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Home My WebLink AboutSubmittal-DREAM-CBRE AppraisalCONSULTATION REPORT BAYSHORE LANDING 2546 - 2560 South Bayshore Drive Miami, Miami -Dade County, Florida 33133 CBRE File No. 17-397M1-1318-1 Mr. Mark Burns Leasing Manager CITY OF MIAMI 444 SW 2nd Avenue Miami, Florida 33130 www.cbre.com/valuation WON IAN •OOP % /pato •! 01 011 4141, .0000.1100090 w" ONO • • OOP 4110 0i CBRE VALUATION & ADVISORY SERVICES CBR' Valuation & Advisory Services 200 S. Orange Ave. Suite 2100 Orlando, FL 32801 T 386-672-3339 F 407-839-3132 www.cbre.com July 5, 2017 Mr. Mark Burns Leasing Manager CITY OF MIAMI 444 SW 2nd Avenue Miami, Florida 33130 RE: Bayshore Landing 2546 - 2560 South Bayshore Drive Miami, Miami -Dade County, Florida CBRE File No. 17-397M1-1318-1 Dear Mr. Burns: At your request and authorization, CBRE, Inc. has prepared the following Consultation Report. The purpose of the analysis is as follows: • Provide an estimate of the gross rent payable to the City of Miami based on the proposed 5th amendment to the existing land lease of the subject. • Compare the estimated land rent at the subject, based on the proposed 5th amendment, to the rental amounts paid by other City owned waterfront land leases • Determine the fair market return to the City on a per square foot of land area basis • Determine if the fair market rent per square foot is at least as high per square foot, as similar City owned waterfront land parcels Our gross rent estimate assumes that all building and dock renovations replacements have been completed. Mr. Mark Burns July 5, 2017 Page 2 DEFINITIONS For the purpose of assignments completed pursuant to the Uniform Standards of Professional Appraisal Practice (USPAP), the following definitions apply: APPRAISAL: (noun) the act or process of developing an opinion of value; an opinion of value. (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services. Comment: An appraisal must be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value). Since our assignment did not include developing an opinion of value, the requested report is not an appraisal. APPRAISAL CONSULTING: the act or process of developing an analysis, recommendation, or opinion to solve a problem, where an opinion of value is a component of the analysis leading to the assignment results. Comment: An appraisal consulting assignment involves an opinion of value but does not have an appraisal or an appraisal review as its primary purpose. Since the purpose of the analysis is to estimate market rent, to compare that market rent to other City owned waterfront contract rents and determine a fair market return to the City; these appraisal services are referred to as Appraisal Consulting and the reporting of these conclusions is delivered to the client in the form of a Consulting Report. Therefore, our analysis is presented in the following Consultation Report. The subject is a mixed -use waterfront development including retail, office, restaurant, parking and marina uses. According to the Miami -Dade County Property Appraiser's web -site, the street address for the two subject tax parcels are 2546 - 2560 South Bayshore Drive in Miami, Miami - Dade County, Florida. The improvements were constructed in 1989 and are currently under significant renovation. The City owned upland land area is 2.19 acres, the City owned submerged land is 3.92 acres and the State owned submerged land is .49 acres. Therefore, the total City owned land is 6.11 acres and the total land area is 6.60 acres. Our conclusions are summarized below. CONCLUSIONS Our conclusions are included below. • To estimate the gross land rent payable to the City of Miami based on the proposed 5'h Amendment to the existing land lease. The gross land rent was estimated to be $1,462,040, which is equal to $5.49 per SF of City owned land. • Compare the estimated land rent at the subject based on the proposed 5'h amendment, to the rental amounts paid by other waterfront land leases in order to determine the fair market return on a "per square foot of land" basis. • Determine if the estimated rent at the subject based on the proposed amendment will be at least as high per square foot of land area as similar City owned waterfront land parcels. • The market rents currently being paid for City owned waterfront land leases ranged from $1.02 per SF to $4.55 per SF. The above referenced estimated gross land rent for the CBRE Mr. Mark Burns July 5, 2017 Page 3 subject is greater than all of the comparables. Therefore, this contract rent is at least as high as market rent. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. The following Consultation sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. The intended use and user of our report are specifically identified in our report as agreed upon in our contract for services and/or reliance language found in the report. No other use or user of the report is permitted by any other party for any other purpose. Dissemination of this report by any party to non -client, non -intended users does not extend reliance to any other party and CBRE will not be responsible for unauthorized use of the report, its conclusions or contents used partially or in its entirety. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE can be of further service, please contact us. Respectfully submitted, Jeff H. Carson, MAI, MRICS Vice President Cert Gen RZ1612 Phone: (386) 672-3339 Fax: (407) 839-3132 Email: Jeff.Carson@CBRE.com James E. Agner, MAI, AI-GRS, SGA, MRICS Senior Managing Director — Florida/Caribbean Cert Gen RZ382 Phone: (305) 381-6480 Fax: (305) 381-6442 Email: Brian L. Finnell, MAI, CCIM Managing Director — Orlando/Jacksonville Cert Gen RZ914 Phone: (407) 839-31 17 Fax: (407) 839-3132 Email: Brian.L.Finnell@cbre.com CBRE Certification Certification We certify to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. 4. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 5. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this Consultation. 6. This Consultation assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. 7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, as well as the requirements of the State of Florida. 8. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. As of the date of this report, Jeff Carson, MAI and Brian Finnell, MAI and James Agner, MAI have completed the continuing education program for Designated Members of the Appraisal Institute. 11. Jeff Carson, MAI has, while Brian Finnell, MAI and James Agner, MAI have not made a personal inspection of the property that is the subject of this report. 12. No one provided significant real property Consultation assistance to the persons signing this report. 13. Valuation & Advisory Services operates as an independent economic entity within CBRE, Inc. Although employees of other CBRE, Inc. divisions may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy were maintained at all times with regard to this assignment without conflict of interest. 14. Jeff Carson, MAI and Brian Finnell, MAI have, and James Agner, MAI has not provided any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Jeff H. Carson, MAI, MRICS Brian L. Finnell, MAI, CCIM Cert Gen RZ1612 Cert Gen RZ914 James E. Agner, MAI, AI-GRS, SGA, MRICS Cert Gen RZ382 CBRE b R(. Subject Photographs Subject Photographs CBRE Subject Photographs Sub'ect Pro•e from Sa shore Drive Retail/Office Com •onent Retail/Office Com • onent Sub'ect Pro.e from Aviation Avenue Retail/Office Com •onent Retail/Office Com•onent CBRE Subject Photographs Far Ri. ht Pier Lookin • East Middle Pier Lookin. East Far Left Pier, Lookin • East Far Ri. ht Pier Lookin • West Middle Pier Lookin. West Far Left Pier, Lookin • West CBRE Subject Photographs Montes Restaurant/Bar Outdoor Bar Seatin• New Dockmaster's Office Outdoor Restaurant Seatin• Kitchen Area Old Dockmaster's Office CBRE Subject Photographs Elevated Ground Level Walkwa Second Floor Landin • Second Floor Under Construction Ground Level Fo er 1 1 ' 4 1 - 1 iiiii hith...iii, A_Lsoi i Second Floor Hailwa Rear External Stairs CBRE Executive Summary Executive Summary Property Name Bayshore Landing Location 2546 - 2560 South Bayshore Drive, Miami, Miami - Dade County, Florida 33133 Highest and Best Use As If Vacant Waterfront Mixed Use Development As Improved Continued Waterfront Mixed Use Property Rights Sandwich Leasehold Interest Date of Report July 5, 2017 Date of Inspection June 19, 2017 Estimated Exposure Time 12 Months Estimated Marketing Time 12 Months City Owned Upland Land 2.19 AC City Owned Submerged Land 3.92 AC Total City Owned Land 6.11 AC State Owned Submerged Land 0.49 AC Total Land Area 6.60 AC Improvements Property Type Waterfront Commercial Number of Buildings 4 Number of Stories 2 First Floor Retail Area - Rentable 13,458 SF Second Floor Office Area - Rentable 15,861 SF Net Rentable Area 29,319 SF Proposed Wet Slips 108 Slips Proposed Side Tie Dockage 400 LF Condition Under Renovation/Replacement Buyer Profile Investor -National Financial Indicators Current Occupancy 95.4% Stabilized Occupancy 96.0% Stabilized Credit Loss 1.0% 95,600 SF 170,562 SF 266,162 SF 21,334 SF 287,496 SF CONCLUSIONS Consultation Premise Lease Year Estimated 5th Amendment Land Rent Oct 1, 2017 - Sept 30, 2018 Is the Estimated 5th Amendment Land Rent At Least As High Per SF As Similar City Owned Waterfront Land Parcels $1,462,040 Yes Compiled by CBRE VII CBRE Executive Summary STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS (SWOT) Six of the most important aspects of a coastal waterfront parcel or development are: 1. Waterward proximity from the nearest open water access 2. Waterward access from the adjacent channel 3. Waterward exposure from the adjacent channel 4. Landward proximity from the nearest major highway 5. Landward access from the adjacent roadway 6. Landward exposure from the adjacent roadway Strengths/ Opportunities • Landward access and exposure are good. The subject is located at the signalized intersection of South Bayshore Drive and Aviation Avenue. South Bayshore Drive is a heavily traveled neighborhood collector route which provides excellent local access. • Landward proximity from the nearest highway is good. From landward, the subject is located about two miles south of Interstate 95, which provides regional access. • Waterward proximity to the nearest inlet is good. From waterward, the subject has direct access out to the Atlantic Ocean. • Coconut Grove is a very well maintained coastal submarket that is located south of downtown Miami Central Business District. As such, residential demand for this area by affluent property owners is very high. • The waterward access and exposure from the main channel in Biscayne Bay is typical of the area and adequate for large vessels of at least 100 LF, according to the current rent roll. Weaknesses/ Threats • The ownership interest being appraised represents the sandwich leasehold interest. For some buyers the lack of a fee simple interest in the land parcel can be a negative factor. EXTRAORDINARY ASSUMPTIONS An extraordinary assumption is defined as "an assumption directly related to a specific assignment, as of the effective date of the assignment results, which if found to be false, could alter the appraiser's opinions or conclusions." • We have assumed that all of the renovations at the subject will be complete on or before October 1, 2017. • We have not inspected the subject property below the waterline. We have assumed that these improvements are in good working condition. • We have assumed that the marina basin is of adequate depth for all of the existing vessels to ingress and egress safely, without dragging the bottom. • We have assumed that the existing building improvements comply with all federal, state and local requirements. 1 The Appraisal Foundation, USPAP, 2016-2017 ed., U-3. viii CBRE - 2_. Executive Summary • We have assumed that there are no adverse easements or encroachments that would negatively affect the utility or value of the subject. • We have assumed that the subject improvements and use are compliant with the existing zoning and land lease requirements. • We have assumed that all of the physical and financial data that was provided for this analysis is complete and correct. • The use of any extraordinary assumptions may affect the assignment results. HYPOTHETICAL CONDITIONS A hypothetical condition is defined as "a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purposes of analysis." 2 • None. 2 The Appraisal Foundation, USPAP, 2016-2017 ed., U-3. ix CBRE Table of Contents Table of Contents Certification Subject Photographs Executive Summary vii Table of Contents x Introduction 1 Area Analysis 5 Neighborhood Analysis 8 Site Analysis 17 Improvements Analysis 24 Zoning 28 Tax Assessment Data 30 2017 CBRE Marine Industry Report 31 2017 CBRE Restaurant Industry Report 51 Office Market Analysis 58 Retail Market Analysis 60 Highest and Best Use 62 Valuation Methodology 64 Projected Land Rent 65 Market Land Rents 70 Conclusions 71 Assumptions and Limiting Conditions 72 ADDENDA A Waterfront Land Lease Comparables B Operating Data C Legal Description Data D Precis METRO Report Qualifications CBRE 17 _BRE, In Introduction Introduction OWNERSHIP AND PROPERTY HISTORY There are three ownership parties involved in the subject property; the City of Miami owns the fee simple interest in the upland and part of the submerged land, the Florida Department of Environmental Protection owns the fee simple interest in the Sovereign Submerged Land Lease, (SSLL), area and Aligned Bayshore Marina LLC is the tenant to the City of Miami property and the subtenant, (through the City of Miami), to the submerged land that is owned by the State. Therefore, the ownership interests owned by the City of Miami and Aligned Bayshore Marina LLC are both sandwich leasehold interests. The lease of City lands and sublease of State lands was originally signed in September of 1985. Since then it has been assigned and amended several times. The most recent amendment was dated February 2015. Shortly after the 4'h Amendment, the property was purchased by Aligned Bayshore Marina LLC. The ownership interest held by Aligned Bayshore Marina, LLC was acquired in May 2015. According to Jose Hevia of Aligned Bayshore Marina LLC, the total consideration was $28,500,000, which included the sandwich leasehold interest in the land and building as well as the going concern, furniture, fixtures, equipment and the existing inventory. Out of the total transaction price, $6,950,000, was recorded in OR Book 29630, beginning at Page 2569 of the Miami -Dade County Public Records as the depreciated value of the improvements. This allocation was consistent with the Miami -Dade County Property Appraiser's estimate of depreciated improvement value at the time of sale. The 5th Amendment is being proposed to the current lease. If the proposed 5'h Amendment passes, it would provide for the following changes and additions: • Remaining Lease Term would change from 18 years to 50 years • Two 10-year options would be being added • Minimum Rent would change to the greater of $200,000 or: • Office/Retail will change from 10% of gross receipts to 1 1.75%, plus • Marina rent will change from 15% of gross revenue to 16.75% Additionally, Aligned Bayshore Marina LLC will agree to invest $4,000,000 in capital improvements over the life of the lease plus the two 10-year extensions. The 18-page document also outlines a sliding -scale transfer fee which would be payable to the City upon any sale of the property and details regarding a refinancing fee. Approval of this 5th Amendment is scheduled to go before the voters on July 13th, 2017. To the best of our knowledge, there has been no other sales activity regarding the subject property during the three years prior to the date of this valuation. 1 CBRE Introduction To the best of our knowledge, there is no current listing activity regarding the subject property. To the best of our knowledge, are no current contracts, LOI's or other written offers to purchase the subject property. INTENDED USE OF REPORT This consultation is to be used by the client identified below as well as Aligned Bayshore Marina LLC, for decision making purposes regarding the proposed 5th Amendment to the lease agreement between the City of Miami and Aligned Bayshore Marina LLC. No other use is permitted. INTENDED USER OF REPORT This consultation is to be used by the client, which is the City of Miami as well as Aligned Bayshore Marina LLC, which is the only other intended user. No other user may rely on our report. Intended Users - the intended user is the person (or entity) who the appraiser intends will use the results of the consultation. The client may provide the appraiser with information about other potential users of the consultation, but the appraiser ultimately determines who the appropriate users are given the consultation problem to be solved. Identifying the intended users is necessary so that the appraiser can report the opinions and conclusions developed in the consultation in a manner that is clear and understandable to the intended users. Parties who receive or might receive a copy of the consultation are not necessarily intended users. The appraiser's responsibility is to the intended users identified in the report, not to all readers of the consultation report. 3 PURPOSE OF THE CONSULTATION The purpose of the analysis is as follows: • Provide an estimate of the gross rent payable to the City of Miami based on the proposed 5th amendment to the existing land lease of the subject. • Compare the estimated land rent at the subject, based on the proposed 5th amendment, to the rental amounts paid by other City owned waterfront land leases • Determine the fair market return to the City on a per square foot of land area basis • Determine if the fair market rent per square foot is at least as high per square foot, as similar City owned waterfront land parcels PROPERTY INTEREST ANALYZED The interest owned by the Aligned Bayshore Marina LLC, (upon which the gross rents paid to the City are estimated), represents the sandwich leasehold position, which is the bundle of property 3 Appraisal Institute, The Appraisal of Real Estate, 14th ed. (Chicago: Appraisal Institute, 2013), 50. 2 CBRE 0 2017 CBRE, Inc. Introduction rights that are leased/subleased from the City and then subleasing to the various tenants at the subject. Fee Simple, Leased Fee, Leasehold and Sandwich Lease are defined as follows: Fee Simple Interest - Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. Leased Fee Interest - A freehold (ownership interest) where the possessory interest has been granted to another party by creation of a contractual landlord -tenant relationship (i.e., a lease). Leasehold Interest - The tenant's possessory interest created by a lease. 6 Sandwich Lease — A lease interest in which an intermediate, or sandwich, leaseholder is the lessee of ne party and the lessor of another. SCOPE OF WORK The scope of the assignment relates to the extent and manner in which research is conducted, data is gathered and analysis is applied. CBRE, Inc. completed the following steps for this assignment: Competency The appraisers have the necessary consultation education, experience in this property type and geographical competence necessary to produce a credible result. Extent to Which the Property is Identified The property is identified through the following sources: • postal address • assessor's records • legal description • Alta survey Extent to Which the Property is Inspected CBRE conducted an interior and exterior inspection of the buildings as well as a surface inspection of the land and site improvements. We did not inspect the roofs or any improvements below the waterline. Type and Extent of the Data Researched CBRE reviewed the following: • real estate tax data 4 Dictionary of Real Estate Appraisal, 78. 5 Dictionary of Real Estate Appraisal, 113. 6 Dictionary of Real Estate Appraisal, 113. Dictionary of Real Estate Appraisal, 256. 3 CBRE CBRE, i�:. Introduction • zoning requirements • flood zone status • demographics • comparable data Type and Extent of Analysis Applied CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted consultation methodology to arrive at a probable value indication via each applicable approach to value. The steps required to complete each approach are discussed in the methodology section. Data Resources Utilized in the Analysis DATA SOURCES Item: Source(s): Site Data Gross Land Area State Owned Submerged Land City Owned Upland City Owner Submerged land Improved Data Building Area No. Bldgs. Parking Spaces Year Built/Developed Economic Data Deferred Maintenance: Building Costs: Income Data: Expense Data: ALTA Survey Prepared by Mojarena & Associates, Revised 4-10-2015 BOT File No. 1300-340-16 Google Maps Measuring Tool Residual from the above inputs Rent Roll Provided by Aligned Bayshore Marina, LLC. Miami -Dade County Property Appraiser ALTA Survey Prepared by Mojarena & Associates, Revised 4-10-2015 Miami -Dade County Property Appraiser Inspection Marshall Valuation Service and local contractors Subject and Comparables Subject and Comparables Compiled by CBRE 4 CBRE Area Analysis Area Analysis Florida 5 CBRE 0 2017 CBRE, Inc. Area Analysis Moody's Economy.com provides the following Miami -Miami Beach -Kendall, FL metro area economic summary as of March 2017. The full Moody's Economy.com report is presented in the Addenda. MIAMI-MIAMI BEACH-KENDALL, FL - ECONOMIC INDICATORS Indicators 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Gross Metro Product (C09$ Bil) 104.4 106.3 108.4 111.1 113.8 114.9 119.4 125.3 130.2 134.3 138.9 143.8 % Change 0.2 1.8 2.0 2.5 2.4 1.0 3.9 5.0 3.9 3.1 3.4 3.6 Total Employment (Ths) 1,007.3 1,031.3 1,056.5 1,089.3 1,125.8 1,157.7 1,182.5 1,206.1 1,224.4 1,234.6 1,237.9 1.245.6 % Change 2.2 2.4 2.4 3.1 3.4 2.8 2.1 2.0 1.5 0.8 0.3 0.6 Unemployment Rate (%) 9.4 8.3 7.5 6.8 5.9 5.4 4.9 3.5 2.9 3.2 3.7 3.8 Personal Income Growth (%) 4.8 2.6 0.4 7.4 5.0 4.6 6.0 7.3 7.0 6.2 5.3 5.4 Median Household Income ($ Ths) 41.7 42.0 42.4 42.9 43.8 45.2 46.9 49.1 51.2 52.9 54.4 56.1 Population (Ths) 2,578.9 2,610.1 2,640.3 2,666.6 2,689.6 2,722.0 2,760.2 2,799.8 2,839.5 2,878.7 2,916.6 2,954.4 % Change 2.8 1.2 1.2 1.0 0.9 1.2 1.4 1.4 1.4 1.4 1.3 1.3 Net Migration (Ths) 57.7 18.0 16.8 15.2 10.6 22.2 28.1 29.6 29.7 29.5 28.2 28.5 Single-Fomily Permits (#) 962.0 1,819.0 2,266.0 2,077.0 2,800.0 2.845.6 3,278.9 5,997.3 7,641.7 7,109.2 6,946.7 7,367.7 Multifamily Permits (#) 1,656.0 3,250.0 8,050.0 5,654.0 9,817.0 6,316.3 7,543.6 7,927.6 7,007.0 4,919.1 5,176.7 5.993.1 Fhfo House Price (1995Q1 =100) 182.9 185.9 207.7 233.2 256.8 281.9 296.6 300.2 291.1 281.0 277.2 279.3 Source: Moody's Economy.com RECENT PERFORMANCE The economy in Miami -Miami Beach -Kendall is sending mixed signals. The metro division's unemployment rate has increased over the last six months. Wage growth exceeds the national rate but lags that in the rest of Florida, with nearly all job gains over the last year occurring in services. House prices have increased 7.5%, exceeding the statewide and national pace. BANKING Financial services will provide a stable source of jobs and income over the next five years, but the sector will underperform the metro division's economy. Numerous factors present challenges to growth in Miami -Miami Beach -Kendall, home to the East Coast's largest concentration of international banks south of New York City. First, U.S. banks should benefit from President Trump's promise to scale back Dodd -Frank, but his exact plans remain unclear, and the eventual benefit could be wiped away by the destabilizing effects of the administration's more restrictive trade and immigration policies and the Federal Reserve's higher interest rates. Also, banking in Miami -Miami Beach -Kendall will suffer because of its close ties to Latin America, where several major economies including Brazil, Argentina and Venezuela remain mired in recession. Finally, finance jobs in the metro division are threatened by industry consolidation. Miami -Miami Beach - Kendall is the headquarters of four financial institutions with more than $5 billion in local deposits and assets, but none ranks among the 50 largest banks in the nation. Each can be absorbed by a bigger out-of-town rival that is eager to break into the lucrative South Florida market, as was recently the case with Sabadell United, Miami -Miami Beach-Kendall's fifth -largest bank. Despite these headwinds, banking will expand moderately because the metro division remains an attractive destination for affluent U.S. retirees and wealthy expatriates from Latin America. 6 CBRE 1 CBRE, 17,.-. Area Analysis AIRPORT Trump's skepticism regarding trade and the uncertainty surrounding his travel policy present new risks to Miami International Airport. According to the Airport Council International, Miami -Miami Beach-Kendall's airport is the second busiest in the nation for both international passengers and international freight. Trump's promise to renegotiate foreign trade agreements and his attempts to prohibit travelers from particular countries threaten these rankings and the airport's 37,000 jobs. Growth at the airport is in further danger if America's thawing relationship with Cuba is rechilled under the current administration. Following liberalized travel regulations adopted under President Obama, American Airlines instated 12 daily nonstop flights between Miami -Miami Beach -Kendall and Cuba, but these routes and several others across the U.S. can be canceled by Trump. MAJOR PROJECTS Growth in construction will be robust, as groundbreakings on major projects have become routine in Miami -Miami Beach -Kendall. The Miami Central train station, which will connect a new intercity train line and local transit options, will open later this year. The Miami Worldcenter, which will include high -end retail, hundreds of residences, and an 1,800-room hotel, will open in 2018. Over the next few years, the "tallest building in Florida" distinction will pass among multiple towers in Miami -Miami Beach -Kendall as developers race to erect ever -taller skyscrapers. And the county commission recently approved preliminary plans for a $3 billion shopping center that will be America's largest mall once it is completed. CONCLUSION In the near term, a bevy of construction projects in Miami -Miami Beach -Kendall will help the metro division overcome policy challenges from the new administration in Washington DC. Over the forecast horizon, Miami -Miami Beach-Kendall's international character, combined with its high -skilled, bilingual workforce, will help it best the U.S. in household income growth. 7 CBRE Neighborhood Analysis Neighborhood Analysis 'V- 5 • I .... r r� ._ lit9 BW,si91 Y yW11�9f ,. }rSw4 vYM wepoolca- r^--� 2 "$q IwsV 6pw]m?St !} w 9 t Td WW1, *****1 1, Frbt..Tc.fl -4- .9"...ft.'"*. 3vyad! fad 3e11 a1 w ' BY+3b1! 1se i sw enn s w, } t 5 I SIN Rd X swSat s •r 1r1 Nue - 9N492 I do 44, 1-46 Sri lows-$ 44, I sa�xna$ N% 7bbTMR. ts,„ „.„ w, spaeRN. 1 � qv>� i 91/117FS 'f,gr" 9N 3'8491 Welim lot Ortddirr Poe 1•• M. endtbtl x» N H\yp y„ i11. +A 40 1_ 1 -we 5 er a. was elgle tesiotOh1tC...wJ d ♦ I LOCATION The subject is in the Coconut Grove District of Miami. Coconut Grove is an upscale coastal suburban location. The City of Miami is situated in Miami -Dade County, about 27 miles south of Fort Lauderdale. Coconut Grove (commonly called "The Grove") is an urban -village with a mixture of commercial and residential development of upper income households, luxury hotels, art galleries, theatres, bistros, boutiques, high-rises and waterfront estates. Coconut Grove encompasses 3.1 square miles and is located about 5 miles south of the Miami Central Business District. General neighborhood characteristics are summarized below. NEIGHBORHOOD CHARACTERISTICS Location: Built -Up: Growth Rate / Change: Change in Present Land Use: (*) From: (urban, suburban, rural) (>75%, 25-5O% <25%) (rapid, stable, slow) (not likely, likely*, take is prrc.r'r n/a Suburban 25% - 75% Stable Not Likely to n/a Neighborhood Boundaries North: South: East: West: Rickenbacker Causeway SW 72nd Street Biscayne Bay US Highway 1 Source: CBRE 8 CBRE 0 2017 CHOW. Inc. Neighborhood Analysis NEIGHBORHOOD HOUSING TRENDS The neighborhood housing trends and home prices are summarized as follows: NEIGHBORHOOD HOUSING TRENDS Property Values: (increasing, stable, declining) Stable Demand/Supply: (shortage, in balance, oversupph) In Balance Marketing Time: ( 3 months, 3-6 months, 6 months) 3 - 6 Months Low High Predominant Price ($000's): Age (yrs.): $100 $1,000+ $565 1 70+ 20 Source: CBRE LAND USE Land uses within the subject neighborhood consist of a mixture of commercial and residential development. The immediate area surrounding the subject consists primarily of marinas and restaurants along the waterfront as well as high rise residential condominium towers and office buildings on the west side of South Bayshore Drive. This mixed use coastal district is surrounded by established high -end residential communities. Coconut Grove Major retail developments located in the vicinity of the subject include; Mayfair in the Grove (FKA Streets of Mayfair), Village Shops, Commodore Centre, Grove Harbor, Grove Square, Florentino Plaza and CocoWalk. Major developments located along South Bayshore Drive, include Grove Hill Towers, Coconut Grove Bayshore Condominium, Grand Bay Office Plaza, SBC Office Tower (f/k/a Terremark Centre), Bayview Executive Plaza, The Mutiny, Sonesta Hotels & Suites, the Ritz Carlton Hotel & Condominium Residences and Grove at Grand Bay. The Grove at Grand Bay (Terra Group) is a high -end luxury residential project. This project will consist of two, 20-story residential towers with a total of 97 high -end luxury residential condominium units, a 10,220 SF office unit and a 2,550 SF commercial unit with a total allowable building area of 778,655 SF, including the garage. The subject units will consist of the two-, three-, four-, five-, six and seven -bedroom floor plans. The residential areas vary from multi -million -dollar, waterfront homes and high-rise condominiums in East Grove along Biscayne Bay to lower income housing in the adjacent community of West Grove. CocoWalk consists of about 665,000 square feet in an open air complex of retail, restaurants, and bars. The complex contains a 16 screen Paragon Theater that was refurbished and had a grand reopening in the Summer of 2010. The atmosphere of this open-air mall continues to attract visitors and several annual festivals help to put CocoWalk in a very high profile position. 9 CBRE Neighborhood Analysis Mayfair in the Grove (FICA Streets of Mayfair) — spread out over two and half blocks, this open air shopping plaza provides 268,532 SF of commercial space set in a low-rise office building with ground floor retail space set in a lifestyle center layout. There are about 43,000 SF of retail space that includes specialty shops, restaurants, a bookstore and a two vacant nightclubs. Along with the ground floor retail, the majority of the property includes good quality, Class B office space. Commodore Plaza is a street lined development with sidewalk cafes, restaurants and retail shopping. The area is a very affluent neighborhood with a 2016 average household income within a 1-mile radius of $101,045. However, this is skewed downward somewhat by low-income developments in West Grove with many of West Grove residents living with public assistance. In addition to local residents, the retail and entertainment related properties surrounding Cocowalk attract thousands of tourists. The Ritz Carlton Hotel is 1 15-room hotel which occupies the first 8 floors of one of the two 21- story towers and 174 condominium units on the remaining floors. Mutiny Hotel and Park has recently completed renovation of their condo/hotel property. Residence Inn by Marriott completed a renovation of an old apartment complex and converted it into a 140-room, extended stay hotel. The Mayfair Hotel and Spa is located at 300 Florida Ave adjacent to the subject. The Mayfair Hotel and Spa is one of the signature properties of Coconut Grove, but has had financial difficulties in the recent past with numerous contractor liens and a foreclosure lawsuit. The foreclosure lawsuit consists of 132 units of the 179-unit condo -hotel at the Mayfair Hotel and Spa. The local waterfront land use patterns are summarized as follows. 