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Exhibit - Friends of Marine Stadium Plan-SUB
THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: Honorable Mayor and DATE: November 17, 2014 Members of the City Commission FROM: Daniel J. • fd City Manage SUBJECT: Substitution for RE.13 Miami Marine Stadium Please be advised that the Exhibit for item RE.13 scheduled for the November 20, 2014 is being substituted with the attached documents. These documents were also sent via e-mail on November 16, 2014. cc: 'Alice N. Bravo, P.E., Deputy City Manager/Chief of Infrastructure Daniel Rotenberg, Director, Department of Real Estate and Asset Management Victoria Mendez, City Attorney Julia Hernandez, Agenda Coordinator a MIC GJ CYJ OR 14 a 14—Ci (11— X1\11)\--Tffll\c �t' OtAn14�, j-1-AIvef Plan 1)3 • • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. MIAMI MARINE STADIUM & PARK Operations, Development and Finance Friends of Miami Marine Stadium, Inc. MIAMI MARINE STADIUM & PARK Block DocID Page 1 • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. HISTORY OF THE MIAMI MARINE STADIUM In 1962 the City of Miami commissioned the creation of the Miami Marine Stadium, a grand stand structure and water basin in the shape of an aquatic Circus Maximus. In order to accomplish the construction of the Stadium, Miami Dade County conveyed the property to the City of Miami with the following deed restriction: "This deed of conveyance is made upon the express condition that the land hereby conveyed shall be perpetually used and maintained for the operation of a marine stadium and allied purposes only; and in the event that the use of said land for such purposes shall be abandoned, then and in such event the title to said land shall revert to the grantor herein." MIAMI MARINE STADIUM & PARK Page 2 Block DocID • • • • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO Block DocID ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Twenty seven year -old, Hilario Candela, at the time a young local architect recently arrived from Cuba, was given the task of designing the Stadium and fashioned a "giant work of origami in concrete" with 6,500 seats and a majestic view of the growing metropolis. The structure has become an iconic place that has captivated global attention and support from the National Trust for Historic Preservation, the World Monuments Fund and the Getty Foundation. The Miami Marine Stadium was regularly filled to capacity from its early days in the 1960s to the beginning of the 1990s. The Stadium was the epicenter of boat racing. It also hosted a wide array of other events touching the lives of Miamians and visitors from all over the world. From boat races and music concerts to beauty pageants, rowing regattas, triathlons, political rallies, religious services, operas and movies the Stadium was a place of community interaction. The Stadium's life came to a sudden halt in 1992 when City officials closed the Stadium, claiming that Hurricane Andrew had damaged the structure. In 2008, Hilario Candela and a group of concerned citizens founded Friends of Miami Marine Stadium, ("FMMS" or "Friends"). These citizens were concerned that the Stadium would be demolished and lost forever. They launched a great public campaign seeking funds to save and protect the Stadium. The City declared the Stadium a historical landmark in 2008. On May 15, 2012, FMMS entered into a Memorandum of Understanding ("MOU") with the City of Miami. The MOU created the Miami Marine Stadium Steering Committee, presided by City of Miami Planning Department Director, Francisco Garcia. The Steering Committee's mission was "to identify funding sources for the renovation and operation of the Stadium premises and to identify and evaluate renovation and operations options". The Committee's purpose was to assure that a viable operating plan was put in place before the lands were turned over to FMMS. On November 13, 2014, Friends announced its partnership with the National Marine Manufacturers Association ("NMMA") to return the Miami International Boat Show ("MIBS") to the City of Miami, its original home. For the last 74 years, the MIBS has attracted visitors from around the world and has generated billions of dollars in economic activity for our region. The next day, The Miami Herald highlights the expected $600 million economic impact of the Boat Show's commitment to the City of Miami. MIAMI MARINE STADIUM & PARK Page 3 a�t'd 0I000 )10019 Mild wniav1s �N12�t W Iwb'IW �aed pue wnipels aupew ivaeiW pasodoad atop Supapuaa :Moaaouaol uompuo) Sui}sp(3 Apadoad wn!pels aupew !we!W ayl : e ?INVIAIUNV'I .LNOII,JII1.LVM 3FI8I1d V 9NII1V2N3 `UNI9f1 DINOISIH V 9NIAIIUS1Nd 1N31Nf13O13 SIH130 ON] 3H11tf N33S 38 NV3IVNIDI210 dfl)1JVB 'lt1NI9I210 Ol NOI1f1111S8f1S v SI 1N3WfDOa SIHI 7 • • • • • • • • • • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. FRIENDS OF MIAMI MARINE STADIUM, A STEWARDSHIP JOURNEY • 1962: Hilario Candela designs the Miami Marine Stadium. • December 27, 1963: Opening Night. • September 1992: The Marine Stadium is declared unsafe and permanently closed. • February, 2008: Friends of Miami Marine Stadium, a not -for -profit corporation seeking to save the Marine Stadium is formed (under the auspices of the Dade Heritage Trust). • October, 2008: The City of Miami designates the Marine Stadium and the Basin area as a historic site. • April, 2009: The Miami Marine Stadium is named to the National Trust for Historic Preservation's "11 Most Endangered Historic Places", (also on the list, Unity Temple, designed by Frank Lloyd Wright in Oak Park, Illinois, 1909). • October, 2009: The World Monuments Fund names the Marine Stadium to its 2010 Watch List, (also on the list, Machu Picchu, the Historic Center of Buenos Aires, and the Walled City of Old Jerusalem) • July, 2010: Miami City Commission approves the Virginia Key Consensus Master Plan. • March, 2012: The Miami Marine Stadium is declared a National Treasure by the National Trust for Historic Preservation. • December, 2012: The City Manager's Steering Committee unanimously approves the Site Plan for the Miami Marine Park, as recommended by Friends of Miami Marine Stadium. • May, 2013: Gloria Estefan, Trustee of the National Trust for Historic Preservation is introduced as the "voice" of the Miami Marine Stadium. • July, 2013: The Miami City Commission approved the recommendation of the Steering Committee and defined the site plan of the Miami Marine Stadium and Park. Gloria Estefan the "voice" MMS '•• MIAMI MARINE STADIUM & PARK Page 5 • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • • • • September 18, 2014: The Getty Foundation awards its Keeping it Modern conservation grant to Friends of Miami Marine Stadium. The foundation also awarded grants to the Sydney Opera House, Salk Institute for Biological Studies, La Jolla, California, Frank Lloyd Wright's Prairie -style Robie House and Le Corbusier's apartment and studio in Paris, France. • November 13, 2014: The National Marine Manufacturers Association announces that the Miami Marine Stadium will host the 2016 Miami International Boat Show Hera FRIDAY, NOVEMBER 14, 2014 I EDITOR: JAY DUCASSI jducassi@MiamiHerald.com 1305-376-3557 MIAMI MARINE STADIUM SYLVESTER HONOR Saving Architect Hilario Candela's Beloved Stadium Miami Boat Show eyes long-term dea ■ The boat show, which generates $600 million in economic activity every Presidents' Day weekend, would be the stadium's first tenant since Hurricane Andrew. BY DAVID SMILEY dsmiley@MiamiHerald.corn For the first time in more than 20 years, a national performer made a grand entiance Thursday at dilapidated Miami Marine Sta- dium. But Gloria Estefan — 84-foot yacht, entourage and all — was only the opening act. The true headliners of Thurs- day's event were the stadium itself stadium's torn out seats and shat- tered beer bottles formally an- nounced intentions to hold the massive tourist draw at the graffi- ti -covered Virginia Key venue in 2016 and 2017. They also acknowl- edged they're "exploring the site as a long-term home" away from Miami Beach. The massive boat show, which says it attracts 100,000 boaters and generates $600 million in econom- ic activity every Presidents' Day weekend, would be the concrete waterfront stadium's first tenant since Hurricane Andrew slammed its doors shut in1992. With a multi- year deal, the show would also be a solid anchor for a $30 million sta- rive Stadium, which are pursuing a long-term lease with the city. "'They really could not have come at a better time for us," Este - fan, a trustee of the national pres- ervation organization and stadium booster, said Thursday. "We were given a mandate by commission- ers to make sure that No. 1, we were able to get to our $30 million mark" Estefan and .preservationists have been working for years to re- store the 1960s venue, which was designed by Friends co-founder Hilario Candela. The venue host- ed speed boat races and concerts, including a performance from Es- tefan's Miami Sound Machine, and H1 MIAMI MARINE STADIUM & PARK Page 6 • • • • • • • • • • • THIS DOCUMENT IS ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. FRIENDS - FUNDRAISING SOURCES COMMITTED TO DATE During the last six years, FMMS has been intensely engaged in creating a plan to rescue of the Stadium and developing the operational and financial strategies necessary to restore and operate the Stadium and doing widespread fundraising. The following funds have been raised to date. $ 50,000 Dade Heritage Trust, National Trust for Historic Preservation, Villagers, and World Monuments Fund for structural testing of the Miami Marine Stadium by Simpson, Gumpertz, & Heger (secured) $ 3,000,000 Miami -Dade County General Obligation Bond in place for Historic Preservation (approved by County Commission) $ 3,000,000 Florida Navigation District Grants ($175,000 secured) — a revolving grant cycle source over multiple years. $ 5,000,000 Historic Preservation Tax Credits by the National Trust Community Investment Corporation (pending City of Miami approval of project) $ 6,000,000 National Grass Roots Adopt -A -Seat Campaign — spear headed by the National Trust for Historic Preservation (pending City of Miami approval of project) $ 75,000 National Trust for Historic Preservation Grant (secured) $ 80,000 American Express (AMEX) Foundation (secured) $ 1,000,000 State of Fl. Special Legislative Appropriation (approved) $ 500,000 Gloria Estefan Foundation (secured) $ 210,000 R. Kirk Landon Foundation (secured) $ 180,000 The Getty Foundation (secured) TOTAL OF $19,095,000 National Trust for Historic Preservation American Express Foundation Gloria Estefan Foundation Robert Wilson Foundation Princeton University World Monuments Fund The Municipal Art Society of New York Getty Foundation The Kirk A. and Dorothy P. Landon Foundation University of Miami MIAMI MARINE STADIUM & PARK Page 7 • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. OVERVIEW: OPERATING AND FINANCING Tasked with the stewardship of the site and as per the provisions of the MOU, FMMS hereby presents its financial and operating plan to the Miami City Commission for the purposes of approval to enter into a Lease and Public Work Agreement for the Miami Marine Stadium Property, in order to commence the restoration of the Stadium and the development of the Miami Marine Stadium and Park Project. The Stadium provide the public, once again, access to Biscayne Bay, waterfront parklands, boat racing, leisure boating, sporting events, entertainment activities and community function. With commitments from the National Trust for Historic Preservation, American Express, the World Monuments Fund, the Getty Foundation and others, FMMS, an IRS qualified, 501(c)(3) and a Florida not -for -profit corporation, has undertaken the task of developing this Operating Plan for the restoration and rehabilitation of the Miami Marine Stadium, and fulfill the goal of bringing it back to its original grandeur for the public's use. This proposal sets forth Friend's operational and financial plan for the development of the Miami Marine Stadium and Park Project. The Project proposes the restoration of the Miami Marine Stadium and the development of new commercial components that will generate the necessary revenue stream to maintain and preserve the Miami Marine Stadium. The rehabilitation and preservation of the historic Miami Marine Stadium will create a modern cultural, sports and entertainment marine stadium facility that will be the center of the Miami Marine Stadium and Park Project. Friends will work directly with the City to document and preserve the street art culture that has become an integral chapter of the Stadium's history. Through FMMS's partnerships with experienced arena operators such as the Heat Group, the Stadium will once again attract visitors and provide the public with access to the arts, music and culture. With its legacy of historical architecture and social significance, the restoration of the Marine Stadium will renew national and hemispheric links with boat racing, other sporting events and entertainment spectacles. The proposal also provides for acres of new parkland. The plan proposes the