised Value Type Value Opinion "Market Rent - Boat Rack Area" 11/9/23 Leasehold Interest Market Rent $25,000/Annually "Market Rent - Repair Shop/AncillaryBui !ding" 11/9/23 Leasehold Interest Market Rent $30,000/Annually EXTRAORDINARY ASSUMPTIONS This appraisal is not based on any extraordinary assumptions. HYPOTHETICAL CONDITIONS This appraisal is not based on any hypothetical conditions. The opinion(s) of value are based on exposure times of 6 to 12 months, assuming the property was properly priced and actively marketed. The attached Appraisal Report summarizes the documentation and analysis in support of our opinions. If you have any questions, please contact the undersigned. We thank you for retaining the services of our firm. Respectfully submitted, JOSEPH J. BLAKE AND ASSOCIATES, INC. Ted Allen, MAI, MRICS Orlando Santos Managing Partner Associate Appraiser Florida -State -Certified General Real Estate Appraiser Florida -State Registered Trainee Appraiser No. RZ426 No. R124452 Expires: November 30, 2024 Expires: November 30, 2024 tallen@josephjblake.com Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 TABLE OF CONTENTS TITLE PAGE TRANSMITTAL LETTER EXECUTIVE SUMMARY 1 PHOTOGRAPHS OF THE SUBJECT 4 CERTIFICATION 6 GENERAL ASSUMPTIONS & LIMITING CONDITIONS 8 INTENDED USER AND USE OF THE APPRAISAL 10 PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT 10 PURPOSE OF THE APPRAISAL AND PROPERTY RIGHTS APPRAISED 10 DEFINITION OF VALUE 10 EXPOSURE TIME 10 MARKETING TIME 10 SCOPE OF THE APPRAISAL 11 IDENTIFICATION OF THE PROPERTY 12 CURRENT USE OF THE SUBJECT 12 HISTORY OF THE SUBJECT 12 AREA ANALYSIS 13 NEIGHBORHOOD ANALYSIS 22 MARKET ANALYSIS 27 NATIONAL MARKET ANALYSIS 31 DESCRIPTION OF THE IMPROVEMENTS 37 ZONING 39 TAXES 40 HIGHEST AND BEST USE 41 ANALYSIS OF DATA AND CONCLUSIONS 43 LAND RENT 44 RENT COMPARABLE ANALYSIS 61 RECONCILIATION AND FINAL VALUE 71 ADDENDA Legal Description Zoning Information Flood Map Tax Information Prior Lease Appraisal Engagement Contract Glossary of Terms Qualifications of the Appraisers JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 EXECUTIVE SUMMARY PROPERTY SUMMARY PROPERTY APPRAISED Ancillary Building; Repair Shop & Boat Dock Racks Area PROPERTY ADDRESS 3501 Rickenbacker Causeway Miami, FL 33149 PARCEL/TAX ID 01-4217-000-0030 PROPERTY LOCATION The subject is located within Virginia Key, near Key Biscayne and along the Rickenbacker Causeway. PURPOSE OF THE APPRAISAL Value Date of Value Interest Appraised Value Type "Market Rent" 11/9/23 Leasehold Interest Market Rent PERTINENT DATES DATE OF INSPECTION November 9, 2023 DATE OF REPORT January 22, 2024 DATE OF "AS IS" MARKET RENT November 9, 2023 HIGHEST AND BEST USE AS IMPROVED The current improvements AS IF VACANT Is a commercial use that takes advantage of the subject's location within a marina. PROPERTY DATA IMPROVEMENT DATA Briefly described, the subject consists of an average quality 1- story marina related space, in average overall condition, containing approximately 638 SF of net rentable area and constructed in 1980. The space was previously used as a repair shop. The space is currently vacant. The subject's site consists of approximately 2,690 SF or approximately 0.06 acres of land. The site consists of a boat dock rack area, which was previously used as a boat launching ramp for the City of Miami (lessor). Per lease, the only permitted use of this site is for the purpose of launching boats and no other uses. At time of inspection, the boat dock rack area had four dry slips. Per conversation with marina representative at time of inspection, the slips have not been previously rented. Therefore, we have not considered any potential revenue associated with the dry slips if rented. SITE DESCRIPTION The subject's site contains 2,690 SF or 0.06 acres of land. The site is comprised of a boat dock racks area and a repair shop. CURRENT USE As of the date of the value opinion(s), the subject was being used as repair shop/ancillary building & boat rack area. For the purposes of this report, the subject is valued as repair shop/ancillary building & boat rack area. ZONING "CS," Civic Space Zone under the jurisdiction of the City of Miami. CENSUS TRACT 12-086-9804.00 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 1 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 EXECUTIVE SUMMARY VALUE SUMMARY Value Date of Value Interest Appraised Value Type Value Opinion "Market Rent - Boat Rack Area" 11/9/23 Leasehold Interest Market Rent $25,000/Annually "Market Rent - Repair Shop/Ancillary Building" 11/9/23 Leasehold Interest Market Rent $30,000/Annually Annual rental escalations have not been considered. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 2 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 EXECUTIVE SUMMARY BOAT RACK AREA MEASUREMENT TOW ii 46210 1240.9311,9 TV/0 wrIrgo 315'SefiCM/ 5an) REPAIR SHOP/ANCILLARY BUILDING MEASUREMENT lJawlak . f a r'4 m30 4% TOIM Vie 5090tre(5437rfl ..tr natar-• t1„N 72 pro JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 3 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 PHOTOGRAPHS OF THE SUBJECT Entry from Rickenbacker Cswy Rickenbacker Cswy looking SE Subject Dock Rack Area & Ancillary Building Rickenbacker Cswy looking NW Entry to Marine Stadium Marina Dry Slips JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 4 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 PHOTOGRAPHS OF THE SUBJECT Front View of Repair Shop/Ancillary Building Dock Rack Area & Dry Slips ENTER CAPTION HERE. Repair Shop Interior Repair Shop Interior Repair Shop Interior JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 5 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 CERTIFICATION We 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, impartial, and unbiased professional analyses, opinions, and conclusions. • We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. • We have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment. • We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. • Our engagement in this assignment was not contingent upon developing or reporting predetermined results. • Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. Orlando Santos, has also made a personal inspection of the property that is the subject of this report. • No one provided significant real property appraisal assistance to the persons signing this certificate. • As of the date of this report, Ted Allen, MAI, MRICS has completed the continuing education program for Designated Members of the Appraisal Institute. As of the date of this report, Orlando Santos has not completed the Standards and Ethics Education Requirements for Candidates/Practicing Affiliates of the Appraisal Institute. • The Appraisal Report is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. In addition, our engagement was not contingent upon the appraisal producing a specific value and neither engagement, nor employment, nor compensation, is based upon approval of any related loan application. • The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. • The use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 6 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 CERTIFICATION • We are professionally competent to perform this appraisal assignment by virtue of previous experience with similar assignments and/or appropriate research and education regarding the specific property type being appraised. JOSEPH J. BLAKE AND ASSOCIATES, INC. Ted Allen, MAI, MRICS Managing Partner Florida -State -Certified General Real Estate Appraiser No. RZ426 Expires: November 30, 2024 tallen@josephjblake.com Orlando Santos Associate Appraiser Florida -State Registered Trainee Appraiser No. R124452 Expires: November 30, 2024 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 GENERAL ASSUMPTIONS & LIMITING CONDITIONS This Appraisal Report is subject to underlying assumptions and limiting conditions qualifying the information contained in the Report as follows: The valuation opinion(s) apply only to the property specifically identified and described in the ensuing Report. Information and data contained in the report, although obtained from public record and other reliable sources and, where possible, carefully checked by us, is accepted as satisfactory evidence upon which rests the final opinion(s) of property value. We have made no legal survey, nor have we commissioned one to be prepared, and therefore, reference to a sketch, plat, diagram or previous survey appearing in the report is only for the purpose of assisting the reader to visualize the property. It is assumed that all information known to the client and/or the property contact and relative to the valuation has been accurately furnished and that there are no undisclosed leases, agreements, liens or other encumbrances affecting the use of the property, unless otherwise noted in this report. Ownership and management are assumed to be competent and in responsible hands. No responsibility beyond reasonableness is assumed for matters of a legal nature, whether existing or pending. We, by reason of this appraisal, shall not be required to give testimony as expert witness in any legal hearing or before any Court of Law unless justly and fairly compensated for such services. By reason of the Purpose of the Appraisal and the Intended User and Use of the Report herein set forth, the value opinion(s) reported are only applicable to the Property Rights Appraised, and the Appraisal Report should not be used for any other purpose. Disclosure of the contents of this Appraisal Report is governed by the By -Laws and Regulations of the Appraisal Institute. Neither all nor any part of the contents of this report (especially any opinions as to value, our identity, or the firm with which we are connected, or any reference to the Appraisal Institute or to the MAI Designation) shall be reproduced for dissemination to the public through advertising media, public relations media, news media, sales media or any other public means of communication without our prior consent and written approval. We have not been furnished with soil or subsoil tests, unless otherwise noted in this report. In the absence of soil boring tests, it is assumed that there are no unusual subsoil conditions or, if any do exist, they can be or have been corrected at a reasonable cost through the use of modern construction techniques. This appraisal is based on the conditions of local and national economies, purchasing power of money, and financing rates prevailing at the effective date(s) of value. We are not engineers and any references to physical property characteristics in terms of quality, condition, cost, suitability, soil conditions, flood risk, obsolescence, etc., are strictly related to their economic impact on the property. No liability is assumed for any engineering -related issues. Unless otherwise stated in this report, we did not observe the existence of hazardous materials, which may or may not be present on or in the property. 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 opinion is predicated on the assumption that there is no such material on or in the property that would cause a loss in value or extend their marketing time. No responsibility is assumed for any such conditions, or for the expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 GENERAL ASSUMPTIONS & LIMITING CONDITIONS Toxic and hazardous substances, if present within a facility, can introduce an actual or potential liability that may adversely affect marketability and value. Such effects may be in the form of immediate clean-up expense or future liability of clean-up costs (stigma). In the development of our opinion(s) of value, no consideration was given to such liabilities or their impact on value. The client and all intended users release Joseph J. Blake and Associates, Inc., from any and all liability related in any way to environmental matters. Possession of this report or a copy thereof does not imply right of publication, nor use for any purpose by any other than the client to whom it is addressed, without our written consent. Cash flow projections are forecasts of estimated future operating characteristics and are based on the information and assumptions contained within the Appraisal Report. The achievement of the financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured. Actual results may well vary from the projections contained herein. We do not warrant that these forecasts will occur. Projections may be affected by circumstances beyond our current realm of knowledge or control. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether 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 for 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. Unless otherwise stated in this report, we have no direct evidence relating to this issue and we did not consider possible non-compliance with the requirements of the ADA in forming the opinion of the value of the property. EXTRAORDINARY ASSUMPTIONS This appraisal is not based on any extraordinary assumptions. HYPOTHETICAL CONDITIONS This appraisal is not based on any hypothetical conditions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 9 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 INTRODUCTION INTENDED USER AND USE OF THE APPRAISAL The intended user of this appraisal is the client, City of Miami. We assume any affiliates, successors and assigns noted herein have the same intended use, knowledge and understanding as the original named client. The intended use of this appraisal is to assist the client with determining market rent, including a highest and best use analysis. This appraisal is not intended to be used by any other parties, for any other reasons, other than those which are stated here. Non -identified parties are not intended users of this report. PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT The date of the report is January 22, 2024. The date of the inspection was November 9, 2023. This Appraisal Report, with its analyses, conclusions and final opinions of market rent, is specifically applicable to the following date(s) of valuation: Value "Market Rent" Date of Value 11/9/23 PURPOSE OF THE APPRAISAL AND PROPERTY RIGHTS APPRAISED Date of Value Interest Appraised 11/9/23 Leasehold Interest Value Market Rent DEFINITION OF VALUE Value Type Market Rent Value Definition The most probable rent that a property should bring in a competitive and open market under all conditions requisite to a fair lease transaction, the lessee and lessor each acting prudently and knowledgeably, and assuming the rent is not affected by undue stimulus. Implicit in this definition is the execution of a lease as of a specified date under conditions whereby • Lessee and lessor are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and • The rent reflects specified terms and conditions typically found in that market, such as permitted uses, use restrictions, expense obligations, duration, concessions, rental adjustments and revaluations, renewal and purchase options, frequency of payments (annual, monthly, etc.), and tenant improvements (Tls). Value Source Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) EXPOSURE TIME To arrive at an estimate of exposure time, we reviewed exposure periods of comparable sales and listings. We are of the opinion that 6 to 12 months is a reasonable exposure time, assuming the property was reasonably priced and actively marketed. MARKETING TIME To arrive at an estimate of marketing time, we reviewed marketing periods of comparable sales and listings. It is our opinion that a marketing time of 6 to 12 months is considered reasonable for the subject property. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 10 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 INTRODUCTION SCOPE OF THE APPRAISAL The scope of an appraisal assignment is relative to the intended use of the appraisal. The following outlines the extent of property inspection, market data collection, verification and analysis performed for this assignment. Inspection Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. Orlando Santos, has also made a personal inspection of the property that is the subject of this report. This inspection included the interior and exterior of the subject. The inspection was visual in nature, to assess the economic condition of the property, in order to effectively compare it to other properties in the market. We are not engineers, and we did not assess the property from the standpoint of its structural integrity, or to determine whether any latent defects (water leaks, plumbing or electrical problems, etc.) were present. Subject Physical and Economic Characteristics The types of information obtained and the sources providing such information are detailed in the following table. Information Sources Information Type Received? Source Legal Description Yes County Zoning Information Yes County Flood Map Yes FEMA Tax Information Yes County Site Plan No Client Prior Lease Yes Client Appraisal Engagement Contract Yes Client Type of Analysis Applied A rental analysis of marina related spaces and a land value analysis of the subject's boat rack area was applied in this valuation analysis. Extent of Data Research General economic data and market data were reviewed. Comparable sales were compiled from published sources including various reliable publications. Market data compiled for this report include a variety of rent comparables and improved property sales. These data are a result of research specific to the market and pertinent to the subject. The data were verified by buyers, sellers, brokers, managers, government officials or other sources regarded as knowledgeable and reliable. A rental survey for the repair shop/ancillary space of competing properties was conducted as well as a land value analysis, and we provide photographs of all the comparable sales and rentals, where available. Information specific to the subject —such as site dimensions and subject history —was provided by the client, owner, and/or representatives of the owner, and is assumed to be correct. Other information, such as zoning and tax records, was obtained from governmental sources. Specific estimates concerning land value and rental estimates, reflect our judgment based on interpretation of the market data. The reasoning behind such estimates is illustrated throughout each of the approaches. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 11 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 INTRODUCTION IDENTIFICATION OF THE PROPERTY The property address and tax parcel numbers as identified by the Miami -Dade County Property Assessor's Office are as follows: City Miami County Miami -Dade County State Zip Parcel ID/Tax ID FL 33149 01-4217-000-0030 We received a legal description of the subject property and it can be found in the addenda section. The legal description of the property is assumed to be correct. We have not commissioned a survey, nor have we had one verified by legal counsel. Therefore, we suggest a title company, legal counsel, or other qualified expert verify this legal description before it is used for any purpose. CURRENT USE OF THE SUBJECT As of the date of the value opinion(s), the subject was being used as follows. For the purposes of this report, the subject is valued as follows. Current Use Appraised Use Repair shop/ancillary building & boat rack area Repair shop/ancillary building & boat rack area HISTORY OF THE SUBJECT The leasehold position of the subject is currently owned by the City of Miami. The most recent lease at the subject was between the City of Miami and the permitted use of the subject was to provide the City's boat launching ramp, and for no other purpose. The previous lease, made on July 30th, 2009 between the City of Miami and Rickenbacker marina, stated the permitted use for the subject area was to provide with the use of the city boat launching ramp, and for no other purpose whatsoever. The lessee was to pay to the lessor a monthly use fee of $4,500. We are not aware of any listings, real property transactions, or ownership transfers pertaining to the subject in the three years prior to the date of the value opinion, other than that which is reported here. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 12 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 AREA ANALYSIS AREA MAP — = II WYNVGOD A.L_APATTAH l� Little Gables Coral Gables SOUTHWES 3CDNUT GROVE CORAL WAY ' Miami each i Lt — -Dow k1oWN Dodge fsfarr"ti Miami Fisher Island Virginia Kay Key Biscayne Map data ©2023 Google INTRODUCTION To evaluate the factors that influence a property's income potential over the projection term, we analyze economic indicators at the macro or citywide level and work down to the more specific micro or subject property level. The subject property is located in the City of Miami, within Miami -Dade County and the State of FL. Reference is made to the area map identifying the location of the subject property above. The following analysis includes an overview of the region, as well as historical and projected trends of income, population and employment for the subject's area. LOCATION The subject is located in Miami -Dade County, FL . Our regional, demographic, and economic analyses are based on data extracted from Site To Do Business/ESRI, U.S. Bureau of Labor Statistics, and the U.S. Census Bureau. This data has been extrapolated from various databases and are the most current available. The combined databases include various economic and demographic variables for the subject's respective area. The Site To Do Business/ESRI database includes population estimates, households, household income, home value, employment by industry and related data. This data is based on 2023 populations with projections through 2028. The U.S. Bureau of Labor Statistics provided area unemployment trends. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 13 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 AREA ANALYSIS POPULATION Population within Miami -Dade County, FL is currently indicated at 2,733,765 and is expecting an increase to 2,772,490 within five years, an increase of approximately 1.42% over the five-year period, or 0.28% per year. Comparatively, the national population is projected to increase annually by 0.30% over the same period. The current population is higher than the population indicated at the 2020 census, which was 2,701,767. Population at the previous census in 2010 was 2,496,435, indicating a long-term growth rate from 2010 to 2023 of 0.73% per year. 2,850,000 2,800,000 2,750,000 2,700,000 2,650,000 2,600,000 2,550,000 2,500,000 2,450,000 2,400,000 2,350,000 2,300,000 2,496,435 2010 POPULATION 2,701,767 2020 2,7.7.2,490 2,733,765 '.. 2023 2028 (Est.) Households are expected to follow a similar trend, with total households within Miami -Dade County, FL increasing from 989,193 in 2023 to 1,019,262 in 2028, with a current 2.73 persons per household. The national average household size in 2023 is 2.53. There were 867,352 households in 2010 and 967,414 households in 2020, indicating a long-term growth rate of 1.08% from 2010 to 2023. 1,050,000 1,000,000 950,000 900,000 850,000 800,000 750,000 867;352 HOUSEHOLDS 967,414 989,193 1,019,262 2010 2020 2023 2028 (Est.) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 14 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 AREA ANALYSIS The median age in Miami -Dade County, FL is currently indicated at 39.6 years, up from 2010, when the median age was 38.1 years. The population is expected to increase in 2028, with the median age projected as 40.2 years. The median age nationally in 2023 is 39.1. 41.5 41.0 40.5 40.0 39.5 39.0 38.5 38.0 37.5 37.0 36.5 MEDIAN AGE 41.0 38.1 1 .4a.2 2010 2020 2023 2028 (Est.) 12.30% 2020 POPULATION BY AGE 5.70% 12.30% 12.90% 13.60% 14.90% 11.80% 5.90% 5.70% 5.30% 2023 6.50% 12.00% 12.40% 14.70% 13.60% 11.60% 5.80% 5.40%0 5.40% 2028 (Est.) ■ 85+ ■ 75-84 65 - 74 ■ 55-64 ■ 45-54 ■ 35-44 ■ 25-34 ■ 15-24 ■ 10-14 ■ 5-9 ■ 0-4 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 15 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 AREA ANALYSIS POPULATION (25+) BY EDUCATION ■ Less than 9th Grade: 7.4% ■ 9th - 12th Grade, No Diploma: 7.3% ■ High School Graduate: 24.0% ■ GED/Alternative Credential: 2.8% ■ Some College, No Degree:13.1% ■ Associate Degree: 10.6% Bachelor's Degree: 21.9% Graduate/Professional Degree: 13.0% INCOME Site To Do Business/ESRI reports current median household income at $60,992, which is forecasted to increase to $72,938 by 2028, an increase of 19.59%. Similarly, per capita income is expected to increase from its current level of $34,693 to $41,147 by 2028, an increase of 18.60%. In 2023, the national median household income is $72,603 and the national per capita income is $41,310. According to ESRI, Miami -Dade County, FL has a wealth index of 79, indicating less wealth when compared to the national average of 100. $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 HOUSEHOLD INCOME $60,992 $95,752 $72,938 $111,802 2023 2028 (Est.) ■ Median ■ Average JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 16 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 AREA ANALYSIS 1,200,000 1,000,000 800,000 600,000 400,000 HOUSEHOLDS BY INCOME 8.90% 14.00% 12.50% 17.00% 11.80% • 2023 10.70% 2028 (Est.) ■ $200,000+ $150,000 - $199,999 ■ $100,000 - $149,999 ■ $75,000 - $99,999 ■ $50,000 - $74,999 ■ $35,000 - $49,999 ■ $25,000 - $34,999 ■ $15,000 - $24,999 ■ <$15,000 HOUSING According to Site To Do Business/ESRI, there were approximately 989,435 housing units in Miami -Dade County, FL as of the 2010 census. That figure increased to 1,074,685 housing units as of the 2020 census. Current estimates indicate 1,102,152 housing units, an increase of 2.56% from the 2020 census. Housing units are forecasted to grow to 1,138,745 units in 2028, indicating a growth rate of 3.32% over the five-year period. Owner -occupied units comprise the majority of the housing stock in the area. Current estimates indicate that approximately 45.4% of total housing units are owner -occupied, with 44.4% of units occupied by renters. The balance of the units, 10.2%, are vacant. In 2028, the mix is expected to shift to 44.9% owner -occupied units and 44.6% renter -occupied units. Nationally in 2023, 58.50% are owner -occupied, 31.70% are occupied by renters, and 9.80% are vacant. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 17 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 AREA ANALYSIS The ESRI Housing Affordability Index (HAI) has a base of 100, representing an area where median income is sufficient to qualify for a loan on a home valued at the median home price and not be cost -burdened, defined as spending more than 30 percent of income on housing -related costs. The higher the index is over 100, the more affordable the housing is in the area. An index of below 100 indicates housing is less affordable and a typical resident cannot purchase a home in the area without being cost -burdened. Miami -Dade County, FL has a Housing Affordability Index of 61, indicating that the median income is not sufficient for a typical resident to purchase a median value home in the area. The national Housing Affordability Index in 2023 is 94, indicating Miami -Dade County, FL is less affordable than the national average. Assuming the national average effective mortgage rate from the Federal Housing Finance Agency (FHFA), a 30-year mortgage, and a 20% down payment, the typical resident in Miami -Dade County, FL spends 39.9% of their household income on mortgage payments. Nationally, the percent of income used for a mortgage is 25.60%. 600,000 500,000 400,000 300,000 200,000 100,000 OWNER OCCUPIED HOUSING UNITS BY VALUE 18.20% 6.70% 5.70% 4.00% 2023 2028 (Est.) ■ $2,000,000+ ■ $1,500,000- $1,999,999 ■ $1,000,000- $1,499,999 ■ $750,000 - $999,999 ■ $500,000 - $749,999 $400,000 - $499,999 ■ $300,000 - $399,999 ■ $250,000 - $299,999 ■ $200,000 - $249,999 ■ $150,000 - $199,999 ■ $100,000 - $149,999 In 2023, the median home value is $405,073. It is expected to increase to $427,015 by 2028, indicating an annual home appreciation rate of 1.08%. The median home value nationally in 2023 is $308,943. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 18 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 AREA ANALYSIS $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 $405,073 HOME VALUE $505,812 $427,015 $536,748 2023 2028 (Est.) ■ Median ■ Average EMPLOYMENT Miami -Dade County, FL currently employs 1,430,093 workers according to Site To Do Business/ESRI. The U.S. Bureau of Labor Statistics currently reports unemployment at 1.5%, as of September 2023, which is lower than the long-term average of 5.2% since January 2013. Unemployment peaked in May 2020 at 12.0%. Year to date, unemployment has averaged 1.9%, down from last year's 2.6% average. 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 7.6% 6.8% UNEMPLOYMEN1 6.1% 5.6% 4.8% 3.7% 8.4% 5.6% 2.9% 2.6% 1.9% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 19 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 AREA ANALYSIS EMPLOYED POPULATION (16+) BY INDUSTRY 3.6% 0.6% 4.6% 2.6% 1.7% • Agriculture/Mining: 0.6% • Construction: 8.5% • Manufacturing: 4.6% • Wholesale Trade: 2.6% • Retail Trade: 10.4% • Transportation/Utilities: 9.6% • Information: 1.7% I_ Finance/Insurance/Real Estate: 8.3% • Services: 50.1% • Public Administration: 3.6% EMPLOYED POPULATION (16+) BY OCCUPATION ■ White Collar: 59.8% • Management/Business/Financial: 18.1% ■ Professional: 19.7% ■ Sales: 10.6% ■ Administrative Support: 11.3% ■ Services: 18.7% ■ Blue Collar: 21.5% Farming/Forestry/Fishing: 0.3% i Construction/Extraction: 5.9% • Installation/Maintenance/Repair: 3.1% • Production: 3.2% JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 20 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 AREA ANALYSIS 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% EMPLOYMENT/UNEMPLOYMENT BY AGE 10.0% 2.4% ■ 16-24 67.0% 1.4% 25-54 16.4% 6.6% 1.3% 55 - 64 65+ ■2023 Employed ■2023 Unemployed CONCLUSION An analysis of South Florida and more specifically, Miami -Dade County, demonstrates that the area has historically been on a path of growth. Previous population growth is primarily due to in -migration, with the majority of the migrants coming from within the state, as well as New York, Georgia and international sources. Many of the factors that led to Miami -Dade County's historical success remain in place. Therefore, the countywill likely continue to grow. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 21 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 MARKET ANALYSIS NEIGHBORHOOD MAP L'a 'N'A'CCeD L_ARAT—AII 11 ' • 1l _ rl LITTLEHAVANA pp Dt WNTOWN IdIAMI Little Gables Coral Gables COCONU— OROVE SOU—hI'l:ES— COCTNU— CROVE Dodge island Key Biscayne INTRODUCTION A property is an integral part of its surroundings and must not be treated as an entity separate and apart from its surroundings. The value of a property is not found exclusively in its physical characteristics; physical, economic, political and sociological forces in the area interact to give value to a property. In order to determine the degree of influence extended by these forces on a property, their past and probable future trends are analyzed. Therefore, in order to form an opinion of the value of a property, an analysis is made of the area in which the property under study is found. This area is referred to as a neighborhood. A neighborhood can be a portion of a city, a community or an entire town. It is usually an area which exhibits a fairly high degree of homogeneity as to use, tenancy and certain other characteristics. Homogeneity is a state of uniform structure or composition throughout. Therefore, in real estate terminology, a homogeneous neighborhood is one in which the property types and uses are similar. A neighborhood is more or less a unified area with somewhat definite boundaries. As a neighborhood's boundaries serve to limit the physical area that exerts germane influences on a property's value, the boundaries may indeed run concurrent with variations in prevailing land uses or physical characteristics. LOCATION The subject is located within Virginia Key, along the Rickenbacker Causeway. Virginia Key is an 863-acre barrier island in Miami, Florida, in Biscayne Bay, south of Brickell and north of Key Biscayne. It accessible from the mainland via the Rickenbacker Causeway. Neighborhood boundaries are considered to be the Island of Virginia Key. Just south of the island of Virginia Key is the island of Key Biscayne, both of which are connected to the mainland by a single roadway, the Rickenbacker Causeway. In 1986 the causeway was widened to six lanes and a new high-level fixed span bridge was constructed over the Intracoastal Waterway. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 22 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 MARKET ANALYSIS The Causeway is a toll road, owned and operated by Miami -Dade County. Also known as State Road 913 west of the toll plaza, the causeway's northbound continuation is a flyover ramp with forks to northbound Interstate 95 and southbound South Dixie Highway; the southbound continuation is Crandon Boulevard, which extends roughly five miles through the center of Key Biscayne, terminating near the Cape Florida Lighthouse in Bill Baggs Cape Florida State Park. ACCESSIBILITY The subject site has access from the Rickenbacker Causeway. Access to the subject site is via an interior access road from the Rickenbacker Causeway. DEVELOPMENT The island is mainly occupied by the Virginia Key Beach Park, Miami Seaquarium, and the University of Miami Rosenstiel School of Marine and Atmospheric Science. Other facilities include the former Miami Marine Stadium, the National Marine Fisheries Service Southeast Fisheries Science Center, and an office of the U.S. National Oceanic and Atmospheric Administration. On February 22, 2008, the Virginia Key Beach Park Trust re -opened the Virginia Key Beach Park to the public. Today, it contains the largest mangrove wetland in the state. Historic landmarks such as the bathhouse, concession stand, carousel house, train tunnel, and picnic pavilions were renovated and opened for public use. Along the causeway onto Virginia Key is a long strip of bay front popular with windsurfers and sailors, called Hobie Beach after the Hobie Cats that set sail from the shore. It's also the only Miami -area beach that allows dogs. Nearby there are rest rooms and the site contains a great view of the curving shoreline. The Miami Seaquarium is a marine park on Virginia Key that has one of the world's largest collections of marine animals; some 10,000 specimens. Open in 1955, the 38-acre park provides marine life exhibits and several daily marine mammals shows. The Rosenstiel School of Marine and Atmospheric Science, founded by F.G. Walton Smith, is the University of Miami's graduate school of marine and atmospheric science. Located on a 16-acre campus on Virginia Key, it is the only tropical applied and basic marine and atmospheric research institute of its kind in the continental United States. The Rosenstiel School conducts a broad range of research on local, regional, national and global levels. The Maritime and Science Technology (MAST) Academy public magnet school is located on Virginia Key. Several hundred high school specially -selected students from Miami get their education at MAST Academy. To the south of the subject property, in the Village of Key Biscayne, there are several large resort hotels, condominium complexes and shopping centers on the island. The Village has its own fire, police and public elementary and middle school. In 2004, the Village completed the construction of a civic center including fire, police and administration buildings and a recreation and community center with indoor multiple use courts, outdoor swimming pool and a renowned musical theater program. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 23 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 MARKET ANALYSIS DEMOGRAPHICS The Site To Do Business is a service that provides demographic data, including historical, current and forecasted population estimates for a specified region. Patterns of development, density and migration are reflected in the population estimates. A survey of the subject area's population and growth rate is summarized in the following charts, followed by a map of the surveyed area. Summary Population Households Families Average Household Size Owner Occupied Housing Units Renter Occupied Housing Units Median Age Population by Age 0-4 5-9 10 - 14 15 - 19 20 - 24 25 - 34 35-44 45 - 54 55-64 65 - 74 75 - 84 85+ Households by Income <$15,000 $15,000 - $24,999 $25,000 - $34,999 $35,000 - $49,999 $50,000 - $74,999 $75,000 - $99,999 $100,000 - $149,999 $150,000 - $199,999 $200,000+ Median Household Income Average Household Income Per Capita Income Demographics 2023 1 mile 3 mile 5 mile 0 0 0 0.00 0 0 0.0 105,615 54,397 21,128 1.91 17,515 36,882 38.6 337,702 158,584 73,045 2.10 48,146 110,438 39.6 1 mile 3 mile 5 mile 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 4.2% 3.9% 3.8% 3.3% 5.8% 21.7% 18.5% 12.4% 10.3% 9.0% 5.2% 1.9% 4.7% 4.7% 4.6% 4.1% 5.8% 18.0% 16.5% 12.7% 11.2% 9.6% 5.9% 2.2% 1 mile 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% $0 $0 $0 3 mile 11.50% 6.50% 5.30% 6.40% 13.90% 11.20% 16.70% 11.30% 17.30% $87,909 $134,696 $69,269 5 mile 14.60% 8.70% 7.50% 9.80% 14.90% 10.40% 13.30% 7.60% 13.20% $63,744 $110,339 $51,876 Source: Site To Do Business 1 mile 0 0 0 0.00 0 0 0.0 1 mile 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1 mile 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% $0 $0 $0 2028 3 mile 122,704 64,050 25,055 1.89 18,916 45,133 38.6 3 mile 4.3% 3.6% 3.4% 3.5% 7.6% 21.1% 17.0% 12.9% 9.9% 8.9% 5.7% 2.1% 3 mile 9.60% 5.00% 4.70% 5.80% 13.20% 12.00% 18.00% 12.90% 5 mile 369,841 177,393 81,785 2.06 50,476 126,916 40.1 5 mile 4.9% 4.4% 4.4% 4.4% 6.7% 16.9% 15.9% 12.9% 10.9% 9.8% 6.5% 2.5% 5 mile 12.40% 6.80% 6.50% 8.50% 14.50% 11.30% 15.40% 9.80% 18.90% 14.90% $99,309 $77,184 $149,597 $126,233 $78,008 $60,611 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 24 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 MARKET ANALYSIS Trends: 2023 - 2028 Annual Rate 1 mile Radius Area State National Population 0.00% 0.63% 0.30% Households 0.00% 0.77% 0.49% Families 0.00% 0.74% 0.44% Owner HHs 0.00% 0.93% 0.66% Median Household Income 0.00% 3.34% 2.57% 3 mile Radius Area State National Population 3.04% 0.63% 0.30% Households 3.32% 0.77% 0.49% Families 3.47% 0.74% 0.44% Owner HHs 1.55% 0.93% 0.66% Median Household Income 2.47% 3.34% 2.57% 5 mile Radius Area State National Population 1.83% 0.63% 0.30% Households 2.27% 0.77% 0.49% Families 2.29% 0.74% 0.44% Owner HHs 0.95% 0.93% 0.66% Median Household Income 3.90% 3.34% 2.57% Source: Site To Do Business NEIGHBORHOOD/AREA COMPARISON Category 1 mile 3 mile 5 mile Area Median Household Income $01 $87,909 $63,744 $60,992 Average Household Income $0 $134,696 $110,339 $95,752 Per Capita Income $0 $69,269 $51,876 $34,693 Average Household Size 0.00 1.91 2.10 2.73 Median Age 0.01 38.6` 39.6 39.6 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 25 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 MARKET ANALYSIS L.6IQYCL U1 LIiUL6lUI liami Springs Miami International Airport 9 r LAGAMI 45i st Miami rrace Little Gable Coral Gable WYNWOEDo- 17 Bayside Marketplace riAVANA The K. mpong, University Naldnal of Miami Tro 'ical Bola -cal... oulh Miami rc re st dens Ponce -Davis Fairchild Tropical Botanic Garden R Hardy st Matheson Go gIeCourlty APA Ah pDMIAIMI6�JN Dodge is!aiid 439Miami Miami Beach • apical Miami Beach 0ou •I ©EAer Fisher Island F elpiuiie Memorial R e l Crandon Park Key Biscayne Bill Baggs Cape FI■ e Park Emerald ree Keyboard shortcuts Map data 02023 Boogie Terms Report a map error LIFE CYCLE A neighborhood's life cycle usually consists of four stages: • Growth - a period during which the neighborhood gains public favor and acceptance • Stability - a period of equilibrium without marked gains or losses • Decline - a period of diminishing demand • Revitalization - a period of renewal, redevelopment, modernization, and increasing demand Source: The Appraisal of Real Estate, 15th Edition From a general examination, it appears that the neighborhood is in the stability stage. NEIGHBORHOOD ANALYSIS CONCLUSION In conclusion, we are of the opinion that the subject's neighborhood should experience continued stability based upon the solid foundation is has established. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 26 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 MARKET ANALYSIS MARINA INDUSTRY ECONOMIC OUTLOOK REPORT 2023 The following data, 2023 Market Research Report - Marinas, was prepared by Kentley Insights in December of 2022. According to this report, the overall 2022 revenue for the Marina industry was $6.5 billion. Over the past three years, industry revenue has been growing at a rate of 11.5% per year. The breakdown of operating expenses for the industry is as follows: 42% for employee expenses, 11% for property expenses, 17.3% for equipment expenses, 1.3% for IT expenses, 10.8% for miscellaneous expenses, while 17.6% was spent on other operating expenses. Industry Snapshot - Revenue & Growth Below is the revenue and growth snapshot for the Marinas industry_ covering industry size. growth. forecasts. revenue per company, product line concentration. pricing. sales per capita, and sales per location, and benchmark how many of these metrics compare to the industries within the service sector. Overall Industry Size The overall 2022 revenue for the Marinas industry was $6.5 billion. The industry is below average in industry size, ranking in the bottom 40% of service industries in terns of size. Overall Industry Growth Over the past 3 years. industry revenue have been growing at an annual rate of 11.5% per year. This growth rate is significantly outpacing the 6.2°r average for service industries and ranks it in the top 20° of MI service industries. Overall Industry Growth Forecast Given the rnacroeconomic climate and industry dynamics. the forecasted industry revenue growth rate for the next 5 years is 2..9% per year for the htannas industry. Revenue per Company In 2022. the average revenue per company for Elie industry was approximately S1.6 million. which grew at a 9.9°/ annual rate over the past 3 years. Product Line Concentration In the Marinas industry. the lop 3 product lines make up 53% of revenue, which ranks in the bottom 20% of service industnes. Pricing & inflation From 2021 to 2022, pace inflation for the industry was 1.7%. while over the past 5 years. inflation has averaged 2.6% per year. Sales per Capita For the Mannar industry. Rhode Island has the highest sales per capita at S132. This is 630% higher than the average $18 percapita across the U.S. Sales per Location Far the industry. Nevada has the highest sales per location at $4.7 million. which is 236% higher than the tt_S. average of 51.4 million in sales per location. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 27 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 MARKET ANALYSIS Pricing and Inflation Below is the historical and forecasted inflation for the marina industry. Marinas Industry Inflation (Indexed at 100 in 2006) 2.00 - 1.50 - 1.00 - 0.50 - I I I 1 1 2014 2015 2016 2017 2018 2019 2020 2021 2022 est 2023 fcst 2027fcst Avg. Inflation 1.24 1.28 1.33 1.38 1.42 1.45 1.52 1.53 1.56 1.66 1.86 Annual Growth 3.5% 3.7% 3.7% 3.1% 2.5% 4.2% 1.3% 1.7% 6.1% 3.0% Compound Annual Growth Rate 2.4% 3-Year 2.6% 5-Year From 2021 to 2022, price inflation for the industry was 1.7%. Over the past five years, inflation has averaged 2.6% per year. Marina Top Product Lines The graph below represents Marina industry sales as a percentage of the top product lines, which is used to highlight potential growth opportunities, strengths, and weaknesses. Breakdown of Sales by Top Product Lines (%) Marinas Pleasure craft docking. launching, utilities, and storage services 47.4% maintenance ring repair senrrees for recreational, sports. and fitness equipment (including boats, 110% motorcycles, other sports vehicles, anel mi ieinaf in ern,mante% Retail sales of boats and other aporis vehickrs Meals, snacks. Other food Items, and nonalcoholic beverages, prepared and served Or dispensed, for immediate consumption 10.4% 5 8% Fitness and recreational sports center services. except roller end 5.5% ice skating rink services Retail sales of automotive fuels 4.1 % 0% 20% 30% 50 ■ • 1 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 28 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 MARKET ANALYSIS 2022 INDUSTRY SURVEY: INCREASING OCCUPANCY RATES AND STEADY SLIP RATES By Marina Dock Age The Marina Dock Age Annual Marina/Boatyard Survey for 2022 had respondents from across the country answer questions about their facility, operations, revenues, profits, and more. Occupancy Occupancy is driven by three main factors: 1) supply of marinas; 2) demand for those slips/racks; 3) rate prices. As boat sales have continued in explosive fashion over the last two years, more boats are hitting the water yet the supply of wet slips and dry racks remains virtually the same. What has changed is the occupancy of those slips and racks —most marinas now have waiting lists as demand is incredibly high (see Fig. 1 and Fig. 2 below). While this is the general, there are specific marinas and locations that may not be 100% full and factors influencing that performance can be location to core boating population, access to primary boating from the marina, dredging issues, or amenity package offered by the marina, to name a few. (. u rrn1 UCCupan€y Ran; ; Currrmni r ai f M v, rm Dock Age 2.8% 0.6% 2,3 53.7% Yis. 2 , 202 f v4. 2020 Oceraparu— Rills, Courtesy utl Manua Dbi A e JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 29 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 MARKET ANALYSIS Rates Marina Dock Age does a great job canvassing the country for statistics on marina performance around the country, which includes data on rate trends. While the surveys are not a complete reflection of the marina industry, they provide general trends for investors and other marina operators to review, in addition to anecdotes from our team's experience in working with owners. As Figure 3 shows, virtually every respondent to the survey either increased or maintained rates in 2021. This comes as no surprise given the demand and growth in the boater population. This trend follows similar performance in 2020 and we believe this lends to great pricing power at many marinas for the coming seasons. 57.7% 0.6% StB Etse same - Ir`crcaucd Fig. 3 .2021 es. 2020 Vsiet Shp/ DT?: ka€k Slip [fates, Courtesy Di Marina Due Age JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 30 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 MARKET ANALYSIS COCONUT GROVE RETAIL SUBMARKET ANLYSIS According to the Costar submarket analysis, Rents are around $62/SF, which is a 4.4% increase from where they were a year ago. In the past three years, rents have increased a cumulative 16.2%. KEY INDICATORS Current GILrr Her Paver Center Ne.3rnarhaodi Gem! Strap Center General Reiail OLn&• & bmamial RBA Vacancy Rabe Market Rent Availability Rate Not A s rtion Oali�rer es SF 304 .611S Tee. S03_ll/ O u u i 329,065 01% S64.55 OE 'LOOT 0 172,812 6.3% S60_3y 7.3% 2,67$ 0 CL 952,310 3.9'+o S00_27 4.3% 0 0 7,000 O - 0 0 0 1,817.874 2.8% €81_61 3.19E 4,762 "Q 110111 Under Con stru:Lion FWsiorialF Fanetasl Armlet Trawls 12 Month AVArr1Pe Average When noli Y. Uiaie ' i Vacancy Change rYOY1 -.4% 4.3% 2.1% 8.6-% 2018 Q3 2.6°.6 L12008 0t Net.Absc-r}1icn SF - 8.6KC $ 551 7,308 109,296 2021 04 1.DO. ,962j 2019 Ot Dewenee SiF 2.21( 14. °3 ,g 8, 1:10,097 2422 01 0 2022 03 Rent GrD,vrlt 4.4' 32% 2.6% 8.13% 2022 02 -5.2R- 23#15 03 Sales Volume 1126.1M S241114 NIA $112.4MM 2815 Q4 SO 2- 010 Qt JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 31 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 MARKET ANALYSIS Rent The following summarizes the market rent growth and market rent per SF in the submarket. MARKET RENT GROWTH [YOr 20% 15% 10% -5% -10% 1 5% I I I I I I I i I . a l { I I I I I 1 I I i I 2018 2019 2020 2021 2422 2023 2024 2025 2026 2027 ■ NFaIF Neightrrtmod Cenler MARKET RENT PER SQUARE FEET Strip Center ■ General Retail. Coconut Grove • Miemi $75 $70 $65 $60 $56 $50 $4 5 $40 $35 2018 2019 2020 2021 I 1 I 2022 2023 Forecast 2024 2025 2026 2027 i tv alF • Neighp irIood Censer SRrrp Censer General. Retch • Coconut Grove ■ Miamq JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 32 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 MARKET ANALYSIS Submarket Statistics GENERAL RETAIL RENT & VACANCY nor Par SF 2027 $66.88 2026 $65.10 2025 $63.49 2024 $81.89 2023 - $60.44 YTD $60.27 2022 $57.95 Indus 1$$ 184 180 175 171 170 M.,rka[ Ronk % GraWth 2.7% 164 2021 $54.21 2020 $50.86 153 144 20119 $49.86 141 2015 546.55 137 Vs Hist Pack 15.4% 2.594 2.6% 2.4% 4.3% 4_3% B_9% 12.3% 9.6% 6.8% 4.3% 4.0% 0% Vacancy Parta,a Ppes Chg 22.570 2.3% 0.1% 21,362 2.2% 0.1% 20,551 2.1% -0.1% 21,495 2.296 -1.7% 37,999 4.0% -149a 37.220 3.9% -0_5% 41,737 4.4% -1:1196 6.5% -.5% 47,565 5.0% 0.1% 2.0% 2.794 2.9% - 12.2% 42_030 4.9% -3_8% - 14.0% 74,EI52 8.7% 1.$'% - 162% 59,384 6.9% 2.9% 2017 2018 2015 2014 $47.19 133 3.5% - 18.694 35,593 4.1% -1.0% $45.61 $43.M $41.80 2013 $39.32 2012 --$37.35 2011 $35.13 129 t24 110 t11 109 99 4_294 - 21.3% 44,517 5.1% 02% 4_7% 55-3% 613% -24.5% 42.O34 4_5% -2_9% - 27.9% $7,371 7.3% 1.4% -322% 55,300 6.4% 2.2% -35.5% 35,8+14 4.2% 1.5% 2.694 -39.4% 22,551 2.6% -3.3% Conclusion The subject features a 638 SF space located within a marina. The possible uses include a variety of marina related uses. The subject is located within the Coconut Grove submarket within Miami -Dade County. Of the 19 submarkets, the subject's ranks 4th in market rent. The submarket rent indicates $61.61/SF for general retail. This is approximately 4.4 higher than last year. In the Rental comparable analysis section, we have included rental comparables for the 638 SF space, which are similar in a marina related use basis versus general retail. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 33 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 DESCRIPTION OF THE SITE PRIMARY FRONTAGE STREET ADJACENT PROPERTIES - NORTH ADJACENT PROPERTIES - SOUTH ADJACENT PROPERTIES - WEST ADJACENT PROPERTIES - EAST VIEW ACCESS INGRESS/EGRESS SITE VISIBILITY STREET CONDITION LANDSCAPING TOPOGRAPHY SHAPE REQUIRED SITE WORK SOIL CONDITIONS AND DRAINAGE FLOOD ZONE FLOOD ZONE DEFINITION ENCUMBRANCES AND EASEMENTS ENVIRONMENTAL HAZARDS WETLANDS AND WATERSHEDS ADEQUACY OF UTILITIES PUBLIC ELECTRICITY WATER SUPPLY TYPE SEWER TYPE SITE DETAILS ADDRESS 3501 Rickenbacker Causeway, Miami, Miami -Dade County, FL 33149 PARCEL NUMBER 01-4217-000-0030 LEGAL DESCRIPTION Addenda LOCATION The subject is located within Virginia Key, near Key Biscayne and along the Rickenbacker Causeway. MAP LATITUDE/LONGITUDE 25.7435508/-80.1719419 CENSUS TRACT 12-086-9804.00 SIZE 2,690 SF or 0.06 acres — This is for the boat rack area. This area was physically measured by the appraiser. An aerial measurement was also conducted as seen in the Executive Summary as well as the following pages. ZONING The parcel is zoned "CS," under the jurisdiction of the City of Miami. Rickenbacker Causeway Marina School Bay Bay Bay The subject site has access from the Rickenbacker Causeway The subject site has ingress/egress from the Rickenbacker Causeway Poor Paved with asphalt The subject's landscaping is minimal. The subject's topography is level and at street grade. The subject site is irregular. Typical Clear and Grade The soil conditions observed at the subject appear to be typical of the region and adequate to support development. The site lies within Zone AE. This information was obtained from the National Flood Insurance Rate Map Number 12086C0481L dated September 11, 2009. The base floodplain where base flood elevations are provided. AE Zones are now used on new format FIRMs instead of A1-A30 Zones. In communities that participate in the NFIP, mandatory flood insurance purchase requirements apply to this zone. There are no known adverse encumbrances or easements. Please reference Limiting Conditions and Assumptions. There are no known adverse environmental conditions on the subject's site. Please reference Limiting Conditions and Assumptions. No wetlands were observed during our site inspection. Public utilities are available to the site. FPL City water City sewer JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 34 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 DESCRIPTION OF THE SITE RAIL SPUR/ACCESS No WATER/PORT ACCESS Biscayne Bay Access CONCLUSION The site has average and typical utility. AERIAL PHOTOGRAPH The following aerial photograph is of the Marine Stadium Marina. The subject consists of a partial area within the marina. Google Imagery ©2 23 Airbus, CNIES 1 Airbus, Maxar Tech, Sanborn, U.S. Geol gical Sur; ay JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 35 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 DESCRIPTION OF THE SITE Subject Site Within Marina Measurement of subject boat rack area via aerial map: Measure distance Click on the map to add to your path Total area: 2,689 86 ft' (249 96 m2), Total distance.- 245.5811(74.85 m) The measurements configued by the aerial measurements equate to approximatley 2,690 SF for the boat dock rack area. This measurement was verified via a personal measurements at time of inspection. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 36 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 DESCRIPTION OF THE IMPROVEMENTS GENERAL DETAILS DESCRIPTION Briefly described, the subject consists of an average quality 1- story marina related space, in average overall condition, containing approximately 638 SF of net rentable area and constructed in 1980. The space was previously used as a repair shop. The space is currently vacant. The subject's site consists of approximately 2,690 SF or approximately 0.06 acres of land. The site consists of a boat dock rack area, which was previously used as a boat launching ramp for the City of Miami (lessor). Per lease, the only permitted use of this site is for the purpose of launching boats and no other uses. At time of inspection, the boat dock rack area had four dry slips. Per conversation with marina representative at time of inspection, the slips have not been previously rented. Therefore, we have not considered any potential revenue associated with the dry slips if rented. BUILDING DETAILS BUILDING NAME 3501 Rickenbacker Causeway BUILDING DESCRIPTION Repair Shop BUILDING CLASS C CONDITION Fair YEAR BUILT 1980 EFFECTIVE AGE 25 Years TOTAL ECONOMIC LIFE 60 Years REMAINING ECONOMIC LIFE 35 Years NET RENTABLE AREA 638 SF LAND TO BUILDING RATIO 2.14 FLOOR AREA RATIO (FAR) 0.47 CURRENT OCCUPANCY 0% TENANT TYPE Single -Tenant APPEAL AND APPEARANCE Fair DESIGN AND FUNCTIONAL UTILITY The overall layout of the improvements on the parcel is considered to be average. DEFERRED MAINTENANCE The subject at time of inspection featured deferred maintenance to a section of the interior drywall. The overall space, appeared to be in fair condition with few signs of deferred maintenance. CONSTRUCTION DETAILS MARSHALL VALUATION SERVICE C CLASS MARSHALL VALUATION SERVICE Average QUALITY CONSTRUCTION TYPE Concrete Block with Stucco NUMBER OF STORIES 1 FRAME Masonry Frame EXTERIOR WALLS/FINISH Concrete Block WINDOWS None ROOF TYPE Flat ROOF COVER Rubber Membrane or Built-up Materials JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION AHD CONSULTING 37 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 DESCRIPTION OF THE IMPROVEMENTS FLOOR PLAN LAYOUT Fair FLOOR COVERING Concrete INTERIOR WALLS Painted drywall CEILING COVER Acoustic ceiling panels INTERIOR LIGHTING Fluorescent fixtures RESTROOMS Restrooms are located within the adjacent building which consists of offices, a workshop and storage. HVAC Package Units UTILITIES All Available ELECTRICAL Assumed to be in compliance with prevailing code requirements. PARKING DETAILS PARKING TYPE Surface via the Marina Stadium CONDITION OF PARKING LOT Average DRAWING AREA CALCULATIONS FOR REPAIR SHOP SPACE Per Client request, the subject of this appraisal is to include the 638 SF space which was previously used as a repair shop. REPAIR SHOP 4AVAJLABLE FOR RAFT it—ITLF& HVAC 10 RSF CITY OF MIAMI OFFICE 2 323 RSF CITY OF MEAhM91 OFFICE 1 721 RSF CITY OF MIAMI MARINA OFFICE 275 RSF KITCHEN 78 RSF JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 38 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 ZONING The subject is zoned "CS," Civic Space Zone, under the jurisdiction of the City of Miami. ZONE DETAILS ZONING CODE CS ZONING DESCRIPTION Civic Space Zone PERMITTED USES Marina is the only use allowed by right. Food service establishment, open air retail, community facility, recreational facility, religious facility, infrastructure and utilities are allowed by warrant: administrative process. General commercial, marine related commercial, childcare, and learning center are allowed by exception: public hearing. COMMENTS The Civic Zone consists of public use space and facilities that may contrast in use to their surroundings while reflecting adjacent setbacks and landscape. PARCEL DETAILS CURRENT USE Repair shop/ancillary building & boat rack area Based on a review of the subject in relation to the CS zoning district, it appears the subject 33149 However, we are not experts in determining if a property is fully in compliance with all aspects of the zoning code. We suggest interested parties obtain a letter of zoning compliance from the City of Miami to determine if the subject is zoning compliant. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 39 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 TAXES The subject is assessed by the Miami -Dade County property assessor's office, and is taxed by the City of Miami. According to public records, it appears there are no unpaid taxes as of the date of this report. The following table summarizes the subject's assessment and taxes: 3501 Rickenbacker Causeway Parcel ID 01-4217-000-0030 Assessment Year 2023 Tax Authority Land Value $12,721,500 Tax Authority Improvements Value $294,879 Tax Authority Other Value $190,632 Total Taxable Assessment $13,207,011 Millage Rate 20.556400 Total Tax Rate 20.556400 Tax Rate Per $1,000.00 Taxes $271,489 Special Assessments $0 Taxes with Special Assessments $271,489 Early Payment Discount Percentage 0% Total Taxes $0 The taxes are for the entire marina parcel. The subject is a partial area within the overall parcel. The site is owned by the City of Miami and are exempt from paying taxes. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 40 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 ANALYSIS OF DATA AND CONCLUSIONS In determining the highest and best use of the property, consideration was given to the economic, legal, and social factors that motivate investors to develop, own, buy and sell, manage, and lease real estate. In forming an opinion of the highest and best use of a vacant parcel of land, there are essentially four stages of analysis: • Physically Possible Use: What uses of the site in question are physically possible? • Legally Permissible Use: What uses are permitted by zoning and deed restrictions on the site in question? • Financially Feasible Use: Which possible and permissible uses will produce a gross return to the owner of the site? • Maximally Productive: Among the feasible uses, which will produce the highest return or highest present worth of the site in question? The following tests must be met in estimating the highest and best use of a vacant parcel: the potential use must be physically possible and legally permissible, there must be a profitable demand for such a use, and it must return to the land the highest net return for the longest period of time. These tests have been applied to the subject's site and are discussed as follows: PHYSICALLY POSSIBLE The site is located within Virginia Key on the Rickenbacker Causeway, in Miami, FL. The underlying site consists of 2,690 SF or 0.06 acres. The subject's topography is level and at street grade. As noted in the Assumptions and Limiting Conditions, we know of no environmental or engineering study that has been conducted on the site to determine subsoil conditions. Upon analysis of all physical aspects, space, size, shape, terrain, location and others the most supportable highest and best uses of the site, as it relates to physical properties, are a variety of commercial uses relating to marina services and a boat rack area. We note, per previous lease agreement provided by the client, the only allowable or permitted use for the subject site was for the launching of boats and no other uses. LEGALLY PERMISSIBLE The subject's site is zoned "CS," Civic Space Zone, under the jurisdiction of the City of Miami, FL. Reference is made to the Zoning section of this report. Permitted uses include Marina is the only use allowed by right. Food service establishment, open air retail, community facility, recreational facility, religious facility, infrastructure and utilities are allowed by warrant: administrative process. General commercial, marine related commercial, childcare, and learning center are allowed by exception: public hearing.. Upon analysis of the permitted uses, the most supportable highest and best uses of the site, as it relates to what is legally permissible, are commercial uses that takes advantage of the subject's location within a marina. FINANCIALLY FEASIBLE Analysis for financially feasible uses for the site, as if vacant, involves consideration of several criteria. Unlike the physically possible and legally permissible aspects of the highest and best use analysis, many external economic factors serve to prove or disprove financial feasibility. The cost of acquisition, sources of capital, forecast of potential revenue/expenses, reversionary price forecast, property tax implications and measures of risk and yield are all determinant to this analysis. The above financial measures serve to eliminate the uses that would not provide a reasonable return to the land based on an investor's expectations. The cost of land and its development limits the highest and best use of the site, generally to only those uses that are financially feasible. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 41 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 ANALYSIS OF DATA AND CONCLUSIONS We conclude that financially feasible uses of the site that are physically possible and legally permissible are commercial uses that takes advantage of the subject's location within a marina.. MAXIMALLY PRODUCTIVE We considered those uses, as aforementioned, to meet the physically possible, legally permissible and financially feasible tests of the highest and best use definition. The final criteria for full compliance within the highest and best use of the subject, as vacant, is that of a maximally productive use. We conclude the maximally productive use of the site is commercial uses that takes advantage of the subject's location within a marina.. HIGHEST AND BEST USE, AS IF VACANT A final reconciliation of the analysis leads to the conclusion that the highest and best use of the site, as if vacant, is commercial uses that takes advantage of the subject's location within a marina.. HIGHEST AND BEST USE, AS IMPROVED We must also determine the highest and best use of the subject, as improved, by analyzing occupancy levels of various surrounding improvements, as well as the general needs within the area. Based on the current conditions of the subject's market, there appears to be no alternative use that would justify the removal or substantial alteration of the existing improvements. As such, the highest and best use of the subject, as improved, is the current improvements. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 42 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 ANALYSIS OF DATA AND CONCLUSIONS VALUATION METHODOLOGIES In appraising a property, there are three traditional valuation methodologies that can be applied: the Cost, Income Capitalization and Sales Comparison Approaches. Selection of one or more of the approaches in the appraisal of a property rests primarily upon the property type and its physical characteristics, as well as the quality and quantity of available market data. The Cost Approach is based on the premise that an informed purchaser will not pay more for a property than it would cost him or her to construct a property of similar utility. This approach is most applicable when the subject is of new or nearly new construction and the improvements represent the highest and best use of the site. This approach is also particularly useful when appraising unique or special purpose properties where there are few, if any, comparable sales or leases. The Income Capitalization Approach is based on the fundamental investment premise that the higher a property's earnings, the higher its value. Investment in an income -producing property represents the exchange of present dollars for the right to receive future dollars. In this approach, a value indication for an income -producing property is derived by converting its anticipated benefits (cash flows and reversion) into property value. This conversion can be accomplished in two ways: one year's income expectancy can be capitalized at a market -derived capitalization rate, or alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified discount rate. The Income Capitalization Approach typically provides the most meaningful estimate of value for income -producing properties. The Sales Comparison Approach involves delineating appropriate units of measurement from comparable sales, in order to apply them to the subject's property. Adjustments are then made to the sales prices of the comparable properties based on various shared elements. This methodology may be used to value many different types of improved properties and vacant land, as long as there is a sufficient quantity of good -quality market data available. It becomes less reliable as the quantity and magnitude of adjustments increases, and it is generally not applicable to unique or special purpose properties. The final step in the valuation process is the reconciliation or correlation of the value indications. In the reconciliation or correlation, we consider the relative applicability of each of the approaches used, examine the range between the value indications, and place major emphasis on the approach that appears to produce the most reliable and credible result. VALUATION METHODOLOGIES APPLICABLE TO THE SUBJECT PROPERTY Since we are developing a market rent for the land, which consists of the boat rack area, as well as the repair shop/ancillary space, a land value analysis and a rental comparable analysis of similar marina related spaces was utilized to develop a market rent for both. The Cost Approach was not utilized because this approach does not reflect the market behavior of typical purchasers of this property type. The Income Capitalization Approach was not utilized because this approach does not reflect the market behavior of typical purchasers of this property type. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 43 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT LAND VALUE/RENT ANALYSIS The land, as if vacant, is valued by direct sales comparison, in which sales of comparable sites within the subject's area are analyzed in context with the subject's site. Adjustments are made to compensate for differences between the submitted sales data and the subject for such factors as location, size, shape, topography, utility, and marketability, etc. Land sales are presented to arrive at a $/SF for the subject. In an effort to locate comparable land sales, a search throughout the subject's area was conducted. The presented sales are valid indicators of land values in the subject's area. Information pertaining to these sales has been verified by the buyer, seller, broker or other sources considered reliable and having knowledge of the particular transaction when available. The subject consists of approximately 2,690 SF, which features a boat dock area. This measurement is diagramed below. The measurements were conducted via personal measurements during inspection and via aerial photographs. We searched for similar land parcels, located primarily within either marinas or along waterways, which would allow for similar uses as the subject. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 44 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT Name City State FL Price $12,500,000 Grantor Quai Investments, LLC Recordation 33481-4136 Property Rights Fee Simple Estate Conditions of Sale Arm's length Price Per Land SF $65.11 Price Per FAR $250,000,000.00 Land Comparable 1 Transaction 2215 NW 14th Street-2022 Sale Address 2215 NW 14th Street Miami County Miami -Dade County Zip 33125 Date 11/18/22 Grantee 2215 NW 14 Street LLC Tax Parcel ID 01-3134-000-0160 Financing Cash to Seller Verification Broker Price Per Acre $2,834,467 Site Land SF 191,985 Land Acres 4.41 Topography Level and at street grade Shape Irregular Required Site Work Demolition Utilities All Available Zoning D3 Proposed Use Hold for development Zoning Type Industrial Water Frontage river frontage Comments Marina is located along Miami River and contains some building improvements. However, buyer intends to maximize number of slips and take advantage of location along the river. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 45 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT Land Comparable 2 Transaction Name City State Price Grantor Recordation Property Rights Conditions of Sale Price Per Land SF Price Per FAR 3007 NW South River Dr Miami FI $6,500,000 Ahern -Plummer, Inc. & Addition 32833-0389 Leased Fee Estate Sale Leaseback $83.97 $13.12 Address County Zip Date Grantee Tax Parcel ID Financing Verification Price Per Acre 3007 NW South River Dr Miami -Dade County 33142 10/8/21 Miami River Urban Development, LLC 30-3128-001-0010; 30-3128-001- Cash to Seller Michelle Ash, TheRealDeal, Miami- $3,657,903 Site Land SF 77,405 Land Acres 1.78 Topography Level and at street grade Shape Irregular Required Site Work Demolition Utilities All Available Zoning PLMUC-UC Edge Proposed Use Multifamily development Zoning Type Industrial, commercial Water Frontage Yes; 300' Comments Andrew Korge's Korgeous Development bought the nearly 2-acre industrial -marine property at 3007 Northwest South River Drive, with plans to eventually redevelop it, according to the deal's broker. The property is in an unincorporated area west of Miami. The previous owner leased back the property where they run an architecutral firm and heavy construction equipment rental business. The site has two improvements; one is a one story office building approximately 13,800 SF and another is a 600 SF maintenance hangar. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 46 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT Name City State Price Grantor Recordation Property Rights Conditions of Sale Price Per Land SF Price Per FAR 3440 NW N River Dr Miami FL $3,450,000 3440 NW River, LLC 33423-1303 Fee Simple Estate Arm's length $69.28 NA Land Comparable 3 Transaction Address 3440 NW N River Dr County Miami -Dade County Zip 33142 Date 9/16/22 Grantee Riverbanks, LLC & Mit Mazal X LLC Tax Parcel ID 30-3128-014-2480 Financing Cash to Seller Verification Public Records, Costar Price Per Acre $3,026,316 Site Land SF 49,800 Land Acres 1.14 Topography Level and at street grade Shape Rectangular Required Site Work Typical Clear and Grade Utilities All Available Zoning IU-2 Proposed Use Industrial development Zoning Type Industrial Water Frontage Yes Comments Vacant industrial site located along Miami River. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 47 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT Land Comparable 4 Transaction Name Miami River Marina Address City Miami County State FL Zip Price $2,325,000 Date Grantor JAMES D NALL YACHTSERVICES LLC Grantee Recordation 33066-0840 Tax Parcel ID Property Rights Fee Simple Estate Financing Conditions of Sale Arm's length Verification Price Per Land SF $95.55 Price Per Acre Price Per FAR NA 3155 NW 20th St - Miami -Dade County 33142 3/3/22 BROOKLYN ON THE RIVER LLC 30-3128-000-0050 Cash toSeller Broker and Public Records $4,151,786 Site Land SF 24,334 Land Acres 0.56 Topography Level and at street grade Shape Irregular Required Site Work Typical Clear and Grade Utilities All Available Zoning PLMUC Proposed Use NA Zoning Type Industrial Water Frontage River Comments The Miami River marina sold on 03/03/2022 for $2,325,000. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 48 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT Land Comparable 5 Transaction Name 810-970 NW 8th Street Rd Address City Miami County State FL Zip Price $4,050,000 Date Grantor Jean &Jonathan Dickey Grantee Recordation 32635-625 Tax Parcel ID Property Rights Fee Simple Estate Financing Conditions of Sale Assemblage Verification Price Per Land SF $68.54 Price Per Acre Price Per FAR NA SUBJECT PROPERTY HOUSE 970 NW 8th Street Rd Miami -Dade County 33136 7/23/21 970 NW 8th Street 01-3135-027- Cash to Seller Public Records $2,977,941 Site Land SF 59,088 Land Acres 1.36 Topography Level and at street grade Shape Irregular Required Site Work Demolition Utilities All Available Zoning T5-R Proposed Use Marina Zoning Type Multifamily Water Frontage Miami River Comments This is an assemblage sale of six contiguous waterfront parcels plus a single-family house. A total land area of59,088 square feet located midway between Downtown Miami and the Medical/Civic Center District. the Property is presently operating as a marina and boat storage facility with 425+/- linear feet of waterfront. Both the marina and house are on monthto-month leases generating an annual gross income of about $25,000 JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 49 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT LAND SALES SUMMARY Comp Address Price Zoning Land SF Price per Land SF City Date Zoning Type Land Acres Price per Acre 1 2215 NW 14th Street $12,500,000 D3 Miami 11/18/2022 Industrial 2 3007 NW South River Dr $6,500,000 PLMUC- UC Edge Miami 10/08/2021 Industrial, 191,985 4.41 $65.11 $2,834,467 77,405 1.78 $83.97 $3,657,903 3 4 3440 NW N River Dr $3,450,000 IU-2 Miami 09/16/2022 Industrial 49,800 1.14 3155 NW 20th St- $2,325,000 PLMUC Miami 03/03/2022 I ndustri a 24,334 0.56 $69.28 $3,026,316 $95.55 $4,151,786 5 970 NW 8th Street Rd $4,050,000 T5-R Miami 07/23/2021 Multifamily 59,088 1.36 $68.54 $2,977,941 LAND SALES COMPARISON MAP Miami Springs Virginia Gardens FLAGAMI West Miami oral Terrace If77£) Google BrOVId 8Vllle 7 7j :-.I. 9, 9 ALLAPATTAYI L 7TLEIMAVA.NA II If ,Ij II I ItiY53 �. DOWNTOWN mum Dodge island dl� Little Gables II i' I a m i Coral Gables CORAL WAY COCONUT GROVE SOUTHWEST COCONUT GROVE SOUTil aEACL Fisher Island alhiVegonfa Kay Map data ©2023 &cog le JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 50 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT LAND SALES ANALYSIS To derive an estimated value of the site, as if vacant, we analyzed the land comparables and have made adjustments for varying characteristics. Property Rights Conveyed The property rights conveyed for each sale are shown in the adjustment grid. The subject is valued in this report on the basis of a Fee Simple Estate. Each sale was transferred on a fee simple estate, with no adjustment necessary. Financing Terms The financing terms for each sale are shown in the adjustment grid. The subject is valued in this report on the basis of a cash to seller transaction. No adjustment is necessary for financing terms. Conditions of Sale The conditions of sale for each sale are shown in the adjustment grid. The subject is valued in this report on the basis of an arm's length transaction. Each of the sales is considered to be an arm's length transaction and will not be adjusted. Market Conditions In terms of an adjustment for market conditions, from the sales shown, it is somewhat subjective to determine an exact adjustment. As seen in the market analysis, rental rates have increased approximately 4.4% as of the prior year. Increasing rental rates, consiquently lead to higher sales prices and land values. However, there appears to be a stabilization of values due to higher interest rates and market slowdown; therefore, we have applied a 3% adjustment to each comparable, annualized from the date of each sale to November 9, 2023. Location The adjustment for location reflects the trend that properties in areas of active growth and development, as well as those which offer good accessibility in terms of frontage on major thoroughfares, should sell for a higher price per SF than properties which do not offer these attributes, with all other factors held constant. The subject site is located within Virginia Key, just east of Key Biscayne and along the Rickenbacker Causeway. All of the comparables are located within inferior locations and have been adjusted upwards. Size In terms of size, it is noted that smaller parcels typically sell for a higher price per SF than larger parcels, with all other factors held constant. The subject consists of 0.06 acres or 2,690 SF. All of the comparables feature a larger size and have been adjusted upwards. Zoning The subject's site is zoned "CS", Civic Space Zone, under the jurisdiction of City of Miami, FL. This zoning designation has restrictions regarding the permitted uses and density that can be developed. The only use permitted by right in this category is a marina, with other uses permitted after receiving special permission by the city. Each of the sales are zoned for either a commercial, industrial or residential development and are considered superior to the subject. Therefore, the sales have been adjusted downward for this factor. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 51 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT Site Amenities The subject site benefits from its surrounding marina amenities featuring boat lifts, slips, storage and other marina related amenities. Comp 1, 4 and 5 feature similar marina related amenities and no adjustments are warranted. Comp 2 and 3 do not feature any marina related amenities and upward adjustments are warranted. LAND SALES ANALYSIS CONCLUSION The previously described adjustments are summarized in the following grid. The percentage adjustments are used to show the emphasis placed on each adjustment, and are not based on a paired sales analysis. LAND SALES ADJUSTMENT GRID Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Name Ancillary Building; Address 3501 Rickenbacker City Miami State FL Date Price Land SF 2,690 2215 NW 14th Street- 2215 NW 14th Street Miami FL 11/18/2022 $12,500,000 191,985 3007 NW South River 3007 NW South River Miami FI 10/8/2021 $6,500,000 77,405 3440 NW N River Dr 3440 NW N River Dr Miami FL 9/16/2022 $3,450,000 49,800 Miami River Marina 810-970 NW 8th 3155 NW 20th St - 970 NW 8th Street Rd Miami Miami FL FL 3/3/2022 7/23/2021 $2,325,000 $4,050,000 24,334 59,088 Price per SF $65.11 $83.97 $69.28 $95.55 $68.54 Transactional Adjustments Property Rights Fee Simple Estate Financing Cash to Seller Conditions of Sale Arm's Length Fee Simple Estate 0% Cash to Seller 0% Arm's length 0% Leased Fee Estate 0% Cash to Seller 0% Sale Leaseback 0% Fee Simple Estate 0% Cash to Seller 0% Arm's length 0% Fee Simple Estate 0% Cash to Seller 0% Arm's length 0% Fee Simple Estate 0% Cash to Seller 0% Assemblage 0% Market Trends Through 11/9/2023 6% 5.85% 12.94% 6.92% 10.33% 14.33% Adjusted Price per SF $68.92 $94.84 $74.07 $105.42 $78.36 Location Inferior Inferior Inferior Inferior Inferior %Adjustment $ Adjustment 20% $13.78 20% $18.97 20% $14.81 20% $21.08 20% $15.67 Land Acres 0.06 4.41 1.78 1.14 0.56 1.36 %Adjustment $ Adjustment 20% $13.78 20% $18.97 20% $14.81 0% $0.00 20% $15.67 Zoning CS D3 PLMUC- Riverside IU-2 PLMUC T5-R %Adjustment $ Adjustment -2.5% ($1.72) -2.5% ($2.37) -2.5% ($1.85) -2.5% ($2.64) -2.5% ($1.96) Site Amenities Boat Slips, Storage, lifts, surrounding marina amenities Slips and other marina related amenities None None Slips, Iifts, storage and other marina related amenities Boat Storage and other marina related amenities %Adjustment $ Adjustment 0% $0.00 10% $9.48 10% $7.41 0% $0.00 0% $0.00 Adjusted Price per SF $94.76 $139.89 $109.25 $123.86 $107.74 Property Adjustments (Net) Property Adjustments (Gross) 37.5% 42.5% 47.5% 52.5% 47.5% 52.5% 17.5% 22.5% 37.5% 42.5% LAND VALUE CONCLUSION The comparables show a price/SF range of $94.76 /SF to $139.89 /SF on an adjusted basis, with an average of $115.10 /SF. The subject is zoned "CS", Civic Space, under the jurisdiction of City of Miami, FL. This zoning category is typically utilized for city or county owned property. This zoning designation has restrictions regarding the permitted uses and density that can be developed. The subject is currently improved with a 638-sf repair shop and a dock rack area with 4-dry slips. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 52 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT We are also aware of a pending listing, which is located along the south bank of the Miami River. More specifically along NW S River Dr and NW 37th Avenue, that is under contract for $$11,500,000 or approximately $65/SF. The parcel features approximately 176,418 SF or 4 acres. The parcel is currently zoned Palmer Lake Metropolitan Urban Center (PLMUC) and allows for a wide variety of industrial uses, recreational boat storage, marinas, product processing and wholesale, and vessel sales. Additional uses may include Mixed -Use, Residential, Hotel and Industrial. Based on the comparables and the adjustments made to them, as well as the limitations placed on the site in regards to use and additional development, an appropriate unit value for the subject should be between $100/SF to $140/SF. We have concluded towards the higher end of the range due to the subject's smaller size and its superior location and marina related site amenities. We conclude to $140/SF. Land Value Conclusion Multiplied by Subject Size $140.00 /SF 2,690 SF Indicated Land Value $376,600 "Market Rent - Boat Rack Area" Land Value (11/9/2023) Indicated Land Value $376,600 Rounded Final Land Value $380,000 DETERMINATION OF LAND RENT In order to determine the Annual Market Rent, we provide the following market data to arrive at a reasonable capitalization rate. This will be multiplied by the concluded market value. Land Capitalization Rates In order to calculate the market rent, we have researched market capitalization rates for land in the subject's areas to determine the subject's market lease rental rate. There are very few if any recent transactions for the sale of leased development parcels. Therefore, we have researched transactions that have similar, but not identical characteristics to determine a market derived capitalization rate. The following comparable sales represent the purchase of a parcel of land where the tenant was completely responsible for the construction and/or maintenance of the structure subsequently constructed on the sites. The sales presented are all located in Miami -Dade County, and have all transpired during a period that has similar market conditions as are present today. Therefore, the comparable sales are considered to be similar in terms of market conditions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 53 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT Comp Name Recordation Land SF Price NRA Address Year Mitt LTB Ratio Date Price per SF Cap Rate 1 Wawa Ground Lease Hialeah N/A 57,499 S7,7010,000 6,141 2184 W 16th Ave 2021 9.36 06/03/2021 1254- 5.00% 2 TD Bank Ground Lease NMB N/A 41,818 $7,7CC,00C 4,676 1190 NE 163rd St 2012 8.94 01107/2022 1647 4.40% 3 Chase Bank -West M-ami 31690-2342 17,263 $4,050,01 0 2,934 2CCC SW 57th .Ave 2019 5.88 11/11/2019 1380 4.32% 4 -D Bank - North M-am- Beach 31388-0552 41,382 $6,600,000 4,676 1190 NE 163rd St 2012 8.85 C4/04/2019 1411 4.67% 5 Enterprise Rent-A-Car Bird 32092-1795 12,00C S1,240,000 1,106 7275 Bird Road 1960 10.85 08/28/2020 1121 5.40% 6 CVS Ground Lease :SW 40th St. 32726-1675 103,673 $12,957,156 14,989 10660 SW 40th Street 2017 6.92 09/01/2021 864 5.79% 7 CVS - 1C1 H-a eah dr-ve 32013-331 93,400 $10,500,0130 12,735 1C1 H-a eah Dr; re 2002 7.33 07/14/2020 825 _ 4.85% 8 Ground Lease Navarro/CV.S 31877-C123 60,113 $7,900,000 16,800 8C2 E 25th St 2019 3-58. C3/23/2020 470 9 Navarro/CVS Health - Hialeah 31877-C123 60,113 $7,900000 16,8CC 802E 25th Street 2019 3.58 C3/23/2020 47C 5.38' The comparable sales noted above range from 4.32% to 5.79% with an average of 5.02%. These sales are all triple net leased investments, with credit tenants already in place. This represents the very base rate that would be attributed to a land lease within Miami -Dade County. There is typically a 200 to 400 basis spread between the land capitalization rate and the rate paid for a completed property with a credit tenant in place. Therefore, the comparables noted above set a floor for our analysis. The spread is due to the following: developers will bid up the rental price paid for a parcel of land, increasing the effective capitalization rate. When a property is completed, and a credit tenant is in place, investors will compete with each other to buy the property, increasing the purchase price, but effectively decreasing the capitalization rate paid. We are aware of a recent ground lease of a proposed Outback in Homestead. The ground lease starts in 2021. The estimated land value plus site work is $2,310,000. The first year of the ground lease is $150,000. The indicated cap rate to the land owner (developer) is 6.5%. We are also aware of a location of a Wawa that was recently constructed at 3300 NW 87th Avenue. The parcel was purchased for $6,400,000 in January of 2018, and leased to Wawa for $495,720/year. The resulting land capitalization rate is 7.75%. The property was then offered for sale at a capitalization rate of 4.50%. The properties at 20 NW 41st Avenue, 4141 West Flagler Street, & 21 Le Jeune Road were assembled (35,720 SF) and then ground leased for a future El Palacio de Los Jugos. The ground lease was entered in February 1, 2018 at $420,000 per year. The land was purchased in January of 2017 for $6,400,000. With no consideration for appreciation, or any necessary site work, the resulting land capitalization rate equates to a 6.6%. Market Comparables We researched additional parcels of land that are have recently been offered "for sale" and "for rent" in Southeast Florida. The presented parcels offer a range of uses. These particular comparables are not used to value the subject, rather to better understand owners' expectations in terms of the ratio between an asking price for the sale of a parcel and the rental rate that would be anticipated for that same parcel. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 54 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT The chart that follows shows that property owners believe to be the market value for a site, along with the market rent for that same site. Dividing the site's asking rent by the asking price results in a market derived rent multiplier. The following chart summarizes our findings. Asking Purchase Asking Rental Comp. Address City Site Size (SF) Price Rate Rent Multiplier Broker 1 2460 North Australian Ave West Palm Beach 28,400 $1,480,000 $72,136 0.049 Apex Capital Realty 2 5075 NW 79 Avenue Doral 60,984 $9,000,000 $480,000 0.053 NAI Miami 3 13150 NW 32 Avenue Opa Locka 87,120 $6,500,000 $348,480 0.054 JLL 4 19045 NW 2 Avenue Miami Gardens 20,140 $1,648,000 $94,859 0.058 Current Capital RE Group 5 4710 Woolbright Road Boynton Beach 55,321 $2,750,000 $159,878 0.058 Stiles 6 1048 East Oakland Park Blvd. Oakland Park 18,500 $1,600,000 $96,015 0.060 Costa Sal 7 524 N. State Road 7 Hollywood 23,522 $1,950,000 $117,610 0.060 Compass 8 18352 NW 2 Avenue Miami Gardens 52,604 $2,999,999 $181,484 0.060 Lifestyle Intl. Realty 9 1193 NW 167 Street Miami Gardens 21,449 $1,500,000 $110,462 0.074 Reategui RE 10 980 South Andrews Avenue Pompano Beach 24,496 $1,400,000 $110,232 0.079 Apex Capital Realty 11 9160 Old Dixie Highway North Palm Beach 69,260 $1,975,999 $180,076 0.091 Keller Williams 12 1177 North State Road 7 Hollywood 17,199 $1,000,000 $96,000 0.096 The Property Solutions Guru 0.066 source: Casear,- Compiled bylaseph J. Bloke & AssacIates The comparables range from a low of 0.049 to 0.096 with an average of 0.66. The median of the comparables surveyed is 0.60. Five of the twelve comparables ranged from 0.058 to 0.060. This suggests that in the Southeast Florida Market, a rent multiplier of 0.060 is quite common. We note that the asking rent multipliers fall in a relatively tight range. 0.120 0.100 0.080 0.060 0.040 0.020 0.000 Rent Multipliers 0.074 0.079 0.053 0.054 0.058 0.058 0.060 0.060 0.060 iIIIII1I 0.091 0.096 1 2 3 4 5 6 7 8 9 10 11 12 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 55 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT Secondary Market Comparables Land owners often purchase a parcel of land, make improvements to that land, lease the land to the operator of a business and then once that lease is in place, sell the leased fee estate to an investor. There is a "spread" between the "rent multiplier" and the income capitalization rate used to purchase the leased fee estate. The spread is due to the following: potential tenants will bid up the rental price paid for a parcel of land, increasing the rent multiplier. When a property is completed, and a credit tenant is in place, investors will compete to buy the property, increasing the purchase price, but effectively decreasing the income capitalization rate paid. The math behind this scenario is as follows. Let us say an investor purchases a site for $1,000,000 and establishes a rental rate of $60,000; that is at a market derived "rent multiplier" of 0.060. Once the lease is in place, they then sell the leased fee estate to an investor at a capitalization rate of 4.50%. The developer would make a profit for their efforts as follows: Land Purchase Price Including Improvements $1,000,000 Market Derived Rent Multiplier 0.060 Market Derived Land Rent $60,000 Annual Rental Payment $60,000 Leased Fee Capitalization Rate 0.04E Leased Fee Value $1,333,333 Profit to Developer $333,333 So, in this instance, the developer would make a profit of $333,333. The "spread" between the Leased Fee Capitalization Rate and the Market Derived Rent Multiplier is 150 basis points. The following chart summarizes comparables of developer rates of return. Higher rates reflect some improvements in addition to the land value resulting in the upper end of the range. These comparables represent actual developer rates of return along with sale capitalization rates. Site & Annual NNN Return on Sale/Market Development Rent (Land Cost {Rent Camp. Yr. Blt. Property Type Location Site Size (SF Costs Rent) Multiplier) 1 2024.Chick-fiI-A Ground Lease SE Florida 68,000 $6,000,000 $380,000 6.33% 2 2020 7-Eleven Ground Lease SE Florida 60,743 $4,388,212 $262,500 6.10% 3 2018 Bank Branch SEFlorida 19,316 $1,890,000 $160,650 8.50% 4 2018 Medical Office SEFlorida 31,559 $2,145,600 $187,740 8.75% 5 2017 Wawa Ground Lease SE Florida 81,031 $6,225,000 $420,000 6.75% 6 2014 Bank Branch SE Florida 20,460 $3,472,000 $333,333 9.60% Source: Complied by Joseph J. Blake & Associates Capitalization Basis Paint Rate 4.20% 4.75% 5.00 % 5.19 % 4.75% 5.50 % Spread 213 135 350 356 200 410 In the examples noted, the spread ranges from 135 basis points to 410 basis points. That is the "rent multiplier" is approximately 135 to 410 basis points higher than the leased fee capitalization rate. Now that there is information as to a reasonable "spread" between the "rent multiplier" and the leased fee "capitalization rate" we can also look at recent sales of parcels with land leases in place. In theory, you can look at the leased fee capitalization rates, and add approximately 100 to 300 basis points to that rate, to arrive at a "rent multiplier" that would allow the fee simple property owner to earn a profit for their efforts. We have researched transactions that have similar, but not identical characteristics to determine a market derived capitalization rate. Triple net leased properties with long-term leases provide some insight into current market conditions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 56 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT According to The Bolder Group, Cap rates in the single tenant net lease sector increased for the sixth consecutive quarter within all three sectors in the third quarter of 2023 to 6.51%. Single tenant cap rates increased to 6.27% (+10 bps) for retail, 7.41% (+14 bps) for office and 6.96% (+16 bps) for industrial in the third quarter. The consistent rise in interest rates continues to be the primary driver for the upward pressure on cap rates. Over the course of the third quarter, the 10 Year Treasury peaked at 4.68% which is almost 100 bps higher than the lowest level of 3.73% during the same time period. (As of November 16, 2023, the 10- year Treasury yield is 4.53%.) The persistent rise in interest rates further amplified the pricing dislocation in the net lease market between buyers and sellers. As the gap between buyers and sellers remains consistent, properties are sitting on the market longer. In the third quarter of 2023, the marketing time of net lease properties grew when compared to the prior year by 25% to more than eight months. Furthermore, the supply of net lease product on the market increased by approximately 10%. As the supply of net lease properties increased, the buyer pool for net lease properties decreased. Across all commercial real estate asset classes, sale transactions decreased by more than 50% through the first three quarters. Accordingly, the amount of 1031 exchange buyers in the market remains limited. 