10 CBRE __.? CBRE, In.. Neighborhood Analysis NEIGHBORHOOD LAND USE Present Land Use % Single Unit Residential: 30% Industrial: 0% Multi -Housing: 25% Agricultural: 0% Commercial: 40% Vacant Land 5% Commercial Land Use Patterns Primary Commercial Thoroughfares: US Highway 1, Brickell Avenue, Bayshore Drive, South Dixie Highway, US 41 Local Waterfront Developments: Bayshore Landing Sea Isle Marina Miamarina Miami Beach Marina Rickenbacker Marina Grove Harbour Marina Dinner Key Marina Coral Reef Yacht Club Grove Isle Hotel & Spa Grove Key Marina Source: CBRE West Grove West Grove has historically been a lower income neighborhood in Miami -Dade County. However, West Grove is proposed to go under a revitalization/rehabilitation program, with one project, Gibson Plaza currently under construction. Gibson Plaza (Pinnacle Housing Group) will consist of a 5-story mixed -used residential development with a total of 56 rental apartment units, most of them affordable housing units tailored to elderly, low-income tenants, along with a job - training center run by Miami -Dade College on the ground floor. The development is expected to cost to about $264,000 per unit. It will be located in West Grove area along the north side of Grand Avenue at Plaza Street. In addition, Pointe Group is moving ahead with a development project that will consist of six square blocks of businesses and homes at the east end of Grand Avenue at a cost of about $200 million, a reduction from its first reported price of more than $300 million. However, at present ground has not been broken on any of these developments. GROWTH PATTERNS According to demographic growth trends, the subject area reflects strong increases in growth patterns in population and households. This is due to the large number of new high-rise condo projects that were completed in the past 15 years that include South 27 Lofts, Lofts at Mayfair, Grovernor House, Grove Garden, Gateway to the Grove, Cocostyle Lofts, Cloisters on the Bay, 11 CBRE ..17 CBRE, In.:. Neighborhood Analysis Beacon Harbour, Residences at Vizcaya, Sonesta Hotel Coconut Grove and Ritz -Carlton Coconut Grove. ACCESS Primary access to the subject neighborhood is provided by US 1, which extends from the southern terminus of 1-95 a few miles north of the subject. US 1 is the major artery traversing this part of Miami. It is a 6-lane roadway with traffic flow in a north/south direction. US 1 connects with Interstate 95 about 3 miles north of the subject. All points throughout Florida can be accessed from 1-95 and other connecting highways. The commute to the Miami Central Business District is about fifteen to twenty minutes. Regional access for the subject neighborhood is provided by South Bayshore Drive, which runs along Biscayne Bay and provides access to the Brickell office submarket, as well as to the downtown Central Business District. Main Highway and Ingraham Highway provide north/south access to South Miami and the Coral Gables area of Coco Plum and Pinecrest area. DEMOGRAPHICS Selected neighborhood demographics in 1-, 3-, and 5-mile radii from the subject are shown in the following table: 12 CBRE lg �: 1' CBRE. IBC. Neighborhood Analysis SELECTED NEIGHBORHOOD DEMOGRAPHICS 2550 South Bayshore Drive Miami, Florida 1 Mile 3 Miles 5 Miles Population 2021 Total Population 17,171 171,629 450,239 2016 Total Population 16,264 163,745 424,479 2010 Total Population 15,468 157,519 394,879 2000 Total Population 14,259 147,380 352,146 Annual Growth 2016 - 2021 1.09% 0.94% 1.19% Annual Growth 2010 - 2016 0.84% 0.65% 1.21% Annual Growth 2000 - 2010 0.82% 0.67% 1.15% Households 2021 Total Households 8,009 70,077 181,332 2016 Total Households 7,614 66,958 170,226 2010 Total Households 7,306 64,681 156,120 2000 Total Households 6,773 60,230 134,188 Annual Growth 2016 - 2021 1.02% 0.91 % 1.27% Annual Growth 2010 - 2016 0.69% 0.58% 1.45% Annual Growth 2000 - 2010 0.76% 0.72% 1.53% Income 2016 Median Household Income $58,484 $40,495 $39,170 2016 Average Household Income $101,045 $75,247 $70,623 2016 Per Capita Income $47,231 $31,011 $28,807 2016 Pop 25+ College Graduates 6,706 44,313 100,840 Age 25+ Percent College Graduates - 2016 53.5% 36.4% 32.4% Source: ESRI CONCLUSION The recent construction projects in the neighborhood clearly show that Miami's investment community considers Coconut Grove to be a good long term play. The subject area is one of the major tourist destinations in Miami -Dade County. It is known for its unique retail stores, marinas, restaurants, bars and cutting edge office space catering to the arts, design and advertising segments. Coconut Grove is also known for its arts and culture, with frequent festivals, shows, and events that annually draw millions of people to the area. Most of the developments that took place in the Coconut Grove area in this recent construction boom were high-rise residential condominiums. As site specific residential development continues to be feasible, developers are targeting sites preferably with water frontage or views, as well as high -density sites in order to construct high -end residential developments. This trend will continue as existing high -end residential projects are absorbed and new condo projects currently under construction and planned, are completed. The subject property is located in the heart of the Coconut Grove waterfront district. We project that well positioned waterfront properties in the Coconut Grove submarket will continue to appreciate in the near and Tong -term. 13 CBRE C 2017 C$RF, Site Analysis PLAT MAP 14 CBRE _... JBRE in.. Site Analysis SITE PLAN SOUTH BAYSHORE DRIVE '3AV NOLLVIAV 15 CBRE Site Analysis FLOOD MAP InterFlood a 0 r * ' .r. .La' L a,.')IF r' .0 ti �rt ' c•OY IMF TI-,.�, + ' • " t 3 a. , d 4. 6 f . ': , a a01 a. # Y Prepared for CBRE, Inc. 2560 S Bayshore Dr Coconut Grove, FL 33133-4705 MAP DATA MAP LEGEND FEMA Spacial Flood Hazard Area: Yes Map Number: 12088C0478L Zone: VE Mep Dale: September 11, 2009 FIPS: 12088 Dinner Key ..40.141.3mipeieffeasiMit.ftitit 0 Areas inundated by 500-year fIoodtnp �': Protected Anne ElAreas inundated by 100•ysar flooding Floodway ❑ Velocity Hazard 0 Subject Area 16 CBRE 0 2017 ®RE. Inc. Site Analysis Site Analysis The following chart summarizes the salient characteristics of the subject site. SITE SUMMARY AND ANALYSIS Physical Description City Owned Upland Land City Owned Submerged Land Total City Owned Land State Owned Submerged Land Total Land Area 2.19 Acres 3.92 Acres 6.11 Acres 0.49 Acres 6.60 Acres Road Frontage South Bayshore Drive 236 Feet Road Frontage Aviation Avenue 225 Feet Water Frontage Biscayne Bay 300 Feet Shape Irregular Topography Generally level, At Road Grade Zoning District Miami 21 - CB - Civil Space Flood Map Panel No. & Date 1208-6C04-761 11-Sep-09 Primary Flood Zone VE Secondary Flood Zone Adjacent Properly Uses Waterfront Mixed Use Utilities Provider Adequacy Water City of Miami Assumed Sewer City of Miami Assumed Electricity FP&L Assumed Other Yes No Unknown Detrimental Easements X Encroachments X Deed Restrictions X Reciprocal Parking Rights X Source: Various sources compiled by CBRE CITY OF MIAMI LAND LEASE The upland and part of the submerged land is owned by the City of Miami. The initial City of Miami lease was dated September 20, 1985 and expires on May 31, 2035. This lease has gone through four revisions to date. The most recent revision was dated February 26, 2015. The current land rental rates are percentage rents based on gross revenues from office, retail and marina. The office and retail gross rents paid to the city are calculated as 10% of the gross revenues. The gross rent from the marina component is calculated as 15% of marina revenues. 17 CBRE Site Analysis The 5th Amendment is being proposed to the current lease. The proposed 5th Amendment would provide for the following changes and additions: • Remaining Lease Term will change from 18 years to 50 years • Two 10-year options are being added • Minimum Rent will change to the greater of $200,000 or: • Office/Retail will change from 10% of gross receipts to 1 1.75%, plus • Marina rent will change from 15% of gross revenue to 16.75% Therefore, the current percentage rents are proposed to be 1.75% more than the current lease rates. STATE OF FLORIDA SUBMERGED LAND SUBLEASE The subject property benefits from a sovereignty submerged land lease, (SSLL) from the Florida Board of Trustees, (BOT), to the upland land owner, which is the City of Miami. This submerged land is then subleased and incorporated into the lease from the city. This lease is identified as BOT Lease 1300-340-16. This is a renewable lease which began on March 28, 2017. The initial term of the current lease will expire on July 1, 2024. The submerged land that is included in the SSLL contains 21,344 SF and is located on the south side of the far right pier. The current State SSLL allows development of 31 wet slips, a restaurant, a fuel dock, sewage pump -out facilities and live -aboard vessels. The lease amount reported on the lease was $2,602.12. A copy of the most recent renewal of this lease is included in the addenda of this report. INGRESS/EGRESS The subject has excellent visibility from South Bayshore Drive. The only access from Bayshore Drive is to a loading dock that services large delivery trucks. However, customer and tenant ingress and egress is available to the site via a single ingress point and a single egress point along Aviation Avenue. These adjacent rights of way are described below. South Bayshore Drive is a four -lane generally north/south neighborhood collector route that traverses the waterfront of Biscayne Bay. Street improvements include asphalt paving, concrete sidewalks and street lighting. Aviation Avenue has its eastern terminus adjacent to the subject. The portion of Aviation Avenue that is southeast of South Bayshore Drive, serves as a shared drive for the subject to the north and a City -owned metered parking lot to the south. Aviation Avenue is a two-lane northwest to southeast minor roadway. Street side parking is metered. 18 CBRE Site Analysis SITE COMMENTS The subject site is very well located, having frontage and exposure from South Bayshore Drive as well as Aviation Avenue, which is a wide side street. The subject is located at a signalized intersection, further enhancing its desirability and exposure to drive -by traffic. The subject has water frontage on Biscayne Bay, which then provides easy access to the Atlantic Ocean. The only negative aspect of the subject is the lateral channel depth between the subject basin and the harbor -line. This channel is reported to be maintained at a depth of minus four and a half feet at low tide, which is a somewhat limiting factor for larger vessels at low tide. However, larger vessels can access the subject through this channel at high tide, as evidenced by the 80 to 100 foot yachts that were moored at the subject during our inspection. SITE CONCLUSION If the subject site were vacant, it would be an extremely desirable waterfront development site. In its improved condition, the location, beauty, and functionality of this waterfront parcel, are highly desirable aspects of this existing waterfront development. 19 CBRE :: 1' CBRE, I�.. Improvements Analysis RETAIL PLAN — FIRST FLOOR 4WD IOPT. 4401 an pr. swum SOFT.AND LL�T SRO /C FL COIPAPB i4673 SOFT. •l.J PO r O 20 CBRE Improvements Analysis OFFICE PLAN — SECOND FLOOR 21 CBRE £' 2017 ®R£. Inc. Improvements Analysis MONTY'S RESTAURANT FLOOR PLAN 22 CBRE Improvements Analysis PROPOSED DOCK PLAN 613 612 T14 T24 T141 114 114 144 611 610 109 006 407 600 606 504 mon 003 mmommommul 413 001 601 406E 4091. 4101. 4111. 412E 407 400 406 401 403 402 Mnntq:'li R"estaif?3 t 6141. 212E 61x 2111. 912E 210E 6111 206E 610E 209E 906L 207E 9Mt. 200E 600 400 LF Side Tie 310 309 309 201 309 306 304 303 302 108 Total Wet Slips 124 123 Awir1 Transtont$ are"_ •Mnuty'ie- Restaurant Doekogo 139 136 137 136 131 134 133 132 131 130 129 122 121 120 119 116 117 116 116 114 113 112 111 110 199 101 107 106 106 104 103 101 101 Trivalent -a?DFita(ja CBRE Improvements Analysis Improvements Analysis The following chart shows a summary of the improvements. IMPROVEMENTS SUMMARY AND ANALYSIS Property Type Waterfront Commercial Number of Buildings 4 Number of Stories 1 and 2 Wet Slips 108 Side Tie Dockage 400 Net Rentable Area 29,319 SF Year Built 1989 Renovated: 2017 Actual Age 28 Years Effective Age 5 Years Total Economic Life 45 Years Remaining Economic Life 40 Years Age/Life Depreciation 1 1.1 % Source: Various sources compiled by CBRE IMPROVEMENT DESCRIPTION & RATING Improvement Summary Description Comparative Rating Good Avg. Fair Poor Foundation Reinforced concrete X Frame Steel X Exterior Walls Painted masonry X Interior Walls Textured and painted drywall X Roof Built-up composition X Ceiling Suspended acoustical tile X HVAC System Roof mounted HVAC units X Exterior Lighting Mercury vapor fixtures X Interior Lighting Recessed fluorescent fixtures X Flooring Carpet and vinyl tile X Plumbing Assumed adequate X Elevators/Stairwells Two passenger elevators and X two stairwells Life Safety and Fire Sprinklered and smoke detectors X Protection Amenities Pool, exercise room, tennis X courts, playground, controlled access gates Furnishings Personal property excluded N/A Parking Asphalt paved open parking X Landscaping Grass, gravel and natural forest X courtyards with irrigated planted beds Source: Various sources compiled by CBRE RESTAURANT COMPONENT The restaurant component, which is owner occupied and not included in the rentable building area as reported above), includes a 5,720 SF full commercial kitchen, a 6,104 SF air conditioned dining and bar area and 11,173 SF of open-air waterfront, thatched -roof dining and bar areas. 24 CBRE Improvements Analysis Therefore, the gross building area of the restaurant is 11,824 SF and the total restaurant area including building area and covered outside area is 22,997 SF. The floor areas of the kitchen are improved with non -slip clay tile. The walls are improved with wipe -board and the ceilings are painted and sealed dry wall. The cooking area is very well organized, including various food preparation stations, ovens, fry stations, a warming table and a grill. The kitchen component is very well organized. The air conditioned dining and bar area are beautifully appointed. The floors are stained smooth concrete. The walls are improved with plate glass and wood covered concrete columns. The bare ceiling is covered in flat black texture spray. The ceiling is improved with hanging incandescent lamps and exposed air-conditioning duct -work. There is a large wooden bar in the center of the room. It is improved with multiple television screens, beer taps and reach in coolers. The outdoor patio dining and bar area are situated adjacent to the water with excellent views of the marina and the bay. The floors are improved with concrete pavers and the roofs are thatched palmetto fronds. The seating areas are improved with wood tables and benches and chairs. There are also two bars and a stage for a live band. The outdoor seating area is very attractive and well maintained. MARINA COMPONENT The marina component includes three fixed piers that will contain a total of 108 wet slips and 400 lineal feet of side -tie dockage. From a landward perspective, (looking east out on the bay), they could be described as A -Dock on the far right, B-Dock in the middle and C-Dock on the far left. The far right and far left piers are fixed concrete with wooden finger piers, non -metered utility pedestals, mooring cleats and safety equipment. The columns, supports and deckling are precast concrete and for the most part, these components were in good condition. In one or two locations, the concrete columns have settled slightly, causing the concrete decking to shift slightly and crack at the edges. For the most part, these are cosmetic repairs and not a safety issue. The far right pier has been improved with a series of electric lifts, allowing these slip tenants to store their vessels out of the water. The middle pier is a fixed wood structure containing 11 wet slips. The pilings, stringers and deck boards are of pine construction. The deck utilities and improvements are similar to the other two piers. Overall, the existing docks suffer from physical deterioration due to age. The land tenant is proposing the conversion of the side tie dockage on the right side of A -Dock, into 21 new Stern -To wet slips, thereby increasing the gross revenue from the marina component. The slips on A and B Docks are to remain the same as the current configuration. The proposed wet slip matrix for the subject is included below. 25 CBRE Improvements Analysis Wet Slip Matrix A -Dock Wet Slip Type Slips Lineal Footage 50 LF Stern -To 23 1,150 LF 60 LF Stern -To 12 720 LF 70 LF Stern -To 2 140 LF 90 LF Stern -To 2 180 LF 100 LF Side -Tie NA 400 LF 28 Thousand Pound Lift Lift Slip 13 364 LF A -Dock Total 52 2,954 LF B-Dock 30 LF Stern -To 2 60 LF 40 LF Stern -To 8 320 LF 60 LF Stern -To 1 60 LF B-Dock Total 11 440 LF C-Dock 25 LF Stern -To 5 125 LF 30 LF Stern -To 1 30 LF 40 LF Stern -To 7 280 LF 50 LF Stern -To 7 350 LF 60 LF Stern -To 3 180 LF 70 LF Stern -To 2 140 LF 90 LF Stern -To 1 90 LF 28 Thousand Pound Lift Lift Slip 11 308 LF 32 Thousand Pound Lift Lift Slip 4 128 LF 40 Thousand Pound Lift Lift Slip 4 160 LF C-Dock Total 45 1,791 LF Total 108 5,185 LF Source: Aligned Bayshore Marina LLC OFFICE/RETAIL BUILDINGCOMPONENT The office/retail building is a two story, glass and steel structure that is currently being renovated. There are 5 retail tenant suites on the first floor with 13,458 SF of rentable retail area. The first floor retail areas are elevated above the surrounding elevations by about three feet of elevation. This elevation is continued outside the building in the form of an elevated walkway that is aesthetically attractive. The new design for the first floor retail areas incorporated a "street -side retail" look with glass store fronts and attractive fenestration. Currently the retail occupancy is 100%. 26 CBRE Improvements Analysis The second floor is accessed by a front lobby that leads to an elevator. The building contains 16 office suites with 15,861 SF of rentable office area. The second floor common areas include a second floor landing that is adjacent to the elevator as well as restrooms, hallways, one set of internal stairs and a 1,200 SF maintenance shop. There is also one set of external stairs on the bayside. Currently there is one vacant office unit on the second floor that contains 735 SF of rentable area. Therefore, the office occupancy is currently 95.4%. SITE IMPROVEMENTS According to the Alta survey, the development includes asphalt paving for 41 parking spaces. During our inspection we observed business signage, a large canvas canopy, lush landscaping and brick pavers. The property also benefits from a prestressed concrete seawall that was in good condition, showing minimal physical deterioration. Overall, the site improvements were in good condition, with no significant deferred maintenance. CONDITION ANALYSIS Based on our inspection of the subject, the building renovations appeared to be about 90% to 95% complete. The renovation of the starboard side of the side -tie dockage on C-Dock have not yet begun due to the permitting process, the City must sign off first, before DEP will sign the reconfiguration permit. Based on our estimates, the entire renovation project should be completed by October 1st, which is the first day of the next land rent cycle. IMPROVEMENTS CONCLUSION The improvements were built and are being renovated with good quality materials, are/will be in good condition. The architecture, fenestration and colors are attractive. The buildings and site improvements will be well above average for their age in regard to improvement design and layout, as well as interior and exterior amenities. This property represents an excellent income producing property that is expected to enjoy high occupancy levels combined with increasing rents, well into the foreseeable future. Overall, this property would be highly marketable in its current condition and configuration. 27 CBRE 3E18D 8Z dVW ONINOZ Bu!uoz fit.] 1J.:, Zoning The following chart summarizes the subject's zoning requirements. ZONING SUMMARY Current Zoning Miami 21 - CB - Civil Space Legally Conforming Assumed Uses Permitted Wide Variety of commercial uses, open space and other uses deemed beneficial to the citizens of Miami. Zoning Change Not likely Source: Planning & Zoning Dept. Miami 21 was enacted by Ordnance 13114 on October 22, 2009. According to the current zoning map for the City of Miami, the subject is zoned SC, Civil Space. CS is a zoning designation that is used to designate city owned property that is leased to tenant -operators. The use of this space is intended to provide land and businesses that serve the needs of the public and cannot be used for any use that is not open to the public such as private condominiums. According to pages 3 and 4 of the land lease from the City of Miami to the Company, the permitted uses include a very wide variety of public commercial uses including restaurant, retail, marina and many others. A complete list can be found in the land lease document. 29 CBRE Tax Assessment Data Tax Assessment Data The following summarizes the local assessor's estimate of the subject's assessed value, special assessments and taxes. These assessments do not include any furniture, fixtures or equipment. The estimated tax obligation over the oncoming 12 months is also shown. AD VALOREM TAX INFORMATION Assessors Market Value 01-4122-001-1630 01-4122-001-1631 Subtotal Assessed Value @ Ad Valorem Milage Parcel Description Upland & Submerged Land Building & Courtyard Footprint 2016 Pro Forma $1,737,210 $1,737,210 6,200,000 6,200,000 $7,937,210 $7,937,210 100% 100% $7,937,210 $7,937,210 (per $1,000 A.V.) 21.825600 21.825600 Ad Valorem Taxes $173,234 $173,234 Special Assessments: - - Total Taxes & Assessments $173,234 $173,234 Less Early Payment Discount ($6,929) ($6,929) Net Taxes & Assessments $166,305 $166,305 Source: Assessors Office Since the land is owned by the City, the above assessed values do not include a land value component. Based on the foregoing, the total taxes for the subject have been estimated as $166,305 for the base year of our analysis, based upon an assessed value of $7,937,210. It is important to note that because the subject land is leased from the City, the assessed value is based on the depreciated value of the improvements only, without regard for the land value component. DELINQUENCY According to the Miami -Dade County Tax Collector's web -page, the taxes and assessments for the current year have been paid. Additionally, the taxes and assessments for the previous years have been paid and there are no outstanding balances due at this time. 30 CBRE hRF In 2017 CBRE Marine Industry Report 2017 CBRE Marine Industry Report UNITED STATES MARKET The market analysis forms a basis for assessing market area boundaries, supply and demand factors, and indications of financial feasibility. Primary data sources utilized for this analysis include: • National Marine Manufacturers Association, "2015 Recreational Boating Statistical Abstract" Published in August 2016, (This is the most current edition as of June 2017) • US Coast Guard • Department of Highway Safety and Motor Vehicles • Association of Marina Industries • Marine Dock Age "2015 Industry Trends", Published March 2016 • Rental Surveys of Competitive Properties • Dozier's Waterway Guide • Marinas.com • Claritas Demographic Data • Interviews with Local Market Participants • The County Property Appraiser • Subject Property Data According to the most recent edition of the National Marine Manufacturers Association, (NMMA), Recreational Boating Statistical Abstract, the NMMA Statistical Abstract and the Recreational Boating Economic Study, recreational boating continues to be a very important contributor to the U.S. economy. The following is a snapshot of the current market position and trends in the boating industry. 31 CBRE 2017 CBRE Marine Industry Report EXECUTIVE SUMMARY • U.S. expenditures on boats, engines, accessories. and related costs totaled $35.9 billion in 2015, up 2.2% from 2014. • There were 11.9 million registered boats in the U.S. In 2015. • Annual retail sales of new boats, engines and marine accessories in the U.S. totaled $17.5 billion in 2015, up 6.9% from 2014. • Unit sales were up across nearly all traditional powerboat segments and up 6.8% in total in 2015. - Outboard boats, the largest segment of recreational boats, represented four of five new traditional powerboats sold, and were up 7.6%. Y Average prke of an outboard boat including trailer in 2015 was $38,385. - Jet boats, while low in volume, totaled 4,400 units In 2015, and were up 25.7% In 2015. - Inboard skilwakeboard boats, or towboats, were up 9.9% to a total of 7,800 units. ® These boats had an average price tag of $87,903 In 2015. Stemdrive boats continued to lag, down 7.2%, bul the pace of decline moderated. In 2013, the segment was down 8.5% and In 2014, It was down 7.9%. • New boat sales (including personal watercraft and sailboats), increased 7.4% to 243,600 units in 2015. - In 2015, 54,900 personal watercraft were sold, up 14.6% from 2014. With an average price of just $11,204, personal watercraft are a gateway to boating. - Sailboat sales were down 25.3% In 2015 to levels consistent with historical trends (5,600 units), driven by the volatile less than 20 foot category. • Ninety-five percent of boats on the water (powerboats, personal watercraft, and sailboats) in the U.S. were less than 26 feet. • Estimated value from sales of new and pre -owned traditional powerboats In 2015 totaled $15.9 billion, up 4.5% from 2014. • An estimated 958,000 pre -owned boats (powerboats, personal watercraft, and sailboats) were sold in 2015, up 1.9% from 2014. • New boat imports totaled $1.8 billion, up 56.6% in 2015; units were up 10.9% to 412,204. • New boat exports totaled $1.4 billion, down 18.5% In 2015; units were down 7.3% to 107,128. • Engine sales, including outboard, inboard and sterndrive engines, totaled 266.500 units, up 9.6% in 2015. • Outboard engines sales were up 8.7% to 237,500 units; retail sales reached $2.9 billion, up 13.6%. • Aftermarket accessory sales totaled $6 billion In 2015, an Increase of 5.6%. On the following pages, we have presented several tables, charts and exhibits depicting the boating industry in the United States. Within this study, we will focus on the following areas; New Boat Sales, Powerboat Sales, Activity Specific Boats and national boat registrations. NEW BOAT SALES BY CATAGORY New boat sales increased 7.4% to a total of 243,600 total units in 2015. Corresponding dollars totaled $8.6 billion, up 4.8% from 2014. Jet boats posted the greatest increase in unit sales (up 25.7%), followed by personal watercraft (up 14.6%), inboard ski/wakeboard boats (up 9.9%) and outboard boats (up 7.6%). Sailboats were down 25.3% in 2015 to levels consistent with historical trends (5,600), driven by the volatile less than 20' category. Sterndrive boat sales continue to lag, down 7.2% in 2015. Source: NMMA/SSI/TSC 32 CBRE 2017 CBRE Marine Industry Report °Inboard boats Total toot sold 144.800 Retail vibebean of dolaul 53347 Average tot cost 323.112 2015 I. CHANGE 155,800 51128 524.570 7.6% 14.4% 6.3% Outboard Napa Tall tots sold 218,400 237,500 8]% Rezd value goon d dollars) S2530 52.873 13.61E Average unit abt 111.583 512.096 4.4% Boat talcs Total u is sold 166.300 Beta) value ;Woes of doll50291 Average tot cost $1752 180,400 90.310 51119 8.5% 6.4% -1.9% Inboard boats—sldnrakoboard boats Tatil was sold 7100 7800 9.9% geld value goons d dogs) 50.587 50.686 16.7% Average tot cost S82.72 587.903 6.3% Inboard boobs—aulsers Total tots sold 1200 2,200 — Bea valve goons d dopy S2.262 52126 4.0% Average ant oast 51.028.166 5966179 40% Sianrbtve boats Total was said 13,900 12.900 72% Rea value gams of dims) 51.020 50.924 -9.4% Average we cost 573371 571643 -2.4% Personal watercraft Tod ants sold 47,900 Bea value Aeons d dollars) $0.553 Average ant cost 511.550 !et boats Total tots sold 3.500 Re><a/ value goons d do9ss) 50.162 Average tot cost 546247 54.900 50.615 511.204 4,400 50200 547,334 14.6% 112% 3.0% 25]% 28.7% 24% salboaes Total was sold 7.500 5,600 -25.3% Rea value goons of dollars) 50.258 50195 -242% Average wg cost $34.370 534.876 15% Total new boat sales lbllt 226,900 243.600 Total dollars g0lotn) 58.189 58.582 Percent dodge ant 10.0% 7.4% Percent dunce dollars 117% 42% time 2015 moil sails atetrblots. comas at!nosebags wrens rat Retail expenditures for recreational boating products and services rose 2.2% in 2015 to a total of $35.9 billion, compared to $35.1 billion in 2014. A total of 243,600 new boats were sold in 2015, up 7.4% compared to 2014. Source: NMMA/SSI/TSC 33 CBRE 2017 CBRE Marine industry Report Retail expenditures for recreational boating products and services rose 2.2% in 2015 to a total of $35.9 billion, compared to $35.1 billion in 2014. A total of 243,600 new boats were sold in 2015, up 7.4% compared to 2014. Source: NMMA/SSI/TSC NEW BOAT SALES BY YEAR TABLE 1.4 US. recreational marine retail expenditures and new boat unit sales TOTAL DOLLARS NEW BOATS TOTAL DOLLARS NEW BOATS TEAR 011LL10161 ITIhOUSMCS YEAR WIDOW «HOUSAND51 1970 S3.440 1971 S3.610 1972 S3.900 1973 $4.245 1974 $4.607 1975 $4.800 1976 S5333 1977 55.920 1978 16.690 1979 S7.500 1980 $7370 1981 18250 1982 $8.130 1983 S9375 1984 S12.340 1985 S13284 1986 S14479 1987 S16.500 1988 S17.927 1989 S17.143 1990 $13.731 1991 S10.564 1992 S10.317 436.5 447.5 6310 726.0 729.0 5921 6E.9 5718 576.3 585.5 5323 543.5 4533 5141 584.0 553.3 569.4 624.5 651.8 5522 435.5 426.8 444.6 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 511154 498.8 $14.071 576.2 S17226 663.8 S17.153 634.8 $18.438 593.0 S19663 571.4 S22321 582.5 527736 5715 131.984 88t.0 133.990 4043 S30.418 3972 S36.000 407.9 $37.227 4078 S37799 3932 S34.911 3663 S32190 278.9 S29.507 207.0 $28.974 1882 S30.345 190.3 $32.535 201.7 $33.254 2062 $35309 226.9 535.866 243.6 Malawi *pa dos domed Based on the above industry has not fully NEW BOAT SALES Seasonality is based 2015. An analysis o throughout the year, Source: NMMA/SSI data table, new boat sales have increased from 2010 to 2015. However, the recovered from the recession that began in 2007. BY MONTH on the average number of new boat registrations recorded monthly from 2001 to f monthly numbers indicates that wholesale shipments tend to be spread evenly while 74.9% of retail sales occurred from April through September. 34 CBRE C 2017 CBRE, Inc. 2017 CBRE Marine Industry Report TABLE 1.9 Seasonality of new traditional powerboat sales 2015 2015 2001-2015 2001-2015 8101M4 WHOLESALE WOO WHOLESALE RETAIL Jamey 6.9% 3.0% 7.0% 3.0% February 8.0% 41% 8.0% 4.4% Mardi 11.4% 8.4% 102% 9.0% Apr1 10.19E 12.6% 9.9% 12.6% May 9.6% 162% 9.5% 16.0% June 9.5% 16.7% 98% 16.4% J41y 6.4% 15.0% 6.3% 14.5% August 8.0% 9.4% 7.9% 9.6% September 8_9% S$% 9.0% 5.8% October 7$% 32% 8.0% 3$% November 7.1% 2_5% 7.4% 2.5% December 62% 2.9% 6.5% 2.4% It is clear that the retail sales of new boat units has a season, and that season is April through July, where the percentage of total annual sales ranged from 12.6% in April up to 16.4% in July. NEW BOAT SALES BY STATE The top 20 states accounted for 74.5% of the total spent on new powerboats, outboard engines, trailers and accessories in 2015. Spending increased 7.6% in the top 20 states as a whole in 2015 compared to 2014. Source: NMMA TABLE 111 Top 20 states: new powerboat engine. trailer and accessory retail sales RANK 51106 3Ds %OMM68 2016 2014 2013 20R 209 2010 2000 2008 R 1 11.414 52.513.011.651 92.31.081.763 11.892.693930 11)59.16496 11447364,165 11086.794.000 11307.088.882 91611633)11 TX 2 22% 91392.691$71 51286192.895 $1.150.052.350 91218.443.112 11024740.959 1829.358667 9963.877770 11313285.450 MI 3 10.56 3842.516.699 962391729 1674.152359 3645183993 1460,522AM 1379301936 6342353.054 1429339 644 MN 4 10.06 5661,521.311 1601.481.612 1578.683.620 5560.574)04 1423793735 2309.033396 1320.675.417 S394.547.504 NY 5 7.6% 5643.251371 6597774.397 $557.305.785 1541746)84 $458282.011 1417266.079 1412.703,370 S516396.664 NC 6 9.4% 1634570343 15/0200.746 6496404.167 1502689762 1427951500 637104,526 546.016307 5522336296 51 7 100E 5616.521311 6560.276247 1544.556.020 6532961310 1395.512.632 9325.965.403 5325911723 1391.075.060 CA 8 5.4% 5576,322.571 1546,774,476 $452107,454 1)26.248321 5309.723.300 5294.613.094 1453.484.167 5591.564742 IA 9 -031 5528133.773 1529.869,459 1477.416.525 1513548.028 5456713315 1360.645.002 1384.6111139 5451057.546 at 1D 11.95 2612.300.777 $457729.744 1322797246 5415.536.981 5342.711.731 6263.636224 1311)86.056 6362012241 54 11 2516 5503.021209 1447311536 6386.056239 9327.678,729 1293126203 9304.650.487 6319331427 6397269.987 SC 12 RS% 9682.66362 1445726738 1361736.430 5759764.819 9278.234.096 6230297112 S252.913.426 1346.771070 64 13 9.4% 5490.611898 5448.482.611 5402304224 9374374.522 $332,673369 6254094316 5284.072.404 9333 79.435 16 14 1511 9061.666607 9543)40.027 $595.527.95 6562216.049 S457.680256 $41923.653 6398.502603 6502708.578 TN 15 11416 53918*104 9361,511,603 6305,929124 1329.605226 5270.602187 1231111.548 6245750.560 1299.099.430 110 16 63% S376961.501 134982907 5328.749 547 63339.999,567 1274,533.497 $223)53,975 $223274226 6290.151891 ON 17 72% 5361,972.001 $328325.078 6299.349962 5308.141757 S246.9711786 6206774764 6227363231 5272.020.279 10 18 339. 