conversion of a decrepit aging surface parking lot and surrounding vacant lands into a public Green Flex Park for the enjoyment of the public, construction of a Maritime Exhibition Center with exhibition and meeting space and retail and restaurant uses and a Dry Boat Storage facility. The dry boat storage facility will have capacity to store 180 boats and 100 jet skis; it will also MIAMI MARINE STADIUM & PARK Page 8 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. have a water room, a demonstration pool and a tackle and bait shop. The property will also provide both large and small private special events in a unique setting. With the commitment from the National Marine Manufacturers Association (NMMA) the property will host the annual Miami International Boat Show and be home to the NNMA's boating exhibition center. A new dry dock storage facility will provide boat and recreational watercraft dry stack storage, creating additional streams of revenue. These and other elements, detailed herein, will generate the recurring revenue necessary to operate the Stadium in perpetuity without financial support or subsidy from the City, while creating a public waterfront destination that is second to none. The project and proposed partnership with NMMA will provide a direct benefit to the City's economy, creating jobs and additional revenue opportunities for the City of Miami. Friends has engaged the services of the Certified Public Accountant firm of Kaufman Rossin & Co., to provide a third -party independent assessment and report of the financial feasibility of the proposed operating and financing plan for the Miami Marine Stadium and Park Project which will be provided to the City as part of this presentation. Rendering of Proposed Marine Exhibition Center MIAMI MARINE STADIUM & PARK Page 9 • • • • r • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. DESCRIPTION AND OPERATION OF PUBLIC FACILITIES Friends of the Miami Marine Stadium planned and developed the transformation and rehabilitation of this unique and historic public property. The Miami Marine Stadium and Park Project consists of four major components: (1) an extensively renovated and preserved Marine Stadium, (2) a Flex Green Park, (3) a new Maritime Exhibition Center and (4) a new dry boat storage facility with capacity to store 180 boats. Each component has been carefully designed and situated to ensure that the Stadium will be the centerpiece of a public park surrounded by elements that provide the Stadium with the financial support necessary to operate soundly in the future. The entire project was designed and planned as the major component of the Virginia Key Master Plan. The following describes each component of the project and sets forth the sources of revenue for the operation of the project. MIAMI MARINE STADIUM & PARK Page 10 • • • • MIAMI MARINE STADIUM The Miami Marine Stadium is an internationally recognized work of environmental architectural sculpture. The Stadium has 6,500 seats and was originally designed and planned for speed boat races. In a short period of time the Stadium became not only the epicenter of boat racing but was adopted by the community to serve as the venue for diverse community celebrations which mirrored the pulse, color and energy of Miami as the capital city of the Americas. The Marine Stadium will continue to serve the general public. Revenue Generator: The rehabilitated Marine Stadium will be a premier venue for sports exhibitions, music concerts, festivals, cultural and special concession areas. All revenues to be generated from ticket, concession and preservation and maintenance of the historical structure. MIAMI MARINE STADIUM & PARK THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. events. The renovated stadium will feature new event sales and rentals will be re -invested in the Page 11 • • • • All In THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • • • • • GREEN FLEX PARK The Green Flex Park area will be a natural grass surface park fronting the water basin. The Green Flex Park is open space intended for vigorous public use. Family beach outings and picnics, casual sporting activities, community festivals, informal gatherings and other uses associated with green spaces will be at the heart of this Green Flex Park. The Park will bring life to the waterfront. It will act as the threshold to the Marine Stadium water basin. Revenue Generator: This green space will also serve as an event and staging area and will support the Marine Stadium for larger programmed events. It will be designed to also accommodate an overflow parking. Most importantly, the Green Flex Park will be the main exhibition space for the Miami International Boat Show. The Park's perimeter also features a softly sloping green berm. Besides providing casual seating and enhancing the public's visual connection to the water, the berm will feature a parking facility with 400 parking spaces. This portion of the Park at the tip of the basin is an unstructured green space cleared of all invasive species and offered to the community for play. This space will also be programmed for use by the Miami International Boat Show. This component of the plan serves the general boating public and provides revenue to FMMS for the construction, operation and maintenance of the Stadium. MIAMI MARINE STADIUM & PARK Page 12 • • • • MARITIME EXHIBITION CENTER di .1 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 1 • • • • The Maritime Exhibition Center, ("MEC"), will provide 125,000 sq. ft. of net leasable space including maritime showrooms, display areas, conference space, educational facilities and museum space featuring a collection of historic and maritime artifacts. These spaces will provide educational areas for citizens to learn about the unique marine environment of South Florida and the social responsibility of environmental stewardship and safe boating. The MEC will also feature an Island Welcome Center, greeting visitors to Virginia Key. In accordance with the Virginia Key Master Plan, the MEC will feature a vast covered and open public space identified as the "Great Porch." The Great Porch will provide retail and commercial uses including restaurants, cafes, kiosks and open areas with unobstructed views of the waterfront and the Miami Marine Stadium Park. The rooftop is an open habitable green roof with incomparable views of the urbanized and natural faces of Biscayne Bay Aquatic preserve and Biscayne Bay National Park. Revenue Generator: This component of the plan will serve the general public and provide revenue to FMMS for the construction, operation and maintenance of the Stadium. The MEC's main attraction will be the permanent exhibition space and marine trade center that will provide the marine industry leasable space to exhibit boats and marine accessories. This exhibition space will be occupied by the National Marine Manufacturers Association and other marine related tenants. The proposed restaurant spaces will provide casual and formal dining options to visitors in an unparalleled setting, complementing the Miami Marine Stadium and Green Flex Park event and exhibition areas. The MEC's dining areas complete the Miami Marine Stadium and Park project's waterfront experience. The MEC's restaurants and retail facilities will also serve the public visiting the various event, entertainment, and attractions featured at the property. This completes the Miami Marine Stadium and Park project as a destination attraction. MIAMI MARINE STADIUM & PARK Page 13 • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. DRY BOAT STORAGE The restoration of Miami Marine Stadium and Park will include a 180 rack dry boat storage facility and storage racks for 100 jet skis to be leased to the general boating public. The premises will also feature a small ice, tackle and bait retail store serving leisure boaters and visitors. The immediate premises of the Dry Boat Storage will feature a water room, a body of water that will serve as a water feature and presentation space for the public unveiling of innovative marine industry products. Revenue Generator: This component of the plan serves the general boating public and will provide revenue to FMMS for the construction, operation and maintenance of the Stadium. The dry boat storage facility will provide leasable spaces and racks, a service that is in constant demand in South Florida. Coupled with a convenience store, the Dry Boat Storage premises will provide boaters with the basic needs required for a leisurely boat ride or fishing trip. MIAMI MARINE STADIUM & PARK Page 11 • • • • r • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. ANCHOR TENANT: NATIONAL MARINE MANUFACTURERS ASSOCIATION THE MIAMI INTERNATIONAL BOAT SHOW RETURNS TO THE CITY OF MIAMI The NMMA organizes and operates the annual Miami International Boat Show ("MIBS"), the largest boat show in the world. The MIBS has been held in South Florida for the past 74 years. The first boat show was held at the City's Dinner Key. The show was then relocated to the Miami Beach Convention Center, where it has resided since. The NMMA has stated its intention to host the MIBS at the Miami Marine Stadium and Park beginning in February 2016 and for a long term period to be negotiated pursuant to a sub -lease agreement. The first show at the property in 2016, will take place prior to the entire project's completion. Friends, with its finance team, will provide approximately $15,000,000, representing the initial capital investment required to prepare the property to host the MIBS in February 2016. The property shall continue to host the annual MIBS and upon the completion of the Miami Marine Stadium and Park Project, it will become home to the NMMA's boating trade show to be located within the Marine Exhibition Center, attracting thousands of visitors every year. MIAMI MARINE STADIUM & PARK Preliminary Layout of 2016 Miami International Boat Show (proposed footprint shown in yellow) Page 15 • • • • • • • • NNMA's LETTER OF INTENT FOR MIAMI INTERNATIONAL BOAT SHOW • Nanai Marine Manufufacturers ASaMuahca September 8, 2014 Hilario Candela Friends of Miami Marine Stadium, Inc. 337 Palermo Avenue Coral Gables, FL 33134 Dear Mr. Candela, THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Please accept this as our Letter of Intent to host the Miami International Boat Show (MIBS), at the Miami Marine Stadium Park beginning in February, 2016, and subsequent years on a long term basis. Miami Marine Stadium Park is the land and body of water identified in the Miami Marine Park Proposal, (Page 7). attached to the Memorandum of Understanding dated May 15, 2014 between the City of Miami, the Miami Sports and Exhibition Authority and Friends of Miami Marine Stadium. Inc., (FMMS). As an organization keenly invested in the Miami Community and deeply interested in the restoration of the Miami Marine Stadium, NMMA desires to secure the rights and the permits from FMMS and from the regulatory authorities having jurisdiction, for the MIBS beginning in 2016 and thereafter to occur within the Miami Marine Stadium Park premises. In addition. we will need to secure additional green space on Virginia Key for additional exhibit space required to host the entire MIBS. Minimum requirements for utilization of the site for our show will include: 1. Electrical Supply for our contractor to draw from and distribute as necessary for exhibition. 