1031 exchange buyers historically made up a large segment of the buyers of properties below $10 million. With limited 1031 buyers, sellers turned to institutional and REIT buyers. However, increased cost of capital and limited competition pushed cap rates higher for both REITs and private buyers. Traditionally, the fourth quarter of the year represents greater transaction volume than other individual quarters as funds are looking to fill yearly allocations. However, with many institutional and REIT buyers achieving their target allocations early, the expectation is for a slower than normal quarter. With interest rates and cost of capital at the forefront of investors' minds, the focus will be on the upcoming Federal Reserve meetings. All cash and 1031 buyers, while limited, will look to take advantage of the increased property supply in order to buy assets at higher cap rates. Ultra -low cap rate assets will be concentrated in properties with "one -of -a -kind" attributes in top markets with long term leases and strong tenants. The following comparable sales represent the purchase of a parcel of land where the tenant was completely responsible for the construction and/or maintenance of the structure subsequently constructed on the sites. These are essentially "land leases." JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 57 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT SELECTED SINGLE TENANT SALES COMPARABLES Sale Date Sector Tenant Price Cap Lease Term City State Price Per SF Rate Remaining Aug-23 Office Elevance Health Richmond VA $66172,500 $214 6.50% 12 Aug-23 Industrial FedEx Freight Belgrade MT $47,736,194 $248 6.00% 10 Jul-23 Industrial Anderson -Dubose Waren OH $47,000,000 $223 5.85% 9 Jul-23 Industrial Wilbert Plastic Services Easley SC $15,750,000 $61 6.27% 8 Sep-23 Retail Stop & Shop Bristol RI $15,255,241 $242 6.85% 3 Aug-23 Retail Kohl's Katy TX $14,650,000 $266 6.73% 12 Jul-23 Retail Sprouts Farmers Market Lancaster CA $10,570,000 $455 5.00% 12 Aug-23 Retail Chase Bank Brooklyn NY $10,262,500 $1,283 5.90% 7 Sep-23 Retail 7-Eleven Sacramento CA $5,981,500 $1,975 5.35% 13 Aug-23 Retail Panera (GL) Queen Creek AZ $5,104,000 4.80% 15 Sep-23 Retail Chick Fil A (GL) Beaverton OR $5,087,500 4.32% 7 Sep-23 Retail 7-Eleven Haverstraw NY $5,000,000 $1,648 5.00% 15 Sep-23 Retail Goodwill Mankato MN $4,956,000 $239 6.13% 9 Sep-23 Retail Walgreens Tewksbury MA $4,550,000 $329 6.57% 8 Source: The Bolder Group The Net Lease Market Report, 2023 Q3 The sales noted above range from 4.32% to 6.85%. These sales are all triple net leased investments, with credit tenants already in place. As previously noted, there is typically a basis spread between the rent multiplier and the leased fee capitalization rate paid for a completed property with a credit tenant in place. The capitalization rates ranged from approximately 0.040 to 0.070. Based on this data you would anticipate rent multipliers in the range of approximately 0.050 to approximately 0.100. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 58 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT Investor's Survey We also considered national investor's survey data before reaching a capitalization rate conclusion for the subject's site. The following table summarizes prevailing land lease capitalization and discount rates. The former reflects initial rates of return on appraised values for vacant land proposed for development. They do not address increases in land lease payments or the reversion but may include percentage rent. The latter are internal rates of return being achieved by landowners on improved properties. As such, they include changes in land lease payments, percentage rent where applicable, and the reversion of the entire property at the termination of the lease. Total lease terms range from 40 to 99 years, while fixed rent periods range from one to 10 years. Generally, short-term (1-3 years) fixed rent periods auto -adjust based on a national reference rate such as the Consumer Price Index, while long-term (5-10 years) fixed rent periods are based on appraised values but are often subject to negotiation and/or arbitration. ReaIt§Rate earn INVESTOR SURVEY - 4R11 Quarter 022" LAND LEASES Proper tg TV* Apartments Golf Health Care Senior Housing, Industrial Lodging Mobile H orneiF V Park Office Restaur ant Retail Self -Storage Special Purpose All Prop erties Capitalisation Rates Discount Rates Min. 302 3,52% 3,6'2% 3.25 3,52: 3,40% 3.35% 4,05 3_16% 3,35: 4,04 3.02: Bias. 15.82% 11,16% 10.72% 14,75 13,32% 1b.58% 15.40% 10.70% 10.86% 16.08% le Aug. Mwr. 5.62 6,12 8.22 6.12: 6.00% 5.95 6.65% 5.76 5.95 674% 5.62x 10.38 16.32r, 11.66% 11.22% 15.25; 13.82% 11.3E 15.90 11.20 11.36X 16.34% 16.32 Avg. 8.28% 10,47v. 8,87; g iS5v. 9, 01',. 9,56; 8.2gV. 10,16% 8.73% 9.70% 9,48% 117: '3rd hoar t¢r 2022 Data Copyright 2022 RealtyRatef.com-r„ The risk associated with long-term development potential on a site such as the subject would be higher than in areas that would be considered more favorably by area developers. The higher risk associated with other development in the area suggests that builders would bid down the rental payment for the subject site. However, many users would be hesitant to lease the subject site due to the location and nature of the surrounding land. There are also zoning restrictions on who can use the site and for what uses. This would tend to reduce the number of potential tenants, and hence, reduce the amount of rent that could be generated. The range of land capitalization rate for the construction of all property types, according to the RealtyRates Investor survey, is from 3.02% for all properties to a high of 16.88%. As for special purpose properties, the range is from 4.04% to 16.88% and averages 9.57%. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 59 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 LAND RENT Land Capitalization Rate Conclusion There is little land available for new development in the area surrounding the subject. Most of the new development in the subject's market represents assemblages and redevelopment of existing, lower density properties. Land in the neighborhoods where the subject is located is in high demand. This demonstrated by the land sales previously presented. Additional information in the Market Analysis section of this report also speaks to the level of investor demand in the surrounding submarket. Furthermore, the subject site is located along the Rickenbacker Causeway and near Key Biscayne, with access to the waterway. The risk associated with long-term development potential on a site such as the subject would be lower than in areas that would be considered less favorably by area developers. The lower risk associated with the presence of other development in the area suggests that builders would bid up the rental payment for the subject site. This would effectively bid up the "rent multiplier" used to determine land rent. Any developer of the subject site would have to be able to manage and maintain a relationship with The City of Miami, and other stake holders. In addition, the tenant would work in the political climate in which the site is located, which can change from year to year. Demands from many stake holders would have to be considered, especially since the subject site is owned by a local municipality. We provided various methods of arriving at a reasonable rent multiplier. We consider the most reasonable method of determining an appropriate rent multiplier is the actual comparable properties in Southeast Florida that are currently offered for sale and for rent. These comparables show what land owners in the region expect in terms of a rent multiplier. When making our conclusion we considered the comparables presented, information from investors, the national investor survey presented as well as current interest rates for various property types. We also considered the desirability of the site due to its proximity to population centers in Miami -Dade County. Finally, we considered the potential, but also the limitations of development. We conclude that a rent multiplier in the range of 0.0575 to 0.0750 is market oriented. We conclude to 0.065 or 6.50%. Multiplying the subject's land value by the land capitalization rate, equates to an annual rental rate of $24,700 ($380,000 x 0.065) or rounded to $25,000/Annually or $2,100/Month. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 60 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 RENT COMPARABLE ANALYSIS MARKET RENT COMPARABLES FOR REPAIR SHOP/ANCILLARY SPACE The subject also includes 638 SF of repair shop/ancillary space. The space is illustrated in the following diagram. 11011=6HOP (AVARABIMPR RE , HVA[: i u RSF L CITY OF MIAF 1I OFFICE 2 323 RSF CITY OF IM°MIAMI MARINA OFFICE 275 RSF CITY OF MIAM! ()FFI 'F 721 RSF KITE HEN 8 < �7f A search of the market was conducted for rental comparables. The pertinent data relating to these comparables can be found on the following pages. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 61 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 RENT COMPARABLE ANALYSIS Name 2640 S Bayshore Dr Address 2640 S Bayshore Dr City Miami State FL Lease Comparable 1 Location County Zip Tax Parcel ID Miami -Dade County 33133 01-4122-002-0011 Site & Improvements NRA 1,000 Year Built 1925 No. of Floors 1 No. of Buildings 1 Condition Average MVS Quality Average Asking Rental Data Rental Rate $40.00 Lease Type NNN Avg Lease Term 2 Years Verification Broker Escalation CPI or Stepped Comments This is a 1,000 SF boat maintenance space that leased for $40.00/NNN. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 62 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 RENT COMPARABLE ANALYSIS Name Address City State 3350 NW 21st St 3350 NW 21st St Miami FL Lease Comparable 2 Location County Zip Tax Parcel ID Miami -Dade County 33142 3031280230040 Site & Improvements NRA 5,201 Year Built 1965 No. of Floors 2 No. of Buildings 1 Condition Average MVS Quality Average Asking Rental Data Rental Rate $43.84 Lease Type Modified Gross Avg Lease Term 3 - 5 Years Verification Broker Escalation CPI or Stepped Comments This is a 5,201 SF space located within the Select Marina located along the Miami River, that leased for $43.84 on a modified gross basis. The space is occupied by Enjoy Yacht Concierge. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 63 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 RENT COMPARABLE ANALYSIS Lease Comparable 3 ALM YACHT BASIN Name 629 NE 3rd St Address 629 NE 3rd St City Fort Lauderdale State FL Location County Zip Tax Parcel ID Broward County 33301 504235000090 Site & Improvements NRA 400 Year Built 1967 No. of Floors 1 No. of Buildings 1 Condition Average MVS Quality Average Asking Rental Data Rental Rate $45.00 Lease Type Gross Avg Lease Term 1 Year Verification Broker Escalation CPI or Stepped Comments This marine service center leased on August of 2023 for $36.00/net. The space consists of 400 SF and is located within the 7,020 SF marina. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 64 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 RENT COMPARABLE ANALYSIS Lease Comparable 4 Name 801 Sea breeze Blvd Address 801 Sea breeze Blvd City Fort Lauderdale State FL Location County Zip Tax Parcel ID Broward County 33316 504212270012 Site & Improvements NRA 600 Year Built 1966 No. of Floors 1 No. of Buildings 1 Condition Average MVS Quality Average Asking Rental Data Rental Rate $77.00 Lease Type Modified Gross Avg Lease Term 1 Year Verification Broker Escalation CPI or Stepped Comments This 600 SF retail space, located within the Bahia Mar Marina, leased for $77.00/SF on a modified gross basis. The lease started June of 2023 and the term is for 1 year. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 65 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 RENT COMPARABLE ANALYSIS Name Address City State Lease Comparable 5 itch i► Location SOUTHERN MARINAS HI LIFT LLC County 2890 NE 187 ST Zip Aventura Tax Parcel ID FL Miami -Dade County 33180 28-2203-000-0020 Site & Improvements NRA 1,715 Year Built 1967 No. of Floors 2 No. of Buildings 1 Condition Average MVS Quality Average Asking Rental Data Rental Rate $26.50 Lease Type Modified Gross Avg Lease Term NA Verification Broker Escalation CPI or Stepped Comments This space is a 1,715 SF space located within Hi -Lift marina. Located just off the Intracoastal Waterway in Aventura, Florida. The space was being used as office. The space leased for $26.50/SF on a modified gross basis. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 66 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 RENT COMPARABLE ANALYSIS RENT COMPARABLES SUMMARY Com p Name Year Built Condition Rental Rate Lease Type Address NRA Avg Lease Term Occupancy 1 2640 S Bayshore Dr 1925 Average $40.00 NNN 100.00% 2640 S Bayshore Dr 1,000 2 Years 2 3350 NW 21st St 1965 Average $43.84 Modified Gross 100.00% 3350 NW 21st St 5,201 3 - 5 Years 3 629 NE 3rd St 1967 Average $45.00 Gross 100.00% 629 NE 3rd St 400 1 Year 4 801 Sea breeze Blvd 1966 Average $77.00 Modified Gross 100.00% 801 Sea breeze Blvd 600 1 Year 5 SOUTHERN MARINAS HI LIFT LLC 1967 Average $26.50 Modified Gross 100.00% 2890 NE 187 ST 1,715 NA RENT COMPARABLES MAP iii- Weston rr Sunrise- ' Oak'- - Park 3 i4 Plantation Lauderd 1e IV Davie Pembroke Pines Miramar ( 4 El IIDural Sweetwater Fontainebleau 4i Google Miami Gardens Hialeah Dania Beach Hollywood Hallle Av ura North Miami Beach North Miami J4iarni beach Map data ©2023 &cog le JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 67 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 RENT COMPARABLE ANALYSIS ANALYSIS OF RENT COMPARABLES To estimate the value of the subject, an analysis of the rent comparables and the adjustments made to them is utilized to estimate a market rental rate for the subject. Expenses Expenses for each comparable are noted in the adjustment grid. Comp 1 is rented on a triple net basis. The expense pass -through have been added to the rentals. Location The adjustment for location reflects the trend that properties in areas of active growth and development, as well as those which offer good accessibility in terms of frontage on major thoroughfares, typically have a higher rental rate than properties which do not offer these attributes, with all other factors held constant. The subject is located along the Rickenbacker Causeway and near the Village of Key Biscayne. The space is located within a larger marina, which has limited access and visibility. All of the comparable rentals feature a superior location, based on accessibility and visibility. Therefore, downward adjustments are warranted. Age (Year Built) Adjustments are applied to the comparables on the basis of age. Typically, the older a building's improvements, the lower the income it can achieve in the market and the shorter its remaining economic life; thus, it will generate a lower rental rate, with all other factors held constant. The subject was built in 1980. The effective age for the property is estimated to be 25 years old. All of the rentals feature a relatively similar effective age and no adjustments are warranted. Condition Adjustments are applied to the comparables on the basis of relative condition. The more inferior a comparable's condition, the lower the rental rate it can achieve in the market, with all other factors held constant. The subject is in fair condition. All of the rentals feature a relatively similar condition and no adjustments are warranted. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 68 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 RENT COMPARABLE ANALYSIS RENT COMPARABLES ANALYSIS CONCLUSION The previously described adjustments are summarized in the following grid. The percentage adjustments are used to show the emphasis placed on each adjustment. Lease Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Name Ancillary Building; Address 3501 Rickenbacker City Miami County Miami -Dade County State FL 2640 S Bayshore Dr 2640 S Bayshore Dr Miami Miami -Dade County FL 3350 NW 21st St 3350 NW 21st St Miami Miami -Dade County FL 629 NE 3rd St 629 NE 3rd St Fort Lauderdale Broward County FL 801 Sea breeze Blvd 801 Sea breeze Blvd Fort Lauderdale Broward County FL SOUTHERN MARINAS 2890 NE 187 ST Aventura Miami -Dade County FL Asking Rents Rental Rate Lease Type Avg Lea se Term $40.00 NNN 2Years $43.84 Modified Gross 3-5Years $45.00 Gross 1Year $77.00 Modified Gross 1Year $26.50 Modified Gross NA Rent $40.00 $43.84 $45.00 $77.00 $26.50 Expense Pass-Throughs $3.50 $0.00 $3.50 $0.00 $0.00 Net Rent $43.50 $43.84 $48.50 $77.00 $26.50 Property Adjustments Location Superior Superior Superior Superior Superior %Adjustment $ Adjustment -5% -$2.18 -5% -$2.19 -5% -$2.43 -5% -$3.85 -5% -$1.33 Year Built 1980 1925 1965 1967 1966 1967 %Adjustment $ Adjustment 0% $0.00 0% $0.00 0% $0.00 0% $0.00 0% $0.00 Condition Fair Average Average Average Average Average % Adjustment $ Adjustment 0% $0.00 0% $0.00 0% $0.00 0% $0.00 0% $0.00 NRA 638 1,000 5,201 400 600 1,715 % Adjustment $ Adjustment 0% $0.00 0% $0.00 0% $0.00 0% $0.00 0% $0.00 Adjusted Rent $41.33 $41.65 $46.08 $73.15 $25.18 Property Adjustments (Net) Property Adjustments (Gross) -5% 5% -5% 5% -5% 5% -5% 5% -5% 5% Market Rent Conclusion The comparable rentals show an adjusted rent range of $25.18/SF to $73.15/SF and an average of $45.47/SF. Given the few numbers of available rentals similar to the subject's marina related use, we have given equal emphasis to the comparable rentals provided. These rentals are currently being used as similar marina services and are the most recent and proximate, which were made available. We are aware of a marina facility located along the Seybold Canal, the Property is presently operating as a marina and boat storage facility with 425+/- linear feet of waterfront. Also included is a two bedroom/one bath, 945 square foot single-family house with 50+/- marine linear feet located four lots north of the marina. The waterfront lots have ocean access via the Miami River approximately 950 feet away. Both the marina and house are on month to -month leases generating an annual gross income of about $25,000. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 69 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 RENT COMPARABLE ANALYSIS We are also aware of two similar marina related spaces which recently leased but that are located outside the subject's Miami -Dade County market. The first is a 210 SF ship store located within the Safe Harbor Regatta marina, which leased for $34.29/NNN. This Marina is located at 1005 Riverside Dr, Palmetto FI. The second rental is located at 255 E 22nd Ct, within Riviera Beach, FL. The space consisted of a 1,100 SF office/retail space located within the New Port Cove marina. The space leased on June of 2023 for $40.00/SF. We have also analyzed the retail rental market within the subject's submarket. The submarket rents are indicating a $62/SF, which is a 4.4% increase from where they were a year ago. In the past three years, rents have increased a cumulative 16.2%. This is above the Miami -Dade market which indicates a rent/SF of $45.06. The following diagram shows the market rent per SF in the submarket. S60.90 S70.89 820.90 Market Rent Per SF 16 17 18 16 2G 21 22 22 2.1 25 2J5 27 28 The subject's submarket rent, in addition to the rentals located outside of the subject's market, are in line with the marina related rentals provided, that are located within Miami and/or Broward County markets. Therefore, based on the information presented, we conclude to the following market rate rental schedule for the repair shop/ancillary space. Rent Roll Rent Roll # of Market Market Tenant/Unit Name Units SF Rent Rent/SF Repair Shop/Ancillary 1 638 $28,710 $45 Multiplying the subject's repair space SF, equates to an annual rental rate of $28,710 ($45.00/SF x 638 SF), rounded to $30,000 /year or $2,500/month. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 70 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 RECONCILIATION AND FINAL VALUE A Rental Analysis for the Repair shop space and a land value analysis was employed in the valuation of the subject's rents. The values derived via these methods are shown below: After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the market rent of the subject's boat rack area according to the plans and site survey, as of the date of value November 09,2023, is: $25,000/YEAR or $2,100/MONTH THIRTY THOUSAND DOLLARS ANNUALLY OR TWO THOUSAND FIVE HUNDERED MONTHLY We are of the opinion that the market rent of the subject's repair shop/ancillary building according to the plans and site survey, as of the date of value November 09,2023, is: $30,000/YEAR or $2,500/MONTH THIRTY THOUSAND DOLLARS ANNUALLY OR TWO THOUSAND FIVE HUNDERED MONTHLY This appraisal is not based on any extraordinary assumptions. This appraisal is not based on any hypothetical conditions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 71 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 ADDENDA JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING OFFICE OF THE PROPERTY APPRAISER Summary Report PROPERTY INFORMATION Folio Property Address Owner Mailing Address 01-4217-000-0030 3501 RICKENBACKER CSWY MIAMI, FL 33149-0000 CITY OF MIAMI 444 SW 2ND AVE 3RD FLOOR MIAMI, FL 33130-1910 Primary Zone 8002 PARKS & RECREATION Primary Land Use 8940 MUNICIPAL : MUNICIPAL Beds / Baths /Half 0 / 0 / 0 Floors 1 Living Units 0 Actual Area 8,791 Sq.Ft Living Area Adjusted Area 7,750 Sq.Ft Lot Size 348,480 Sq.Ft Year Built Multiple (See Building Info.) ��`�`��Xyd�I��I11�Idi111d�L11[il�� Year 2023 2022 2021 Land Value $12,721,500 $12,721,500 $12,721,500 Building Value $294,879 $296,974 $261,044 Extra Feature Value Market Value Assessed Value $190,632 $193,620 $196,608 $13,207,011 $13,212,094 $13,179,152 $4,660,477 $4,236,798 $3,851,635 ITS INFORMATION Benefit Type 2023 2022 2021 Non- Assessment Homestead Reduction $8,546,534 $8,975,296 $9,327,517 Cap Municipal Exemption $4,660,477 $4,236,798 $3,851,635 Note: Not all benefits are applicable to all Taxable Values (i.e. County, School Board, City, Regional). Generated On: 01/22/2024 TAXA4, VALUE INFORMATION Year 2023 COUNTY 2022 2021 Exemption Value $4,660,477 $4,236,798 $3,851,635 Taxable Value SCHOOL BOARD Exemption Value $13,207,011 $13,212,094 $13,179,152 Taxable Value $0 $0 $0 CITY Exemption Value $4,660,477 $4,236,798 $3,851,635 Taxable Value $0 $0 $0 REGIONAL Exemption Value $4,660,477 $4,236,798 $3,851,635 Taxable Value $0 $0 $0 $0 $0 $0 SALES INFORMATION SHORT LEGAL DE' 171854428AC A PORTION OF CITY OF MIAMI OWNED LAND ON VIRGINIAKEYAND LEASED TO MARINE STADIUM ENTERPRISES INC IDENTIFIED AS LEASE AREAS 1-A 1-B Previous Sale Price OR Book- Qualification Page Description 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 disclaimer and User Agreement at http://www. miamidade.gov/info/disclaimer. asp Corrected plicate public_user 01/22/2024 Miami -Dade County, Florida 2023 Real Estate Property Taxes Notice of Ad Valorem Tax and Non -Ad Valorem Assessments SEE REVERSE SIDE FOR IMPORTANT INFORMATION FOLIO NUMBER MUNICIPALITY MILL CODE 01-4217-000-0030 MIAMI 0100 CITY OF MIAMI 444 SW 2ND AVE 3RD FLOOR MIAMI, FL 33130-1910 Property Address 3501 RICKENBACKER CSWY Exemptions: 80 - STATE AD VALOREM TAXES Miami -Dade School Board School Board Operating School Board Debt Service Voted School Operating State and Other Florida Inland Navigation District South Florida Water Management District Okeechobee Basin Everglades Construction Project Childrens Trust Authority Miami -Dade County County Wide Operating County Wide Debt Service Library District Municipal Governing Board Miami Operating Miami Debt Service 13,207,011 13,207,011 13,207,011 4,660,477 4,660,477 4,660,477 4,660,477 4,660,477 4,660,477 4,660,477 4,660,477 5.56600 0.13300 1.00000 0.02880 0.09480 0.10260 0.03270 0.50000 4.57400 0.43550 0.28120 4,660,477 7.48430 4,660,477 0.32350 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 LEVYING AUTHORITY NON -AD VALOREM ASSESSMENTS RATE FOOTAGE/UNITS AMOUNM AMOUNT IF PAID BY (.a onl one amount) Jan 31, 2024 $0.00 * RETAIN FOR YOUR RECORDS Combined Taxes and Assessments $0.00 2023 Real Estate Property Taxes 01-4217-000-0030 FOLIO NUMBER 3501 RICKENBACKER CSWY PROPERTY ADDRESS LEGAL DESCRIPTION 171854 428AC A PORTION OF CITY OF MIAMI OWNED LAND ON VIRGINIA KEY AND LEASED TO MARIN i DETACH HERE AND RETURN THIS PORTION WITH YOUR PAYMENT i Du.licate .ublic user 01/22/2024 CITY OF MIAMI 444 SW 2ND AVE 3RD FLOOR MIAMI, FL 33130-1910 111111 Mil II 1 III 1111 I1111111 I111 I111 I111111111111111111111111 IMil 11111 III I1111111 111 IMI111 Mail payments payable to: Miami -Dade Office of the Tax Collector 200 NW 2nd Avenue, Miami, FL 33128 (In U.S. funds from a U.S. Bank) Funds must be available for immediate withdrawal. PAY ONLY ONE AMOUNT If Paid By Please Pay Jan 31, 2024 $0.00 1000000000000000000142170000030202300000000000000000000006 REVOCABLE LICENSE AGREEMENT ISSUED BY THE CITY OF MIAMI TO RICKENBACKER MARINA, INC. FOR THE USE AND OCCUPANCY OF THE PROPERTY LOCATED AT 3501 RICKENBACKER CAUSEWAY MIAMI, FLORIDA TABLE OF CONTENTS 1. Recitals. 1 2. Definitions. 2 3. Purpose 2 4. Interest Conferred By This Agreement 3 5. Permitted Uses. 3 6. Occupancy And Use Period. 4 7. Continuous Duty To Operate 4 8. Use Fee. 4 9. Late Fee. 5 10. Returned Check Fee. 5 11. Guarantee Deposit. 6 12. Adjustment To Use Fee And Guarantee Deposit. 6 13. Services and Utilities. 7 14. Condition of the Property and Maintenance. 8 15. Alterations, Additions Or Replacements. 8 16. Violations, Liens And Security Interests. 9 17. City Access To Facility 10 18. Indemnification And Hold Harmless. 10 19. Insurance. 11 20. No Liability 11 21. Safety 12 22. Taxes and Fees. 12 23. Cancellation By Request Of Either Of The Parties Without Cause. 13 24. Termination By City Manager For Cause 13 25. Notices 13 26. Advertising 14 27. Hazardous Materials. 14 28. Radon Gas 15 29. Licenses, Authorizations and Permits. 15 30. Compliance With All Laws Applicable. 16 31. Ownership Of Improvements. 16 32. Surrender Of Area or Property 16 33. Severability. 17 34. Invalidity. 17 35. No Assignment Or Transfer. 17 36. Public Records. 18 37. Conflict of Interest 18 38. Americans With Disability Act. 18 39. Nondiscrimination. 18 40. Affirmative Action. 19 41. Minority/Women Business Utilization 19 42. Amendments And Modifications. 19 43. Attorney(s)' Fees. 19 44. Litigation 20 45. Waiver Of Jury Trial. 20 46. Waiver. 20 47. Time of Essence 20 48. No Interpretation Against Draftsmen. 21 49. Further Acts. 21 50. Third Party Beneficiary. 21 51. No Partnership. 21 52. Headings. 21 53. Authority. 21 54. Entire Agreement. 21 55. Special Provisions. 22 EXHIBIT A - DEPICTION OF AREA OR PROPERTY 24 EXHIBIT B - DEED NO #18030 OF THE INTERNAL IMPROVEMENT FUND, STATE OF FLORIDA 25 EXHIBIT C - INSURANCE 26 ii REVOCABLE LICENSE AGREEMENT This Revocable License Agreement (the "Agreement") is made this c day of , 2009 between the City of Miami (the "City") a municipal corporation of the State of Flori a and Rickenbacker Marina, Inc., a Florida corporation incorporated under the laws of the State of Florida (the "Licensee"). RECITALS WHEREAS, the City and Licensee ("the Parties") desire and intend to enter into a Revocable License Agreement for the use of city -owned property located at 3501 Rickenbacker Causeway, Miami, Florida; and WHEREAS, Licensee has expressed its interest in utilizing this city -owned property for providing a boat launching ramp; and WHEREAS, this Agreement is not assignable; and WHEREAS, this Agreement is revocable -at -will by the City and without the consent of the Licensee; and WHEREAS, this Agreement does not transfer an interest in real property including any leasehold interest in real property owned by the City; and WHEREAS, this Agreement does not confer a right to use any real property for any general purposes; and. WHEREAS, this Agreement does not convey or transfer any right to exclude the City from any real property; and WHEREAS, this Agreement permits only certain, enumerated, specific, listed permitted uses, and does not permit anything further. WHEREAS, the Parties jointly and voluntarily stipulate as to the accuracy of these recitals; and NOW THEREFORE, in consideration of the mutual covenants set forth herein, the parties hereby agree as follows 1. Recitals. A. The foregoing recitals are hereby incorporated and made a part of this Agreement. 