1195190010 13113.550319 S32373117 5317,966307 6289299.406 1268.824.607 1295.609.695 1343368.881 L A 2.416 5943.1114430 533491742 1319.523935 P23.861730 126192744 $142.291058 1241181228 9294.771.119 117 20 6.1 0116731.029 $292.787,586 6255315251 5260.856.406 9240.989.328 1197.15907 6236274383 1335,949.105 bid tq)20slant 163160.066.9111 51213/633711 $111.773395.539 $10.570.564.522 58.685.436.697 572120444454 $7.996.28.90 9177E707905 Pima af NM 745% 710% 73.1% 73.3% 73.416 7L3% 72.6% 719% Poatidno/0 7.6% 126% 19% 212% 20A% A116 -162% -114% Salami of 9218S 94.469456410 54.257.319.926 a r21142 90 53.80.996121 53354.911395 $2899.900.373 $3.011.366.100 53.04.925.056 Inn 917S25322.601 516.391.163.637 911.596737210 514.419561250 911140.411.093 510.111944.827 511.02651,089 313.396.632.961 Sisa irstod0eftwszkAtaAisepfirra✓rrdOgpOaa larse andp gad 35 CBRE 0 2017 CBRE. tux. 2017 CBRE Marine Industry Report As evidenced above, Florida is the number one seller for new powerboat, engine, trailer and accessory sales. OUTBOAD BOAT SALES BY STATE Florida held the top spot in fiberglass outboard boat sales, followed by Texas and North Carolina, all of which have held the top three spots for eleven consecutive years. South Carolina ranked fourth for the second year in a row, while Alabama and Louisiana swapped positions, with Alabama moving up to fifth and Louisiana falling to sixth. Source: SSI TABLE 2 7 Comparison of top 20 states: outboard boat sales NBERCLASS OtIBOARD 80418 0A0K. 2006 2006 2001 2008 2009 2010 2011 2012 2013 2001 1 R R R R FL R FL R a F_ 2 3)( IX TX TX TX TX TX TX 1X f 3 NC NC NC NC NC NC NC NC NC NC 4 SC SC LA LA LA 014 LA LA LA SC 5 VA a SC AL 014 LA SC SC SC LA 6 LA AL AL SC VA SC Al. AL AL 4L 7 GA VA VA VA OK AL NY GA GA VA 8 NY GA GA GA SC NY 0H NY NY N1 9 4L NY NY OK AL VA VA VA VA GA 10 NJ CA OK NY NY OK GA NJ NJ N! 11 CA NJ NJ MA GA GA P4 VA MD PAL 12 MD MD CA NJ PA PA HJ MA VA All. 13 MA MA MA PA MD NJ 0K 114 MA "t. 14 IN TN MD MD IL MA MD MI TN W 15 L10 MS IN MS MA MD MA MN Mt W. 15 VP OK MS TN TN AN AR 014 MN CA 17 0H VA ON CA NJ TN IL AK ON Mh 18 OK MO IL AR AR VA VA MD 4R 01• 19 MN 0H W. ON CA IL TN M0 M0 DE 20 PA AR M0 MD WI MS MI CA CA MS FL TX NC SC 4L LA NY GA VA NJ MI MD MA TN WI 0H CA MN DE MO ACTIVITY SPECIFIC BOATS Summary Cruising boat sales declined 4% in 2015 to a total of 3,117 units, primarily due to a drop in sterndrive cruiser sales, which fell 12.4% to 91 7 units. Watersport boat sales increased for the fourth consecutive year, up 2.7% compared to 2014; sales totaled 27,550 units. The growth in sales was propelled by inboard ski/wakeboard sales (up 9.9%) and outboard runabout bowrider sales (up 5.6%). Sterndrive runabout bowrider sales were down 2.9% in 2015. Offshore fishing boat sales totaled $2.4 billion in 2015, up 6.8% from 2014. Boat trailer retail sales totaled $310 million in 2015, a 6.4% increase from 2014. Unit sales increased 8.5% to 180,400 while the average retail selling price fell 1 .9% to $1,719. 36 CBRE ERE Ire 2017 CBRE Marine Industry Report UNITED STATES BOAT REGISTRATION DATA Summary There were 12.1 million boats registered and documented in the U.S. in 2015, relatively unchanged (up 0.8%) compared to 2014; 84,915 more boats were registered in 2015 than were registered in 2014. Florida again led all states in boat registrations in 2015, followed by Minnesota, Michigan, California and Wisconsin. The Great Lakes region accounted for 26.5% of boats registered by the states in 2015. It also had the most boats per capita with one registered boat for every 6.4 households. Outboard boats accounted for 75% of total traditional powerboats (equipped with an outboard, inboard, sterndrive, or jet engine) registered in 2015. Additionally, 94.9% of the traditional powerboats registered were smaller than 26'. In 2015, 93% of all boats registered were equipped with an engine (inboard, outboard, sterndrive, jet boat, personal watercraft, and auxiliary powered sailboats). This remained flat compared with 2014 registrations. 37 CBRE 2017 CBRE Marine Industry Report TABLE 7.1 Total recreational boats in use REGISTERED DOCUMENTED NON4ECISTERS TOTAL YEAR BOATSMILLONS) BOATS MILLIONS) (MA DNS 1989 10.8 4.9 15.7 1990 11.0 5.0 16.0 1991 111 52 16.3 1992 111 51 16.3 1993 113 4.9 16.2 1994 11.4 4 8 16.2 1995 11.7 3 6 15.4 1996 121 38 15.8 1997 12.4 3 8 16.2 1998 12.7 37 16.4 1999 12.8 3.6 16.5 2000 12.9 4.0 16.8 2001 13.0 4.0 170 2002 129 4.2 17.2 2003 12.9 4.3 17.2 2004 129 4 5 17.4 2005 13 0 4.6 17.7 2006 128 4.0 '6 8 2007 13.0 4.0 16.9 2008 128 3.7 16.5 2009 128 3 8 16.6 2010 12.5 3 7 16.2 2011 12.3 3 7 16.0 2012 12.2 3 8 16.0 2013 121 38 15.9 2014 12.0 3 6 15.6 2015 121 35 157 38 CBRE 2017 CBRE Marine Industry Report RECREATIONAL BOATING REGISTRATIONS BY TYPE TABLE 7.2 Recreational boats in use by type aulBomo MOM STeBR7BVE PERSONAL BOARS BOATS BOATS VASIBICOAFT WHIRS o11® 10G1 YEAR WOMB WPM mucus) 011110161 MIAOW mown Num) 1997 81 10 16 10 17 29 162 7998 81 10 11 12 17 29 16.4 1999 82 0.9 16 12 L6 29 16.5 2000 83 10 16 U 1.6 3.1 S.8 2001 8A 1.1 16 U 16 31 17.0 2002 8.3 1.1 L5 U 16 3.1 172 2003 84 1.1 16 U 16 33 172 2004 8A 11 17 L2 L6 34 17.4 2005 8.5 11 17 U L6 3.6 177 2006 83 11 16 U L6 3.1 16.8 2007 8.3 1.1 17 U L6 3.1 16.9 2008 83 12 16 13 L5 26 16.5 2009 8.3 12 L6 13 15 27 16.6 2010 81 L1 L5 1.3 16 26 162 2011 8.0 11 L5 13 16 26 16.0 2012 7.9 11 14 12 16 27 16.0 2013 7.9 11 L5 12 1.6 2.8 15.9 2014 7.8 11 14 11 L6 26 S.6 20S 7.9 U U U 1.1 2.6 153 As indicated above, outboard boat registrations accounted for 50% of total boat registrations in 2015. RECREATIONAL BOAT REGISTRATIONS BY STATE On the following page, we have included a 10-year data table that depicts the historical vessel registration volume by state. U.S. boat registrations increased 0.7% in 2015 to 11.9 million. The top five states for boat registrations in 2015 were unchanged from 2014, and included Florida, Minnesota, Michigan, California and Wisconsin, in that order. Boat registrations in California increased 6% from 2014 to 2015, in keeping with the state's trend of gains every other year; this trend may be attributed to its two-year registration renewal cycle. The states in the top 20 also remained the same in 2015 from 2014. However, Georgia moved from twelfth to eleventh, switching with Pennsylvania, while Iowa moved up two spots from twentieth to eighteenth and Illinois dropped from fifteenth to seventeenth. Source: USCG 39 CORE 2017 CBRE Morino Industry Report TABLE 7.4 U.S. state reaeatlonal boat registrations MItl01C SLUE 2005 2006 20 7 1004 2009 2010 2011 2012 2013 2014 206 '6a13 1 Ronda 971859 928.652 991.680 974.553 949.030 92,535 8139.895 870.031 870749 873507 889.350 115 2 M9nesola 853.489 862.937 866.496 867.446 811715 813.976 808.783 817.936 808744 809.292 809227 -021 3 Michigan 944338 828329 830.743 816352 811670 812,066 803391 804,088 795,875 789.458 787.637 -021 4 Ca1 onia 963)58 893.828 964881 858853 906.988 810.008 855243 776.584 831490 728.679 772.542 601. 5 11/15c01n 63998 635751 617266 634.546 626.304 66335 628743 622.563 611516 627352 623,217 -0316 6 Teas 614216 595.934 593.567 597.428 62224 596.830 577.r74 580.064 575.402 566.897 572466 1016 7 South Carolina 46763 436.075 442.040 436.844 435.528 435,491 447745 460.564 466.589 462.680 502.210 8.9% 8 Oho 412375 492256 46228 416.586 424877 430.710 432.696 441732 449.541 459.778 474185 3.1% 9 Nes'Axk 508.536 497.974 494.020 485.541 479361 475.689 467.828 463.539 456.909 451862 446582 -12% 1D MdhCaarlaa 362784 370291 37586 371879 405.663 400846 392566 391.72 386884 380.670 374223 -1.916 11 6e1911 32212 336.579 344.597 350.479 352.054 353.950 322.346 323716 319.871 321340 327.667 1816 12 Peasytaam 349,59 344790 342.427 338.316 337347 365.872 331590 332431 329.578 322.195 32173 -1.016 13 hosanna 308204 306366 301.249 302753 303.111 302341 302974 305,081 307.464 307,059 302731 -0.1% 14 Missouri 326349 324226 321.782 322253 314.131 297.194 302271 300714 29/562 294.009 293210 -0.116 5 Alabama 265172 271,658 274,176 272.558 270326 271377 265.526 268,374 265.626 262,926 361.23 -071 6 Te essee 267.567 271687 274914 271475 269.361 266385 259.901 259.622 258367 256.862 257.172 0.116 17 mods 3110.86S 383,65 379.454 378208 373.530 370522 371.365 368224 311853 274.906 232513 14.0% 18 bra 243.924 234.335 213,767 231333 247790 209.660 228343 735.095 202.886 221.939 236466 65% 19n 245.073 248.091 251.440 249312 249235 245.940 242473 239178 237351 236.521 234,052 -1.0% 20 llashingion 267393 210.627 270.789 264,393 269.845 237,921 234,543 230.684 229.403 226.662 272,528 0.8% 21 la0a1a 214.696 164,678 241474 271332 268.424 281908 217297 214.487 214289 212466 209267 -12% 22 OIdahona 26913 216.556 223.158 196.052 2135.079 209.457 199337 201.069 194801 92.600 203229 5.816 23 Mallard 205812 204277 202292 99.087 196,906 93259 28.623 185.626 21544 178,573 12795 0116 24 raaldry 176257 177,951 176716 173,981 176.535 132963 171.936 175286 174218 174358 172.35 -12% 25 Arkansas 202414 199389 20665 99304 98.805 205.925 200,915 199.546 237.466 206283 17120 -11016 26 Oregon 187.640 186.497 184347 180.063 180552 177.634 171983 169188 166.664 63358 168,75 29% 27 New*asay 199206 205967 183.147 185399 173.994 69.750 166.037 60.3455 154.178 152.889 151450 -0.916 28 Mssssid 208,466 179.433 20356 191312 194.016 156,26 56743 133.556 130.959 133,406 831991 9216 29 Massachusetts 150.026 148,640 145.496 145313 142.625 141.959 139.991 139,123 137.668 135750 131671 -0116 30 Arizona 148,343 145.023 144,570 140291 136463 135326 131665 129221 125,646 124,425 124.076 -03% 31 Mane 11,756 113276 112218 109,657 109369 111873 106679 108502 107211 146.328 107,475 11% 32 CanevliA 108702 108.701 108.539 110.650 109213 108978 135.499 103,992 211887 99.658 95,523 431 33 NewIaapshre 102268 101297 100,261 96205 95402 94.773 91.950 92976 92046 92.258 97,979 0816 34 Idaho 85.083 88.464 91612 89.026 90.501 87.662 84290 85749 85380 86270 86968 0.8% 35 Nebraska 82921 83.313 83722 83,280 80.089 83,832 84.471 86248 87,078 86778 86.03 0.1% 36 Colorado 98.512 98,067 98.055 95.330 95822 91424 89321 87225 83.549 83.683 84311 0.5% 37 Ilansas 97748 95.671 93.900 91067 90.522 89315 88.041 85840 83.422 82.016 80,979 -1316 38 94Or01 Dalmda 44,498 6.638 53.59 46,067 51.609 56,128 47537 62799 69381 53.560 (9,591 29.9% 39 Utah 75,635 76.481 76921 73.009 72.49 70321 68.427 70344 66012 66204 65497 -0.516 40 Madan 70.616 81935 79.651 84,988 83.394 52.105 42.985 54,642 63,438 47,427 60.087 2671 41 Delaware 5216 59.92 61569 56669 61523 62.983 57,687 58.541 59,186 59337 58,467 02% 42 South Dakota 53.038 53.430 53.570 56.604 60.094 56.624 56.615 58.449 57209 57209 51972 3.1% 43 Alaska 49227 49533 47548 47,534 48892 48.991 5029 50.142 49,939 50723 50711 1316 44 Westdowa 50.061 57.422 63.064 49.930 57,45 64.510 51752 57.085 61961 48739 50.324 45% 46 Nevada 57726 59957 59295 57.59 56.053 53.464 50.864 50.499 46.327 44,96 41794 -5.4% 46 Rhode Island 43b56 43375 43.665 42524 42.519 45.930 40.989 40.451 39.602 36291 40.035 10416 47 New Mean 38863 38794 3860 33.304 36,544 37.340 37.469 36846 34862 34.6647 33933 -281 20S %OUNCE RAMIIC STATE 2006 2006 2007 2004 2009 2019 1011 2012 20E1 20M 205 3va. 14 48 Vinod 32756 32.090 31482 30.429 30,480 30,35 28.807 28.987 30,008 27861 21,179 1116 1 49 W mmg 26270 26296 26,956 27243 27,955 28249 28364 28.620 28.081 27317 27)11 22% 50 Naval 15,302 15.109 15,094 6.404 15709 14835 13275 14.098 14258 12.033 10307 -1521 i 51 Dal dCalumbe 2528 2425 2,866 2.922 2)98 1011 2,889 232 2,622 1963 2,120 8.0% US.1eskem 68.422 69241 71579 70.129 70.010 73,7R 35579 38.435 28.835 29.334 29707 131 Tod U.S. 1294142 12741325 12.875.568 12,692292 12 721541 12.498,926 12373.935 12101.936 12.014.357 11,782334 11.867949 Parana damp 11% -15% 1.0% -1.4% 112% -2.2% .21% -0i% -0.7% -1 16 0.7% 40 CBRE 0 2017 CBRE, Inc. 2017 CBRE Marine Industry Report UNITED STATES MARINE INDUSTRY REPORT - CONCLUSION U.S. expenditures on boats, engines and accessories totaled $35.9 billion in 2015, up 2.2% from 2014. There were 11.9 million registered boats in the U.S. in 2015. Annual retail sales of new boats, engines and marine accessories in the U.S. totaled $17.5 billion in 2015, up 6.9% from 2014. Unit sales were up across nearly all traditional powerboat segments and up 6.8% in total in 2015. Outboard boats, the largest segment of recreational boats, represented four of five new traditional powerboats sold, and were up 7.6%. Average price of an outboard boat including trailer in 2015 was $38,385. Jet boats, while low in volume, totaled 4,400 units in 2015, and were up 25.7% in 2015. Inboard ski/wakeboard boats, or towboats, were up 9.9% to a total of 7,800 units. These boats had an average price tag of $87,903 in 2015. New boat sales (including personal watercraft and sailboats), increased 7.4% to 243,600 units in 2015. In 2015, 54,900 personal watercrafts were sold, up 14.6% from 2014. With an average price of just $1 1,204, personal watercraft are a gateway to boating. Ninety-five percent of boats on the water (powerboats, personal watercraft, and sailboats) in the U.S. were less than 26 feet. Estimated value from sales of new and pre -owned traditional powerboats in 2015 totaled $15.9 billion, up 4.5% from 2014. The above industry snapshot for 2015 sends a clear message, recreational boating is growing and is expected to continue into the foreseeable future. 41 CBRE 2 1 7 BRE, I�,:. 2017 CBRE Marine Industry Report 2017 CBRE MARINE INDUSTRY REPORT - STATE OF FLORIDA REGISTRATION ANALYSIS The following group of exhibits depicts the Florida vessel registration levels for the years 2005, 2010, 2015 and 2016. These tables present a large amount of data, both regionally and on a county by county basis. We will also discuss the current market position and the recent trends in the Florida boating and marina market. 42 CBRE �:1 % ®RE, In_ 2017 CBRE Marine Industry Report 2005 CALENDAR YEAR VESSEL STATISTICAL REPORT 1h12005through12131/2005 T 1 J i COUNTY CLASS A•1 CLASS A-2 CLASS 1 CLASS 2 CLASS 3 CLASS 4 CLASS B CANOES DEAL PLES COMPS TOTAL _ ALL�M <1NAN12 12�y-1�11"11 1 16-26"11 26-SS3r11 40-64'11 46.10V114118MD _ 10s1'it 266. 1126g 1 i Ir .iNW ' 50 7 s li 16 21" 2 3" 0~ 293~ 0 __ 42 BAKER 253 0 102i 3 835 3 19 9 1 0 0 0 Q 0 11 0 0 2141 6 2147 BAY 3258 34 6862 115 8124 282 1203 170 181 147 13 45 0 1 80,_ 0 217 19521 794 205'32 BRADFORD 262 0 895 8 970 14 23 1 1 01 0 0 0 0 27+ 0 1 2178 23 2202 $REVAR3 6229 34 9643 177 18903 543 2544 158\ 400 45i 9 16 0 0 653 6 631 38581 979 1105 40191 51105 BROWARD 10412 110 8370 132 22214 449, 7837 218 1891 130 156 54 9 11 260 1 1060 48949 CALHOUN 106 0 1024 12t 304 9 11 0 0 0 0 0 0 0 4i 0 2 1449 21 1472 CHARLO1113122 22 3478 53 12305 368 2413 88 325 12 2 2 1 0 1901 0 171 21834 549 22548 CITRUS 1591 5 5406 1Q�i 9154 412 382 138 25 13 0 0 0 0 1811 0 113 16739 671 17523 MAY 2166 9 2866 271 8577 93 807 21 190 10 6 1 1 0 981 0 84 12709 181 12954 COLLIER 3984 20 2976 56 12254 470 3144 176 539 64 24 5 1 220 3 156 23118 796 24072 COLUMBIAI 549 1 1804 13 2250 351 60 8 41 2 0 0 0ii ri 441 1 9 4711 581 4778 DADE 11487 131 6562 171 27758 913 8458 431 1598 120 161 43 15 2671 3 770 56306 1818 58894 DBSOTO 309 5 799 12' 988 30 163 10 23 2 0 0 0 0 35, 1 2 2317 69 2368 DHSMV 269 26 409 303 880 702 287 107 106 201 13 21 2 7 141 4 20 1980 1171 3171 DCUE 190 1 907 44 1371 193 54 35 8 11 0 0 0 0 18. 0 4 2546 284 2834 DUVAL 5516 21 8175 109 16706 313' 2191 93 360 36 16 39 8 0 2511 0 237 33223 611 34071 ESCAMBIA 2387 19 5888 381 8258 143 1129 83 135 51 1 5 0 0 751 0 138 17873 339 18350 FLAGLER 726 5 1172 27 2327 41 350 9 68 4 1 0 0 0 511 1 30 4693 67 4810 FRANKLIN 177 8 964 164 1257 530 185 104 18 361 1 16 0 0 111 1 27 2613 8581 3498 GADSDEN 189 3 1411 24 948 16 38 2 4 2 0 0 0 0 12; 0 2 2594 471 2643 GILCHRIST 149 1 684 11 800 20 17 1 2 21 01 1 0 0 261 0 0 1678, 361 1714 GLADES 106 6 389 31 903 35 30 1 16 0 0 0 0 0 101 0 18 14541 73 1546 GULF 322 25 1421 721 1034 133 102 31 13 15 1 1 0 0 61 0 7 2899' 277' 3183 HAMILTON 67 0 479 0+ 339 0 3 0 0 0 0 0 0 0 4, 0 0 892, 0' 892 HARDEE 265 1 622 8 711 6 14 0 1 0 0 0 0 0 17+ 0 0 1630 15, 1645 HE DRY 446 6 752 26_ 1475 72 287 22 78 4 0 0 0 0 191 0 17 3036{ 130 3183 HERNANDO 1448 2 2774 43 4606 75 344 50 17 6 0 0 0 0 1561 2 26 93451 178 103971 114L!1057.5 465841 8911 9549 47729 HIGHLAN06 1708 11 3145 45 5350 51 107 5 11 1 0 0 0 0 781 1 64 HILLS 8551 59 10663 1411 22925 446 3201 134 590 73 32 35 3 1 619, 2 254 HOLNES 162 1 1379 101 372 5 18 1 1 0 0 0 0 0 41 0 4 1936' 171 1957 84D.RIVEE JACKSON 1266 15 2860 96, 5732 213 683 49 165 12 10 0 1 0] 1721 3 75 109091 3881 11372 406 5 2745 13 1344 111 55 5 14 01 0 1 0 01 15; 0 0 45791 351 4614 JEFFEUGO 94 1 676 2 428 14 35 2 6 1 0 D 0 01 151 0 4 1254' 201 1278 LAFAYETTE 101 0' 421 1 344 7 8 1 2 0 0 0 0 0 71 0 1 883' 9, 893 LAKE 3132i 111 5417 49 12977 100 442 19 53 1 0 01 0 0 1531 1 142 22174 181! 22497 LEE 7156 84 8954 1031 278551 717 58611 214 850 801 141 531 4, 0 362 5 362; 49056 1256 50875 LEON 1506 18 5751 80 58941 124 3941 26 52 6 3 0' Oi 0 133 2 34, 13533 238• 13805 LEVY 286 0 1482 56 1993; 242 78, 56 13 6 1 1, 0' 0 41 0, 80' 3894 361 4315 LIBERTY 71 0 781 9 2351 9 11----; 1 0 0 01 0' D 2 0 41 1077 19 1100 NMDISON 166 0 591 0 4461 4 lA 0 1 1 0 a( 0' 0 7 0 01 1227 5 1232 MANATEE 3254 51 4018 87 99841 326 18581 105 338 48 6 111 0, 0 196 1 4131 19654 629 20696 MARION 2417 4 6485 64 10474 152 350, 36 37 2 1 01 0'' 0 282 0 70 20046 258 20374 MARTIN 2223 11 2277 671 91261 297 2547 109 457 43 28 51 11 0 96 0 3741 16755 532 17661 MONROE 4386 64 3233 2911 144211 1394 40471 829 680 317 34 25) 11 0 72 1 1951 26874 2921 29990 NASSAU 638 11 2050 31 i 26281 85 2751 37 47 7 2 121 0, 0 35 01 18 56751 183 5876 OKALOOSA 3788 15 4770 401 88771 131 18611 117 227 118 7 11' 0 0 53 1 1911 19363 433 19987 OKEECHOB 430 11 1433 731 3863' 96 119! 6 9 0 1 01 01 0 18 0 251 5863 186 6074 ORANGE 8326 35 6649 771 175351 142 1209; 24 174 6! 2 11 6! 0 3551 1 4051 34256 286 34947 OSCEOLA 1707 7 2271 40, 47331 81 2421 6 28 2 0 0! 0, 0 67' 0 68! 90481 136 9252 PALM BCH 8752 76 6009 1891 218601 514 59621 213 1128 80 102 151 5 0 2451 2 4181 43863 10691 45350 PASCD 4422 14 6308 551 131251 228 1210 149 98 51 5 121 0 1 3701 1 131, 25536 511 26178 PINELLAS 11023 75 8709 147 267841 604 63071 357 7161 25 985 171 137 31 231 3' 0 728' 2 7801 54670 1345 56695 POLK 4889 18 10512 161 155121 177 14 8 1!" 1' 0 2451 0 138 32052 416 321305 PUTNAM 878' 18 2991 1121 45091 171 228' 10 51 5 2 34 0' 0 35; 0 34, 8694 319 9047 SANTA RO! 2137 8 4803 53i 63871 132 6471 26 62 11 2 0l 0 0 37, 0 45! 14055 230 14330 SARASOTA 3890 28 4314 42 127821 226 25711 96 438 39 22 61 2i 0 3381 0 344, 24357 437 25138 SEMINOLE 3984 23 4389 69 96571 102 916i 12 148 17 8 0+ 1, 0 182' 1 2111 19283 224 19716 STJOHNS 1820 21 3148 77 57891 147 10031 38 175 291 3 2', 0 0 77! 0 114 120151 314 12443 ST.LUCE 1800 16 2870 75 7409i 247 10241 88 173 271 2 11 3 0 92! 0 1721 13373 454 13999 SLAATER 346 1 1733 25 17444 210 581 7 41 01 0 0 01 0 501 0 171 3935 53 4005 EUWANNEE 325 1 1299 6 1218, 17 421 2 3 11 0 0I 0' 0 351 0 8 2922 27 2967 TAYLOR 2751 1 1683 261 17641 95 881 31 4 6L 0 01 04 0 81 0 25 3622 159 4006 UNION 91 0 349 31 3601 2 71 1 0 0 0 01 01 0 101 0 1: 817 6 824 VOLUSIA 4102 25 8351 1901 154591 339 1345! 67 226 461 14 61 0' 0 3211 3 316; 29818 678 30810 WAKULLA 311 5 1809 53, 1921i 183 155, 52 28 141 0 11 0' 0 311 0 6, 4255 308 4569 WALTON 713 5 2428 261 1854 58 189, 14 26' 51 2 11 0'1 0 201 0 815232 107 5347 IN WASHGT 230 2 1387 111 614 17 334 2 1 11 0 01 0' 0 121 0 0' 2257 33 2290 1 1 TOTALS 159064 1263 228821 4554? 485192[13967 780281 4945 13293 194�3 744 4551 68, 27 86491 501 93051 973859 272041 1010370 43 CBRE 2017 CBRE Marine Industry Report 2010 Alphabetical Vessel Sta8sles by County CLASS A-1 CLASS A-2 CLASS 1 CLASS 2 CLASS 3 CLASS 4 CLASS 6 COUNTY <THAN 17 12.16 11" le- 26' 11" 26 - 36' 11" 40- 64' 11" 66 - 106 11" 110' MORE CANOES DEAL PLES COW TOTAL ALACHUA i ins.Comm 1,178 15 Plies. 3,451 Comm_ 83 Pies 5,571 Comm 133 PNs�Comm 241 18 PN .. 34 Comm 4 Ies 0 Comb 0 Piss 0 Comm 0 Pies 286 Comm 2 _ 54 10,760 255- 11,089 BAKER 294 0 938 2 1,071 3 20 1 0 0 0 0 0 0 16 0 5 2,3396 Z350 BAY 3,035 43 5,787 125 8,107 331 1,269 165 219 127 10 29 0 1 133 0 160 18,560 821 19,541 BRADFORD 300 0 840 6 1,170 12 34 1 1 0 0 0 0 0 30 0 1 2,375 19 2,395 BREVARD 5,773 25 8,611 139 17,255 487 2,432 139 359 39 9 11 1 0 690 4 523 35,130 844 36,497 BROWARD 9,119 43 5,167 114 18,816 373 6,734 200 1,349 115 121 28 14 8 252 2 521 41,572 883 42,976 CALNOUN 103 0 1,072 8 404 14 19 1 3 0 0 0 0 0 6 0 0 1,607 23 1,630 CHARLOTTE 2,878 13 2,928 36 11,892 364 2,306 71 338 18 1 1 1 0 211 0 110 20,366 503 20,988 CITRUS 1,490 16 4,756 61 9,295 399 421 119 38 12 1 0 0 0 231 0 62 16,232 607 16,901 CLAY 2,384 2 2,585 19 6,622 89 764 21 241 16 4 4 1 0 129 0 0 22 151 12,881 COLLIER 3,854 25 2,622 67 11,292 528 3,100 156 528 55 25 4 0 0 231 4 128 21,652 839 22,619 COLUMBIA 485 0 1,716 6 2,256 20 55 3 4 0 1 0 0 0 52 4 14 4,569 33 4,616 DADE 12,451 119 6,038 168 28,463 924 9,789 469 1,621 117 196 45 13 9 288 2 645 58,859 1,853 61,357 DESOTO 324 6 733 12 1,010 41 153 10 26 0 0 0 0 0 29 1 0 2,275 70 2,345 DHSM V 855 42 871 310 2,998 651 715 136 150 14 13 3 0 7 42 13 18 5,644 1,176 6,838 2,776 DIXIE 161 6 863 43 1,397 171 50 32 8 10 0 0 0 0 22 1 14 2,499 263 DUVAL 5,148 23 6,899 93 15,430 343 2,049 84 377 31 25 28 4 0 315 0 176 30,247 602 31,025 ESCAMBIA 2,332 17 4,700 39 8,110 163 1,087 66 149 41 5 3 2 0 78 0 114 16,463 329 16,906 RAGLER 873 2 1,184 30 2,654 35 423 7 69 3 1 0 0 0 61 0 21 5,265 77 5,363 FRANKLN 190 18 801 244 1,250 803 172 88 23 34 2 9 0 0 15 1 13 2,453 1,197 3,663 GADSDEN 162 3 1,216 9 1,083 20 42 1 6 1 00 0 0 16 0 6 2,525 34 2,565 GILCHRIST 148 0 609 6 898 22 21 2 0 1 1 1 0 0 30 0 1 1,707 32 1,740 GLADES 60 0 338 26 720 27 29 2 8 1 0 0 0 0 14 0 6 1,189 56 1,231 GULF 280 45 1,271 66 1,100 158 105 31 11 16 0 2 0 0 11 0 2 2,778 318 3,098 HAMILTON 81 0 512 3 390 1 4 1 0 0 0 0 0 0 11 0 5 91385 1,008 HARDEE 215 1 561 6 789 10 20 1 3 0 0 0 0 0 22 0 0 1,610 18 1,628 HENDRY 393 6 638 27 1,385 64 267 10 89 4 0 4 0 0 19 1 20 2,791 116 2,927 HERNANDO 1,287 5 2,558 47 4,968 88 370 53 21 9 2 0 0 1 201 1 10 9,407 204 9,621 HIGHLANDS 1,384 8 2,374 29 4,722 35 119 4 10 1 1 0 0 0 76 2 51 8,686 79 8,816 HILLS 7,871 43 8,756 101 22,385 384 3,142 93 449 45 36 26 1 0 654 5 168 43,294 697 44,159 HOLMES 192 0 1,375 7 571 4 24 1 1 0 0 0 0 0 60 1 2,169 12 2,182 IND.RIVER 1,294 12 2,570 96 556 227 699 58 150 9 12 0 1 0 181 2 61 10,467 404 5,928 JACKSON 415 1 2,598 10 1,693 10 68 2 17 0 0 0 1 0 21 0 3 4,813 23 4,839 JEFFERSON 83 0 639 2 518 16 42 0 12 1 2 0 0 0 17 0 6 1,313 19 1,338 LAFAYETTE 91 0 406 3 472 6 5 1 1 0 0 0 00 6 0 0 981 10 991 LACE 3,169 7 4,817 39 13,016 114 517 18 56 4 2 0 1 0 192 0 91 21,770 182 22,043 LEE 6,490 83 5,846 78 24,301 656 5,247 169 801 62 24 28 1 0 456 4 278 43,166 1,080 44,524 LEON 1,283 10 5,087 59 5,993 120 391 35 45 9 4 0 1 0 175 7 29 12,979 240 13,248 LEVY 318 3 1,357 38 2,306 214 102 58 22 9 2 0 0 0 60 0 15 4,167 322 4,504 LIBERTY 58 0 772 13 289 10 5 1 2 0 0 0 00 1 0 8 1,127 24 1,159 1,205 MADISON 137 0 510 1 527 6 11 0 2 1 0 0 0 0 10 0 0 1,197 8 CLASS A-1 CLASS A-2 CLASS 1 CLASS 2 CLASS 3 CLASS 4 CLASS 8 COUNTY < THIN 17 12 -16 11" 16 - 26 11" 26.39' 11" 40 - 64' 11" 65 -106 11" 110' MORE CANOES DEAL PLES COMM TOTAL MANATEE Pies 2,927 Comm 48 Piss 7.281 Comm 72 Pies 9,257 Comm 320 Pies 1,671 Comm 100 Pies 312 Comm 21 Pies 23 Comm 5 Plss 0 Comm 0 Pies 205 Comm 2 178 17,676 568 18,422 MARION 2,386 5 5,696 41 10,453 136 385 41 50 7 0 1 0 0 342 0 78 19,312 231 19,621 MARTIN 2,052 11 1,942 57 8,008 318 2,351 114 414 35 26 4 2 0 88 0 230 14,883 539 15,652 MONROE 3,461 40 2,636 220 12,565 1,220 3,994 665 784 277 53 19 1 0 80 40 126 23,574 2,481 26,181 NASSAU 826 1 1,968 30 2,934 76 289 35 56 13 0 3 1 0 62 0 25 6,136 158 6,319 OKALOOSA 3,440 26 4,206 45 7,891 145 1,598 116 234 98 14 12 0 0 61 1 147 17,444 443 18,034 OKEECHOBEE 385 8 1,204 61 3,227 100 106 10 12 0 1 0 0 0 18 0 8 4,963 179 5,140 ORANGE 7,468 21 5,244 56 15,778 159 1,185 26 191 5 8 1 2 0 311 1 233 30,187 269 30,689 OSCEOLA 1,765 6 1,736 32 4,487 87 269 9 21 2 0 1 0 0 68 0 16 8,346 137 8,499 PALMBCH 7,893 62 4,994 148 19,597 511 5,962 246 984 76 91 12 7 0 267 2 306 39,795 1,057 41,158 PASCO 4,233 18 5,118 51 12,309 222 1,239 122 97 36 1 8 0 0 426 2 103 23,423 459 23,985 PINELLAS 9,594 67 7,275 127 23,779 583 5,701 334 914 95 29 19 1 0 1 793 5 597 48,086 1,230 49,913 POLK 4,418 17 8,600 171 15,595 196 697 17 142 9 4 2 0 0 288 1 88 29,744 413 30,245 PUTNAM 902 18 2.522 90 4,506 161 241 11 47 6 2 1 0 0 I 49 0 33 8,289 287 8,589 SANTA ROSA 2,123 3 4,437 67 6,748 143 710 24 69 12 2 0 0 0 54 0 38 14,143 249 14,430 SARASOTA 3,564 27 3,684 34 11,357 179 2,568 79 449 34 22 4 0 1 314 1 223 21,958 359 22,540 SEMINOLE 3,644 15 3,845 71 9,112 113 897 12 152 14 6 0 1 0 280 1 124 17,937 226 18,287 ST. JOHNS 2,371 9 2,921 71 6,438 167 1,033 39 211 26 8 2 0 0 119 0 92 13,101 314 13,507 ST. L.UCIE 1,768 12 2,359 84 7,220 272 980 81 154 17 1 1 2 0 96 2 74 12,580 469 13,123 4,307 SUMTER 381 1 1,595 16 2,151 16 62 6 9 0 0 0 0 0 57 0 13 4,255 39 3UWANNEE 301 2 1,167 6 1,361 17 53 3 11 1 2 0 0 0 350 8 2,930 292,967 TAYLOR 244 0 1,543 28 1,816 89 74 20 7 6 0 0 0 0 17 0 19 3,701 143 3,863 UNION 800 3632 4652 12 00 0 0 0 0 0 8 0 0 928 4 932 VOLUSIA 3,894 22 7,388 189 14,867 351 1,306 63 218 35 11 6 0 0 344 1 205 28,028 667 28,900 WAKULLA 295 2 1,880 40 2,187 198 160 55 25 11 0 2 0 0 39 0 5 4,586 308 4,899 WALTON 689 9 2,226 27 2,186 66 215 12 40 12 3 0 0 0 26 0 5 8,385 126 5,518 WASHINGTON 226 1 1,387 6 740 7 19 1 1 1 0 0 0 0 12 0 0 2,385 16 2,401 TOTALS 149,968 1,093 198,589 4,113 460,579 13,930 76,840 4,569 12,845 1,658 807 329 59 27 19,754 115 6,314 901,737 25,834 941,589 44 CBRE 2017 CBRE Marine Industry Report 2015 Alphabetical Vessel Statistics by County CLASS A-1 CLASS A-2 CLASS 1 CLASS 2 CLASS 3 CLASS 4 CLASS 5 COUNTY < THAN 17 12 -1511" 16 - 25 11" 24 - 311' 11" 40. 64' 11" 65 -105' 11" 110 MORE CANOES DEAL PLEB COMB 227 TOTAL 10,350 ALACHUA P Phs 950 Comm 10 Pies.. 2,885 Comm 71 ...Pies 5,469 Com mPhs 121 337 Comn`PNa 21 136 Comm_ 3 Pies 29 Comm 0 Pits 1 Comm 0 Plea 269 Comm 1 47 10,076 BAKER 290 1 856 1 1,187 7 25 1 3 0 0 0 0 0 30 0 0 2,391 10 2,401 BAY 2,705 25 4,984 118 7,999 330 1,245 128 225 111 8 22 1 0 115 1 134 17,282 735 18,151 BRADFORD 278 0 702 2 1 198 5 23 2 0 0 0 0 0 0 31 0 3 2,232 9 2,244 BREVARD 5,018 29 7,709 131 16,408 493 2,229 134 356 28 7 7 1 1 720 7 453 32,448 830 33,731 BROWARD 8,999 45 4,963 111 18,511 404 6,832 233 1,432 114 195 22 12 4 257 1 536 41,201 934 42,671 CALHOUN 81 0 927 10 469 20 15 0 1 1 0 0 0 0 8 0 0 1,501 31 1,532 CHARLOTTE 2,884 46 2,707 48 12,430 398 2,360 74 382 13 5 0 2 0 215 3 95 20,985 582 21,662 CITRUS 1,299 14 4 117 57 9,225 374 359 103 43 10 0 0 0 0 232 0 46 15,275 558 15,879 CLAY 2,152 5 2,338 21 6,182 75 865 20 389 10 22 1 2 51 140 0 25 12,090 183 12,298 COLLIER 3,903 19 2,463 59 11,040 556 3,255 169 548 56 37 5 2 0 282 5 137 21,530 869 22,536 COLUMBIA 388 1 1,489 5 2,263 33 40 5 7 0 0 0 0 0 50 0 11 4,237 44 4,289 DADE 13,869 153 5,957 184 28,840 932 10,851 481 2,234 119 491 28 42 16 361 1 763 62,645 1,914 65,322 DESOTO 283 16 724 18 1,028 39 104 8 16 0 0 0 0 0 38 1 2 2,193 82 2,277 OHSMV 545 103 314 358 1,670 698 532 150 140 14 14 1 1 6 32 12 0 3,248 1,342 4,590 DUCE 104 4 755 37 1,276 184 33 31 7 8 0 0 0 0 16 1 16 2,191 265 2,472 DUVAL 4,309 20 5,747 90 13,806 370 1,712 76 328 31 21 19 5 0 350 0 123 1 26,278 606 27,007 ESCAMBIA 2,107 17 3,714 33 7,795 185 1,135 71 172 31 6 2 1 0 89 0 84 15,019 339 15,442 FLAGLER 866 7 1,166 28 2,581 32 370 2 79 1 3 1 1 0 65 0 ' 21 5,131 71 5,223 FRANKUN 170 23 714 175 1,241 678 153 69 34 29 1 8 0 0 10 1 13 2,323 983 3,319 GADSDEN 115 2 1,042 10 1,070 14 35 2 5 0 0 0 0 0 15 0 3 2,282 28 2,313 GILCHRIST 128 0 540 2 916 20 23 5 1 1 1 0 0 0 33 0 0 1,642 28 1,670 GLADES 71 0 345 13 734 19 29 0 13 0 0 0 0 0 15 0 5 1,207 32 1,244 GULF 207 39 1,129 58 1,227 168 116 25 12 11 0 1 1 0 13 1 2 2,705 303 3,010 HAMILTON 65 0 438 3 383 8 11 0 0 0 0 0 0 0 10 0; 3' 907 11 921 HARDEE 175 0 533 6 803 14 23 0 2 0 0 0 0 0 33 0 2 1,569 20 1,591 HENDRY 373 4 661 15 1,416 54 251 8 71 13 0 17 0 0 34 0 26 2,806 111 2,943 NERNANDO 1,341 9 2,330 39 4,861 84 346 55 30 7 2 0 0 0 244 2 18 9,154 196 9,368 HIGHLANDS 1,232 4 2 219 19 4,890 29 112 6 8 0 0 0 0 0 82 0 34 8,543 58 8,635 HILLS 7,055 48 7,130 98 21,151 418 3,114 101 474 37 38 22 5 0 733 8 i 131 39,701 732 40,563 HOLMES 167 0 1,244 9 595 8 27 2 0 0 0 0 0 0 16 0 3 2,049 19 2,071 IND.RIVER 1,162 8 2,380 87 5,568 246 672 54 153 12 10 0 2 0 170 3 j 60 10,117 410 10,587 JACKSON 345 0 2,298 11 1,901 13 59 3 5 1 1 0 0 0 23 0 I 2 4,632 28 4,662 JEFFERSON 104 0 549 2 509 10 41 0 8 0 1 0 0 0 18 0! 4 1,230 12 1,246 LAFAYETTE 76 0 356 4 481 4 14 0 0 0 0 0 0 0 7 0' 1 934 8 943 LAKE 2,679 8 4,238 34 12,713 124 496 20 58 1 2 0 0 0 211 0 84 20,397 187 20,668 LEE 6,323 95 5,504 77 25,812 730 5,714 181 796 52 29 16 2 4 563 , 5 ' 274 44,743 1,160 46,177 LEON 1,160 5 4,830 33 6,371 114 424 31 88 5 6 0 0 . 0 191 2 3 13,070 190 13,263 LEVY 294 3 1,242 44 2,174 211 74 55 19 4 4 0 0 1 57 0 28 3,864 318 4,210 UBERTY 43 0 700 8 345 7 8 2 1 1 0 0 0 0 2 0, 4 I 1,099 18 1,121 MADISON 100 0 465 1 563 3 13 1 3 0 0 0 0 0 13 0 0 1,157 5 1,162 CLASS A-1 CLASS A-2 CLASS 1 CLASS 2 CLASS 3 CLASS 4 CLASS 5 COUNTY < THAN 17 12 -16' 11" 16 - 25' 11" 26 - 36 11" 40 - 64 11" 66 -106' 11" f 110' MORE CANOES DEAL PLES COMM TOTAL MANATEE Plas 2,794 Comm 51 Pies 2,999 Comm 76 Pies 8,8527 IComm_1,734 429 Piss Cominjl "6 11 � 401 LComm 20 PIS 47 Comm 6 les 0 Comm 0 Pies 24 7 Comm 5 163 17,074 �� 703 17,940 MARION 2,180 5 4,953 43 10,341 130 367 31 40 5 1 0 0 0 308 1 66 18,190 215 18,471 MARTIN 2,088 13 1,962 49 8,624 313 2,735 111 508 27 58 5 1 0 103 1 238 16,079 519 16,836 MONROE 3,552 50 2,608 326 13,532 ; 1 285 4,538 726 990 299 73 12 3 0 77 2 174 25,373 2,700 28,247 NASSAU 758 2 1,783 28 2,931 72 271 29 50 15 2 5 0 0 75 0 21 5,870 151 6,042 OKALOOSA 3,426 18 5 3,741 1,063 45 8,270 195 85 1,679 119 112 12 268 12 92 1 13 1 12 0 0 0 0 0 75 1 204 17,472 475 18,151 4,870 OKEECHOBEE 330 50 3,155 26 0 11 4,706 153 ORANGE 6,538 24 4,376 64 13,996 152 925 21 145 2 7 0 2 0 292 1 , 203 26,281 264 26,748 OSCEOLA 1,743 3 1,596 29 4,312 95 218 6 22 1 0 1 0 0 77 0 13 7,968 135 8,116 PALM BCH PASCO 6 912 ~ 3,877 45 14 4,439 4,907 139 56 18,330 12.486 479 210 5,907 1,258 255 122 1,010 101 77 27 170 3 14 4 t 19 1 0 0 241 475 1 1 238 93 37 028 23,108 1,010 434 38 276 23,635 PINELLAS 9,448 84 6,381 145 23247 626 5,781 280 961 80 39 14 2 1 908 13 500 46,767 1,243 48,510 POU( 3,767 13 7,509 161 15088 227 685 19 160 8 12 3 2 0 319 0 59 27,542 431 28,032 PUTNAM 687 12 2,075 78 4,286 161 206 8 56 8 2 1 1 0 61 0 46 7,374 268 7,688 SANTA ROSA 2,117 16 4,037 58 6,962 132 721 30 62 9 2 0 1 0 59 0 36 13,961 245 14.242 SARASOTA 2,947 25 3,306 30 11,538 229 2,605 91 441 26 23 4 0 0 301 0 217 21,161 405 21,783 SEMINOLE 3,251 12 3,856 54 9,185 123 733 l 14 126 11 1 7 1 2 0 360 2 93 17,520 217 17,830 ST.JOHNS 2,092 15 2,981 85 6,875 217 1,029 41 228 29 12 3 0 0 167 0 72 13,384 390 13,846 ST. LUCIE 1,685 13 2,181 87 7,064 300 1,081 85 187 10 15 1 0 0 127 0 112 12,340 496 12,948 SUM►ER 397 1 1,509 18 2,231 23 66 2 8 0 2 0 0 0 75 0 13 4,288 44 4,345 SUWANNEE 244 2 1,000 6 1,333 1 13 46 1 2 0 4 0 0 0 34 1 2 2,663 23 2.688 TAYLOR 167 1 1,414 36 1,893 ' 87 54 23 3 4 0 0 0 0 14 0 18 3,545 151 3,714 UNION VOLUSIA 79 _ 3,291 1 27 386 6,642 0 196 515 5 14.217' 410 14 1,218� 1 61 0 222 0 19 0 11 0 0 4 1 0 0 16 _ 414 0. 1 0_ 217 1,010 26,016 7 718 1017 26,951 WAKULLA 265 12 1,758 59 2,469 196 165 33 22 8 0 1 0 0 43 0 7 4,722 309 5,038 WALTON 704 7 1,971 26 2,425 89 252 11 44 11 7 0 1 0 33 0 9 5,437 144 5,590 WASHINGTON 203 1 1,255 10 867 11 26 3 1 0 0 0 I 0 0 17 0 0 2,369 25 2.394 TOTALS 139,957 1,235 178,092 4,084 460,125;14,526 78,510 4,573 14,349 1,513 1,444 263 1 117 84 10,737 85 6,018 '883,332 26,363 915,713 45 CBRE 2017 CBRE Marine Industry Report 2016 AIpf.6etire1 Veau1518Cstics by SKr CLASS/4-1 CLASS 64 CLASS CLASS i CLAIMS 1 CLAIM I CLAS$3 COUNTY 1 c7NAN1T 12-18711" 16.2211" 26 -Sr 1r 40-SC 11" 111-102 11' 1WMORE CANOES DEAL PLEB COMA TOTAL r� ALACHUA ^PIM 985 �6om110 6 Ws 2842 Domm`F,�sss 73 5,587 COn1n4 P1ss Mee Oawn Pies `Comm PI Comm P4ss Calms 10,580 126 364 20 150 4 41 0 1 0 273 1 47 10,252 231 BAKER 1 291 1 861 2 1.261 6 22 2 2 0 0 0 0 0 27 i 0 0 2454 11 2475 BAY 2,813 13 4073 106 8,103 303 11,240 119 216 102 13 16 0 0 122 It1 135 17,240 888 18,043 BRADFORD 1 296 0 710 4 1,274 6 23 2 2 0 0 0 0 0 30 0 2 2306 14 2,321 BREVARD w 5,041 25 7,630 127 16,664 479 2,260 137 378 25 11 7 1 1 728 : 7 460 82731 808 33,999 BROWARD 9,093 55 5,064 106 18,463 423 7,088 213 1,546 118 213 21 19 4 287 1 498 42773 941 44212 CALHOUN 90 0 959 9 517 19 13 1 1 2 0 0 0 0 9. 0 0 15`89 31 1,620 CHARLOTTE 4 2,922 42 2,711 46 12,934 414 2427 60 389 12 7 0 2 0 231 1 93 21,633 584 22,310 CITRUS 1,331 12 4,160 59 9,586 384 361 103 40 10 0 0 0 0 247 1 50 15,825 589 16,444 CLAY . 2,175 2 2,401 19 1 6.347 73 903 25 421 11 26 1 2 47 134 0 29 12,409 178 12616 COLLIER 3,989 15 2,430 55 I11,1721 559 3350 175 555 54 42 4 1 0 Z77 5 153 21,816 877 22,846 COLUMBIA 407 2 1470 5 1 2421 21 56 3 6 0 0 0 0 0 55 0 6 4.415 34 4,455 DADE i14,853 222 5,85 180 28.854 913 11112 469 2286 118 0 508 25 40 18 35B - 1 806 63,570 1,944 66422 DESOTO , 279 11 739 14 1 1.096 44 97 10 16 0 0 0 0 4 5 41 1 2 2,268 80 2360 DH81AV -+ 622 110 287 385 1 1 595 720 559 151 1 145 17 12 1 1 32 17 0 3.233 1,386 4.839 0005 . 123 5 1 759 43 ( 1,299 198 48 39 17 3 0 0 0 0 20 1 13 2,266 239 2,568 DUVAL : 4,413 19 5,620 21 13,676 330 1,686 73 j 320 21 20 17 4 0 341 0 117 26,080 567 26,784 ESCAPISM 2.120 16 3,660 32 7,930 168 1136 64 i 178 31 6 2 1 1 82 0 74 15,115 314 15,503 FLAOLR 4 944 6 1,155 26 2786 37 368 3 63 2 3 1 0 0 89 0 29 5406 75 5,512 FRANKLIN 174 21 723 165 1 1.268 506 159 67 : 36 33 1 8 0 0 8 1 6 2368 891 3265 GADSDEN 107 2 1,006 10 1 1.0041 13 36 4 1 5 0 D 0 0 0 19 0 4 2,257 29 2290 GICHRIST 135 0 1 553 2 982 17 , 17 5, 3 1 1 0 0 0 34 0 0 1 705 25 1.730 GLADES 75 0 i 343 12 749 12 36 1 1 10 0 0 0 0 0 16 0 5 1,229 25 1,259 GULF 205 39 1 1,155 58 1,278 168 114 24 1 15 12 1 2 1 0 1 11 1 2 2780 304 3.086 HAMLTON 67 0 405 3 388 7 10 0 1 0 0 0 0 0! 10 0 4 881 10 895 HARDEE a 780 1 I 568 8 816 14 23 0 1 0 0 0 0 0 35 0 4 1,623 23 1,650 HENDRY 373 4 880 12 1,457 46 1259 3 1 78 14 2 14 0 0 29 0 22 2,856 93 2,971 HERNANDO 1,439 10 2,370 34 4,940 83 361 4_,_61 32 34 f 121 I 6 j 7 5 --� 0 3 0 0 0 0 0 259 87 3 17 9,413 197 64 9.627 HIGHLANDS { 1,277 5 2233 19 , 5,18911 0 0 0 2- 8,894 8,986 HILLS ' 7,095 54 6,899 101 21491 ' 429 13,156 93 j 501 36 49 21 1 1 : 719 10 128 36,810 744 40782 HOLNEB , 155 0 1,212 9 637 10 j 26 2 1 0 0 0 0 0 13 0 2 2,044 21 2,067 IND.68VER , 1,181 9 2,401 BO 5,741 ' 233 1 703 _ 53 151 7 11 0 2 0 186 1 61 10.356 383 10.803 JACKSON 343 0 2,298 14 11,952 16 1 63 4 1 8 1 1 0 0 0 26 0 0 4,691 35 4,726 JEF7E118011 LAFAYETTE 85 0 0 566 351 41t _ 2 533 1 13 41 2 481 3 11 0 1 11 1 8 0 1 0 0 0 0 01 0 4 22 1 0 1 8 0 5 0 1,256 16 1.277 ,74 0 _ 0 1 905 5 910 LAKE 2,743 8 4,207 34 1 13,048 1 119 518 19 ' 54 3 1 0 0 0 j 220 0 87 20,801 183 21071 LEE 6,440 85 5,479 66 26,487 i 744 i 5,909 181 1 844 53 24 17 4 4 ; 572 5 275 45,759 1,155 47189 LEON 1,085 5 4,701 32 6307 ' 108 376 27 67 6 3 0 1 0 i 186 0 2 12.726 T78 12906 LEVY 308 3 1285 34 ' 2.315 223 1 75 59 21 9 5 0 0 0 . 