2. Water supply sufficient for Fire Suppression as approved by the Miami Fire Dept. 3. Level surfaces with capability to anchor temporary structures as required. As a result of our ongoing collaboration with EXPO -Miami, Inc., the investment capital and financing for the abovementioned infrastructure can be secured by this collaboration. In this regard we will work with FMMS and the EXPO Group to attain the above mentioned objectives. In addition to the above, we will work together with FMMS and EXPO, to ask the City of Miami and Miami Dade County to assemble a task force to assist and expedite event approvals, transportation planning and implementation, and coordination with local communities that may be impacted. We look forward to working with you and the local and state authorities to create the conditions needed to make the Green Flex Park, the Marine Exposition Center, the Miami Marine Stadium and the Miami Marine Stadium Basin a viable location for our annual event; and a destination that the general public can identify as the place where people can connect with the leisure boating industry. Sincerely, Cathy Rick -Joule VP Boat Shows, NMMA 9050 Pin®, Boukrmrn. Sate 305 Pamboki Pass. Honda 33024 954 441 9720 Fw 954 430 4171 fN sfea.0r(t MIAMI MARINE STADIUM & PARK Page 16 • • • • • • • • LEASE WITH CITY OF MIAMI - PROPOSED TERMS • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Subject to approval of the Miami City Commission, Friends seeks to negotiate a lease agreement with the City for the Miami Marine Stadium premises, including but not limited to the following proposed terms: • Term of Lease Agreement: Friends will seek Federal Historic Tax Credits for the purposes of funding the Miami Marine Stadium. Friends proposes an initial lease term of 49 years with a one-time extension for an additional term of 49 years, in accordance with the requirements for eligibility and participation in Federal Historic Tax Credits. • Development and Preservation: In accordance with the terms of the deed, the commercial components of the project shall fund the rehabilitation and perpetual operation and maintenance of the Miami Marine Stadium. • Costs: The City shall bear no costs in the development and operation of the property. • Operation of Public Facilities: Friends shall enter into agreements with specialized operators for the management of the property and proposed facilities. The Lessee proposes a management agreement for the Miami Marine Stadium premises with the Heat Group for the operation of a cultural, sports and entertainment marine stadium. Additionally, the remaining components including the commercial areas, the Green Flex Park, Maritime Exhibition Center and dry dock storage facility will be the subject of a sublease agreement between Friends and EXPO/TPA, (the "Operators"), for the operation of the premises and facilities. The NNMA and other tenants shall enter into agreements directly with the Operators. • City of Miami Participation: The proposed lease agreement between Friends and the City and the sublease and/or agreements between FMMS and EXPO will provide for financial participation and revenue sharing with the City, as generated from the commercial components of the property. The City shall also be permitted to use the property for City special events pursuant to the terms of the proposed lease. • Contractors and Job Creation: The project will create thousands of permanent and temporary jobs for our community. Friends has developed a job creation proposal that is included as Attachment #1. Friends' proposal guarantees equal community participation through Community Business Enterprise ("CBE"), Community Small Business Enterprise ("CSBE"), and Small Business Enterprise ("SBE") participation MIAMI MARINE STADIUM & PARK Page 17 • • • • • • • • • • • FRIENDS' PUBLIC PURPOSE Friends is committed to the principle that the Stadium and the Park provide the public with direct access to the water, including access to aquatic activities. The proposed Miami Marine Stadium and Park will also provide the public with access to sporting, cultural, maritime and entertainment events. The Stadium creates an ideal setting for the public to enjoy the beauty and character of the City's natural environment with unique views of the Biscayne Bay aquatic preserve. The proposed facilities will serve to educate the public on the City's rich maritime history and other emerging environmental and climate issues. Through access and education, Friends seeks to enhance and enrich the public's interactions, awareness and knowledge of the water. PROPOSED GOVERNANCE AND OVERSIGHT Friend's Board of Directors will exercise oversight of the restoration and rehabilitation of the Miami Marine Stadium and of the construction of its supporting improvements. The Board will continue to exercise oversight and management of the Project once construction is completed and operations commence. The Board will operate pursuant to its mission of preserving, operating and maintaining the historic Miami Marine Stadium while operating marine based facilities and parkland for the use and enjoyment of the public. Friends seeks the City's participation in the governance of the Miami Marine Stadium and Park Project so as to jointly protect the public lands entrusted to the organization. Pursuant to the lease agreement to be negotiated with the City, the Board will include participation of City public officials, employees, or designees in the decision making process and operation of the Miami Marine Stadium. Friends will work with the City to amend the organization's bylaws to establish a governance structure including City participation ensuring a transparent and accountable development, operation and management of the Miami Marine Stadium and Park Project. MIAMI MARINE STADIUM & PARK Page 18 PUBLIC BENEFIT AND ACCOUNTABILITY THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. The property exists for the benefit of the public. The City shall retain audit authority over Friends and its operations under the terms of the proposed lease. The proposed lease shall preserve transparency in the development, management and operation of the Miami Marine Stadium and Park Project by jointly establishing financial and operational reporting requirements with the City. Friends has taken and will continue to take proactive steps to protect the City's investment, including the execution of a construction management at risk contract with SKANSKA USA for the construction of the improvements. As such, the contractor will remain responsible for cost overruns. Friends will rehabilitate and restore the Stadium and develop three commercial components on the property for the support of the operation and maintenance of the Stadium. The proposed commercial components are designed for the use and enjoyment of the public. Together, the restoration of the Stadium, the redevelopment of the Green Flex Park, the construction of the MEC and the Dry Boat Storage are the beginning of a transformation that will turn an abandoned stadium and its surroundings areas into a popular public asset that will become one of the City's most sought after destinations. The Miami Marine Stadium and Park Project is expected to create a minimum of 876 new direct jobs and a total of 2,619 new direct and indirect jobs in our community. MIAMI MARINE STADIUM & PARK Page 19 • THIS DOCUMENT IS A SUBSTITUTION TO _ ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. MIAMI MARINE STADIUM & PARK PROJECT - DEVELOPMENT & OPERATION TEAM .y_ FRIENDS OF THE MIAMI MARINE STADIUM, INC. LESSEE Skanska USA Bellingham Marine industries, Inc. Roof & Rack Products Inc. Candela Hernandez) Architects and Management Team 1 Financing Team Anchor Tenant HEAT Group I TPA/Expo) 1 TPA/Expo 1 G randb ridge Real Estate Capital ) National Marine Manufacturers Association J MIAMI MARINE STADIUM & PARK Page 20 • s • • • • • • • 0 • THIS DOCUMENT IS A SUBSTITUTION TO - ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. PROFESSSIONAL EXPERTISE/TEAM COMPOSITION The project team includes leaders in real estate development, stadium management, maritime industry matters, architecture, historic preservation and construction. In addition to Friends, key team members include: ■ Stadium Operation and Management: • Marine Exhibition Center/Flex Park/ Dry Stack Operation and Management: • Financing: Heat Group TPA/EXPO TPA Group, LLC Expo -Miami, Inc. George Mcardle Grandbridge Real Estate Capital Miami Dade County Gloria Estefan Foundation (donation) R. Kirk Landon Foundation (donation) Getty Foundation (grant) American Express (grant) Natl.Trust for Historical Preservation (grant) Dade Heritage Trust (grant) The Villagers (grant) • Construction/Architecture: Candela Hernandez Architects Skanska USA Bellingham Marine Roof & Rack Resumes of members of leadership team can be found in Attachment 2 of this presentation. MIAMI MARINE STADIUM & PARK Page 21 • • • • • • • ! • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. QUALIFICATIONS - FRIENDS OF MIAMI MARINE STADIUM Friends of Miami Marine Stadium, Inc., is a Florida not -for -profit corporation dedicated to the restoration and preservation of the Miami Marine Stadium. Friends was founded in 2008 by architects Hilario Candela, Jorge Hernandez and a group of concerned citizens. Mr. Candela is the original architect of the Miami Marine Stadium; Hilario designed the stadium in 1962 while at the architectural firm Pancoast, Ferendino, Skeels, Grafton and Burnham. He became President of this firm which evolved into Spillis Candela - at one time the largest Hispanic owned architectural firm in the United States. The firm was repeatedly included in the list of the largest 50 design firms in the U.S. by ENR. Candela designed many buildings throughout the United States from New York to California, much of Latin America and the Caribbean as well as Spain and Saudi Arabia. Spillis Candela designed many buildings in South Florida, including three campuses of Miami Dade College. Mr. Hernandez is a Professor of Architecture at the School of Architecture of the University of Miami, he has been active in historic preservation issues on the local, state and national levels and was Vice Chair of the National Trust for Historic Preservation, the most important organization dedicated to historic preservation in the United States. His firm, Jorge L. Hernandez Architect, was established in 1987. His work includes The Brickell Bridge in Miami, Florida; The Williamsburg James City County Courthouse in Williamsburg, Virginia, both secured by winning entries in international competitions; and The Coral Gables Museum, a LEED certified renovation and addition to a National Register 1939 Phineas Paiste building. Mr. Worth has been involved in a wide variety of preservation issues over the last two decades. Along with his wife Nina, he produced in 2008 the photography exhibit and book "Art Deco in Shanghai and Miami Beach" featuring photographs by Deke Erh, China's first freelance photographer. He also was Vice Chairman of the Urban Arts Committee of Miami Beach, which created the first photography exhibit of Miami Modern (MiMo) architecture which travelled to the Municipal Art Society in New York City in 2002. MIAMI MARINE STADIUM & PARK Page 22 • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. QUALIFICATIONS AND EXPERIENCE - OPERATIONS/MANAGEMENT TEAM Master Development, Management and Operation of Miami Marine Stadium and Park Project: Friends of Miami Marine Stadium Inc.: Stewards and conservators of the Miami Marine Stadium, Friends will act as the Master non-profit developer of the site. Friend's board members, joined by representatives of the National Trust for Historic Preservation, the Getty Foundation, the Florida Inland Navigation District and the Historic Preservation Officers of the State of Florida and the City of Miami will jointly collaborate to provide the needed oversight over the entire development process and will monitor the progress of the project and insure its completion, with transparency and accountability over the use of funds. Miami Marine Stadium Operation and Management: Heat Group: As a result of joint efforts to rehabilitate and restore the Miami Marine Stadium as a world class marine entertainment facility and destination, FMMS and the Heat Group have been collaborating and working on the restoration and creation of a world class exhibition and entertainment marine exhibition stadium. A partnership with the Heat Group wil bring world class entertainment and sporting events to the Miami Marine Stadium. The stadium will also host private and public functions, all that will generate revenues to preserve and maintain the historic structure. The Heat Group is the current administrator of the American Airlines Arena and our hometown NBA Miami Heat basketball team and champions. The Heat Group operates one of the busiest arenas in the world hosting large sports and music exhibitions. In addition, the Heat Group manages, contracts and operates food and retail services. The Heat Group is committed to providing "five star" service to its employees and guests. Marine Exhibition Center, Flex Park and Dry Boat Storage Operation and Management: TPA/EXPO: A joint venture of TPA Group, LLC and Expo Miami, Inc. based in Miami, Florida shall operate and manage the Flex Park, Maritime Exhibition Center and Dry Boat Storage facilities. TPA/EXPO has obtained a commitment from the MIAMI MARINE STADIUM & PARK Page 23 • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. National Marine Manufacturers Association (NMMA) to serve as the MEC's anchor tenant and to host the annual Miami International Boat Show at the property. • TPA Group, LLC (TPA) was formed in 2013 when principals of two highly respected real estate firms, TPA Realty Services and Resource Real Estate partners, joined forces to form a new operating company. TPA is a private real estate development, investment, and acquisition firm whose principals have acquired and developed in excess of 25 million square feet of real estate and 27,000 acres of land, all valued in excess of $5 billion. Recently, the TPA Group completed the development of a major sports and entertainment arena, the Verizon Center in Orlando, Florida. • Expo -Miami, Inc. is a private development company based in Miami, Florida and organized for this project, which will provide the local presence for TPA/EXPO. The combined experience of the executives of this joint venture span over 150 years in development experience in construction, real estate leasing, management, operations and finance. Expo -Miami's principals have acquired or developed projects in excess of $2 billion spanning the spectrum of real estate development and management for government agencies, Fortune 500 companies, such as RJR/Nabisco, and other international real estate interests throughout the world. Finance: TPA/EXPO: along with their private equity