2. Definitions. A. "Area" shall mean City -owned boat launching ramp as depicted in Exhibit "A" attached hereto and made a part hereof. B. "City Manager" is the City Manager for the City of Miami. C. "Director" shall mean the Director of the Public Facilities department for the City of Miami. D. "Effective Date" shall mean the date that this Agreement is executed by the City Manager. In the event the Effective Date does not fall on the first day of the month, the Effective Date shall be adjusted to be the first day of the following month. E. "Hazardous Material Laws" means all applicable requirements of federal, state and local environmental, public health and safety laws, regulations, orders, permits, licenses, approvals, ordinances and directives, including but not limited to, all applicable requirements of: the Clean Air Act; the Clean Water Act; the Resource Conservation and Recovery Act, as amended by the Hazardous and Solid Waste Amendments of 1984; th'e Safe Drinking Water Act; the Comprehensive Environmental Response, Compensation and Liability Act, as amended by the Superfund Amendments and Reauthorization Act of 1986; the Occupational Health and Safety Act; the Toxic Substances Control Act; the Pollutant Discharge Prevention and Control Act; the Water Resources Restoration and Preservation Act; the Florida Air and Water Pollution Control Act; the Florida Safe Drinking Water Act; and the Florida Environmental Reorganization Act of 1975. F. "Monthly Use Fee" shall mean a fee charged to Florida for profit corporations. G. "Permitted Uses" shall mean launching of boats. H. "Property" shall mean the City -owned real property and improvements containing approximately 1,440 square feet located at 3501 Rickenbacker Causeway, Miami, Florida, as more particularly described in Exhibit "A" attached hereto and made a part hereof. 3. Purpose. The City is the owner of the Property. The City has determined that the Area or Property is not needed at this time by any of the City's offices or departments. The City has expressed its desire to assist the Licensee in accomplishing its purpose and in furtherance thereof authorizes the Licensee to occupy 2 and use the Area or Property for the Permitted Use, under the conditions hereinafter set forth. The use of the Area or Property is strictly limited to the Permitted Use and is not to be used for any other purpose whatsoever. Any use of the Area or Property not authorized under Permitted Use must receive the prior written consent of the City Manager or his designee, which consent may be withheld for any or no reason, including, but not limited to additional financial consideration. 4. Interest Conferred By This Agreement. This Agreement confers no exclusive possession of the Area or Property. The Licensee cannot exclude the City from the Property. This Agreement solely authorizes Licensee to the temporary use of the Area or Property for the limited purposes set forth herein and for no other purpose. The parties hereby agree that the provisions of this Agreement do not constitute a lease. The rights of Licensee hereunder are not those of a tenant, but are a mere personal privilege to do certain acts of a temporary character on the Area or Property and to use the Area or Property, subject to the terms of this Agreement. The City retains dominion, possession and control of the Area or Property. Therefore, no lease interest in the Area or Property is conferred upon Licensee under the provisions hereof. Licensee does not and shall not claim at any time any interest or estate of any kind or extent whatsoever in the Property by virtue of this Agreement or its use of the Area or Property hereunder. Additionally, Licensee does not and shall not claim at any time any interest or estate of any kind or extent whatsoever in the Area or Property by virtue of any expenditure of funds by the Licensee for improvements, construction, repairs, partitions, or alterations to the Area or Property which may be authorized by the City. 5. Permitted Uses. Subject to existing zoning and other governmental restrictions and the execution of this Agreement, this Agreement authorizes the Licensee to occupy and use the Area or Property to provide the Licensee's existing operation with the use of the City's boat launching ramp, and for no other purpose whatsoever (the "Permitted Use"). Licensee acknowledges that a portion of the Area or Property is subject to certain restrictions contained in Deed No. 18030 made by the Trustees of the Internal Improvement Fund of the State of Florida (the "State") to the City, dated August 2, 1929, as set forth in Exhibit "B" attached hereto and made a part hereof. In the event the State charges the City a State fee for said use, Licensee shall pay 3 all fees imposed, including any fees on a retroactive basis prior to the Effective Date. In the event that the Licensee does not pay the retroactive fees within thirty (30) days from notification, then either party may terminate this agreement with thirty (30) days prior written notice in accordance with Section 23 of the Agreement. 6. Occupancy And Use Period. This Agreement shall commence on the Effective Date and shall continue on a month -to -month basis until the first to occur of the following: i. Cancellation or termination pursuant to Paragraph 23 herein; or ii. Automatic termination, subject to the notice provisions of Paragraph 24 herein; 7. Continuous Duty To Operate. Except where the Area is rendered unusable by reason of fire or other casualty, Licensee shall at all times during this Agreement, occupy the Area upon the Effective Date and shall thereafter continuously conduct operations in the Area in accordance with the terms of this Agreement. 8. Use Fee. A. Monthly Use Fee. Commencing on the Effective Date of this Agreement, on the first day of each month and continuing throughout the term of this Agreement, Licensee shall pay to City the Monthly Use Fee amount of four thousand five hundred dollars and 00/100 ($4,500.00), plus State of Florida Use Tax, if applicable, for the use of the Area, payable as set forth in Subparagraph C below and adjusted in accordance with Paragraph 12 herein. Furthermore, ten percent (10%) of the Monthly Use Fee amounts paid to the City will be reserved in a special account by the City for the Area's capital improvements. B. Retroactive Monthly Use Fees Due to the City. On July 27, 2007, the Licensee remitted to the City payment in the amount of thirty-one thousand five hundred dollars and 00/100 ($31,500.00) for the use of the Area beginning January 2007 and ending July 2007. Upon execution of this Agreement, Licensee shall pay to City the State of Florida Use Tax, in the amount of (two thousand two hundred five dollars and 00/100 ($2,205.00), required for the use of the Area from January 2007 through July 2007. Furthermore, upon execution of this 4 Agreement, Licensee shall pay to City the Monthly Use fees owed to the City, in the amount of eighty- five thousand dollars and 00/100 ($85,500.00) (the "Retroactive Monthly. Use Fee"), plus State of Florida Use Tax, in the amount of five thousand nine hundred eighty-five dollars and 00/100 ($5,985.00) for the use of the Area from August 2007 and ending on the Effective Date of this Agreement. Therefore, upon execution of this Agreement, the total amount due by Licensee to the City for the use of the Area from January 2007 through the Effective Date of this Agreement is ninety-three thousand six hundred ninety dollars and 00/100 ($93,690.00), payable as set forth in Subparagraph C below. Furthermore, ten percent (10%) of the Retroactive Monthly Use Fee paid to the City will be reserved in a special account by the City for the Area's capital improvements. C. Manner of Payment. Payments shall be made payable to "City of Miami" and shall be mailed to 444 S.W. 2nd Avenue, 6th Floor, Finance Department, Miami, Florida 33130, or such other address as may be designated from time to time from the City Manager or his/her designee. 9. Late Fee. In the event any installment of the Monthly Use Fee is not received by City on or before the fifth day of the month, Licensee shall pay to City a late charge in an amount equal to ten percent (10%) of the respective Use Fee. Such late fee s hall constitute additional fees due and payable to City by Licensee upon the date of payment of the delinquent payment referenced above. Acceptance of such late charge by City shall, in no event, constitute a waiver of Licensee's violations with respect to such overdue amount nor prevent City from the pursuit of any remedy to which City may otherwise be entitled. 10. Returned Check Fee. In the event any check is returned to the City as uncollectible, the Licensee shall pay to City a returned check fee (the "Returned Check Fee") based on the following schedule; Returned Amount Returned Check Fee $00.01- 50.00 $20.00 $50.01- 300.00 $30.00 $300.01 - 800.00 $40.00 OVER $800 5% of the returned amount. 5 The Returned Check Fee shall constitute additional fees due and payable, to City by Licensee, upon the date of payment of the delinquent payment referenced above. Acceptance of Returned Check Fee by City shall, in no event, constitute a waiver of Licensee's violations with respect to such overdue amount nor prevent City from the pursuit of any remedy to which City may otherwise be entitled. 11. Guarantee Deposit. Simultaneously with the execution of this Agreement, the Licensee shall deposit with City the Guarantee Deposit in the amount of One Thousand and 00/100 dollars ($1,000) (the "Guarantee") as guarantee for the full and faithful performance by Licensee of all obligations of Licensee under this Agreement or in connection with this Agreement. If Licensee is in violation (as provided in Paragraph 24 herein) beyond any applicable notice or cure period, the City may use, apply or retain all or any part of the Guarantee Deposit for the payment of (i) any fee or other sum of money which Licensee was obligated to pay but did not pay, (ii) any sum expended by City on Licensee's behalf in accordance with the provisions of this Agreement, or (iii) any sum which City may expend or be required to expend as a result of Licensee's violation. The use, application or retention of the Guarantee Deposit or any portion thereof by City shall not prevent City from exercising any other right or remedy provided for under this Agreement or at law and shall not limit any recovery to which City may be entitled otherwise. At any time or times when City has made any such application of all or any part of the Guarantee Deposit, the Licensee shall deposit the sum or sums equal to the amounts so applied by City within ten (10) days of written notice by the City. Provided Licensee is not in violation of this Agreement, the Guarantee Deposit or balance thereof, as the case may be, shall be returned to Licensee upon the termination of this Agreement or upon any later date after which Licensee has vacated the Area or Property in the same condition or better as existed on the Effective Date, ordinary wear and tear excepted. Upon the return of the Guarantee Deposit (or balance thereof) to the Licensee, City shall be completely relieved of liability with respect to the Guarantee Deposit. Licensee shall not be entitled to receive any interest on the Guarantee Deposit. 12. Adjustment To Use Fee And Guarantee Deposit. Commencing twelve months from the Effective Date, or on the first day of the following month if the Effective Date is not on the first of the month, and every twelve months thereafter (the 6 "Anniversary Date(s)"), Licensee agrees that the Monthly Use Fee and Guarantee Deposit shall each be increased by three percent (3%) of the Monthly Use Fee and Guarantee Deposit respectively, in effect for the immediately preceding Agreement Year. On each Anniversary Date the Licensee shall remit payment to the City for the increased amount in Guarantee Deposit. Nothing in this paragraph shall be construed to grant Licensee the right to use the Area or Property for a term greater than on a month to month basis. 13. Services and Utilities. A. Licensee's responsibilities. Licensee, at its sole cost and expense, shall pay for all utilities except those specifically set forth in Paragraph B below to be provided by City, which may include, but is not limited to, electricity, water, stormwaterfees, gas, telephone, garbage and sewage disposal used by Licensee during its occupancy of the Area or Property, as well as all costs for installation of any lines and equipment necessary. Licensee, at its sole cost, shall install all utilities required for its use and install separate utility meters -required thereby and shall be billed directly by the applicable utility company for such services. Licensee, at its sole cost, shall provide cleaning services for the Area or Property. Licensee, at its sole cost and expense, shall hire a pest control company, as needed, to insure that the Area or Property will at all times be in a clean and sanitary condition and free from vermin. Licensee agrees to provide any and all security it deems necessary to protect its operations and equipment. Licensee shall insure that all appropriate equipment and lights have been turned off and appropriate doors locked at the close of operations within the Area or Property each day. B. City's responsibilities. City, at its sole cost, shall pay for the following utilities: None. The City reserves the right to interrupt, curtail or suspend the provision of any utility service provided by it, including but not limited to, heating, ventilating and air conditioning systems and equipment serving the Area or Property, to which Licensee 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, 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 Licensee or for any limitation of 7 supply resulting from governmental orders or directives. Licensee shall not claim any damages by reason of the City's or other individual's interruption, curtailment or suspension of a utility service, nor shall the Revocable License or any of Licensee's obligations hereunder be affected or reduced thereby. 14. Condition of the Property and Maintenance. Licensee accepts the Area or Property "as is", in its present condition and state of repair and without any representation by or on behalf of City, and agrees that City shall, under no circumstances, be liable for any latent, patent or other defects in the Area or Property. Licensee, at its sole cost, shall maintain the Area or Property in good order and repair at all times and in an attractive, clean, safe and sanitary condition and shall suffer no waste or injury thereto. Licensee shall be responsible for all repairs to the Area or Property required or caused by Licensee's use of part thereof. Licensee agrees to make all changes necessary to the Area or Property at Licensee's sole cost and expense in order to comply with all City, County and State code requirements for Licensee's occupancy thereof. 15. Alterations, Additions Or Replacements. Except in the event of an emergency, Licensee shall not make any repair without first receiving the written approval of the City Manager or his/her designee, which approval may be conditioned or withheld for any or no reason whatsoever, including a condition to pay additional fees if such alteration will affect the cost of services being provided by the City. If the City Manager or his/her designee approves such request, no repair or alteration shall be commenced until plans and specifications therefore shall have been submitted to and approved by the City Manager or his/her designee. The Licensee shall be solely responsible for applying and acquiring all necessary permits, including but not limited to, building permits. The Licensee shall be responsible for any and all costs associated with any alterations including, but not limited to, design, construction, installation and permitting costs. All alterations to the Area or Property, whether or not by or at the expense of the Licensee, shall, unless otherwise provided by written agreement of the parties hereto, immediately upon their completion become the property of the City and shall remain and be surrendered with the Area or Property. In the event of an emergency, Licensee may reasonably proceed to perform such repair work and shall immediately notify City of such work. 8 All alterations must be in compliance with all statutes, laws, ordinances and regulations of the State of Florida, Miami -Dade County, City of Miami and any other agency that may have jurisdiction over the Area or Property as they presently exist and as they may be amended hereafter. In the event of an emergency, Licensee shall reasonably proceed to perform such repair work and shall immediately notify the City Manager or his/her designee of such work. 16. Violations, Liens And Security Interests. The Licensee shall not suffer or permit any statutory, laborers, material person, or mechanics' liens to be filed against the title to the Property, nor against any Alteration by reason of work, labor, services, or materials supplied to the Licensee or anyone having a right to possession of the Property. Nothing in this Agreement shall be construed as constituting the consent orrequestof the City, expressed or implied, by inference or otherwise, to any contractor, subcontractor, laborer or material man for the performance of any labor or the furnishing of any materials for any specific Alteration, or repair of or to the Property nor as giving the Licensee the right, power or authority to contract for or permit the rendering of any services or the furnishing of any materials that would give rise to the filing of any mechanics liens against the Property. If any mechanics' lien shall at any time be filed against the Property, the Licensee shall cause it to be discharged of record within fifteen (15) days after the date the Licensee acquires knowledge of its filing. If the Licensee shall fail to discharge a mechanics' lien within that period, then in addition to any other right or remedy available to the City, the City may, but shall not be obligated to, discharge the lien either by paying the amount claimed to be due or by procuring the discharge of the lien by deposit in court of bonding or other acceptable form of security in lieu thereof. Additionally, the City may compel the prosecution of an action for the foreclosure of the mechanics' lien by the lienor and pay the amount of the judgment, if any, in favor of the lienor (with interest, costs and allowances), with the understanding that all amounts paid by the City shall constitute additional payments due and payable under this Agreement and shall be repaid to the City by the Licensee immediately upon rendition of any invoice or bill by the City. The Licensee shall not be required to pay or discharge any statutory, laborers, supplies, material persons or mechanics' lien so long as (i) the Licensee shall in good faith proceed to contest the lien by appropriate proceedings, (ii) the Licensee shall have given notice in writing to the City of its intention to contest the validity of the lien, and (iii) the Licensee shall furnish and keep in effect a surety bond of a responsible and substantial surety company reasonably acceptable to the City or other security reasonably satisfactory to the City in an amount sufficient to pay one hundred ten percent of the amount of the contested lien claim with all interest on it and costs and expenses, including reasonable attorneys' fees, to be incurred in connection therewith. Licensee further agrees to hold City harmless from, and to indemnify the City against, any and all claims, demands and expenses, including reasonable attorney's fees, by reason of any claims of any contractor, subcontractor, materialman, laborer or any other third person with whom Licensee has contracted or otherwise is found liable for, in respect to the Area or Property. 17. City Access To Facility. City and its authorized representative(s) shall have at all times access to the Area or Property and the Property. City will maintain a complete set of keys to the Area and the Property. Licensee, at its sole cost and expense, may duplicate or change key locks to the Area or Property but not until first receiving written approval from the Director for such work. In the event Licensee changes key locks as approved by the Director, Licensee, at its sole cost and expense, must also provide to City a copy or copies of said keys, if more than one copy is required. The City shall have access to and entry into the Area and the Property at any time to (a) inspect the Area and Property, (b) to perform any obligations of Licensee hereunder which Licensee has failed to perform after written notice thereof to Licensee, Licensee not having cured such matter within ten (10) days of such notice, (c) to assure Licensee's compliance with the terms and provisions of this Agreement and all applicable laws, ordinances, rules and regulations, (d) to show the Property, inclusive of the Area or Property, to prospective purchasers or tenants, and (e) for other purposes as may be deemed necessary by the City Manager in the furtherance of the City's corporate purpose; provided, however, that City shall make a diligent effort to provide at least 24-hours advance notice and Licensee shall have the right to have one or more of its representatives or employees present during the time of any such entry. The City shall not be liable for any loss, cost or damage to the Licensee by reason of the exercise by the City of the right of entry described herein for the purposes listed above. The making of periodic inspection or the failure to do so shall not operate to impose upon City any liability of any kind whatsoever nor relieve the Licensee of any responsibility, obligations or liability assumed under this Agreement. 18. Indemnification And Hold Harmless. Licensee shall indemnify, defend and hold harmless the City and its officials, employees and agents (collectively referred to as "Indemnitees") and each of them from and against all loss, costs, 10 penalties, fines, damages, claims, expenses (including attorney's fees) or liabilities (collectively referred to as "Liabilities") by reason of any injury to or death of any person or damage to or destruction or loss of any property arising out of, resulting from, or in connection with (i) the performance or non- performance of the services contemplated by this Agreement which is or is alleged to be directly or indirectly caused, in whole or in part, by any act, omission, default or negligence (whether active or passive) of Licensee or its employees, agents or subcontractors (collectively referred to as "Licensee"), regardless of whether it is, or is alleged to be, caused in whole or part (whether joint, concurrent or contributing) by any act, omission, default or negligence (whether active or passive) of the Indemnitees, or any of them or (ii) the failure of the Licensee to comply with any of the paragraphs herein or the failure of the Licensee to conform to statutes, ordinances, or other regulations or requirements of any governmental authority, federal or state, in connection with the performance of this Agreement. Licensee expressly agrees to indemnify and hold harmless the lndemnitees, or any of them, from and against all liabilities which may be asserted by an employee or former employee of Licensee, or any of its subcontractors, as provided above, for which the Licensee's liability to such employee or former employee would otherwise be limited to payments under state Workers' Compensation or similar laws. Licensee further acknowledges that, as lawful consideration for being granted the right to utilize and occupy the Area or Property, Licensee, on behalf of himself, his agents, invitees and employees, does hereby release from any legal liability the City, its officers, agents and employees, from any and all claims for injury, death or property damage resulting from Licensee's use of the Area or Property. 19. 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 insurance as set forth in Exhibit "C" attached hereto and made a part hereof. 20. No Liability. In no event shall the City be liable or responsible for injury, loss or damage to the property, improvements, fixtures and/or equipment belonging to or rented by Licensee, its officers, agents, employees, invitees or patrons occurring in or about the Area or Property that may be stolen, destroyed, or in any way damaged, including, without limitation, fire, flood, steam, electricity, gas, water, rain, vandalism or theft which may leak or flow from or into any part of the Area or Property, or from the 11 breakage, leakage, obstruction or other defects of the pipes, sprinklers, wires, appliances, plumbing, air conditioning or lighting fixtures of the Area or Property, or from hurricane or any act of God or any act of negligence of any user of the facilities or occupants of the Property or any person whomsoever whether such damage or injury results from conditions arising upon the Area or Property or upon other portions of the Property or from other sources. Licensee indemnifies the City its officers, agents and employees from and against any and all such claims even if the claims, costs, liabilities, suits, actions, damages or causes of action arise from the negligence or alleged negligence of the City, including any of its employees, agents, or officials. Licensee further acknowledges that as lawful consideration for being granted the right to utilize and occupy the Area or Property, Licensee, on behalf of himself, his agents, invitees and employees, does hereby release from any legal liability the City, its officers, agents and employees, from any and all claims for injury, death or property damage resulting from Licensee's use of the Area or Property. 21. Safety. Licensee will allow City inspectors, agents or representatives the ability to monitor its compliance with safety precautions as required by federal, state or local laws, rules, regulations and ordinances. By performing these inspections the City, its agents, or representatives are not assuming any liability by virtue of these laws, rules, regulations and ordinances. Licensee shall have no recourse against the City, its agents, or representatives from the occurrence, non-occurrence or result of such inspection(s). Upon issuance of a notice to proceed, the Licensee shall contact the Risk Management Department at (305) 416-1800 to schedule the inspection(s). 22. Taxes and Fees. Licensee shall pay before any fine, penalty, interest or costs is added for nonpayment, any and all charges, fees, taxes or assessments levied against the Property (collectively Assessments), its proportionate share of use of the Property and/or against personal property of any kind, owned by or placed in, upon or about the Property by Licensee, including, but not limited to, ad valorem taxes, fire fees and parking surcharges. In the event Licensee appeals an Assessment, Licensee shall immediately notify the City of its intention to appeal said Assessment and shall furnish and keep in effect a surety bond of a responsible and substantial surety company reasonably acceptable to the City Manager, or his designee, or other security reasonably satisfactory to the City Manager, or his designee, in an amount 12 sufficient to pay one hundred percent of the contested Assessment with all interest on it and costs and expenses, including reasonable attorneys' fees, to be incurred in connection with it. 23. Cancellation By Request Of Either Of The Parties Without Cause. Either party may cancel this Agreement at any time by giving thirty (30) days written notice to the non -canceling party prior to the effective date of the cancellation. 24. Termination By City Manager For Cause. If, at the sole and complete discretion of the City Manager, Licensee in any manner violates the restrictions and conditions of this Agreement, then, and in the event, after ten (10) days written notice given to Licensee by the City Manager within which to cease such violation or correct such deficiencies, and upon failure of Licensee to do so after such written notice within said ten (10) day period, this Agreement shall be automatically canceled without the need for further action by the City. 25. Notices. All notices or other communications which may be given pursuant to this Agreement shall be in writing and shall be deemed properly served if delivered by personal service or by certified mail addressed to City and Licensee at the address indicated herein or as the same may be changed from time to time. Such notice shall be deemed given on the day on which personally served; or if by certified mail, on the fifth day after being posted or the date of actual receipt, whichever is earlier: CITY OF MIAMI City of Miami Office of the City Manager 444 SW 2 Avenue, 10th Floor Miami, FL 33130 WITH A COPY TO Director City of Miami Department of Public Facilities 444 SW 2 Avenue, Suite 325 Miami, FL 33130 LICENSEE Mr. Aabad R. Melwani, President Rickenbacker Marina, Inc. 3301 Rickenbacker Causeway Miami, FL 33149 13 26. Advertising. Licensee shall not permit any signs or advertising matter to be placed either in the interior or upon the exterior of the Area or the Property without having first obtained the approval of the Director or his designee, which approval may be withheld for any or no reason, at his sole discretion. Licensee shall, at its sole cost and expense, install, provide, maintain such sign, decoration, advertising matter or other things as may be permitted hereunder in good condition and repair at all times. Licensee must further obtain approval from all governmental authorities having jurisdiction, and must comply with all applicable requirements set forth in the City of Miami Code and Zoning Ordinance. Upon the cancellation of this Agreement, Licensee shall, at its sole cost and expense, remove any sign, decoration, advertising matter or other thing permitted hereunder from the Area or Property. If any part of the Area or Property is in any way damaged by the removal of such items, said damage shall be repaired by Licensee at its sole cost and expense. Should Licensee fail to repair any damage caused to the Area or Property within ten (10) days after receipt of written notice from City directing the required repairs, City shall cause the Area or Property to be repaired at the sole cost and expense of Licensee. Licensee shall pay City the full cost of such repairs within five (5) days of receipt of an invoice indicating the cost of such required repairs. Licensee hereby understands and agrees that the City may, at its sole discretion, erect or place upon the Area or Property an appropriate sign indicating City's having issued this Agreement. 