60 0 32 4.049 328 4,409 LIBERTY 44 0 670 8 ' 349 8. 7 2 1 1 0 0 0 0 2 0 2 1,073 19 1,094 67N013011 1 103 0 459 3 577 3: 17 1 2 0 0 0 0 0 i 9 0 0 1167 7 1.174 CLASS A41 CLASS A-2 y CLASS 1 CLAIM CLASS 3 CLASS 4 CLASS 6 COMM TOTAL 18527 COUNTY < THAN 12 12 -15' 11" 16 - 26 11 25 - 39'11" 40- 54' 11" 56-10211" 110 MORE r CANOES 'DEAL PLEB MANATEE MANATEE L LPIs 2 Comm 49 _ PMs Comm 2,987 , 89 m1 Piss ,Cc nPNs Co m`Plss Comm ► ao Comm Piss Comma, P1ss Lmm Co 151 17,662� 714 9,208 442 11853 122 429 22 42 1 5 2 0 , 255 i 5 MARION 2,272 8 4,952 , 41 10,6021 125 , 379 _ 32 47 4 2 0 0 0 307 0 j 59 18,561 208 18,828 MARTIN MONROE 2,130 6 2,029 49 4 9,078 t 327_, 13.783 1,280 2831 4,806 291 110 541 25 63 1 3 3 0 0 0 103 1 24B 1 174 16,778 522 1754E 2810E __ 3,725 ' 617 4 47 2,610 328 723 1.128 304 16 94 16 2 1 86 r 78 1 0 26,233 2699 NASSAU 1 2 1 606 r 27 , 3,075 T 73 n- T 31 52 2 5 1 18 6,122 154 6,294 OKALOOSA i 3636 , 17 3,668 36 8,555 211 1,899 118 281 83 10 13 0 0 80 1 195 17,909 479 18,583 010�CN0S. 324 5 1,072 1 49 3,261 r 102 1 127 , 13 11 1 0 0 0 0 24 1 1 10 4.819 171 5.000 ORANGE 5,768 1 27 4,185 i 76 13.977 153 958 21 149 0 10 0 1 0 289 1 176 26,335 278 28,789 OSCEOLA 11,777 L 3 i 1,573 23 1 4.252 1 95 i 219 8 17 1 0 1 0 0 1 0 , 73 1 0 14 7,911 130 8055 PALM BCH 6 950 r 49 1 4,368 , 137 17 910 481 5,824 257 1,007 69 174 1 15 20 1 240 1 267 36,493 090 37,750 P4300 4,062 14 4,905 49 4 12 786 206 ` 1 274 , 103 99 30 1 + 3 58 18 _ 1 2 0 1 1 495 1 87 23,643 406 24,136 PINELLAS 9,709 74 6,36E 133 23893 1 521 I61000' 278 1,012 80 699 10 514 48,029 1211 49754 POLK 3,875 17 7,470 , 161 _ 15 523 239 1 702 i 22 154 7 9 2 0 0 329 0 , 52 28,062 448 28,562 PUTNAM 653 12 2.054 I 69 4,293 162 , 202 10 55 5 2 , 1 1 0 51 0 41 7 311 259 7.611 SANTAROSA 2,179 24 3,942 54 7165 ! 135 739 34 62 9 2 , 0 0 0 61 1 0 37 14150 256 14,443 SARASOTA 3j018 25 99315 1..._ 31 11,888 229 2.,.� 311_83 463 2228 4 0 0 296 0 238 21,896 394 22,328 BEMNOLE 3,437 12 3,883 50 1 9,421 111 750 1 19 126 13 6 i 1 0 0 ~ 358 2 92 17081 208 18,281 ST.JOHNS 2066 14 3,028 1 92 7,422 202 1,073 48 241 26 12 3 0 0 173 1 72 14015 386 14,473 ST.LUCIE 1,7121 10 2.149 81 , 7,0101 289 1,166 83 206 13 18 I 1 0 0 117 0 97 12,378 477 12,950 SUMTTh 386 0 1,515 } 15 , 2,351 24 I 74 2 10 1 2 0 0 0 78 2 11 4,416 44 4,471 BUWANNEE 246 2 . 995 6 ' 1,387 13 I 61 1 2 5 0 5 1 0 0 0 36 1 2 2,736 24 2762 TAYLOR 170 2 1 1,388 34 , 1,945 , 91 1 57 ; 20 5 3 0 1 0 0 0 12 0 14 3,577 150 3,741 UNION 84 1 377 1 2, 502 5 11 0 0 0 0 I 0 0 0 15 0 0 990 8 998 VOLUSIA 3,283 31 1 5,676 1 184 14B86, 413 11.277 58 227 17 12 1 4 1 4 1 412 0 225 25,573 706 27,506 WAKULLA 4 270 728 11 _ 9 1,748 51 24527 190 4 1,940 23 2,499 96 168 11 33 271 1 Ti 23 50 10 13 0 1 T 6 0 0 _ 0 _ 0 36 0 - 28 0 0 7_ .44 10 770 290 153 5/379WAL7014 5,522 5,68E WASHINGTON 206 1 1,241 1 9' 605 11 28 2 1 0 0 0 0 0 18 0 0 2,380 23 2,403 TOTALS 1143.490 1.266 176,956: 3,984 470,557 14458 80750, 4.533 16.0001 1,482 1,5611 250 115 82 10,823 87 6 013 699,285126,152 931 450 46 CBRE 02017 CBRE, inc. 2017 CBRE Marine Industry Report As indicated in the data tables, the 10-year trend in vessel registration is down 9.6% from 1,030,370 vessels in 2005, to 931,450 vessels at the end of 2016. However, over the past three years, the annual vessel registration data shows that the marine industry has begun a clear rebound. The Florida year over year vessel registrations for the past several years is summarized below. Year State of Florida Change 2010 946,579 2011 922,491 -2.5% 2012 901,969 -2.2% 2013 896,632 -0.6% 2014 899,635 +0.3% 2015 915,713 +1.8% 2016 931,450 +1.7 From 2010 to 2013 vessel registration decreased at the state level. However, over the past three years, the trend has been positive. This state level data is consistent with the detailed market and economic national data from the same time period. BARRIERS TO ENTRY Barriers to entry into the Florida marina market generally include lack of good waterfront development sites. Over the past 2 to 3 years, dry slip occupancies along Florida's Atlantic Coast have risen back up to their former levels of 90% and above, with some markets reporting 100% occupancies combined with a waiting list for the most popular slip lengths. The Atlantic Market is led by the Southeast Florida submarket, which consists of Miami -Dade, Broward and Palm Beach Counties. Therefore, the primary barrier along the Atlantic Coast is undeveloped land that is suitable for marina development. Marina occupancies along the west coast of Florida are generally 5% to 15% below their east coast counterparts. However, dry slip occupancies still lead over wet slips. There are two primary barriers to entry along Florida's west coast and they are good waterfront sites that are adequate for marina development and the financial constraints caused by generally lower rental rates and occupancies. 47 CBRE 2017 CBRE Marine Industry Report The third geographic region is the Panhandle of Florida. This region continues to struggle to break out of recession. In this market, land is plentiful. However, water depth at the shoreline and an adequate channel leading to the deep waters of the Gulf of Mexico are often a problem. These physical limitations combined with diminished the marina financial fundamentals do not support new marina development. However, expansion, in specific circumstances could be financially feasible for marinas that are very well maintained and are very well located. DEMAND GENERATORS Boat storage options include wet slips, dry rack storage, surface storage as well as on -trailer storage. The demand for these boat storage options within the market is a function of population, disposable income, marina location, proximity to popular fishing and family destinations, the relative rental rates for wet versus dry storage, quality of the facility, fuel prices etcetera. A very important element in the boat storage business is location, proximity to popular boating destinations, as well as the service and reliability associated with the facility. Full service marinas have a significant competitive advantage over limited service or no service storage options as they create an "All Inclusive" boating experience. The inclusion of an amenity package such as restaurants, lounges and family recreational amenities such as an outdoor pool can give a marina property an additional competitive advantage. 48 CBRE 1I CBRE, ln�. 2017 CBRE Marine Industry Report rine Manufacturers Association ECONOMIC SIGNIFICANCE OF RECREATIONAL BOATING IN TOTAL ANNUAL ECONOMIC IMPACT OF RECREATIONAL BOATING: 11 $ii�.:: RECREATIONAL BOATS IN FLORIDA TOTAL BOATS' 865,281 REGISTERED BOATS 865,287 Power boats 722,742 PWrs 97,375 Sailboats 23A04 Other Boats 21J66 HOUSEHOLDS PER ROAT 8.fi 'Total boatsareregistered boats as Ironed by states tothe USCG. RECREATIONAL BOATING CREATES JOBS IN FLORIDA TOTAL BOATING JOBS 43,859 Boat Building Motor /EngineMNgr. Accessory /SLppl es Mlgr. Dealers/Wholesales Boat Services 9,336 380 1 4,171 6,754 22,618 AIL POWER BOATS 84' Number of Recreational Boats" 865,287 ,539 82,752 $4.3 Recreational Boating Industry Businesses 5 PWCs 11% • BOATBIALDING • DIRS/WHDLESA1ERS • MOTOR/ENG. MFGR • BOAT SERVOS • ACCJSIIPPUES*GR. ESTIMATED JOBS IMPACT OF RECREATIONAL BOATING -RELATED SPENDING IN FLORIDA 27,015 EST. TOTAL JOBS 82,752 INDUCED JOBS ilLuONS EST. TOTAL LABOR INCOME 53,4341 Est. Direct inane 11Al2.4 Est. Indirect income $8392 Ese.lnduced Income 811825 ditlibb 15,104 INDIRECT JOBS 40,833 DIRECT JOBS Total Jobs Annual Recreational Boating -Related Spending ‘It OTHER BOATS 2°6 RECREATIONAL BOATING -RELATED BUSINESSES IN FLORIDA TOTAL BUSINESSES Boat Buidng Motor/ Engine MNgr. Accessory /Supplies MNgr Dealers/Whdesalers Prat 5,539 172 23 492 732 4120 RECREATIONAL BOATING INDUSTRY SALES IN FLORIDA Boat Building Motor/ Engine Mfgr. Accessary/Supplies MNgr. TOTAL MFGR. SALES Dealers/ Wholesalers Boat Services TOTAL RETAIL&SERVICES SALES 81,954.7 31605 18919 53,0133 13381.7 16508.0 59,8892 • BOAT BUILDING • DLAS/WHOMERs • MOTOR/ENG. MFGR • BOAT SERVHS • ACCJSUPPUES MFR. • BOAT BUILDING • DLRS/wHOIESNERS • MOTOR/ENG.*GR. • T0ATSEmas • ACCJSUPHIES ME6R $1,954.7 MBlION $180.5 MILLION $897.9 MUM $ 3,381.7 MILLION 3s6,508.0 M01PN e. ■R .. R .. Iona>:IINNitsteteroterorROpa,AVaern,>aIName Rawl (kiteatNKI4ulStatrUdoedq 49 CBRE 2017 CBRE Marine Industry Report CONCLUSION — STATE OF FLORIDA The supply and demand characteristics of Florida's three marine regions are significantly different. The east coast of Florida is the leading region, followed by the west coast region and then the Florida Panhandle. Within the east coast region, the southeast Florida submarket still remains the hottest marketplace with the highest rental rates, the lowest vacancy and the longest waiting lists in the state. This area clearly has the fundamentals necessary to support new marina development as well as marina expansion, reconfiguration, redevelopment and condo conversion. From an investment perspective, the west coast market is primarily a buy and hold, or value added play. In the Florida Panhandle, marinas can be purchased at a fraction of the east coast pricing levels. Therefore, this region is ripe for low bid acquisition with a long term holding strategy. Florida vessel registration data showed increasing vessel registrations over the past 3 years. Our forecast for the state of Florida is for intense competition to purchase well -maintained and located marine properties on the east coast. We also expect marina investors to continue buying west coast marinas as value added investments with 5 to 10 year projected holding periods. The Panhandle will continue to see acquisitions at discounted prices that allow for long term holding periods of 10 years or more. 50 CBRE 2017 CBRE Restaurant Industry Report 2017 CBRE Restaurant Industry Report According to the National Restaurant Association's 2017 Restaurant Industry Forecast report, restaurant and foodservice sales are projected to total $798.7 billion in 2017, up 4.3 percent from the 2016 sales volume of $766.0 billion. Eating Places are projected to have $571.4 billion in sales in 2016, Bars and Taverns are projected to have a sales level of $19.7 billion, Managed Services, a sales level of $53.5 billion, Lodging Placed a sales level of $36.0 billion, and Retail, Vending, Recreation and Mobile, a sales volume of $75.2 billion. Although this represents the eighth consecutive year of real sales gains, growth will remain dampened by historical standards. Significant variances among geographic regions and industry segments will also affect restaurant sales performance. In inflation adjusted terms, sales are projected to increase 1.7% in 2017, up slightly from the 1.5% gain registered in 2016. Although this represents the eighth consecutive year of real sales gains, growth will remain dampened by historical standards. Significant variances among geographic regions and industry segments will also affect restaurant sales performance. The following table illustrates the most recent food and drink sales trends within the industry. RESTAURANT INDUSTRY FOOD -AND -DRINK SALES 2013 F&D Sales 2014 F&D Sales Percent 2015 F&D Sales Percent 2016 F&D Sales Percent 2017 Projected Percent $000 5000 Change $000 Change 5000 Change F&D (S Sales Change ( ) ( ) 9 ( ) 9 I 1 9 ($000) g COMMERCIAL RESTAURANT SERVICES $624,102,139 $651,089,436 4.3% $684,630,820 5.2% $705,743,179 3.1% $736,322,100 4.3% Eating Places 5463,243,775 $483,073,189 4.3% $508,644,278 5.3% $528,599,841 3.9% $551,695,280 4.4% Fullservice restaurants 5226,932,703 $235,789,078 3.9% $247,100,666 4.8% 5254,107,809 2.8% $263,001,582 3.5% Limited -service (quickservice) $190,801,950 $199,388,038 4.5% $210,872,789 5.8% $221,896,402 5.2% $233,656,911 5.3% Cafeterias, grill -buffets & buffets 56,759,712 56,854,348 1.4% 57,039,415 2.7% 55,887,845 -16.4% $5,681,770 -3.5% Snack & nonalcoholic beverage bars $31,659,730 533,667,368 6.3% 535,889,414 6.6% 538,434,085 7.1% $40,751,369 6.0% Social Caterers $7,089,680 $7,380,357 4.1% 57,741,994 4.9% 58,273,700 6.9% $8,604,648 4.0% Bors and taverns 518,129,757 $18,619,260 2.7% $19,270,934 3.5% 519,301,182 0 2% 519,783,712 2.5% TOTAL EATING -AND -DRINKING PLACES 5481,373,532 $501,692,449 4.2% 5527,915,212 5.2% 5547,901,023 3.8% $571,478,992 4.3% NONCOMMERCIAL RESTAURANT SERVICES $54,402,607 $56,714,607 4.2% $58,093,429 2.4% $57,647,840 -0.8% $59,651,100 3.5% MILITARY RESTAURANT SERVICES 52,484,617 52,523,508 1.6% 52,575,203 2.0% 52,653,348 3 0% $2,733,269 3.0% TOTAL INDUSTRY SALES 5680,989,363 $710,327,551 4.3% 5745,299,452 4.9% 5766,044,367 2 8% 5798,706,469 4.3% Source National Restaurant Association 2017 Forecast 201 7 National Restaurant Association The Association is projecting that the restaurant industry's workforce will increase slightly to 14.7 million in 2017. Restaurants will remain the nation's second-largest private -sector employer, providing jobs and careers for about one in 10 working Americans. The following tables illustrate those states with the highest projected industry growth. 51 CBRE 2017 CBRE Restaurant Industry Report TOP 10 STATES FOR 2017 SALES GROWTH 1 Florida 6.2% 2 Utah 6.0% 3 Nevada 5.8% 4 Arizona 5.7% 5 Oregon 5.6% 6 Georgia 5.4% 7 South Carolina 5.3% 8 Washington 5.3% 9 Idaho 5.2% 10 California 5.2% Source: National Restaurant Association: 2017 Forecast The top 10 states for sales volume is reflected in the following table. TOP 10 STATES BY 2017 SALES VOLUME 1 California $82.2 billion 2 Texas $54.1 billion 3 New York $43.3 billion 4 Florida $41.7 billion 5 Illinois $25.2 billion 6 Pennsylvania $21.5 billion 7 Ohio $20.9 billion 8 Georgia $19.6 billion 9 North Carolina $18.6 billion 10 Massachusetts $17.0 billion Source: National Restaurant Association: 2017 Forecast 2017 STATE AND REGIONAL OUTLOOK Regions of the country with the most favorable economic conditions and the strongest population growth are expected to fare the best in restaurant sales. The following chart illustrates the breakdown of the U.S. into regions along with individual state forecasts: 52 CBRE c _. � ? CBRE. b _ 2017 CBRE Restaurant industry Report State Sales and Economic Projections Restaurant -sales gains can vary significantly by state and region, driven largely by changes in total employment, residents' personal disposable income and population. Stab Hoonomlc indicators Orolected Percent Change. 2016 - 2017 Totat teal Disposable Total Employment Personal Income Population Restaurant Sales ($000) Percent 2016 2017 Change Connecticut 0.8% 13% 01% 57251,856 $7,542428 4 0% Maine 0 8% 15% 0.0% $2209.213 52279 257 3 2% Massachusetts 1 a% 19% 0 516 516351531 $17,027.425 4.1% New Hampshire 15% 23% 0216 S2,582388 S2693,608 4 394 Rhode Island 1.096 161 02% S2.314,292 52,392,091 3 4% Vermont 1.196 169' 02% 5994,638 51.027.685 3 3% New England 1.2% 1.7% 0.3% 331,703,917 $32,962,495 4.0% New Jersey 109' 149' 02% 515,706.758 516,302.003 389' New York 1.1% 18% 0.19' 541,821,807 543,317,950 369' Pennsylvania 10% 1.7% 00% 520,629,385 $21,497.587 42% Middle Atlantic 1.0% 1.6% 0.1% $78,157,751 381,117,540 3.8% Delaware 15% 17% 0.9% $1.945.488 S2,032445 45% Drstnct of Columbia 0.8% 13% 0.9% $3,571,631 S3.753,079 51% Florida 25% 19% 22% 539,248,095 541,681,452 62% Georgia 1, 9% 18% 1.69' 518,622 860 519.634 522 5 4% Maryland 12% 17% 0.6% $11.637,561 S12.083.994 38% Math Carolina 18% 24% 13% S17,819.686 S18,610,709 4 4% South Carolina 19% 29% 1296 $8.938.029 $9,407,621 53% Virginia 1.5% 22% 089' 516.101,588 516,830,760 4 5% West Virginia 0.196 07% 00% $2661,280 52,753102 35% South Atlantic 1.8% 28% 1.4% $120,546,218 3126,787.683 5.2% Illinois 109' 16% 0.09' 524,307158 525,197,590 3 7% Indiana 12% 209' 0.4% 511,126,041 $11,596239 4 296 Michigan 139' 21% 0.096 515,259,516 $15 887,140 41% Ohio 12% 18% 0196 520,333,052 $20.944,678 30% Wisconsin 12% 19% 0 3% $8.328724 $8.600.978 3 3% Eaat North Central 1.2% UM 0.1% 1$79.353,991 $82,226,626 3.6% Alabama 12% 16% 02% 57738,249 $8,086.074 4 5% Kentucky 1.196 1596 0.39' 57,568.034 57,863287 3 9% Mississippi 0,99' 139' 0.1% 54370569 54,538,948 3.99 Tennessee 1.6% 2,5% 0.8% 511,639,354 512.175.622 4 6% East South Central 1.3% L9% 0.4% 331,316,206 $32,663,931 4.3% Iowa 11% 1796 01% $4,203,504 54,356,317 3 6% Kansas 1.0% 17% 0,69' 54.610.080 54,788,148 399' Minnesota 149 2.1% 0.6% $9.416 774 $9.733.433 1416 Missouri 12% 18% 0,49' 510,132,856 510,480,847 14% Nebraska 1095 16% 0,616 $2.842526 52„953.163 3.995 North Dakota 0,8% 15% 0.8% 51,273,746 51.304.402 24% South Dakota 14% 20% 07% $1277,895 $1,332782 43% Nest North Cordial 1.2% 1.8% 0.6% 333,757,182 S34,946,092 3.5% Arkansas 1096 1,69' 0.49' 54,279,811 54,416,993 3295 Louisiana 0.7% 1,496 03% $8,636.431 $8.908,479 3.1% Oklahoma 0.796 1,59' 069' 56.412361 56,611,970 319' Texas 18% 2 5% 17% $52034,165 $54,063 768 3 9% West South Central 1.5% 2.2% 13% $71,362,768 374,001,210 3.7% Arizona 2,2% 3.5% 2,1% $11367572 $12.015,524 5 7% Colorado 2..0% 3196 1.4% 511,521.373 512110.905 5.19' Idaho 17% 2.7% 11% 52,169,491 52 283.224 5 2% Montana 0.8% 15% 089' 51752110 $1.832,484 4695 Nevada 24% 3.6% 2 2% $6.810,366 $7.208,451 58% New Mexico 0.79' 139' 0316 53.292985 53,391.419 3,09' Utah 2 5% 3.996 15% 54.363.685 54.624.565 6.0% Wyoming 0 696 1.2% 0.6% 5984,779 S1,023.064 39% Mountain 2.0% 3.1% 1.5% 542,262,363 344,489,636 5.3% Alaska 0.5% 16% 05% S1.552.351 $1,618,914 4.3% California 1791 2 5% 0 9% 578,179,741 682,240,200 5,296 Hawaii 1.19' 15% 0.7% 54,446.835 54,630223 43% Oregon 2.19' 3295 0.9% S7.341831 57.750,363 5.6% Washington 19% 2,9% 12% 512,851,928 S13,533.081 5.3% Pacific 1.7% 26% 0.9% 3104,372,687 3109,772,781 529' Source. National Restaurant Association Note Sales figures are In Current dollars and are not adlustao for menu once Inflation National Restaurant Association 2017 Restaurant Industry Outlook I R.staurant.org 53 CBRE 2017 CBRE Restaurant Industry Report NATIONAL QUICK SERVICE RESTAURANT DINING MARKET REPORT — 2Q 2016 The following has been obtained from The Boulder Group's Second Quarter 2016 Quick Service Dining Market Report. The Boulder Group focuses on the brokerage of net leased assets and thus tracks the net leased market closely, publishing an annual newsletter for net leased casual dining properties. Cap rates in the net lease quick service restaurant (QSR) sector declined to 5.70% in the second quarter of 2016 representing a compression of 10 basis points from the prior year. Cap rates for properties leased to franchisees declined by 10 basis points to 5.80% while cap rates for corporate leased properties experienced a 20 basis point decline to 5.45%. While cap rates decreased, the supply of QSR properties increased by approximately 26% year over year. MEDIAN NATIONAL CLOSED CAP RATE SPREAD Sector Closed QSR Sector 5.65% Asking 5.45% Spread (bps) 20 The QSR sector differs from other net lease retail sub -sectors as almost three-quarters of the properties are leased to franchisees rather than corporate entities. Cap rates for QSR properties leased to franchisees are influenced by the strength of the guarantor that can range from a one unit operator to a franchisee with hundreds of restaurants. Cap rates for corporately guaranteed QSR leases achieved a 35 basis point premium over franchisee backed assets during the second quarter of 2016. 1031 and private investors tend to pay a premium for corporate guaranteed leases as there is Tess perceived risk. The cap rate spread between corporately guaranteed and franchisee guaranteed leases increased by 10 basis points in the second quarter due to a higher concentration of upper end credit tenants like Panera and Starbucks. Corporately guaranteed ground leases to tenants including Chick-Fil-A and McDonalds represented the lowest cap rates in the sector of 4.00% and 4.10% respectively 54 CBRE 2017 CBRE Restaurant Industry Report QSR VS RETAIL NET LEASE MARKET CAP RATES Sector QSR Sector Retail Net Lease Market QSR Premium (bps) Q2 2015 (Previous) 5.80% 6.40% 60 Q2 2016 (Current) 5.70% 6.18% 48 1031 and private investors continue to dominate the acquisitions of net lease assets, priced below $10 million. In the second quarter of 2016, the median asking price for single tenant QSR properties was $1.83 million. QSR properties garner strong demand from investors as they offer a viable alternative to dollar stores for 1031 exchange buyers with low equity requirements (below $2 million). The attractive qualities of QSR properties include leases which typically feature recognizable tenants with long lease terms, no landlord responsibilities and rental escalations ASKING CAP RATE BY LEASE TERM REMAINING Lease Term Remaining 20+ 15-19 10-14 Under 10 Cap Rate 5.35% 5.50% 5.75% 6.60% The low cap rate environment for net lease properties including QSR has made sale leaseback transactions attractive to franchise operators. In turn, franchisees are able to secure favorable value for their real estate to aid in expansion plans, existing store remodeling or existing debt paydown. Due to the attractiveness of the market for sale leaseback transactions, the recent supply of properties in the QSR sector has increased. QSR ASKING CAP RATE BY GUARANTOR Corporate Cap Rate 5.45% Franchise Cap Rate 5.80% 55 Spread (bps) 35 CBRE 2017 CBRE Restaurant Industry Report The single tenant net lease QSR sector will remain active as supply remains abundant for assets with long term leases. The attractive sale leaseback environment for QSR operators will continue to add supply to the market. Lower price points, rental escalations and typical NNN lease structures of this asset type continue to attract private and 1031 exchange investors. NATIONAL NET LEASED INVESTMENT TRENDS PwC Investor Survey — 3rd Quarter 2016 As the commercial real estate industry extends its expansion and interest rates linger at historically low levels, investors remain drawn to the national net lease market. stable long-term yields compared to other asset classes, combined with the security of a decent residual real estate value, make net lease investments appealing," explains a participant. In addition, investors cite tenant stability and the passive nature of most net lease agreements as positive attributes for investing in this niche sector. When looking at potential net lease asset investments, participants rank the underlying credit rating of the tenant at 8.4 on an importance scale of 1 (low) to 10 (high), compared to a rating of 7.0 for the asset's underlying real estate value. Despite eager investor interest, this market's average overall cap rate posts its first decline since the beginning of 2010 (see Table 32). However, 80.0% of investors still believe current market conditions favor sellers. Over the next six months, most investors foresee cap rates holding steady while some expect an increase of up to 50 basis points and others foresee a decrease of 25 to 50 basis points cap rates in this market is a decline of six basis points. "Attractive and relatively KEY 3Q16 SURVEY STATS \larke t t'onditions Favor: Buyers o.o% = Sellers 80.0% = Months of Free Rent: Awrage Range % of participants using Portfolio Allocation: Sale leasebacks Net lease sales t(r31 exchanges Build to suit (t) (t) (t ) 20.0% 39.0% A 19.0% = 22.0% = • V. a.. = d.aupe from prior quarter 4:1 fin.o%of 1.xliatyut,- .ue t.d iaii;c free rent. 56 . Combined, the outlook for overall CBRE 6RE 2017 CBRE Restaurant Industry Report Table 3a NATIONAL NET LEASE MARKET Third Quarter 2016 CURRENT LAST QUARTER t YEAR AGO 3 YEARS AGO 5 YEARS AGO DISCOUNT RATE (ERR) Range 6.00%-taco% 6.00%-l000% 6.00% -la00% 700%-g00% 7.00%--9m% Avenge 8.2o% B00% B00% 7.94% 7A7% Change (Basis Points) + 20 + 20 + 26 + 23 OVERALL CAP RATE (OARr Range 5.25%- 9-00% 525%- 9.00% 3.yo% - 9.0o% 6.o0% - 8.50% 5.25%-1o.2 % Avenge 6.85% 6.75% 6.83% 7.18% Bag% Maw (Basis Points) + to + 2 — 33 La RESIDUAL CAP RATE Range 6.o0% - god% 6.00% - o.00% 7.00%- g00% 7.0O%- 9.00% 7n0% - 2 00% Avenge 770'% 7.63% 7.81% 813% 885% Change (ems Points) + 7 - u . 43 - 113 MARKET RENT CHANGE Range 000% - 30o% o.00% - 3.00% o.00% - 3.00% ono% - 300% (3.00%) - 4.00% Avenge t.8o% 1.8o% 1.8o% tg5% Lm7% dmge (Basis Points) 0 o + 45 + 73 IPENSE CHANGE Range m00%•.g00% o.00% ,3.00% o.00%-3.00% ono%,,,g00% o.00% ”3.00% Average 1ao% L7o% L70% t00% 1.82% Mang (Bash Points) O O ...- 20 - 12 MARKETING TIME' Range 2-12 2'12 1-12 2••12 1-18 Avenge 4.8 48 43 49 5.8 (:lung (•.a.tl = a • • . Ilreoe Aa& tsmotines b. 'labia Is odnoird, AAddge.... re. Atolls CONCLUSION Despite consumers' cautious outlook and their curtailed spending behavior, the restaurant industry has held up relatively well overall. While the average restaurant usage of many American consumers may be down somewhat from pre -recession levels, there are roughly 14 million more of them in the pool of potential customers than there were in 2007. As a result, total restaurant industry sales continue to trend upward, albeit at a moderate pace. It's clear that American consumers haven't abandoned restaurants, but rather choose their visits more carefully until their financial situation improves. Given the positive underlying economic fundamentals, as well as elevated levels of pent-up demand among consumers, the stage is set for an improving business environment for restaurants well into 2017. 57 CBRE Local Office Market Analysis Local Office Market Analysis MARKET OVERVIEW The following discussion illustrates some general observations in the surrounding office market. Market Summary Market statistics for the Miami -Dade Market and the subject submarket are shown in the following table: Total Office Market Statistics First L2 t. ir. or 2017 Rotes ✓ ietiYLLPa 46 9lrayhr Corridor 121 6rN3;.II 71 9D Canal Gables 440 Cvrs1 Way 225 Downir wn Miami 1 81 Kendal 531 Icdlryrlialrah 336 O mni 561 Mlati5 Airport 417 1 Miami Beach 159 Miami lakes ----.- 140 Mlaeitl-Defile Central (.esil4i 61 N,.wllras% Dade 510 1,864,443 119.730 121.630 8.596 (3.996) 2,7913,179 340,672 343,272 12396 (11.6471 9.488.168 1.009,826 1,094.422 11.5% 74.693 8160113 203,171 2177,162 8.6* 27:93e 10.959.617 858.590 874.229 8.0% (6.473) 2.353.717 73.438 75.538 3.2% (28.085) 11.672,880 1.034,889 1.951,783 16.796 922,495 7.9% 11.702.983 899,742 4.246.031 241.597 241,697 5.7% 6.681.589 226.474 226.474 3.496 18.719283 1.520.529 1.558.402 8.3% --1 0 0 0 lo+6,o01f1 O 0 01.112j� O 27.327 45,614 198.002 543.60 8.643 S37.97 145.000 $43.35 O 137,65 309.970 538.68 54.912 S25,77 318.000 837.91 8.000 829.97 2.136 S26.10 4,467,435 3,542.091 435,447 6.363.767 OutlyingMiami-Dade golly 6 172.432 217 22642001 312 1.851,501 South Dade 4%.es1 Miami 40.819 1 0 161,419 0 1 92.571 I 1131.09 4.365 0 I 452.492 232,153 244,665 5.5% (27.237) 563.690 563.845 15.9% 18.959 0 612.014 0 159.672 15.072 O 0.0% 0 618.604 9.7% 60.598 O 0.0% 0 159.672 7.I% 0.8% 15.072 S28.14 O 13,800 I S41.53 O 70.920 S21.92 O i 0 S21.58 O 174.747 S24.48 O 0 S0.00 3.810 2.827 O 33.480 521.94 O 0 ± S2265 At the end of the first quarter of 2017, the Miami -Dade Office market showed a vacancy rate of 9.1% with minimal deliveries, but significant office product under construction which shows wide spread optimism for office space in the market. The average rental rate was quoted as $33.73 per SF. When compared with the market, the Coconut Grove submarket, (highlighted above), was mixed relative to the market average. The vacancy rate of 9.6% was inferior to the market average and the rental rate of $37.65 per SF was superior to the market. Market Trends The table below presents the several sets of market trends for the Miami -Dade general office market. 58 CBRE Local Office Market Analysis Total Office Market Statistics Existing 1 Period # Bids { ry Total RBA 20171q 4 11,734,876 _20_16_4q 4,33? . 101_667,615 2016 3q 1 4,336 101,614,581{ 20162 4,334 101,575,906 1 0lroct SF Fret Quarter 2017 Vacancy Net Deliveries UC I tory Quoted: Total 5F Voc % Absorption * Bids TotnI RBA N Bids Total RBA Rotes t i •il 9 }t 9,218,862 9.1% 9,254,387 I 9,445,206 ` 9.3% 9,383,765 92625,136 0.5% 9 785,141 9 977,151 9-8% 2015 4,.',36 101,147,695 9,599,545 9,733,796 96% 2014 4,331 102,988 11,722,263 11 871,004 11.7% 2013 4,325 ' 101,365,371 I 12,858,839 13,028,715 11.9% 7011 4,327 101,313,064 1. 13,458,278 13,665,591 13.5% 71111 4,372 101,040,3.58 jl 14,112,098 I 14,36 0,2 ? 71 14. % 2010 44,318 1 1040820070 13,774 5� 14,21],207 -' 14,296 2019 1 4,305 98,075,853 12,3884,036 12 951111'14_ 13.216 20)8 1 4,27071 95,919,475 9,417,241 1 10,000,891 10,416 2007 J 4,216 91840,007 7,716,467 I 8,117,053 . 8.7% 2006 4164 t 91323539 6,223,352 406,263 -7.016 2005 1 4,126 ;- 89,037,771� 5,723,814 . 5,922,228 , 6.7% 293,605 _ 2 I 151 614 33 1 2 673• 233,064 2 63,983 33 1,995,351 $33.43 390,590 L 2 3.8,6)5 33 1,813,907 $32.79 336182 I 2 t60,136 33 _ I760185 ' 532.14 1,452,915.E 11 210,/08 ~22 1,408,476 : $31.01 1,623,822 4 136,979 17 697,924 379.84 689,689 4 171,998 10 ' 757,959 _I` 529.40 967,386_4 7 ` 303,496 10 862,068 379.02 809,724 7 I 1,127,025 l 10-1-i. - 493,664 $28.69 /4243124 15 2143,920 „ 9 I1,340,175 529.50 (/93,645) 31 1,877,246 i 18 2,8/7,679 S30.45 205,630 54 2,186,125 i 40 I 4,642,772 53227 795,678 37 ' 1877,817 , 68 S879.919 _ 531.32 1,801,733 i 25 21013,423 56 389977,593 527.22 2,998,575 I 23 _ 709,9103 43 3,114,093 $24.50 .73 From the first quarter of 2016 to the same period in 2017, the vacancy rate for the general office market strengthened from 10.0%, down to 9.1 %. This lower vacancy is especially encouraging with considering that the average rental rate increased over the same period from $31.52 per SF, up to $33.73 per SF. Coconut Grove Submarket Trends 1.1061641 :..; rin :1 RBA Thal IlUA keys 2017 1 q 99 2.150,1 13 20 /. I42 9.695 2 /.938 1 166.000 0 2016 4q 98 2,014.113 129.100 6.396 7.262 2016 3q 98 2.,044.113 136.362 6.7% 12.909 2016 2q 98 2,044.113 149271 7.3% 4,285 0 2016 1,40 OR 2.044,113 168.566 7.69E I ,62-11 1i 3 2015 4q 98 2.044,113 126932 6.296 7.833 0 1 2015 3q 98 2044,113 J 134.765 6.6% 10.469 0 0 i 1 2015 2q 98 2.044.1131 145.234 7.1% _2,743 0 0 1 20151q 98 2,044.113' 147,977 7.296 (t0,470) 0 0 - 6 7014 4q 98 I 2,044,113 137.507 6.7% _34.990 0 0 0 2011 3q 98 1 2944.113 , 172,497 .41� 1.369 0 0 0 2014 2q , 998-- 2.044,113 173.866 8.596 13.674 0 0 0 1 20141q 1 as 2.044.1131 187.540 9.296 (I7,2491 0_ 0 0 11 2013 4i 7-98 , 2,044,113 170,291 8396 3,486 0 0 I 0 2013 3_ 98 2,044,113 173.777 8 5% (29,978) 0 0 0 2013 2q 98 2,044.113 143./00 /.0% 10.631 0 0 0 o 1 106,000 $37.43 O ! 11 f 106.000 - S36.96. 106000 I S36.33 106,00 1 y ' ISS7 S9 106.000 L. S3.138 108.000 r 534 06 106.000 , _ $32.87 $ 31.39 331.04 531.32 $ 30.82 530.35 8 S3054 O $29.70 U S29.4/ 0 0 0 -�-yI u I Again, we have considered the 2016 Q1 performance with that of 2017 Q1. During this interval, the vacancy for office space within the submarket increased from 7.5% to 9.6%. During the same period, there have been no new office buildings being brought into inventory. This long term historical restriction of supply has allowed office buildings in this submarket to raise rents from $37.39 per SF, up to $37.65 per SF. Overall, the office segment in the Coconut Grove submarket is preforming very well in terms of rental rates and the submarket vacancy is still lower than the average for this market, 59 CBR.E 0 2017. Inc. Local Retail Market Analysis Local Retail Market Analysis MARKET OVERVIEW The following discussion illustrates some general observations in the surrounding office market. Market Summary Market statistics for the Miami -Dade Market and the subject submarket are shown in the following table: General Retail Market Statistics I� r2n17 Ex1st ing inventory Vacancy tiTD Net Y T) Under Quoted e Bids Total t.l.A Direct. SF Total SF Vac % Absorption Deliveries Const SF states Aveatura :i2 &23,4a>1 ,Biscayne Carddor 203 1.751.322 BrklueL I S9 1.009.999 Coconut Grove >, - 901.541 45.219 50,175 u� Coral Gables 323 2.203.547 39,710 139.710 Coral Way 287 1,753.490 46,928 46.928 Downtown Miami 130 2.419.999 1 266.318 j 288,318 Kendall y 19 5.428.415 138,638 1 Medley/Hlaleah 679 5.705.268 45.640 Miami ---' 2.226 11,840.2421 716.204 I Miami Airport 454 4.863.619 27254 Miami Beach 521 5.276921 197,412 Miami Lakes 112 I 2.080.397 I 7.685 1.522.745 24.996 I. Miami Dade Central County 385 Northeast Dade 810 Outlying Mlami•Dade Cnty 15 u 1 U.thiso 90.333 ! 90.333 5.2% (5.746) 10.583 10.583 1.0% 3.760 u 0 5.6% 110,3641 0 1.81 I (5,029) 0 2.7% 1 3.782 19.292 11.0% 13,551 0 42,075 50.000 34.000 19.030 158.064 a0.o0 848.14 $95.51 s 13.80 s39.96 S31.78 830.11 2.0% (4.912) 0 138.838 58.769 45.640 0.8% 17,338 0 31.128 725.628 8.1469.627 79.648 132.958 27.254 0.816 10.498 3.075 91.868 189,112 3.8% 92.743 79964 47.991 7885 10.4% 43966 0 24.996 1 b% 43408 Imm.m••••••••••••m, 1•-. 835.72 82682 849.20 341.51 S80.04 S19.07 3296 4.682 13835 $20.48 5.557.431 70.775 72.375 1346 20.974 4,786 346.627 $28.26 97.235 0 0 0.0% O South Dade 641 5.431.527 72.650 West Miami • 421 2.231.6071 72.859 1.3% 4.374 10.958 18.988 0.816 (6.237) 0 0 $0.00 2.381 5.952 0 15.683 $15.52 $34.14 As of the first quarter of 2017, the Miami -Dade retail market showed a vacancy rate of only 3.0% with moderate deliveries, but significant retail product under construction. The average rental rate was quoted as $42.66 per SF. When compared with the market, the Coconut Grove submarket, reflected a slightly higher vacancy of 4.65, but a much higher average rental rate of $46.89 per SF Market Trends The table below presents the several sets of market trends for the Miami -Dade the general retail market. 