partners, will finance the rehabilitation and restoration of the Marine Stadium and the accompanying improvements. TPA/EXPO will also be providing the initial capital required to prepare the site for the 2016 Miami International Boat Show. Grandbridge Real Estate Capital: is a commercial real estate capital lender and subsidiary of BB&T Bank, N.A. Resumes of members of the leadership team can be found in Attachment 2 of this presentation MIAMI MARINE STADIUM & PARK Page 24 • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Office & Industrial Buildings Investment Land Residential - Single Family Residential — Multi Totals TPA/EXPO: CORPORATE OWNERSHIP TPA/EXPO is a joint venture of TPA Group, LLC and EXPO -Miami, Inc. The following is a listing of the principal owners for TPA Group, LLC and EXPO -Miami, Inc., are reflected in the following charts. Financial statements and resumes of TPA/EXPO's principals and executives can be found at Attachment "2" of this presentation. TPA Group LLC. Name Address Ownership Company Role Brad Smith Nathan Pramik Rick Bradshaw Jeb Brees Dave Willey Other Employees Atlanta, Georgia Atlanta, Georgia Atlanta, Georgia Atlanta, Georgia Atlanta, Georgia Atlanta, Georgia Principal Principal Principal Principal Principal 35.01% 17.33% 11.17% 11.17% 17.33% 8.00% Managing Principal Acquisitions President, Development Asset Management Accounting As an operating company, TPA Group, LLC, manages its real estate investment interests which have current basis in excess of $300 million. This real estate portfolio is held and reported on in separate, individual, limited liability companies formed to properly reflect each property's unique investment objectives, capital stock and investor group. TPA Group, LLC BALANCE SHEET Assets $120,179,620 $100,032,201 $ 60,467,062 $ 31,922,000 $312,600,883 Debt $117,720,600 $ 76,597,600 $ 26,141,764 $ 21,942,900 $242,402,864 Equity $ 2,459,020 $23,434,601 $34,325,298 $ 9,979,100 $70,198,019 MIAMI MARINE STADIUM & PARK Page 25 • • • • r THIS DOCUMENT IS A SU- BSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. TPA/EXPO: CORPORATE OWNERSHIP EXPO -Miami Inc. Name Address Ownership o� Company Role Rene J. LaComb Fred S.J. Coupe Jaime Parlade Justin Schaefer George McArdle Laura Bonich TPA Group, LLC. West Palm Beach, Florida Miami, Florida Miami, Florida Miami, Florida Miami, Florida Miami, Florida Atlanta Georgia Principal Principal Principal Principal Principal Principal Principal 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 4.00% President & CEO Vice President & CFO Accounting Accounting Investor Investor Investor EXPO -Miami, Inc. BALANCE SHEET Assets Liabilities $ 3,556,900 $ 106,900 Equity $ 3,450,000 MIAMI MARINE STADIUM & PARK Page 26 • ♦ • • • • • Aft In THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. QUALIFICATIONS AND EXPERIENCE - CONSTRUCTION AND DESIGN TEAM Construction and Design: SKANSKA USA, Candela Hernandez Architects, Bellingham Marine Industries, Roof & Rack Products, Inc: These team members tasked with the construction of the various components of the Miami Marine Stadium & Park project. SKANSKA USA will provide construction management services for the development of the entire project including the restoration of the Marine Stadium. SKANSKA USA provides construction management services at risk with a guaranteed maximum price and a performance bond as a representative of the developer. Skanska USA is one of the largest, most financially sound construction and development companies in the country with expertise in construction, civil infrastructure, public - private partnerships, historic preservation and commercial development initiatives in select U.S. markets. Candela Hernandez Architects is an architectural firm based in Coral Gables, Florida. Architects Hilario Candela and Jorge Hernandez are the principals and creative design behind the firm with a particular focus on historic preservation. Hilario Candela is also the original architect of the historic Miami Marine Stadium. Bellingham Marine Industries, Inc. is the world's most comprehensive marina builder. It has been building marinas around the world for 55 years. The company has installed more than 20 million square feet of concrete floating docks throughout the world. Roof & Rack Products Inc. is considered by many the world leader and authority in the marine dry storage industry. The company has served all facets of the boat storage market for more than 30 years. The company is pre- eminent in the design, engineering, fabrication and installation of fixed outdoor rack systems. Resumes of members of the leadership team may be found in Attachment 2 of this document. MIAMI MARINE STADIUM & PARK Page 27 ~ THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. OVERVIEW OF FINANCIAL FEASIBILITY TPA/EXPO, with its equity and lending partners will invest $17,500,000, to convert the parking Tots into a Green Flex Park; $68,000,000 to develop the Maritime Exhibition Center; and $7,350,000 to develop an state of the art dry boat storage facility. These components will generate profits for the long term sustainability of the Stadium. At the end of this section, you will find correspondence from Grandbridge Real Estate Capital, a subsidiary of BB&T, regarding the financing of the project. Through its fundraising initiatives, FMMS will raise $30,000,000 for the restoration of the Stadium. TPA/EXPO will also provide up to $15,000,000 of the initial capital required to cover the current gap in funding needed to commence the preparation of the property for the 2016 Miami International Boat Show and the restoration of the Stadium. RENDERING OF PROPOSED GREEN FLEX PARK MIAMI MARINE STADIUM & PARK Page 28 • • • • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP 0 RIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. CAPITALIZATION, INVESTMENT AND FUNDING SOURCES The total cost of developing the Miami Marine Stadium and Park Project is $121,017,000. The Chart that follows reflects the proposed funding sources for the development of the project, including the restoration of the Stadium, the construction of the Green Flex Park includin new .arkin: facilities to serve the destination the Maritime Center and the Dr Boat Stora:e facilit . MIAMI MARINE STADIUM PARK Overall Financial Feasibility Sources 1 Private Equity Private Equity Stock 70% of $110,000,000 2 Commercial Loan Funds $77, 000, 000 Mezzanine Loan 30% of $110,000,000 $33,000,000 This loan will be a construction loan that will be concerted to a commercial loan from 2017 untill 2021. 3 Fundraising comitments to Friend of Miami Marine Stadium Miami -Dade General Obligation Bond for Hstoric Preservation Sale of Federal Historic Tax Credit Through the National Trust Community Inv. Corp. State of Florida Special Legislative Appropiation 2014 Gloria Estefan Foundation R Kink London Foundation Getty Foundation American Express National Trust for Historical Preservation Grant Dade Heritage Trust, Villagers, World World Monument Fund Sale of Seats 6,000 seats at $1,000 each $18,000,000 Available on or before 12/31/2014 $53,922,000 Available on or before 06/30/2015 $33,000,000 Available on or before 03/31/2015 Subtotal $104, 922, 000 $3, 000, 000 $5, 000, 000 $1, 000, 000 $500,000 $210,000 $180, 000 $80,000 $75,000 $50,000 $6, 000, 000 Subtota I $16,095,000 TOTAL $121,017,000 MIAMI MARINE STADIUM & PARK Page 29 • • • • • • r • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. The following chart reflects the profit and loss assumptions for all segments of the project. MIAMI MARINE STADIUM PARK Overall Financial Feasibility Operating Revenues Miami Marine Stadium Flex Park MEC Building Dry Stack SUBTOTALS Operating Expenses (Includes Rent to Friends of Miami Marine Stadium) Miami Marine Stadium Flex Park MEC Building Dry Stack SUBTOTALS Net Revenue before Return on Investment and Income Tax Cost of Capital and Debt Service Net Before Taxes Construction Operations 2016 2017 2018 2019 2020 2021 $3,225.000 $3,503,000 $3,781.000 $3,851,000 $3,923,000 $3.498.000 $5,056,000 $6.164,000 $6.212,000 $6.237.000 $6,263.000 $6.732,000 $9.202,000 $10.294.000 $10.550,000 $10.814.000 $1.679.000 $2,142.000 $2,196.000 $2,251.000 $2,308.000 $2.365,000 $5,177,000 $17,155,000 $21,065,000 $22,538,000 $22,946,000 $23,365,000 $2.179,500 $2.210.000 $2.244.000 $2,299,000 $2.358.000 32.328, 000 $2.587.000 $2,800.000 $2.850.000 $3, 094, 000 33. 129.000 $4.684.000 $4.130,000 $3,873.000 $3.888.000 $3.983,000 $919.000 31. 041.000 $1,055,000 $965.000 $988.000 $1,013,000 $3,247,000 $10,491,500 $10,195,000 $9,932,000 $10,269,000 $10,483,000 $1,930,000 $6,663,500 $10,870,000 $12,606,000 $12,677,000 $12,882,000 9.75% $10,230,000 $10,230,000 $10,230,000 $10,230,000 $10,230,000 $1,930,000 ($3,566,500) $640,000 $2,376,000 $2,447,000 $2,652,000 Notes: 2016 2017 2018 2019 2020 2021 Total Funds Payable to Friends of Miami Marine Stadium (Included in Expenses Above) $434,000 $883,000 $996,000 $1,004,000 $1,016,000 $1,028,000 Total Funds Payable to the City of Miami (Included in Expenses Above) $259,000 $360,000 $418,000 $424,000 $427,000 $431,000 Profit Sharing with City of Miami (MEC Building) 10% Gross Revenue caped at 15% of Net Revenue $256,000 $467,000 $504,000 $542,000 $658,000 Profit sharing will fluctuate based on yearly revenues MIAMI MARINE STADIUM & PARK Page 30 • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. MIAMI MARINE STADIUM & PARK PROJECT - SUMMARY OF PROJECTED COSTS & EXPENSES SUMMARY OF MIAMI MARINE STADIUM PROJECT COSrr HARD COSTS --------------- ---- $21,781,000 ARCHITECTURE/ ENVIRO /CONSERVATION/ SPECIAL TECH CONSULT $2,398,000 ENGINEERING FEES $255,000 MUNICIPAL / ZONING / PERMIT FEES $440,000 ESTIMATED MAX DEBT RESERVES $838,000 LEGAL SERVICES $25,000 CONSTRUCTION; LEASING & GEN ADMIN - OPS START UP $453,000 PROJECT COSTS $26,190,000 CAPITAL BUDGET CALCULATIONS Project Cost $26,190,000 Project Management Fee 4.00% $1,048,000 Total Project Cost $27,238,000 Equity/Mezz Loan Procurement 5.00% $1,362,000 All In Project Cost $28,600,000 SUMMARY OF MEC BUILDING COSTS HARD CONSTRUCTION COSTS $42,874,000 ARCHITECTURE/ENVIRO/SPECIAL TECH CONSULTANTS $3,647,000 ENGINEERING FEES $637,000 MUNICIPAL / ZONING / PERMIT FEES ESTIMATED MAX DEBT RESERVES $2,670,000 $3,004,000 LEGAL SERVICES $435,000 MARKETING & ADVERTISING $1,095,000 TENANT IMPROVEMENTS $5,943,000 CONSTRUCTION; LEASING & GEN ADMIN - OPS START UP $1,569,000 TOTAL PROJECT COST $61,874,000 CAPITAL BUDGET CALCULATIONS Project Cost $61,874,000 Project Management Fee 4.00% $2,475,000 Total Project Cost $64,349,000 Equity/Mezz Loan Procurement 5.00% $3,217,000 All In Project Cost $67,566,000 SUMMARY OF GREEN FLEX PARK COSTS HARD COSTS $14,004,000 ARCHITECTURE/ENVIRO/SPECIAL TECH CONSULTANTS $315,000 ENGINEERING FEES $500,000 MUNICIPAL /ZONING / PERMIT FEES ESTIMATED MAX DEBT RESERVES � $181,000 $446,000 LEGAL SERVICES $35,000 CONSTRUCTION; LEASING & GEN ADMIN - OPS START UP $544,000 PROJECT COSTS $16,025,000 CAPITAL BUDGET CALCULATIONS Project Cost Project Management Fee 4.00% $16,025,000 $641,000 Total Project Cost $16,666,000 Equity/Mezz Loan Procurement 5.00% $833,000 All In Project Cost $17,499,000 SUMMARY OF DRY BOAT STORAGE PROJECTOSTS HARD COSTS ARCHTECTURE/ENVIRO/SPECIAL TECH CONSULTANTS $5,831,000 $164,000 ENGINEERING FEES $180,000 MUNICIPAL / ZONING / PERMIT FEES $133,000 ESTIMATED MAX DEBT RESERVES $182,000 LEGAL SERVICES $25,000 CONSTRUCTION; LEASING & GEN ADMIN - OPS START UP $218,000 PROJECT COST $6,733,000 CAPITAL BUDGET CALCULATIONS Project Cost $6,733,000 Project Management Fee 4.00% $269,000 Total Project Cost $7,002,000 $350,000 Equity/Mezz Loan Procurement 5.00% All In Project Cost $7,352,000 MIAMI MARINE STADIUM & PARK Page 31 • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. FINANCIAL MODELS - OPERATIONS: REVENUES AND EXPENSES The following financial charts and models provide the detailed operating budgets, based on expected revenues and expenses by project component from 2017 through 2021. MIAMI MARINE STADIUM PARK MIAMI MARIN[S1'ADIUM FINANCIAL, MODRL - OPERA ['IONS Inflation Adjustment 2.50% Revenues - Source The Heat Group Boat Racing Events Water Related Ekents Concerts and Entertainement Events Festivals and E%ents Tours -Booked by Cruises lines - Yearly Filming/Grads/Weddings - Yearly Sponsorships - Yearly Naming Rights - Yearly Gross Revenues 90001 90002 90003 90004 90005 90006 90007 90008 90009 2017_. $504.000 $284,000 $744,000 $405,000 $40,000 $48,000 $200,000 $1,000,000 $3,226,000 2018, $567,000 $320.000 $837,000 $455,000 $45,000 $54,000 $225.000 $1,000,000 $3,603,000 2018. $630,000 $355,000 $930,000 $506,000 $50,000 $60,000 $250,000 $1,000,000 $3,781,000 2020". 