27. Hazardous Materials. The Licensee shall, at its sole cost and expense, at all times and in all respects comply with all federal, state and local laws, statutes, ordinances and regulations, rules, rulings, policies, orders and administrative actions and orders relating to hazardous materials ("Hazardous Materials Laws"), including, without limitation, any Hazardous Materials Laws relating to industrial hygiene, environmental protection or the use, storage, disposal or transportation of any flammable explosives, toxic substances or other hazardous, contaminated or polluting materials, substances or wastes, including, without limitation, any "Hazardous Substances", "Hazardous Wastes", "Hazardous Materials" or "Toxic Substances" (collectively "Hazardous Materials"), under any such laws, ordinances or regulations. The Licensee shall, at its sole cost and expense, procure, maintain in effect and comply with all conditions of any and all permits, licenses and other governmental and regulatory approvals relating to the presence of Hazardous Materials within, on, under or about the Area or Property or required for 14 the Licensee's use of any Hazardous Materials in or about the Area or Property in conformity with all applicable Hazardous Materials Laws and prudent industry practices regarding management of such Hazardous Materials. Upon cancellation or revocation of this Permit, the Licensee shall, at its sole cost and expense, cause all Hazardous Materials, including their storage devices, placed in or about the Area or Property by the Licensee or at the Licensee's direction, to be removed from the Area or Property and transported for use, storage or disposal in accordance and compliance with all applicable Hazardous Materials Laws. The Licensee may operate according to the custom of the industry so long as the use or presence of Hazardous Materials is strictly and properly monitored according to, and in compliance with, all applicable governmental requirements. The requirements of this Paragraph of the License shall survive the cancellation or revocation of this License. The City represents that: To the best of its knowledge there are no environmental violations, whether under federal, state, or local laws, existing on the Area or Property; To the best of its knowledge there are no Hazardous Materials presently existing on the Area or Property. 28. Radon Gas. Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit. Licensee may, have an appropriately licensed person test the Area or Property for radon. If the radon level exceeds acceptable EPA standards, the City may choose to reduce the radon level to an acceptable EPA level, failing which either party may cancel this License. 29. Licenses, Authorizations and Permits. Licensee shall obtain, or cause to be obtained, and maintain in full force and effect throughout the term of this Agreement, at its sole expense, all licenses, authorizations and permits that are necessary for Licensee to conduct its commercial activities. Licensee shall be responsible for paying the cost of said applications and obtaining said licenses, authorizations and permits. 15 30. Compliance With All Laws Applicable. Licensee accepts this Agreement and hereby acknowledges that Licensee's strict compliance with all applicable federal, state and local laws, ordinances and regulations is a condition of this Agreement, and Licensee shall comply therewith as the same presently exist and as they may be amended hereafter. This Agreement shall be construed and enforced according to the laws of the State of Florida. 31. Ownership Of Improvements. As of the Effective Date and throughout the Use Period, all buildings and improvements thereon shall be vested in City. Furthermore, title to all Alterations made in or to the Area or Property, whether or not by or at the expense of Licensee, shall, unless otherwise provided by written agreement, immediately upon their completion become the property of the City and shall remain and be surrendered with the Area or Property. 32. Surrender Of Area or Property. In either event of cancellation pursuant to Paragraph 23 or Paragraph 24, or at the expiration of the time limited by the notice, Licensee shall peacefully surrender the Area or Property broom clean and in good condition and repair together with all alterations, fixtures, installation, additions and improvements which may have been made in or attached on or to the Area or Property. Upon surrender, Licensee shall promptly remove all its personal property, trade fixtures and equipment and Licensee shall repair any damage to the Area or Property caused thereby. Should Licensee fail to repair any damage caused to the Area or Property within ten (10) days after receipt of written notice from City directing the required repairs, City shall cause the Area or Property to be repaired at the sole cost and expense of Licensee. Licensee shall pay City the full cost of such repairs within ten (10) days of receipt of an invoice indicating the cost of such required repairs. At City's option, City may require Licensee to restore the Area or Property so that the Area or Property shall be as it was on the Effective Date. In the event Licensee fails to remove its personal property, equipment and fixtures from the Area or Property within the time limit set by the notice, said property shall be deemed abandoned and thereupon shall become the sole personal property of the City. The City, at its sole discretion and 16 without liability, may remove and/or dispose of same as City sees fit, all at Licensee's sole cost and expense. 33. Severability. It is the express intent of the parties that this Agreement constitutes a license and not a lease. To further this intent, the parties agree as follows: (i) if any provision of this Agreement, or the application thereof to any circumstance, suggest that a lease, rather than a license, has been created, then such provision shall be interpreted in the light most favorable to the creation of a license and (ii) if any provision of this Agreement, or the application thereof to any circumstance, is determined by a court of competent jurisdiction to have created a lease rather than a license, then such provision shall be stricken and, to the fullest extent possible, the remaining provisions of this Agreement shall not be affected thereby and shall continue to operate and remain in full force and effect. With regard to those provisions which do not affect the parties intent for this Agreement, should any provision, section, paragraph, sentence, word or phrase contained in this Agreement be determined by a court of competent jurisdiction to be invalid, illegal or otherwise unenforceable under the laws of the State of Florida or the City of Miami, such provision, section, paragraph, sentence, word or phrase shall be deemed modified to the extent necessary in order to conform with such laws, or if not modifiable, then same shall be deemed severable, and in either event, the remaining terms and provisions of this Agreement shall remain unmodified and in full force and effect or limitation of its use. 34. Invalidity. In the event that any non -material provision of this Agreement shall be held to be invalid for any reason, such invalidity shall not affect the remaining portions of this Agreement and the same shall remain in full force and effect. 35. No Assignment Or Transfer. Licensee cannot assign or transfer its privilege of occupancy and use granted unto it by this Agreement. Any assignment, sale or disposition of this Agreement or any interest therein by Licensee shall result in the automatic termination of this Agreement without notice by the City Manager. 17 36. Public Records. Licensee understands that the public shall have access, at all reasonable times, to City contracts, subject to the provisions of Chapter 119, Florida Statutes, and agrees to allow access by the City and the public to all documents subject to disclosure under applicable law. 37. Conflict of Interest. Licensee is aware of the conflict of interest laws of the City of Miami (Miami City Code Chapter 2, Article V), Dade County, Florida (Dade County Code, Section 2-11.1 et. seq.) and of the State of Florida as set forth in the Florida Statutes, and agrees that it will fully comply in all respects with the terms of said laws and any future amendments thereto. Licensee covenants that no person or entity under its employ, presently exercising any functions or responsibilities in connection with this Agreement, has any personal financial interests, direct or indirect, with the City. Licensee further covenants that, in the performance of this Agreement, no person or entity having such conflicting interest shall be utilized in respect to services provided hereunder. Any such conflict of interest(s) on the part of Licensee, its employees or associated persons, or entities must be disclosed in writing to the City. 38. Americans With Disability Act. Licensee shall affirmatively comply with all applicable provisions of the Americans with Disabilities Act ("ADA") in the course of providing any work, labor or services funded by the City including Titles I and II of the ADA (regarding nondiscrimination on the basis of disability) and all applicable regulations, guidelines and standards. Additionally, Licensee shall take affirmative steps to ensure nondiscrimination in employment of disabled persons. 39. Nondiscrimination. In the performance of this Agreement or any extension thereof, Licensee and/or its authorized agents shall not discriminate in connection with its occupancy and use of the Area or Property and improvements thereon, or against any employee or applicant for employment because of sex, age, race, color, religion, ancestry or national origin. Licensee and/or its authorized agents will take affirmative action to insure that minority applicants are employed and that employees are fairly treated during employment without regard to their sex, age, race, color, religion, ancestry, or national origin. Such action shall include, but not be limited to, the following: employment, upgrading, demotion or transfer, 18 recruitment or recruitment advertising, layoff or termination, rates of pay or other forms of compensation. 40. Affirmative Action. Licensee shall have in place an Affirmative Action/Equal Employment Opportunity Policy and shall institute a plan for its achievement which will require that action be taken to provide equal opportunity in hiring and promoting for women, minorities, the disabled and veterans. Such plan will include a set of positive measures which will be taken to insure nondiscrimination in the work place as it relates to hiring, firing, training and promotion. In lieu of such a policy/plan, Licensee shall submit a Statement of Assurance indicating that their operation is in compliance with all relevant Civil Rights laws and regulations. 41. Minority/Women Business Utilization. Licensee shall make every good faith effort to purchase/contract fifty-one percent (51%) of its annual goods and services requirements from Hispanic, Black and Women businesses/professionals registered/certified with the City Office of Minority/Women Business Affairs. Such lists will be made available to the Licensee at the time of the issuance of the Agreement by the City and updates will be routinely provided by the City's Office of Minority/Women Business Affairs. 42. Amendments And Modifications. No amendments or modifications to this Agreement shall be binding on either party unless in writing, approved as to form and correctness by the City Attorney, and signed by both parties. The City Manager is authorized to amend or modify this Agreement as needed. 43. Attorney(s)' Fees. In the event it becomes necessary for either party to institute legal proceedings to enforce the provisions of this Agreement, each party shall bear its own attorneys' fees through all trial and appellate levels. 19 44. Litigation. Any dispute herein shall be resolved in the courts of Miami -Dade County, Florida. The parties shall attempt to mediate any dispute without litigation. However, this is not intended to establish mediation as a condition precedent before pursuing specific performance, equitable or injunctive relief. 45. Waiver Of Jury Trial. The parties hereby knowingly, irrevocable, voluntarily and intentionally waive any right either may have to a trial by jury in respect of any action, proceeding or counterclaim based on this Agreement, or arising out of, under or in connection with this Agreement or any amendment or modification of this Agreement, or any other agreement executed by and between the parties in connection with this Agreement, or any course of conduct, course of dealing, statements (whether verbal or written) or actions of any party hereto. This waiver of jury trial provision is a material inducement for the City and Licensee entering into the subject transaction. 46. Waiver. Any waiver by either party or any breach by either party of any one or more of the covenants, conditions or provisions of this Agreement shall not be construed to be a waiver of any subsequent or other breach of the same or any covenant, condition or provision of this Agreement, nor shall any failure on the part of the City to require or exact full and complete compliance by Licensee with any of the covenants, conditions or provisions of this Agreement be construed as in any manner changing the terms hereof to prevent the City from enforcing in full the provisions hereto, nor shall the terms of this Agreement be changed or altered in any manner whatsoever other than by written agreement of the City and Licensee. 47. Time of Essence. It is expressly agreed by the parties hereto that time is of the essence with respect to this Agreement. If the final day of any period falls on a weekend or legal holiday, then the final day of said period or the date of performance shall be extended to the next business day thereafter. 20 48. No Interpretation Against Draftsmen. The parties agree that no provision of this Agreement shall be construed against any particular party and each party shall be deemed to have drafted this Agreement. 49. Further Acts. In addition to the acts and deeds recited herein and contemplated to be performed, executed and/or delivered by the parties, the parties each agree to perform, execute and/or deliver or cause to be performed, executed and/or delivered any and all such further acts, deeds and assurances as may be necessary to consummate the transactions contemplated hereby. 50. Third Party Beneficiary. This Agreement is solely for the benefit of the parties hereto and no third party shall be entitled to claim or enforce any rights hereunder. 51. No Partnership. Nothing contained herein shall make, or be construed to make any party a principal, agent, partner or joint venturer of the other. 52. Headings. Title and paragraph headings are for convenient reference and are not a part of this Agreement. 53. Authority. Each of the parties hereto acknowledges it is duly authorized to enter into this Agreement and that the signatories below are duly authorized to execute this Agreement in their respective behalf. 54. Entire Agreement. This instrument and its attachments constitute the sole and only agreement of the parties hereto and correctly sets forth the rights, duties and obligations of each to the other as of its date. Any prior agreements, promises, negotiations or representations not expressly set forth in this Agreement are of no force or effect. 21 55. Special Provisions. None. This Agreement is the result of negotiations between the parties and has been typed/printed by one party for the convenience of both parties, and the parties covenant that this Agreement shall not be construed in favor of or against either of the parties. 22 ( CITY OF MI r I, =" unicipal corporation of the Sta '- o I • ida By: Pedro G. "''. ndez City Manager APPROVED AS TO FORM AND CORRECTNESS: By: • LeeAnn Breh/ii,( Julie 0. Bru Director ( City Attorney Department of Risk Management IN WITNESS WHEREOF, the parties hereto have executed this Agreement of the clay and year first above written. ATTEST: By: Priscilla A. Thompson, CM-e City Clerk APPROVED AS TO INSURAN, E REQUIREMENTS: By: By: LICENSEE By: Signatu Print Name Date 23 EXHIBIT A - DEPICTION OF AREA OR PROPERTY 24 1 Riclenbacksr uses approximately 48L X 30W s q. ft of Marine •tadium's splash area to conduct us Ines s EXHIBIT B - DEED NO #18030 INTERNAL IMPROVEMENT FUND, STATE OF FLORIDA 25 G6','O.Pf044 PAGE248 INTERNAL IMRROVEMENT FUND, STATE OF FLORIDA. DEED NO. 18030 KNOW ALL MEN BY THESE PRESENTS; That the undersigned, the Trust808 of the Internal Improvement Fund of the State of Florida, under and by virtue of the authority of Senate Bill No 682 • Chapter 13666, Laws of Florida, Acts of 1929, and for and in consideration of the sure of TWO THOUSAND SEX HUNDRED SEVENTEEN & 50/100 DOLLARS 32,817.50), representing the estimated interest of the State School Fund in and to said lands as provided by the State Constitution, to them in hand paid by the City of Miami, •a municipal 0orporation of the State of Florida, receipt of which is hereby acknowledged, have granted, bargained, sold and for Municipal purposes only, following, described submerged and partly submerged lands, situate lying and being in Dade County,'Florida, to —wit in of Section gToning at5a 4. South,°n Range 42st East, Dade County., Florida, 0ofeetlq 1000 feet North of the Southeast corner of said Section 8; Thee West parallel with the :South boundary of said Section 8, a distance of 5280 need Soceion et more or less, to aet point on the Weet boundary • North of the Southwest .corner'thereof; Thence South on the Weet boundary of Section 8 to the Southwest corner of the Section; Thence Vest on the. North boundary of Section 18, 1000 feet; Thence South to a point 150 feet North of the center line -4 of the proposed Causeway, said distance of 150 feet ,being measured at right angles to the axis of the said Causeway; Thence Ii1oxthwesterly parallel with and at a �;i Jtana cenof 150 feet at right angles with said Causeway where the said lineiytects the United. Statesronnthe Westaside winn® as establishedd by the of Biscayne BaY; Thence following said Harbor and Bulkieadolinexe Slunhwesterly to a point 150 feet Southwesterly of thof said Causeway as measured at right angles thereto; Thence Southeasterly parallel with and at a distance of 1ine of said proposed 1000feetW esteofr lCauseway the Eastern boundary of a Section a pq. 18; conveyed to the City of Miami and to its suocessors,forever,the re Thenoe East 000 feet, Section b oundar Y of 1 Thenoe South along the Eastern boundary of Section 19, 1300 feet, more or less; Thence in an Easterly Southwestern extremity d yofeVirginia Key; with the r f y Thence general ortherlyeandEt shore line North asterlyodijraeotionatToeitsn a tenses intersection with the fast boundary of 5e•ction 17; Thence North along the East boundary of Seotion 77 , to the Northeast foriier of said Seotion; Thenoe North along the Last boundary of Seotion 8, a distance of 1000 feet to the point of beginning first above described, Containing 1,047 acres, more Or lees, all being in Township and Range first above described. TO RAVE AND TO HOLD the said above 'mentioned and desoribed land and premises and all the title and interest in the Trustees therein unto the said Oity of Miami and its successors, for municipal purposes only, forever ,'provid.ed, that this conveyance shall in no way extinguish or effect any lawful lien or trust deed mortgaging riparian.rights which may conflict with the above . oonveyance, or any prior or present existing rights of any party or parties, owning or having an equity in lands or bottoms adjaoent to the tract hereby conveyed, and, this conveyance is made expressly subject to such provisions.. SAVING AND RESERVING unto the Trustees of the Internal Improvement Fund of Florida, and their successors, an undivided three -fourths interest in and title in and. to an undivided three -fourths interest in all the phosphate, Minerals and metals that are or may be in, on or under the said above described lands, and an undivided one-half interest in and title in and to an undivided one-half interest in all the petroleum that is or may be in or under the said above described land, with the privilege to mine and develop the same. IN WITNESS WHEREOF, The Trustees pf the Internal Improve- ment Fund of the State of Florida have hereunto subscribed their Hood 325 PAGE9,49 Thenoe South to the intersection of said line with the South boundary 'of said Seotion 18; • Thence continuing it Section 10, 1000 feet; less, to the Eastern. ��pp 800K1325 PAGE 250 • names and affixed their seals, and have caused the seal bf the ti DEPARTMENT OF. AGRICULTURE OP THE STATE OF FLORIL'A, to be hereunto • of fixed, at the Capitol, in the City of Tallahassee, on this the c.S , day of•July, A. D. Nineteen Hundred and. Twenty - Vine. (SEAL) GOVERNOR.. vim---j ( SEAL) OOMPTROLLER , TREASURER ATTORNEY -GENERAL , O'•dltJil SS I ONE AND P d'nF 1)1fi11 IN '1'11.E 11.001( i (rl'13ll A130\7E.. 1•. it l,101.1ll•;I;DIAN, ('�•,1:1;)(1 11ita1i'1't nip);'!' (SEAL) (SEAL) . EXHIBIT C INSURANCE Commercial General Liability A. Limits of Liability Bodily Injury and Property Damage Liability Each Occurrence: $ 1,000,000 General Aggregate Limit: $ 2,000,000 Products/Completed Operations: $ 1,000,000 Personal and Advertising Injury: $ 1,000,000 Damage to Rented Premises: $ 100,000 B. Endorsements Required City of Miami included as an Additional Insured Employees included as insured Independent Contractors Coverage 11. All Risk Property Insurance A. Limits of Liability 100% replacement cost of improvements, fixtures, equipment, furniture and all other personal property in and about the Areas. Loss or damage by fire, windstorm. B. Endorsements Required Extended coverage Vandalism Malicious Mischief Flood and special coverage ll ease holding the City harmless This requirement may be waived provided hat to thicensee e aboveexecutes a mentioneducausles as defined Ina standard d All for any damages incurred by Licensee Risk policy. III, Business Automobile Liability A. Limits of Liability Bodily Injury and Property Damage Liability Combined Single Limit Owned, Hired and Non Owned Autos Any One Accident $ 1,000,000 B. Endorsements Required City of Miami included as an Additional Insured 26 IV. Worker's Compensation Limits of Liability Statutory -State of Florida VI, Employer's Liability Limits of Liability $100,000 for bodily injury caused by an accident, each accident, $100,000 for bodily injury caused by disease, each employee $500,000 for bodily injury caused by disease, policy limit V, Building and Business Personal Property A. Causes of Loss: Special B. Valuation: Replacement Cost C. Business Interruption including Extra Expense • Companies authorized to do business in the State of Florida, with the following qualifications, shall issue all insurance policies required above. 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. The policy or policies of insurance required shall be so written that the policy or policies may not be canceled or materially changed without thirty (30) days advance written notice to the City. 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 Public Facilities, 444 SW 2 Avenue, 3`d Floor, Miami, .Florida 33130, or such other address that may be designated from time to time. The company must be rated no Tess than "A" as to management, and no less than "Class V" as to Financial Strength, by the latest edition of Best's Insurance Guide, published by A.M. Best Company, dldwick, New Jersey, or Its equivalent. All policies and /or certificates of insurance are subject to review and verification by Risk Management priorto insurance approval. Current evidence and policy of insurance evidencing the aforesaid required insurance coverage shall be supplied to the City ofnitaenPublicFacilities set tent Dii sion at the execution of this Agrem and ew evidence aolicyshaI be suppled at least (20) days prior to the expiration of each policy period. 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 the 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 amountl fee upon of the premium paidshall collectibleonthe first day of the month paid by Licensee to the City as an oranysubsequent nt month emand and shall in eachrinstance b 27 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. 28 Pi• City of Miami Text File Report City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File ID: 09-00188 Enactment #: R-09-0206 Version: 2 Type: Resolution Introduced: 2/18/09 Status: Passed Enactment Date: 4/23/09 Controlling Body: City Commission A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE CITY MANAGER TO EXECUTE A REVOCABLE LICENSE AGREEMENT ("AGREEMENT"), IN SUBSTANTIALLY THE ATTACHED FORM, BETWEEN THE CITY OF MIAMI ("CITY") AND RICKENBACKER MARINA, INC. A FLORIDA FOR PROFIT CORPORATION (THE "LICENSEE"), FOR THE USE OF APPROXIMATELY 1,440 SQUARE FEET, OR 0.033 ACRES, OF CITY -OWNED PROPERTY LOCATED AT 3501 RICKENBACKER CAUSEWAY, MIAMI, FLORIDA, FOR THE PURPOSE OF PROVIDING A BOAT LAUNCHING RAMP FOR LICENSEE'S OPERATION, COMMENCING FROM THE EFFECTIVE DATE, WITH THE LICENSEE TO PAY A MONTHLY USE FEE TO THE CITY OF $4,500, PLUS STATE OF FLORIDA USE TAX, IF APPLICABLE, WITH TEN PERCENT (10%) OF THE AMOUNTS PAID TO THE CITY TO BE RESERVED IN A SPECIAL ACCOUNT BY THE FINANCE DEPARTMENT FOR CAPITAL IMPROVEMENTS, WITH ADDITIONAL TERMS AND CONDITIONS AS MORE PARTICULARLY SET FORTH IN SAID AGREEMENT. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The City Manager is authorized (1) to execute a Revocable License Agreement ("Agreement"), in substantially the attached form, between the City of Miami ("City") and Rickenbacker Marina, Inc. a Florida for profit corporation (the "Licensee"), for the use of approximately 1,440 square feet, or 0.033 acres, of City -owned property located at 3501 Rickenbacker Causeway, Miami, Florida, for the purpose of providing a boat launching ramp for Licensee's operation, commencing from the Effective Date, with the Licensee to pay a monthly use fee to the City of $4,500, plus State of Florida Use Tax, if applicable, with ten percent (10%) of the amounts paid to the City to be reserved in a special account by the Finance Department for capital improvements, with additional terms and conditions as more particularly set forth in said Agreement. Section 2. The City Manager is authorized {1) to accept monthly fees from the Licensee in the same amounts as provided in Section 1 hereof. Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor. (2) City of Miami Page I Printed on 6/19/2009 CITY OF MIAMI OFFICE OF THE CITY ATTORNEY MEMORANDUM TO: Olga Zamora, Senior Project Represe Native ). Public Facilities - COM FROM: Rafael O. Diaz, Assistant City Attorneys DATE: July 14, 2009 RE: 3501 Rickenbacker Causeway - Rickenbacker Marina Inc. Matter ID No.: 09-1766 Enclosed please find the captioned agreement which has been approved by the City Attorney as to form and correctness. Once this agreement has been fully executed please forward a copy of the fully executed agreement to our office so that we may close our file. If you have further questions, please feel free to contact me at 305-416-1800. Enclosure(s) It43V13V4101.1 t o NI 01tOi AV SI . . 