60 CBRE 02017 CORE. Inc. Local Retail Market Analysis General Retail Market Statistics Existing Inventory Vacancy Period N Bldg Total GU Direct ST Total 5t First Gluort.r 2017 Net Deliveries UC Inventory Quoted Vac % z, t N Blde TotalGiA N Bids Total GU! Rotes 201 lq 7,959 60,878,044 1,817,320 1,835,200 3.0% 191,621 ; 13 237,794 20164 7,963 61,011.70811 2,154,029 2,160,485 3.5% {498,793) 7 57,555 2016 31_ 7,960 60,966,794 - 1,601,062 _ 1,616,868 T 1.7% 259,905 10 78,728 2U1� 7,960 � 60,949,57' S 1,843,349 1,859,554 3.1% 74,763 y 5 109,166 a_ ___ _ � : i- -ter- 20154g_ _77 969 60,913165 j _ 1883,982 1,894198 3.1% 1 104,785 6 104,548 25 l 547,350 1 $36.33 60,840,178 1, 1,911,131 1925,996 3.2% JJJ (33,969) 5 74,427 25 583,374 I 53647 60,770,970 1,808,054 1,823,719 3.0% 1 91,914 4 44,909 1 22 411,203 536.13 1,865,139 tl 153,205 1 15 198,000 1 20 303,265 1 $35.02 1,852,212 986,588 30 783,985 27 430,753 l $34.48 2,223,064 366,414 32 467,956 31 I 839,840 $32.25 2,138,272 297,060 29 328,022 23 294,412 130.51 4137_003 25 264,700 _ 31 I _493_010 1 $24.60 1.079,299 _ 15 142,184 22 I 252,397 , 524.17 999.407 17 1,225,501 18 t,P06,43t 524.40 348,099 34 636,827 l 20 I 1,264.347 i S27.75 45 1,076,091 , 1214.845 50 539.23 50 1,096,257 ' j37.57 a5 925,365 535.28 2015 3q 7,964 2015 2q 7,963 201513 J 7,961 2014 J 7,951 2013 77,929 2012 7,89595 2011 -1 7,86a -2010 # 7,833 2009 { 7.817 7008 f 7,794 60,732,888 6(1,567,513 j 59,9634966 59,514,370 58,957,203 58,624,1261 57.632,247 56,340,370 1,865,1t0 2,023,267 2,105.631 1,810,503 1,877,551 3.1% 1,865,381 3.1% 2,234,353 3.7% 2.151,171 3.6% 1,891,064 3.2% 2,044,990 3.5% 2,132,410 3.7% 1,839,940 3.3% From the first quarter of 2016 to the same period in 2017 the vacancy rate for the general retail space remained stable and very strong between 3.0% and 3.1%. This very low vacancy is especially encouraging with considering that the average rental rate increased over the same period from $36.93 per SF, up to $42.66 per SF. Coconut Grove Submarket Trends t t, 1'',i Total RBA I FBA 2017 lq 2016 4q 2016 3q 2016 2q 148 148 148 148 2018 1q 20154q 2015 3q 2015 2q 2015 lq 2014 4q 2014 3q 2014 2q 2014 1q 2013 4q 2013 31. 2013 7q 150 150 150 1 50 150 150 150 150y 149 149 1.613.1 15 1.613.145 1.0133451 73.741 1.6% 17 3331 66.408 4.1% 2.284 68.092 4.3% ..00 71 1.813.145 63.685 3.9% 6.187 0 aiM. =PIp 5.396 lissom 0 1.629,368 70.099 1.629,3613 82,292 0 0 4.3% 12.193 0 S,1% I 9,971 0 1.629.368 92.263 5.7% (1,532) J 0 1,629,368 90,731 5.6% 10.324 0 1,629.368 101.055 6.298 4218 0 1,629,360 105,273 6.596 { (19,570) 0 1,629 368 85,703 b 3% 11 7.295 0 1,629,368 92.998 5.7% (1,846) 0 1,629 368 , 91.152 5.696 6,074 I 0 1.619.107 86.966 5.4% 241 0 1C19.107 87.212 549C ,17580) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6.026 6.626 6,626 . oI _ 0 0 0 0 0 0 O 10.261 10,201 546.89 S41.32 54 1.23 543.49 351,34 S47 91 S48 76 S 48.44 548 41 345.39 847.31 547-71 3402.7 S40.12 541.11 539.77 Again, we have compared the 2016 Q1 performance with that of 2017 Q1. During this interval, the vacancy for retail space within the submarket went down from 5.3%, down to 4.6%. During the same period, there have been no new buildings brought into inventory. However, retail rents in the submarket declined from $51.34 down to $46.89 per SF. However, when the larger history of average rental rates is considered, the $51.34 average rent for Q1 2016 appears to aberrant. In our opinion, the retail segment in the Coconut Grove submarket is preforming very well. 61 CBRE 2017 CJRE, M,. Highest and Best Use Highest and Best Use In consultation practice, the concept of highest and best use represents the premise upon which value is based. The four criteria the highest and best use must meet are: • legally permissible; • physically possible; • financially feasible; and • maximally productive. The highest and best use analysis of the subject is discussed below. AS VACANT Physically Possible The subject property includes a sufficient amount of upland and submerged land to support a variety of waterfront uses. The site is located at a signalized intersection and has excellent visibility and exposure from two public roads as well as waterfrontage on Biscayne Bay. These physical characteristics suggest that the highest and best use of the site would be waterfront development. Legally Permissible The subject property is zoned CS, Civil Service, which allows a variety of public access waterfront uses including marinas, restaurants, retail and office uses. However, private uses such as condominium development that would preclude the public are not permitted. The existing land lease from the City of Miami also lists a wide variety of permitted public access land uses. Therefore, the legal characteristics of the subject suggest mixed use waterfront development that is consistent with the existing zoning and land lease from the City of Miami. Financially Feasible As indicated in the market study sections of this report, marinas, office buildings and public restaurants are all exhibiting strong rent and occupancy levels. The local submarket includes various riverfront commercial and residential uses including marinas, restaurants, retail and office buildings. As discussed in the Market Analysis section of this report, the local market is nearly at full capacity and the market is strengthening. Therefore, the financial aspects of this submarket suggest mixed use waterfront development. Maximally Productive Considering the, physical, legal and financial factors, it is our opinion that a mixed -use waterfront development would be reasonable and appropriate. 62 CBRE Highest and Best Use Conclusion As If Vacant Based on the foregoing, it is our opinion that the highest and best use of the subject as if vacant would be for mixed use waterfront development, consistent with the existing zoning and land lease requirements, time and circumstances warranting. AS IMPROVED Physically Possible The existing building and site improvements include a waterfront restaurant, marina and an office/retail building. The existing office/retail building is currently under renovation. The renovation plan of repurposing of the ground floor space into street -side retail is physically possible. The restaurant appears to be optimally designed and requires no obvious renovations or replacements. However, it is possible that a new second story could be added on the waterfront. The existing marina improvements are reasonably well organized and built. The two concrete docks are very strong and functional. The three piers show some signs of deferred maintenance. However, with relatively minor renovation, the subject piers will be usable for many years to come. Legally Permissible All three of the existing uses are legally permissible. Financially Feasible Based on the valuation of the subject, the project is financially feasible in its current configuration. Therefore, it is our opinion that the current renovations to the marina and the office/retail are financially feasible. Maximally Productive The physical, legal and financial factors that influence the highest and best use of the subject support the continued use of the subject to include completion of renovation at the subject for maximum productivity. Conclusion As Improved Based on the foregoing, it is our opinion that the highest and best use of the subject as improved is for completion of the current renovations and continued use as a mixed use waterfront development. 63 CBRE Consultation Methodology Valuation Methodology This valuation does not fit into the traditional framework of valuation based on the cost, sales comparison and or income approaches to value. Projected Land Rent The gross land rent payable to the City is estimated by analyzing the gross revenues earned at the subject property over the recent past. The fiscal year used to calculate gross revenues for the subject is from October 1 to September 30'h. Based on the historical gross revenue data, as well as the completion of the current renovation project at the subject, we have projected the gross revenues for the next fiscal year, which begins in about 4 months. According to the developer, that should be sufficient time to complete the building and dock renovations. We have estimated the gross rent payable to the City based on the percentage rents included in the proposed 5th Amendment to the lease agreement between the City of Miami and Aligned Bayshore Marina LLC. The final element of this analysis will be to divide the projected gross revenue payable to the City by the gross land area leased from the City. The result of this analysis will be the gross land rent per square foot of gross land area. Market Land Rent The second part of this analysis will be the comparison of the estimated gross land rent on a "per square foot of gross land area" basis, to the unit rental amounts paid for other City owned waterfront land leases. The result of this analysis will be a determination if the proposed unit rent to be paid by the subject based on the proposed 5'h amendment is at least as much as other City owned waterfront land leases on the basis of gross rent per square foot of gross land. 64 CBRE Projected Land Rent Projected Land Rent Historical Revenues Earned The following is an itemized monthly statement of revenues earned at the subject and organized by revenue category. Applying the revenue category names used below, the following is a summary of the percentage rents that will be applicable to the subject property based on the proposed 5th Amendment. • Raw Bar, Raw Bar Misc. and Gross Revenues Office 1 1.75% • Marina Dockage and Marina Miscellaneous Oct-14 Nov-14 Dec-14 Jan-15 Feb-1S Mar-15 ay kit 2015_ May 21-31, 2015 Jun-15 Jul-15 Aug-1S 5ep-15 Oct-1S Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 5ep-16 16.75% 6/19/21117 ALIGNED BAYSHORE HOLDINGS ANNUAL GROSS SALES Oct 2015 - May 2017 BASIS FOR CITY OF MIAMI LEASE CALCULATION Gross Revenues"' Raw Bar Raw Bar Mire Office Marina Ock lage MarinAMf6c TOTAL $615 503.00 5572.205 00 $632,096.00 $731,200.87 5634 281.97 $866,875 29 5749,204 58 $526,957 32 $ 310, 776.13 $558,204.79 5551,846 28 5529,548 05 5407,237.68 TOTAL 57,685,936.96 5216.02 5233.26 5449.28 563 461.00 565,482.00 568,686.00 574,019.00 $72,736.00 573.271 00 574,000 00 546.960.00 $28,678.55 $63,481.06 $70,240.58 573,031 52 576,495.18 5850,541.89 5127,279 00 $106 471 00 5119,785.00 5119.162.00 5130,235.00 5130,435.00 5133,014.00 587.344 00 550,053,57 5159,554 45 5144,001 49 5119,498.21 5137 410.61 51, 564,24333 $593 571.23 5316 73 577,897.05 5146,72S 89 5563,143 96 5190.04 $78,073.63 5139,840.10 5670,145.10 5148.80 574,709.57 5132,401.22 5641434 41 $506.88 578,793.22 5141,844 92 5683,459.21 5578.57 568,520.68 5141,502 43 5795.642 38 5451.93 568,520.68 5133,152.36 5828,073.82 5567.05 $63,734.78 5129.531.00 5736,00763 5609.18 S60.084.87 5137.200.00 5513,066 52 5585.88 561,091.82 $152,482.50 5677,903.13 5765.54 556,519.40 5148,039.36 $473,301.19 5345.05 553,101 69 5154,081.00 5472.387.75 50.00 574,205.12 $155.47000 TOTAL 57,598,138.33 55,065.65 5825,252.46 51,712,270.78 4 569.00 3.208 00 3,852 00 6,421.00 15,171.00 7,587 00 4,489 00 3.178 00 5 768 00 4,341 56 2 597.67 1,851 31 63,033.54 5,548.51 2,601.03 5,781 90 7 947 76 8.224 59 1,549.56 4,111 10 3,562 72 3.979.93 1,532.67 3,065.92 3,234 D0 51,140.69 0c8-16 5576,419 40 $668.93 551,703.65 5146,372 26 3,676 26 Nov-16 5601,322.33 5329.46 551,703.65 5159,171.09 3,574 79 Dec-16 5720,431. 02 $355.23 551,703.65 5164,527.00 3.825 22 Jan-17 $664.183.87 5226.92 $51,703,65 $160,585.00 3,097 80 Feb-17 5759.885 99 5341.50 549,815 25 5166,044.36 2,239.79 Mar-17 5804,758.86 5337.16 548,728.56 5156,20000 6,967.01 Apr-17 $790,212.53 5365.00 $48,72856 5157,19600 12,979.95 May.17 5755 485 76 $439.32 560,331.14 5156,093.65 7,47151 TOTAL TO DATE (8 months) 55,672,699.76 53,063.46 5414,418.11 51,266,289.36 43,832.34 Gins: sales c,clurlr sal•, and us,• Iav snn„ces eet h,s:uunls am cna rir h.,ct, 5a.ad un ,',c r ,Iw nl-, s rt.( wd, 65 5810,812.00 "' 5747,366 00 $824,419.00 5930,802.87 5862,423.97 51.078.168 29 5960.707. 58 5664,439 32 5389,508 25 5787,008 30 5770,645.93 5724,908 71 5622,994.78 510,164,205.00 824,059 41 7E3,848 76 883,186 54 870,527.19 902,285.48 999, 316.91 1.026,017 75 937 464.40 731,208.65 834,760.10 693,895.85 705,296.87 10,191,867.91 778,840 50 816,101.32 940,942.12 879,797.24 975,326.89 1.016,991.53 1,009 482.05 979,821 38 7,400,303.03 CBRE Projected Land Rent October 2014 through September 2015 Percentage Rents The gross revenues at the 1 1.75% rate are $8,536,928, which generates $1,003,089 to the City. The gross revenues at the 16.75% rate are $1,627,277, which generates $272,569 to the City. The total of the above two components provides a land rent based on the proposed 5th Amendment of $1,275,658. The City owned land area of the subject is 266,334 square feet. When the projected gross revenue for this period is divided by the City owned land area, the result is a gross land rent of $4.79 per SF of City owned land area. Therefore, this historical revenue multiplied by the proposed 5th amendment lease rate is higher than all of the comparable land rents. October 2015 through September 2016 Percentage Rents The gross revenues at the 1 1 .75% rate are $8,423,396, which generates $989,749 to the City. The gross revenues at the 16.75% rate are $1,763,41 1, which generates $295,371 to the City. The total of the above two components provides a land rent based on the proposed 5th Amendment of $1,285,120. The City owned land area of the subject is 266,334 Square Feet. When the projected gross revenue for this period is divided by the City owned land area, the result is a rent per SF of $4.82 per SFD of City owned land area, which is also higher than any of the comparable land leases. Projected 2017-2018 Land Rent Our projected land rent for the subject will be based on the current contract rents at the subject as well as the new dock configuration. Office/Retail Component The following is the contract rent schedule for the office/retail building. 66 CBRE Projected Land Rent 3 8 9 10 11 12 13 14 /S 16 7/1(7017 ALIGNED BAYSHORE MARINA Current Rent Roll Salle 300 Tenant Starbucks Usable 2.060 Sq Ft Rentable 2.060 Base Rest Monthly 56.008.33 PSF $35.09 CAM Monthly 52.489. 17 PSF 514.50 TOTAL Rent • CAM Monthly 58,497 50 PSF 54950 Sales Tax $594.83 TOTALw/Ta Monthly Amount 59,097.33 Le,tseaDates Start 06/05/13 Fawn: 06/04/23 102 Florida Yacht International 2,717 3,125 S13.7113 46 5511/2 $3,775 50 514.50 $17,058 96 $6552 $1,194.13 518,253 08 07/01/17 06/30/23 104 Sushi Maki 3,000 3,240 511,42910 54233 $3,91500 514.50 515,344 ID $5683 $1,074.09 $16.41819 03101/17 03/01/22 104 Sushi Maki Outdoor 460 460 - - 5555 83 514 50 5555 83 514 50 538,91 $594 74 03/01/17 03/01/22 106 Compass 4,234 4,573 520.959 58 555.00 $5,524 72 $14.50 $26,484 30 569.50 51,853.90 128.338 20 05/30/17 07/31/27 200 639 735 $2,143.31 540.00 5887 94 514.50 53.031 26 554 50 $212.19 53,243 44 204 Southern Proc./Expo/90eal Chem 2,200 2,200 5353380 519.28 $2,65833 514.50 56.19213 53378 5433.45 56,62558 08/01/12 07/31/22 205 Apo, Marine Sales/Tiara 1800 1.946 $5,675.83 535.00 $2.35142 51450 58.02725 549.50 5561.91 58.58916 07/01/16 07/01/21 206-A Body Belly baby LLC 1,393 1 393 53 830 75 533.00 $1.683 21 $14 50 $5.513 96 $47.50 5385 98 55,899 94 02/01/17 02/01/22 206.E Chima66e, LLC 5104_ 587 $1,10000 52249 570929 51450 51.80929 53699 512665 51.93594 05/01/17 05/01/18 207 Grande YacMs International 796 915 52,668 75 535 00 51.105 63 514 50 $3,774 38 S49 50 5264 2I 54.038 58 09/01/16 08/31/17 207.A Hatteras Latin America 1.115 1,282 53,35209 53138 $3,54908 $1450 $4,9D138 $4588 534308 15,24426 05/02/16 05/31/21 20s Prime Marina Group 2.240 2,576 57,513 33 535 00 53,112 67 514 50 510,626 00 549 50 $743.82 511,369 82 03/01/16 03/01/23 211 Oarld Ayellar Nebiett P.A. 2,543 2,543 57,417.08 535.00 53,07279 51450 510,489.88 549.50 5734.29 51112417 07/01/16 06/30/26 212 Performance Yacht Sales (Salami 1,560 1,685 $5,062.02 $36.05 52,03604 $1450 $7,09806 550.55 $496.86 57,594.92 06/01/16 02/01/20 Malnt TOTAL MONTHLY 28,467 29,319 $91,834 534,539 $126,373 58,846 5135,219 TOTAL ANNUALt2ED $1,102,010 5414,464 S1,316,476 5106,153 $1,622,627 Based on the foregoing, the contact rents for office and retail areas are $1,622,627. Raw Bar Component Our projection of Raw Bar and Raw Bar Miscellaneous revenues are estimated based on the previous two year of revenues for these two line items at the subject. The 2014 to 2015 revenues for this component were $7,686,386. The 2015-2016 revenues for this component were $7,603,204. The current year annualized revenues are $8,513,645. Due to the fact that the current lease year includes the busy winter season, we have reconciled between the current annualized year and the most recent completed lease year. It is our opinion that the Raw Bar component will be $7,800,000. Marina Component The gross revenues for the marina component are estimated based ion the current Dockage and electrical rates for 2017, which is included below. 67 CBRE Projected Land Rent Dock Rates 30' Slip Annual $30/Ft/Month Seasonal $36/Ft/Month Monthly $46/Ft/Month Transient Rate $3.00/Ft/Day 40' Slip $32/Ft/Month $38/Ft/Month $47/Ft/Month $3.50/Ft/Day 50' Slip $34/Ft/Month $41/Ft/Month $48/Ft/Month $4.00/Ft/Day 60' Slip $36/Ft/Month $45/Ft/Month s $49/Ft/Month $4.00/Ft/Day 70'+Slip $38/Ft/Month $48/Ft/Month $52/Ft/Month $4.50/Ft/Day 80' + Slip $40/Ft/Month $50/Ft/Month $54/Ft/Month $5.00/Ft/Day Lift hates 28K 32K 40K Annual $1,600 Flat Rate $1,800 Flat Rate $2,200 Flat Rate Electric Power 30 AMPS Annual $90.00 Seasonal $90.00 Monthly Transient $90.00 $6.00 50 AMPS 30-49Ft $210.00 $210.00 $210.00 $7.00 50 AMPS 50-64Ft $255.00 $255.00 $255.00 $8.50 50 AMPS 65'+ $300.00 $300.00 $300.00 $10.00 Twin 50 AMPS $650.00 $650.00 $650.00 $25.00 100 AMP Single $650.00 $650.00 $650.00 $25.00 100 AMP Triple $950.00 $950.00 $950.00 $35.00 Electric Sail Boat 30 AMPS Annual $90.00 Seasonal $90.00 Monthly Transient $90.00 $6.00 SO AMPS 30-49Ft $90.00 $90.00 $90.00 $7.00 SO AMPS 50-64Ft $120.00 $120.00 $120.00 $8.50 50 AMPS 65'+ $150.00 $150.00 $150.00 $10.00 Twin 50 AMPS $600.00 $600.00 $600.00 $25.00 100 AMP Single $600.00 $600.00 $600.00 $25.00 100 AMP Triple $900.00 $900.00 $900.00 $35.00 Based on the foregoing, we have estimated the gross revenues from wet slips, including rents, taxes and utilities. It is important to note that we have chosen to be very conservative by using the annual lease rates, which are lower than the seasonal rate and the monthly rate. 68 CBRE Projected Land Rent DIRECT CAPITALIZATION SUMMARY Slip Type Slips Rate Month Total 25 LF 5 Slips $30.00 $3,750 $45,000 30 LF 3 Slips $30.00 $2,700 32,400 40 LF 15 Slips $32.00 $19,200 230,400 50 LF 30 Slips $34.00 $51,000 612,000 60 LF 16 Slips $36.00 $34,560 414,720 70 LF 4 Slips $38.00 $10,640 127,680 80 LF 3 Slips $40.00 $9,600 115,200 28K Lift 24 Lifts $1,600.00 $38,400 460,800 32K Lift 4 Lifts $1,800.00 $7,200 86,400 40K Lift 4 Lifts $2,200.00 $8,800 105,600 Side Tie Dockage 400 LF $40.00 $16,000 192,000 Utilities 4,583.33 55,000 Miscellaneous Fees 1,000.00 12,000 Potential Gross Income $1,720.83 $2,230,200 Vacancy and Collection 5.00% (1 1 1,510) Effective Gross Income 2,118,690 Compiled by CBRE Projected Subject Land Rent Conclusion The office/retail component is estimated to produce a revenue of $1,622,627. Therefore, the projected rent at 11.75% is estimated to be $190,659. The Raw Bar component is estimated to produce a revenue of $7,800,000. Therefore, the projected rent at 1 1 .75% is estimated to be $916,500. The Marina Component is estimated to produce a revenue of $2,118,690. Therefore, the projected rent at 16.75% is estimated to be $354,881. Based on these three inputs, we have estimated the proposed 5'h Amendment rent from the subject property to be $1,462,040. 69 CBRE Market Land Rents Market Land Rents COMPARABLE WATERFRONT LAND RENTS The following map and data table include a representative sample of City owned, privately leased waterfront properties in the local submarket. WATERFRONT LAND LEASES - BASE RENT Comp. No. Name 1 Bayside Marketplace Land Lease 2 Grove Harbour Land Lease 3 Grove Bay Land Lease Location 401 and 501 Biscayne Boulevard, Miami, FL 2640 South Bayshore Drive, Miami, FL 300 Alton Road, Miami Beach, FL 2016 Land Rent Land Area $2,238,571 16.85 Acres. $754,629 13.55 Acres. $1,400,000 7.06 Acres. Base Land Rent Per SF $3.05 $1.28 $4.55 Historical Bayshore Landing Projected Bayshore Landing 2546 - 2560 South Bayshore Drive, Miami, Florida 2546 - 2560 South Bayshore Drive, Miami, Florida $1,074,633 6.69 Acres. $1,462,040 6.69 Acres. $3.69 $5.02 Compiled by CBRE Based on the preceding analyses, the estimated gross land rent payable to the City of Miami based on the proposed 5'h Amendment of $5.02 per SF of land area owned by the City is at least as high as any of the waterfront land lease comparables. 70 CBRE Conclusions Conclusions The purpose of this consultation was twofold: • To estimate the gross land rent payable to the City of Miami based on the proposed 5'h Amendment to the existing land lease. The gross land rent was estimated to be $1,462,040, which is equal to $5.02 per SF of City owned land. • Compare the estimated land rent at the subject based on the proposed 5th amendment, to the rental amounts paid by other waterfront land leases in order to determine the fair market return on a "per square foot of land" basis that the proposed rents at the subject are estimated to be at least as high per square foot of land as similar City owned waterfront land parcels. The market rents currently being paid for City owned waterfront land leases ranged from $1.02 per SF to $4.55 per SF. The above referenced estimated gross land rent for the subject is greater than all of the comparables. Therefore, this contract rent is at least as high as market rent. 71 CBRE BRE. In: Assumptions and Limiting Conditions Assumptions and Limiting Conditions 1. Unless otherwise specifically noted in the body of the report, it is assumed that title to the property or properties appraised is clear and marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value. CBRE, Inc. is not aware of any title defects nor has it been advised of any unless such is specifically noted in the report. CBRE, Inc., however, has not examined title and makes no representations relative to the condition thereof. Documents dealing with liens, encumbrances, easements, deed restrictions, clouds and other conditions that may affect the quality of title have not been reviewed. Insurance against financial loss resulting in claims that may arise out of defects in the subject's title should be sought from a qualified title company that issues or insures title to real property. 2. Unless otherwise specifically noted in the body of this report, it is assumed: that the existing improvements on the property or properties being appraised are structurally sound, seismically safe and code conforming; that all building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; that the roof and exterior are in good condition and free from intrusion by the elements; that the property or properties have been engineered in such a manner that the improvements, as currently constituted, conform to all applicable local, state, and federal building codes and ordinances. CBRE, Inc. professionals are not engineers and are not competent to judge matters of an engineering nature. CBRE, Inc. has not retained independent structural, mechanical, electrical, or civil engineers in connection with this consultation and, therefore, makes no representations relative to the condition of improvements. Unless otherwise specifically noted in the body of the report: no problems were brought to the attention of CBRE, Inc. by ownership or management; CBRE, Inc. inspected less than 100% of the entire interior and exterior portions of the improvements; and CBRE, Inc. was not furnished any engineering studies by the owners or by the party requesting this consultation. If questions in these areas are critical to the decision process of the reader, the advice of competent engineering consultants should be obtained and relied upon. It is specifically assumed that any knowledgeable and prudent purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering report relative to the structural integrity of the property and the integrity of building systems. Structural problems and/or building system problems may not be visually detectable. If engineering consultants retained should report negative factors of a material nature, or if such are later discovered, relative to the condition of improvements, such information could have a substantial negative impact on the conclusions reported in this consultation. Accordingly, if negative findings are reported by engineering consultants, CBRE, Inc. reserves the right to amend the consultation conclusions reported herein. 3. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property was not observed by the appraisers. CBRE, Inc. has no knowledge of the existence of such materials on or in the property. CBRE, Inc., however, is not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. We have inspected, as thoroughly as possible by observation, the land; however, it was impossible to personally inspect conditions beneath the soil. Therefore, no representation is made as to these matters unless specifically considered in the consultation. 4. All furnishings, equipment and business operations, except as specifically stated and typically considered as part of real property, have been disregarded with only real property being considered in the report unless otherwise stated. Any existing or proposed improvements, on or off -site, as well as any alterations or repairs considered, are assumed to be completed in a workmanlike manner according to standard practices based upon the information submitted to CBRE, Inc. This report may be subject to amendment upon re -inspection of the subject subsequent to repairs, modifications, alterations and completed new construction. Any estimate of Market Value is as of the date indicated; based upon the information, conditions and projected levels of operation. S. It is assumed that all factual data furnished by the client, property owner, owner's representative, or persons designated by the client or owner to supply said data are accurate and correct unless otherwise specifically noted in the consultation report. Unless otherwise specifically noted in the consultation report, CBRE, Inc. has no reason to believe that any of the data furnished contain any material error. Information and data referred to in this paragraph include, without being limited to, numerical street addresses, lot and block numbers, Assessor's Parcel Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and related data. Any material error in any of the above data could have a substantial impact 72 CBRE Assumptions and Limiting Conditions on the conclusions reported. Thus, CBRE, Inc. reserves the right to amend conclusions reported if made aware of any such error. Accordingly, the client -addressee should carefully review all assumptions, data, relevant calculations, and conclusions within 30 days after the date of delivery of this report and should immediately notify CBRE, Inc. of any questions or errors. 6. The date of value to which any of the conclusions and opinions expressed in this report apply, is set forth in the Letter of Transmittal. Further, that the dollar amount of any value opinion herein rendered is based upon the purchasing power of the American Dollar on that date. This consultation is based on market conditions existing as of the date of this consultation. Under the terms of the engagement, we will have no obligation to revise this report to reflect events or conditions which occur subsequent to the date of the consultation. However, CBRE, Inc. will be available to discuss the necessity for revision resulting from changes in economic or market factors affecting the subject. 7. CBRE, Inc. assumes no private deed restrictions, limiting the use of the subject in any way. 8. Unless otherwise noted in the body of the report, it is assumed that there are no mineral deposit or subsurface rights of value involved in this consultation, whether they be gas, liquid, or solid. Nor are the rights associated with extraction or exploration of such elements considered unless otherwise stated in this consultation report. Unless otherwise stated it is also assumed that there are no air or development rights of value that may be transferred . 9. CBRE, Inc. is not aware of any contemplated public initiatives, governmental development controls, or rent controls that would significantly affect the value of the subject. 10. The estimate of Market Value, which may be defined within the body of this report, is subject to change with market fluctuations over time. Market value is highly related to exposure, time promotion effort, terms, motivation, and conclusions surrounding the offering. The value estimate(s) consider the productivity and relative attractiveness of the property, both physically and economically, on the open market. 1 1 . Any cash flows included in the analysis are forecasts of estimated future operating characteristics are predicated on the information and assumptions contained within the report. Any projections of income, expenses and economic conditions utilized in this report are not predictions of the future. Rather, they are estimates of current market expectations of future income and expenses. The achievement of the financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured. Actual results may vary from the projections considered herein. CBRE, Inc. does not warrant these forecasts will occur. Projections may be affected by circumstances beyond the current realm of knowledge or control of CBRE, Inc. 12. Unless specifically set forth in the body of the report, nothing contained herein shall be construed to represent any direct or indirect recommendation of CBRE, Inc. to buy, sell, or hold the properties at the value stated. Such decisions involve substantial investment strategy questions and must be specifically addressed in consultation form. 13. Also, unless otherwise noted in the body of this report, it is assumed that no changes in the present zoning ordinances or regulations governing use, density, or shape are being considered. The property is appraised assuming that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, nor national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report is based, unless otherwise stated. 14. This study may not be duplicated in whole or in part without the specific written consent of CBRE, Inc. nor may this report or copies hereof be transmitted to third parties without said consent, which consent CBRE, Inc. reserves the right to deny. Exempt from this restriction is duplication for the internal use of the client -addressee and/or transmission to attorneys, accountants, or advisors of the client -addressee. Also exempt from this restriction is transmission of the report to any court, governmental authority, or regulatory agency having jurisdiction over the party/parties for whom this consultation was prepared, provided that this report and/or its contents shall not be published, in whole or in part, in any public document without the express written consent of CBRE, Inc. which consent CBRE, Inc. reserves the right to deny. Finally, this report shall not be advertised to the public or otherwise used to induce a third party to purchase the properly or to make a "sale" or "offer for sale" of any "security", as such terms are defined and used in the Securities Act of 1933, as amended. Any third party, not covered by the exemptions herein, who may possess this report, is advised that they should rely on their own independently secured advice for any decision in connection with this property. CBRE, Inc. shall have no accountability or responsibility to any such third party. 15. Any value estimate provided in the report applies to the entire property, and any pro ration or division of the title into fractional interests will invalidate the value estimate, unless such pro ration or division of interests has been set forth in the report. 73 CBRE QE Assumptions and Limiting Conditions 16. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. Component values for land and/or buildings are not intended to be used in conjunction with any other property or consultation and are invalid if so used. 17. The maps, plats, sketches, graphs, photographs and exhibits included in this report are for illustration purposes only and are to be utilized only to assist in visualizing matters discussed within this report. Except as specifically stated, data relative to size or area of the subject and comparable properties has been obtained from sources deemed accurate and reliable. None of the exhibits are to be removed, reproduced, or used apart from this report. 18. No opinion is intended to be expressed on matters which may require legal expertise or specialized investigation or knowledge beyond that customarily employed by real estate appraisers. Values and opinions expressed presume that environmental and other governmental restrictions/conditions by applicable agencies have been met, including but not limited to seismic hazards, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, licenses, etc. No survey, engineering study or architectural analysis has been made known to CBRE, Inc. unless otherwise stated within the body of this report. If the Consultant has not been supplied with a termite inspection, survey or occupancy permit, no responsibility or representation is assumed or made for any costs associated with obtaining same or for any deficiencies discovered before or after they are obtained. No representation or warranty is made concerning obtaining these items. CBRE, Inc. assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance. 19. Acceptance and/or use of this report constitutes full acceptance of the Contingent and Limiting Conditions and special assumptions set forth in this report. It is the responsibility of the Client, or client's designees, to read in full, comprehend and thus become aware of the aforementioned contingencies and limiting conditions. Neither the Appraiser nor CBRE, Inc. assumes responsibility for any situation arising out of the Client's failure to become familiar with and understand the same. The Client is advised to retain experts in areas that fall outside the scope of the real estate consultation/consulting profession if so desired. 