2021; $646,000 $662,000 $364,000 $374,000 $953,000 $977,000 $519,000 $532,000 $51,000 $52,000 $62,000 $64,000 $256,000 $262,000 $1,000,000 $1,000,000 $3,861,000 $3,923,000 Ex • 90010 90011 90012 90013 90014 90015 90016 90017 90018 90019 90020 90021 90022 90023 enses Payroll Payroll Taxes and Benefits Insurance Gen Maintenance Materials, Supplies & Landscaping Security System Telphone/Broadband Housekeeping -Non Events Utilities Electric & Water/Sewer Solid Waste Removal Administration of Operations/Heat Administration of Operations/FMMS Professional Fees Legal/Accounting Maintenance Reserves Operating Expenses 2017 $650,000 $117,000 $300,000 $148,000 $27,000 $6,000 $38,000 $250,000 $80,000 $120,000 $129,000 $24,000 $16,000 2018 $650.000 $117,000 $308,000 $151.000 $28,000 $6,000 $39,000 $256,000 $82,000 $123,000 $140,000 $25,000 $16,000 2019 2020 $650.000 $667,000 $117,000 $120,000 $316,000 $324,000 $155,000 $158.000 $28,000 $29,000 $6,000 $6,000 $40,000 $41,000 $262,000 $269.000 $84,000 $86,000 $126,000 $129,000 $151,000 $154,000 $26,000 $27,000 $17,000 $17,000 2021 $684,000 $123,000 $332,000 $162,000 $30,000 $7,000 $42.000 $276,000 $88,000 $132,000 $157,000 $28,000 $18,000 $1,906,000 $1,941,000 $1,978,000 82,027,000 $2,079,000 Net Revenues less Total Expenses $1,320,000 $1,562,000 $1,803,000 $1,824,000 $1,844,000 Owner Expenses Depreciation - Property 1.5 Years Depreciation - Property 2 Years Depreciation - Property 50 Years 90024 90025 90026 90027 90028 90029 90030 Total Property Depreciation Net Operating Income less Operating & Owner Expenses Net Operating Income plus depreciation add back Cost of Capital and Debt Service $444,000 $491,000 $12,841,000 2017 2018 2019 1.5 $296,000 $148.000 2 $246,000 $246,000 50 $257,000 $257,000 100.00% of all in cost @ 9.75% $799,000 $521,000 $1.320,000 $1, 810.000 2020 $257,000 $257.000 $651,000 $257,000 $911,060 $1.562,000 $1 .810,000 $1,546,000 $1,803,000 $1.810, 000 2021 $257,000 $257,000 $257,000 $1,567,000 $1.824,000 $1.810.000 $1,587,000 $1,844,000 $1 .810.000 Revenues available for distribution to Capital Accts $14,000 $34,000 MIAMI MARINE STADIUM & PARK Page 32 • • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO MIAMI MARINE STADIUM PARK FLEX PARK FINANCIAL MODEL - OPERATIONS Inflation Adjustment 2 50% v,"vu,•rfl_. of ., Jr Vf\IVIIYML\,MIY SEEN AT THE END OF THIS DOCUMENT. OE Revenues 2016 _ 2017 _2018, _ 2019 2020 2021 70001 MIBS - Land $600,000 $600,000 $645,000 $677,000 $694,000 $711,000 70002 MIBS - Water $300,000 $300,000 $323,000 $339,000 $347,000 $356,000 70003 Other Large Shows $1,200,000 $1,920,000 $2,400,000 $2,400,000 $2,400,000 $2,400,000 i 70004 Other Events & Galas $1,000,000 $1,600,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 70005 Underground Parking $350,000 $560,000 $700,000 $700,000 $700,000 $700,000 70006 Parking (80 Events) $24,000 $38,000 $48,000 $48,000 $48,000 $48,000 70005 Sponsorships $30,000 $48,000 $60,000 $60,000 $60,000 $60,000 70006 Naming Rights $50,000 $80,000 $100,000 $100,000 $100,000 $100,000 70007 Parking Surtax to the City ($56,000) ($90,000) ($112,000) ($112,000) ($112,000) ($112.000) 70008 Gross Revenues $3,498,000 $5,056,000 $6,164,000 $6,212,000 $6,237,000 $6,263,000 Expenses 2016 2017 2018 2019 2020 2021 70009 Payment to FMMS (5% of Gross Revenues) $350,000 $506,000 $616,000 $621,000 $624,000 $626,000 70010 Payment to the City of Miami (5% Gross) $175,000 $253,000 $308,000 $311,000 $312,000 $313,000 70011 Payroll $390,000 $390,000 $390,000 $390,000 $399,000 $408,000 70012 Payroll Taxes and Benefits $70,000 $70,000 $70,000 $70,000 $72,000 $73,000 70013 Ad Valorem Real Estate Taxes $218,000 $218,000 $223,000 $229,000 $235,000 $241,000 70014 Insurance $150,000 $150,000 $154,000 $158,000 $162,000 $166,000 70015 Gen Maintenance Materials, Supplies & Landscaping $96,000 $96,000 $99,000 $101,000 $104,000 $106,000 70016 Security System $6,000 $6,000 $6,000 $6,000 $6,000 $7,000 70017 Telphone/Broadband $6,000 $6,000 . $6,000 $6,000 $6,000 $7,000 70018 Utilities Electric & Water/Sewer $120,000 $120,000 $123,000 $126,000 $129,000 $132,000 70019 Solid Waste Removal $48,000 $48,000 $49,000 $50,000 $51,000 $52,000 70020 Administration of Operations $650,000 $675,000 $700,000 $725,000 $936,000 $939,000 70021 Professional Fees LegaVAccounting $24,000 $24,000 $25,000 $26,000 $27,000 $28,000 70022 Maintenance Reserves $25,000 $25,000 $31,000 $31,000 $31,000 $31,000 70023 Operating Expenses $2,328,000 $2,587,000 $2,800,000 $2,849,000 $3,092,000 $3,126,000 Net Operating Revenues less Total Expenses $1,170,000 $2,469,000 $3,364,000 $3,363,000 $3,145,000 $3,137,000 Owner Expenses 2016 2017 2018 2019 2020 2021 Depreciation - Property 1 Year $979,000 1 $979 000 70025 Depreciation - Property 20 Years $12,260,000 20 $613,000 $613,000 $613,000 $613,000 $613,000 70026 Total Property Depreciation $1,592,000 $613,000 $613,000 $613,000 $613,000 70027 Net Operating Income less Operating & Owner Expenses $1,170,000 $877,000 $2,751,000 $2,750,000 $2,532,000 $2,524,000 70028 Net Operating Income plus depreciation add back $1,170,000 $2,469,000 $3,364,000 $3,363,000 $3,145,000 $3,137,000 70029 Cost of Capital and Debt Service 100 00% of all in cost @ 9 75% S1.706.000 $1,706.000 $1 .706.000 $1,706.000 $1.706.000 S1.706.000 Revenues available for distribution to Capital Accts $763,000 $1,658,000 $1,657,000 $1,439,000 $1,431,000 MIAMI MARINE STADIUM & PARK Page 33 • • • • , • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. MIAMI MARINE STADIUM PARK MARINEFXHIBITION CENTER BUIU)1NC FINANCIAL MODEL - OPERATIONS Inflation Adjustment 2.50% Revenues 50001 50002 50003 50004 50005 50006 50007 50008 50009 50010 50011 50012 50013 50014 50015 50016 50017 50018 50019 50020 50021 Grand Porch Enclosed Space Grand Porch Open Space Grand Porch Berth Space Mezzanine Enclosed Space Water Room Berths Second Level Space Third Level Space Museum Space Roof Top Space Outdoor Space Underground Parking Green Surface Parking Total Revenue from Leasable SF2 & Parking Special Events Gross Revenue Vacancy Allowance Parking Surtax to City Green Surface Parking Surtax to City Parking Sales Tax to State Parking Sales Tax to County Net Revenue 2017 2018 2019 2020 2021 $900,000" $1,230,000' $1,538,000' $1,576,000 $1,615,000 $703,000. $961,000" $1,201,000' $1,231,000 $1,262,000 $86,000' $118,000" $148,000' $152,000 $156,000 $878,000' $1,199,000' $1,499,000' $1,536,000 $1,574,000 $144,000' $197,000' $246,000' $252,000 $258,000 $830,000" $1,135,000' $1,419,000' $1,454,000 $1,490,000 $1,008,000' $1,378,000' 51,722,000' 51,765,000 51,809,000 $360,000' $492,000' $615,000' $630,000 $646,000 $630,000' $861,000' $1,076,000' $1,103,000 $1,131,000 $330,000" $451,000. $564,000' $578,000 $592,000 $1,200,000' $1,640,000' $2,050,000' $2,101,000 $2,154,000 $7,069,000 $9,662,000 $12,078,000 $12,378,000 $12,687,000 $7,069,000 $9,662,000 $12,078,000 $12,378,000 $12,687,000 10.00% ($1,208,000) ($1,238,000) ($1,269,000) 15.00% ($50,000) ($68,000) ($85,000) ($87,000) ($89,000) 15.00% ($180,000) ($246,000) ($308,000) ($315,000) ($323,000) 6.00% ($92,000) ($125,000) ($157,000) ($161,000) ($165,000) 1.00% ($15,000) (521,000) ($26,000) ($27,000) ($27,000) $6,732,000 $9,202,000 $10,294,000 $10,550,000 $10,814,000 Com mon Area Maintenance (CAM) pass-thru to Tenants Payroll Payroll Taxes & Benefits Insurance Gen Maintenance, Materials, Supplies & Landscaping Maintenance, Materials, Supplies & Landscaping Security System Telphone/Broadband Utilities Electric & Water/Sewer Solid Waste Removal Professional Fees Legal/Accounting Administration of Operations Marketing & Advertising Museum Operations Maintenance Reserves Reimburseable Expenses 50030 50031 50033 50034 50038 50039 50040 50041 50042 50043 50044 50045 50046 50047 50048 2017 2018 2019 2020 2021 $632,000 $632,000 $632,000 $632,000 $647,000 $662,000 18.00% $114,000 $114,000 $114,000 $114,000 $116,000 $119,000 $120,000 $120,000 $123,000 $126,000 $129,000 $132,000 $96,000 $96,000 $99,000 $103,000 $106,000 $109,000 $12,000 $12,000 $12,000 $13,000 $13,000 $13,000 $60,000 $60,000 $62,000 $64,000 $66,000 $68,000 $600,000 $600,000 $615,000 $630,000 $646,000 $662,000 $48,000 $48,000 $49,000 $50,000 $51,000 $52,000 $24,000 $24,000 $25,000 $26,000 $27,000 $28,000 $395,000 $395,000 $395,000 $317,000 $324,000 $120,000 $120,000 $123,000 $126,000 $129,000 $132,000 $24,000 $24,000 $25,000 $26,000 $27,000 $28,000 $34,000 $34,000 $46,000 $51,000 $53,000 $54,000 $3,119,000 $3,181,000 $3,239,000 $3,232,000 $3,310,000 Net Operating Revenues MIAMI MARINE STADIUM & PARK $6.732,000 $9,202,000 $10,294,000 $10,550,000 $10,844' Page 34 • • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGIN . BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. MIAMI MARINE STADIUM PARK MARINE EXHIBITION CENTER BUILDING FINANCIAL MODEL - OPERATIONS Owner ExpenseL Payment to Friends of Mami Marine Stadium © 3.00 / SF x 90,000 sf 50038 50039 50040 50041 50042 50043 50044 50045 50045 50046 50047 50048 50049 Owner Pays for share of CAM Pass Thru Expenses Depreciation - Property 2 Years Depreciation - Property 5 Years Depreciation - Property 6 Years Depreciation - Property 10 Years Depreciation - Property 20 Years Depreciation - Property 30 Years Depreciation - Property 50 Years Total Property Depreciation Net Op Income less Depreciation and FMMS Rent Net Op Income plus depreciation add back Cost of Capital and Debt Service 2017 2018 2019 2020 2021 $3.00 90.000 $270,000 $270.000 $270,000 $277.000 $284.000 $1,248,000 $636,000 $324,000 $323,000 $331,000 $4,803,000 2 $5,118,000 5 $10,000 6 $200,000 10 $2,000,000 20 $255,000 30 $41,061,000 50 100.00% of all in cost @ Revenues available for distribution to Capital Accts Profit Sharing with the City of Miami (10% of Gros Revenue with a 15% cap on Net Income) $2,402,000 $2,402,000 $1,024,000 $1,024,000 $1,024,000 $1,024,000 $1,024,000 $2,000 $2,000 $2,000 $2,000 $2,000 $20,000 $20,000 $20,000 $20,000 $20,000 $100,000 $100,000 $100,000 $100,000 $100,000 $9,000 $9,000 $9,000 $9,000 $9,000 $821,000 $821,000 $821,000 $821,000 $821,000 $4,378,000 $4,378,000 $1,976,000 $1,976,000 $1,976,000 $836,000 $3,918,000 $7,724,000 $7,974,000 $8,223,000 $5,214,000 $8,296,000 $9,700,000 $9,950,000 $10,199,000 9.75% $6.588,000 $6,588.000 $6,588,000 $6,588,000 $6.588.000 $1,708,000 $3,112,000 $3,362,000 $3,611,000 5256.000 5467,000 $504,000 $542,000 MIAMI MARINE STADIUM & PARK Page 35 • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. MIAMI MARINE STADIUM PARK 180 RACK DRY STORAGE MARINA - PIER 1 FINANCIAL MODEL - OPERATIONS 10001 10002 10003 10004 10005 10006 10007 Dry Stack Rent Dry Stack Jet Skis Retail Space Fuel Dock Gross Revenue Vacancy Allowance Gross Revenue Inflation Adjustment 2.50 2016 2017 2018 2019 2020 2021 $1,013,000 $1,350,000 $1,384,000 $1.419,000 $1.454.000 $1.490,000 $360,000 $480,000 $492,000 $504,000 $517,000 $530,000 $94,000 $125,000 $128,000 $131,000 $134,000 $137,000 $300,000 $300,000 $308,000 $316,000 $324,000 $332,000 $1,767,000 $2,255,000 $2,312,000 $2,370,000 $2,429,000 $2,489,000 ($88,000) ($113.000) ($116,000) ($119,000) ($121,000) ($124,000) $1,679,000 $2,142,000 $2,196,000 $2,251,000 $2,308,000 $2,365,000 Expenses 10008 10009 10010 10011 10012 10013 10014 10015 10016 10017 10018 10019 10020 10021 10022 Payment to Friends of Miami Marine Stadium (5% of Gross Revenues) Payment to the City of Miami (5% of Gross Revenues) Payroll Payroll Taxes & Benefits Insurance Gen Maintenance Materials, Supplies & Landscaping Security System Telphone/Broadband Utilities Electric & Water/Sewer Solid Waste Removal Marketing & Advertising Administration of Operations Professional Fees Legal/Accounting Maintenance Reserves Operating Expenses 2016 2017 2018 2019 2020 2021 584.000 $107,000 5110.000 $113,000 $115,000 5118,000 $84,000 $107,000 $110,000 $113,000 $115,000 $118,000 $274,000 $274,000 $274,000 $274,000 $281,000 $288,000 $49,000 $49,000 $49,000 $49,000 $51,000 $52,000 $50,000 $50,000 $51,000 $52,000 $53,000 $54.000 $48,000 $49,000 $51,000 $52,000 $53,000 $12,000 $12,000 $12,000 $13,000 $13,000 $13,000 $5,000 $5,000 $5,000 $5,000 $5,000 $6,000 $35,000 $35,000 $36,000 $37,000 $38,000 $39,000 $24,000 $24,000 $25,000 $26,000 $27,000 $28,000 $36,000 $36,000 $37,000 $38,000 $39,000 $40,000 $150,000 $175,000 $175,000 $68,000 $69,000 $71,000 $12,000 $12,000 $12,000 $13,000 $13,000 $13,000 $8,000 $11,000 $11,000 $11,000 $12,000 $12,000 $914,000 $1,036,000 $1,050,000 $960,000 $983,000 $1,008,000 Net Revenues less Operating Expenses $765,000 $1,106,000 $1,146,000 $1,291,000 $1,325,000 $1,357,000 1 Owne 10023 10024 10025 10026 10027 10028 10029 10030 10031 r Expenses 2016 2017 2018 2019 2020 2021 Depreciation - Property 1 Year $805.000 1 $805,000 Depreciation - Property 10 Years $760,000 10 $76,000 $76,000 $76,000 $76,000 $76,000 Depreciation - Property 16 Years $1,240,000 16 $78,000 $78,000 $78,000 $78,000 $78,000 Depreciation - Property 20 Years $814,000 20 $41,000 $41,000 $41,000 $41,000 $41,000 Depreciation - Property 50 Years $3,270,000 50 $65,000 $65,000 $65,000 $65,000 $65,000 Total Property Depreciation $1,065,000 Net Operating Income less Operating & Owner Expenses Net Operating Income plus depreciation add back Cost of Capital and Debt Service 100.00% of all in cost C 9 75'2 $765,000 $765,000 $717,000 $41,000 $1,106,000 $717,000 $260,000 $260,000 $886,000 $1,146,000 $717,000 $1,031,000 $1.291,000 $717,000 $260,000 $260,000 $1,065,000 $1,325,000 $717,000 $1, 097, 000 $1,357,000 $717,000 Revenues available for distribution to Capital Accts $48,000 $389,000 $429,000 $574,000 $608,000 $640,000 MIAMI MARINE STADIUM & PARK Pnge 36 • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. NEW REVENUES TO THE CITY OF MIAMI AND PRESERVATION OF STADIUM