6 i WHEN RETURNING THIS CONTRACT TO THIS OFFICE FOR FURTHER REVIEW, PLEASE IDENTIFY AS 09-1766 182468 COLONIAL BANK, N.A. CORPORATE RESOLUTION OF AUTHORITY Certified Copy of Corporate Resolutions and Certificate Pursuant Thereto TO: Colonial Bank, N.A. / KEY BISCAYNE ("Colonial") Address 600 CRANDON BLVD City, State, Zip KEY BISCAYNE, FL Date 09/08/2004 FROM: RICKENBACKER MARINA INC ("Corporation") Address 3301 RICKENBACKER CSWY City, State, Zip KEY BISCAYNE FL 33149 Employer ID Number (EIN) 59-2.69U549 Incorporated under the laws of the State of FLORIDA RESOLVED, that Colonial, is hereby designated as a depository of the Corporation and that one or more deposit accounts be opened and maintained on behalf of the Corporation with Colonial; that such account(s) be governed pursuant to its terms, conditions, policies and procedures contained on or referred to in the signature card(s) which is herein authorized to be executed, that funds so deposited may be withdrawn by check, draft, bit of exchange, acceptance, note or order of the Corporation when signed, accepted or endorsed by any 1 (specific number) of the following: (insert titles of officers and/or employees) PRESIDENT, VICE PRESIDENT, MANAGER OTHER ACCOUNTS. The designated officer(s) or employee(s) listed by each account is/are authorized to enter into the agreement where his or her name appears: ACCOUNT TITLE: N/A Number of authorized signatures required for this purpose: Authorized officer(s) or employee(s): whose signatures shall be duly certified to Colonial on said signature cards, and Colonial is hereby authorized to pay said checks, drafts, notes, bills of exchange, acceptances, orders or withdrawals, or to receive the same for credit of, or in payment for, the payee, or any other legal holder when so signed, without inquiry as to the circumstances of the disposition of their proceeds, whether drawn to the individual order or tendered in payment of individual obligations of the officers or employees above named or other officers of this Corporation, or otherwise. FURTHER RESOLVED, that any 1 (specific number) of the following: (insert title of officer(s)) PRESIDENT, VICE PRESIDENT, MANAGER is/are authorized on behalf of the Corporation and in the name of the Corporation: (1) to execute and deliver to Colonial such notes or other evidences of indebtedness of the Corporation for the monies so borrowed, with interest thereon, as Colonial may require, and to execute and deliver from time to time renewals or extensions of such.notes or other evidences of indebtedness; (2) to convey, grant, assign, transfer, pledge, mortgage, grant a security interest in, or otherwise hypothecate and deliver by such instruments in writing or otherwise as may be demanded by Colonial, any of the real or personal property of the Corporation as may be required by Colonial to secure the payment of any notes or other indebtedness of the Corporation to Colonial, whether arising pursuant to this resolution or otherwise; (3) to make and/or provide to Colonial records, statements and other information concerning or relating to the financial condition of the Corporation; and (4) to perform all acts and execute and deliver all instruments which Colonial may deem necessary or desirable to carry out the purpose of these resolutions. OTHER AGREEMENTS. Any of the above -described officers are hereby authorized to enter into any of the agreements listed below; further, the designated officers or employees whose names are listed by each agreement and whose specimen signatures appear below are hereby authorized to enter into the agreements where their respective names appear: ® (a) TELEPHONE TRANSFER AUTHORIZATION (telephone instructions to transfer funds in Corporate deposit.accounts with Colonial) Number of authorized signatures required for this purpose: 1 Names of designated officers and/or employees not listed above: (b) SAFE DEPOSIT BOX RENTAL Number of authorized signatures required for this purpose: Names of designated officers and/or employees not listed above: (c) NIGHT DEPOSIT AGREEMENT Number of authorized signatures required for this purpose: Npmes of designated officers and/or employees not listed above: n (d) MERCHANT/BANKCARD SERVICES COLONIAL BANK, N.A. CORPORATE RESOLUTION OF AUTHORITY Certified Copy of Corporate Resolutions and Certificate Pursuant Thereto TO: Colonial Bank, N.A. / KEY BISCAYNE ("Colonial") Address 600 CRANDON BLVD City, State, Zip KEY BISCAYNE, FL Date 09/08/2004 FROM: RICKENBACKER MARINA INC ("Corporation") Address 3301 RICKENBACKER CSWY City, State, Zip KEY BISCAYNE FL 33149 Employer ID Number (EIN) 59-2690549 Incorporated under the laws of the State of FLORIDA RESOLVED, that Colonial, is hereby designated as a depository of the Corporation and that one or more deposit accounts be opened and maintained on behalf of the Corporation with Colonial; that such account(s) be governed pursuant to its terms, conditions, policies and procedures contained on or referred to in the signature card(s) which is herein authorized to be executed, that funds so deposited may be withdrawn by check, draft, bill of exchange, acceptance, note or order of the Corporation when signed, accepted or endorsed by any 1 (specific number) of the following: (insert titles of officers and/or employees) PRESIDENT, VICE PRESIDENT, MANAGER OTHER ACCOUNTS. The designated officerls) or employee(s) listed by each account is/are authorized to enter into the agreement where his or her name appears: ACCOUNT TITLE: N/A Number of authorized signatures required for this purpose: Authorized officer(s) or employee(s): whose signatures shall be duly certified to Colonial on said signature cards, and Colonial is hereby authorized to pay said checks, drafts, notes, bills of exchange, acceptances, orders or withdrawals, or to receive the same for credit of, or in payment for, the payee, or any other legal holder when so signed, without inquiry as to the circumstances of the disposition of their proceeds, whether drawn to the individual order or tendered in payment of individual obligations of the officers or employees above named or other officers of this Corporation, or otherwise. FURTHER RESOLVED, that any 1 (specific number) of the following: (insert title of officer(s)) PRESIDENT, VICE PRESIDENT, MANAGER is/are authorized on behalf of the Corporation and in the name of the Corporation: (1) to execute and deliver to Colonial such notes or other evidences of indebtedness of the Corporation for the monies so borrowed, with interest thereon, as Colonial may require, and to execute and deliver from time to time renewals or extensions of such•notes or other evidences of indebtedness; (2) to convey, grant, assign, transfer, pledge, mortgage, grant a security interest in, or otherwise hypothecate and deliver by such instruments in writing or otherwise as may be demanded by Colonial, any of the real or personal property of the Corporation as may be required by Colonial to secure the payment of any notes or other indebtedness of the Corporation to Colonial, whether arising pursuant to this resolution or otherwise; (3) to make and/or provide to Colonial records, statements and other information concerning or relating to the financial condition of the Corporation; and (4) to perform all acts and execute and deliver all instruments which Colonial may deem necessary or desirable to carry out the purpose of these resolutions. OTHER AGREEMENTS. Any of the above -described officers are hereby authorized to enter into any of the agreements listed below; further, the designated officers or employees whose names are listed by each agreement and whose specimen signatures appear below are hereby authorized to enter into the agreements where their respective names appear: ® (a) TELEPHONE TRANSFER AUTHORIZATION (telephone instructions to transfer funds in Corporate deposit accounts with Colonial) Number of authorized signatures required for this purpose: 1 Names of designated officers and/or employees not listed above: • (b) SAFE DEPOSIT BOX RENTAL Number of authorized signatures required for this purpose: Names of designated officers and/or employees not listed above: • (c) NIGHT DEPOSIT AGREEMENT Number of authorized signatures required for this purpose: -_ _. _ . _ . _____ ___Jc__ ,........,._nnr lictorl ,hnun• DEPARTMENT OF RISK MANAGEMENT INSURANCE/SAFETY APPROVAL FORM Name Olga Zamora Department Public Facilities Review Status Commercial General Liability Ace USA Any Auto Ace USA Workers Comp: Technology Insurance Company Liquor Liability: Equipment Floater Business Personal Property Ace USA MOLL Ace USA P&I Ace USA Crime Coverage Pollution: Description Rickenbacker Marina Tracking # Date: 7/10/2009 Financial Ratings Strength REQUIREMENTS: A XV A XV A VIII A XV A XV A XV nsurance NOT Required ity of Miami is Named Additional Insured The City is providing insurance City of Miami is Loss Payee I Bayfront Park Named Additional Insured APPROVAL,STATUS xx APPROVED Frank Gomez P&C Coordinator Not Approved Coverage is insufficient nA Type of Coverage is Missing Not A Rated Company Other The City NOT Named Additional Insured Insurance/Safety Comments: RLA with Rickenbacker Marina for the purpose of providing a boat lunching ramp for licensee's operation. Risk 002 7/10/2009 1:52 PM ACORD,:, CERTIFICk OF LIABILITY INSURANL OP ID LG DATE (MMIDD/YYYY) RICKE-1 10/21/08 PRODUCE: C & L Insurance, Inc. 7301 W. Palmetto Pk. Rd, 101C Boca Raton FL 33433 Phone:561-395-3730 Fax:561-395-4239 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE . HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. INSURERS AFFORDING COVERAGE NAIC # INSURED Rickenbacker Marina, Inc. 3301 Rickenbacker Causeway Key Biscayne FL 33149 INSURER A' ACE USA INSURER Er Technology Insurance Company INSURER C INSURER D: INSURER E: ., THE ANY MAY POLICIES. INSWAUUTR LTR POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR PERTAIN. THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH AGGREGATE LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. L NSRD TYPE OF INSURANCE POLICY NUMBER -POLIO-EH-EL ATE (MM/DD/YY)t PDATE (MMIDDIYY)N LIMITS A X GENERAL LIABILITY COMMERCIAL GENERAL LIABILITY D28245014 10/21/08 10/21/09 EACH OCCURRENCE $ 1,000,000 X Dk\hiAbt I KtN I tU PREMISES (Ea occurence) $ 100,000 CLAIMS MADE I X I OCCUR MED EXP (My one person) $ 5,000 ' PERSONAL & ADV INJURY $ 1,000,000 GENERAL AGGREGATE $ 2,000,000 GEN'L AGGREGATE LIMIT APPLIES PER: POLICY n JECT I I PRO- n LOC PRODUCTS - COMP/OP AGG $ 1,000,000 A AUTOMOBILE LIABILITY ANY AUTO ALL OWNED AUTOS SCHEDULED AUTOS HIRED AUTOS NON -OWNED AUTOS H08440013 10/21/08 10/21/09 COMBINED SINGLE LIMIT (Ea accident) $ 1,000,000 X BODILY INJURY - (Per person) $ X BODILY INJURY (Per accident) X PROPERTY DAMAGE (Per accident) $ LIABILITY ANY AUTO � � - � IIn��\X' 1 '".\I� �+O llllll ^Cr��GARAGE I `,�,' � I � U V AUTO ONLY - EA ACCIDENT $ OTHER THAN EA ACC $ AUTO AGG $ EXCESS/UMBRELLA LIABILITY\\310,-;/ OCCUR CLAIMS MADE DEDUCTIBLE RETENTION $ ��) v EACH OCCURRENCE AGGREGATE $ $ $ B WORKERS COMPENSATIDN AND EMPLOYERS' LIABILITY AIJYPROPRIEiOR/PARTNERIEXECUTIVE OFFICER/MEMBER EXCLUDED? II yes. describe under SPECIAL PROVISIONS below TWC3166395 06/04/08 06/04/09 WC SIAIU- 01H- TORY LIMITS ER E.L. EACH ACCIDENT $ 100,000 E.L. DISEASE - EA EMPLOYEE $ 100,000 E L DISEASE -POLICY LIMIT $ 500,000 A A OTHER MOLL P & I Y08071755 Y08071755 10/21/08 10/21/08 10/21/09 10/21/09 Limit 1,000,000 Limit 1,000,000 DESCRIPTION OF Coverage Biscayne, This coverage vessels. OPERATIONS / LOCATIONS / VEHICLES I EXCLUSIONS ADDED BY ENDORSEMENT extends to Marine Stadium Marina @ 3501 Fl 33149 is for the loading & unloading The City -of Miami is named as an additional / SPECIAL PROVISIONS Rickenbacker Cswy Key of Rickenbacker's stored insured, • CANCELLATION CMIAMIA SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, THE ISSUING INSURER WILL ENDEAVOR TO MAIL 30 DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE LEFT, BUT FAILURE TO DO SO SHALL IMPOSE NO OBLIGATION OR LIABILITY OF ANY KIND UPON THE INSURER, ITS AGENTS OR City of Miami 444 SW 2nd Ave 3rd Floor REPRESENTATIVES. AUTHORIZED REPRESENTATIVE Miami FL 33130 Hill Underwood ACORD 25 (2001/08) (A\ti�►o% 1 ACORD. CERTIFICh d'E OF LIABILITY INSURANIUt= OP ID LG RICKE-1 DATE (MMIDD/YYYY) 10/22/08 PRODUCER C & L Insurance, Inc. 7301 W. Palmetto Pk. Rd. 101C Boca Raton FL 33433 Phone:561-395-3730 Fax:561-395-4239 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. INSURERS AFFORDING COVERAGE NAIC # INSURED Rickenbacker Marina Inc. 3301 Rickenbacker Causeway Key Biscayne FL 33149 INSURER A ACE USA INSURER B. Technology Insurance Company INSURER C INSURER D: INSURER E: COVERAGES THE ANY IvtAY POLICIES. INSR-ADD'L LTR POLICIES REQUIREMENT, PERTAIN. NSRd OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING TERM OR CONDITION OF ANY COMRACT OR OTHER DOCUMEIiT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH AGGREGATE LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. TYPE OF INSURANCE POLICY NUMBER PULICY b r DATE (MM/DD/YY) ' e ' " RATION DATE (MM/DD/Y1') LIMITS A X GENERAL X LIABILITY COMMERCIAL GENERAL LIABILITY D28245014 10/21/08 10/21/09 EACH OCCURRENCE $ 1,000,000 UFV�l+1bt IU KtNILU PREMISES(Eaoccurence) $ 100,000 CLAIMS MADE X OCCUR MED EXP (Any one person) $ 5,1)00 PERSONAL & ADV INJURY $ 1,000,000 GENERAL AGGREGATE s 2,000,000 GEN'L 7 AGGREGATE LIMIT APPLIES PER' PRODUCTS - COMP/OP AGG $ 1 , 0 0 0 , 000 POLICY n jECT I I LOC AUTOMOBILE LIABILITY ANY AUTO ALL OWNED AUTOS SCHEDULED AUTOS HIRED AUTOS NON -OWNED AUTOS 77-7•F1 r" V \.i v\ COMBINED SINGLE LIIv1IT (Ea accident) $ BODILY INJURY (Per person) $ BODILY INJURY (Per accident) $ PROPERTY DAMAGE (Per accident) $ GARAGE LIABILITY ANY AUTO �h' ` li a � / ai1 V I 1 v XU AUTO ONLY - EA ACCIDENT $ OTHER THAN EA ACC AUTO ONLY: AGG $ EXCESS/UMBRELLA LIABILITY OCCUR CLAIMS MADE DEDUCTIBLE RETENTION $ 11 1 EACH OCCURRENCE $ AGGREGATE $ $ $ $ WORKERS CDMPENSATION AND EMPLOYERS' LIABILITY ANY PROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED? II yes, describe under SPECIAL PROVISIONS below WC SIAIU- 0lH- TORY LIMITS ER E.L. EACH ACCIDENT $ E.L. DISEASE - EA EMPLOYEE $ E.L. DISEASE - POLICY LIMIT $ A A OTHER Property Property D28245014 D28245014 10/21/06 10/21/06 10/21/09 10/21/09 Buildings 3,243,480 Racks 1,074,000 DESCRIPTON OF OPERATIONS / LOCATIONS I VEHICLES/ EXCLUSIONS ADDED BY ENDORSEMENT / SPECIAL PROVISIONS City of Miami is addtional insured CERTIFICATE HOLDER CANCELLATION CMIAMIA SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, THE ISSUING INSURER WILL ENDEAVOR TO MAIL 30 DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE LEFT, BUT FAILURE TO DO SO SHALL City of MiamiIMPOSE NO OBLIGATION OR LIABILITY OF ANY KIND UPON THE INSURER, ITS AGENTS OR 444 SW 2nd Ave 3rd Floor REPRESENTATIVES. Miami FL 33130 AUTHORIZED REPRESENTATIVE Hill Underwood ©ACORD CORPORATION 1988 ACORD 25 (2001/08) ERT np ITY A PRnDUCER BESTWAY INSURANCE GROUP, INC 12218 SW 8TH STREET MIAMI, FL 33184 305.595.5727 FAX: 305.595.1881 INSURED COVERAGES GEM PARKING SERVICES, LLC 11040 SW 196TH ST. SUITE # 214 CUTLER BAY, FL 33157 [Liab.)- I DATE (MM/DD/YYYY) 10/28/2008 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. INSURERS AFFORDING COVERAGE ' INSURER A: CENTURY SURITY COMPANY INSURER B: NAIC # INSURER C: INSURER D: INSURER E: THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACTOR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. AGGREGATE LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. NSR AUU'L LTR INSRD A TYPE OF INSURANCE GENERAL LABILITY COMMERCIAL GENERAL LIABILITY n CLAIMS MADE' OCCUR GEN'L AGGREGATE LIMIT APPLIES PER: POLICY n PROJECT n LOC AUTOMOBILE LIABILITY • ANY AUTO 7 ALL OWNED AUTOS ▪ SCHEDULED AUTOS HIRED AUTOS NON -OWNED AUTOS • GARAGE LIABILITY .71 ANY AUTO EXCESS/UMBRELLA LIABILITY OCCUR El CLAIMS MADE DEDUCTIBLE RETENTION $ WORKERS COMPENSATION AND EMPLOYERS' LIABILITY • ANY PROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED? If yes, describe under SPECIAL PROVISIONS below OTHER POLICY NUMBER DATE (MM/DD/YY)e CCP538652 PULI(. i` eXPIRAIIUN DATE (MM/DD/YY) LIMITS EACH OCCURRENCE • DAMAGE TO RENTED PREMISES (Ea occurence) MED EXP (Any one person) PERSONAL & ADV INJURY $ $ GENERAL AGGREGATE $ PRODUCTS - COMP/OPAGG $ COMBINED SINGLE LIMIT (Ea accident) BODILY INJURY (Per person) $ BODILY INJURY (Per accident) $ PROPERTY DAMAGE (Per accident) AUTO ONLY- EA ACCIDENT , 009 EA ACC OTHER THAN AUTO ONLY: $ $ 500,000 $ 500,000 EACH OCCURRENCE AGG $ $ 500,000 AGGREGATE $ WCSIAIU- OIH- TORY LIMITS n ER E.L. EACH ACCIDENT E.L. DISEASE - EA EMPLOYEE $ $ $ E.L. DISEASE - POLICY LIMIT $ GARAGE KEEPERS CCP538652 04/21/2008 04/21/2009 5SCRIP I IUN OF OPERA I IONS / LUCAI IUNS / VEHILLLS I LXULUSIUNS ADDED BY ENUURSMMEN 1 1 SPECIAL PROVISIONS GARAGE KEEPER DEDUCTIBLE LOT $500 AND VEHICLE $2500 FIRE LEGAL $50,000 ANY ONE FIRE JNINSURED MOTORIST-NONSTACKED $250,000 PER ACCIDENT. DITY OF MIAMI IS NAMED ADDITIONAL INSURED. :ERTIFICATE HOLDER LOT/VEHICLE 250000/500000 CANCELLATION CITY OF MIAMI 444 SW 2ND AVE. 4TH FLOOR MIAMI, FL 33130 SHOUL'D'ANY'OFTHE ABOVE'DESCRIBED POLICIES'BE-CANCELLED BEFORE -THE 'EXPIRATION - DATE THEREOF, THE ISSUING INSURER WILL ENDEAVOR TO MAIL 30 DAYS WRITTEN NOTICE"TOTHE-CERTIFICATEHOLDER NAMED70"THEL"EFT7BUT FAILURETO'DO"SO-SHAEL IMPOSE NO OBLIGATION OR LIABILITY OF ANY KIND. UPON THE INSURER, ITS AGENTS OR REPRESENTATIVES. AUTHOR Z 'R RESENTA7IYEyaxav — C9R.D25 (2009/013.) ©.ACORD0.0BE9RATION 1988 OP ID LG DATE (MMIDD/YYYY) RICKE-1 10/21/08 ACORD,:, CERTIFIC/ r'E OF LIABILITY INSURANL PRODUCER C;& L Insurance, Inc. 7301 W. Palmetto Pk. Rd. 101C Boca Raton FL 33433 Phone:561-395-3730 Fax:561-395-4239 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. INSURERS AFFORDING COVERAGE NAIC # INSURED Rickenbacker Marina, Inc. 3301 Rickenbacker Causeway Key Biscayne FL 33149 INSURER A: ACE USA INSURER B: Technology Insurance Company • INSURER C INSURER D: INSURER E: y THE ANY MAY POLICIES. ILTR-Auu1. LTR POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO TFIE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH AGGREGATE LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. NSRC TYPE OF INSURANCE NUMBER -POLICY EFFEI.:POLICY DATE (MM/DDJYY)IVt POLICY DATE (MMR DD/ Y)N LIMITS A 3K GENERAL LIABILITY COMMERCIAL GENERAL LIABILITY D28245014 10/21/08 10/21/09 EACH OCCURRENCE $ 1,000,000 UHIVWIot hi KtNItU PREMISES (Ea occurence) $ 100,000 X CLAIMS MADE X OCCUR MED EXP (Any one person) $ 5,000 PERSONAL & ADV INJURY $ 1, 0 0 0, 0 0 0 GENERAL AGGREGATE $ 2,000,000 GEN'L AGGREGATE LIMIT APPLIES PER: POLICY n PRO- n JECT LOC PRODUCTS - COMP/OP AGG $ 1 , 0 0 0 , 0 0 0 A AUTOMOBILE LIABILITY ANY AUTO ALL OWNED AUTOS SCHEDULED AUTOS HIRED AUTOS NON -OWNED AUTOS H08440013 10/21/08 10/21/09 COMBINED SINGLE LIMIT (Ea accident) $ 1,000,000 X BODILY INJURY (Per person) $ X BODILY INJURY (Per accident) $ X PROPERTY DAMAGE (Per accident) $ , GARAGE LIABILITY AUTO I -I r InANY ,tIJ / It U cp„, AUTO ONLY - FJ,ACCIDENT $ OTHER THAN EA ACC $ AUTO ONLY: AGG $ EXCESS/UMBRELLA LIABILITY OCCUR CLAIMS MADE DEDUCTIBLE RETENTION $ iVVVI t ) , EACH OCCURRENCE $ AGGREGATE $ 7 $ $ $ B WORKERS EMPLOYERS' ANY OFFICER/MEMBER II yes, SPECIAL COMPENSATION AND LIABILITY PROPRIETOR/PARTNER/EXECUTIVE EXCLUDED? describe under PROVISIONS below TWC3166395 . -- 06/04/08 ---------- 06/04/09 WC SIAIU- 0IH- TORY LIMITS ER E.L. EACH ACCIDENT $ 100,000 • E.L. DISEASE - EA EMPLOYEE $ • - 100,000 - ------ E.L DISEASE -POLICY LIMIT $ 500,000 A A OTHER MOLL P & I YOB071755 Y08071755 10/21/08 10/21/08 10/21/09 10/21/09 Limit 1,0'00,000 Limit 1,000,000 DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES I EXCLUSIONS ADDED BY ENDORSEMENT / SPECIAL PROVISIONS Coverage extends to Marine Stadium Marina @ 3501 Rickenbacker Cswy Key Biscayne, Fl 33149 This coverage is for the loading & unloading of Rickenbacker's stored vessels. The City -of Miami is named as an additional insured. CANCELLATION CMIAMIA SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, THE ISSUING INSURER WILL ENDEAVOR TO MAIL 30 DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE LEFT, BUT FAILURE TO DO SO SHALL ' IMPOSE NO OBLIGATION OR LIABILITY OF ANY KIND UPON THE INSURER, ITS AGENTS OR City of Miami 444 SW 2nd Ave 3rd Floor REPRESENTATIVES. AUTHORIZED REPRESENTATIVE • Miami FL 33130 Hill Underwood ACORD 25 (2001/08) I ,,1 ACORD CERTIFICM OF LIABILITY INSURANL,cd OP ID LG RICKS-1 DATE (MM/DD/YYYY) 10/22/08 PRODUCER C & I Insurance, Inc, 7301 W. Palmetto Pk, Rd. 101C Boca Raton FL 33433 Phone:561-395-3730 Fax:561-395-4239 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. INSURERS AFFORDING COVERAGE NAIC # INSURED Rickenbacker Marina Inc. 3301 Rickenbacker Causeway Key Biscayne FL 33149 INSURER A ACE USA INSURER B. Technology Insurance company INSURER C INSURER D' INSURER E: THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. AGGREGATE LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSK LTR AUD'L NSRC TYPE OF INSURANCE POLICY NUMBER PULICYhi-FELIIVE DATE (MM/DD/YY) POLICY EXP(RAT1 W DATE (MMIDD/YY) LIMITS A X GENERAL X LIABILITY COMMERCIAL GENERAL LIABILITY D28245014 10/21/08 • 10/21/09 EACH OCCURRENCE $ 1, 0 0 0,000 Umm/Aut- I U KtN I LIJ PREMISES (Ea occurence) $ 100,000 CLAIMS MADE X OCCUR MED EXP (My one person) $ 5 ,'0 0 0 PERSONAL & ADV INJURY $ 1, 0 0 0, 000 GENERAL AGGREGATE $ 2,000,000 GEN'L 7 AGGREGATE LIMIT APPLIES PER' PRODUCTS - COMP/OP AGG $ 1 , 000 ,000 POLICY n m--, n LOC AUTOMOBILE LIABILITY ANY AUTO ALL OWNED AUTOS SCHEDULED AUTOS HIRED AUTOS NOW -OWNED AUTOS /_\� r1C� --. n r•�, [,("- , �j , COMBINED SINGLE LIMIT (Ea accident) BODILY INJURY (Per person) $ BODILY INJURY (Per accident) $ PROPERTY DAMAGE (Per accident) GARAGE LIABILITY ANY AUTO Ih' i U /�� / ail j.- 1 ` / xU AUTO ONLY - EA ACCIDENT $ OTHER THAN EA ACC $ AUTO ONLY. AGG $ EXCESS/UMBRELLA LIABILITY 1\ ` 1. EACH OCCURRENCE $ OCCUR CLAIMS MADE DEDUCTIBLE RETENTION $ AGGREGATE $ $ $ WORISERS COMPENSATION AND EMPLOYERS' LIABILITY ANY PROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED?.. - - - - II yes. describe under SPECIAL PROVISIONS below - --- -- — WC bIAIU- 01H- TORY LIMITS ER E.L. EACH ACCIDENT E.L. DISEASE - EA EMPLOYEE $ E.L. DISEASE - POLICY LIMIT $ A A OTHER Property Property D26245014 D28245014 10/21/08 10/21/08 10/21/09 10/21/09 Buildings 3,243,460 Racks 1,074,000 DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES / EXCLUSIONS ADDED BY ENDORSEMENT / SPECIAL PROVISIONS City of Miami is addtional insured CANCELLATION CM=AMIA SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLEO BEFORE THE EXPIRATION DATE THEREOF, THE ISSUING INSURER WILL ENDEAVOR TO MAIL 30 DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE LEFT, BUT FAILURE TO DO SO SHALL IMPOSE NO OBLIGATION OR LIABILITY OF ANY KIND UPON THE INSURER, ITS AGENTS OR City of Miami 444 SW 2nd Ave 3rd Floor REPRESENTATIVES. AUTHORIZED REPRESENTATIVE Miami FL 33130 Hill Underwood ACORD 25 (2001/08) PRPOUCER BESTWAY INSURANCE GROUP, INC 12218 SW 8TH STREET MIAMI, FL 33184 305.595.5727 FAX: 305.595.1881 INSURED COVERAGES DATE (MM/DD/YYYY) ........_-10/28/2 00 8 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DDES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. INSURERS AFFORDING COVERAGE NAIC # GEM PARKING SERVICES, LLC 11040 SW 196TH ST. SUITE #/ 214 CUTLER BAY, FL 33157 iila�c-i ' INSURER A: INSURER B: CENTURY SURITY COMPANY INSURER C: INSURER D: INSURER E: THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACTOR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. AGGREGATE LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. NSR AUU'L LTR INSRD A TYPE OF INSURANCE GENERAL LIABILITY COMMERCIAL GENERAL LIABILITY n CLAIMS MADE ' OCCUR GEN'L AGGREGATE LIMIT APPLIES PER: POLICY n PROJECT n LOC AUTOMOBILE LIABILITY 7 ANY AUTO ALL OWNED AUTOS SCHEDULED AUTOS HIRED AUTOS NON -OWNED AUTOS GARAGE LIABILITY sZ ANY AUTO EXCESS/UMBRELLA LIABILITY 7 OCCUR CLAIMS MADE DEDUCTIBLE RETENTION $ WORKERS COMPENSATION AND EMPLOYERS' LIABILITY • ANY PROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED? If yes, describe under SPECIAL PROVISIONS below OTHER POLICY NUMBER DATE (MM/DD/YY)c CCP538652 POLICY cXPIHAIIUN DATE (MM/DD/YY) LIMITS EACH OCCURRENCE DAMAGE OENTED PREM SES (Ea occurrence) $ MED EXP (Any one person) PERSONAL & ADV INJURY $ $ GENERAL AGGREGATE $ PRODUCTS - COMP/OP AGG $ COMBINED SINGLE LIMIT (Ea accident) BODILY INJURY (Per person) $ BODILY INJURY (Per accident) $ PROPERTY DAMAGE (Per accident) AUTO ONLY - EA ACCIDENT $ $ 500,000 OTHER THAN AUTO ONLY: EA ACC AGG EACH OCCURRENCE $ 500,000 $ 500,000 AGGREGATE $ $ WUSIAIU- UIFI- TORY LIMITS n ER E.L. EACH ACCIDENT $ $ E.L DISEASE- EA EMPLOYEE E.L. DISEASE - POLICY LIMIT $ GARAGE KEEPERS CCP538652 04/21/2008 04/21/2009 %SCRIP I ION U1•,UPERAIIONS /LUCA1IUNS / VEHILLES / EXCLUSIONS ADDED BY ENUURS MEN I I5PI_CIAL PRJVISIUNS GARAGE KEEPER DEDUCTIBLE LOT $500 AND VEHICLE $2500 FIRE LEGAL $50,000 ANY ONE FIRE JNINSURED MOTORIST-NONSTACKED $250,000 PER ACCIDENT. CITY OF MIAMI IS NAMED ADDITIONAL INSURED. 'ERTIFICATE HOLDER LOT/VEHICLE 250000/500000 CANCELLATION CITY OF MIAMI 444 SW 2ND AVE. 4TH FLOOR MIAMI, FL 33130 SHOULD 'ANY'OFTHE ABOVE'DESCRIBED'POLICIES'BE-CANCELLED BEFORE -THE EXPIRATION - DATE THEREOF, THE ISSUING INSURER WILL ENDEAVOR TO MAIL 30 DAYS WRITTEN NOTICETO THE CERTIFICATE'HOLDER NAMEDTO'THEL'EFTTBUT FAILURE DO'SO-SHAL1-- IMPOSEOSE NO OBLIGATION OR LIABILITY OF ANY KIND. UPON THE INSURER, ITS AGENTS OR REPRESENTATIVES. AUTHOR Z 'R RESENTA71}fE-�j- . /liw7/ (J9/.(pJl/� l�ORD25_(2oosll 8) COBP9_BATIQN 1988 �L CITY OF MIAMI DOCUMENT ROUTING FORM ORIGINATING DEPARTMENT: Public Facilities (Asset Management Division) DEPT. CONTACT PERSON: Olga M. Zamora EXT. 1476 NAME OF OTHER CONTRACTUAL PARTY/ENTITY: Rickenbacker Marina, Inc. (the "Licensee") IS THIS AGREEMENT AS A RESULT OF A COMPETITIVE PROCUREMENT PROCESS? ❑ YES ® NO TOTAL CONTRACT AMOUNT: $ N/A FUNDING INVOLVED? ❑ YES ® NO TYPE OF AGREEMENT— ❑ MANAGEMENT ❑ PROFESSIONAL' ❑ GRANT AGREEI ++��,,,,,, ❑ EXPERT CONS) Z LICENSE AGREI OTHER: (PLEASE SP r , 1 N A - PURPOSE OF ITEM license agreement Causeway, for the to the city of $4,50 COMMISSION APP IF THIS DOES NOT 4 q3i to D wa-% CLJNI wU-2,P 44. cb 1BLIC WORKS AGREEMENT AINTENANCE AGREEMENT TER -LOCAL AGREEMENT ASE AGREEMENT IRCHASE OR SALE AGREEMENT (SA ly horized the City Manager to execute a revocable City -owned property located at 3501 Rickenbacker >ee's operation. Licensee will pay a monthly use fee rly set forth in the Agreement. ENACTMENT NO.: R-09-0206 lI 15 F y��yR 'i� 1r1;'rlhd 117 tit r,a�, liztil,iROU,TINE„I�NF,®RMATI,ON'`;, Date Si Lure/Pri �rm� d$ v rir.. i x , � b,,,t , ' �E APPROVAL BY DEPARTMENTAL DIRECTOR 7 1— I92 / ,/ ,,.. (/ - SUBMITTED TO RISK MANAGEMENT 1 WUL 10 2009 SUBMITTED TO CITY ATTORNEY MATTER ID. 09;;6'2TOtitoto 871/O y 1111 0 M O L APPROVAL BY CHIEF --x--7 1 1 7/ RECEIVED BY CITY MANAGER SUBMITTED TO AND ATTESTED BY CITY CLERK 6:7-.," 014tre--- ONE ORIGINAL TO CITY CLERK, ONE COPY TO CITY ATTORNEY'S OFFICE, REMAINING ORIGINAL(S) TO DEPARTMENT PLEASE ATTACH THIS ROUTING FORM TO ALL DOCUMENTS THAT REQUIRE EXECUTION BY THE CITY MANAGER Not to Scale Rickenbacker Marina add'I parking J �J r r rj 12 ;v5'6 lrr r r? I JJ JJrr r� �r L -),PARCEL INo 1—C MI VI 1- 1- 11800_ PARCEL No —1A PARCEL\No 1—C Aalp -R1C-1-%EN I- -expo BOUNDARY SURVEY :r �mc MARINE STADIUM PARCEL—B ASPHALT NOT A PART mazer sw.a.ssuf, G R A 5 -123 11 IF I I! OFSGOOTIO1 OF PARCO_ 1-0 RICKENBAKER CSWY v. 3530 P.O.B 1 PARCEL B GRAPHIC SCALE MARINE STADIUM N�S7Sc r 252J.OT - y g li i ��a MIAMI DADE COUNTY , FLORIDA 2-0E— 5 N0T A PART riFF _ PARCEL -No 3 PARCEL No. 3 •_ ^ - m`\ � - 1.16522•07-tn FGDF OF WATFR DATED: 066 F 005 WATER 02300: 04/31/2005 • E 3:15 N PARCEL No 2 WI SI'URA' ti —+ - f30UNDARY SURVEY Q( GRAPHIC SCALE N4.522'07 ATLANTIC OCEF N DATE :O¢/02/�. 205 _r ,FE.35 ASPHALT PARCEL No 1-C IM [i 111l: 'i1S4 I IIIISI� .� I 'Dr Tao- 2015.1 PI I: 11l:11r71:1�':i1lt _Iui l :111li I*11 i 6Iitiif1111011 d h UPI PARCEL No 2 ASPHALT fl�I.I N1�1 4:I�I Hl�iil 1110,II 3651Mif 011/141/1 �111�1 P.O.B PARCEL No. - ' _raF-FSEca - _ (sr U' PARCEL 1` u w Z\ IPAR (No $. 4 --1— __ _ —L — . __ -- —,Lta ��_a=. N652V5Ww • • 372-00 177 v Lv Pk MIAMI DADE COUMV, FLOflIDA ) SAELl 3 OF- 5 UJ rRTER BOUNDARY SURVEY MATCH LINE "C" ancecrt 7 7 7 ���az GRAPHIC SCALE 0 F ) zgp -t- w z -J w CC CO z w Wv MIAMI DADE COUNTY , FLORIDA roe -101Il9-u C... SEE riLE on ELL 03/11T.05 J (SSE Y- na' An J PVLSIOXS 5-0E- 5 08/16/2023 City of Miami REQUEST FOR APPRAISAL QUOTE You are invited to submit a quote to prepare an appraisal report based on the Appraisal Assignment attached herewith as Exhibit "A". Please complete the information requested at the bottom of this page. The quote and below information must be received by the Department of Real Estate and Asset Management by 5:00 p.m., Monday, August 21, 2023. You may submit your proposal via email or by mail to: Jason Salvatore Senior Project Representative Depaitnient of Real Estate and Asset Management City of Miami 444 SW 2 Avenue, 3rd Floor Miami, FL 33130 (305) 416-1457 j salvatore @miamigov.com PRIMARY ADDRESS FOLIO JOB No. 3501 RICKENBACKER CSWY; Ancillary Building; Repair Shop & Boat Dock Racks Area 01-4217-000-0030 L-08-23-014 Fees: Comprehensive total fee to perform appraisal/s: Hourly fee in the event expert testimony is required: Time to complete report (number of calendar days): Appraisal Company: Joseph J. Blake & Associates, Inc. Telephone/Extension: 305-448-1663, ext 110 By: Ted Allen, MAI - Date: 8/16/2023 Sign: Ted Allen, MAI, MRICS State -Certified General Real Estate Appraiser No. RZ426 Page 1 of 6 $ 4,500 $ 4,500 $ 275 30 Days after POS Issued 08/16/2023 City of Miami EXHIBIT "A" APPRAISAL ASSIGNMENT Job Number: L-08-23-014 Fiscal Year: 2022-23 Location: 3501 RICKENBACKER CSWY; Ancillary Building; Repair Shop & Boat Dock Racks Area (collectively, the "Property") Folio No: 01-4217-000-0030 Lot Size: 1,368 Sq. Ft. Living Area: 638 Sq. Ft. Improvements: None. Purpose of Appraisal: To provide an opinion on the estimated market value, including a highest and best use analysis. Property Rights Appraised: Leasehold interest Current Zoning: 8002 PARKS & RECREATION Type of Appraisal: Narrative Appraisal Report Time to Complete: The appraisal report must be completed no later than thirty (30) days after authorization. Number of bound copies: Four (signed and certified). City Contact Person: Jason Salvatore Senior Project Representative T: (305) 416-1457 E-mail: jsalvatore@miamigov.com Resolution Reference: None. Date of the Valuation: The date of the report must be the date that it is completed and transmitted, not the commencement date of initial draft received. Fee: Full payment upon completion of the assignment, subject to revisions by the City of Miami and any other review appraiser should there be any discrepancies in the appraisal reports. Page 2 of 6 08/16/2023 City of Miami THE APPRAISAL REPORT SHOULD INCLUDE THE FOLLOWING: 1. The appraisal report shall be performed in compliance with the professional services agreement with the City for appraisal services as applicable. 2. The appraisal report must consider all three approaches to value and provide an explanation to the weight given to each approach in arriving at the final reconciliation of value. In the event an approach is not used, please provide justification. Please provide evidence for not using the Cost Approach. 3. In calculating the Market Data, the appraiser should analyze and provide current local market data and submit adjustment tables of comparable. 4. If utilizing a Land Sales Comparable Table to calculate Sales Price per Square Foot, please provide line item adjustments in a matrix format for a better understanding of the Summary and Land Value Correlation conclusion. 5. Provide source and proof of capitalization rate for the income approach to value in local market versus other market when applicable. 6. Provide Market Data as if taxable property. 