20. CBRE, Inc. assumes that the subject analyzed herein will be under prudent and competent management and ownership; neither inefficient or super -efficient. 21. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined and considered in the consultation report. 22. No survey of the boundaries of the property was undertaken. All areas and dimensions furnished are presumed to be correct. It is further assumed that no encroachments to the realty exist. 23. The Americans with Disabilities Act (ADA) became effective January 26, 1992. Notwithstanding any discussion of possible readily achievable barrier removal construction items in this report, CBRE, Inc. has not made a specific compliance survey and analysis of this property to determine whether it is in conformance with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the requirements of the ADA. If so, this fact could have a negative effect on the value estimated herein. Since CBRE, Inc. has no specific information relating to this issue, nor is CBRE, Inc. qualified to make such an assessment, the effect of any possible non-compliance with the requirements of the ADA was not considered in estimating the value of the subject. 24. Client shall not indemnify Appraiser or hold Appraiser harmless unless and only to the extent that the Client misrepresents, distorts, or provides incomplete or inaccurate consultation results to others, which acts of the Client approximately result in damage to Appraiser. Notwithstanding the foregoing, Appraiser shall have no obligation under this Section with respect to any loss that is caused solely by the active negligence or willful misconduct of a Client and is not contributed to by any act or omission (including any failure to perform any duty imposed by law) by Appraiser. Client shall indemnify and hold Appraiser harmless from any claims, expenses, judgments or other items or costs arising as a result of the Client's failure or the failure of any of the Client's agents to provide a complete copy of the consultation report to any third party. In the event of any litigation between the parties, the prevailing party to such litigation shall be entitled to recover, from the other, reasonable attorney fees and costs. 74 CBRE Addenda ADDENDA Addenda Addendum A WATERFRONT LAND LEASE COMPARABLES Rental Survey Land - Mixed -Use No. 1 Property Name Address Bayside Marketplace & Garage 401 Biscayne Boulevard 501 Biscayne Boulevard Miami, FL 33132 Runty Miami -Dade Govt./Tax ID 01-0100-000-0522, 0523 and 0525 Land Area Net 16.850 ac/ 733,986 sf Land Area Gross 16.850 ac/ 733,986 sf Site Development Status Finished Utilities All Available Maximum FAR N/A Min Land Bldg Ratio N/A Shape Irregular Topography Level, At Street Grade Flood Zone Class N/A Flood Panel No./ Date N/A Zoning T6-8 0 Urban Core Transect District Open Entitlement Status Fully Entitled/Planning Permissions Reimbursements Occupancy anant Size ase Term Survey Date Verification NNN 100% 733,986 - 733,986 sf 900 - 900 Mo(s). 06/2017 N/A Rent Changes/Steps Free Rent TI Allowance Reimbursement Amount Total Oper. & Fixed Exp. Annual Base Rent Annual CPI 0 - 0 Mo(s). $0.00 - $0.00 per sf $0.00 per sf $0.00 per sf $3.02 - $3.02 per sf Free Tenancy Term Type of Rent TI Annual Tenant Name Use Type Size (Mo.) Lease Start Date Reimbs. Rent Changes / Steps (Mo.) Allowance Base Rate No actual leases available for this property. This is a waterfront land lease that is owned by the City of Miami and is leased to Bayside marketplace, LLC. The property includes three parcel numbers and appears to include the submerged portion od parcxel number 01-0100-000-0520. As of the Effective Date of Amendment 4 and the 1st of each month thereafter shall pay in equal monthly installments the annual sum of $1,540,000. Minimum Base Rent and Tower Fixed Rent shall be increased on the anniversary of the Effective Date of each year by the percentage of CPI Escalation from the prior year. Said increase shall be capped at 3% per year. The CPI Escalation year for Minimum Base Rent is to begin with 1/1/16. The Tower Fixed Rent increase will be done on January First of the second full lease year. Such CPI increases are to be calculated by the City and sent within 60 days after the commencement of the CPI Escalation. On the 10th Anniversary of the Opening Date of the Tower and every 10 years thereafter, the Tower Fixed Rent shall be determined by an appraisal but will be capped at 10% over the prior year. Percentage Rent: Commencing on the Effective Date of Amendment 4, Developer shall pay 6% of gross revenues over the initial breakpoint of $25,659,000. The breakpoint adjusts each rental year by the CPI with the rent and becomes the new rent amount divided by 6%. Commencing on the Tower Fixed Rent Commencement Date, $1,059,082 will be due in monthly installments on the first day of the first calendar month following the Tower Rent Commencement Date and on the first of each month following. Commencing on the Opening Date and payable 150 after the end of each Lease Year, Tower Percentage Rent shall be 1 % of Tower Gross Receipts over $55,000,000. The breakpoint adjusts annually with the Tower Fixed Rent adjustment by the same percentage as the rent. In addition, 6% of Tower Valet Gross Receipts are due as well. Submerged Land Fees: The City remains responsible for complying with the original terms of the Release of Deed Restrictions and Reverter with the Board of Trustees of the State requiring the City to deposit 7.4% of finds into a land acquisition trust fund, however, should the State amend or increase the fees then Developer becomes responsible for any additional payments. C 2017 03Rf, kz. CBRE Location: Square Footage: Lease Executed: Possession Date: Rent Commencement Date: Effective Date: Opening Date: Rental Year: Tower Fixed Rent Commencement Date: Lease Abstract Bayside Marketplace, LLC - Retail 401 Biscayne Boulevard, Miami, FL Maximum allowable leasable area of 267,000SF for Retail and Restaurant which does not include the allowable square footage for the Tower January 14'h, 1985 November 5'h, 1985 April8'h 1987 September 24, 2014 The date the tower opens to the general public January 1' — December 31 s` of each year The earlier of: is 9/24/18 (which may be extended 1 year if construction is delayed) or ii: the date the Tower opens to the general public. If Skyrise fails to complete the construction of the Tower by this date, Developer shall have the right to cancel the Tower Sublease, complete the construction of the Tower, and find a replacement operator, in which case, Developer will not be obligated to pay the Tower Fixed Rent until 9/24/20 (which may also be extended 1 year) or the Opening Date or Developer may terminate the Tower Sublease and demolish the Tower and in this case they will have no obligation to pay the Tower Rent Tower Percentage Rent: Commencing on the Tower Opening Date Amendments: Amended and Restated — I0/17/85 Amendment I — 8/19/86 — minor changes Amendment 2 — 1 1 /24/87 — change of exhibit B-1 Amendment 3 — 4/15/92 — change to section 5.8 Amendment 4 — 9/24/14 — multiple changes — extending term, increasing payments Agreement and release of Deed Restrictions — 10/21/85 — Establishes the Biscayne Bay/Miami River Land Acquisition Trust Fund to provide funds to purchase land adjacent to the bay and river for public access and enjoyment of these waterways or to make improvements on these lands including shoreline enhancement, landscaping, erosion control, boardwalk and park furniture, fishing piers and docks and conservation measures. City is to pay 7.4 % of rents received annually from Bayside Center retail parcel lease, on April 8'1' of each year. = 2 7 C8RE, m_ Term: Options: 75 years Commencing on the first day of the month following the possession date. (12/1/85-11/30/60) Three 15 year options and one 8 year option a total of 53 years which must be exercised the latter of 2 years prior to the commencement of the option term or within 30 days of written notice from landlord after the 2 year period has passed. Option 1: 12/ 1 /60-1 1 /30/75 Option 2: 12/1/75-11/30/90 Option 3: 12/1/90-11/30/2105 Option 4: 12/ 1 /2105-11 /30/2113 At the beginning of each option period, the Minimum Base Rent shall be adjusted to Fair Market Value as determined by an Appraisal but will be capped at 15% each. The CPI escalation will not apply for the years that this increase is done. Minimum Base Rent: As of the Effective Date of Amendment 4 and the 1st of each month thereafter shall pay in equal monthly installments the annual sum of $1, 540,000. Increases: Percentage Rent: Tower Rent: Minimum Base Rent and Tower Fixed Rent shall be increased on the anniversary of the Effective Date of each year by the percentage of CPI Escalation from the prior year. Said increase shall be capped at 3 % per year. The CPI Escalation year for Minimum Base Rent is to begin with 1/1/16. The Tower Fixed Rent increase will be done on January First of the second full lease year. Such CPI increases are to be calculated by the City and sent within 60 days after the commencement of the CPI Escalation. On the 10th Anniversary of the Opening Date of the Tower and every 10 years thereafter, the Tower Fixed Rent shall be determined by an appraisal but will be capped at 10% over the prior year. Commencing on the Effective Date of Amendment 4, Developer shall pay 6% of gross revenues over the initial breakpoint of $25,659,000. The breakpoint adjusts each rental year by the CPI with the rent and becomes the new rent amount divided by 6%. Commencing on the Tower Fixed Rent Commencement Date, $1,059,082 will be due in monthly installments on the first day of the first calendar month following the Tower Rent Commencement Date and on the first of each month following. Tower Percentage Rent: Commencing on the Opening Date and payable 150 after the end of each Lease Year, Tower Percentage Rent shall be 1 % of Tower Gross Receipts over $55,000,000. The breakpoint adjusts annually with the Tower Fixed Rent adjustment by the same percentage as the rent. In addition, 6% of Tower Valet Gross Receipts are due as well. bFE. Submerged Land Fees: The City remains responsible for complying with the original terms of the Release of Deed Restrictions and Reverter with the Board of Trustees of the State requiring the City to deposit 7.4% of finds into a land acquisition trust fund, however, should the State amend or increase the fees then Developer becomes responsible for any additional payments. Late Fees: Any payment not received after 10 days written notice from the City shall accrue interest at 2% above the prime rate charged by Citibank, NA ("Default Rate") and an administrative charge of .5%. If this happens more then once in any rental year, the Default Rate shall increase to 12% per annum. Renovation Work: Developer shall expend no less than $27,000,000 in Capital Improvements to the property and provide copies of invoices and receipts and demonstrate achievement of the minimum investment. Bonding: Developer shall post payment and performance bonds in favor of the City in the form stipulated in Fla Statute 255.05 for 100% of the cost of any renovations not including the Skyrise Tower construction and/or renovations to the Tower. Alterations and Renovations: Developer may make renovations that it deems necessary, provided that no renovation materially alters the exterior appearance of the property or the overall character and appearance of the public circulation areas without written approval from the City Manager. Tower Building Height And Max SF: Shall be as permitted in the applicable land development regulations permitted in the development warrant file #13-0077 dated 1/13/14 which modifies class II special permit #10-0143. Retail Max SF: Minority Participation Agreement: Minority Foundation Contribution: Developer may only build up to 267,000SF of enclosed retail space, including restaurants at the retail and garage parcels collectively. This amount does not include the Tower. Bayside is to establish a non-profit foundation tasked with creating and administering loan programs for minority businesses, creating a scholarship fund for minorities and providing assistance to local community development organizations with the integration of resources towards the economic development of minority business enterprises. Beginning on the Effective Date, developer is to contribute $350,000 in quarterly installments on the last day of March, June, September and December of each calendar year, increased by 2% each Rental Year. Notice Address: Refinancing: Bayside Marketplace, LLC c/o General Growth Properties, Inc. 110 North Wacker Drive Chicago, IL 60606 Attn: Chief Legal Officer Bayside Marketplace, LLC c/o General Growth Properties, Inc. 1245 Worcester Street # 1218 Bayside Center Limited Partnership Natick, MA 01760 Attn: John Charters Any previous cap on financing is hereby removed. Developer shall not refinance or finance over 80% of the fair market value of the Leasehold interest and fee interest in the improvements of the Property as determined by appraisal conducted by Developer's Leasehold Mortgagee. Financing Participation Interest: City shall have a 1 time right to participate in any refinancing of the property in an amount equal to 3% of the first $125.000,000 financed equaling $3,750,000. Up Front Payment: Foundation Contribution: 30 days prior to the referendum. Developer shall deposit $10,000,000 in escrow to be delivered to the City upon approval of the Ground Lease Referendum pending any appeal. From and after the effective date of Amendment 4, Developer shall pay a Foundation Contribution in the amount of $350,000 Sales Reporting: Within 90 days following the end of each rental year (by April ls) Developer shall furnish a Certified Financial Report Transfer Fee: In addition, Developer shall provide within 15 days following the end of each calendar month. a written statement of gross receipts for the prior month. In the event of a Transfer Fee Transaction. the Developer shall pay the City a fee as follows: 9/24/14-9/23/19 — 2% of the Gross Sale Amount 9/24/19-9/23/24 — 1.5% of the Gross Sale Amount 9/24/24-9/23/34 — 1% of the Gross Sale Amount And .75% anytime thereafter Taxes: Tenant is to pay any and all taxes when they become due. Security Deposit: N/A Audit Rights: Upon 10 days written notice, but not more than once a year, tenant will make available all records pertaining to the property to an authorized representative of the City designated by the City Manager. Default: Tenant shall be found in default of the lease for the following reasons: (i) Failure to make rental payments per the lease within 10 days after receiving written notice. (ii) Failure to perform in accordance with any terms of the lease within 60 days after receiving written notice or if 60 days is not sufficient to cure the default, then diligent measures to commence the curing of the default must commence within that timeframe. (iii) Bankruptcy Building Maintenance: Tenant shall any and all improvements in a first class manner. Ownership of Improvements: Upon expiration or termination of the lease, title to all improvements constructed on the property shall vest to the city. Permitted Uses: Retail, recreation, parking and office. Prohibited Uses: Permanent or temporary housing, coin entertainment, games of chance or casino gambling (without consent of the city should it become legal), any illegal, immoral or disreputable use. 2C1 RE In:. Lease Abstract Bayside Marketplace, LLC - Garage Location: Square Footage: Lease Executed: Possession Date: Rent Commencement Date: Effective Date: Rental Year: First Parking Garage Expansion Opening Date: Amendments: Term: Options: Minimum Base Rent: 401 Biscayne Boulevard, Miami, FL January 14`1', 1985 November 5`1', 1985 April 8`1'1987 September 24°', 2014 January 1" — December 31 S` of each year The date the parking garage expansion is open to the public Amendment 1 — 10/17/85 — Multiple changes, rent payment times, exhibit changes Amendment 2 — 12/13/88 — Port Boulevard Bridge Amendment 3 — 4/15/93 — changes to transfer language Amendment 4 - 9/24/14 — multiple changes — extending term, increasing payments 75 years Commencing on the first day of the month following the possession date. (12/1/85-11/30/60) Three 15 year options and one 8 year option a total of 53 years which must be exercised the latter of 2 years prior to the commencement of the option term or within 30 days of written notice from landlord after the 2 year period has passed. Option 1: 12/1/60-11/30/75 Option 2: 12/1/75-11/30/90 Option 3: 12/1/90-11/30/2105 Option 4: 12/1/2105-11/30/2113 At the beginning of each option period, the Minimum Base Rent shall be adjusted to Fair Market Value as determined by an Appraisal but will be capped at 15% each. The CPI escalation will not apply for the years that this increase is done. As of the Effective Date of Amendment 4 and the Is' of each month thereafter shall pay in equal monthly installments the annual sum of $675,000. -. :ERE I-_ Additional Minimum Base Rent: Percentage Rent: Increases: Commencing on the date the First Parking Garage Expansion is open to the public, Developer shall pay an additional annual amount of $241,920 in equal monthly installments. Commencing on the Effective Date of Amendment 4, Developer shall pay 15% of gross revenues over the initial breakpoint of $4,507,000. The breakpoint adjusts each rental year by the CPI with the rent and becomes the new rent amount divided by 15%. Minimum Base Rent and Additional Minimum Base Rent shall be increased on the anniversary of the Effective Date of each year by the percentage of CPI Escalation from the prior year. Said increase shall be capped at 3% per year. The CPI Escalation year for Minimum Base Rent is to begin with 1/1/16. Such CP1 increases are to be calculated by the City and sent within 60 days after the commencement of the CPI Escalation. Alterations and Renovations: Developer may make renovations that it deems necessary, provided that no renovation materially alters the exterior appearance of the property or the overall character and appearance of the public circulation areas without written approval from the City Manager. Renovation Work: Developer shall expend no less than $27,000,000 in Capital Improvements to the property and provide copies of invoices and receipts and demonstrate achievement of the minimum investment. Bonding: Retail/Garage Max SF: First Parking Garage Expansion: Future Parking Garage Expansion: Transfer Fee: Developer shall post payment and performance bonds in favor of the City in the form stipulated in Fla Statute 255.05 for 100% of the cost of any renovations of the garage parcel. Developer may only build up to 267,000SF of enclosed retail space, including restaurants at the retail and garage parcels collectively. This amount does not include the Tower. Developer agrees to expand the Garage to add 448 additional parking spaces Developer has the right to further expand the garage up to an additional 296 spaces it its sole discretion. In the event of a Transfer Fee Transaction, the Developer shall pay the City a fee as follows: 9/24/14-9/23/19 — 2% of the Gross Sale Amount 9/24/19-9/23/24 — 1.5% of the Gross Sale Amount 9/24/24-9/23/34 — 1% of the Gross Sale Amount -bkE; Iri And .75% anytime thereafter Financing Participation Interest: City shall have a 1 time right to participate in any refinancing of the property in an amount equal to 3% of the first $125,000,000 financed equaling $3,750,000. Up Front Payment: 30 days prior to the referendum, Developer shall deposit $10,000,000 in escrow to be delivered to the City upon approval of the Ground Lease Referendum pending any appeal. Retail Liner: Once constructed, the retail liner will be governed by the Retail lease and any gross receipts received by the retail tenants will be used to calculate the Retail Percentage Rent, not the Garage's. Notice Address: Bayside Marketplace, LLC c/o General Growth Properties, Inc. 110 North Wacker Drive Chicago, IL 60606 Attn: Chief Legal Officer Bayside Marketplace, LLC c/o General Growth Properties, Inc. 1245 Worcester Street #1218 Bayside Center Limited Partnership Natick, MA 01760 Attn: John Charters Sales Reporting: Within 90 days following the end of each rental year (by April 1st), Developer shall furnish a Certified Financial Report Late Fees: In addition, Developer shall provide within 15 days following the end of each calendar month, a written statement of gross receipts for the prior month. Any payment not received after 10 days written notice from the City shall accrue interest at 2% above the prime rate charged by Citibank, NA ("Default Rate") and an administrative charge of .5%. If this happens more then once in any rental year, the Default Rate shall increase to 12% per annum. Taxes: Tenant is to pay any and all taxes when they become due. Security Deposit: N/A Audit Rights: Upon 10 days written notice, but not more than once a year, tenant will make available all records pertaining to the property to an authorized representative of the City designated by the City Manager. Default: Tenant shall be found in default of the lease for the following reasons: (iv) Failure to make rental payments per the lease within 10 days after receiving written notice. (v) Failure to perform in accordance with any terms of the lease within 60 days after receiving written notice or if 60 days is not sufficient to cure the default, then diligent measures to commence the curing of the default must commence within that timeframe. (vi) Bankruptcy Building Maintenance: Tenant shall any and all improvements in a first class manner. Ownership of Improvements: Upon expiration or termination of the lease, title to all improvements constructed on the property shall vest to the city. Permitted Uses: Public parking and management office. EPE. Rental Survey Land - Mixed -Use No. Property Name Address Grove Harbour Waterfront Land Lease 2640 South Bayshore Drive Miami, FL 33133 >unty Miami -Dade uovt./Tax ID 01-4122-002-0011 Land Area Net 13.550 ac/ 590,238 sf Land Area Gross 13.550 ad 590,238 sf Site Development Status Finished Utilities All Available Maximum FAR N/A Min Land Bldg Ratio N/A Shape Irregular Topography Level, At Street Grade Flood Zone Class N/A Flood Panel No./ Date N/A Zoning CS -Civil Space Entitlement Status Fully Entitled/Planning Permissions Reimbursements Occupancy ,nant Size 'ase Term Survey Date Verification NNN 100% 590,238 - 590,238 sf 480 - 480 Mo(s). 06/2017 N/A Rent Changes/Steps Free Rent TI Allowance Reimbursement Amount Total Oper. & Fixed Exp. Annual Base Rent Stepped Every 5 years 0 - 0 Mo(s). $0.00 - $0.00 per sf $0.00 per sf $0.00 per sf $1.02 - $1.02 per sf Free Tenancy Term Type of Rent TI Annual Tenant Name Use Type Size (Mo.) Lease Start Date Reimbs. Rent Changes / Steps (Mo.) Allowance Base Rate No actual leases available for this property. This is a waterfront land lease that is owned by the City of Miami and leased to Alan Lima. The land includes 6.95 acres of uplands and 6.6 acres of submerged land. The subject site is improved with a 18,462 SF Fresh Market and 14,597 SF of retail and office area. The marina component includes 200 outside dry slips, 76 inside dry slips and 58 wet slips for a total of 334 slips. This land lease includes a base rent of $600,000.00 or $50,000.00 per month plus use tax subject to increases every 5 years or a percentage rent for the month that began 60 days prior in the amount of: • 15% of gross revenue from the marina • 10% of gross revenue from the boatyard • 5% of gross revenue from the marina service facility. In the event there is a sublease of the service facility, tenant shall pay 5% of the floor rents and 25% of any percentage rent collected. • 5% of revenue from the marine fueling facility. • 5% of marketplace vendor fees from $0-$200,000 • 10% of the marketplace vendor fees from $200,001-$500,000 • 10% of the marketplace vendor fees above $500,000 • 10% of restaurant sales even if subleased. • 10% of the floor rent and 37.5% of the subtenants percentage rent payable to lessee for subtenants other than restaurants and marketplace subtenants located outside of the historic hangars • 10% of floor rents and 50% of percentage rents paid to lessee by Marketplace subtenants located outside of the historic hangars until the city receives 3% of the subtenants gross revenues, after that the City shall receive 37.5% of the subtenants percentage rent payable to the lessee via blease agreement. 02017 CBRE, Mc. CBRE Lease Abstract — Grove Harbour Marina and Caribbean Marketplace, LLC. Location: 2640 S Bayshore Drive, Miami, FL Square Footage: 13.55 Acres (6.95 upland 6.6 submerged) Lease Executed: March 12, 1999 Amendments: Amendment 1 (1/23/02) — misc. changes Amendment 2 (12/3/02) — Leasehold mortgagee additions Amendment 3 (8/1/03) — Performance bond Amendment 4 (12/23/04) — Extension of time for completion of improvements Amendment 5 (5/17/05) — Additional extension for improvements Letter Agreement (3/17/11) — Restaurant sublease Rent Commencement Date: 12/4/02 Term: 40 years (12/4/02-12/3/42) Lease Year: 12/4 — 12/3 Options: N/A Security Deposit: $150,000 and shall increase each time the minimum rent is adjusted so that the amount is equal to 50% of the annual minimum rents. Notice Address: Alan Lima 8360 W. Flagler Street #200 Miami, FL 33144 And Ramon Rasco, ESQ Rasco Reininger & Perez, P.A. 5200 Blue Lagoon Drive, Suite 700 Miami, Florida 33126 Rent: On or before the 1st of each month, tenant is to pay the greater of: Minimum Annual Rent in the amount of $600,000.00 or $50,000.00 per month plus use tax subject to increases every 5 years. Or Percentage Rent for the month that began 60 days prior in the amount of: • 15% of gross revenue from the marina Payment to the State: 1 ncreases: • 10% of gross revenue from the boatyard • 5% of gross revenue from the marina service facility. In the event there is a sublease of the service facility, tenant shall pay 5% of the floor rents and 25% of any percentage rent collected. • 5% of revenue from the marine fueling facility. • 5% of marketplace vendor fees from $0-$200,000 • 10% of the marketplace vendor fees from $200,001-$500,000 • 10% of the marketplace vendor fees above $500,000 • 10% of restaurant sales even if subleased. • 10% of the floor rent and 37.5% of the subtenants percentage rent payable to lessee for subtenants other than restaurants and marketplace subtenants located outside of the historic hangars • 10% of floor rents and 50% of percentage rents paid to lessee by Marketplace subtenants located outside of the historic hangars until the city receives 3% of the subtenants gross revenues, after that the City shall receive 37.5% of the subtenants percentage rent payable to the lessee via sublease agreement. The City is to pay any state fees up to $47,200 per year beginning in year 3. Tenant is responsible to reimburse City for any payments over $47,200. At the end of the 7th year (12/4/09) and every 5 years thereafter (12/4/14, 12/4/19, 12/4/24, 12/4/29, 12/4/34, 12/4/39) the city is to have an appraisal of the fair market rent done to adjust the minimum annual rents. Lessee is to pay 50% of the cost of the appraisal. Construction Requirements: Lessee shall be required to design, construct and maintain a bay walk along the sea wall edge- at Biscayne Bay and a twenty foot wide landscape buffer between the western edge of the Subject Property and South Bayshore Drive which incorporates a bike path Hazardous Materials Handling Procedures: On or before January 4th of each Lease Year, Lessee shall engage a licensed consultant to update the Approved Handling Procedures to bring them into compliance with current Environmental Laws and shall make them available upon request. The licensed consultant shall perform: (I) a records review; (2) site reconnaissance; (3) interviews with Lessee, Lessee's Subtenants, and local governmental officials. Marina Maintenance Fund: Commencing 1 year after the CO has been issues, tenant is to deposit in an account 2.5% of gross sales of the marina, or $35,000 per year whichever is greater for capital improvements. Once the fund reaches $350,000 the payments may be reduced. -ERE Financial Reporting: Environmental Audit: Late Fees: Taxes: Tax Abatement Payment to the City: Subleasing: Within 60 days following the end of each lease year (February 3`d) tenant is to deliver a statement of annual gross revenues prepared and certified by an independent CPA. Within 90 days following the end of each lease year (March 3`d) tenant is to deliver a gross revenue report prepared and certified by a CPA. Within 120 days after the end of each calendar year (May 1st), lessee is to provide an unaudited financial statement prepared by a CPA. Prior to November 4th of each year, lessee shall hire a consultant to perform an audit assessing the handling of hazardous materials, reviewing records and interviewing tenant and subtenants. In the last year of the term, upon written notice from the City, tenant will have performed by a licensed consultant, an end term audit assessing the environmental condition of the property and improvements. 5% of amount due if paid 15 days after the 1st of the month. Lessee is to pay any and all taxes when they become due. Should lessee be successful in obtaining a tax abatement on the historic property, they will contribute to the City on an annual basis an amount equal to 50% of the abated taxes. Lessee has the right to sublease any portion of the property at lessee's discretion provided that the sublease is subordinate to the lease, the term shall be less than the lease term, and lessee is to give the City a list of all subtenants and subleases on an annual basis. Violation/Default: Tenant shall be found in default of the lease for failure to perform the following: • Pay rent when due after 15 days written notice. • Failure to perform any other covenants of the lease after 30 days written notice unless that is not sufficient time to cure. Insurance: Tenant shall maintain the following insurance requirements per the lease: 1. Commercial General Liability — including contractual liability, products and completed operations, personal injury, liquor liability, and premises and operations coverage against all claims in amounts not less than $2,000,000 for Bodily Injury and Property Damage Liability. City of Miami included as an Additional Insured II. Business Automobile Liability — covering all Owned, Hired or Non -Owned Autos with limits of $1,000,000 for BI and property. 11I. Worker's Compensation — as required by the state. IV. Business Interruption — covering all risk for the payment of minimum rent and debt service payments for the full period of reconstruction following a total loss. V. Equipment breakdown — covering repair and replacement of all boilers, machinery and breakdown of all major mechanical, hydraulic and electrical equipment serving the improvements. City is to be named loss payee and insured. VI. Umbrella Policy/Excess Liability — of $3,000,000 per occurrence to extend coverage of the marina and pollution coverage with city as additional insured. VII. liquor Liability (if applicable) $ 1,000,000. City is additional insured. VIII. Pollution/Environmental impairment liability - $1,000,000 per occurrence covering damage by any hazardous substance. City is additional insured, IX. Marina Operators Legal Liability - $1,000,000 with city as additional insured. X. Property Coverage All Risk property coverage against fire, windstorm and flood with extended coverage for vandalism, malicious mischief, sprinkler leakage and flammable materials used for cooking insuring 100% of the replacement costs of all improvements excluding foundation and excavation with a maximum deductible of $5,000 for all perils except wind. 5% of the insured value shall be max deductible for wind. City is to be listed as loss payee and insured. Commencing on the 7th year and every 5 years after, the insured replacement cost shall be adjusted by an insurance appraiser selected and paid for by the lessee. The above policies shall provide the City of Miami with a 30 day written notice of cancellation or material changes in accordance to policy provisions. City reserves the right to amend the required coverage. Premises Maintenance: Tenant shall maintain the property in good order and appearance and take all steps necessary to prevent deterioration of the improvements. Services and Utilities: Tenant is responsible for all utilities and services. Assignment and Subletting or Transfer of Stock: The City is entitled to 3% of the net proceeds of any transfer or sale. Transfers must be approved by the city. Ownership of Improvements: Upon expiration or termination of the lease, title to all improvements constructed on the property shall vest to the city. Permitted Use: Boatyard facility, marina, boatyard/marina office, marine fueling facility, charter boat concession operations, food service concessions, convenience services/boater amenities, -BRE. 1, Prohibited Uses: marina related retail, boat dealer, marine trade schools, public/urban community market, historic interactive facility, historic facility related retail, meeting/conference facility, educational facility, related offices, supporting restaurants, prepared food service concessions, parking, recreational amenities, and other ancillary uses. No illegal business, adult entertainment, jet ski rental, no hauling and or storage of vessels 28ft and under, entertainment vessels that provide gambling, casino gambling, or games of chance or reward, unless Lessee obtains the prior consent of the Lessor. Rental Survey Land - Mixed -Use No. Property Name Address )unty Govt./Tax ID Land Area Net Land Area Gross Site Development Status Utilities Maximum FAR Min Land Bldg Ratio Shape Topography Flood Zone Class Flood Panel No./ Date Zoning Entitlement Status Reimbursements Occupancy merit Size lase Term Survey Date Verification Grove Bay Waterfront Land Lease 3349-2285 Pan American Drive 3351-3377 Pan American Drive Miami, FL 33133 Miami -Dade 01-4122-002-0025,0030 and 0040 7.020 ad 305,791 sf 7.020 ad 305,791 sf Finished All Available N/A N/A Irregular Level, At Street Grade N/A N/A CS -Civil Space Fully Entitled/Planning Permissions NNN 100% 305,791 - 305,791 sf 600 - 600 Mo(s). 06/2017 N/A Rent Changes/Steps Free Rent TI Allowance Reimbursement Amount Total Oper. & Fixed Exp. Annual Base Rent CPI every 5 years 0 - 0 Mo(s). $0.00 - $0.00 per sf $0.00 per sf $0.00 per sf $6.21 - $6.21 per sf Tenant Name Tenancy Use Type Term Size (Mo.) Free Type of Rent Tl Annual Lease Start Date Reimbs. Rent Chances / Steps (Mo.) Allowance Base Rate No actual leases available for this property. 4, 2017 CIVE,Ix CBRE This is a waterfront land lease that is owned by the City of Miami and leased to Grove Bay Investment Group, LLC. The land area was estimated using the measuring tool on Google earth. According to this source, the land area includes 7.02 acres, which is equal to 305,791 SF. The Minimum Base Rent is payable on the 15th day of each month in monthly installments as follows: • from the Possession Date of the Lease until the operation date, the lessee shall pay $1.4 million per annum or $116,666.67 per month (initial minimum base rent) • On the operation date (6 months after the CO for the parking garage is received) the rent increases to $1.8 million per annum or $150,000 per month. • Upon the parking facilities conditions precedent being met, the base rent shall increase to $1.9 million per year or $158,333.33 per month for the 24 month. • Thereafter, the Minimum Base Rent shall increase to $2.0 million per annum or $166,666.67 per month. • On the first day of the 16th, 31st, 51st and 66th years, the minimum base rent shall be adjusted based on fair market rent as determined by appraisal. • The increases above are subject to change as follows: 1. If the PF conditions precedent are met after 1/1/18, the rent will remain at $1.9 million 2. If the PF conditions precedent are met after 6/1/18, the rent will remain at $1.8 million subject to the CPI increases every 5 years and the reappraisal every 10. • The amounts above are based on the assumption that the retail area will be 40,000 SF at $10 PSF for a value of $400,000 of the base rent described. If the SF increases or decreases, so shall the base rents. Greater of the Minimum base rent or the Percentage rent shall be paid by the 15th of each month after the possession date The Percentage Rent shall be an amount equal to the sum of: • 5% percent of the Gross Revenues from the Formal Dining Restaurants; • 10.3% percent of the Gross Revenues from the Casual Restaurants; • 15% percent of the Gross Revenues from marina operations (non -fuel); • 15% percent of marina gross fuel profits (gross fuel profits defined as gross fuel sale price per gallon minus cost of delivered fuel per gallon); • 5% percent of the Gross Revenue from any Marine Retail Store (excluding any Marine Retail Store within the Parking Facilities Retail Area, which shall pay rent pursuant to (vi) below) and any ancillary sales from any other source within the Property, excluding those sources identified in subparts (i), (ii), (iii), (iv) or (vi); and • $10 per square foot per annum for all occupied or vacant retail spaces within the Parking Facilities Retail Area and within the Other Permitted Retail Areas Commencing with each of the Lease Years following Lease Years 15, 30, 50 and 65 (each, an "Adjustment Lease Year"), the 4.1.3 Rent shall be adjusted as follows: (1) as of the commencement of the first Adjustment Lease Year, the 4.1.3 Rent shall be increased to $11.50 per square foot per annum; and (2) as of the commencement of each subsequent Adjustment Lease Year, the 4.1.3 Rent shall be adjusted to equal the product of (x) the 4.1.3 Rent in effect immediately preceding such Adjustment Lease Year, times (y) 50% of the percentage increase in Minimum Base Rent, as determined pursuant to Section 4.3.2, that will take effect as of the commencement of each applicable Adjustment Lease Year. CBRE Addenda Addendum B OPERATING DATA Location: Lease Abstract — Grove Bay Investment Group, LLC. 3385 Pan American Drive, Miami, Florida 3349 Pan American Drive, Miami, Florida 3351 & 3377 Charthouse Drive, Miami, Florida Square Footage: Lease Executed: 10/24/13 Effective Date: 11/6/13 Amendments: Certain terms were amended in the Grove Bay Parking Facilities Agreement dated 2/8/16 pertaining to the Parking Garage and the Trust Fund Contribution. Rent Commencement Date: 11/1/15 Possession Date: 11/1/15 Operation Date: Six (6) months following receipt of a Certificate of Occupancy for the Parking Facilities, including the Parking Facilities Retail Area. To be established through written documentation. Parking Facilities Conditions Precedent: Obtaining certificate of completion or CO, completion of the retail area to Grey Shell Standards with a CO, parking agreement and management agreement with MPA /City/Lessee Term: 50 years 11/6/13 — 11/5/63 Lease Year: 1 1 /6 — 1 1 /5 Options: Two 15 year options which must be exercised by written notice not less than 365 days prior to expiration or within 30 days after written notice by the City that the tenant has missed their 365 day window. Security Deposit: Notice Address: Option 1 — 11/6/63 — 1 1 /5/78 Option 2 — 11/6/78 — 1 1 /5/93 On the effective date, lessee is to submit $900,000 which is to be held by the City in an interest bearing account in which the interest is to be paid annually to the lessee within 15 days following the end of each calendar year. Said deposit shall increase each time the minimum rent is adjusted so that the amount is equal to 50% of the annual minimum rents. Grove Bay Investment Group. LLC 2950 SW 27th Ave Miami, FL 33133 Rent: And Holland & Knight LLP Attn: Richard A. Perez 701 Brickell Ave, Suite 3000 Miami, Florida 33131 Minimum Base Rent is payable on the 15th day of each month in monthly installments as follows: • from the Possession Date of the Lease until the operation date, the lessee shall pay $1.4 million per annum or $116,666.67 per month (initial minimum base rent) • On the operation date (6 months after the CO for the parking garage is received) the rent increases to $1.8 million per annum or $150.000 per month. • Upon the parking facilities conditions precedent being met, the base rent shall increase to $1.9 million per year or $158,333.33 per month for the 24 month. • Thereafter, the Minimum Base Rent shall increase to $2.0 million per annum or $166,666.67 per month. • On the first day of the 16`n 31 st 51 St and 66th years, the minimum base rent shall be adjusted based on fair market rent as determined by appraisal. • The increases above are subject to change as follows: 1. If the PF conditions precedent are met after 1/1/18, the rent will remain at $1.9 million 2. If the PF conditions precedent are met after 6/1 /18, the rent will remain at $1.8 million subject to the CPI increases every 5 years and the reappraisal every 10. • The amounts above are based on the assumption that the retail area will be 40,000 SF at $10 PSF fora value of $400,000 of the base rent described. If the SF increases or decreases, so shall the base rents. Greater of the Minimum base rent or the Percentage rent shall be paid by the 15th of each month after the possession date The Percentage Rent shall be an amount equal to the sum of: • 5% percent of the Gross Revenues from the Formal Dining Restaurants; • 10.3% percent of the Gross Revenues from the Casual Restaurants; • 15% percent of the Gross Revenues from marina operations (non - fuel): • 15% percent of marina gross fuel profits (gross fuel profits defined as gross fuel sale price per gallon minus cost of delivered fuel per gallon); • 5% percent of the Gross Revenue from any Marine Retail Store (excluding any Marine Retail Store within the Parking Facilities t 201'_uRE i. Submerged Lands Fees: Increases: Retail Area. which shall pay rent pursuant to (vi) below) and any ancillary sales from any other source within the Property. excluding those sources identified in subparts (i), (ii), (iii), (iv) or (vi); and • $10 per square foot per annum for all occupied or vacant retail spaces within the Parking Facilities Retail Area and within the Other Permitted Retail Areas Commencing with each of the Lease Years following Lease Years 15, 30, 50 and 65 (each, an "Adjustment Lease Year"), the 4.1.3 Rent shall be adjusted as follows: (1) as of the commencement of the first Adjustment Lease Year, the 4.1.3 Rent shall be increased to $1 1.50 per square foot per annum; and (2) as of the commencement of each subsequent Adjustment Lease Year, the 4.1.3 Rent shall be adjusted to equal the product of (x) the 4.1.3 Rent in effect immediately preceding such Adjustment Lease Year, times (y) 50% of the percentage increase in Minimum Base Rent, as determined pursuant to Section 4.3.2. that will take effect as of the commencement of each applicable Adjustment Lease Year. Lessee is to pay all submerged lands fees and any fees associated with the state's approval and waiver within 30 days of being billed. The fee is to be paid to the City and then the City will pay the DEP. The lease is subject to a CPI increase every 5 years with a cap of 5%, except for the 16'1'. 31 st, 5I ' and 66`h years which will be increased as determined by an appraisal. In addition, the PSF rents on the vacant or occupied retail spaces within the parking facility shall be adjusted on the first day of each year as described below: • 16`h year - $11.50 PSF • 315` year — 50% if the increase to the Minimum rent as determined by appraisal • 51st year— 50% if the increase to the Minimum rent as determined by appraisal • 66`h year - 50% if the increase to the Minimum rent as determined by appraisal Security deposit is to increase to at all times be 50% of the minimum base rent. Facility Parking Spaces: The Parking Facilities will consist of a 3 level parking garage containing not less than 333 parking spaces and 80 surface spaces within the Parking Property and approximately 40,000 SF of first floor Retail space. Parking Trust Fund: Lessee is to contribute $12,000 per parking space needed to meet their parking requirement per the RFP which is $4.000,000. On the effective Capital Infrastructure Account: date, lessee shall transfer $1.242,500 of the good faith escrowed funds with the remaining $2,757,500 to be put in a separate limited account by Grove Bay within 30 days of the MPA delivering notice that they have received the necessary permits to construct the parking facilities. The City will return the Parking Trust Fund Contribution if the MPA has not acquired the necessary permits and commenced construction within 12 months of the Possession Date (by 10/31 / 16). Lessee agrees to contribute 1% of gross revenues to an escrow account to fund capital improvement costs. Lessee is to provide the fund balance on an annual basis. Charitable Contribution: Lessee is to make a $30,000 annual payment each lease year to help fund a charitable hospitality related organization selected by lessee in consultation with the city manager. Leasehold Improvements: Lessee's Obligations: • Within 180 days of the effective date (by 5/4/14) lessee shall submit plans for commencement and completion of the construction and acquisition and installation of the leasehold improvements. Lessor is to approve or deny the plans within 10 days after receipt. • Within 180 days of the possession date (4/28/16) lessee is to install new dry rack storage slips. • Lessee shall complete construction of the leasehold improvements within 365 days after receiving permits. • Lessee is to expend no less than $17,970,000 on the project and to provide receipts. • Prior to commencement of construction. lessee is to have their GC provide a performance bond for 100% of the hard costs to construct the leasehold improvements. Annual Reporting: Within 90 days following the end of each lease year (February 3rd), tenant is to deliver a gross revenue report prepared by an independent CPA. Monthly Reporting: Within 15 days after the end of each month, lessee is to provide a statement of gross revenues for the preceding month. Environmental Testing: Lessee shall conduct a phase II environmental assessment and soil analysis of the property before and after the lease term. Upon lessors request but not more than every 5 years lessee shall conduct soil analysis testing at lessees cost. If remediation is needed, lessee shall be responsible for the first $1.000.000 and every dollar after that shall be split 50/50. Audit Right: Lessor has the right to audit with 10 days written notice. Late Fees: .5% of amount or $100 for each day late, if paid after the 15'h of the month. .: -EFr i�_ Taxes: Lessee is to pay any and all taxes when they become due. Subleasing: Transfer Fee: Default: Termination: Premises Maintenance: Preventative Maintenance: Structural Inspection: Services and Utilities: Ownership of Improvements: Permitted Use: Lessee has the right to sublease any portion of the property at without lessor's approval as long as it is for a permitted use. During the first 5 years is 2% of the gross sale amount Between years 5-10 is 1.5% of gross sale amount Between years 10-20 is 1% of gross sale amount After year 20 is .75% of gross sale amount Lessee shall be found in default of the lease for failure to perform the following: • Pay rent when due after 10 days written notice. • Cease business for a period of 30 days • Bankruptcy not dismissed after 90 days • Assignment is made for creditors • Appointment of a receiver that is not dismissed after 90 days. • Removal of leasehold improvements or FFE • Failure to perform any other covenants of the lease after 60 days written notice unless that is not sufficient time to cure. If the Lease has not been approved by the City Commission and public referendum by November 15, 2013, then Lessee shall have the right at any time thereafter, to terminate this Lease by written notice Tenant shall maintain the property in good order and appearance and take all steps necessary to prevent deterioration of the improvements. Lessee is to provide daily janitorial services, landscape maintenance, exterior window cleaning, vermin control, maintenance and cleaning of kitchen equipment and grease trap, painting of exterior and window and door caulking not less than every 4 years. On the 10`1' and 20ffi lease year, and every 5 years thereafter, lessee is to have a qualified engineer perform a physical inspection of the property to include Structural. Plumbing, Electrical, Life Safety, HVAC and any trade fixtures. Said report along with a proposed plan for the recommendations is due by the end of said lease year. Lessee is responsible for all utilities and services. Upon expiration or termination of the lease, title to all permanent improvements constructed on the property shall vest to the city. Full -service, dry storage marina, with ancillary minor boat repair functions, other ancillary marine -related services, fuel sales, other related food services, one or more casual restaurants, one or more formal 7 7 CBRE, In.. restaurants, retail uses and such other uses as contemplated in the Proposal and for no other purpose or use of any kind. The marina shall provide for dry storage racks or comparable storage equipment, accommodating the storage of a minimum of 400 boats. Vessels stored at the marina shall be 28 feet or lesser in length. Prohibited Uses: Adult novelty shops, gun shops and pawn shops. 6/19/2017 ALIGNED BAYSHORE HOLDINGS ANNUAL GROSS SALES Oct 2015 - May 2017 BASIS FOR CITY OF MIAMI LEASE CALCULATION Gross Revenues (1) Raw Bar Raw Bar Misc Office Marina Dockage Marina Misc TOTAL Oct-14 $615,503.00 Nov-14 $572,205.00 Dec-14 $632,096.00 Jan-15 $731,200.87 Feb-15 $634,281.97 Mar-15 $866,875.29 Apr-15 $749,204.58 May 1-20, 2015 $526,957.32 May 21-31, 2015 $310,776.13 Jun-15 $558,204.79 Jul-15 $551,846.28 Aug-15 $529,548.05 5ep-15 $407,237.68 TOTAL $7,685,936.96 Oct-15 $593,571.23 Nov-15 $563,143.96 Dec-15 $670,145.10 Jan-16 $641,434.41 Feb-16 $683,459.21 Mar-16 $795,642.38 Apr-16 $828,073.82 May-16 $736,007.63 Jun-16 $513,068.52 Jul-16 $627,903.13 Aug-16 $473,301.19 5ep-16 $472,387.75 TOTAL $7,598,138.33 Oct-16 $576,419.40 Nov-16 $601,322.33 Dec-16 $720,431.02 Jan-17 $664,183.87 Feb-17 $759,885.99 Mar-17 $804,758.86 Apr-17 $790,212.53 May-17 $755,485.76 TOTAL TO DATE (8 months) $5,672,699.76 $216.02 $233.26 $449.28 $316.73 $190.04 $148.80 $506.88 $578.57 $451.93 $567.05 $609.18 $585.88 $765.54 $345.05 $0.00 $5,065.65 $668.93 $329.46 $355.23 $226.92 $341.50 $337.10 $365.00 $439.32 $3,063.46 $63,461.00 $65,482.00 $68,686.00 $74,019.00 $72,736.00 $73,271.00 $74,000.00 $46,960.00 $28,678.55 $63,481.06 $70,240.58 $73,031.52 $76,495.18 $850,541.89 $77,897.05 $78,073.63 $74,709.52 $78,793.22 $68,520.68 $68,520.68 $63,734.78 $60,084.87 $61,091.82 $56,519.40 $63,101.69 $74,205.12 $825,252.46 $51,703.65 $51,703.65 $51,703.65 $51,703.65 $49,815.25 $48,728.56 $48,728.56 $60,331.14 $414,418.11 $127,279.00 $106,471.00 $119,785.00 $119,162.00 $130,235.00 $130,435.00 $133,014.00 $87,344.00 $50,053.57 $159,554.45 $144,001.49 $119,498.21 $137,410.61 $1,564,243.33 $146,725.89 $139,840.10 $132,401.22 $141,844.92 $141,502.43 $133,152.36 $129,531.00 $137,200.00 $152,482.50 $148,039.36 $154,081.00 $155,470.00 $1,712,270.78 $146,372.26 $159,171.09 $164,627.00 $160,585.00 $166,044.36 $156, 200.00 $157,196.00 $156,093.65 $1,266,289.36 4,569.00 3,208.00 3,852.00 6,421.00 15,171.00 7,587.00 4,489.00 3,178.00 5,768.00 4,341.56 2,597.67 1,851.31 63,033.54 5,548.51 2,601.03 5,781.90 7,947.76 8,224.59 1,549.56 4,111.10 3,562.72 3,979.93 1,532.67 3,066.92 3,234.00 51,140.69 3,676.26 3,574.79 3,825.22 3,097.80 2,239.79 6,967.01 12,979.96 7,471.51 43,832.34 $810,812.00 (2) $747,366.00 (2) $824,419.00 (2) $930,802.87 $852,423.97 $1,078,168.29 $960,707.58 $664,439.32 $389,508.25 $787,008.30 $770,645.93 $724,908.71 $622,994.78 $10,164,205.00 824,059.41 783,848.76 883,186.54 870,527.19 902,285.48 999,316.91 1,026,017.75 937,464.40 731,208.65 834,760.10 693,895.85 705,296.87 10,191,867.91 778,840.50 816,101.32 940,942.12 879,797.24 978,326.89 1,016,991.53 1,009,482.05 979,821.38 7,400,303.03 (2) (2) (2) (2) (2) (') Gross sales exclude sales and use tax, services fees, discounts, and chargebacks (2) Based on prior owner's records Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May 1-20, 2015 May 21-31, 2015 Jun-15 JuI-15 Aug-15 Sep-15 TOTAL RAW BAR ALIGNED BAYSHORE HOLDINGS ANNUAL GROSS SALES Oct 2014 - Sep 2015 CITY OF MIAMI LEASE CALCULATION Gross Revenues (11 Raw Bar Raw Bar Misc Office Marina Dockage Marina Misc $615,503.00 $572,205.00 $632,096.00 $731,200.87 $634,281.97 $866,875.29 $749,204.58 $526,957.32 $310,776.13 $558,204.79 $551,846.28 $529,548.05 $407,237.68 $7,685,936.96 - $63,461.00 $65,482.00 - $68,686.00 - $74,019.00 $72,736.00 $73,271.00 $74,000.00 $46,960.00 - $28,678,55 $63,481.06 $216.02 $70,240.58 $233.26 $73,031.52 $76,495.18 $449.28 $850,541.89 RENT CALCULATIONS $127,279.00 $106,471.00 $119,785.00 $119,162.00 $130,235.00 $130,435.00 $133,014.00 $87,344.00 $50,053.57 $159,554.45 $144,001.49 $119,498.21 $137,410.61 $1,564,243.33 4,569 3,208 3,852 6,421 15,171 7,587 4,489 3,178 5,768 4,342 2,598 1,851 $63,033.54 Type Sales % Rent $ Rent Base Overage OFFICE/RETAIL Rents MARINA Dockage Miscellaneous $1,000,000.00 $6,686,386.24 $850,541.89 $1,564,243.33 $63,033.54 8.0% 10.0% $80,000.00 $668,638.62 10.0% $85,054.19 $0.00 15.0% $234,636.50 10.0% $6,303.35 TOTAL $1,074,632.67 TOTAL PERCENTAGE RENT DUE $1,074,632.67 SALES TAX 7.0% $75,224.29 TOTAL ANNUAL $1,149,856.95 MONTHLY Ill Gross sales exclude sales and use tax, services fees, discounts, and chargebacks 12) Based on prior owner's records provided by the City $95,821.41 (2) (2) (2) (2) (2) (2) (2) (29 ALIGNED BAYSHORE HOLDINGS ANNUAL GROSS SALES Oct 2015 - Sep 2016 CITY OF MIAMI LEASE CALCULATION Gross Revenues Raw Bar Raw Bar Misc Office (t] Marina Dockage Marina Misc Oct-15 $593,571.23 $316.73 Nov-15 $563,143.96 $190.04 Dec-15 $670,145.10 $148.80 Jan-16 $641,434.41 $506.88 Feb-16 $683,459.21 $578.57 Mar-16 $795,642.38 $451.93 Apr-16 $828,073.82 $567.05 May-16 $736,007.63 $609.18 Jun-16 $513,068.52 $585.88 Jul-16 $627,903.13 $765.54 Aug-16 $473,301.19 $345.05 5ep-16 $472,387.75 $0.00 TOTAL $7,598,138.33 $5,065.65 $77,897.05 $78,073.63 $74,709.52 $78,793.22 $68,520.68 $68,520.68 $63,734.78 $60,084.87 $61,091.82 $56,519.40 $63,101.69 $74,205.12 $825,252.46 RENT CALCULATIONS $146,725.89 $139,840.10 $132,401.22 $141,844.92 $141,502.43 $133,152.36 $129,531.00 $137,200.00 $152,482.50 $148,039.36 $154,081.00 $155,470.00 $1,712,270.78 5,549 2,601 5,782 7,948 8,225 1,550 4,111 3,563 3,980 1,533 3,067 3,234 $51,140.69 Type Sales % Rent $ Rent RAW BAR Base Overage OFFICE/RETAIL Rents MARINA Dockage Miscellaneous $1,000,000.00 $6,603,203.98 $825,252.46 $1,712,270.78 $51,140.69 8.0% 10.0% $80,000.00 $660,320.40 10.0% $82,525.25 $0.00 15.0% $256,840.62 10.0% $5,114.07 TOTAL $1,084,800.33 TOTAL PERCENTAGE RENT DUE SALES TAX 7.0% TOTAL ANNUAL ili Gross sales exclude sales and use tax, services fees, discounts, and chargebacks MONTHLY $1,084,800.33 $75,936.02 $1,160,736.35 $96,728.03 Effective 1/1/2017 Prime Marina Miami Dockage & Electrical Rates 2016 Dock Rates Annual Seasonal Monthly Transient Rate 30' Slip $30/Ft/Month $36/Ft/Month $46/Ft/Month $3.00/Ft/Day 40' Slip $32/Ft/Month $38/Ft/Month $47/Ft/Month $3.50/Ft/Day 50' Slip $34/Ft/Month $41/Ft/Month $48/Ft/Month $4.00/Ft/Day 60' Slip $36/Ft/Month $45/Ft/Month $49/Ft/Month $4.00/Ft/Day 70' + Slip $38/Ft/Month $48/Ft/Month $52/Ft/Month $4.50/Ft/Day 80' + Slip $40/Ft/Month $50/Ft/Month $54/Ft/Month $5.00/Ft/Day Lift Rates Annual' 28K $1,600 Flat Rate 32K $1,800 Flat Rate 40K $2,200 Flat Rate Electric Power Annual Seasonal Monthly Transient 30 AMPS $90.00 $90.00 $90.00 $6.00 50 AMPS 30-49Ft $210.00 $210.00 $210.00 $7.00 50 AMPS 50-64Ft $255.00 $255.00 $255.00 $8.50 50 AMPS 65'+ $300.00 $300.00 $300.00 $10.00 Twin 50 AMPS $650.00 $650.00 $650.00 $25.00 100 AMP Single $650.00 $650.00 $650.00 $25.00 100 AMP Triple $950.00 $950.00 $950.00 $35.00 Electric Sail Boat Annual Seasonal Monthly Transient 30 AMPS $90.00 $90.00 $90.00 $6.00 50 AMPS 30-49Ft $90.00 $90.00 $90.00 $7.00 50 AMPS 50-64Ft $120.00 $120.00 $120.00 $8.50 50 AMPS 65'+ $150.00 $150.00 $150.00 $10.00 Twin 50 AMPS $600.00 $600.00 $600.00 $25.00 100 AMP Single $600.00 $600.00 $600.00 $25.00 100 AMP Triple $900.00 $900.00 $900.00 $35.00 Dock Rates Annual $30/Ft/Month Seasonal $36/Ft/Month Monthly $46/Ft/Month Transient Rate $3.00/Ft/Day 30' Slip 40' Slip $32/Ft/Month $38/Ft/Month $47/Ft/Month $3.50/Ft/Day 50' Slip $34/Ft/Month $41/Ft/Month $48/Ft/Month $4.00/Ft/Day 60' Slip $36/Ft/Month $45/Ft/Month $49/Ft/Month $4.00/Ft/Day 70'+Slip $38/Ft/Month $48/Ft/Month $52/Ft/Month $4.50/Ft/Day 80' + Slip $40/Ft/Month $50/Ft/Month $54/Ft/Month $5.00/Ft/Day Lift Rates 28K 32K 40K Annual $1,600 Flat Rate $1,800 Flat Rate $2,200 Flat Rate Electric Power Annual $90.00 Seasonal Monthly $90.00 Transient $6.00 30 AMPS $90.00 50 AMPS 30-49Ft $210.00 $210.00 $210.00 $7.00 50 AMPS 50-64Ft $255.00 $255.00 $255.00 $8.50 50 AMPS 65'+ $300.00 $300.00 $300.00 _ $10.00 Twin 50 AMPS $650.00 $650.00 $650.00 $25.00 100 AMP Single $650.00 $650.00 $650.00 $25.00 100 AMP Triple $950.00 $950.00 $950.00 $35.00 Electric Sail Boat Annual $90.00 Seasonal $90.00 Monthly $90.00 Transient $6.00 30 AMPS 50 AMPS 30-49Ft $90.00 $90.00 $90.00 $7.00 50 AMPS 50-64Ft $120.00 $120.00 $120.00 $8.50 50 AMPS 65'+ $150.00 $150.00 $150.00 $10.00 Twin 50 AMPS $600.00 $600.00 $600.00 $25.00 100 AMP Single $600.00 $600.00 $600.00 $25.00 100 AMP Triple $900.00 $900.00 $900.00 $35.00 Addenda Addendum C LEGAL DESCRIPTION DATA The Company covenants and agrees to provide each and every Essential Service as required in its use of the Property, as hereinafter listed, if allowed by law; and subject to the issuance --of a certificate of use and occupancy with City zoning Approval. The Essential Services will be provided during the entire term of this lease (subject to interruption for reasonable periods if due to a loss of a tenant or concessionaire providing Essential Services) unless and until the Company files a request in writing for permission to discontinue a use or service and the reasons therefor and said permission is granted by the City Manager. The City Manager shall only permit discontinuance of an Essential Service or use if he or she finds that it is no longer essential and that the discontinuance of said Essential Service(s) or use is in the greater interest of the public. Essential Services required in the use of the Property: 1. A restaurant; 2. Retail facilities; 3. A marina, including an adequate number of spaces for transient vessels; In addition, the following list of uses may be provided for by the Company or the tenant(s) of the Property: (a) A refreshment stand; (b) Boat rentals; (c) Bait and tackle shop; (d) Convenience food store for the benefit of marina tenants; (e) Marine supply store, including diving gear; (f) Outboard motor sale and incidental service; (g) Marine clothing sales; 1 (h) Marine furniture sales and incidental manufactur- ing; (i) Boat tours; (j) Fishing area; (k) Sporting goods store; -3- - �:1' i8RE, 1�_ (1) Antique store; (m) Art galleries and book store open to the general public; 01) ..-Bakeryv (o) Bicycle sales and repair; (p) China and crockery; (q) Confectionery or ice cream store; (r) Clothing; (s) Photographic sales; (t) Gift shop; (u) Hobby shop; (v) Jewelry and watch sales, repair and service; (w) Leather goods - sales and incidental assembly and repair; (x) Lounges; (y) News stand or sundry; (z) Barber shop, beauty parlor, and shoe polishing stand; (aa) Travel and ticket agency; (ab) Sailmaker; (ac) Arts and crafts; (ad) Office for management and rental of the Property; (ae) Marine fuel pumps; (af) Any related or allied uses to the above if approved by the City Manager which approval may not be unreasonably withheld or delayed. All Marina operations, including rental of all boat slips shall be directly controlled and operated by the Company unless the consent of the City Manager is given in writing to do otherwise on such conditions as are mutually agreeable to the City Manager and the Company. 4. NON-DISCRIMINATION: The Company agrees that there will be no discrimination under any circumstances against any person -4- OF MIAMI-DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGIN AT THE SOUTHWESTERLY CORNER OF SAID LOT 24, SAID CORNER BEING IN THE MEAN HIGH WATER LINE OF BISCAYNE BAY; THENCE SOUTH 40 DEGREES 23 MINUTES 32 SECONDS EAST ALONG THE SOUTHEASTERLY EXTENSION OF THE SOUTHWESTERLY LINE OF SAID LOT 24, A DISTANCE OF 538.57 FEET TO A POINT IN THE BULKHEAD LINE ESTABLISHED FOR THIS AREA AS SHOWN ON MAP IN PLAT BOOK 74, PAGE 3 (SHEET 5), OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; THENCE' NORTH 21 DEGREES 41 MINUTES 51 SECONDS EAST ALONG SAID BULKHEAD LINE A DISTANCE OF 84.87 FEET TO THE INTERSECTION WITH THE SOUTHEASTERLY EXTENSION OF NORTHEASTERLY LINE OF THE SAID SOUTHWESTERLY ONE-HALF OF LOT 23; THENCE NORTH 40 DEGREES 23 MINUTES 32 SECONDS WEST ALONG SAID SOUTHEASTERLY EXTENSION A DISTANCE OF 497.47 FEET TO THE MEAN HIGH WATER LINE OF BISCAYNE BAY; THENCE SOUTHWESTERLY ALONG SAID MEAN HIGH WATER LINE BOUNDARY OF SAID SOUTHWESTERLY ONE-HALF OF LOT 23 AND OF SAID LOT 24, A DISTANCE OF 75.00 FEET, MORE OR LESS, TO THE POINT OF BEGINNING. PARCEL 5: A PARCEL OF SUBMERGED LAND MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE INTERSECTION OF THE SOUTHEASTERLY EXTENSION OF THE SOUTHWESTERLY LINE OF LOT 24, BLOCK 43, OF THE PLAT OF "NEW BISCAYNE AMENDED", AS SHOWN IN PLAT BOOK "B", AT PAGE 16, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA WITH THE MIAMI-DADE COUNTY BULKHEAD LINE AS SHOWN IN PLAT BOOK 74, AT PAGE 3, (SHEET 5), OF THE PUBLIC RECORDS OF MIAMI- DADE COUNTY, FLORIDA; THENCE RUN NORTH 21 DEGREES 41 MINUTES 51 SECONDS EAST ALONG SAID BULKHEAD LINE FOR A DISTANCE OF 84.87 FEET, TO ITS INTERSECTION WITH THE SOUTHEASTERLY EXTENSION OF THE NORTHEASTERLY LINE OF THE SOUTHWESTERLY 1/2 OF LOT 23, BLOCK 43 OF THE AFORESAID PLAT OF "NEW BISCAYNE AMENDED"; THENCE RUN SOUTH 40 DEGREES 23 MINUTES 32 SECONDS EAST ALONG THE SOUTHEASTERLY EXTENSION OF SAID NORTHEASTERLY LINE OF THE SOUTHEASTERLY 1/2 OF LOT 23 FOR A DISTANCE OF 283.73 FEET (285.72 FEET CALCULATED) TO A POINT; THENCE RUN SOUTH 49 DEGREES 36 MINUTES 28 SECONDS WEST FOR A DISTANCE OF 115.68 FEET (114.64 FEET CALCULATED) TO A POINT; THENCE RUN NORTH 40 DEGREES 23 MINUTES 32 SECONDS WEST FOR A DISTANCE OF 225.0 FEET TO A POINT ON THE MIAMI-DADE COUNTY BULKHEAD LINE; THENCE NORTH 21 DEGREES 41 MINUTES 51 SECONDS EAST ALONG SAID BULKHEAD LINE FOR A DISTANCE OF 44.86 FEET TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED TRACT OF SUBMERGED LAND. (SEE DEED 19448, RECORDED IN DEED BOOK 3130, PAGE 260). PARCEL 6: A PARCEL OF SUBMERGED LAND IN BISCAYNE BAY IN SECTION 22, TOWNSHIP 54 SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA, LYING SOUTHEASTERLY OF LOTS 20, 21, 22 AND THE NORTHEASTERLY HALF OF LOT 23, BLOCK 43, "RHODES NEW BISCAYNE AMENDED", ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT BOOK "B", AT PAGE 16, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTHWEST CORNER OF THE SE 1/4 OF SECTION 15, TOWNSHIP 54 SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA; THENCE NORTH 87 DEGREES 30 MINUTES 21 SECONDS EAST, ALONG THE SOUTH LINE OF THE SE 1/4 OF SAID SECTION 15, FOR A DISTANCE OF 34.46 FEET TO A POINT ON THE MONUMENT LINE OF KIRK STREET, AS ESTABLISHED BY THE CITY OF MIAMI, FLORIDA; THENCE SOUTH 38 DEGREES 09 MINUTES 56 SECONDS EAST, ALONG THE SAID MONUMENT LINE OF KIRK STREET, FOR A DISTANCE OF 128.73 FEET TO A POINT ON THE MONUMENT LINE OF SOUTH BAYSHORE DRIVE, AS ESTABLISHED BY THE CITY OF MIAMI, FLORIDA; THENCE SOUTH 51 DEGREES 56 MINUTES 48 SECONDS WEST, ALONG THE SAID MONUMENT LINE OF SOUTH BAYSHORE DRIVE, FOR A DISTANCE OF 1,528.96 FEET TO THE INTERSECTION THEREOF WITH THE PROLONGATION NORTHWESTERLY OF THE NORTHEASTERLY LINE OF LOT 20, BLOCK 43 OF "RHODES NEW BISCAYNE AMENDED", PLAT BOOK "B", AT PAGE 16, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; THENCE SOUTH 40 DEGREES 23 MINUTES 32 SECONDS EAST, ALONG THE PROLONGATION NORTHWESTERLY OF THE NORTHEASTERLY LINE OF THE SAID LOT 20 AND ALONG THE NORTHEASTERLY LINE OF THE SAID LOT 20 FOR A DISTANCE OF 724.46 FEET TO THE INTERSECTION THEREOF WITH THE MIAMI-DADE COUNTY BULKHEAD LINE, AS ESTABLISHED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA (POINT OF BEGINNING); THENCE SOUTH 49 DEGREES 33 MINUTES 29 SECONDS WEST, ALONG THE SAID MIAMI-DADE COUNTY BULKHEAD LINE FOR A DISTANCE OF 3.97 FEET; THENCE SOUTH 21 DEGREES 41 MINUTES 51 SECONDS WEST, ALONG THE SAID MIAMI-DADE COUNTY BULKHEAD LINE, FOR A DISTANCE OF 184.49 FEET TO THE INTERSECTION WITH THE PROLONGATION SOUTHEASTERLY OF THE SOUTHWESTERLY LINE OF THE NORTHEASTERLY HALF OF LOT 23 OF SAID BLOCK 43; THENCE NORTH 40 DEGREES 28 MINUTES 32 SECONDS WEST, ALONG THE PROLONGATION SOUTHEASTERLY OF THE SOUTHWESTERLY. LINE OF THE NORTHEASTERLY HALF OF THE SAID LOT 23 FOR A DISTANCE OF 497.6 FEET, MORE OR LESS, TO THE FACE OF AN EXISTING CONCRETE BULKHEAD; THENCE' NORTHEASTERLY ALONG THE FACE OF AN EXISTING CONCRETE BULKHEAD LINE, FOR A DISTANCE OF 10 FEET MORE OR LESS; THENCE SOUTHEASTERLY, ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 82 FEET, MORE OR LESS;j THENCE NORTHEASTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 53.9 FEET, MORE OR LESS; THENCE SOUTHEASTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 74.3 FEET, MORE OR LESS; THENCE NORTHEASTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 12 FEET, MORE OR LESS; THENCE NORTHWESTERLY, ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 52 FEET, MORE OR LESS; THENCE NORTHEASTERLY, ALONG THE FACE OF AN EXISTING BULKHEAD, FOR A DISTANCE OF 17 FEET, MORE OR LESS; THENCE SOUTHEASTERLY, ALONG THE FACE OF AN EXISTING BULKHEAD, FOR A DISTANCE OF 156.75 FEET, MORE OR LESS; THENCE NORTHEASTERLY, ALONG THE FACE OF AN EXISTING BULKHEAD, FOR A DISTANCE OF 31 FEET, MORE OR LESS, THENCE NORTHWESTERLY, ALONG THE FACE OF AN EXISTING BULKHEAD, FOR A DISTANCE OF 19 FEET, MORE OR LESS; THENCE NORTHEASTERLY FOR A DISTANCE OF 33 FEET, MORE OR LESS, TO A POINT IN THE PROLONGATION SOUTHEASTERLY OF, THE NORTHEASTERLY LINE OF THE SAID LOT 20; THENCE SOUTH 40 DEGREES 23 MINUTES 32 SECONDS EAST, ALONG THE PROLONGATION SOUTHEASTERLY ON THE NORTHEASTERLY LINE OF THE SAID LOT 20 FOR A DISTANCE OF 164.4 FEET, MORE OR LESS, TO THE POINT OF BEGINNING. PARCEL 7: A PARCEL OF SOVEREIGNTY LAND, NOW FILLED, LYING IN BISCAYNE BAY IN SECTION 22, TOWNSHIP 54 SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTHWEST CORNER OF THE SE 1/4 OF SECTION 15, TOWNSHIP 54 SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA; THENCE NORTH 87 DEGREES 30 MINUTES 21 SECONDS EAST, ALONG THE SOUTH LINE' OF THE SE 1/4 OF THE SAID SECTION 15, FOR A DISTANCE OF 34.46 FEET TO A POINT ON THE MONUMENT LINE OF KIRK STREET, AS ESTABLISHED BY THE CITY OF MIAMI, FLORIDA; THENCE SOUTH 38 DEGREES 09 MINUTES 56 SECONDS EAST, ALONG THE SAID MONUMENT LINE OF KIRK STREET, FOR A DISTANCE OF 128.73 FEET TO A POINT ON THE MONUMENT LINE' OF SOUTH BAYSHORE DRIVE, AS ESTABLISHED BY THE CITY OF MIAMI, FLORIDA; THENCE SOUTH 51 DEGREES 56 MINUTES 48 SECONDS WEST, ALONG THE SAID MONUMENT LINE OF SOUTH BAYSHORE DRIVE, FOR A DISTANCE OF 1,528.96 FEET TO THE INTERSECTION THEREOF WITH THE PROLONGATION NORTHWESTERLY OF THE NORTHEASTERLY LINE OF LOT 20, BLOCK 43 OF "RHODES NEW BISCAYNE AMENDED", PLAT BOOK "B", AT PAGE 16, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; THENCE SOUTH 40 DEGREES 23 MINUTES 32 SECONDS EAST, ALONG THE PROLONGATION NORTHWESTERLY OF THE NORTHEASTERLY LINE OF THE SAID LOT 20 AND ALONG THE NORTHEASTERLY LINE OF THE SAID LOT 20 FOR A DISTANCE OF 323 FEET MORE OR LESS TO A POINT ON THE ORIGINAL HIGH TIDE LINE OF BISCAYNE BAY AS SAID HIGH TIDE LINE IS SHOWN ON THE SAID PLAT OF "RHODES NEW BISCAYNE AMENDED"; (POINT OF BEGINNING); THENCE CONTINUE SOUTH 40 DEGREES, 23 MINUTES 32 SECONDS EAST ALONG THE PROLONGATION SOUTHEASTERLY OF THE NORTHEASTERLY LINE OF THE SAID LOT 20; FOR A DISTANCE OF 237 FEET, MORE OR LESS, TO THE EXISTING HIGH TIDE LINE OF BISCAYNE BAY; THENCE SOUTHWESTERLY, MEANDERING THE HIGH TIDE LINE OF BISCAYNE BAY FOR A DISTANCE OF 33 FEET, MORE OR LESS, TO A POINT ON THE FACE OF AN EXISTING BULKHEAD; THENCE SOUTHEASTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 19 FEET, MORE OR LESS; THENCE SOUTHWESTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 31 FEET, MORE OR LESS; THENCE NORTHWESTERLY, ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 156.75 FEET, MORE OR LESS; THENCE SOUTHWESTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 17 FEET, MORE OR LESS; THENCE SOUTHEASTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 52 FEET, MORE OR LESS; THENCE SOUTHWESTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 12 FEET, MORE OR LESS; THENCE NORTHWESTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 74.3 FEET, MORE OR LESS; THENCE SOUTHWESTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 53.9 FEET, MORE OR LESS; THENCE NORTHWESTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 82 FEET MORE OR LESS TO A POINT ON THE ORIGINAL HIGH TIDE LINE OF BISCAYNE BAY AS SHOWN ON THE SAID PLAT OF "NEW BISCAYNE AMENDED"; THENCE NORTHEASTERLY MEANDERING THE SAID ORIGINAL HIGH TIDE LINE OF BISCAYNE BAY FOR A DISTANCE OF 157 FEET, MORE OR LESS TO THE POINT OF BEGINNING. AND ALL LANDS ALSO DESCRIBED IN WARRANTY DEED DATED APRIL 17, 1968 AND FILED IN OFFICIAL RECORDS BOOK 5913, PAGES 253 AND 254 OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA. THE AFORESAID PARCELS ARE TO BE USED AS AN EASEMENT FOR INGRESS EGRESS FOR THE FOLLOWING PARCELS OF SUBMERGED LAND: PARCEL A2: A PARCEL OF SUBMERGED LAND IN BISCAYNE BAY BEING IN SECTION 22, TOWNSHIP 54 SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE NORTHERLY CORNER OF LOT 20, BLOCK 43 "RHODES AMENDED PLAT OF NEW BISCAYNE", ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK B, AT PAGE 16, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; THENCE SOUTH 40°23'32" EAST ALONG THE NORTHERLY LINE OF SAID LOT 20 AND ITS SOUTHEASTERLY PROLONGATION THEREOF FOR 691.46 FEET, MORE OR LESS, TO A POINT OF INTERSECTION WITH THE MIAMI-DADE COUNTY BULKHEAD LINE (U.S. HARBOR LINE) AS RECORDED IN PLAT BOOK 74, AT PAGE (SHEET 5), OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; THENCE CONTINUE SOUTH 40°23'32" EAST ALONG THE SAID SOUTHEASTERLY PROLONGATION OF THE NORTHEASTERLY LINE OF LOT 20 FOR 270.0 FEET; THENCE SOUTH 49°33'29" WEST FOR 41.09 FEET, MORE OR LESS TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED SUBMERGED PARCEL OF LAND; THENCE SOUTH 39°25'15" EAST, 90.15 FEET; THENCE SOUTH 50°34'45" WEST, 92.00 FEET; THENCE NORTH 39°25']5" WEST, 88.51 FEET; THENCE NORTH 49°33'29" EAST, 92.0] FEET TO THE POINT OF BEGINNING. CONTAINING 0.19+ ACRES. PARCEL B2: A PARCEL OF SUBMERGED LAND IN BISCAYNE BAY BEING IN SECTION 22, TOWNSHIP 54 SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE INTERSECTION OF THE SOUTHEASTERLY EXTENSION OF THE SOUTHWESTERLY LINE OF LOT 24, BLOCK 43, OF THE PLAT OF "NEW BISCAYNE AMENDED", AS SHOWN IN PLAT BOOK "B", AT PAGE 16, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, WITH THE MIAMI-DADE COUNTY BULKHEAD LINE AS SHOWN IN PLAT BOOK 74, AT PAGE 3 (SHEET 5), OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; THENCE RUN S 21°41'5l" W ALONG SAID BULKHEAD LINE FOR A DISTANCE OF 44.86 FEET TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL OF SUBMERGED LAND; THENCE S 40°23'32" E, 225.00 FEET; THENCE N 49°36'28" E, 92.14 FEET; THENCE S 40°23'32" E, 63.39 FEET; THENCE S 49°36'28" W, 120.25 FEET; THENCE N 40°23'32" W, 273.50 FEET TO A POINT ON THE AFORESAID MIAMI-DADE COUNTY BULKHEAD LINE; THENCE N 21°41'5l" E ON SAID BULKHEAD LINE, 31.81 FEET TO THE POINT OF BEGINNING. CONTAINING 0.315± ACRES. PARCEL C2: A PARCEL OF SUBMERGED LAND IN BISCAYNE BAY BEING IN SECTION 22, TOWNSHIP 54 SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA, LYING SOUTHEASTERLY OF LOT 24, BLOCK 43, OF "SAMUEL RHODES PLAT OF NEW BISCAYNE", AS RECORDED IN PLAT BOOK "B", PAGE 16, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGIN AT THE SOUTHWESTERLY CORNER OF SAID LOT 24, SAID CORNER BEING THE MEAN HIGH WATER LINE OF BISCAYNE BAY; THENCE S 40°23'32"E ALONG THE SOUTHEASTERLY EXTENSION OF THE SOUTHWESTERLY LINE OF SAID LOT 24. FOR 538.57 FEET TO A POINT IN THE MIAMI-DADE COUNTY BULKHEAD LINE ESTABLISHED FOR THIS AREA AS SHOWN ON MAP IN PLAT BOOK 74, PAGE 3 (SHEET 5), OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; THENCE S 21°41'51" W ALONG SAID BULKHEAD LINE, 67.75 FEET TO A POINT ON THE SOUTHEASTERLY LINE EXTENSION OF THE SOUTHWESTERLY RIGHT-OF-WAY LINE OF AVIATION AVENUE; THENCE N 40°23'32" W, ALONG SAID SOUTHEASTERLY EXTENSION LINE OF SAID SOUTHWESTERLY RIGHT-OF- WAY LINE, 88.93 FEET; THENCE N 49°36'18" E, 25.98 FEET; THENCE N 40°23'32" W, 460.24 FEET; THENCE S 57°28'54" W, 26.23 FEET TO A POINT ON THE AFOREMENTIONED SOUTHEASTERLY EXTENSION OF THE SOUTHWESTERLY RIGHT-OF-WAY LINE OF AVIATION AVENUE; THENCE N 40°23'32 W ON THE AFOREMENTIONED EXTENSION OF THE AFORESAID RIGHT-OF-WAY LINE, 25.24 FEET TO THE FACE OF AN EXISTING CONCRETE BULKHEAD; THENCE N 57°28'54" E ALONG THE FACE OF AN EXISTING CONCRETE BULKHEAD FOR A DISTANCE OF 60.57 FEET TO THE POINT OF BEGINNING. CONTAINING 0.49+ ACRES. Addenda Addendum D PRECIS METRO REPORT MOODY'S ANALYTICS MIAMI-MIAMI BEACH-KENDALL FL Data Buffett` MSA code: IUSA DMMIA ECONOMIC DRIVERS LOGISTICS ah TOURIST DESTINATION FINANCIAL $£ € CENTER BUSINESS CYCLE STATUS • Expansion 1 RECOVERY m At Risk Moderating Recession • In Recession • STRENGTHS & WEAKNESSES STRENGTHS » Strong ties to Latin America. » Luxury status attracts international capital. » International trade poised to accelerate. » Well -developed shipping and distribution infrastructure. WEAKNESSES » High household debt burden. » Congested roads and airport. » Industrial structure that leaves economy susceptible to business cycle downturns. HORTTERM FORECAST RISKS LONGTERM KISK EXPOSURE 1st quintile Highest:4 2017-2022 37 Lowest=402 UPSIDE • International ties boost construction, finance and trade by more than expected. » Commercial development and transit hub shift MIA's growth path upward. » Stronger population growth. DOWNSIDE » Foreclosures undermine house prices, balance sheets suffer. » International immigration weakens. » Strong dollar slows international tourism. MOODY'S RATING Aa2 COUNTY AS OF APR 11, 2016 EMPLOYMENT GROWTH RANK 2016-2318 69 1st quintile 201 P-2D21 1s79 a = +, Worst=408 RELATIVE COSTS LIVING 113% I BUSINESS.. 112% U.S=100% VITALITY +F#EL,N 1VE 112% U.5..100% 7 Besi=1, Wont--401 ANALYSIS Recent Performance. The economy in Mi- ami -Miami Beach -Kendall is sending mixed sig- nals. The metro division's unemployment rate has increased over the last six months. Wage growth exceeds the national rate but lags that in the rest of Florida, with nearly all job gains over the last year occurring in services. House prices have increased 7.5%, exceeding the statewide and national pace. Banking. Financial services will provide a sta- ble source of jobs and income over the next five years, but the sector will underperform the metro division's economy. Numerous factors present challenges to growth in MIA, home to the East Coast's largest concentration of international banks south of New York City. First, U.S. banks should benefit from President Trump's promise to scale back Dodd -Frank, but his exact plans remain unclear, and the eventual benefit could be wiped away by the destabilizing effects of the administration's more restrictive trade and immigration policies and the Federal Reserve's higher interest rates. Also, banking in MIA will suffer because of its close ties to Latin America, where several major economies including Brazil, Argentina and Venezuela remain mired in reces- sion. Finally, finance jobs in the metro division are threatened by industry consolidation. MIA is the headquarters of four financial institutions with more than $5 billion in local deposits and assets, but none ranks among the 50 largest banks in the nation. Each can be absorbed by a bigger out-of- town rival that is eager to break into the lucrative South Florida market, as was recently the case with Sabadell United, MIA's fifth -largest bank. Despite these headwinds, banking will expand moderately because the metro division remains an attractive destination for affluent U.S. retirees and wealthy expatriates from Latin America. Airport. Trump's skepticism regarding trade and the uncertainty surrounding his travel policy present new risks to Miami International Airport. According to the Airport Council International, MIA's airport is the second busiest in the nation for both international passengers and inter- national freight. Trump's promise to renegoti- ate foreign trade agreements and his attempts to prohibit travelers from particular countries threaten these rankings and the airport's 37,000 jobs. Growth at the airport is in further danger if America's thawing relationship with Cuba is re - chilled under the current administration. Follow- ing liberalized travel regulations adopted under President Obama, American Airlines instated 12 daily nonstop flights between MIA and Cuba, but these routes and several others across the U.S. can be canceled by Trump. Major projects. Growth in construction will be robust, as groundbreakings on major projects have become routine in MIA. The MiamiCentral train station, which will connect a new intercity train line and local transit options, will open later this year. The Miami Worldcenter, which will in- clude high -end retail, hundreds of residences, and an 1,800-room hotel, will open in 2018. Over the next few years, the "tallest building in Florida" distinction will pass among multiple towers in MIA as developers race to erect ever - taller skyscrapers. And the county commission recently approved preliminary plans for a $3 bil- lion shopping center that will be America's larg- est mall once it is completed. In the near term, a bevy of construction projects in Miami -Miami Beach -Kendall will help the metro division overcome policy chal- lenges from the new administration in Wash- ington DC. Over the forecast horizon, MIA's international character, combined with its high -skilled, bilingual workforce, will help it best the U.S. in household income growth. Kwame Donaldson 1-866-275-3266 March 2017 help@economy.com 2011 2012 2013 2014 2015 2016 INDICATORS 2017 2018 2019 2020 2021 2022 104.4 106.3 108.4 111.1 113.8 114.9 Gross metro product (CO9S bil) 119.4 125.3 130.2 134.3 138.9 143.8 0.2 1.8 2.0 2.5 2.4 1.0 % change 3.9 5.0 3.9 3.1 3.4 3.6 1,007.3 1,031.3 1,056.5 1,089.3 1,125.8 1,157.7 Total employment (ths) 1,182.5 1,206.1 1,224.4 1,234.6 1,237.9 1,245.6 2.2 2.4 2.4 3.1 3.4 2.8 % change 2.1 2.0 1.5 0.8 0.3 0.6 9.4 8.3 7.5 6.8 5.9 5.4 Unemployment rate (%) 4.9 3.5 2.9 3.2 3.7 3.8 4.8 2.6 0.4 7.4 5.0 4.6 Personal income growth (%) 6.0 7.3 7.0 6.2 5.3 5.4 41.7 42.0 42.4 42.9 43.8 45.2 Median household income (S ths) 46.9 49.1 51.2 52.9 54.4 56.1 2,578.9 2,6101 2,640.3 2,666.6 2,689.6 2,722.0 Population (ths) 2,760.2 2,799.8 2,839.5 2,878.7 2,916.6 2,954.4 2.8 1.2 1.2 1.0 0.9 1.2 % change 1.4 1.4 1.4 1.4 1.3 t.. 57.7 18.0 16.8 15.2 10.6 22.2 Net migration (ths) 281 29.6 29.7 29.5 28.2 28.5 962 1,819 2,266 2,077 2,800 2,846 Single-family permits (#) 3,279 5,997 7,642 7,109 6,947 7,368 1,656 3,250 8,050 5,654 9,817 6,316 Multifamily permits (#) 7,544 7,928 7,007 4,919 5,177 5,993 182.9 185.9 207.7 233.2 256.8 281.9 FHFA house price (1995Q1=100) 296.6 300.2 291.1 281.0 277.2 279.3 64 MOODY'S ANALYTICS / Precis® U.S. Metro / South / March 2017 PRECIS® U.S. METRO SOUTH )) Miami -Miami Beach -Kendall FL ECONOMIC HEALTH CHECK BUSINESS CYCLE INDEX 3-MO MA Employment, change, the Unemployment rate, % Labor force participation rate, % Employment -to -population ratio, % Average weekly hours, # Industrial production, 2007=100 Residential permits, single-family, # Residential permits, multifamily, # Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Unchanged from prior 3-mo MA Sources: BLS, Census Bureau, Moody'sAnafy[ia CURRENT EMPLOYMENT TRENDS 125 120 115 110 105 100 95 JAN 2002=100 07 MIA FL Source: Moody'sAnalytics HOUSE PRICE 1998Q1=100, NSA 10 8 6 4 2 0 -2 -4 -6 % CHANGE YR AGO 12 13 14 15 16 17 - Government - Goods producing - Private services Sources: BLS Moody'sAnalytics 125 120 115 110 105 100 95 90 85 Total Mining Construction Manufacturing Trade Trans/Utilities Information Financial Activities Prof & Business Svcs. Edu & Health Svcs. Leisure & Hospitality Other Services Government % CHANGE YR AGO, 3-MO MA Jun 16 Oct 16 2.9 2.8 2.5 24.9 25.1 7.5 10.8 9.3 2.1 4.8 2.2 2.0 -0.5 0.1 0.7 4.2 2.9 3.7 3.3 2.7 1.2 1.8 0.3 0.4 4.7 4.9 2.3 3.6 3.7 4.6 4.6 3.6 2.5 2.1 3.1 6.2 1.2 2.0 2.1 Sources: BLS, Moody'sAnalytics RELATIVE EMPLOYMENT PERFORMANCE JAN 2007=100 I { I { 07 08 09 10 11 12 13 14 15 16 17F 18F 19F 20F 21F 22F 23F 24F 25F 26F MIA Sources: BLS, Moody'sAnalytics FL U.S. Feb 17 350 300 250 200 150 100 50 10 13 U.S. 16 98 01 04 07 10 13 16 MIA FL Sources: FHFA, Moody'sAnalytics VACANCY RATES U.S. HOMEOWNER, % HOUSES FOR SALE 1 2 3 4 RENTAL. % INVENTORY FOR RENT 0 2 4 6 8 • MIA MI FL I U.S. Sources: Census Bureau, ACS, Moody'sAnalytics, 2015 10 BUSINESS COSTS EDUCATIONAL ATTAINMENT POPULATION BY AGE, % Total Unit labor Energy State and local taxes Office rent U.s. 100 0 20 40 60 80 100 120 140 ■ 2009 2014 Source: Maody'sAnalytics 100% - 80% - 60% - 40% - 20% - 0% - % OF ADULTS 25 AND OLDER mrizo 24 29 20 MIA mum 30 12 29 LG 13 FL U.S. • < High school • High school • Some college College ■ Graduate school Sources: Census Bureau, Moody'sAnalytics, 2015 a75 70-74 65-69 60-64 55-59 50-54 45-49 40-44 35-39 30-34 25-29 20-24 15-19 10-14 5-9 0-4 ra 0 1 2 3 4 5 6 7 8 III MIA - U.S. Sources: Census Bureau, Moodyy'sAnalytics, 2015 MOODY'S ANALYTICS / Precis® U.S. Metro / South / March 2017 2011 CRP., 4:.. 65 PRECIS® U.S. METRO SOUTH » Miami -Miami Beach -Kendall FL EMPLOYMENT& INDUSTRY TOP EMPLOYERS Baptist Health Systems of Southern Florida University of Miami Publix Super Markets Inc. Jackson Health System American Airlines Miami -Dade Community College AT&T Wells Fargo & Co. American Sales & Management Macy's Miami Children's Hospital Royal Caribbean Intl./ Celebrity Cruise Mount Sinai Medical Center JPMorgan Chase and Co. Florida Power & Light Co. Florida International University Camival Cruise Lines Winn -Dixie Stores Inc. HCA Veterans Affairs Medical Center 14,627 13,428 12,000 10,010 9,939 6,787 6,629 5,100 3,500 3,368 3,345 3,331 3,221 3,200 3,178 3,132 3,065 3,000 2,412 2,300 Sources: Guide to Military Installations, 2011, South Florida Business Journal 2014, The Beacon Council April2007 PUBLIC Federal State 2016 19,955 18,512 101,891 INDUSTRIAL DIVERSITY Most Diverse (U.S.) 1.00 0.80 0.40 0.20 0.00 0.62 Least Diverse EMPLOYMENT VOLATILITY Due to U.S. fluctuations 100%y 88%- 60%' 40%A 20% 0% L �NotduetoU.S. IllDuctoU.S. Relative to U.S. 140 MIA U.S. ector Mining Construction Manufacturing Durable Nondurable Transportation/Utilities Wholesale Trade Retail Trade Information Financial Activities Prof. and Bus. Services Educ and Health Services Leisure and Hosp. Services Other Services Government COMPARATIVE EMPLOYMENT AND INCOME %ofTotal Employment MIA 0.0% 3.8% 3.6% 57.1% 42.9% 6.1% 6.4% 12.7% 1.7% 6.8% 14.5% 15.4% 12.2% 4.7% 121% FL 0.0% 5.6% 4.2% 67.6% 32.4% 3.3% 4.0% 13.2% 1.6% 6.5% 15.3% 14.8% 14.0% 4.2% 131% U.S. 0.4% 4.7% 8.6% 62.5% 37.5% 3.8% 41% 11.0% 1.9% 5.7% 14.0% 15.7% 10.8% 3.9% 15.4% Average Annual Earnings MIA 55,467 554,575 555,504 nd nd 558,753 575,006 535,761 5144,170 $37,488 552,015 552,776 533,659 528,963 580,557 FL 57,023 550,987 568,746 572,931 $60,466 558,935 576,500 533,779 588,771 537,441 552,409 552,875 528,369 $32,615 571,992 U.S. $110,528 564,354 580,667 $82,450 $77,689 567,456 582,548 $34,289 5110,216 $54,785 $67,615 553,853 $27,201 $36,830 $75,980 Sources: Percent of total employment -BLS, Moody's Analytics, 2016, Average annual earnings - BEA, Moody's Analytics, 2015 49 47 43 39 PER CAPITA INCOME $THS 15 1 1 1 1 1 1 1 1 1 06 07 08 09 10 11 12 13 14 15 015 MIA $43,287 FL $44,487 U.5.548,190 Sources: BEA, Moody's Analytics 66 �2017 CORE. Om. HIGH-TECH MPLOYMENT Ths % of total MIA 28.6 2.5 U.S. 6,937.1 4.8 HOUSING -RELATED EMPLOYMENT Ths % of total MIA 110.5 9.5 U.S. 13,565.7 9.4 Source: Moody's Analytic, 2016 MIGRATION FLOWS INTO MIAMI FL Fort Lauderdale FL New York NY West Palm Beach FL Orlando FL Tampa FL Austin TX Atlanta GA Cape Coral FL Los Angeles CA Washington DC Total in -migration FROM MIAMI Fort Lauderdale FL Austin TX West Palm Beach FL Orlando FL New York NY Tampa FL Atlanta GA Cape Coral FL Houston TX Jacksonville FL Total out -migration FL Number of Migrants 19,270 5,134 2,828 2,410 1,882 1,812 1,515 1,137 1,033 998 69,524 29,394 6,477 4,120 3,902 3,699 2,916 2,508 1,895 1,646 1,255 93,489 Net migration -23,965 NET MIGRATION, # 25,000 20,000 - 15,000 - 10,000 - 5,000 - 0 r T i Domestic Foreign Total 12 13 14 15 2012 2013 -17,928 -20,868 35,916 37,691 17,988 16,823 2014 -27,047 42,254 15,207 2015 -32,172 42,761 10,589 Sources: IRS (top), 2014, Census Bureau, Moody's Analytic LEADING INDUSTRIES BY WAGE TIER NAICS Industry 6211 Offices of physicians 5411 Legal services E GVF Federal Government 5221 Depository credit intermediation GVL Local Government 0 6221 General medical and surgical hospitals F GVS State Government 4811 Scheduled air transportation 7225 Restaurants and other eating places 7211 Traveler accommodation 4451 Grocery stores 5613 Employment services O J Source: Moody's Analytics, 2016 Location Employew Quotient (tits) 1.3 24.7 25 223 0.9 19.7 12 15.4 0.9 100.6 1.3 44.8 0.5 18.2 4.5 15.1 1.0 81.3 22 31.9 12 25.2 0.7 19.4 MOODY'S ANALYTICS / Precis® U.S. Metro / South / March 2017 Addenda Addendum E QUALIFICATIONS BRE_ ir_ PROFESSIONAL PROFILE JAMES E. AGNER, MAI, AI-GRS, SGA, MRICS Florida-Caribbeon Region Valuation and Advisory Services T. + 1 305 381 6480 F. + 1 305 381 6441 james.agnet@cbre.com www.cbre.com/James.Agner CLIENTS REPRESENTED — LNR Partners — Bank of Americo Merrill Lynch — SunTrust Bank — PNC Bank — Mercantil Popular Community Bank — 5/3 Bank — Sabadell — Santander Bank — Regions Bank — TD Bank — Bank United — BB&T Bank — CitiBank — Deutsche Bank — Ocean Bank James Agner is the Senior Managing Director of the Valuation & Advisory Services for the Florida -Caribbean Region. Located in the CBRE Miami office since 1995, Mr. Agner has over thirty years of real estate appraisal and consulting experience throughout the State of Florida, with primary experience in South Florida and in the Caribbean. Mr. Agner is a designated member of the Appraisal Institute (MAI) and General Review Specialist (AI-GRS), member of the Society of Golf Appraisers (SGA), and Royal Institution of Chartered Surveyors (MRICS) and is licensed as a Certified General Real Estate Appraiser in the State of Florida and Georgia. He also has provided expert witness testimony in the Circuit Courts — State of Florida and United States Bankruptcy Courts. As Senior Managing Director, Mr. Agner leads a valuation and advisory staff in Miami and Palm Beach Counties that provides exceptional quality appraisal work and client service in South Florida, Treasure Coast and the Florida Keys. He also coordinates all activities for Florida and in the Caribbean, including overseeing new business development, client relations and appraisal quality control production. Mr. Agner is also the National Director of the Golf Valuation Group and the Net Lease Valuation Group for CBRE. CREDENTIALS Professional Affiliations/Accreditations/Certifications • Appraisal Institute - Designated Member (MAI), Certificate No. 7791 • Appraisal Institute — General Review Specialist (AI-GRS), Certificate No. 69150 • Society of Golf Appraisers (SGA), Certificate No. 25 • Royal Institution of Chartered Surveyors - Member (MRICS), Certificate No. 7505662 • Certified General Real Estate Appraiser, State of Florida, RZ382 • Certified General Real Estate Appraiser, State of Georgia, #345321 • Licensed Real Estate Broker, State of Florida, BK402088 EDUCATION • Florida State University, Tallahassee, FL, Bachelors of Science in Business Administration, Marketing - 1981 CBRE STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD 850-487-1395 2601 BLAIR STONE ROAD TALLAHASSEE FL 32399-0783 AGNER, JAMES E 777 BRICKELL AVENUE MIAMI FL 33131 Congratulations! With this license you become one of the nearly one million Floridians licensed by the Department of Business and Professional Regulation. Our professionals and businesses range from architects to yacht brokers, from boxers to barbeque restaurants, and they keep Florida's economy strong. Every day we work to improve the way we do business in order to serve you better. For Information about our services, please log onto www.myfloridaiicense.com. There you can find more information about our divisions and the regulations that impact you, subscribe to department newsletters and learn more about the Department's initiatives. Our mission at the Department is: License Efficiently, Regulate Fairly. We constantly strive to serve you better so that you can serve your customers. Thank you for doing business in Florida, and congratulations on your new license! RICK SCOTT, GOVERNOR LICENSE NUMBER STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION RZ382 ISSUED: 09/25/2016 CERTIFIED GENi$RAL.APPRAISER AGNER, JAMES IS CERTIFIED under the provisions of Ch 475 FS Expirsion date NOV 30 201B 11609250003799 DETACH HERE KEN LAWSON, SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date. NOV 30, 2018 AGNER, JAMES E 777 BRICKELL AVE SUITE 910 MIAMI FL.3 ISSUED: 09/25/2016 DISPLAY AS REQUIRED BY LAW sEQ * L1609250003799 PROFESSIONAL PROFILE BRIAN FINNELL, MAI, CCIM a�ry ng Director Orlando —Jacksonville Valuation and Advisory Services T. +1 407 8393117 brian.l.finnell@cbre.com www.cbre.com/Brian.LFinnell CLIENTS REPRESENTED — 5/3 Bank Banco Popular Bank of America Merrill Lynch — Bank United — BB&T Bank KeyBank — LNR Partners — Mercantil — PNC Bank — Principal — Prudential Regions Bank — Sabadell Sovereign Bank — SunTrust Bank — TD Bank bv. January 2015 Brian Finnell is a Managing Director within the Valuation & Advisory Services' Florida/Caribbean Valuation Group. The Florida/Caribbean Group has offices in Miami, Boca Raton, West Palm Beach, Naples, Jacksonville, Orlando, Tallahassee, Pensacola and Tampa. Mr. Finnell primarily oversees the Orlando and Jacksonville offices but regularly directs assignments throughout Florida. During his 30 year career, Mr. Finnell has performed appraisal assignments throughout the United States and has experience on a wide variety of property types, with a specialty in investment -grade multifamily, office, industrial and retail. He has extensive experience in reviewing appraisal reports for compliance with OCC, USPAP and FIREEA, and has testified as an expert witness in Circuit, State and U.S. Courts. In addition, Mr. Finnell has significant recent experience in investment property sales and underwriting with nationally recognized investment banking and brokerage firms. CREDENTIALS Professional Affiliations/Accreditations/Certifications • Appraisal Institute - Designated Member (MAI), Certificate No. 9611 • Certified General Real Estate Appraiser, State of Florida, RZ914 • Commercial Investment Real Estate Institute, Member (CCIM) EDUCATION • Florida State University, Tallahassee, FL, Bachelor of Science, Real Estate, 1984 CBRE RICK SCOTT, GOVERNOR KEN LAWSON, SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD LICENSEi NUMBER RZ914 The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date: NOV 30, 2018 FINNELL, BRIAN LEE 200 S. ORANGE AVENUE SUITE 2100 ORLANDO FL 22801 ISSUED 10/24/2016 DISPLAY AS REQUIRED BY LAW Ilk *pi 0 2017 ORE, Inc PROFESSIONAL PROFILE JEFF CARSON, MAI, MRICS Vice President CBRE Marinas Valuation and Advisory Services T. +1386 6723339 C. + 1386 4050029 jeff.carson@cbre.com www.cbre.com/Jeff.Carson httpl/www.cbre.com/marinas Per. NM11 e12016 Jeff Carson MAI, MRICS is a specialist in the brokerage and valuation of marinas, boat yards, ship yards and working waterfront properties around the world, with over 25 years of real estate experience and over 20 years of experience as an expert witness in Circuit, Federal and International Courts. Mr. Carson has served as an expert witness in waterfront litigation matters in the United States, Europe and in the Caribbean. He is a licensed real estate broker, a Designated MAI Member of the Appraisal Institute, a Designated MRICS Member of the Royal Institution of Chartered Surveyors, a State Certified General Real Estate Appraiser, a member of the CBRE International Valuation Group and a member of the Litigation Support Practice. Since 1985, Mr. Carson has appraised residential, office, retail, industrial, special purpose, mixed use, waterfront and vacant land assets. Mr. Carson is a published real estate author as well as a documented and quoted expert witness in United States Circuit and Federal Courts as well as the High Court in Dublin Ireland and the Eastern Caribbean Supreme Court. REPRESENTATIVE ASSIGNMENTS International Assignments • High Court — Waterfront Property • Supreme Court — Waterfront Property • Appraisal — Waterfront Properly • Appraisal — Waterfront property Waterfront Assignments • Kennedy Point Marina • Fishin Store Marina • Hontoon Landing Marina and Motel • Adventure Yacht Harbor Marina • Ocean Club Marina • Riviera Beach Yacht Club (Boat Yard) • Panacea Harbor Marina • Tierra Verde Marina • Boat Tree Marina — Orlando • Boat Tree Marina — Sanford • Banana River Marina • Cocoa Village Marina — Cocoa • MS Dockside Marina — Carrabelle • Alligator Point Marina • Charter Boat Marina • Little Harbor Marina • North Causeway Marina Location Dublin Ireland British Virgin Islands Abaco, Bahamas St. Lucia Location Brevard County, Florida Volusia County, Florida Volusia County, Florida Volusia County, Florida Brevard County, Florida Palm Beach County, Florida Wakulla County, Florida Pinellas County, Florida Orange County, Florida Seminole County, Florida Brevard County, Florida Brevard County, Florida Franklin County, Florida Franklin County, Florida Marathon Key, Florida Hillsboro County, Florida Volusia County, Florida CBRE 02017,aM: PROFESSIONAL PROFILE • Del Prado Marina • Broad Creek Marina • Wanchese Seafood Park • Thunderboat Marina East • Thunderboat Marina West • Fleming Island Marina • Cameron's Marina • Anchorage Marina • St John's Shipyard • Beaver Creek Resort • Burnside Marina • Holly Creek Resort • Eagle Cove Resort • Lakefront Marina • Sandusky Harbor Marina • Great Lakes Marina • Brady Mountain Resort and Marina • Pier 121 Marina • Anacapa Isle Marina • Cabrillo Isle Marina • Ventura Isle Marina • Crystal Point Yacht Club • Manasquan River Club • Montgomery Country Club • Links At Challedon • Marina Development Site • Boston Yacht Haven • Harbor Fuels • MarineMax — NC • Fort Myers Boat Club • Marina Development Site • Marina Development Site • Lighthouse Boatyard and Marina • Rose Marina • Caloosa Cove Marina • PGA Marina • Newport Yachting Center • Proposed Marina • Beach Marine • Treasure Cay Marina • Port Milford Marina • Proposed Steelpointe Marina • Fisherman's Key Seafood Market Rev. December 2016 Lee County, Florida Dare County, North Carolina Dare County, North Carolina Broward County, Florida Broward County, Florida Clay County, Florida Volusia County, Florida Brevard County, Florida Putnam County, Florida Monticello, Kentucky Burnside, Kentucky Celina, Tennessee Byrdstown, Tennessee Port Clinton, Ohio Sandusky, Ohio Muskegon, Michigan Royal, Arkansas Lewisville, Texas Rolling Hills Estates, California San Diego, California Ventura, California Point Pleasant Boro, NJ Brick, NJ Laytonsville, Maryland Mount Airy, Maryland Naples, Florida Boston, Massachusetts Boston, Massachusetts Wrightsville Beach, N. C. Lee County, Florida New Bern, North Carolina Tortola, British Virgin Islands Volusia County, Florida Marco Island, Florida Islamorada, Florida Palm Beach Gardens, Florida Newport, Rhode Island Bonita Springs, Florida Jacksonville Beach, Florida Great Abaco Island, Bahamas Milford, Connecticut Bridgeport, Connecticut Stock Island, Florida Keys CBRE PROFESSIONAL PROFILE • Proposed Marina • Proposed Mixed Use Waterfront • Marina Market Study • PGA Marina • Miami Beach Marina • Marina Palms Fueling Station • Safe Harbour Marina Co -Op • New Haven Yacht Club • Patti Shipyard • Bayshore Landing Marina, Restaurant and Office/Retail • The Cove Marina and Restaurant • Fins Marina and Squid lips Restaurant • Loggerhead Marina -Stuart • Seacor Deepwater Cargo Terminal • Dania Beach Boat Club • Boston Whaler • Marina Development Site • Sea Isle Marina • Palm Island Marina • Crowley Cargo Terminal • Julington Creek Marina • St. Johns Shipyard • Key West Harbor Marina • Banyan Bay Marina • Milford Boat Works • Marina Consulting -City of Miami • Marina Consulting -City of Pensacola • Pineland Marina Per. Declaim 2016 Clearwater, Florida Bonita Springs, Florida Red Rock Lake Region, Iowa Palm Beach Gardens, Florida Miami Beach, Florida North Miami Beach, Florida Stock Island, Florida New Haven, Connecticut Pensacola, Florida Miami, Florida Deerfield Beach, Florida Sabastian, Florida Stuart, Florida Dania Beach, Florida Dania Beach, Florida Edgewater, Florida Marathon, Florida Miami, Florida Englewood, Florida Jacksonville, Florida Jacksonville, Florida Palatka, Florida Stock Island, Florida Dania Beach, Florida Milford, Connecticut Miami, Florida Pensacola, Florida Pine Island, Florida CBRE PROFESSIONAL PROFILE CREDENTIALS Professional Affiliations/Accreditations/Certifications • Appraisal Institute, Designated Member (MAI), No. 10,426 • Royal Institution of Chartered Surveyors, (MRICS), No. 1290121 • Certified General Real Estate Appraiser, State of Florida, No. RZ 1612 • Real Estate Broker, State of Florida, No. BK 0457360 • Has completed appraisal, appraisal review, brokerage, consulting, expert witness testamony in the following countries: Abaco Bahamas, Tortola, British Virgin Islands, Dublin Ireland and St. Lucia EXPERT WITNESS EDUCATION Rev. December 2016 • Has completed appraisal, appraisal review, brokerage, consulting, expert witness testamony in the following states: Alabama, Arkansas, California, Connecticut, Florida, Iowa, Kentucky, Massachusetts, Maryland, Michigan, New Jersey, North Carolina, Ohio, Rhode Island, Tenessee, Texas, et al. • United States, Federal and Circuit Courts • Ireland, High Court in Dublin • British Virgin Islands, Supreme Court — Eastern Caribbean • University of Florida, Gainesville, Florida • Bachelor of Arts, 1983 • Associate of Arts, 1982 CBRE 0201'CERF. im. STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD 850-487-1395 "COD ;`0.` N 2601 BLAIR STONE ROAD TALLAHASSEE FL 32399-0783 CARSON, JEFF H 95 LEVEE LANE ORMOND BEACH FL 32174 Congratulations! With this license you become one of the nearly one million Floridians licensed by the Department of Business and Professional Regulation. Our professionals and businesses range from architects to yacht brokers, from boxers to barbeque restaurants, and they keep Florida's economy strong. Every day we work to improve the way we do business in order to serve you better. For information about our services, please log onto www.myfloridalicense.com. There you can find more i^ ^rnnation about our divisions and the regulations that impact ubscribe to department newsletters and team more about ,partment's initiatives. Our mission at the Department is: License Efficiently, Regulate Fairly. We constantly strive to serve you better so that you can serve your customers. Thank you for doing business in Florida, and congratulations on your new license! RICK SCOTT, GOVERNOR LICENSE NUMBER RZ1612 STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION 11ED: 11/08/2016 CERTIFIED GEN APPRAISER CARSON, JEFF IS CERTIFIED under the provisions of Ch_475 FS. Expiration date NOV 30, 2018 L1611080003328 DETACH HERE KEN LAWSON, SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date: NOV 30, 2018 CARSON, JEFF H 189 S. ORANGE AVE. SUITE #1650 ORLANDO FL 328'0 ,5, 1iISPLAAS REQUIRED 8V'LA�i1f ISSUED: 1 r/082t116 SEQ # L1611080003328