Friends' proposal will provide the City of Miami with new streams of revenues, both direct and indirect, through various sources including revenue sharing, profit sharing, parking surtax fee collections, taxes and fees. New revenues to the City are estimated at an average of $1,275,000 per year, as of the third year upon stabilization, and $150,020,000 over the initial 49 year term of the lease. In addition to providing a new revenue stream to the City of Miami, the project will guarantee the perpetual preservation, operation and maintenance of the Miami Marine Stadium as required in the conveying deed. The Flex Park and Dry Rack Storage will pay Friends 5% of gross revenues of each component respectively on an annual basis to subsidize the City's public jewel. The total annual public contribution by Friends to the City and the perpetual maintenance and operation of the Miami Marine Stadium is outlined below. Annual Public Contributions by Friends City of Miami Miami Marine Stadium Total Public Contributions Renovated Marine Stadium - Revenue and Profit Sharing Any and all profits from the operation of the stadium will be reinvested into the Stadium Any and all profits from the operation of the stadium will be reinvested into the Stadium Net Profit from operation of renovated sports, music, exhibition, and event marine stadium Green Flex Park - Revenue Sharing 5% of gross revenues 5% of gross revenues 10% of gross revenues Dry Stack - Revenue Sharing 5% of gross revenues 5% of gross revenues 10% of gross revenues MEC- Revenue Sharing 10% of gross revenues up to a ceiling of 15% of net revenues to City of Miami Profit Sharing Payment to City of 40% of return on investment over 18%, up to a ceiling of 15% of net operating revenues fluctuating yearly. Parking Surtax 15% of gross revenues (underground and surface parking areas) Indirect Revenues Include but not limited to new ad -valorem tax base for commercial components, permit and development fees estimated at $1.9 million, etc. MIAMI MARINE STADIUM & PARK Page 37 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. NEW REVENUES TO THE CITY OF MIAMI - DIRECT AND INDIRECT The following chart provides the estimated new revenue stream to the City of Miami from the Miami Marine Stadium and Park Project for years 2016 to 2021. Estimated New Revenues to the City of Miami - Years 2016 to 2021 2016 $575,000 2017 $1,154,000 2018 $1,206,000 2019 $1,275,000 2020 $1,315,000 2021 $1,359,000 Subtotal $6,884,000 Estimated Permit & Development Fees $1,922,000 Total New Revenue to City for 2016-2021 $8,806,000 *estimated revenue calculations provided above do not include profit sharing to City, which will increase total net revenue stream to the City. The profit sharing payment to the City will be determined on an annual basis jointly with the City of Miami. MIAMI MARINE STADIUM & PARK Page 38 0 0 0 a& Ah All THIS DOCUMENT CSASUBSTITUTION nD ORIGINAL. BACKUP ORIGINAL CAN SEEN xJTHE END OFTHIS DOCUMENT. NEW REVENUES TO THE CITY OF MIAMI-DIRECT AND INDIRECT The estimated new revenue stream to the City of Miami for years 2016 to 2021 of operations of the Miami Marine Stadium and Park are based on the assumptions and calculations provided below, including new ad -valorem taxes, parking fee collections and direct revenue sharing payments to the City for the Flex Park and Dry Storage components. Detail of New Revenues �-U������ ��U����U CITY " ~=" "°""��"°"" 8E Construction Operations City of Miami -Rmvmmue Detail 3015 3016 2017 3018 8019 3020 2021 Ad^Vm|onmmTaxem Phase Marine Stadium 'Ad-Va|Taxes | F� Park Ad -Val Taxes _ Phase MECo|dg Ad -Val Taxes $83.000 $O5.0�O $87.000 $09.000Phao $513.000 $321.000 $328.600$3a7.000 $345.000 Phase Pier ' Ad -Val Taxes $34.000 $34.000 $34.000 $34.000 $34.000 *35.000 Total Per Y,from Ad -Val Taxes _ $115.000 1ot4VYear Lease Cumu|aUvoRevenue $40.087.000 $428.000 $430.000 $44O�OO $45OOOO �4O8.00U -��������-�����--- Parking Surtax Surtmx Phase MsCBldg Parking (Svoax) ------ $50,000 $68,000 $85,000 ----------- $8\000 Phase Green Parking (Gurta* 15.00% $50,000 $68,000 $85.000 $O7.00O $88.000 Phase Flex Po�ing(8u�o� 15.0096| �����������$4.00O - $7.00df $7,000 $O.00O| $7.0»»T $7.0001 Total Per Year from Parking Surtax $4.000 $10e.000 $143.000 $177.000 $181.00 1mu4VYear Lease Cumulative Revenue $18.275.000 Percentage Rent Flex Park Percentage Payment (SY6) $175.000 $258.000 $300.000 $511.000 $312.000 $313.000 Pier 1Percentage Payment (nm) $84.000 $107.000 $110.000 $113.000 $115.000 $118.000 Total Per Year from Percentage Payments $259.000 1ot49Year Lease Cumulative Revenue $37.244.000 $360.000 $*18.000 $424.000 $427.000 $431.000 $378.000 Total Per Year Revenue ___--- ------------------ 1nt49Year Lease Cumulative Revenue $83.006.000 $894.000 *889.000 $1.049.000 $1.000.000 $1.085.000 8@[AKxK MARINE STADIUM 8kPARK '^u"39 • • • • • • • AlIlk THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. GRANDBRIDGE V,I Al ESTAlp CAPVVAE CTctoher 24, 2014 Mr. Rees Waite, Vice President IPA Group LLC Miami Marine Stadium Park 3350 Riverwood Parkway, Suite 750 Atlanta, Georgia_ 30339 Re: Construction funding for Miami Marine Stadium Park and Marine Exposition Center Dear Mr. Waite: Thank you for providing us with the opportunity to work with your team to underwrite and source the development funding for this outstanding project. It is not often that we get the opportunity to play a supporting role in bringing back a historic part of Miami to its former glory. After a review of your plans to develop the area around the to be renovated Miami Marine Stadium. which has included many meetings with your team and professional consultants and advisors. 1 believe that we can be successful in raising the construction funding for the development of the planned improvements. 1 understand the project will be developed in phases and funding will be needed for each phase as a discreet project. We have discussed the funding needs with a number of commercial banks on a confidential basis and have received a strong level of interest on the part of lenders. It is based upon this feedback that we can say we are confident that we can obtain the required construction and development funding on favorable terms which will position the project for success. Please feel free to contact me with any questions or comments regarding the financing. We look forward to working with you on this important project. Sincerely. 3RAN136RIt3CjE REAL ESTATE CAPI"1-AL LLC By: MIAM.... ., .......,.. . . Philip Carroll, Senior Vice President 1200 t3rickell Ave.. Suite 1010, Miami, Florida 33131 • • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. MIAMI MARINE STADIUM & PARK PROJECT - THE CITY OF MIAMI's PUBLIC WATERFRONT LANDMARK • • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL BACKUP ORIGINAL CA SEEN AT THE END OF THIS DOCUMENT. ATTACHMENT #1 FRIENDS' JOB CREATION, CBE, CSBE, SBE AND COMMUNITY PARTICIPATION PROPOSAL MIAMI MARINE STADIUM & PARK Page 1 MIA 184189487v1 • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO anrin is nRIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. FRIENDS OF MIAMI MARINE STADIUM, INC. Friends believes in equal participation by our community in the development and operation of this public project. As such, Friends has summarized the minimum terms of certain safeguards and opportunities that will assist in guaranteeing equal participation by the community as a whole in the project, including participation in City programs including Community Business Enterprise ("CBE"), Community Small Business Enterprise ("CSBE"), and Small Business Enterprise ("SBE"). The Miami Marine Stadium and Park project will have a positive impact to the City's economy and will create thousands of new permanent and temporary jobs. Job Creation. Friends and TPA/EXPO (the Development Entity) shall consult and coordinate with the City's Career Source South Florida center located at the Lindsey Hopkins Technical Center at 750 NW 20th Street, 4th Floor and state economic development entities regarding job training and job placement services to City residents seeking employment opportunities with potential employers which will locate or establish businesses within the Project. The Development Entity agrees to use diligent, good faith efforts to achieve or to cause its general contractor(s) and subcontractors (collectively, (the "Contractor"), to use diligent, good faith efforts to achieve, as applicable, the following goals, which the parties hereto agree are purely aspirational in nature: (a) The Contractor shall adhere to the following hierarchy with respect to hiring objectives and practices with regard to the Miami Marine Stadium Restoration: 1. first, residents of the City who live within one of the five (5) zip codes with the highest poverty rate, (the "City Targeted Zip Codes"); 2. second, City residents who reside outside the City Targeted Zip Codes; 3. third, Miami -Dade County residents who live within one of the five (5) zip codes with the highest poverty rate in the County, (the "County Targeted Zip Codes"); and 4. fourth, residents in the County who reside outside of the County Targeted Zip Codes. MIAMI MARINE STADIUM & PARK MIA 184189487v1 Page 2 • • • • • • • A THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. For purposes of clarity, the intent of this Section 14(a) is to encourage the Development Entity and the Contractor to hire as many qualified persons who reside in the City to work on the Project. (b) The Contractor shall electronically post job opportunities in established job outreach websites and organizations, including, without limitation, South Florida Workforce, Florida Department of Economic Opportunity Career Source of South Florida located in Miami, their successors or assigns, and similar programs in order to attract as many eligible applicants for such jobs as possible. (c) In connection with the work performed by the Development Entity, the Development Entity shall cause the Contractor to pay a minimum hourly wage rate of $12.83 if health benefits are not provided to employees and $11.58 if health benefits are provided to employees. Commencing January 1, 2018 and for each subsequent year of the duration of the Project ("CPI Escalation Year"), the foregoing hourly rates shall be increased on January 1st of the applicable calendar year by an amount equal to the percentage increase during the calendar year immediately prior to the CPI Escalation Year in the consumer price index (the "Index"), which is the monthly index published by the Bureau of Labor Statistics of the United States Department of Labor as the Consumer Price Index for All Items, Miami -Ft. Lauderdale, Florida, Base Year 1982-84=100. The CPI adjustment to the minimum hourly wage rates shall hereinafter be referred to as the "CPI Escalation". The CPI Escalation of the minimum hourly wage rates for the CPI Escalation Year shall be equal to the minimum hourly wage rates in effect for the calendar year immediately preceding the CPI Escalation Year multiplied by the CPI Percentage (as defined below). The "CPI Percentage" shall equal the fraction (i) whose numerator equals the monthly Index published immediately prior to the CPI Escalation Year (or the nearest reported previous month) and (ii) whose denominator is the same monthly Index published immediately prior to the calendar year that preceded the CPI Escalation Year (or the nearest reported previous month). If the Index is discontinued with no successor Index, the City shall select a commercially reasonable comparable index. The CPI adjustment set forth herein shall not result in a reduction of the respective minimum hourly wage rates. (d) The Development Entity shall require the Contractor to include the same minimum hourly wage rates in any contracts entered into by the Contractor with its subcontractors for the Project who will stipulate and agree that they will pay the same minimum hourly wage rates, subject to adjustment, as set forth in this section. MIAMI MARINE STADIUM & PARK MIA 184189487v1 Page 3 • • • • • r • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. (e) Local Workforce Participation during Construction. At least 25% of those employed by the general or subcontractor(s) for construction work shall be employed utilizing the following priorities: • first, residents of the five (5) highest poverty rate index zip codes in the City of Miami; • second, City residents in general; • third, Miami -Dade County residents who live in the five (5) highest poverty rate index zip codes in Miami -Dade the County; and • fourth, residents in Miami -Dade the County in general. Residents who live in qualifying areas must receive preference for hiring in the Miami Marine Stadium Restoration. (f) Job Opportunity Advertisement. The Development Entity must provide 10 full -page weekly advertisements in The Miami Times newspaper to inform residents of job opportunities and job fairs prior to construction commencement. This shall be in addition to advertisements done through other job outreach websites, organizations, and efforts. (g) Community Business Enterprise ("CBE"), Community Small Business Enterprise ("CSBE"), and Small Business Enterprise ("SBE"). (1) 7.5% of the professional services agreements for soft costs including, but not limited to, design, engineering, survey, inspection, testing and legal, shall be awarded to firms certified by Miami -Dade the County as CSBE, CBE, and SBE firms at the time the contract is signed. (2) The Development Entity shall award 10% of the contractual agreements for construction and construction -related materials, supplies and fixtures to firms certified by Miami -Dade the County as CSBE, CBE, and SBE firms at the time the contract is signed. (h) Job Creation Monitoring Contract. Within 60 days prior to issuance of a Building Permit for vertical improvements, the Development Entity will designate a firm who shall be CBE/CSBE/SBE certified whom will be designated to monitor the Local Workforce Participation, Job Opportunity Advertisement, and CBE/CSBE/SBE requirements. MIAMI MARINE STADIUM & PARK MIA 184189487v1 Page 4 a V • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT The FMMS development team is primarily local. SKANSKA USA has offices in South Florida. All of EXPO -Miami, Inc.'s senior executives live in the City of Miami. All of the team's architects and engineers live in Miami -Dade County. The FMMS development team is committed and hereby commits to insure the use of contractors and vendors located and/or based in the City of Miami, and more specifically minority -owned and other small business enterprises, where possible, in the implementation and re -development of Miami Marine Stadium Park. The development team will implement an equal employment opportunity program. The development team enjoys a high degree of diversity and aspires to maintain this level of achievement in the area of diversity and minority utilization. The team will affirmatively seek the most qualified persons to fill the positions for which employees are being sought, without regard to race, color, religion, sex, national origin, age, handicap or marital status. In conjunction with this effort, the firm will periodically furnish statistical data and other information reflecting progress which it has made under the equal employment opportunities plan to the general public and to employees who are interested in such information. The development team will be connected and involved with the community. The development team will constantly encourage staff to become involved with extracurricular activities that are helpful to our community and to society as a whole. For example, one of the team's senior executives has given time over the last fifteen years to serving, with no pay, as chairperson of the board of directors for the Agency for the Development of the Exceptional, a local community based organization that provides social services for mentally retarded adults. Team members volunteer their time and their personal resources serving community based non-profit corporations and charitable organizations. Team members are committed to participate in activities that improve the general quality of life of our community. The team's commitment to be involved with community and to help the needy, the poor, the disadvantaged and the less privileged is an on -going habit of all the members of the development team. It will continue in the future. MIAMI MARINE STADIUM & PARK MIA 184189487v1 Page 5 • • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. ATTACHMENT #2 LEADERSHIP TEAM - RESUMES MIAMI MARINE STADIUM & PARK MIA 184189487v1 Page 6 • • • • • • • • sr 4. THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL C N SEEN AT THE END OF THIS DOCUMENT. TPA Group, LLC BRAD SMITH, Managing Principal Brad oversees the overall strategy and direction of the company. With more than 30 years of experience in the global real estate industry, he has leveraged a keen ability to identify market opportunities with a broad understanding of market fundamentals to craft creative solutions to unique challenges. His expertise in marking trends in the real estate and capital markets has made Brad a sought-after resource for investors and operators and has led to his personal involvement in transactions totaling several billion dollars. Brad has consistently leveraged creativity, entrepreneurship and innovation to collaborate across all disciplines of the commercial property business for the value enhancement of real estate. NATHAN PRAMIK, Principal Nathan is responsible for the acquisition activities of the company and the day to day execution of strategy surrounding the company's investments. With over 15 years of experience in the commercial property business, he has led and overseen more than 18 million square feet in transactions across all sectors as well as the acquisition and disposition of over 2,500 acres of office and industrial land. RICK BRADSHAW, Principal With more than 25 years of commercial real estate experience in major markets throughout the United States, Rick is primarily responsible for marketing, development, and sales for several of our large master -planned parks, most notably Stanton Springs and The Bluffs. JEB BREES, Principal Jeb is responsible for all commercial asset management activities as well as day-to-day oversight and operations of the company. DAVE WILLEY, Principal As CFO of TPA Group, Dave is responsible for all financial accounting, reporting, and risk management at the firm. MIAMI MARINE STADIUM & PARK Page 7 MIA 184189487v1 • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. REES WAITE Rees is Vice President of the development and construction services team overseeing all manner of improvements, development, and construction -related services. Rees has been with the company for over 18 years. He has extensive project management experience with a portfolio totaling more than 4 million square feet including corporate headquarters for such names as Disney, Delta Airlines, Turner Broadcasting, and Verizon Communications. TYLER VANSANT Tyler is Vice President responsible for residential asset management and acquisitions and coordinates debt financing across the broader portfolio. PAUL MICHAEL Paul is Vice President of the asset management team and works closely with our investors and partners as well as managing many of our relationships with government agencies, development authorities, and other key stakeholders in the community. WAYNE ISAAC Wayne is a Vice President on the development and construction services team overseeing all manner of improvements, development, and construction -related services. With experience ranging from residential lot development to commercial construction, he has managed more than $115 million in horizontal development and vertical construction. KRIS VOIGT Kris manages all analytics and modeling for the company and works closely with the acquisition team and our partners on deal underwriting. ALEXANDRA LOGAN Alexandra manages all accounting and related functions for all owned assets and for the company. MIAMI MARINE STADIUM & PARK Page 8 MIA 184189487v1 • • • • • • • THIS ▪ DOCUMENT IS A SUBSTITUTION TO ORIGINAL BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. EXPO -Miami Inc. RENE LACOMB, Principal is a Senior Executive with strong operations, cost management and large-scale systems project experience. Skilled in developing and implementing diverse turnaround projects while successfully managing on- going organizations . Problem solver and seasoned achiever. Significant achievements include: • Planned and implemented the consolidation and automation in 11 months of financial services for six divisions with a $13 MM accrual, and a $30 MM annual savings run -rate. • Developed Straight -Through -Processing (STP) systems. • Developed corporate -wide master file architecture and controls that facilitated several mergers and acquisitions. Experience Industrial Controls Inc. Wanamassa, New Jersey (1996-2005) Responsibilities include: Finance, Planning, Operations, Administration and Purchasing. • Migrated IT systems and data for two significant acquisitions. • Reduced financial and support services headcount by 45%. • Led turnaround of acquired operations increasing EBITDAfrom SOKto 700K in 8 months, accruing enough savings to pay for the gross acquisition costs. RJ LaComb & Associates. Coral Gables, Florida (1990-1995) Management consulting services for several industrial and service clients. , • Developed programs for several companies that typically reduced G&A by 40%. • Developed metro -area distribution routing system that cut asset and operating costs by more than 50% while improving service levels. • Developed technology strategy for medical services start-up digitally linking doctors' offices with insurance companies. MIAMI MARINE STADIUM & PARK MIA 184189487v1 Page 9 • • • • • 0 di dik Ili THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • Directed start-up of three companies that are growing rapidly. Nabisco Brands, Inc. (1969-1989) V.P. Information Services/Financial Projects, (1988-1991) Del Monte, Coral Gables, Florida Responsible for worldwide communications, system and data processing operations. Managed systems staff of 60, with more than half located overseas. • Coordinated migration of computer systems from Nabisco Data Center to Del Monte Data Center and developed controls. • Improved financial controls that eliminated significant fraud. • Saved more than $800,000 annually by improving operating methods in multiple facilities. • Designed efficiencies that reduced international operations close from 35 to 7 days, through early use of data warehousing and polling. Director Operational Analysis, (1985-1987) Nabisco Brands, Inc., East Hanover, New Jersey Directed and monitored all corporate operations to assure operating efficiency and effective internal controls. Managed group of 50 professionals, including internal consulting. • Directed the relocation of a $250.0MM operating • Designed and implemented two financial cost reduction programs saving $1 .9MM. Assistant Controller, (1981-1985) Nabisco Brands Inc., East Hanover, New Jersey Managed operations which provided centralized accounting and administrative services to U.S.A. Division, Nabisco Brands International and Nabisco Brands. Inc. Managed headcount of 500. • Consolidated domestic accounting operations saving $4.6 MM. • Reduced operating expenses by $5.5 MM and headcount by 48% through consolidation and operating efficiency. • Designed and managed the building of an administrative center which was $1. I MM under budget and one month ahead of schedule. MIAMI MARINE STADIUM & PARK Page 10 MIA 184189487v1 • • • • • • • THIS DOC• UMENT IS A SUBSTITUTION TO ilk ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Director Operations Review, (1979-1981) Nabisco Brands Inc., New York, New York Reviewed domestic operations to assure compliance with accounting policies practices and procedures. • Developed Nabisco's first Foreign Corrupt Practices Questionnaire and monitored responses and actions to be taken. • Proposed and directed three projects resulting in $5.5 MM savings: • Corporate order entry with end -to -end ID tracking; ■ Freight payables; ■ Real time general ledger. Group Director Finance and Administration (1978- 1979) Standard Brands Inc., (Nabisco), Stamford, Connecticut. Provided administrative and financial services for Research and Development Group. - Developed and implemented a plan to efficiently relocate the R&D Center. • Developed centralized systems to assure that scientific professionals performed scientific duties. Regional Controller (1974-1978) Standard Brands, Wilkes-Barre, Pennsylvania Directed and supervised the preparation of tax and financial reports; accounting and data controls for Regional Headquarters management. Supervised 114 employees. - Successfully achieved business turnaround in nine months. - Hired and developed complete new management team. • Transferred fifteen management employees to other operations over the four-year period. Regional Controller (1972-1974) Standard Brands, Chicago, Illinois MIAMI MARINE STADIUM & PARK Page 11 MIA 184189487v1 • • • • • • Budget Manager (1969-1972) Standard Brands, New York, New York Education New York University/St. John's University Siena College B.S. Economics. American Management Association National Association of Accountants Advanced Management Training Courses FEDERICO S.J. COUPE is an engineer educated at Utah State University. Education. Utah State University. 1989-MS in Finite Element Method (FEM) Fundacion Banco de Boston, Argentina. 1986 — A.S. in Foreign Trade. Universidad Nacional de La Plata, Argentina 1982- B. Engineering Colegio San Luis, Argentina 1976- High School Diploma Experience Wonder Media USA, LLC I Miami, FL Founder/CEO 2013 — Present Overview and plan contracts with Televisa, TV Azteca and MGM Latino America. Dos XX Equipment, LLC. I Miami, FL Co-founder/CFO 2011 —Present UNOPS providers. Pharos Capital, LLC I Miami, FL Founder/CEO 2005 — Present Asset Base Lending to small and medium size companies. MBO Asset Management I Miami, FL THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. bbMCKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. MIAMI MARINE STADIUM & PARK Page 12 MIA 184189487v1 • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Financial Analyst 1997 — 2005 Assessed the performance of stocks, bonds, and other types of investments, Developed and implemented policies and procedures over financial transactions. Coordinated transactions with other financial institutions. Bear Stearns Argentina I Buenos Aires, Argentina Bond Analyst 1994 — 1997 Created a synthetic bond to securitize foreign debt in relation to the US Treasury bond. UB Bank I Buenos Aires, Argentina Bond Analyst 1993 -1995 Design a Synthetic bond to securitize cars and busses loans. Saleme Lima y Asociados I La Plata, Argentina Dynamic Design and Calculations 1990 -1993 Create the mathematical model to perform dynamic noninvasive tests on one of Argentina's busiest bridge. Utah State University I Logan, UT Stress Material Analyst 1987 -1989 Research on Static and dynamic testing on variety of materials. El Trebol S.R.L. I Quilmes, Argentina. Plant Supervisor 1980 - 1986 Supervised and designed the hot water system. The plant got accredited by SENASA and qualified to export to EU and USA. Coupe y Gonzalez Construcciones. I La Plata, Argentina Co-founder 1977 -1986 Directly involve in buying and remodeling single families' residential real estate. It included acquisition, development, construction and sales. Certifications Securities Examinations: • 1994 - Series 7 - General Securities Representative Exam (Stockbroker) • 1994 - Series 66- Uniform Investment Advisor- Combined State Laws Exam (Combined 63 and 65) MIAMI MARINE STADIUM & PARK Page 13 MIA 184189487v1 • • • • I • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. JEAN-CLAUDE VERITE, Vice President is an engineer and architect with forty five years international experience in the real estate industry to include projects in the Middle East, Africa, Europe, Caribbean, South Pacific and the United States. Substantial background in brokerage, project financing, design, field supervision, building operations and construction project management along with a thorough knowledge of the full gamut of real estate development. Large previous experience of military facilities infrastructure management and maintenance. Project types consist of office, hospital, hotel, retail/entertainment, industrial and residential facilities. Since 2007 diverse type of project audits on design and project management for Millenium Challenge Corporation (mcc.gov) in Africa (Madagascar, Mali, Burkina Faso, Lesotho, Morocco & Senegal) WORK EXPERIENCE CONSULTING (September 2007- 2014) MILLENIUM CHALLENGE CORPORATION -MCC Contract MCC-05-0173-CFO Call 108 09/26/2007 + Amendment MOD 03 dated 08-12-08+ Call 17 2010 Consultant for MCC Infrastructure Department for MADAGASCAR, BENIN, MOROCCO, MALI, BURKINA FASO, SENEGAL. • Analysis of feasibility studies and terms of references • Review of Invitation For Bid packages • Review of bid analysis process • On site Construction Control. CONSULTING (Self-employed) (January 2007- 2010) (Hospitality industry) • Research of sites/investors for the ACCOR Group, an international hotel management group • Analysis of sites, market and capabilities of development teams BAR INVEST Management Services/CONSTRUCTA US ( October 2005—December 2007) (Real estate consulting corporation involved in development and Real Estate asset management) Vice President for development. • Analysis of potential projects: residential, commercial and hospitality. • In charge of technical and administrative litigation MIAMI MARINE STADIUM & PARK Page 14 MIA 184189487v1 • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. CIEC Pacific, Tahiti, French Polynesia (2002 — 2005) (Construction management and Structural, Mechanical & Electrical Engineering ) Director (Pacific Region) • Performs technical feasibility studies, construction management and other technical consulting services to international investors and owners, in infrastructure, resort hotels. Selected Projects Master Plan: Papeete, Tahiti: Major redevelopment study of city port to include office building, garage and retail. Resort Hotel: Bora Bora, French Polynesia: Construction of new 200 room 5 star hotel. 5 star Resort Hotel: Papeete, Tahiti: Construction management for in depth renovation Resort Hotel : Bora Bora, French Polynesia: Construction management for completion of a 5 star hotel 5 star Resort Hotel : Papeete, Tahiti: Structural, Mechanical and Electrical design Underground Parking: Papeete, Tahiti. Structural and Mechanical design Ferry Terminal: Papeete, Tahiti: Structural, Mechanical and Electrical design DECONALVA S.A., Santo Domingo, Dominican Republic, www.deconalva.com (1997- 2002) (Real estate investment and construction company with projects within the Caribbean) Gerente De Construcciones (Vice President -Construction) 0 Profit/loss responsibility for design and construction department to include proposal preparation, due diligence analysis, contract negotiations and construction management. Coordinate design and construction teams along with governmental agencies. Clients include Club Med, Accor and private US and European investors. Select Projects Hotel/Resort complex: Dominican Republic, Punta Cana Club Med: $12M Redevelopment project which included the full gamut of real estate development utilizing designers, suppliers and vendors from several countries. Office: Palacio Nacional, Dominican Republic: Office renovation project from design and budgeting to construction. Hotels: Accor: a) a historic 16th century multi -story renovation project in downtown Santo Domingo for a 5 star hotel b) 96 room 3 star hotel within a 1950's structure in historical center of Santo Domingo. Luxury Private Residences: Island of Nevis, construction of 25 private residences @ approximately $lmillion each CONSTRUCTA US, Miami, Florida, www.constructa.fr (1992 - 1996) (U.S. branch of an international real estate consulting corporation involved in development and asset management of projects MIAMI MARINE STADIUM & PARK MIA 184189487v1 Page 15 • • •• • r ••THIS DOCU- MENT IS A SUBSTITUTION TO 1 ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. worldwide. Internationally, developed and/or managed over $750M of real estate in 1995) Vice President/US Operations • Responsible for operational management of company including marketing, proposal preparation, due diligence analysis, construction, leasing, property management and, in general, asset management. • Supervised the successful reorganization of non-profitable assets and subsequent brokerage. • Involved in corporate financing and contract negotiations. • Directed the extension and asset management of a retail center in Miami (CocoWalk) that has received countrywide recognition for its architectural design and enormous financial success. • Directed the renovation, asset management and successful financial turnaround of a hotel investment property in Aspen, Colorado. • Senior Property Manager/Asset Manager • Managed a 2 million SF portfolio of office, retail, entertainment and residential properties. • Developed and maintained property budgets and operations. • All financial reporting to building ownership. • Day to day operations of properties. Military Service (1962-1992) Liaison Officer, Ft. Leonard Wood, Missouri, USA. (1988-1991) • As French Liaison to U.S. Army Corps of Engineers, maintained communication and public relations for military and associated private industry to include the coordination of technically related presentations and analysis of Research & Development projects within the United States. • Organized and presented conferences concerning the high-speed train system in France (TGV) to the General Chief of U.S. Army Corps of Engineers. District Engineer, Marseille, France. • Directed a staff of 160 engineers, designers and operations personnel responsible for projects within twenty-five military bases. MIAMI MARINE STADIUM & PARK MIA 184189487v1 Page 16 • • • • • •• • Aft THIS DOCUMENT IS A SU▪ BSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • Managed projects with a value of over one hundred and fifty million construction dollars during a particular three year period to include housing, industrial, office and hospital facilities. Chief Engineer, France & Lebanon. • Chief Engineer for Maintenance and Re -Development of one of the most prestigious universities in France, Ecole Polytechnique, in the heart of Paris. Projects included work in dormitories, classrooms and highly specialized laboratories. • Chief Engineer for renovation of a hospital in downtown Paris, Val de Grace in which portions were located within a 17th century building. • Chief Engineer Officer for United Nations Interim Force in Lebanon coordinating engineering and construction operations along with infrastructure support of force. Civil Engineering Project Manager, South Pacific. • Responsible for the construction and facility management of a water treatment plant (2,200 cubic meters/day), housing on remote islands and sea protection for nuclear experiments. • Re -design and construction of surgery center for Jean Prince Hospital in Papeete, French Polynesia. Architectural Designer, Paris, France. • Architectural design of projects throughout France ranging in size from five to thirty million dollars to include the design of a maintenance and logistic complex in Lille, France, valued at 25 million dollars. Technical Advisor and Director of Teaching Team, Algeria. • Advisor and teacher to Algerian nationals with respect to project design and construction. Civil Engineer, France. • Road and airport construction in France and overseas. Assisted in the design and construction of fifteen kilometers of sea protection, quarry operations and various airport runway projects. EDUCATION Master in Architecture, Ecole Speciale d'Architecture de Paris, 1977; Master in Civil Engineering, 1969 MIAMI MARINE STADIUM & PARK MIA 184189487v1 Page 17 • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Graduate from French War College, Paris 1978. Graduate from French Military Academy - Saint Cyr, 1962. MIAMI MARINE STADIUM & PARK Page 18 MIA 184189487v1 • • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO INAL CAN BE ORIGINAL. BA SEEN AT THE END OF THIS DOCUMENT. ATTACHMENT #3 REVENUES TO THE STATE OF FLORIDA, MIAMI-DADE COUNTY AND MIAMI DADE COUNTY SCHOOL DISTRICT MIAMI MARINE STADIUM & PARK Page 19 MIA 184189487v1 • • • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL BACKUP SEEN AT THE END OF THIS DOCUMENT. Detail of Direct Revenues COUNTY; SCHOOL DISTRICT & STATE Miami -Dade Coun - Revenue Detail Phase! MEC BIdQ-Ad-Val Taxes Phase) FlexPark- Ad-ValTaxes Phase! IAarine Stadium -Ad ValTaxes Phase) Pier1- Ad -Val Taxes Phases MEC Bldg -Saks Tax Phase I F exPark -Sales Tax Phase I Marine Stadium -Saks Tax PhaseI Pier1- SalesTax Total PerYearRevenue 1st 49 Year Leese Cumulative Revenue 559.984.000 Cons action 2015 1.00% 2016 551.000 582,000 1.00% 517,000 150,000 2017 2018 2019 2020 2021 5204,000 S209,000 5214,000 5219,000 5224,000 551.000 552,000 553,000 554,000 555,000 582.000 584.000 586,000 S88.000 590,000 522.000 523,000 524,000 525,000 526.000 S87000 5108,000 5127.000 5130.000 5133.000 583.000 583,000 585,000 588.000 591.000 S72.000 555,900 538,000 539,000 539.000 S21.000 522.000 S23,000 523.000 524.000 622.000 636.000 650.000 666,000 682.000 School District - Revenue Detail 2015 2016 2017 2018 2019 2020 2021 Phase) Phase I PhaseI PhaseI MEC Bldg -Ad-Val Taxes FlexPark-Ad-ValTaxes Menne Stadium -Ad-Val Taxes Pier1-Ad-ValTaxes 577,000 534.000 5307,000 577,000 5124,000 534.000 5315_,000 579,000 5127,000 S35.000 S323,000 581,000 5130,000 536.000 5331,000 583,000 5133.000 S 37.000 5339.000 585.000 5136.000 538.000 Total PerYrRevenue 1st 49 Year Lease Cumulative Revenue $50,899,000 51110001 5542.000 5556,000 5570.000 5584.000 5598.000 State of Florida - Revenue Detail 2015 2016 2017 2018 2019 2020 2021 PhaseI PhaseI Phase I PhaseI MEC Bldg -Saks Tax FlexPerk -SalesTax Marine Stadium -Saks Tax Pier1 - Saks Tax 6.00% 6.00% S491,000 5101 000 Total PerYr R avenue 1st 49 Year Lease Cumulative R evenue S166,979,000 5592.000 5522,000 5647,000 S764,000 5779,000 5798.00 0 5496,000 5501000 5510,000 5526,000 S543.000 5434.000 5330,000 5227.000 S231,000 S235.000 5129.000 5132,000 5135,000 5138,000 5142.000 51.581.000 51.610.000 51.636,000 51.674,000 51,718,000 MIAMI MARINE STADIUM & PARK MIA 184189487v1 Page 20 • • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. NEW DIRECT REVENUES TO OTHER GOVERNMENTAL AGENCIES In addition to the new direct revenues to the City, other government agencies will also receive new revenues from the restoration of the Stadium. The Chart that follows, Chart 11, reflects the revenue to be received by other government agencies, including Miami -Dade County, the Miami -Dade School District and the State of Florida for the six year period from 2016 to 2021. CHART 11 Ad -valorem taxes Sales taxes 2016 = $ 2,281,000 2017 = $ 6,644,000 2018 = $ 6,810,000 2019 - $ 6,987,000 2020 = $ 7,163,000 2021 = $ 7,355,000 Six year TOTAL $ 34,240,000 MIAMI MARINE STADIUM & PARK MIA 184189487v1 Page 21 (To SUBSTITUTED EXHIBIT FRIENDS OF MARINE STADIUM PLAN Distributed Prior To Commission Meeting)