7. The appraisal report should be in compliance with the current Uniform Standard of Professional Appraisal Practice (USPAP) according to Section 475, Part II, of the Florida Statutes. The City of Miami reserves the right to review the appraisal report and submit its comments. The final report will be due five days after the appraisal is reviewed by City's staff. Note: All calculations must be explicit. Show all steps used to arrive at any conclusions provided. All data in this sheet must be verified by the appraiser, if any discrepancy, please call this office at 305-416-1476. NOTE: When sending a quote, your company must comply with the completion due date. If selected, your company must provide a Certificate of Insurance in the manner prescribed in Exhibit "B" below. Page 3 of 6 08/16/2023 City of Miami EXHIBIT `B" INSURANCE REQUIREMENTS (I) Commercial General Liability (Primary & Non Contributory) A. Limits of Liability Bodily Injury and Property Damage Liability Each Occurrence $1,000,000 General Aggregate Limit $2,000,000 Products/Completed Operations $1,000,000 Personal and Advertising Injury $1,000,000 B. Endorsements Required City of Miami included as an additional insured Contingent Liability (Independent Contractors Coverage) Contractual Liability Premises & Operations Liability Primary Insurance Clause (II) Business Automobile Liability A. Limits of Liability Bodily Injury and Property Damage Liability Combined Single Limit Any Auto/Owned Autos/Scheduled Including Hired, Borrowed or Non -Owned Autos Any One Accident $ 1,000,000 B. Endorsements Required City of Miami included as an Additional Insured (III) Worker's Compensation A. Limits of Liability Statutory -State of Florida Waiver of subrogation (IV) Employer's Liability A. Limits of Liability $100,000 for bodily injury caused by an accident, each accident. $100,000 for bodily injury caused by disease, each employee $500,000 for bodily injury caused by disease, policy limit (V) Professional Liability/Error's & Omissions A. Limits of Liability Combined Single Limit Each Claim $1,000,000 General Aggregate Limit $1,000,000 Page 4 of 6 08/16/2023 City of Miami Retro Date Included BINDERS ARE UNACCEPTABLE. The above policies shall provide the City of Miami with written notice of cancellation or material change from the insurer in accordance to policy provisions. Companies authorized to do business in the State of Florida, with the following qualifications, shall issue all insurance policies required above, and must meet the following requirements: The company must be rated no less than "A-" as to management, and no less than "Class V" 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. All policies and /or certificates of insurance are subject to review and verification by Risk Management prior to insurance approval. Certificates will indicate no modification or change in insurance shall be made without thirty (30) days written advance notice to the certificate holder. The Bidder shall be responsible for assuring that the insurance certificates required in conjunction with this Section remain in force for the duration of the contractual period; including any and all option terms that may be granted to the Bidder. In the event that expired certificates are not replaced with new or renewed certificates which cover the contractual period, the City shall have the option to: (1) Suspend the contract until such time as the new or renewed certificates are received by the City in the manner prescribed in the Request for Appraisals Quote; or (2) The City may, at its sole discretion, terminate this contract for cause and seek re -procurement damages from the Bidder in conjunction with the General and Special Terms and Conditions of the Bid. The insurance coverage required shall include those classifications, as listed in standard liability insurance manuals, which most nearly reflect the operations of the bidder. Compliance with the foregoing requirements shall not relieve the bidder of his liability and obligation under this section or under any other section of this Agreement. Page 5 of 6 08/16/2023 City of Miami PROPERTY INFORMATION @ Folio: 00421,00.3230 Sub-Civlslun. Property Address 3501 RIC NENBACKER CSytt Owner CITYOFMIAMI/ASSET MGMT Mailing Address 4A4 SW 2 AVE 4325 MIAML FL 33130 1910 PA Primary Zane 01102 RUMS RECREATION Prin., Land Ilse 0540 MUNPCIPAL'. MVMCIPAL Beds, Baths Ai, BI0/0 Flonns 1 Living Units Actual Area 33913q. Ft Live. Area Adjersfed Area 7.7503q.Ft Lot Size 398.400 Sq. Ft Year Build Multiple ISee Building Info.) EXHIBIT "C" SUBJECT PROPERTY Page 6 of 6 3501 Rickenbacker Causeway, Miami, FL Enhanced Global Summary of Areas BOMA 2017 Office Method A (SF) Floor Level Boundary Area (IPMS 2) 01 02 11,940.83 599.09 Rentable Exclusions Floor Rentable Area Space ID 9,279.65 2,661.18 34.32 564.77 F G Tenant Area Tenant Occ (IPMS 3) Ancillary A Area 2,661.18 564.77 H I J K L M N 0 upant rea Building Amenity Area Inter -Building Amenity Area Floor Usable Area Building Service Area Inter -Building Service Area Floor Service Area Flor Allocc Rah 2,661.18 564.77 2,661.18 564.77 ion Floor Allocation Q Building Amenity and Service Area Building Allocation Ratio entable Area Reallocated Rentable Area Load Factor A 1.00000 2,661.18 1.00000 2,661.18 2,661.18 1.00000 1.00000 564.77 1.00000 564.77 564.77 1.00000 Total 12,539.92 9,313.97 3,225.95 3,225.95 3,225.95 3,225.95 3,225.95 3,225.95 3,225.95 1.00000 8/4/2023 Master Drawing Area Calculations Page 1 of 1 3501 Rickenbacker Causeway, Miami, FL Enhanced Global Summary of Areas BOMA 2017 Office Method A (SF) A B C D E F Floor Level Boundary Rentable Area (IPMS 2) Exclusions Floor Rentable Area Space ID 01 HVAC 01 KITCHEN 01 CITY OF MIAMI MARINA OFFICE 01 CITY OF MIAMI OFFICE 1 01 CITY OF MIAMI OFFICE 2 01 REPAIR SHOP (AVAILABLE FOR RENT) 01 STAIR 01 STORAGE 01 STORAGE 1 01 STORAGE 2 01 CITY OF MIAMI WORKSHOP 01 4,500.00 BOAT RACK 01 01 4,050.00 BOAT RACK 02 01 729.65 BOAT DOCK RACKS AREA 01 11,940.83 9,279.65 2,661.18 2,661.18 02 CITY OF MIAMI MARINA OFFICE 1 287.77 02 CITY OF MIAMI MARINA OFFICE 2 236.97 02 CORRIDOR 40.03 02 34.32 Major Vertical Penetrations 02 599.09 34.32 564.77 564.77 Tenant, (IPMS G H I J K L M N 0 rea 3) Tenant Ancillary Area Occupant Area Building Amenity Area Inter -Building Amenity Area Floor Usable Area Building Service Area Inter -Building Service Area Floor Service Area Floor Allocation Ratio F AIIc Total 12,539.92 9,313.97 3,225.95 9.68 77.90 274.83 720.61 323.31 637.82 58.61 92.49 30.28 58.89 376.76 3,225.95 loor cation Q Building Amenity and Service Area Building Allocation Ratio Rentable Area Reallocated Rentable Area Load Factor A 9.68 9.68 1.00000 9.68 1.00000 9.68 9.68 1.00000 77.90 77.90 1.00000 77.90 1.00000 77.90 77.90 1.00000 274.83 274.83 1.00000 274.83 1.00000 274.83 274.83 1.00000 720.61 720.61 1.00000 720.61 1.00000 720.61 720.61 1.00000 323.31 323.31 1.00000 323.31 1.00000 323.31 323.31 1.00000 637.82 637.82 1.00000 637.82 1.00000 637.82 637.82 1.00000 58.61 58.61 1.00000 58.61 1.00000 58.61 58.61 1.00000 92.49 92.49 1.00000 92.49 1.00000 92.49 92.49 1.00000 30.28 30.28 1.00000 30.28 1.00000 30.28 30.28 1.00000 58.89 58.89 1.00000 58.89 1.00000 58.89 58.89 1.00000 376.76 376.76 1.00000 376.76 1.00000 376.76 376.76 1.00000 2,661.18 287.77 236.97 2,661.18 287.77 236.97 40.03 40.03 564.77 564.77 3,225.95 3,225.95 1.00000 1.00000 1.00000 1.00000 2,661.18 287.77 236.97 40.03 ®- 1.00000 2,661.18 2,661.18 1.00000 1.00000 287.77 287.77 1.00000 1.00000 236.97 236.97 1.00000 1.00000 40.03 40.03 1.00000 1.00000 564.77 1.00000 564.77 564.77 1.00000 3,225.95 3,225.95 3,225.95 1.00000 8/4/2023 Master Drawing Area Calculations Page 1 of 1 3501 Rickenbacker Causeway, Miami, FL Floor 01 8/4/2023 BOAT RACK 01 4,500 SF STORAGE 2 59 RSF CITY OF MIAMI WORKSHOP 377 RSF NIBUILDING MEASUREMENT SERVICES Measure Up Corp. BOAT RACK02 4,050 SF BOAT DOCK RACKS AREA 730 SF - C 1n O c REPAIR SHOP CITY OF MIAMI CITY OF MIAMI MARINA OFFICE ,.. EPDR RENT) OFFICE 2 323 RSF 275 RSF _ 1VAC 0RSF MI 4111 CITY OF MIAMI OFFICE 1 c KITCHEN 7$ R/SFF -_, `I % 721 RSF ,/ 1 STORAGE 92 RSF C = COUNTER STORAGE 1 30 RSF STAIR 59 RSF Major Vertical Penetration Floor Service Area Building Service Area Occupant Storage Tenant Area (IPMS 3) Building Amenity Area Parking Occupant Storage Corridor Tenant Ancillary Area Inter -Building Service Area Inter -Building Amenity Area Other Exclusions 9,280 2,661 3501 Rickenbacker Causeway, Miami, FL Floor 02 8/4/2023 NIBUILDING MEASUREMENT SERVICES CORRIDOR 40 RSF Measure Up Corp. CITY OF MIAMI MARINA OFFICE 1 288 RSF CITY OF MIAMI MARINA OFFICE 2 237 RSF Major Vertical Penetration Floor Service Area Building Service Area Occupant Storage Tenant Area (IPMS 3) Building Amenity Area Parking Other Exclusions Occupant Storage Corridor Tenant Ancillary Area Inter -Building Service Area Inter -Building Amenity Area 34 565 Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 GLOSSARY OF VALUATION TERMS Term Definition Source Air Rights The right to undisturbed use and control of designated air space above a specific land area within stated elevations. Air rights may be acquired to construct a building above the land or building of another or to protect the light and air of an existing or proposed structure on an adjoining lot. Air rights do not always include development rights. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) As Is Market Value The estimate of the market value of real property in its current physical condition, use, and zoning as of the appraisal date. (Interagency Appraisal and Evaluation Guidelines) Note that the use of the "as is" phrase is specific to appraisal regulations pursuant to FIRREA applying to appraisals prepared for regulated lenders in the United States. The concept of an "as is" value is not included in the Standards of Valuation Practice of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice, or International Valuation Standards. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Band of Investment A technique in which the capitalization rates attributable to components of an investment are weighted and combined to derive a weighted -average rate attributable to the total investment (i.e., debt and equity, land and improvements). Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Condominium An attached, detached, or stacked unit within or attached to a structure with common areas that are held as tenants in common (an undivided interest) with other owners in the project. The units can be residential, commercial, industrial, or parking spaces or boat docks. These units are commonly defined by state laws in their locations. Because units can be stacked on top of other units, these units can be defined both vertically and horizontally. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Debt Coverage Ratio (DCR) The ratio of net operating income to annual debt service (DCR = NOI/IM), which measures the relative ability of a property to meet its debt service out of net operating income; also called debt service coverage ratio (DSCR). A larger DCR typically indicates a greater ability for a property to withstand a reduction of income, providing an improved safety margin for a lender. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Deferred Maintenance Items of wear and tear on a property that should be fixed now to protect the value or income -producing ability of the property, such as a broken window, a dead tree, a leak in the roof, or a faulty roof that must be completely replaced. These items are almost always curable. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 GLOSSARY OF VALUATION TERMS Term Definition Source Depreciation 1. In appraisal, a loss in the value of improvements from any cause; the difference between the cost of an improvement on the effective date of the appraisal and the value of the improvement on the same date. 2. In accounting, an allocation of the original cost of an asset, amortizing the cost over the asset's life; calculated using a variety of standard techniques. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Discount Rate (Y) A rate of return on capital used to convert future payments or receipts into present value. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Effective Gross Income (EGI) The anticipated income from all operations of the real estate after an allowance is made for vacancy and collection losses and an addition is made for any other income. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Effective Gross Income Multiplier (EGIM) The ratio between the sale price (or value) of a property and its effective gross income. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Entrepreneurial Profit 1. A market -derived figure that represents the Appraisal Institute, The amount an entrepreneur received for his or her Dictionary of Real contribution to a past project to compensate for Estate Appraisal, 7th his or her time, effort, knowledge, and risk; the Ed. (Chicago: Appraisal difference between the total cost of a property Institute, 2022) (cost of development) and its market value (property value after completion), which represents the entrepreneur's compensation for the risk and expertise associated with development. An entrepreneur is motivated by the prospect of future value enhancement (i.e., the entrepreneurial incentive). An entrepreneur who successfully creates value through new development, expansion, renovation, or an innovative change of use is rewarded by entrepreneurial profit. Entrepreneurs may also fail and suffer losses. 2. In economics, the actual return on successful management practices, often identified as coordination, the fourth factor of production following land, labor, and capital; also called entrepreneurial return or entrepreneurial reward. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 GLOSSARY OF VALUATION TERMS Term Definition Source Equity Capitalization Rate (RE) An income rate that reflects the relationship between one year's equity cash flow and the equity investment; also called the cash -on -cash rate, cash flow rate, cash throw- off rate, or equity dividend rate. (RE = IE/VE, or Pre -Tax Cash Flow/Equity Invested) Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Equity Ratio (E) The ratio between the down payment paid on a property and its total price; the fraction of the investment that is unencumbered by debt. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Excess Land Land that is not needed to serve or support the existing use. The highest and best use of the excess land may or may not be the same as the highest and best use of the improved parcel. Excess land has the potential to be sold separately and is valued separately. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Exposure Time An opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). External Obsolescence A type of depreciation; a diminution in value caused by negative external influences and generally incurable on the part of the owner, landlord, or tenant. The external influence may be either temporary or permanent. There are two forms of external obsolescence: economic and locational. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Extraordinary Assumption An assignment -specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). Fee Simple Estate Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 GLOSSARY OF VALUATION TERMS Term Definition Source Gross Building Area (GBA) 1. Total floor area of a building, excluding unenclosed areas, measured from the exterior of the walls of the above -grade area. This includes mezzanines and basements if and when typically included in the market area of the type of property involved. 2. Gross leasable area plus all common areas. 3. For residential space, the total area of all floor levels measured from the exterior of the walls and including the superstructure and substructure basement; typically does not include garage space. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Gross Leasable Area (GLA) Total floor area designed for the occupancy and exclusive use of tenants, including basements and mezzanines; measured from the center of joint partitioning to the outside wall surfaces. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Highest and Best Use 1. The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS) 3. [The] highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions) Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 GLOSSARY OF VALUATION TERMS Term Definition Source 4. [For fair value determination] The use of a nonfinancial asset by market participants that would maximize the value of the asset or the group of assets and liabilities (for example, a business) within which the asset would be used. (FASB Glossary) The highest and best use of a nonfinancial asset takes into account the use that is physically possible, legally permissible, and financially feasible. (FASB 820-10-35-10B). The highest and best use of a nonfinancial asset establishes the valuation premise used to measure the fair value of the asset, as follows: (a) The highest and best use of a nonfinancial asset might provide maximum value to market participants through its use in combination with other assets as a group (as installed or otherwise configured for use) or in combination with other assets and liabilities (for example, a business). (b) The highest and best use of the asset might provide maximum value to market participants on a standalone basis. (FASB 820-10-35-10E) Hypothetical Condition A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). Insurable Value A type of value for insurance purposes. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Internal Rate of Return (IRR) The annualized yield rate or rate of return on capital that is generated within an investment or portfolio over a period of ownership. Alternatively, the indicated return on capital associated with a projected or pro forma income stream. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 GLOSSARY OF VALUATION TERMS Term Definition Source Leased Fee Interest The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Leasehold Estate (Leasehold Interest) The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Loan -to -Value Ratio (M) The ratio between a mortgage loan and the value of the property pledged as security, usually expressed as a percentage; also called loan ratio or LTV. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Marketing Time An opinion of the amount of time to sell a property interest at the concluded market value or at a benchmark price during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which precedes the effective date of an appraisal. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Market Rent The most probable rent that a property should bring in a competitive and open market under all conditions requisite to a fair lease transaction, the lessee and lessor each acting prudently and knowledgeably, and assuming the rent is not affected by undue stimulus. Implicit in this definition is the execution of a lease as of a specified date under conditions whereby • Lessee and lessor are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and • The rent reflects specified terms and conditions typically found in that market, such as permitted uses, use restrictions, expense obligations, duration, concessions, rental adjustments and revaluations, renewal and purchase options, frequency of payments (annual, monthly, etc.), and tenant improvements (Tls). Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 GLOSSARY OF VALUATION TERMS Term Definition Source Market Value A type of value, stated as an opinion, that presumes the transfer of a property (i.e. a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the value definition that is identified by the appraiser as applicable in an appraisal. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). Mortgage Capitalization Rate (RM) The capitalization rate for debt; the ratio of the annual debt service to the remaining principal balance of the mortgage loan. The mortgage capitalization rate (RM) is equivalent to the periodic (monthly, quarterly, annual) mortgage constant multiplied by the number of payments per year on a given loan on the day the loan is initiated. RM = Annual Debt Service/Mortgage Principal Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Mortgage Debt Service (IM) The annualized periodic payment for interest on and retirement of the principal of a mortgage loan; also called total mortgage debt service. The abbreviation IM refers to the annual debt service. These terms often refer to annual debt service, but clarification is often required if they are monthly, quarterly, or annual because many mortgages are paid monthly. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Net Income Multiplier (NIM) The relationship between price or value and net operating income expressed as a factor; the reciprocal of the overall capitalization rate. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Net Operating Income (NOI or lo) The actual or anticipated net income that remains after all operating expenses are deducted from effective gross income but before mortgage debt service and book depreciation are deducted. Note: This definition mirrors the convention used in corporate finance and business valuation for EBITDA (earnings before interest, taxes, depreciation, and amortization). Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Net Rentable Area (NRA, Rentable Area) For office or retail buildings, the tenant's pro rata portion of the entire office floor, excluding elements of the building that penetrate through the floor to the areas below. The rentable area of a floor is computed by measuring to the inside finished surface of the dominant portion of the permanent building walls, excluding any major vertical penetrations of the floor. Alternatively, the amount of space on which the rent is based; calculated according to local practice. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 GLOSSARY OF VALUATION TERMS Term Definition Source Overall Capitalization Rate (Ro) The relationship between a single year's net operating income expectancy and the total property price or value (Ro = to /Vo). Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Prospective Market Value "As Completed" and "As Stabilized" A prospective market value may be appropriate for the valuation of a property interest related to a credit decision for a proposed development or renovation project. According to USPAP, an appraisal with a prospective market value reflects an effective date that is subsequent to the date of the appraisal report. Prospective value opinions are intended to reflect the current expectations and perceptions of market participants, based on available data. Two prospective value opinions may be required to reflect the time frame during which development, construction, and occupancy will occur. The prospective market value —as completed— reflects the property's market value as of the time that development is expected to be completed. The prospective market value —as stabilized— reflects the property's market value as of the time the property is projected to achieve stabilized occupancy. For an income -producing property, stabilized occupancy is the occupancy level that a property is expected to achieve after the property is exposed to the market for lease over a reasonable period of time and at comparable terms and conditions to other similar properties. (See USPAP Statement 4* and Advisory Opinion 17.) (Interagency Appraisal and Evaluation Guidelines) Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Prospective Opinion of Value A value opinion effective as of a specified future date. The term does not define a type of value. Instead, it identifies a value opinion as being effective at some specific future date. An opinion of value as of a prospective date is frequently sought in connection with projects that are proposed, under construction, or under conversion to a new use, or those that have not yet achieved sellout or a stabilized level of long-term occupancy. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Replacement Cost The estimated cost to construct, at current prices as of a specific date, a substitute for a building or other improvements, using modern materials and current standards, design, and layout. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 GLOSSARY OF VALUATION TERMS Term Definition Source Replacement Cost for Insurance Purposes The estimated cost, at current prices as of the effective date of valuation, of a substitute for the building being valued, using modern materials and current standards, design, and layout for insurance coverage purposes guaranteeing that damaged property is replaced with new property (i.e., depreciation is not deducted). Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Reproduction Cost The estimated cost to construct, at current prices as of the effective date of the appraisal, a duplicate or replica of the building being appraised, using the same or similar materials, construction standards, design, layout, and quality of workmanship and embodying all the deficiencies, superadequacies, and obsolescence of the subject building. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Residual Capitalization Rate (RN) An overall capitalization rate used to estimate the resale price of a property; usually applied to the anticipated stabilized income for the year beyond the holding period; also called terminal capitalization rate. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Retrospective Value Opinion A value opinion effective as of a specified historical date. The term retrospective does not define a type of value. Instead, it identifies a value opinion as being effective at some specific prior date. Value as of a historical date is frequently sought in connection with property tax appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of the type of value with this term is appropriate, e.g., "retrospective market value opinion." Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Sandwich Lease A lease in which an intermediate, or sandwich, leaseholder is the lessee of one party and the lessor of another. The owner of the sandwich lease is neither the fee owner nor the user of the property; he or she may be a leaseholder in a chain of leases, excluding the ultimate sublessee. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Ancillary Building; Repair Shop & Boat Dock Racks Area 23-297-02 GLOSSARY OF VALUATION TERMS Term Definition Source Sum of the Retail Values The sum of the separate and distinct market value opinions for each of the units in a condominium, subdivision development, or portfolio of properties, as of the date of valuation. The aggregate of retail values does not represent the value of all the units as though sold together in a single transaction; it is simply the total of the individual market value conclusions. An appraisal has an effective date, but summing the sale prices of multiple units over an extended period of time will not be the value on that one day unless the prices are discounted to make the value equivalent to what another developer or investor would pay for the bulk purchase of the units. Also called the aggregate of the retail values or aggregate retail selling price. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Surplus Land Land that is not currently needed to support the existing use but cannot be separated from the property and sold off for another use. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING QUALIFICATIONS OF THE APPRAISER TED ALLEN, MAI Mr. Allen currently holds the position of Managing Partner with the Miami office of Joseph J. Blake and Associates, Inc., at 5201 Blue Lagoon Drive, Suite 270, Miami, Florida. Previous positions include Principal (1986 to 2011), Regional Manager Southeast Region (1984 to 1986), Senior Appraiser (1982 to 1983) and Associate Appraiser (1979 to 1981). University of Texas - Austin, Texas Bachelor of Business Administration FORMAL EDUCATION PROFESSIONAL AFFILIATIONS Affiliation Number Florida State -Certified General Real Estate Appraiser No. RZ 426 Georgia State -Certified General Real Property Appraiser No. CG 1855 Appraisal Institute, Designated Member No. 6949 Royal Institution of Chartered Surveyors No. 6329062 CURRENT RESPONSIBILITIES Responsibilities include the preparation and direction of a variety of full narrative real estate appraisals and consulting studies prepared on a national basis. Mr. Allen supervises all staff appraisers and consultants and directs all major assignments throughout the southeastern United States and the Caribbean. APPRAISAL EXPERIENCE Mr. Allen has prepared and directed numerous appraisal and consulting assignments which include mixed - use properties, multifamily developments, proposed and existing condominiums and conversions, timeshares, office buildings, motels, hotels, industrial properties, regional malls, shopping centers, mobile home parks, market studies, feasibility studies, and investment analyses on a variety of institutional and non - institutional grade real property in over 15 states and 10 Caribbean nations. He has appraised and has supervised appraisals, as well as prepared consulting studies of properties for a variety of public pension funds, large institutional investors, pension fund advisors, insurance companies and banks. Mr. Allen has qualified as an expert witness for Federal Bankruptcy Court in the State of Florida and the State of Georgia and has given oral and written testimony in each. He has also been qualified in Florida State and County Courts. LEADERSHIP AND ADDITIONAL EXPERIENCE Mr. Allen is currently one of three executive committee members managing the operations of Joseph J Blake and Associates. This position oversees all aspects of the firms operations throughout the US. His duties including accounting oversight, IT oversight, marketing, short and long range planning, personnel staffing and budgeting. Positions held at the Appraisal Institute include: former service on Chapter Admissions Committee Member, former service on National Admissions Committee, and former service on National Ethics Committee. Additional real estate activities include NCREIF and Mortgage Bankers Association functions and service as Special Magistrate Miami Dade County Value Adjustment Board for the 2014 tax year. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING QUALIFICATIONS OF THE APPRAISER CERTIFICATION CM* ID Melanie S. Griffin, Secretary Florida dbr STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES 1 '4, ALLEN, TED EUGENE 5201 BLUE LAGOON DRIVE SUITE 270 MIAMI = FL 33126► 41, '�u tst A r 1 1 �e LICENSE NUMBER. RZ426 EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING QUALIFICATIONS OF THE APPRAISER ORLANDO SANTOS Mr. Santos holds the position of registered trainee real estate appraiser with the Miami office of Joseph J. Blake and Associates, Inc., at 5201 Blue Lagoon, Suite 270, Miami, Florida. FORMAL EDUCATION Florida International University— Miami, FL Masters of Science in International Real Estate Florida International University —Miami, FL Bachelor of Science in Biology Minor in Chemistry REAL ESTATE AND APPRAISAL EDUCATION Course Name Provider Advanced Residential Apps & Case Studies Sales Comparison and Income Approach Statistics, Modeling and Finance Site Valuation and Cost Approach General Market Analysis and Highest and Best Use Specialized Residential Topics Report Writing and Valuation Analysis Gold Coast School of Real Estate Gold Coast School of Real Estate Gold Coast School of Real Estate Gold Coast School of Real Estate Gold Coast School of Real Estate Gold Coast School of Real Estate Gold Coast School of Real Estate PROFESSIONAL AFFILIATIONS Affiliation Number Florida State -Registered Trainee Real Estate Appraiser No. RI 24452 APPRAISAL EXPERIENCE Responsibilities include preparation of full narrative appraisal and market study reports for a wide variety of property types and purposes, including but not limited to business parks, office buildings, industrial buildings, shopping centers, multi -family projects, hotels and land JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING QUALIFICATIONS OF THE APPRAISER CERTIFICATION Ron DeSantis, Cinverner STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Melanie-S. r rtrrIn, Secretary dbpr FLORIDA REAL ESTATE APPRAISAL BD THE REGISTERED TRAINEE APPRAESER HEREIN HAS REGISTERED UNDER THE !PROVISIONS CIF CHAfl EIR 475, FLORIDA STATUES SANTOS, ORLAND '`r11 12953 SW 135TH TERRACE MIAMI FL 33186 LICENSE NUMBER: RI24452 EXPIRATION DATE NOVEMBER30,2024 Always verily licenses orllirie at MyFlorldaLicense.eom Do not alterthis document in anytorm. This is your rk ense_ It Es unlawful for anyone other than the licensee to use this document. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING