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HomeMy WebLinkAboutAppraisal - BlakeAPPRAISAL REPORT Miami Outboard Club 1099 MacArthur Causeway Miami, Miami -Dade County, FL 33132 PREPARED FOR Mr. Igor Tsigeiman Property Management Representative City of Miami, Department of Real Estate & Asset Management 444 SW 2nd Avenue, Third Floor Miami, FL 33130 PREPARED BY Joseph J. Blake and Associates, Inc. 4000 Ponce De Leon Boulevard Suite 410 Miami, FL 33146 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CQ SULTINB 4000 Ponce De Leon Boulevard, Suite 410 I Miami, FL 33146 I Phone: (305) 448-1663 I Fax: (305) 448-7077 I www.josephiblake.com September 26, 2017 Mr. Igor Tsigelman Property Management Representative City of Miami, Department of Real Estate & Asset Management 444 SW 2nd Avenue, Third Floor Miami, FL 33130 Re: Miami Outboard Club 1099 MacArthur Causeway Miami, FL 33132 Dear Mr. Tsigeiman: As requested, we have prepared an appraisal of the property referenced above presented in the attached Appraisal Report. The purpose of the appraisal is to develop an opinion of the 'as is' market rent of the subject as of June 5, 2017. Briefly described, the subject consists of a marina with on -site restaurant known as the Miami Outboard Club. The site contains upland and submerged land areas. The Miami Outboard Club is a privately operated marina under an existing ground lease from the City of Miami. The marina offers 59 wet slips and 130 dry storage slips. There is a boat ramp and freestanding building containing 9,530 SF, which houses the dock master's office, as well as a restaurant. The subject's site consists of approximately 427,324 SF or approximately 9.81 acres of land, of which 207,781 SF is uplands and 219,543 SF is submerged land. The site is irregular in shape. The report contains 52 pages plus related exhibits. The appraisal and the attached Appraisal Report have been prepared in conformity with and are subject to the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (USPAP). In preparing this appraisal, we considered the use of the three most widely recognized approaches to value: the Cost, Income Capitalization and Sales Comparison Approaches. The appraisal is subject to the attached Assumptions and Limiting Conditions and Definition of Market Value. Corporate Headquarters Regional Offices. Blake & Sanyu Alliance= September 26, 2017 Mr. Igor Tsigelman Page 2 of 2 After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the 'as is' market rent of the subject, as of June 5, 2017, is: Projected Annual Revenue Projected Percentage Rent Revenue Factor Estimated Rent Base Rent $113,897 N/A $113,897 Wet Slips $1,361,984 15% $204,298 Dry Slips $143,893 15% $21,584 Restaurant $300,000 10% $30,000 Total (All Revenues) $1,805,876 $255,881 FINAL MARKET RENT CONCLUSION - THE GREATER OF: Base Rent Percentage Rent $113,897 $255,881 The majority of the comparables surveyed have a rental rate that is the greater of percentage rent or base rent. Once a natural breakpoint in base rent is surpassed, the subject is projected to pay a market rent equivalent to the percentage rent indicated in the chart above. Should revenues from slip rental and restaurant operations fall below the natural breakpoint, base rent is applied. This appraisal is not based on any extraordinary assumptions. This appraisal is not based on any hypothetical conditions. The opinion(s) of value are based on exposure times of 6 to 12 months, assuming the property was properly priced and actively marketed. The attached Appraisal Report summarizes the documentation and analysis in support of our conclusions. If you have any questions, please contact the undersigned. We thank you for retaining the services of our firm. Respectfully submitted, JOSEPH J. BLAKE AND ASSOCIATES, [NC. rr 1 Maria Arroyave Ted Allen, MAI, MRJCS Associate Managing Partner Florida -State -Registered Assistant Trainee Real Estate Florida -State -Certified General Real Estate Appraiser Appraiser No. R123474 Expires: November 30, 2018 No. RZ426 Expires: November 30, 2018 Miami Outboard Club 17-180-02 TITLE PAGE TRANSMITTAL LETTER TABLE OF CONTENTS EXECUTIVE SUMMARY ,.1 PHOTOGRAPHS OF THE SUBJECT 3 CERTIFICATION 5 GENERAL ASSUMPTIONS & LIMITING CONDITIONS 7 PURPOSE OF THE APPRAISAL 9 INTENDED USER AND USE OF THE APPRAISAL 9 PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT 9 EXPOSURE TIME 9 SCOPE OF THE APPRAISAL 9 IDENTIFICATION OF THE PROPERTY 10 CURRENT USE OF THE SUBJECT 11 HISTORY OF THE SUBJECT 11 AREA ANALYSIS 12 NEIGHBORHOOD ANALYSIS 17 DESCRIPTION OF THE SITE 23 DESCRIPTION OF THE IMPROVEMENTS 25 ZONING 26 TAXES 27 MARINA MARKET ANALYSIS 29 RECONCILIATION AND FINAL VALUE 52 ADDENDA Zoning Information Flood Map Tax Information Site Plan Operating Statements Appraisal Engagement Contract Glossary of Terms Qualifications of the Appraisers JOSEPH 1, BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANO CUNSULTINE Miami Outboard Club 17-180-02 PROPERTY SUMMARY PROPERTY APPRAISED Miami Outboard Club PROPERTY ADDRESS 1099 MacArthur Causeway Miami, FL 33132 EXECUTIVE SUMMARY PARCEL/TAX ID 01-3231-000-0013 PROPERTY LOCATION The subject is located along the northeastern side of the MacArthur Causeway ramp, south of Ichimura Road. PURPOSE OF THE APPRAISAL The purpose of the appraisal is to develop an opinion of the 'as is' market rent of the subject as of June 5, 2017. PERTINENT DATES DATE OF INSPECTION June 5, 2017 DATE OF REPORT September 26, 2017 DATE OF "AS IS" VALUE June 5, 2017 HIGHEST AND BEST USE AS IMPROVED The current improvements AS IF VACANT A marina facility PROPERTY DATA Briefly described, the subject consists of a marina with on -site restaurant known as the Miami Outboard Club. The site contains upland and submerged land areas. The Miami Outboard Club is a privately operated marina under an existing ground lease from the City of Miami. The marina offers 59 wet slips and 130 dry storage slips. There is a boat ramp and freestanding building containing 9,530 SF, which houses the dock master's office, as well as a restaurant. SITE DESCRIPTION The subject's site contains approximately 427,324 SF or approximately 9.81 acres of land, of which 207,781 SF is uplands and 219,543 SF is submerged land CURRENT USE As of the date of the value opinion(s), the subject was being used as a marina with on -site restaurant. For the purposes of this report, the subject's market rent is estimated. ZONING The subject's upland area is zoned "CS," Civic Space under the jurisdiction of the City of Miami. The subject's submerged land does not have a zoning designation. OCCUPANCY 100,00% CENSUS TRACT 12-086-9810.00 IMPROVEMENT DATA JOSEPH REAL ESTATE BLAKE AND A i JATlOII ANO CONS OC!ATES, INC, IIE i Miami Outboard Club 17-180-02 MARKET RENT SUMMARY EXECUTIVE SUMMARY Projected Annual Projected Percentage Rent Revenue Revenue Factor Estimated Rent Base Rent $113,897 N/A $113,897 Wet Slips $1,361,984 15% $204,298 Dry Slips $143,893 15% $21,584 Restaurant $300,000 10% $30,000 Total (All Revenues) $1,805,876 $255,881 FINAL MARKET RENT CONCLUSION -THE GREATER OF. Base Rent $113,897 Percentage Rent $255,881 The major'lty of the comparables surveyed have a rental rate that is the greater of percentage rent or base rent. Once a natural breakpoint in base rent is surpassed, the subject is projected to pay a market rent equivalent to the percentage rent indicated in the chart above. Should revenues from slip rental and restaurant operations fall below the natural breakpoint, base rent is applied. PH Je I A AND ASSOCIATES, INC SLIT T lAL A11DN AND CONSULTINU 2 PHOTOGRAPHS OF THE SUBJECT SUBJECT KITCHEN Miami Outboard Club 17-180-02 SUBJECT RESTAURANT SUBJECT RESTAURANT JOSEPH J. BLAKE A NO ASSOCIATES, INC, REAL ESTATE VALUATION Afin CONSUITINU 3 Miami Outboard Club 17-180-02 DRY SLIPS RESTROOMS PHOTOGRAPHS OF THE SUBJECT VEHICLE PARKING BOAT RAMP JOSEPH J. BLAKE AND ASSOCIATES, INC, REAL ESTATE VALUATMN U CONSULTING 4 Miami Outboard Club 17-180-02 CERTIFICATION We, the undersigned, certify that, to the best of our knowledge and belief: • Maria Arroyave has not made a personal inspection of the property that is the subject of this report. Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. • As of the date of this report, Ted Allen, MAI has completed the continuing education program for Designated Members of the Appraisal Institute. • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. • We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. • We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. • Our engagement in this assignment was not contingent upon developing or reporting predetermined results. • Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • The Appraisal Report is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. In addition, our engagement was not contingent upon the appraisal producing a specific value and neither engagement, nor employment, nor compensation, is based upon approval of any related loan application. • Our analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • 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. • No one provided significant real property appraisal assistance to the persons signing this certificate. • The use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • The appraisers have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the date of acceptance of this assignment. JOSEPH Js BLAKE AND ASSOCIATES, INC, REAL ESTATE VALUATION AND CONSULTING Miami Outboard Club 17-180-02 CERTIFICATION • I, Ted Allen, MAI, MR1CS, the supervisory appraiser of a registered appraiser trainee who contributed to the development or communication of this appraisal, hereby accept full and complete responsibility for any work performed by the registered appraiser trainee named in this report as if it were my own work. The work performed includes: neighborhood, subject and comparable data research and analysis; market rent analysis; and final market rent conclusion. The time claimed in the registered appraiser trainee's log is 40 hours. After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the 'as is' market rent of the subject, as of June 5, 2017, is: Projected Annual Projected Percentage Rent Revenue Revenue Factor Estimated Rent Base Rent $113,897 N/A $113,897 Wet Slips $1,361,984 15% $204,298 Dry Slips $143,893 15% $21,584 Restaurant $300,000 10% $30,000 Total (Ali Revenues) $1,805,876 $255,881 FINAL MARKET RENT CONCLUSION - THE GREATER OF: Base Rent $113,897 Percentage Rent $255,881 The majority of the comparables surveyed have a rental rate that is the greater of percentage rent or base rent. Once a natural breakpoint in base rent is surpassed, the subject is projected to pay a market rent equivalent to the percentage rent indicated in the chart above. Should revenues from slip rental and restaurant operations fall below the natural breakpoint, base rent is applied. This appraisal is not based on any extraordinary assumptions. This appraisal is not based on any hypothetical conditions. The opinion(s) of value are based on exposure times of 6 to 12 months, assuming the property was properly priced and actively marketed. Respectfully submitted, JOSEPH J. BLAKE AND ASSOCIATES, INC. Maria Arroyave Ted Allen, MAI, MRICS Associate Managing Partner Florida -State -Registered Assistant Trainee Real Estate Florida -State -Certified General Real Estate Appraiser Appraiser No. R123474 Expires: November 30, 2018 No. RZ426 Expires: November 30, 2018 JOEPD Js D.AKE AND ASSOCIATES, INC, REAL ESTATE VA LUATIDN AND CONSULT NG 6 Miami Outboard Club 17-180-02 GENERAL ASSUMPTIONS & LIMITING CONDITIONS This Appraisal Report is subject to underlying assumptions and limiting conditions qualifying the information contained in the Report as follows, The valuation opinions(s) apply only to the property specifically identified and described in the ensuing Report. Information and data contained in the report, although obtained from public record and other reliable sources and, where possible, carefully checked by us, is accepted as satisfactory evidence upon which rests the final opinion(s) of property value. We have made no legal survey, nor have we commissioned one to be prepared, and therefore, reference to a sketch, plat, diagram or previous survey appearing in the report is only for the purpose of assisting the reader to visualize the property. It is assumed that all information known to the client and/or the property contact and relative to the valuation has been accurately furnished and that there are no undisclosed leases, agreements, liens or other encumbrances affecting the use of the property, unless otherwise noted in this report. Ownership and management are assumed to be competent and in responsible hands. No responsibility beyond reasonableness is assumed for matters of a legal nature, whether existing or pending, We, by reason of this appraisal, shall not be required to give testimony as expert witness in any legal hearing or before any Court of Law unless justly and fairly compensated for such services. By reason of the Purpose of the Appraisal and the intended User and Use of the Report herein set forth, the value opinion(s) reported are only applicable to the Property Rights Appraised, and the Appraisal Report should not be used for any other purpose. Disclosure of the contents of this Appraisal Report is governed by the By -Laws and Regulations of the Appraisal Institute. Neither all nor any part of the contents of this report (especially any opinions as to value, our identity, or the firm with which we are connected, or any reference to the Appraisal Institute or to the MAI Designation) shall be reproduced for dissemination to the public through advertising media, public relations media, news media, sales media or any other public means of communication without our prior consent and written approval. We have not been furnished with soil or subsoil tests, unless otherwise noted in this report. In the absence of soil boring tests, it is assumed that there are no unusual subsoil conditions or, if any do exist, they can be or have been corrected at a reasonable cost through the use of modern construction techniques. This appraisal is based on the conditions of local and national economies, purchasing power of money, and financing rates prevailing at the effective date(s) of value. We are not engineers and any references to physical property characteristics in terms of quality, condition, cost, suitability, soil conditions, flood risk, obsolescence, etc., are strictly related to their economic impact on the property. No liability is assumed for any engineering -related issues. Unless otherwise stated in this report, we did not observe the existence of hazardous materials, which may or may not be present on or in the property, The presence of substances such as asbestos, urea -formaldehyde foam insulation, or other potentially hazardous materials, may affect the value of the property. The value opinion is predicated on the assumption that there is no such material on or in the property that would cause a loss in value or extend their marketing time. No responsibility is assumed for any such conditions, or for the expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. JOSEPH J. BLAKE AND ASSOCIATES ¢ INC. REAL ESTATE VALUATION AND CONSULTING 7 Miami outboard Club 17-180-02 GENERAL ASSUMPTIONS & LIMITING CONDITIONS Toxic and hazardous substances, if present within a facility, can introduce an actual or potential liability that may adversely affect marketability and value. Such effects may be in the form of immediate clean-up expense or future liability of clean-up costs (stigma). In the development of our opinion(s) of value, no consideration was given to such liabilities or their impact on value. The client and all intended users release Joseph J. Blake and Associates, Inc., from any and all liability related in any way to environmental matters. Possession of this report or a copy thereof does not imply right of publication, nor use for any purpose by any other than the client to whom it is addressed, without our written consent. Cash flow projections are forecasts of estimated future operating characteristics and are based on the information and assumptions contained within the Appraisal Report. The achievement of the financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured. Actual results may well vary from the projections contained herein. We do not warrant that these forecasts will occur. Projections may be affected by circumstances beyond our current realm of knowledge or control. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements for the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Unless otherwise stated in this report, we have no direct evidence relating to this issue and we did not consider possible non-compliance with the requirements of the ADA in forming the opinion of the value of the property. EXTRAORDINARY ASSUMPTIONS This appraisal is not based on any extraordinary assumptions. HYPOTHETICAL CONDITIONS This appraisal is not based on any hypothetical conditions. JOSEPH J. LAKE AND ASSOCIATES, INC. REAL ESTATE VALUUAT1QN AND GiINSULTING 8 Nliarni Outboard club 17-180-02 INTRODUCTION PURPOSE OF THE APPRAISAL The purpose of the appraisal is to develop an opinion of the 'as is market rent of the subject as of June 5, 2017. INTENDED USER AND USE OF THE APPRAISAL The intended user of this appraisal is the client, City of Miami, Department of Real Estate & Asset Management. We assume any affiliates, successors and assigns noted herein have the same intended use, knowledge and understanding as the original named client. The intended use of this appraisal is to assist the client with financial reporting purposes. This appraisal is not intended to be used by any other parties, for any other reasons, other than those which are stated here. Non -identified parties are not intended users of this report. PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT This Appraisal Report, with its analyses, conclusions and final opinions of market value, is specifically applicable to the following pertinent dates: DATE OF INSPECTION June 5, 2017 DATE OF REPORT September 26, 2017 DATE OF "AS 15" VALUE June 5, 2017 DEFINITION OF MARKET VALUE Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised, and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.' Source: 12 C.F.R. § 34.42, 225.62, 323.2, 564.2, 722.2 EXPOSURE TIME To form an opinion of exposure time, we considered the exposure times of properties similar to the subject in the same or similar sub -markets that have recently sold and/or conversations with local market participants. Based on our research, we are of the opinion that 6 to 12 months is a reasonable exposure time, assuming that the property was reasonably priced and actively marketed. PROPERTY RIGHTS APPRAISED The subject is appraised on the basis of a leased fee estate. SCOPE OF THE APPRAISAL The scope of an appraisal assignment is relative to the intended use of the appraisal. The following outlines the extent of property inspection, market data collection, verification and analysis performed for this assignment. JOSEPH J. 8 REAL ESTATE VAI. AKE AND ASSOCIATES, TION ANO GQNSULTiN6 9 Miami Outboard Club 17-180-02 INTRODUCTION Inspection Maria Arroyave has not made a personal inspection of the property that is the subject of this report. Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. This inspection included the interior and exterior of the subject. The inspection was visual in nature, to assess the economic condition of the property, in order to effectively compare it to other properties in the market. We are not engineers, and we did not assess the property from the standpoint of its structural integrity, or to determine whether any latent defects (water leaks, plumbing or electrical problems, etc.) were present. Subject Physical and Economic Characteristics The types of information obtained and the sources providing such information are detailed in the following table. Information Type information Sources Received? Source Zoning information Yes City Flood Map Yes FEMA Tax Information Yes County Site Plan Yes Representative of Owner Operating Statements Yes Representative of Owner Most Recent Rent Rol l Yes Representative of Owner Detailed Lease Abstracts (Contains Legal Description) Yes Representative of Owner Type of Analysis Applied The Income Capitalization Approach was applied in this valuation analysis. Extent of Data Research General economic data and market data were reviewed. Market data compiled for this report include a variety of rent comparables. These data are a result of research specific to the market and pertinent to the subject. The data were verified by buyers, sellers, brokers, managers, government officials or other sources regarded as knowledgeable and reliable. A rental survey of competing properties was conducted, and we provide photographs of all the comparable sales and rentals, where available. Information specific to the subject was provided by the client, owner, and/or representatives of the owner, and is assumed to be correct. Other information, such as zoning and tax records, was obtained from governmental sources. Specific estimates concerning market rent, expenses, vacancy, etc., reflect our judgment based on interpretation of the market data. The reasoning behind such estimates is illustrated throughout each of the approaches to value. IDENTIFICATION OF THE PROPERTY The property is commonly known as: Miami Outboard Club 1099 MacArthur Causeway Miami, FL 33132 JDSEPH J. LAKE AND ASSOCIATES, INC. RiAL ESTATE VALUATION AND CONSULT 10 Miami Outboard Club 17-180-02 INTRODUCTION The property is also identified by the Miami -Dade County Tax Assessor's Office as tax parcel number 01-3231- 000-0013. The legal description of the property is assumed to be correct. We have not commissioned a survey, nor have we had one verified by legal counsel. Therefore, we suggest a title company, legal counsel, or other qualified expert verify this legal description before it is used for any purpose. CURRENT USE OF THE SUBJECT As of the date of the value opinion(s), the subject was being used as a marina with on -site restaurant. For the purposes of this report, the subject is valued as a marina with on -site restaurant. HISTORY OF THE SUBJECT The subject is currently owned by the City of Miami Outboard Asset Management Division. There is no deed recorded for the subject property. We are not aware of any listings, real property transactions, or ownership transfers pertaining to the subject in the three years prior to the date of the "as is" value opinion, other than that which is reported here. JOSEPH J, BLAKE AND ASS CICES, INC REAL ESTATE V i UATIO ANI) CUNSUtTildl3 11 Miami Outboard Club 17-180-02 ,oral ersa,y irk Miramar Country Club rn Springs ts:3 North Maas, Lakes r"4t Opa-1ocka Hialeal1 'ar'lns Hialeah Miami Springs Coral Gat les South Miami Phecrest AREA MAP kallandae Beach Aver.tura North Miami Beach North Miami i ai {{a c,anyr Mk rn Beach r>r;. K AREA ANALYSIS INTRODUCTION The Miami -Fort Lauderdale -West Palm Beach Metropolitan Statistical Area (MSA) encompasses Broward, Miami -Dade, Monroe and Palm Beach counties. The subject is located in Miami -Dade County, Florida. Miami - Dade County is located in the southeast portion of Florida's east coast and is the southernmost county situated on Florida's mainland. Miami is the county seat of Miami -Dade County, which includes many other incorporated areas such as Miami Beach, Key Biscayne, Coral Gables, South Miami, Pinecrest, Aventura, Hialeah and Homestead. Miami -Dade County boasts an excellent geographic location, allowing it to serve as a gateway to the Caribbean and Latin America. A tourist destination in itself, it is also within a day's drive to some of Florida's major tourist destination cities. JOSEPH J. BLAKE AND ASSG i~TES, INC. REAL ESTATE VALIJATiON € ND CitI SUIT1ND 12 Miami Outboard Club 17-180-O2 AREA ANALYSIS Development and growth in Miami -Dade County are often attributed to the climate, which draws the northern United States tourist trade during the winter months. Miami -Dade County is a recognized banking and finance center, with over 120 financial institutions featuring a growing community of international banks serving Latin America. This international activity has emerged due to the more than 150 multi -national firms that have established their offices in Miami -Dade in order to direct their Latin American, Caribbean and in some cases, worldwide operations. The growth in business relations between Latin America and Miami -Dade County has been accompanied by ongoing growth in tourism from Latin America. Latin American tourists who enjoy shopping in the United States represent a major demand segment in Miami -Dade County°s lodging and retail markets. The concurrency provision in the 1985 Growth Management Act requires that all water, sewer, roads, schools, parks and storm water facilities necessary to support existing improvements be in place before new construction is permitted. Thus, if a location is deficient in one or more categories, the affected infrastructure component must be expanded to support any new construction. A developer may choose to provide the various facilities and/or services necessary to support their project. However, in some cases the expense associated with offsite improvements may render a project economically unfeasible. Transportation Miami International Airport is the largest gateway between the United States and Latin America, and is one of the largest airline hubs in the United States, owing to its proximity to tourist attractions, local economic growth, large local Latin American and European populations, and strategic location to handle connecting traffic between North America, Latin America, and Europe. The Port of Miami is a leader in the maritime industry and home to nearly a dozen of the world's most distinguished cruise lines. The port offers more cargo sailings to more destinations in the Western hemisphere than any other port, and offers access to virtually every port in the world. Metrorail is a 21-mile rapid transit system on an elevated railway providing access to Downtown Miami from portions of both south and north Miami -Dade County. It connects with Metromover, a 30-station, five -mile system, that loops through the center of Downtown Miami's CBD, Metrobus provides the feeder system to Metrorail and bus service to all other parts of Miami -Dade County. A network of 5,640 miles of roadway serves Miami -Dade County, of which 1-95, 1-75, Florida's Turnpike, and the Palmetto Expressway (SR-826) are the most utilized north/south highways, while SR-112, SR-826 and SR- 836 are the most utilized east/west expressways. US-1 and SR-A1A are also components of this network. Other primary thoroughfares include 1-395 (east/west), 1-195 (east/west), SR-9, SR-94, SR-874, US-27, US-41 and US-441. Education Miami Dade County is served by more than 900 public and private secondary and elementary schools. Seven colleges and universities are located in the county. Miami -Dade College currently offers more than 175 programs and 1,500 courses, with enrollment of over 160,000 students. The University of Miami in Coral Gables has more than 15,000 degree -seeking students and offers 150 undergraduate and 192 graduate degree programs. Florida International University, with two campuses, 36,000 students and more than 800 full-time faculty, received the nation's fifth largest philanthropic gift in the history of public higher education —the Wolfsonian Museum on Miami Beach, with 70,000 artifacts worth an estimated $75 million. It was donated to the college in 1997 and features a wide array of objects ranging from high art to pop culture. Four-year degree programs are also available at Barry University, St. Thomas University, Florida Memorial College and Miami Christian College. JOSEPH J. BLAKE AND ASS CCAT'ES REAL ESTATE VALUATION AIR CONSULT1 S 13 Miami Outboard Club 17-180-02 AREA ANALYSIS Tourism/Recreation Known mainly for its trendy nightclubs and oceanfront resorts, Miami -Dade County is also a recognized center for the fine arts and the performing arts, offering an array of enriching cultural activities. These include the Miami Art Museum, Museum of Contemporary Art, Miami Art Central, Wolfsonian-FIU, and the Lowe Art Museum, which are filled with collections and exhibitions from all parts of the world. Broadway plays, the Repertory Theater, the Philharmonic, the Opera Guild, and a large number of historical attractions and exhibits are also favorites. Every year, numerous art festivals make their homes in Miami, including the world-renowned Coconut Grove Arts Festival and Art Basel. The Miami Beach Symphony Orchestra and the Greater Miami Opera Association both offer top-notch performances throughout the year. In addition, the Coconut Grove Playhouse, the Actor's Playhouse and the Gusman Center features a variety of plays and dance pieces from local, regional and national troupes. Medical According to the Greater Miami Chamber of Commerce, Miami -Dade County boasts two major medical networks: the Jackson Health System and Baptist Health South Florida. Jackson Health System, the largest group of medical services in the Southeastern United States, is assembled in a medical complex just west of Downtown Miami. At its hub is the University of Miami School of Medicine/Jackson Memorial Medical Center, ranked in the top 10 of more than 8,000 hospitals in the nation and situated in the city limits of Miami. In Miami -Dade County alone, there are more than 29,000 health care professionals and 28 hospitals. The extensive network of community hospitals includes: Mount Sinai Medical Center, Columbia Cedars Medical Center, Hialeah Hospital, Baptist Hospital, Jackson Memorial Hospital, Mercy Hospital and Miami Children's Hospital. AREA DEMOGRAPHIC AND INCOME DATA The following data was obtained from MOODY'SANALY7!CS Precis°° U.S. Metro South, November 2016, The full report is located in the Addenda, and contains additional information about the social, economic, governmental and environmental forces that influence value. Gross metro product (C$8) %change Total employment(thsy %change Unemployment rate (%; Personal income growth (%} Mercian household income ($ ths) Population (ths) %change Single-family permits Multifamily permits FHFA house price (199541.100}_, Moody's Source for Charts 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 104.1 104.4 106.3 108.4 11.1.1 113.8 115.9 121.3 127.0 132.3 136.8 141.4 {0.53%; 0.24% 1.85% 1.96% 2.47% 2.42% €.91% 4.63% 471% 4.14% 3.43% 3.39% 985.1 1,007.3 1.031.3 1, 056.7 1,089.4 1,123.4 1,142.2 1,166.4 1,189.8 1,212.8 1, 228.8 1,235.3 (0.35%) 2.25% 2.38% 2.46% 3.10% 3.12% 1.68% 2.12% 2.01% 1.93% 1.32% 0.53% 11.10% 9.40% 8 35% 7-6071 6.94% 6,1471 5.3171 4.5571 3.87% 3 46% 3.36% 3.71% 8.88% 45971 3.17% {0.42%) 6.78% 6,22% 4.87% 5.96% 7.30% 7.15% 5.99% 5.39% 42.0 41.7 42.0 42.4 42.9 43.8 45.3 47.0 49.2 51.3 53.0 54.5 2,508.2 2,550.1 2,611.2 2,641.9 2,668.9 2,693.1 2,728.7 2,767.0 2 806.8 2,847.1 2,887.4 2,926.5 1.80% 2.87% 1.21% 1.18% 1.02% 0.91% 1.32% 1.41% 1.44% 1.43% 1.42% 1.35% 941.0 962.0 1,814.0 2,266.0 2,077.0 2,800.0 3,344.6 5,557.1 7,033.1 7,630.5 7,182.7 6,978.3 2,262.0 1,656.0 3,250.0 8,050.0 5,654 0 9,817.0 5,671.5 7,408.9 7,924.9 7,079.7 6,000.2 6,330.0 5195.70 $182.97 $185.95 5207.70 5233.55 5257.42 5282.04 5296.31 $300.32 5292.65 5284.74 $281.83 Source: MOODY'S ANALYT)CS Precis`` LI.S. Metro South, November 2016 JOSEPH J BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUEATlON AND CU]NSULTINU 14 Miami Outboard Club 17-180-02 1,400 1,200 1,000 800 600 400 200 0 AREA ANALYSIS Total Employment (ths) %Change in Employment 12.00% 10.00% 8.00% 6.00% 4.00% 2.00%- $60 $50 $40 $30 $70 $10 $0 Unemployment Rate yO NY "V N., y3 yQ yh �s4 ti� y43 N. 1, .1, fl ,1v ,1, ,1, 1, ,.1, ,1, 1, ,1, ,1, 1,, 1, Median Household Income (ths) yD titi ti� r'' ya tih ti� ti^, tiw co ti, �, ,1, .1, ,1fl �° ,1, ,1. 1, 1. ,yO ,1, ,1. 1, 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% (0.50%) (1.00%) ! O 'y yL 'b S. yh (c) � % 4 �D titi 10 tiD >b LD ,10 ^v LO yO yO 14 1D ,1. 10.00% 1 - 8.00% 6.00% 4.00% 2.00% (2.00%) $350 $300 $250 $200 $150 $100 $50 $0 Personal Income Growth NYY NY N' "V NY ^y �l ,1w o �� y`1, le 10 1fl 1, 1, ,1, 1, 1, 1, 1, ,1, 1, Existing Home Price (ths) NY NY ' NY NY NI NY NV tip' 'Y o 1/ NY `1, '1e 1/ ,1, yD �fl ,1D tifl ,1fl ,1, ,1/O 11 SEPH , B .AKE AND ASSOCIATES, 1 ICI AL £STAFF UI#AIIIN ➢ C:NSNTENS 15 Miami Outboard Club 17-180-02 2,750 2,700 2,650 2,600 2,550 2,500 2,450 2,400 10,000 Historic Population Growth (ths) ti°moo ,-, ti°yam '\. troy tio~� Single -Family Permits b0 ^y y` , 'S yb "co y(o y1 co Q5 �o �Y o 10 le �o 1, 1/ le yo 1, do yo o 2,950 2,900 2,850 2,800 2,750 2,700 2,65 2,600 12,000 10,000 8,000 6,000 4,000 2,000 0 AREA ANALYSIS Projected Population Growth (ths) Multi -Family Permits CONCLUSION An analysis of South Florida and more specifically, Miami -Dade County, demonstrates that the area has historically been on a path of growth. Previous population growth is primarily due to in -migration, with the majority of the migrants coming from within the state, as well as New York, Georgia and international sources. With the recession receding, the values of the County's office, industrial, commercial and residential properties have recovered substantially, with decreased vacancies appearing in office complexes, industrial neighborhoods, and shopping centers, and homes increasing in value. Despite the effects of the recent recession, many of the factors that led to Miami -Dade County's historical success remain in place. Therefore, the county will likely continue to grow. JOSEPH J. B1AKE AND ASSOCIATES, C, REAL ESTATE 4ALUATlON AND CO f SiiLTiI U 16 Miami Outboard Club 17-180-02 DOWNTOWN MIAMI NEIGHBORHOOD MAP INTRODUCTION NEIGHBORHOOD ANALYSIS A property is an integral part of its surroundings and must not be treated as an entity separate and apart from its surroundings. The value of a property is not found exclusively in its physical characteristics; physical, economic, political and sociological forces in the area interact to give value to a property. In order to determine the degree of influence extended by these forces on a property, their past and probable future trends are analyzed. Therefore, in order to form an opinion of the value of a property, an analysis is made of the area in which the property under study is found. This area is referred to as a neighborhood. JOSEPJ. BLAKE AND ASSOCIATES, INC, REAL ESTATE VALUAMN AND CONSUITING 17 Miami Outboard Club 17-180-02 NEIGHBORHOOD ANALYSIS A neighborhood can be a portion of a city, a community or an entire town, It is usually an area which exhibits a fairly high degree of homogeneity as to use, tenancy and certain other characteristics. Homogeneity is a state of uniform structure or composition throughout. Therefore, in real estate terminology, a homogeneous neighborhood is one in which the property types and uses are similar. A neighborhood is more or less a unified area with somewhat definite boundaries. As a neighborhood's boundaries serve to limit the physical area that exerts germane influences on a property's value, the boundaries may indeed run concurrent with variations in prevailing land uses or physical characteristics. LOCATION The subject is located along the northeastern side of the MacArthur Causeway ramp, south of Ichimura Road. The subject is located on Watson Island, a man-made island in Biscayne Bay. Immediately east of the CBD and Omni neighborhoods of Greater Downtown Miami, it is connected to the mainland and South Beach, Miami by the MacArthur Causeway. ACCESSIBILITY The subject is accessible via the MacArthur Causeway Ramp, which connects to Ichimura Road, along which the subject's entrance is located. The General Douglas MacArthur Causeway is a six -lane causeway which connects Downtown, Miami, Florida and South Beach, Miami Beach via Biscayne Bay. The highway is the singular roadway connecting the mainland and beaches to Watson Island and the bay neighborhoods of Palm Island, Hibiscus Island, and Star Island. The MacArthur Causeway carries State Road 836 and State Road A1A over the Biscayne Bay. Interstate 395 ends at Fountain Street, the entrance to Palm Island Park which has a traffic light as well as bus stops. The MacArthur Causeway also provides access to the PortMiami Tunnel. The PortMiami Tunnel (also State Road 887; formerly Port of Miami Tunnel) is a 4,200 feet bored, undersea tunnel. It consists of two parallel tunnels (one in each direction) that travel beneath Biscayne Bay, connecting the MacArthur Causeway on Watson Island with PortMiami on Dodge Island. It was built in a public —private partnership between three government entities —the Florida Department of Transportation, Miami -Dade County, and the City of Miami —and the private entity MAT Concessionaire LLC, which was in charge of designing, building, and financing the project and holds a 31-year concession to operate the tunnel. The tunnel was first conceived in the 1980s as a way to remove traffic to PortMiami that was congesting downtown Miami streets. Prior to the tunnel's opening, the only route for PortMiami traffic was through the streets of downtown Miami; that traffic, especially trucks, was considered detrimental to the economic growth of downtown and a planned project to expand the port's capacity would increase the volume of trucks through downtown. Those issues would be remedied by the construction of the tunnel, allowing traffic to move between PortMiami and the MacArthur Causeway (which connects to Interstate 95 via 1-395) without traveling through downtown. In the first month after opening, the tunnel averaged 7,000 vehicles per day; nearly 16,000 vehicles travel to the port each weekday. DEVELOPMENT Development surrounding the subject includes a number of attractions, despite the small size of Watson Island. The Ichimura Miami -Japanese Garden grew out of the efforts of Kiyoshi Ichimura, who sent objects, materials and artisans from Tokyo to Miami in the 1950s to construct the San -Ai -An Japanese Garden on Watson Island. The garden opened in 1961. Jungle Island opened its new facility on Watson Island in 2003. Originally named Parrot Jungle, the popular tourist attraction first opened in the Pinecrest neighborhood of Miami in 1936. Over the years, the attraction came to be a popular attraction for Miami residents and tourists, but that trend reversed once it moved to the smaller and less natural setting of Watson Island. Jungle Island hosts a popular event venue with its Treetop Ballroom. JOSEPH J. BLAKE AND ASSOCIATES, INC, REAL ESTATE VALIJAtIUN AND CIINSULUUN8 18 Miami Outboard Club 17-180-02 NEIGHBORHOOD ANALYSIS The Miami Children's Museum opened a new 56,500 SF facility on Watson Island in 2003. It has ten galleries, classrooms, birthday party rooms, a parent/teacher resource center, an educational gift shop, a 200-seat auditorium and a dining area. The Miami Yacht Club has been located on Watson Island since the late 1940s. It offers youth and adult sailing programs, and sponsors races, regattas and a Sea Scout ship. The club has boat slips, dry storage, and a lounge, bar and restaurant. There is a public boat ramp with 50 oversized parking spaces for vehicles with boat trailers. JCSEPH J. BLAKE AND ASSOCIATES, INC. NEAT. ESTATE VALUATION ANU CGNSULTiNG 19 Miami Outboard Club 17-180-02 NEIGHBORHOOD ANALYSIS DEMOGRAPHICS The Site To Do Business is a service that provides demographic data, including historical, current and forecasted population estimates for a specified region. Patterns of development, density and migration are reflected in the population estimates. A survey of the subject area's population and growth rate is summarized in the following charts, followed by a map of the surveyed area. ....................................................... Demographics 2016 2021 Summary 1 mile 2 mile 3 mile 1 mile 2 mile 3 mile Population 3,070 82,683 192,664 3,168 93,552 209,873 Households 1,583 44,889 95,108 1,629 50,913 103,929 Families 691 15,606 38,171 710 17,646 41,453 Average Household Size 1.94 1.78 1.97 1.94 1.78 1.97 Owner Occupied Housing Units 939 9,940 21,400 946 10,802 22,754 Renter Occupied Housing Units 644 34,950 73,708 683 40,110 81,175 Median Age 46.0 34.9 37.1 46.5 35.0 37.6 Population by Age .._.. 1 mile 2 mile 3 mile 1 mile 2 mile 3 mile 0 - 4 4.2% 4.7% 5.1% 4.1% 4.7% 5.1% 5 - 9 3,8% 3.7% 4.2% 3.9% 3.7% 4.2% 10 -14 3.6% 2.7% 3.5% 3.4% 2.9% 3.7% 15 -19 3.0% 2.9% 3.5% 2.9% 2.8% 3.5% 20 - 24 4.1% 8.1% 7.1% 3.9% 7.6% 6.6% 25 - 34 14.2% 28.2% 22.6% 14.3% 28,3% 22.4% 35 - 44 15.4% 18.9% 17.0% 15.5% 18.3% 16.8% 45 - 54 16.7% 12.4% 12.7% 14.6% 12.4% 12.4% 55 - 64 16.4% 9.1% 10.3% 16.5% 9.1% 10.3% 65 - 74 11.9% 5.7% 7.7% 13.4% 6.2% 8.4% 75 - 84 5.1% 2.7% 4.4% 6.1% 2.9% 4,8% 85+ 1.6% 1,0% 1.9% 1,7% 1.0% 1,9% Households by Income 1 mile 2 mile 3 mile 1 mile 2 mile 3 mile ................. ............. <$15,000 11.90% 16.60% 22.70% 10.30% 15.40% 21.80% $15,000 - $24,999 4.40% 9.30% 12.00% 4.70% 10.50% 13.40% $25,000 - $34,999 3.60% 8.80% 10.10% 2.10% 5.90% 6.70% $35,000 - $49,999 11.80% 11.50% 11.90% 6.70% 8.60% 9.40% $50,000 - $74,999 7.60% 17.00% 14.30% 8,00% 18.90% 15.80% $75,000 - $99,999 15.00% 10.60% 8.70% 16.60% 11.20% 9.50% $100,000 - $149,999 18.90% 14.10% 10.70% 22.40% 16.20% 12.60% $150,000 - $199,999 9.80% 5.20% 4.10% 11.50% 6.10% 4.90% $200,000+ 16,90% 6.90% 5.70% 17,60% 7.30% 6.00% Median Household Income $91,107 $54,073 $40,544 $102,171 $60,329 $47,694 Average Household Income $129,073 $82,040 $69,481 $140,944 $89,103 $76,235 Per Capita Income $66,247 $45,117 $35,095 $72,155 $48,981 $38,486 Source: Site To Do Business 10S PH , BLAKE AND ASSOCIATES, INC. REAL £STATE VALUATION ANO CQNSULTING 20 Miami Outboard Club 17-180-02 NEIGHBORHOOD ANALYSIS Trends: 2016 - 2021 Annual Rate 1 mile Radius Area State National Population 0.63% 1.29% 0.84% Households 0.57% 1.21% 0.79% Families 0.54% 1.13% 0.72% Owner HHs 0.15% 1.09% 0.73% Median Household Income 2.32% 2.52% 1.89% 2 mile Radius Area State National Population 2.50% 1.29% 0.84% Households 2.55% 1.21% 0.79% Families 2.49% 1.13% 0.72% Owner HHs 1.68% 1.09% 0.73% Median Household Income 2.21% 2.52% 1.89% 3 mile Radius Area State National Population 1.73% 1.29% 0.84% Households 1.79% 1.21% 0.79% Families 1.66% 1.13% 0.72% Owner HHs 1.23% 1.09% 0.73% Median Household Income 3.30% 2.52% 1.89% Source: Site To Do Business Source: Site To Do Business JOSEPH J REAL ESTATE BLAKE AND ASSOCIATES, INC LUATION AND CO SUITING 21 Miami Outboard Club 17-180-02 NEIGHBORHOOD ANALYSIS LIFE CYCLE A neighborhood's life cycle usually consists of four stages: • Growth - a period during which the neighborhood gains public favor and acceptance • Stability - a period of equilibrium without marked gains or losses • Decline - a period of diminishing demand • Revitalization - a period of renewal, redevelopment, modernization, and increasing demand Source: The Appraisal of Real Estate, 14th Edition From a general examination, it appears that the neighborhood is in the stability stage of the life cycle. A number of new developments have been proposed for the remaining vacant tracts on Watson Island, however these projects have been put on hold due to the previous recession, as well as hold-ups with municipal approvals for large scale projects. NEIGHBORHOOD ANALYSIS CONCLUSION We researched all germane influences that could possibly affect the value of the property in the area. This research did not produce any factors that could be negative or undesirable. In fact, just the opposite was found. The subject and the surrounding neighborhood, as delineated by boundaries, is a well -established residential community. Several factors have combined for the success of the neighborhood of which location and exclusivity have been positive influences. Finally, we are of the opinion that the subject's neighborhood should experience continued stability, building upon the solid foundation it has established. JOSEPli J. BLAKE AND ASSOCIATES, IN REAL ESTATE V%LUATiON ANfl CONSULT NO 22 Miami Outboard Club 17-180-02 PARCEL NUMBER LOCATION LOCATION TYPE MAP LATITUDE/LONGITUDE CENSUS TRACT SIZE UPLANDS SUBMERGED LAND ZONING PRIMARY FRONTAGE STREET ADJACENT PROPERTIES - NORTH ADJACENT PROPERTIES - SOUTH ADJACENT PROPERTIES - WEST ADJACENT PROPERTIES - EAST WATER FRONTAGE ACCESS SHAPE SOIL CONDITIONS AND DRAINAGE FLOOD ZONE FLOOD ZONE DEFINITION OTHER HAZARDS ENCUMBRANCES AND EASEMENTS ENVIRONMENTAL HAZARDS ADEQUACY OF UTILITIES PUBLIC ELECTRICITY WATER SUPPLY TYPE SEWER TYPE POLICE AND FIRE PROTECTION CONCLUSION DESCRIPTION OF THE SITE SITE DETAILS ADDRESS 1099 MacArthur Causeway, Miami, Miami -Dade County, FL 33132 01-3231-000-0013 The subject is located along the northeastern side of the MacArthur Causeway ramp, south of Ichimura Road. Suburban 25.7822581/-80.1725439 12-086-9810.00 427,324 SF or 9.81 acres 207,781 SF is uplands and 219,543 SF is submerged land 207,781 SF or 4.77 acres 219,543 SF or 5.04 acres The upland parcel is zoned "CS," under the jurisdiction of the City of Miami. The subject's submerged land does not have a zoning designation. MacArthur Causeway Ramp Parrot Jungle/Venetian Islands Port of Miami/Industrial Watson Island Park Biscayne Bay/Residential The subject has approximately 650' of frontage along Biscayne Bay. The subject is accessible via the MacArthur Causeway Ramp, which connects to Ichimura Road, along which the subject's entrance is located. The subject site is irregular in shape. The soil conditions observed at the subject appear to be typical of the region and adequate to support development. The site lies within Zone AE. This information was obtained from the National Flood Insurance Rate Map Number 12086C0316L dated September 11, 2009. The base floodplain where base flood elevations are provided. AE Zones are now used on new format FIRMs instead of Al-A30 Zones. In communities that participate in the NFIP, mandatory flood insurance purchase requirements apply to this zone. None known. There are no known adverse encumbrances or easements. Please reference Limiting Conditions and Assumptions. There are no known adverse environmental conditions on the subject's site. Please reference Limiting Conditions and Assumptions. Public utilities are available to the site. Public City water City sewer City of Miami The subject site is considered well -suited to functionally support its current use. JOSEPH Ja B REAL ESTATE VAL AKE AND ASSOCIATES, INC TION AND CONSULTING 23 Miami Outboard Ciub 17-180-02 lik13114, TOPOGRAPHIC SURVEY WtjaPOGI-Z4ati14:70 .0 IR VW' -ATE Menat4i, Et EX ,CM. If 41FL Aka: LEASE Min% i sal GA', 10,, ..... ..7 `... ....., N.. ""'' ',•,. \-4- ' ' .. •,.. ,..z \ ..,,,..,;Sro ' \ • tANI....-95, .. \ ,... .... 6,.. :, ', ,,,r ,I, ...„, 7.... N..-C,„,:.. ''. ,... . ?R.,..1'4,71,)., ..,i, ..C: ▪ - ▪ •NcVir„ .1",'n • '''' ,.... 402 ,...... . , , fs.):,,_ ..... ......„ 1›-."4... ' -.. '''',.p • '''... • ...... ,.. , • .:-....„ ''.., N,.... . ..... -.... '..... -.... ',.. DESCRIPTION OF THE SITE ttnegta 1E4%70 MR= iTrart: JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUAliON ANO CONSULT114 EE - ECALI3 24 Miami Outboard Club 17-180-02 DESCRIPTION OF THE IMPROVEMENTS GENERAL DETAILS DESCRIPTION Briefly described, the subject consists of a marina with on -site restaurant known as the Miami Outboard Club. The site contains upland and submerged land areas. The Miami Outboard Club is a privately operated marina under an existing ground lease from the City of Miami. The marina offers 59 wet slips and 130 dry storage slips. There is a boat ramp and freestanding building containing 9,530 SF, which houses the dock master's office, as well as a restaurant. MARSHALL VALUATION SERVICE C CLASS MARSHALL VALUATION SERVICE Average QUALITY CONDITION Average YEAR BUILT 1958 EFFECTIVE AGE 35 TOTAL ECONOMIC LIFE 50 REMAINING ECONOMIC LIFE 15 CONSTRUCTION TYPE Concrete Block with Stucco CURRENT OCCUPANCY 100% LAND TO BUILDING RATIO 21.80 (Based on uplands and upland improvements) FLOOR AREA RATIO 0.05 (Based on uplands and upland improvements) PARKING TYPE Surface PARKING SPACES 15 vehicle parking spaces WET SLIPS 59 wet slips DRY SLIPS 130 dry slips JOSEPH J. B .A AND ASSOCIATES, INC. REAL ES.EATE VALUATION AND CONSULTING 25 Miami Outboard Club 17-180-02 ZONING The upland parcel is zoned "CS," under the jurisdiction of the City of Miami. The subject's submerged land does not have a zoning designation. ZONING AUTHORITY ZONING CODE ZONING DESCRIPTION PERMITTED USES ZONE DETAILS City of Miami CS Civic Space Marinas, by right. Uses permitted by warrant include: food service establishments; open air retail; community, recreational, and religious facilities; infrastructure and utilities. Uses permitted by exception include: general commercial; marine - related commercial establishments; childcare and learning centers. ZONED DENSITY/FAR 3 MAXIMUM LOT COVERAGE 25% COMMENTS The Civic Zone consists of public use space and facilities that may contrast in use to their surroundings while reflecting adjacent setbacks and landscape. Development in a Civic Space Zone should have a minimum of fifty percent (50%) of its perimeter enfronting a thoroughfare. Civic Space sites shall be entered directly from a Thoroughfare. In Civic Spaces, buildings shall conform to regulations of the most restrictive abutting Transect Zone, except as shown by City of Miami's Parks and Public Spaces Master Plan. Other adjustments to the regulations shall be approved by process of exception. Based on a review of the subject in relation to the CS zoning district, it appears the subject is a legal and conforming use. However, we are not experts in determining if a property is fully in compliance with all aspects of the zoning code. We suggest interested parties obtain a letter of zoning compliance from the City of Miami to determine if the subject is zoning compliant. JOSEP # J. TAKE ANO ASSOCIATES, INC, REAL ESTATE UALUAT1ON ANO CONSULTING 26 Miami Outboard Club 17-180-02 TAXES The subject is assessed by the Miami -Dade County property appraiser's office, and is taxed by the City of Miami, Miami -Dade County, and the Miami -Dade County school district. According to public records, it appears there are no unpaid taxes as of the date of this report. Assessments in the county are done by the Miami -Dade County Property Appraiser's offices. The tax bills are sent in October, and paid by March of the following year. A 4% discount is given to bills paid in November, 3%to those paid in December, 2% if paid in January, and 1% if paid in February. Taxes paid after March are considered delinquent. Since assessments are completed annually, trends in assessed values have generally been increasing, as property values have increased. School taxes are based on "market value." Non -school taxes are based on "assessed value." These values may be equal or may be different amounts, depending on the property. The "market value" used to calculate school taxes can be increased with no cap, and is intended to be synonymous with the property's actual market value if it were to sell in the open market. The "assessed value" used to calculate non -school taxes can be adjusted upward, but has a maximum cap. According to Florida law: "Constitutional Amendment 1, approved by voters on January 29, 2008, was a provision to limit increases in the annual assessment of Non -Homestead properties to ten percent (10%). The base - year for implementing this change was 2008 and assessments were capped beginning in 2009. • There is no application for the Non Homestead Cap as it applies automatically. • Changes in ownership and use resets the Non Homestead Cap base year following the change. For example, filing a homestead exemption application removes the Non Homestead Cap. • The Non -Homestead Cap limits increases in the assessed value to 10%, excluding School Board assessments." Therefore, in times of increasing values, the "assessed value" (used to calculate non -school taxes) can fall below the "market value" (used to calculate school taxes). The "market value" is multiplied by the millage rate(s) associated with the school district. The "assessed value" is multiplied by the millage rate associated with any non -school taxes. The two amounts are added together to arrive at the total ad valorem taxes. Any non -ad valorem taxes are then added to that amount to arrive at the total tax liability. According to Florida law, if a property sells, then the "assessed value" will increase to the "market value." JCSEPi J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION ANU CONSif1TiNG 27 Miami Outboard Club 17-1S0-02 The following table summarizes the subject's assessment and taxes: TAXES Parcel ID 01-3231-000-0013 Assessment Year 2016 Tax Authority Land Value $1,246,686 Tax Authority Improvements Value $253,314 Tax Authority Other Value $0 School Board Assessment $1,500,000 Municipal Assessment $268,357 School Board Millage Rate $7.3220 Municipal Millage Rate $14.5036 Total Tax Rate $21.8256 Tax Rate Per $1,000.00 Taxes $14,875 Special Assessments $0 Taxes with Special Assessments $14,875 Early Payment Discount Percentage 4% Total Taxes $14,280 Assessed value on properties with homestead exemption is the base year market value, adjusted for annual percentage factor (3% or Consumer Price Index (CPI), whichever is less), plus new construction. • Assessed value cannot exceed market value. • On properties that do not have homestead exemption, assessed value and market value are synonymous. Florida law requires that the Property Appraiser assess all properties at market value as of January 1, of every year. To accomplish this task, sales from the prior years are used in valuing properties. For example, January 1, 2015 property assessments are based on sales activity from 2014. In arriving at just valuation as required under section 4, Art. VII of the State Constitution, the property appraiser shall take into consideration eight criteria. The eight criteria states as follows: "The net proceeds of the sale of the property, as received by the seller, after deduction of all of the usual and reasonable fees and costs of the sale, including the costs and expenses of financing, and allowance for unconventional or atypical terms of financing arrangements. When the net proceeds of the sale of any property are utilized, directly or indirectly, in the determination of just valuation of realty of the sold parcel or any other parcel under the provisions of this section, the property appraiser, for the purposes of such determination, shall exclude any portion of such net proceeds attributable to payments for household furnishings or other items of personal property." As previously noted, within the State of Florida, assessments are supposed to approximate 100% of market value; however, in many instances, upon a sale of a property the assessed values equate to only 75% to 95% of market value. We therefore discussed the topic of assessments with the Miami -Dade County Property Appraiser's office. They concurred that an assessment will typically fall at less than 100% of a property's market value when values are rising, but could not comment on a specific percent of value. In times when property values are falling, the actual assessed value will likely be at or close to 100% of the market value. JOSPH SLAKE AND ASS ALUAtiON AND CONSULT( CIATE, INC. 28 Miami Outboard Club 17-180-02 MARKET ANALYSIS MARINA MARKET ANALYSIS The purpose of this discussion is to provide an overview of the economic vitality of the recreational marina marketplace influencing the subject. The industry will be briefly considered on a national basis before detailing the subject's local, competitive market. In the course of the research of the recreational marina marketplace, we interviewed a variety of industry experts, including real estate professionals, marina developers, owners of marinas and local officials. We also consulted with the industry's trade associates and trade publications, including the International Marina Institute, the National Marine Manufacturers Association, and the Boating Industry Magazine. Interviews were conducted and factual material was gathered to ascertain historical, current and projected market conditions. Data includes industry revenue figures, slip occupancy and rental rates, availability of financing and environmental concerns. industry Snapshot The U.S. marina industry includes about 3,800 establishments (single -location companies and units of multi - location companies) with combined annual revenue of about $4 billion. Demand is driven by ownership rates for power boats and sailboats. The profitability of an individual marina depends on location and good marketing. Large companies have the resources to advertise and negotiate better prices with suppliers, builders, and maintenance firms. Small companies can compete by offering customized services or preferred locations. The US industry is highly fragmented: the top 50 companies account for about 15% of industry revenue. More than 90% of US marina operators have only one location. According to FirstResearch the primary driver of revenue at nearly every marina is the slip rentals. The main business of marinas is renting slips (dockside spaces) and moorings (anchored buoys), Marinas also sell fuel and other items and provide maintenance services. About 40% of industry revenue comes from slip and storage fees, 15% from maintenance, and 10% from fuel sales. Other sources of revenue include sales of food (5%) and marine equipment (5%). Revenue by Product - US Census Bureau F I. 10% - Source: FirstResearch JOSEPH . BLAKE AND ASSOCIATES, 9 C REAL ESTATE V LUATION AND CONSULTIId€i 29 Miami Outboard Club 17-180-02 MARKET ANALYSIS A typical marina has 50 to 150 slips, but some very large marinas, such as Dana Point Marina in Orange County, California, can have more than 1,000 slips. The major operating activities of a marina are similar to those of a hotel, and revolve around managing rentals, managing personnel, maintaining the property, and supplying services. Occupancy rates and rental rates are a constant source of attention for managers. Many marinas use specialized computer programs to manage reservations and billings. Marinas increasingly use websites as marketing and booking tools. According to the 2014 Recreational Boating Statistical Abstract, published by the National Marine Manufacturers Association in 2015, recreational boating continues to be an important factor to the U.S. economy, contributing $35.4 billion in direct sales of products and services in 2014, a 3.5% decrease from 2013. • Of the 242.5 million adults living in the United States in 2014, 35.7% or 87.3 million people participated in recreational boating at least once during the year, relatively unchanged from 2013. Since 2011, boating participation has ranged from 34.8% to 37.8% of the population. • Annual retail sales of new boats, engines & marine accessories in the U.S. totaled $16.4 billion in 2014. • New boat sales were up 0.5% to 534,500 units in 2014. • New traditional powerboat sales increased 6.4% to 171,500 units in 2014. • New sailboats sold at retail increased 33.9% to 7,500 units. • New personal watercraft sales increased 21.6% to 47,900 units. • New boat imports totaled $2.3 billion, up 7.2% in 2014; units were up 17.7% to 794,174. • New boat exports totaled $2.1 billion, down 0.6% in 2014; units were down 6.7% to 208,532. • Total engine sales, including topline, outboard, inboard and sterndrive engines, were 243,200 units, up 3.4% in 2014. • Outboard engines sales were up 4.5% to 218,400 units; retail sales reached $2.5 billion, up 8.6%. • Aftermarket accessory sales totaled $5.6 billion in 2014, an increase of 14.7%. • Americans are taking to the water: 35.7% of the U.S. adult population-87,3 million Americans - participated in recreational boating at least once in 2014. • Boats are uniquely made in America: 94.9% of powerboats sold in the U.S. are made in the U.S. • There were an estimated 12 million registered boats in the U.S. in 2014. • 95% of boats on the water (powerboats, personal watercraft, and sailboats) in the U.S. are less than 26 feet. • An estimated 940,500 pre -owned boats (powerboats, personal watercraft, and sailboats) were sold in 2014, Boating Demographics and Participation Boating is primarily a middle-class lifestyle as 71.5% of American boat owners have a household income less than $100,000. Of the 242.5 million adults living in the United States in 2014, 35.7% or 87.3 million people participated in recreational boating at least once during the year, relatively unchanged from 2013. Since 2011, boating participation has ranged from 34.8% to 37.8% of the population. JOS£P Js BLAKE AND ASSOCIATES, INC. REAL STATE VALUATiOR AND CONSULTINS 30 Miami Outboard Club 17-180-02 NO. Of ADULTS minim % Of B+ VINO YIAR BOATING (MILLIONS) WENT ROAM 1.491 1992 199.3 1994 1999 1996 1%7 19,49 2Cti) ?X2._ 2003 2094 2005 20972096 2co-8 2X9 201'2 z.T1 2012 2013 2014 (I;J' 612 6/ 6116 10.0 n 71.3 68,0 68.2 67 5 62. f 65 ',I: 6.3 C.`, 6'3 4 f.)7 9 6C,2 643.4 721 g 75.0 U./ 87.3 36 5% :f 2% 33 6% 32 a% 22% 7E_g% 2,9 26 0% 29 5% 32.4% 34.8% 37 g% .:X3 35.7% MARKET ANALYSIS Source: National Marine Manufacturers Association, Market Statistics Department, 2015 The following chart summarizes the number of adults in the US involved in boating activities: JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONS!! TiNG 31 Miami Outboard Club 17-180-02 Milians of adut ptvtIcipante 3 ul lP; A] Yt'3G 3 J t ii:x eta MARKET ANALYSTS Source: National Marine Manufacturers Association, Market Statistics Department, 2015 g 2 Boating Registrations Boat registrations were up 1.65% in 2014, rising to a total of 12.3 million, compared to 12.1 million the previous year. However, the total number of recreational boats in use during 2014 declined 0.6% to 15.8 million. JOSEPH REALEUTAT AKE AND ASSOCIATES, INC TION ANO CIJNSU TINU 32 Miami Outboard Club 17-180-02 MARKET ANALYSIS The following charts summarize the number of registered and non -registered boats: REGiSTEREIDOCUMENTED NON -REGISTERED TOTAL YEAR BOATS (MitilONS). BOATS (MILLIONS) (WLLIONS) 1990 1 1.0 5.3 t6.0 IA 1 1 1 1 5.2 16.3 1992 Ili 5.1 16.3 1992: 11..3 4.9 16..2 1994 11.4 4.3 16.2. 1995 11.7 3.6 15..4. 1996 111 2.3 15 8 1097 12.4 32 1998 12 7 3.7 Mg 122 3.8 2000 129 4...'..,, ! s ':. 2001 132 4,3 2032 12.9 4.2 1 / 2 17r,rq3 12.9 4.3 112 20713 12.2 4).3 17.4 2043.5 110 4.6 ITT 2006 122 4.1 ts..s. 2007 11.0 4.0 16.9 2038 12..8 73,1 16.S 2009 12.8 3.3 1E6 2310 125 2, 16.2 201I 12.3 3, 7 16.0 2312 12.2 2,?: 16.13 2914 est. 12,3 3,6 15.8 Source: National Marine Manufacturers Association, Market Statistics Department, 2014 J SEPH J. BLAKE AND ASSOCIATES, REAL CSTATE VALUATION ANO CONSULTEND 33 Miami Outboard Club 17.180-02 Source: National Marine Manufac MARKET ANALYSIS iP,E.co urers Association, Market Statistics Department, 2014 Sales by State Consumers spent $16.4 billion on new powerboats, outboard engines, boat trailers and aftermarket accessories collectively in 2014, up 12.3% from 2013. Florida again ranked first in total expenditures for new powerboats, outboard engines, trailers and aftermarket accessories. Spending in Florida increased 22.5% in 2014 compared to 2013. JOSEPH . BEAKE AND ASSOCIATES; INC, REAL fSTAT£ VALUAfiO AND CONSULTING 34 Miami Outboard Club 17-18Q-02 MARKET ANALYSIS The distribution of new powerboat, engine, trailer and accessory purchases by state are shown on the following chart: STATE RAMS 22 3 tk: kt9 k+t TOTAL OAT 63F-7.1s344.N,E7 '..i414 =s $4,T3 ;;:t17.14 $156,804.917 Si 32,427319 5264.92E 724 5646.774.47E S111,5114,517 SI X 2B2,202 5643.740.E+27 si 12.50..13 52.311.001.783 S448,462510 $27,061.549 5156,014105 S f ; aR : .:. 5334.911.742 5 S € 54.+ 1„ " Si 'SF,z S233.213 ?? 337 ,7.37,2Q 11 75,471147 4,3 333 3`.6',.a S73,W5473 171,3-36. f44 f178566.01b 32 ' ``' rC Si67.421-`I 21=,. . x, S269.56173: .. : ' S224J70.7,37. .I' 3, 576Z,391,7 S6E1,461,642 S141 <B9^a751 5349,912.337 S121,961.122 569,73h734 S51,7629ei S1r3,7, ,.8,_ 523.670.410 =' : ST4/%774.197 S683,200746 > . 5147,93fi351 S' 1210',501.123 S ;11, 43 S1 fsdl 367,1Q7 O T ." € :3344 $97.51 &Sk7 T39. 7°'7 $140..`3(':.L34 M1.511,6413 T, , St,296.3923 w r310, €A 713 5447,311514 _ `_c 3-'S 566,452,4375 F= . S581.27 ;i47 57.930.890,375 S2,,,Z.23.S34,254 S<91 -'_ i _ C5Q S1$211,963,w+-'7 711 41,t1 z01 a TOTAL rite 1se EXPE011iiffiTS 1 T c% e?. e 123% S14596.737, le fig 301549 Source: National Marine Manufacturers Association, Market Statistics Department, 2014 JOSEPH J. BLARE AND ASSOCIATE REAL ESTATE VALUATION ANfl tONS€1LTING NC. 35 Miami Outboard Club 17-180-02 Florida Overview MARKET ANALYSIS The following chart shows the number of boat registrations in the State of Florida and Miami -Dade County in terms of vessel registrations. Recreational Total Recreational Total Recreational Total Recreational Total County Vessels 2016 Vessels 2016 Vessels 2015 Vessels 2015 Vessels 2014 Vessels 2014 Vessels 2013 Vessels 2013 Miami -Dade 63,670 66,422 62,645 65,322 60,713 63,319 59,031 61,537 Entire State 899,285 931,450 883,332 915,713 867,463 899,635 864,673 896,632 Source: Florida Department of Highway Safety and Motor Vehicle The total number of vessels in Miami -Dade has increased over the last few years. Local Marina Market The State of Florida had a total of 931,450 registered boats as of 2016 year for which most recent data is available). Of these approximately 97% were pleasure craft. Within Miami -Dade County, there are 66,422 registered vessels. The large number of registered vessels provides the basis for the area's marina industry. Boats registered in other states and foreign countries in the winter months join these vessels. Registered boats in Miami -Dade County has steadily increased since 2012. Over the period 2015 through 2016, Miami - Dade County's count of registered recreational vessels increased by 1,025 vessels. This increase in the number of registered vessels, especially recreational vessels, helps explain the high levels of occupancy in the area. Watson Island, Miami Flagstone Development had planned its own mega yacht marina as part of a two -hotel project on Watson Island, which stalled during the economic downturn. Flagstone was to create the marina first, hoping it would help generate revenue and drive financing for the overall project. The $1 billion project, known as Island Gardens represents a partnership between the Flagstone Property Group and the City of Miami. The development will include a full -service super yacht harbor, two hotels, more than 220,000 square feet of retail and dining space, and expansive gardens. The Deep Harbour at Island Gardens marina is designed to hold 50 yachts up to 550 feet long, according to the developer, Flagstone Property Group. North Palm Beach -based Technomarine Group recently constructed the marina slips; when completed the marina will include its own customs and immigration office. Due to the scale of this marina, and the proposed quality and condition of the improvements, it is unlikely that the subject will be considerably affected by its construction. JOSEPH , BLAKE AND ASSOC ATES, INC REAL ESTATE VALUATION AND CONSiiE,TINR 36 Miami Outboard Club 17-180-02 Port of Miami MARKET ANALYSIS In 2011, a 2035 master plan to build a super yacht marina at the Port of Miami was unveiled. The super yacht marina proposed for the southwestern corner of the Port of Miami property would be built adjacent to an eventual waterfront promenade with shops and restaurants. The super yacht marina is just one aspect of the Master Plan, which takes in expansion of the Port's cruise ship berths proposed to increase to hold nine of the world's largest cruise ships —and the re -introduction of rail service at the Port, all geared to ensure future growth of the marine industry in Florida. The marina, the cruise ship hub and the leisure areas are expected to provide more jobs for the area. The developer has stressed super yacht marina plans are as yet only concepts, a point underlined by the 2035 timeline. Port of Miami would also have to address environmental concerns, already causing protest in the region. Fisher Island condo associations had filed petitions with the state's Department of Environmental Protection to challenge the dredge permit. Objections are to 'unavoidable' removal of sea grass, the staple food of the endangered West Indian manatee, and other concerns. The consensus in the industry is that the demand for yacht dockage space at the Port would be great due to the clear channel depths, which are deep enough to accommodate the cruise ships and the lack of fixed bridges into the area which would allow the large sailing yachts to dock here. Many parts of Biscayne Bay are shallow which limits large boat access to most of the area's marinas. There are no immediate plans for the commencement of this project. JOSEPH J. BLAKE AND ASSCC ATES, INC ;SEAL f.STATE VALi1AliON ANO CONSULT hO 37 Miami Outboard Club 17-180-02 MARKET ANALYSIS LOCAL MARINA MARKET In order to determine an appropriate market rent to apply to the subject's slips, we surveyed the following comparables in the subject's market. Name: Location: Slip Rates: Wet Slips - Transient - Additional Live Aboard - Lift Rates Marina Comparable 1 Bayshore Landing Marina 2550 Bay Shore Landing Drive, Miami, Florida $28/LF/Month _ $50/LF/Month $3.00/LF/Day - $4.50/LF/Day None $1,600 to $2,200 Flat Rate Month Occupancy: 100% Average Boat Length: 56' Maximum Boat Length: 85' Maximum Boat Draft: 9' Dock Style: Concrete and wood Fuel: Yes Gas and Diesel Repair Facilities: No Amenities: Fuel station, dock master's office, ship's store, restrooms/showers, laundry facilities, and on site restaurant (Monty's Raw Bar) and retail/office building, located in Coconut Grove Comments: Electric for power boats range from $90.00 for 30 amps to $950.00 for 100 amps triple. Electric for sail boats range from $90.00 for 30 amps to $900.00 for 100 amps triple. JOSEPH J. LAKE AND AS ATES, INC REAL ESTATE VALUATItiN AND CRN5ltlT#Ni# 38 Miami Outboard Club 17-180-02 MARKET ANALYSIS Marina Comparable 2 Name: Grove Harbor Marina Location: 2640 South Bayshore Drive, Miami, Florida Slip Rates: Wet Slips - Outside Racks - Transient - $35/LF/Month $27.84/LF/Month - $30.73/LF/Month $4.50/LF/Day Occupancy: 100% Average Boat Length: 53' Maximum Boat Length: 150' Maximum Boat Draft: NA Dock Style: Wood and Concrete Fuel: Gas and Diesel Repair Facilities: Yes Amenities: On -site Fresh Market, security, ship's store, showers, laundry facilities, Internet access, located in Coconut Grove Comments: Rates incorporate haul out services. The upland area is improved with a 276 dry slip storage facility (200 outdoor racks and 76 indoor racks), a commercial building with a Fresh Market and retail/office bays. The submerged land area consists of a 58 wet slip marina with concrete docks and concrete pilings. JOSEPH J. BLAKE AND ASSOCIATES, I INC. REAL ESTATE VALUATION AND CONSULT NU 39 Miami Outboard Club 17-180-02 Name: Location: Slip Rates: Wet Slips - Moorings - Transient - Additional Live Aboard - MARKET ANALYSIS Marina Comparable 3 Dinner Key Marina 3400 Pan American Drive, Miami, Florida $17.70/LF/Month $23.36/Day to $322.43/Month $2.85/LF/Day - $34.00/LF/Month $22.70/LF/Month Occupancy: 100% Average Boat Length: NA Maximum Boat Length: 175' Maximum Boat Draft: 7' Dock Style: Wood and Concrete Fuel: Gas and Diesel Repair Facilities: Yes Amenities: Security, ship's store, showers, laundry facilities, Internet access, US Customs clearing, located in Coconut Grove Comments: Dinner Key Marina is the flagship marina of the City of Miami located in Coconut Grove. Dinner Key originally served as base of operations for Pan American Airway's famed flying boats, the Clippers. The original Pan Am terminal building (next door to Dinner Key Marina) now serves as Miami City Hall. JOSEPH J. BLAKE AND ASSOCIATES, INC RE At ESTATE VALUATION AND CCNSU TiN6 40 Miami Outboard Club 17-180-02 Name: Location: Slip Rates: Wet Slips - Transient - MARKET ANALYSIS Marina Comparable 4 MiaMarina at Bayside Marina 401 Biscayne Boulevard, Miami, Florida $17.70/LF/Month $2.85/LF/Day - $34.00/LF/Month Occupancy: 100% Average Boat Length: NA Maximum Boat Length: 150' Maximum Boat Draft: 7' Dock Style: Wood and Concrete Fuel: Gas and Diesel Repair Facilities: Yes Amenities: Security, ship's store, showers, laundry facilities, Internet access, US Customs clearing, located in Bayside Marketplace Comments: Miamarina is situated within the Bayside Marketplace, a festival mall of over 100 stores, shops, restaurants, and cafes. The marina is located next door to the American Airlines Arena, home of the NBA's Miami Heat. JOSEPH REAL ES1ATE BLAKE ANO ASSOCIATES, INC LIJATION AND CONSULTING 41 Miami Outboard Club 17-180-02 Name: Location: Slip Rates: Wet Slips - Outside Racks - Pods - Jet Ski Storage - Transient - Additional Live Aboard MARKET ANALYSIS Marina Comparable 5 Rickenbacker Marina 3301 Rickenbacker Causeway, Miami, Florida $35.00/LF/Month - $40/LF/Month $30/LF/Month $960/Month $380/Month - $450/Month $5.00/LF/Day - $8.00/LF/Day $145/Month - $545/Month Occupancy: 100% Average Boat Length: 45' Maximum Boat Length: 100' Maximum Boat Draft: 9' Dock Style: Wood and Concrete Fuel: Gas, No Diesel Repair Facilities: No Amenities: Restaurant, security, ship's store, showers, laundry facilities, Internet access, located on Virginia Key Comments: Rates incorporate haul out services. This property is located on Virginia Key near the upscale residential community of Key Biscayne. The property contains Whiskey Joe's restaurant and is adjacent to the Rusty Pelican restaurant. JOSEPH J LAKE AN O ASSOC ATES, INC, REAL ESTATE VALUA1lON AND SittTING 42 Miami Outboard Club 17-180-02 Name: Location: Slip Rates: Wet Slips - Transient - Boat Lifts - Occupancy: Average Boat Length: Maximum Boat Length: Maximum Boat Draft: Dock Style: Fuel: Repair Facilities: Amenities: Comments: The property is located in Miami Beach. MARKET ANALYSIS Marina Comparable 6 Miami Beach Marina 300 Alton Road, Miami Beach, Florida $31.00/LF/Month - $60.00/LF/Month $5.00/LF/Day $8.00/LF/Day $40/LF/Month - 40 foot min. 100% 42' 250' 12' Wood and Concrete Yes Gas and Diesel No Security, comfort stations with laundry and shower facilities, 24-hour dock attendants and pump -out services, restaurant, marine store, dive shop, grocery store, charters, rentals and brokerage services, US Customs clearing, cable and internet access, swimming pool, located in Miami Beach JCSEPH J. BI,AK REAL ESTATE LATici AND ASSOCIATES, AND CGi SIIWNG 43 Miami Outboard Club 17-xso-02 SUMMARY The comparable marinas are summarized on the following chart. MARKET ANALYSIS Annual Seasonal Monthly Transient Rate/LF/Mo. Rate/LF/Mo. Rate/LF/Mo. Rate/LF/Day 1 $28.00 - $35.00 $36.00 - $43.00 $46.00 - $50.00 $3.00 - $450 2 $35.00 $35.00 $35.00 $4.50 3 $17.70 $17.70 $17.70 $2.85 4 $17.70 $17.70 $17.70 $2.85 5 $35.00 - $40.00 $35.00 - $40.00 $35.00 - $40.00 $5.00 - $8.00 6 $31.00.00 $50.00 $60.00 $5.00 - $8.00 The comparables give a good estimate of the rates that are achievable in the market. All the comparables offer similar amenities, with variances from one development to the next. All of the comparables are located in Miami with some of the properties located adjacent to hotels, which adds to their appeal. Adjustments The comparable slips have a wide rental rate range. In order to better determine the rates at which the subject's slips would lease, we adjusted the comparables for the following factors: Location Quality and Condition Draft and Maximum Boat Length Amenities Location The adjustment for location realizes that areas of active growth and development, as well as those easily accessible and well protected from weather and tidal elements usually rent for more per LF than properties in areas that do not offer these attributes, with all other factors held constant. As stated, the subject is located on the northwest side of the MacArthur Causeway on Watson Island. The subject is also within close proximity to Miami Beach. All of the comparables are located within Miami -Dade County and their locations are summarized in the following chart: Comparable Location Access Protection Development Overall Adjustment 1 Coconut Grove Superior Similar Superior Superior Downward 2 Coconut Grove Superior Similar Superior Superior Downward 3 Coconut Grove Superior Similar Superior Superior Downward 4 Bayside Marketplace Similar Similar Superior Superior Downward 5 Virginia Key/Key Superior Similar Superior Superior Downward Biscayne 6 Miami Beach Superior Similar Superior Superior Downward With the exception of Comparable 5, all of the sales are located on mainland portions of Coconut Grove, Downtown Miami, or Miami Beach. Comparables 1, 2, 3, 4, and 6 are all within walking distance of restaurants, attractions, and nightlife and are considered superior in terms of surrounding development. Comparable 5 is located on Virginia Key, which is just west of Key Biscayne. Within walking distance from this marina are two popular restaurants, as well as multiple public beaches. Therefore, this comparable is considered superior to the subject in terms of surrounding development. All of the marinas offer similar protection. �SEPH . BLAKE AND ASS°MATES, INC, AEA1 ESTATE VALJATION ANO GJNSULTIND 44 Miami Outboard Club 17-180-02 MARKET ANALYSIS In terms of access, the subject has access to Biscayne Bay and the Atlantic Ocean, however boats must pass underneath automated bridges for access to the main waterways. Comparables 1, 2, and 3 have unhindered access to Biscayne Bay and the Atlantic Ocean, and are therefore considered superior in terms of access. Comparable 4 is located adjacent to the Bayside Marketplace, which is accessed from the north traveling through an automated bridge, and from the south by traveling through a wake restricted channel. Therefore, this comparable is considered similar in terms of access. Quality and Condition The subject's submerged improvements are of average quality construction and are in average condition. Each comparable's quality and condition is listed below. Comparable Quality Condition Overall Adjustment 1 2 3 4 5 6 Good Good Average Good Good Good Good Good Average Good Good Good Good Good Average Good Good Good Downward Downward None Downward Downward Downward Maximum Boat Length The maximum boat length of each of the comparables is listed below. The subject's maximum boat length is 40'. According to the dockmaster, approximately 50% of the 59 wet slips can accommodate a maximum length of 30', while the remaining 50% can accommodate 35'. Only "a couple" slips can accommodate a 40' vessel. Comparable Max. Boat Length Overall Adjustment 1 2 3 4 5 6 88' Superior Downward 150' Superior Downward 175' Superior Downward 150' Superior Downward 100' Superior Downward 250' Superior Downward Amenities The number and quality of available amenities at a marina tend to make it more or less desirable to slip patrons. In terms of an amenities adjustment, it is typically found that marinas with higher quality and a greater number of amenities typically rent for more per LF than those which do not offer these features, with all other factors held constant. The subject's amenities include a dock master's office, and on site restaurant. The comparables' dock and upland amenities were listed in each marina write-up. The chart depicts how each comparable's amenities compare to the subject's. Comparable Dock Amenities Upland Amenities Adjustment 1 2 3 4 5 6 Superior Su perior Superior Superior Superior Superior Superior Superior Superior Superior Superior Superior Downward Downward Downward Downward Downward Downward JOSEPH 9. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CO ISlilTAU 45 Miami Outboard Club 17-180-02 MARINA RENT COMPARABLE CONCLUSION V. MARKET ANALYSIS The comparables are adjusted to reflect overall slip rental rates in comparison to the subject. Marina Rent Comparable Adjustment Grid 1 2 3 4 5 6 Location - Quality & Condition Draft/Max. Boat Length - - Amenities - - Overall Adjustment According to the dockmaster, the current rates being charged for the subject's wet slips is $9.00/LF/Month with a minimum boat length of 30'. The current rates bring charged for the subject's dry slips is $4.50/LF/Month with a minimum boat length of 25'. Slips are rented to members, and rates are kept fixed for transient, monthly, and seasonal renters. The subject is currently operated as a non-profit, the goal of which is to operate on a break-even profit margin. Therefore, if the subject's operations were assumed by a for -profit occupant, the market rental rates for the boat slips would be more akin to those indicated by the comparables. As indicated by all of the marina comparables, slips are rented on an annual, seasonal, monthly, and transient basis. The subject offers sparse marina amenities and upland amenities, and has major waterway access that is hindered by automated bridges. The subject's wet slips are well protected, and are situated in close proximity to Miami Beach. Based on the comparables, we conclude to the following average wet slip fees for the subject: Rate/LF/Mo. (Wet Slips) Annual Rates Seasonal Rates Monthly Rates Daily Rates $20,00 $30.00 $20.00 $4.50 The subject's dry slips are situated in an asphalt paved parking lot, a portion of which abuts an off -ramp to the MacArthur Causeway. Therefore, we have applied the lower end of the range indicated by the comparables for the subject's dry slips. The following chart details the dry slips/lifts offered by the comparables: Monthly Rate/LF/Mo. 1 $1,600 - $2,000 (Flat) 2 $27.84 - $30,73 3 NA 4 NA S $30.00 6 $40.00 JOSEP REAL ESTAT BLAKE AND ASSOCIATES, INC, ILtIAIION AND CONSULTING 46 Miami Outboard Club 17-180-02 MARKET ANALYSIS All of the comparables offer dry rack storage, whereas the subject offers trailer boat storage more similar to parking spaces. Members can self -tow or have their boats towed to the marina ramp via one of two travel lifts. The subject's monthly rates are currently $4.50/LF for the dry slips. The lower end of the range of transient rentals for the comparable wet slips is $2.85/LF, which are typically more desirable on a transient basis. Therefore, we have applied this rate to the subject's dry slips on a transient/daily rental basis. For the monthly, seasonal, and annual rental scenario, we have applied the lower end of the range indicated by the comparables. We conclude to the following average dry slip fees for the subject: Rate/LF/Mo. (Dry Slips) Annual Rates Seasonal Rates Monthly Rates Daily Rates $17.70 $ 30.00 $17.70 $2.85 Occupancy/Business Mix Conclusions We were not provided with the subject's historical occupancy rates. According to the dock master, the wet slips are currently 100% occupied, and the dry slips are currently 92% occupied. We estimate that the subject's occupancy should be within the 90% to 100% percentile range based on the comparables in the market. The marina business is very sensitive to the national economy, and typically, when the economy is doing well, marinas also do very well. Currently, the national economy is considered to be weak. However, despite this factor occupancy level amongst marinas is strong. This is a possible result of the lack of new marina construction within the South Florida area. The permitting process associated with the construction of new marinas is virtually impossible as a result of environmental issues. As such, there is a limited supply of slips available within the area with a continued strong demand for slips as population within the area continues to increase. Therefore, we have applied an overall occupancy rate of 95%. In order to derive an appropriate business mix of annual, seasonal, monthly and daily fees, we analyzed the performance of comparable marinas. According to the comparables surveyed, daily slip rental comprises the lowest percentage occupancy within a marina, typically between 2% to 5%. We have applied the lower end of this range to the subject. The majority of occupancy within the marinas surveyed is generated by annual occupants, with the additional slips filled by seasonal/monthly renters. Therefore, in determining an appropriate business mix for the subject, we have concluded to 70% as the annual business mix, and 30% as the combined seasonal and monthly mix, and 2% as the daily business mix. Wet Slips Annual $20.00 70.00% $14.00 Seasonal $30.00 15.00% $4.50 Monthly $20,00 13.00% $2.60 Daily $4.50 2.00% $21.10 JOSEPH J, SEAKE AND ASSDC ATES, INC REAL ESTATE V UAT1ON AND CONSULT l 6 47 Miami Outboard Club 17-180-02 Dry Slips Annual Seasonal Monthly $17.70 $30.00 $17.70 70.00% 15.00 % 13.00% $12.39 $4.50 $2.30 Daily $2.85 2.00% $19.19 MARKET ANALYSIS The average annual/seasonal/monthly rate is calculated to be $21.10/month for the subject's wet slips and $19.19/SF for the subject's dry slips. Daily dockage is assumed at $4.50/LF/day for wet slips, and $2.85/LF for dry slips. The total revenue that is projected to be generated by the marina is shown on the charts that follow: Annual/Seasonal/ Monthly Dockage Daily Dockage Potential Revenue Occupancy Business Mix $1,462,926 95% $1, 389,779 98% $7,573,294 95% $7,194,629 2% $1,361,984 $143,893 Dockage Revenue $1,505,876 Percentage Rent With regards to the rental rate for the subject, it is noted that a number of marina and restaurant facilities in Miami -Dade County are leased with the property's rental rate stipulated on a base amount, base amount plus percentage rent, percentage rent or the greater of percentage rent or base rent. Detailed below is information regarding several marina/restaurant comparables within the market: Comparable Base Rent l Rent Confidential Bayshore - Monty's Miami Yacht Club Coconut Grove Sail Club Grove Harbour Marina Rickenbacker $320,000 $ 277,586 $49,080 $30,000 or $550,000 or $360,000 10% of gross receipts 15% of gross receipts 9.0% of gross revenue in excess of $380,000 7.5% of gross revenues 15% of gross revenue for marina 10% of gross revenue for boatyard 10% of gross revenue for restaurants 5% of gross revenue for service/fuel 15.00% of gross revenues for wet slips 12.00% of gross revenues for dry slips increasing by 1% after 4.5 years JOSEPH J, REAL ESTATE V BLAKE AND ASS L�4TKIN AlU CONSULT CIATE INC 48 Miami Outboard Club 17-180-02 MARKET ANALYSIS For many of the comparables, the natural breakpoint has been passed and they are paying a percentage of revenues to the city. The subject's current lease agreement with the City stipulates a base rent amount plus a percentage rent defined as 10% of the gross food and non-alcoholic beverage revenues associated with the restaurant in excess of $10,000. For the year ended March 31, 2016 (most recent information provided), the base rental amount was $9,215/month, or $110,580/year. The following chart details the subject's historical base rental rate: Base Rental Rate Subject Subject Subject 2014 2015 2016 Amount $108,840 $110,580 $110,580 According to financial statements provided by the client, the lease provides for annual increases to the base rent based on CPI, which typically ranges from 3% to 5%. We have applied a 3% increase in the subject's based rental rate for 2017. Therefore, the base rental rate is estimated to be $113,897. The following chart details the current percentage rent amounts applied to each category under a current confidential lease for a marina located in Coconut Grove: Category % Rent Wet Storage 15% Dry Storage 12% Subleases 40% Fuel Dock 5% Other Revenue 5% JOSEPH J. BLARE AND ASSOCIATES, INC REAL ESTATE VALUATION AA CONSULT tiG 49 Miami Outboard Club 17-180-02 MARKET ANALYSIS We have detailed several comparables below that indicate that the rental revenue at a marina is tied into the base rental rate unless sales at the facility reach a natural breakpoint in which case percentage rent takes effect. Detailed below are the percentage amounts which would take affect for the ancillary revenue components at comparable facilities: Comparable A Category Boatyard: > of Base Rent @ $320,000 or % rent @ 10% of Gross Receipts Marina Service: > of Base Rent @ $320,000 or % rent @ 10% of Gross Receipts Marine Fueling: $0.02/Gallon on Fuel Comparable B Category Boatyard: N/A Marina Service: > of Base Rent @$277,586 or % rent @10%-15%of Gross Receipts Marine Fueling: N/A Comparable C Category Boatyard: 9% of Gross revenues in Excess of $380,000 Marina Service: 9% of Gross revenues in Excess of $380,000 Marine Fueling: 9% of Gross revenues in Excess of $380,000 Comparable D Category Boatyard: > of Base Rent @ $360,000 or % rent @ 10% of Gross Receipts Marina Service: > of Base Rent @ $360,000 or % rent @ 5% of Gross Receipts Marine Fueling: > of Base Rent @ $360,000 or % rent @ 5% of Gross Receipts For many of the comparables, the natural breakpoint has been passed and they are paying a percentage of revenues to the city. With consideration to the comparables a base rental rate for the facility should be set such that a rental rate for revenue from a boatyard or marina service facility is the greater of the base rent or percentage rent at a rate of 5.00% to 15.00% of gross receipts for revenue for these categories. Given the subject's location, available land area and amount of income -generation, we believe a 15% percentage rent factor for the subject's wet slips and dry slips is appropriate. JOSEPH J. BLAKE ANO ASSOCIATES. INC REAL ESTATE AT ON AND CONSULTING 50 Miami Outboard Club 17-180-02 MARKET ANALYSIS In terms of food and non-alcoholic beverage revenues associated with the restaurant, the subject's current lease requires the payment of 10% of revenues in excess of $10,000, which is considered reasonable based on the comparables. The following chart details the subject's historical revenues associated with its restaurant operations: Food & N.A. Beverage Safes Subject Subject Subject 2014 2015 2016 Sales $421,858 $388,377 $411,725 Sales Subject to % Rent $301,858 $268,377 $291,725 Rent Incurred $30,186 $26,838 $29,173 The subject's food and non-alcoholic beverage sales have fluctuated slightly over the past three years. We estimate that, due to the community presence of the Outboard Club, as well as its ability to maintain its membership revenues, the restaurant revenues subject to percentage rent are likely to maintain current levels. CONCLUSION The Miami Outboard Club's market rent estimate is calculated as follows: Projected Annual Percentage Rent Revenue Revenue Factor Estimated Rent Base Rent $113,897 N/A $113,897 Wet Slips $1,361,984 15% $204,298 Dry Slips $143,893 15% $21,584 Restaurant $300,000 10% $30,000 Total (All Revenues) $1,805,876 $255,881 FINAL MARKET RENT CONCLUSION - THE GREATER OF: Base Rent $113,897 Percentage Rent $255,881 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANL CIi1SULTINU 51 Miami Outboard Club 17-180-02 RECONCILIATION AND FINAL VALUE After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the 'as is' market rent of the subject, as of June 5, 2017, is: Projected Annual Projected Percentage Rent Revenue Revenue Factor Estimated Rent Base Rent $113,897 N/A $113,897 Wet Slips $1,361,984 15% $204,298 Dry Slips $143,893 15% $21,584 Restaurant $300,000 10% $30,000 Total (All Revenues) $1,805,876 $255,881 FINAL MARKET RENT CONCLUSION - THE GREATER OF: Base Rent $113,897 Percentage Rent $255,881 The majority of the comparables surveyed have a rental rate that is the greater of percentage rent or base rent. Once a natural breakpoint in base rent is surpassed, the subject is projected to pay a market rent equivalent to the percentage rent indicated in the chart above. Should revenues from slip rental and restaurant operations fall below the natural breakpoint, base rent is applied. This appraisal is not based on any extraordinary assumptions. This appraisal is not based on any hypothetical conditions. JOSEPH J. DLAKE AND ASSOCIATES, INC REAL ESTATE VA L A1AUN ARO GE3NSULTING 52 Miami Outboard Club 17-18U-02 ADDENDA JOSEPH J. BIAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION ARO CONI.ILTIN a MIAMI 21 AS ADOPTED - MAY 2010 ARTICLE 4. TABLE 4 DENSITY, INTENSITY AND PARKING (CONTINUED) e - civic CS — CIVIC SPACE CI — CIVIC INSTITUTION LI HD — CIVIC INSTITUTION HEALTH DISTRICT DENSITY (UM) NIA DENSITY OF ABUTTING ZONE 150 UNITS PER ACRE RESIDENTIAL Ail intensify, parking and loading, regulations to match that; Uses are permissible as listed to Table 3, limited 3y of the most restrictive Abutting zone. I compliance with: • Parking requirement may be reduced according to the I • Density and all intensity. parking and loading regulations Shared Parking Standard, Article 4, Table 5. ; to match that of the most restrictive Ab ihng zone. • Minimum of 1 Bicycle Rack Space for every 20 veNculer i spaces required. j • Minimum of f parking space for every MO square feet of Residential Use. • Loading - Son Article 4, Table 5 LODGING • kilt -mum of 1 parking space for every 000 square feet of Residential Use_ • Loading - See Article 4, Table 5 OFFICE 1 Office Uses are permissible es listen :n Table 3. • Minimum of 3 parking spaces for every 1,000 square 1 feel of Office Use. 1 • klinimun, et one Bike space for every 2,3 vehicular spaces Irequired (before any reductions). • Parking rate may be reduced according to the shared parking standard. • Parking may be provided offsite in CI, D. TO cr TC within I 500 feet through a naming managemenf pianizone. • Minimum of 1 parking space for every 800 square feet gfCtitce se. • Leading - See Article 4. Table 5 COMMERCIAL Commercial Uses are permissible as Fated in Table 3. • Minimum of 3 parking spaces for every 1,000 sf of eon}- mereia€ space. • Minimum ofone Bike space for every 20vehicular spaces required (before any reduc)cnst. • Parking ratio may be reduced according to the shared parking standard. • Loading - See Article 4, Table 5. • Loading needs, including maneuvering, she l be accom- modated on site. Commercial Uses are penis€5s€ble as listed €rt Tab e 3. limited by compliance with: • Buiidmg area allowed for Commercial Use, on each trot erailbeless than 25%Building loos area total_ • Minimum of 3 parking spaces for every 1,000 sf of com- , menial space j • Minimum of 1 parking space for every 7 seats it a Major Spa s Facility • Minimum of one Bike space for ever' 20 vehicular spaces required (before any reductions). •=arkrrng ra e may be reduced according to the shared parking standard_ • Parking raro may he reduced for Major Sports Faci'.ity within 1 mile of a Mettorail. Metromeeer Station, er mass transit facilhty by up in 10%. • Loading - See Article 4- Table 5 • Loading needs. Including maneuvering. shall be accom- modated: or site. • Minimum of 1 parking space for eery 800 square feel: of Commercial Use. • Loading - See, Article 4, Table 5 CIVIC Civic Uses are permissible as fisted in Table -3. • Min imumo`1narking space for every 5seats ciassembiy uses_. • Mir/trauma f1earkingspace for every 1.0F00get-exhibition or recreation space_ and parking spaces for other Uses as required. • Minimum of 1 par eeg space for every staff menrner for recreational uses_ • ikfine um of 1 parking space for every 500 sf of Building ding area for recreational rises_ •,Minirnum of one Bike space for every 20 vehicular spaces required (,before any reductionsi. • Parking may be provided offsite in CI, D T5 or T6 lthir 500 feet through a parking management planrzone. Civic Uses are permissible as listed in Table 3. • MnnsmumofIparkngspace for every 5seatsofassembly uses. • Minimumoflparkingspace forevery1.00 5!ofexhibition or recreation space, and parking spaces for other Uses as required. • M n nium of 1 parking space for every staff member ter recreational uses. • Lbn;mum of 1 parking space for every 500 sf of Building area for recreai:gna! rises • Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). • Parking may be provided offsile in Gt. D. T5 crT6 within 500 feet through 3 parking management pianizone. • Minimum of 1 parking space far erect $00 square feet of Civic Lee' • Loading - See .article 4, Table 5 CIVIL SUPPORT O`ii Support Uses are permissible as listed in Table 3. l limited by mmpliance with: I • For Civil Support_ a minimum of 1 parking space forever? 3 1 ©02 sf. • For Mar€netJses, a minimum dl parking space for every 5 slips. Civil Support Uses are permissible as listed =n Table 3_ limited by co np Lance with. • For Civil Support, a minimum of l parking space for every 1.00u sf. • For Assembly uses, a minimum at l parking space far every 5 seats. • ForMar€ne Uses, a mintmum of 1 parking space for every 5 slips • Adult Daycare - tv in',mum of 1 space per staff member and 1 space for owner_ • Minimum of 1 parking space for eery 800 square feel of Civil Support Use • Loading - See Article 4, Table 5 EDUCATIONAL Educational Uses are permissible as listed in Tabis 3.1 limited by compliance with: I • Minimum of 2 parking spaces for every 1,000 sr of I educational space j • Minimum ofone Bike space for every 20vehicular spaces required {before any reduct+onsi, Educational Uses are permissible as listed in Table 3. Wilted by compliance with: • Minimum of 2 parking spaces ter every 1.000 sf of educational space •UbddcareFacdfit:es- Minimum of1 space per staff nternber and 1 space for owner. • Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). • Minimum of 1 parking space for every 800 square feet of Educatierai Use. • Loading - See Article 4, Table 5 IV.16 Trtal 19U .WC. toz PANEL 0316L FIRM FLOOD INSURANCE RATE MAP MIAMI-DADS COUNTY, FLORIDA AN() INCORPORATED AREAS PANEL 316 OF 1031 (SEE MAP INDEX FOR FIRM PANEL LAYOUT) CONTAINS. COMMUNITY Nl1MBFR PANEL SUFFIX MIAMI REACH. CITY OF MIAMI. CITY OF Inmal Cale 120GG6 0316 L Ndico b User. The Map Number slain below should be used whsn plariltt rrmp orders; the Community Number show/ above should be used uni recura nue epplkc»Gors to the subject cRmmuniry. MAP NUMBER 12086C0316L MAP REVISED SEPTEMBER 11, 2009 Federal Emergency Management Agency); This is an official copy of a portion of the above rcforonced Flood map. It was extracted using F-MIT On -Line. This map does not reflect changes or amendments which may have been made subsequent to the date on the title block. For the latest product information about National Flood Insurance Program flood maps check the FEMA Flood Map Stare at www.msc.fem a.gov Paid By Miami -Dade County, Florida Paid 11/28/2016 plicate public_user 06/12/2017 Receipt # LBX4-17-090231 $14,280.14 2016 Real Estate Property Taxes Notice of Ad Valorem Tax and Non -Ad Valorem Assessments SEE REVERSE SIDE FOR IMPORTANT INFORMATION CITY OF MIAMI-OUT BOARD ASSET MANAGEMENT DIVISION 444 SW 2 AVE STE #325 MIAMI. FL 33130-1910 Property Address 1099 MACARTHUR CSWY Exemptions: AD VALOREM TAXES Miami -Dade School Board School Board Operating School Board Debt Service State and Other Florida Inland Navigation Dist South Florida Water Mgmt Dist Okeechobee Basin Everglades Construction Proj Childrens Trust Authority Miami -Dade County County Wide Operating County Wide Debt Service Library District Municipal Governing Board Miami Operating Miami Debt Service 1,500.000 1,500000 268,357 268,357 268.357 268,357 268,357 268,357 268,357 268,357 268,357 268,357 7.13800 0.18400 0.03200 0,13590 0.14770 0.04710 0.50000 4.66690 0.40000 0.28400 7.64650 0.64350 NON -AD VALOREM ASSESSMENTS 1,500,000 1,500,000 268,357 268,357 268,357 268,357 268,357 268,357 268,357 268,357 268,357 268,357 10.707.00 276.00 8.59 36.47 39.64 12.64 134.18 1,252.40 107.34 76.21 2,051.99 172.69 Save Time. Pay Online. www.miamidade.gov t RETAIN FOR YOUR RECORDS 1- (Combined taxes and assessme nts $14.875.15. 2016 Real Estate Property + DETACH HERE AND RETURN THIS PORTION WITH YOUR PAYMENT + Taxes FOLIO NUMBER 01-3231-000-0013 PROPERTY ADDRESS 1099 MACARTHUR CSWY LEGAL DESCRIPTION 31-32 5342 4.77 AC PORTION OF CAUSEWAY FILL KNOWN AS WATSON PARK & CAUSEWAY DOCK LYG ELY CITY OF MIAMI-OUT BOARD ASSET MANAGEMENT DIVISION 444 SW 2 AVE STE #325 MIAMI, FL 33130-1910 III 111111 II 111111111 11111 11 * 1+ 0 1 3 2 3 1 0 0 0 0❑ 1 3+ 2 0 1 b* Make checks payable a: Miami -Dade Tax CoIlec or (in U.S. funds drawn on U.S. banks) Amount due May be Subject to Change Without Notice Mail payments to: 200 NW 2nd Avenue, Miami, FL 33128 Du.licate .ublic user 06/12/2017 PAY ONLY ONE AMOUNT If Pa?d By Please Pay Nov 30, 2016 $0.00 i T r I. s=MT 10DOOODU000000DOOD013231QDfDO132D16DOO©ODGOOOD0000000OD©DL+ MIAMI OUTBOARD CLUB, INC. FINANCIAL STATEMENTS MARCH 31 2016 MIAMI OUTBOARD CLUB INC. TABLE OF CONTENTS INDEPENDENT AUDITORSREPORT 1 FINANCIAL STATEMENTS: STATEMENT OF FINANCIAL POSITION 2 STATEMENT OF ACTIVITIES 3 STATEMENT OF CHANGES IN MEMBERSHIP EQUITY 4 STATEMENT OF CASH FLOWS 5 NOTES TO FINANCIAL STATEMENTS 6 - 9 SUPPLEMENTARY INFORMATION: INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION ......... ..... ..... ..... 10 SCHEDULE OF PERCENTAGE RENT 11 SCHEDULE OF ACTIVITIES BY FUNCTION 12 - 13 937 Fleming Street. Key West, FL 33040 P: (305) 294-8137 F: (305) 294-1872 pribramsky ,company Certified Public Accoilntr.rttts INDEPENDENT AUDITORS' REPORT To the Board of Governors of the Miami Outboard Club, Inc. 1099 MacArthur Causeway Miami, Florida 33132 81990 Over sea High lslannorada FL 330.36 P: 30573> 4325 F: 866 -i6 -0819 We have audited the accompanying statement of financial position of the Miami Outboard Club, Inc. (the "Club"), a non-profit organization, as of March 31, 2016 and the related statements of activities, changes in membership equity, and cash flows for the year then ended. These financial statements are the responsibility of the organization's management. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Club as of March 31, 2016 and the changes in its membership equity and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Pribramsky & Associates February 23, 2017 pribra kv epaxorn uire 202 MIAMI OUTBOARD CLUB, INC. STATEMENT OF FINANCIAL POSITION MARCH 31, 2016 ASSETS CURRENT ASSETS: Cash Unrestricted 25,470 Temporarily restricted 105,417 Accounts receivable 27,293 Inventory 43,355 Prepaid expenses 23,226 Total current assets PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1,362,667 224,761 1,226,384 OTHER ASSETS 6,894 TOTAL ASSETS $ 1,460,039 LIAE3ILITIES AND. MEMBERSHIP EQUITY CURRENT LIABILITIES: Accounts payable Accrued expenses Unearned .income Other payables 48,296 68,733 68,402 2,100 TOTAL LIABILITIES 177,621 MEMBERSHIP EQUITY: Unrestricted 1,177,001 Temporarily rest' icted 105,417 Total membership equity 1 ;a32,418 TOTAL LIABILITIES AND MEMBERSHIP EQUITY $ 1,460,039 The accompanying notes are an integral part of mesa financial statements. 2 MIAMI OUTBOARD CLUB, INC. STATEMENT OF ACTIVITIES FOR THE YEAR ENDED MARCH 31,2016 Temporarily Total Unrestricted Restricted SUPPORT AND REVENUES: Membership 369,482 $ 47,040 $ 416,522 Restaurant 339,4.33 - 339,433 Bar 237,763 237,763 Rental income 361,202 361,202 Parties and events 99,330 99,330 Community service credits 47,693 - 47,693 Contributions 63,606 42,400 106,006 Interest income 1,003 1,003 Total support and revenues Net:Assets Released from Restrictions: Annual appr4riation of reserve for qapital improvements EXPENSES: Program services: Food Bar Storage and leasing Special events Total program services Support services: Management and general Total expenses CHANGE IN fAEMBERSHIP EQUiTY 1,518,509 90,443 1,608,952 52,229 560,547 325,663 260,459 178,717 (52,229) 560,547 325,663 260,459 178,717 1,325,386 1,325,386 376,488 1,701,874 376,488 1,701,874' .1131,1_36) 38,214 $ (92,922) The accompanying notes aro an integral part ot these financial statements. 3 MIAMI OUTBOARD CLUB, INC, STATEMENT OF CHANGES IN MEMBERSHIP EQUITY FOR THE YEAR ENDED MARCH 31, 2016 Balance, beginning of year Change in rnernbersKp equity Balance, end of year UNRESTRICTED TEMPORARILY RESTRICTED RESERVE FOR CONTRIBUTED ,GENERAL TOTAL CAPITAL CAPITAL IPAPROVEMENTS 498,344 809,793 $ 1,308,137 67,203 (131,136) (131,136) 38,214 $ 498,344 $ 678,657 $ 1,177,001 $ 105,417 The accompanyng notes are an integral pat of these financial statements, 4 MIAMI OUTBOARD CLUB. INC, STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2016 CASH FLOWS FROM OPERATING ACTIVITIES: Change hi membership equity $ (92,922) Adjustments to reconcile change in membership equity to net cash provided by operating activities: Depreciation 101,360 (Increase) decrease in: Accounts receivable 26,257 Inventory 10,140 Prepaid expenses 12,218 Increase (decrease) in: Accounts payable 1,152 Unearned income 1,069 AccpJed expenses 38,739 Other payables Net cash provided by operating activities 98,013 CASH FLOWS FROM INVESTING ACTIVITIES: Purchaso of property and equipment Net rash used by investing activities NET INCREASE IN CASH CASH, BEGINNING OF YEAR CASH, END OF YEAR (52,2221 45,784 85,103 $ 130,887 -1-he accompanying notes are an integral part of these financial statemants. 5 MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31 2016 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Activities Miami Outboard Club, Inc. (the "Club"), a Florida corporation founded in April 1938, is a non-profit organization established for the furtherance of boating activities in the Miami, Florida community. The Club offers its members marine related facilities, services and activities such as boat and craft storage, vessel hoists, fishing tournaments and instructional boating information. The Club also provides restaurant and bar facilities enabling its members to promote various social, charitable and educational functions. A 15 member Board of Governors (the "Board"), whose members are elected on a yearly basis, oversees the operations of the Club, As of March 31, 2016, the Club had approximately 600 members. The Club generates revenue primarily through membership dues, storage fees and bar and restaurant sales. Basis of Presentation The Club's financial statement presentation is in accordance with Statement of Financial Accounting Standards ("SFAS") No. 117, "Financial Statements of Not - for -Profit Organizations". Under SFAS No. 117, the Club is required to report. information regarding its financial position and activities according to three classes of membership equity: unrestricted membership equity, temporarily restricted rnembersl rip equity and permanently restricted membership equity. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial staternents and the reported amounts or revenue and expenses during the reported period. Accordingly, actuai results could differ from those estimates, (continued) 6 MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31. 2016 NOTE 1 -• SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Income Taxes The Club qualifies as a tax-exempt organization under Section 501 (c) (7) of the Internal Revenue Code except for amounts representing unrelated business income. The Cub has determined that there was no unrelated business income during tno year ended March 31, 2016. Property and Equipment Property and equipment are recorded at cost and are depreciated over their estimated useful fives utilizing the straight••iirie method. 'fht Club. follows the practice of capitalizing ail expenditures for property and equipment in excess of $1,000. Inventory Inventories of food, alcoholic and non-alcoholic beverages are stated at the lower of cost or market valua, Cost is determined by the current cost and market represents the lower of replacement cost or estimated net realizable value. Merriher';No Dues and Initiation Fees Membership dues, are recognized as revenue in the applicable membership period. .Any unearned amounts collected ln advance are included in current liabilities as unearned income and any amounts due are included as receivable, at the end of each accounting period. Initiation fees are recorded as revenue in the period in which rnembership applications are accepted by the Board, No allowance has been provided on accounts receivable because uncollectible amounts are not Lu tr riaal. Donated Services The Club receives donated services from unpaid volunteers who assist in 'the various social and community welfare activities. No amounts have been recognized in the accompanying statement of activities because the criteria for recognition of such volunteer effort under SFAS No, 116, Accounting for - Contributions Received and Conirihr.rtidns Made, have not been satisfied. (continued) 7 MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31 2016 NOTE 2 — FUNCTIONAL ALLOCATION OF EXPENSES The costs of providing the Club's various programs and activities have been summarized on a functional basis in the schedule of activities. Accordingly, certain costs have boon allocated using various methods based on the programs and supporting services benefited. NOTE 3 — PROPERTY AND EQUIPMENT The cost and related accumulated depreciation for the Club's property and equipment consisted of the following at March 31, 2016: Building and improvements Char, kitchen, & restaurant Docks Outside equipment & fixtures Clubhouse Office equipment Other Less accumulated depreciation Property and Equipment, net $ 1,064,075 489,327 859,541 65,748 66,853 14,643 28,864 2,589,051 L1.362,667) $ 1,226,384 Depreciation expense for the year ended March 31, 2016 totaled $101,360. (continued) 8 MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2016 NOTE 4 — LEASE COMMITMENTS Effe: Live April 1, 1996, the Club entered into an agreement with the City of Miami (the "City") for the lease of approximately 4.8 acres of land. The Club has occupied a substantial portion of this land since 1946. The lease agreement provides for a twenty- year term ending March 31, 2016 and extendable for two additional five-year terms. The monthly rental commitment is based on a monthly base rent plus a percentage rent less community service credits. For the iease year ended March 31, 2016, the monthly base rent amounts to $9,215 including sales tax. The percentage rent is defined as ten percent (10%) of the gross food and non-alcoholic beverage revenues in excess of $10,000, The lease provides for annual increases to the base rent and community service credits based on the U.S. Bureau of Labor Statistics Consumer Price Index (the "CPI"). Total rent expense under this lease amounted to $140,804 for the year ended March 31, 2016. Ccmniunity service credits are granted as offsets against base rent for the Club's performance of three (3) community events benefiting inner city children of the City of fvtiami and three (3) other events, which are designated by the City's Commission. A community service credit of $7,949 is allotted for each event per lease year ending March 31, 2015. As of March 31, 2016 the Club had performed all six (6) annual events. Ccmrnuniiy service credits for the current year was $47,693. During the first five years of the lease terra, the Club is required to contribute $10,000 per year (the "annual contribution") on or before: March 31, to a reserve fund for capital improverents on the property. The annual contribution is tc be increased by the CPI index or 5%, whichever is less, subsequent to the fifth year of the lease term. The reserve fund for capital improvements should be maintained in a separate bank account and cannot be less than $50,000 at the end of anylease year. As of March 31, 2016 the reserve account had $105,417. 9 SUPPLEMENTARY INFORMATION 937 Fleming Street, Key West, FL 33040 ,(305) 294-8137 F: (305) 294-1872 pribramsky company 81990 Overseas Highway, Suite 202 istamorada, FL 33036 P: 305-735-4325 F 866-463-0819 Certified Public Accountants INDEPENDENT AUDITORSREPORT ON SUPPLEMENTARY INFORMATION To the Board of Governors of the Miami Outboard Club, Inc. Miami, Florida Our report on our audit of the basic financial statements of the Miami Outboard Club, Inc, as of March 31, 2016 appears on page 1. That audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedule of percentage rent on page 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. The schedule of activities by function on pages 12 and 13 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we express no opinion on them. February 23, 2017 pribramskve p a,com PERIOD MIAMI OUTBOARD CLUB, INC SCHEDULE OF PERCENTAGE RENT FOR THE YEAR ENDED MARCH 31, 2016 SALES OF FOOD SALES SUBJECT PERCENTAGE AND NON-ALCOHOLIC TO PERCENTAGE RENT BEVERAGES RENT INCURRED April 2015 $ 36,059 $ 26,059 $ 2,606 May 2015 45,821 35,821 3,582 June 2015 39,143 29,143 2,914 July 2015 36,937 26,937 2,694 August 2015 33,996 23,996 2,400 September 2015 24,221 14,221 1,422 October 2015 29,796 19,796 1,980 November 2015 22,586 12,586 '1,259 December 2015 38,024 25,024 2,802 January 2016 36,123 26,123 2,612 Febfuary 2016 25.599 15,599 1,560 March 2016 43.420 33,420 3,342 $ 411 725 $ 291,725 29,173 Plus applicable sales tax 2,042 Total $ 31,215 See independent auditorsreport on supplementary information. 11 MIAMI OUTBOARD CLUB, INC. SCHEDULE OF ACTIVITIES BY FUNCTION FOR THE YEAR ENDED MARCH 31, 2016 PROGRAM SERVICES SUPPORT SERVICES STORAGE FOOD BAR AND SPECIAL MANAGEMENT LEASING EVENTS AND GENERAL TOTAL Membership $ - $ $ - $ - $ 416,522 $ 416,522 Restaurant 339,433 339,433 Bar - 237,763 - 237,763 Rentai income - 361,202 - 361,202 Parties and events 53,950 27,289 - 18,091 - 99,330 CommunIty Service credits - - 47,693 - 47,693 ContributionS - 106,006 106,006 Interest income - - 1,003 1,003 Total subportand revenues 393,383 265,052 361,202 171,790 417,525 1,608,952 (Continued) 12 Bank and credit- �,-ardohmrges Bad debt Contract labor Cost ofgoods sold Depreciation Entertainment Insurance Landscaping Licenses and taxes Other expenses Payroll and related items Professional fees Promotion Rent sm*a Repairs and maintenance Special events expense Supplies and uniforms Telephone Utilities Total expenses MN\K8|OUTBOARD CLUB, INC. SCHEDULE OFACTIVITIES BYFUNCTION (03NTINUED) FOR THE YEAR ENDED MARCH 31,2O16 PROGRAM SERVICES 11.768 ' 21,818 233,284 11/436 12,805 799 - 188,670 34'31O 5,142 1,308 39,129 560,547 BAR - 153.658 16,180 20,265 8,688 ' 1,250 84,241 3,095 4.525 - 5.237 20,602 STORAGE AND LEASING - 29,616 11.840 69,789 39,614 5/431 29,080 SPECIAL EVENTS - - 3/5O7 117,575 - 1787117 SUPPORT SERVICES MANAGEMENT AND GENERAL TOTAL 12/479 5.181 11.445 1'81S 40.621 - 13/5OO 16,203 15.440 10,079 151.134 14^400 10,457 12`888 15,962 - 14,459 6,096 24,026. 43,955 5.181 35,726 388.758 101,360 20,205 47'189 16,203 17,495 1O.O78 493.834 14^40O 10,457 140,805 31,060 117.575 50.084 O'0SO 152/432 Total services $(167.1E4) $ (60.611) _$ 100.743 $ (6.927) $ 41.037 $ (82'922) 13 MIAMI OUTBOARD CLUB, INC. FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION MARCH 31, 2015 AMAMI OUTBOARD CLUB, INC, TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: STATEMENT OF FINANCIAL POSITION 2 STATEMENT OF ACTIVITIES 3 STATEMENT OF CHANGES IN MEMBERSHIP EQUITY 4 STATEMENT OF CASH FLOWS 5 NOTES TO FINANCIAL STATEMENTS 6-9 SUPPLEMENTARY INFORMATION: INDEPENDENT AUDITORSREPORT ON SUPPLEMENTARY INFORMATION ......... .... 10 SCHEDULE OF PERCENTAGE RENT 11 SCHEDULE OF ACTIVITIES BY FUNCTION 12 - 13 CERVETTA-LAPHAM & ASSOCIATES A PROFESSIONAL ASSOCIATION CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORSREPORT To the Board of Governors of the Miami Outboard Club, Inc.. 1099 MacArthur Causeway Miami, Florida 33132 We have audited the accompanying statement of financial position of the Miami Outboard Club, Inc. (the "Club"), a non-profit organization, as of March 31, 2015 and the related statements of activities, changes in membership equity, and cash flows for the year then ended. These financial statements are the responsibility of the organization's management. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Club as of March 31, 2015 and the changes in its membership equity and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America, CERVETTA-LAPHAM & ASSOCIATES February 4, 2016 6609 SW 65113 STREET, SOUTH MIAMI, FL 33143 - TEL 305 669 2701 FAX 305 669 9949 Zmail and@cervetalapham.com- www.cervutLalapham.com MIAMI OUTBOARD CLUB, INC. STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED MARCH 31, 2015 ASSETS CURRENT ASSETS: Cash Unrestricted $ 17,900 Temporarily restricted 67,203 Accounts receivable 53,550 Inventory 53,495 Prepaid expenses 35,444 Total current assets 227,592 PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1,261,307 1,275,515 OTHER ASSETS 8,894 TOTAL ASSETS $ 1,512,001 LIABILITIES AND MEMBERSHIP EQUITY CURRENT LIABILITIES: Accounts payable Accrued expenses Unearned income Other payables $ 47,144 19,994 67,423 2,100 TOTAL LIABILITIES 136,661 MEMBERSHIP EQUITY: Unrestricted 1,308,137 Temporarily restricted 67,203 Total membership equity 1,375,340 TOTAL LIABILITIES AND MEMBERSHIP EQUITY $ 1,512,001 The accompanying notes are an integral part of these financial statements. 2 MIAMI OUTBOARD CLUB, INC, STATEMENT OF ACTIVITIES FOR THE YEAR ENDED MARCH 31, 2015 Temporarily Unrestricted Restricted SUPPORT AND REVENUES: Total Membership $ 389,399 $ 102,323 $ 492,222 Restaurant 318,571 318,571 Bar 228,244 228,244 Rental income 383,075 383,075 Parties and events 99,935 - 99,935 Community service credits 47,693 47,693 Contributions 50,697 30,900 81,597 Interest income - 966 966 Other income 18,301 18,301 Total support and revenues Net Assets Released from Restrictions: Annual appropriation of reserve for capital improvements EXPENSES: 1 536,415 134,189 1,670,604 167,773 (167,773) Program services: Food 574,485 574,485 Bar 334,537 _ 334,537 Storage and easingl247,513 247,518 Special events 185,255 185,255 Total program services Support services: Management and general Total expenses 1,341,796 1,341,796 394,662 394,662 1,736,458 1,736,458 CHANGE IN MEMBERSHIP EQUITY $ (32,270) $ (33,584) $ (65,854) The accompanying notes are an integral part of these financial statements 3 MIAMI OUTBOARD CLUB, INC. STATEMENT OF CHANGES IN MEMBERSHIP EQUITY FOR THE YEAR ENDED MARCH 31, 2015 Balance, beginning of year Change in membership equity Balance, end of year TEMPORARILY UNRESTRICTED RESTRICTED RESERVE FOR CONTRIBUTED GENERAL TOTAL CAPITAL CAPITAL IMPROVEMENTS $ 498,344 $ 842,063 $ 1,340,407 $ 100,787 (32,270) (32,270) (33 584) 498,344 $ 809,793 $ 1,308,137 67,203 The accompanying notes are an integral part of these financial statements. 4 MIAMI OUTBOARD CLUB, INC. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2015 CASH FLOWS FROM OPERATING ACTIVITIES. Change in membership equity $ (65,854) Adjustments to reconcile change in membership equity to net cash provided by operating activities: Depreciation 102,871 (Increase) decrease in: Accounts receivable (26,159) Inventory 559 Prepaid expenses (24,478) Increase (decrease) in: Accounts payable 23,191 Unearned income 8,012 Accrued expenses 4,368 Other payables (500) Net cash provided by operating activities 22,010 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (178,211) Net cash used by Investing activities NET DECREASE IN CASH CASH, BEGINNING OF YEAR CASH END OF YEAR (178,211) (156,201) 241,304 $ 85,103 The accompanying notes are an integral part of these financial statements 5 MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2015 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Activities Miami Outboard Club, Inc. (the "Club"), a Florida corporation founded in April 1938, is a non-profit organization established for the furtherance of boating activities in the Miami, Florida community. The Club offers its members marine related facilities, services and activities such as boat and craft storage, vessel hoists, fishing tournaments and instructional boating information. The Club also provides restaurant and bar facilities enabling its members to promote various social, charitable and educational functions. A 15 member Board of Governors (the "Board''), whose members are elected on a yearly basis, oversees the operations of the Club. As of March 31, 2015, the Club had approximately 600 members. The Club generates revenue primarily through membership dues, storage fees and bar and restaurant sales. Basis of Presentation The Club's financial statement presentation is in accordance with Statement of Financial Accounting Standards ("SFAS") No. 117, "Financial Statements of Not - for -Profit Organizations". Under SFAS No. 117, the Club is required to report information regarding its financial position and activities according to three classes of membership equity: unrestricted membership equity, temporarily restricted membership equity and permanently restricted membership equity. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts or revenue and expenses during the reported period. Accordingly, actual results could differ from those estimates. (continued) 6 MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2015 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) income Taxes The Club qualifies as a tax-exempt organization under Section 501 (c) (7) of the Internal Revenue Code except for amounts representing unrelated business income. The Club has determined that there was no unrelated business income during the year ended March 31, 2015. Property and Equipment Property and equipment are recorded at cost and are depreciated over their estimated useful lives utilizing the straight-line method. The Club follows the practice of capitalizing all expenditures for property and equipment in excess of $1,000. Inventory Inventories of food, alcoholic and non-alcoholic beverages are stated at the lower of cost or market value. Cost is determined by the current cost and market represents the lower of replacement cost or estimated net realizable value. Membership Dues and Initiation Fees Membership dues are recognized as revenue in the applicable membership period. Any unearned amounts collected in advance are included in current liabilities as unearned income and any amounts due are included as receivable, at the end of each accounting period. Initiation fees are recorded as revenue in the period in which membership applications are accepted by the Board. No allowance has been provided on accounts receivable because uncollectible amounts are not material. Donated Services The Club receives donated services from unpaid volunteers who assist in the various social and community welfare activities. No amounts have been recognized in the accompanying statement of activities because the criteria for recognition of such volunteer effort under SFAS No. 116, Accounting for Contributions Received and Contributions Made, have not been satisfied. (continued) 7 MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2015 NOTE 2 — FUNCTIONAL ALLOCATION OF EXPENSES The costs of providing the Club's various programs and activities have been summarized on a functional basis in the schedule of activities. Accordingly, certain costs have been allocated using various methods based on the programs and supporting services benefited. NOTE 3 — PROPERTY AND EQUIPMENT The cost and related accumulated depreciation for the Club's property and equipment consisted of the following at March 31, 2015. Building and improvements Bar, kitchen, & restaurant Docks Outside equipment & fixtures Clubhouse Office equipment Other Less accumulated depreciation Property and Equipment, net $ 1,017,386 487,727 857,955 65,748 66,853 12,289 28,864 2,536,822 (1,261,307) $ 1,275,515 Depreciation expense for the year ended March 31, 2015 totaled $102,871. (continued) 8 MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2015 NOTE 4 -- LEASE COMMITMENTS Effective April 1, 1996, the Club entered into an agreement with the City of Miami (the "City") for the lease of approximately 4.8 acres of land. The Club has occupied a substantial portion of this land since 1946. The lease agreement provides for a twenty- year term ending March 31, 2016 and extendable for two additional five-year terms. The monthly rental commitment is based on a monthly base rent plus a percentage rent less community service credits. For the lease year ended March 31, 2015, the monthly base rent amounts to $9,215 including sales tax. The percentage rent is defined as ten percent (10%) of the gross food and non-alcoholic beverage revenues in excess of $10,000. The lease provides for annual increases to the base rent and community service credits based on the U.S. Bureau of Labor Statistics Consumer Price Index (the "CPI"), Total rent expense under this lease amounted to $139,474 for the year ended March 31, 2015. Community service credits are granted as offsets against base rent for the Club's performance of three (3) community events benefiting inner city children of the City of Miami and three (3) other events, which are designated by the City's Commission. A community service credit of $7,949 is allotted for each event per lease year ending March 31, 2015. As of March 31, 2015 the Club had performed all six (6) annual events. Community service credits for the current year was $47,693. During the first five years of the lease term, the Club is required to contribute $10,000 per year (the "annual contribution") on or before March 31, to a reserve fund for capital improvements on the property. The annual contribution is to be increased by the CPI index or 5%, whichever is less, subsequent to the fifth year of the lease term. The reserve fund for capital improvements should be maintained in a separate bank account and cannot be less than $50,000 at the end of any lease year. 9 SUPPLEMENTARY INFORMATION CERVETTA-LAPHAM & ASSOCIATES A PROFESSIONAL ASSOCIATION CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION To the Board of Governors of the Miami Outboard Club, Inc. Miami, Florida Our report on our audit of the basic financial statements of the Miami Outboard Club, Inc. as of March 31, 2015 appears on page 1. That audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedule of percentage rent on page 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. The schedule of activities by function on pages 12 and 13 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we express no opinion on them. CERVETTA-LAPHAM & ASSOCIATES February 4, 2016 6609 SW 651I4 STREET, SOUTH MIAMI, FL 33143 - TEL 305 669 2701 FAX 305 669 9949 Email ara@cervettaiapham.com - www.cervettalqpam,ccm PERIOD %0[AM|OUTBOARD CLUB, INC SCHEDULE OFPERCENTAGE RENT FOR THE YEAR ENDED MARCH 31.2015 SALES OFFOOD SALES SUBJECT PERCENTAGE ANON(]N,4LCOHOL|C TO PERCENTAGE RENT BEVERAGES RENT INCURRED Apd|2014 $ 33.358 23.358 8 2.330 May2014 52.737 42.737 4`274 Juna2014 36.313 26.318 2.031 July 2014 28.386 19.386 1.939 Augua12014 28.328 18,328 1.833 Septmnnber2014 20.107 10,107 1.011 C}otobor2014 27.465 17.465 1.747 Novambe/2014 31.661 21.661 2.106 December2014 35.028 25.028 2.503 January2D15 30,807 20.087 2.089 Febru8ry2O15 26.804 16.804 1.880 k8mruh2015 38.503 26.503 2.650 � 388.377 $ 268.377 20.838 Plus app|ioab|esa{eatax 1.879 Total $ 28.716 1i See �dependontauddors'nepo�unoupp�men�ryinfonmaUon. MIAMI OUTBOARD CLUB, INC. SCHEDULE OF ACTIVITIES BY FUNCTION FOR THE YEAR ENDED MARCH 31, 2015 PROGRAM SERVICES SUPPORT SERVICES STORAGE FOOD BAR AND SPECIAL MANAGEMENT LEASING EVENTS AND GENERAL TOTAL Membership $ $ - $ $ - $ 492,222 $ 492,222 Restaurant 318,571 - - - 318,571 Bar 228,244 - - - 228,244 Rental income - 383,075 383,075 Parties and events 49,978 26,319 - 23,638 - 99,935 Community service credits - 47,693 - 47,693 Contributions - - 81,597 - 81,597 Interest income - 966 966 Other income - - 18,301 18,301 Total support and revenues 368,549 254,563 383,075 152,928 511,489 1,670,604 (Continued) 12 Bank and credit card charges Contract labor Cost ofgoods sold Depreciation Entertainment Insurance Landscaping Licenses and taxes Other expenses Payroll and related items Postage Professional fees Promotion Rentspace Repairs and maintenance Special events expense Supplies and uniforms Telephone Utilities Total expenses 80|AKA|OUTBOARD CLUB, INC. SCHEDULE OFACTIVITIES BYFUNCTION (C[)NT1NUEC) FOR THE YEAR ENDED MARCH 31`2O15 PROGRAM SERVICES - 256,405 11.606 - 10,971 - 827 _ 206,308 - BAR 148.585 18.421 21.185 7.578 1.145 STORAGE AND LEASING 9,941 6,960 30,057 11,403 - - - 31.860 3.144 40.245 4.443 5.941 2.135 - - - - 42.278 16.947 50.409 574,485 - 334.587 247,518 SUPPORT SERVICES SPECIAL MANAGEMENT EVENTS AND GENERAL TOTAL 3.559 124,777 8.082 185,255 13.273 11'889 6,003 41.228 - i5^226 21,080 13.852 11,860 160,530 1,854 12`950 9,823 13,205 10.712 - 20,756 4.417 19,988 39,384 18.859 411,008 132.871 21.185 45,178 21,080 15.024 11,860 52S`127 1.854 12,950 9,823 189,292 29`231 124.777 82.233 4.417 135.705 13 MIAMI OUTBOARD CLUB, INC. FINANCIAL. STATEMENTS AND SUPPLEMENTARY INFORMATION MARCH 31, 2014 MIAMI OUTBOARD CLUB, INC. TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT FINANCIAL STATEMENTS] STATEMENT OF FINANCIAL POSITION 2 STATEMENT OF ACTIVITIES 3 STATEMENT OF CHANGES IN MEMBERSHIP EQUITY 4 STATEMENT OF CASH FLOWS 5 NOTES TO FINANCIAL STATEMENTS 6 - 9 SUPPLEMENTARY INFORMATION' INDEPENDENT AUDITORSREPORT ON SUPPLEMENTARY INFORMATION 10 SCHEDULE OF PERCENTAGE RENT .................. ..... . 11 SCHEDULE OF ACTIVITIES BY FUNCTION 12 - 13 II 1 1 r 1 1 1 1 1 1 1 wit • • w We conducted our audit in accordance with auditing standards generally accepted in the United • States of America. Those standards require that we plan and perform the audit to obtain • reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement • presentation. We believe that our audit provides a reasonable basis for our opinion. ow • CERVETTA-LAPHAM & ASSOCIATES A PROFESSIONAL ASSOCIATION CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT To the Board of Governors of the Miami Outboard Club, Inc. 1099 MacArthur Causeway Miami, Florida 33132 We have audited the accompanying statement of financial position of the Miami Outboard Club, inc. (the "Club"), a non-profit organization, as of March 31, 2014 and the related statements of activities, changes in membership equity, and cash flows for the year then ended. These financial statements are the responsibility of the organization's management. Our responsibility is to express an opinion on the financial statements based on our audit. 1 1 October 23, 2014 1 1 1 1 1 1 1 1 In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Club as of March 31, 2014 and the changes in its membership equity and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. CERVETTA-LAPHAM & ASSOCIATES 6609 SW 65" STREET, SOUTH MIAMI, FL 33143 - TEL 305 669 2701 FAX 305 669 9949 Email ana@cervettalaham.com MIAMI OUTBOARD CLUB, INC. STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED MARCH 31, 2014 ASSETS CURRENT ASSETS: Cash Unrestricted $ 140,517 Temporarily restricted 100,787 Accounts receivable 27,391 Inventory 54,054 Prepaid expenses 10,966 Total current assets PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1,317,625 OTHER ASSETS 333,715 1,200,175 8,894 TOTAL ASSETS $ 1,542,784 LIABILITIES AND MEMBERSHIP EQUITY CURRENT LIABILITIES: Accounts payable Accrued expenses Unearned income Other payables $ 23,953 15,626 59,411 2,600 TOTAL LIABILITIES 101,590 MEMBERSHIP EQUITY: Unrestricted 1,340,407 Temporarily restricted 100,787 Total membership equity 1,441,194 TOTAL LIABILITIES AND MEMBERSHIP EQUITY $ 1,542,784 The accompanying notes are an integral part of these financial statements. 2 r p MIAMI OUTBOARD CLUB,, INC, STATEMENT OF ACTIVITIES FOR THE YEAR ENDED MARCH 31, 2014 Temporarily Total Unrestricted Restricted SUPPORT AND REVENUES: Membership $ 346,248 $ 99,827 $ 446,075 Restaurant 348,625 348,625 Bar 260,028 - 260,028 Rental income 391,047 391,047 Parties and events 107,254 - 107,254 Community service credits 46,945 - 46,945 Contributions 34,065 29,950 64,015 Interest income 574 760 1,334 Other income 13,497 - 13,497 Total support and revenues Net Assets Released from Restrictions: Annual appropriation of reserve for capital improvements EXPENSES: Program services: Food Bar Storage and leasing Special events Total program services Support services: Management and general Total expenses CHANGE IN MEMBERSHIP EQUITY 1,548, 283 130,537 1,678,820 98,325 (98, 325) 531,924 328,600 243,509 191,379 531,924 328,600 243,509 191,379 1,295,412 1,295,412 379,153 - 379,153 1,674,565 - 1,674,565 $ (27,957) $ 32,212 $ 4,255 The accompanying notes are an integral part of these financial statements, 3 i 1111 MIAMI OUTBOARD CLUB, INC. N STATEMENT OF CHANGES IN MEMBERSHIP EQUITY FOR THE YEAR ENDED MARCH 31, 2014 1 1 TEMPORARILY UNRESTRICTED RESTRICTED t. RESERVE FOR ! CONTRIBUTED GENERAL TOTAL CAPITAL CAPITAL IMPROVEMENTS 4 i0 Balance, s beginning of year $ 498,344 $ 870,020 $ 1,368,364 $ 68,575 w or Change in membership equity - (27,957) (27,957) 32,212 r ▪ Balance, end of year $ 498,344 $ 842,063 $ 1,340,407 $ 100,787 or Ne M we 0 The accompanying notes are an integral part of these financial statements. 4 1 ! 111 MIAMI OUTBOARD CLUB, INC. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2014 1 CASH FLOWS FROM OPERATING ACTIVITIES: e Change in membership equity $ 4,255 t Adjustments to reconcile change in membership equity to net cash provided by operating activities: 0, Depreciation 102,612 w (Increase) decrease in: Accounts receivable (108) it Inventory (2,012) lit Prepaid expenses 240 ir Increase (decrease) in: •Accounts payable (14,040) it Unearned income (5,144) Accrued expenses (7,913) I. "' Net cash provided by operating activities 77,890 iw r CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (107,281) • Net cash used by investing activities (107,281) • • NET DECREASE IN CASH (29,391) M • CASH, BEGINNING OF YEAR 270,695 • CASH, END OF YEAR $ 241,304 1 The accompanying notes are an integral part of these financial statements. 5 1 1 1 MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2014 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Activities Miami Outboard Club, Inc. (the "Club"), a Florida corporation founded in April 1938, is a non-profit organization established for the furtherance of boating activities in the Miami, Florida community. The Club offers its members marine related facilities, services and activities such as boat and craft storage, vessel hoists, fishing tournaments and instructional boating information. The Club also provides restaurant and bar facilities enabling its members to promote various social, charitable and educational functions. A 15 member Board of Governors (the "Board"), whose members are elected on a yearly basis, oversees the operations of the Club. As of March 31, 2014, the Club had approximately 600 members. The Club generates revenue primarily through membership dues, storage fees and bar and restaurant sales. Basis of Presentation The Club's financial statement presentation is in accordance with Statement of Financial Accounting Standards ("SFAS") No. 117, "Financial Statements of Not - for -Profit Organizations". Under SFAS No. 117, the Club is required to report information regarding its financial position and activities according to three classes of membership equity: unrestricted membership equity, temporarily restricted membership equity and permanently restricted membership equity. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts or revenue and expenses during the reported period. Accordingly, actual results could differ from those estimates. (continued) 6 MIAMI OUTBOARD CLUB INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2014 1 1 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Income Taxes The Club qualifies as a tax-exempt organization under Section 501 (c) (7) of the Internal Revenue Code except for amounts representing unrelated business income. The Club has determined that there was no unrelated business income during the year ended March 31, 2014. Property and Equipment la Property and equipment are recorded at cost and are depredated over their is estimated useful lives utilizing the straight-line method. The Club follows the - practice of capitalizing all expenditures for property and equipment in excess of $1, 000. o. Inventory M �► Inventories of food, alcoholic and non-alcoholic beverages are stated at the lower of cost or market value. Cost is determined by the current cost and market represents the lower of replacement cost or estimated net realizable value ► Membership Dues and Initiation Fees Membership dues are recognized as revenue in the applicable membership period. Any unearned amounts collected in advance are included in current liabilities as unearned income and any amounts due are included as receivable, at the end of each accounting period. Initiation fees are recorded as revenue in the period in which membership applications are accepted by the Board. No ► allowance has been provided on accounts receivable because uncollectible amounts are not material. Donated Services The Club receives donated services from unpaid volunteers who assist in the various social and community welfare activities. No amounts have been recognized in the accompanying statement of activities because the criteria for recognition of such volunteer effort under SFAS No. 116, Accounting for Contributions Received and Contributions Made, have not been satisfied. (continued) 7 MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2014 NOTE 2 — FUNCTIONAL ALLOCATION OF EXPENSES The costs of providing the Club's various programs and activities have been summarized on a functional basis in the schedule of activities. Accordingly, certain costs have been allocated using various methods based on the programs and supporting services benefited. NOTE 3 -- PROPERTY AND EQUIPMENT The cost and related accumulated depreciation for the Club's property and equipment consisted of the following at March 31, 2014: Building and improvements $ 849,613 Bar, kitchen, & restaurant 531,532 Docks 879,435 Outside equipment & fixtures 85,834 Clubhouse 121,890 Office equipment 20,632 Other 28,864 2,517,800 Less accumulated depreciation (1.317,625) Property and Equipment, net `. 1 200 175 Depreciation expense for the year ended March 31, 2014 totaled $102,612. (continued) 8 MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2014 NOTE 4 -- LEASE COMMITMENTS Effective April 1, 1996, the Club entered into an agreement with the City of Miami (the "City") for the lease of approximately 4.8 acres of land. The Club has occupied a substantial portion of this land since 1946. The lease agreement provides for a twenty- year term ending March 31, 2016 and extendable for two additional five-year terms. The monthly rental commitment is based on a monthly base rent plus a percentage rent less community service credits. For the lease year ended March 31, 2014, the monthly base rent amounts to $9,070 including sales tax. The percentage rent is defined as ten percent (10%) of the gross food and non-alcoholic beverage revenues in excess of $10,000. The lease provides for annual increases to the base rent and community service credits based on the U.S. Bureau of Labor Statistics Consumer Price Index (the "CPI"). Total rent expense under this lease amounted to $141,147 for the year ended March 31, 2014. Community service credits are granted as offsets against base rent for the Club's performance of three (3) community events benefiting inner city children of the ► City of Miami and three (3) other events, which are designated by the City's Commission. A community service credit of $7,826 is allotted for each event per lease year ending March 31, 2014. As of March 31, 2014 the Club had performed all six (6) annual events. Community service credits for the current ► year was $46, 953. During the first five years of the lease term, the Club is required to contribute ► $10,000 per year (the "annual contribution") on or before March 31, to a reserve fund for capital improvements on the property. The annual contribution is to be increased by the CPI index or 5%, whichever is less, subsequent to the fifth year of the lease term. The reserve fund for capital improvements should be ► maintained in a separate bank account and cannot be less than $50,000 at the end of any lease year. ► r 9 A 1 i p p SUPPLEMENTARY INFORMATION a a r 1 CERVETTA-LAPHAM & ASSOCIATES A PROFESSIONAL ASSOCIATION CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION To the Board of Governors of the Miami Outboard Club, Inc, Miami, Florida Our report on our audit of the basic financial statements of the Miami Outboard Club, Inc. as of March 31, 2014 appears on page 1. That audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedule of percentage rent on page 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material t respects in relation to the basic financial statements taken as a whole. The schedule of activities by function on pages 12 and 13 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we express no opinion on them. n CERVETTA-LAPHAM & ASSOCIATES October 23, 2014 6609 SW 65" STREET, SOUTH MIAMI, FL 33143 - TEL 305 669 2701 FAX 305 669 9949 Email ana@cervettalapham.corn - www.cervettataphatr.corn PERIOD MIAMI OUTBOARD CLUB, INC SCHEDULE OF PERCENTAGE RENT FOR THE YEAR ENDED MARCH 31 , 2014 SALES OF FOOD SALES SUBJECT PERCENTAGE AND NON-ALCOHOLIC TO PERCENTAGE RENT BEVERAGES RENT INCURRED April 2013 $ 34,052 $ 24,052 $ 2,405 May 2013 42,907 32,907 3,291 June 2013 39,087 29,087 2,909 July 2013 37,543 27,543 2,754 August 2013 37,915 27,915 2,792 September 2013 30,403 20,403 2,040 October 2013 29,393 19,393 1,939 November 2013 34,035 24,035 2,404 December 2013 34,976 24,976 2,498 January 2014 30,497 20,497 2,050 February 2014 33,213 23,213 2,321 March 2014 37,837 27,837 2,784 421,858 $ 301,858 30,186 Plus applicable sales tax 2,113 Total $ 32,299 See independent auditors' report on supplementary information 11 r `. sr ,11, W Membership Restaurant Bar Rental income Parties and events Community service credits Contributions Interest income Other income MIAMI OUTBOARD CLUB, INC. SCHEDULE OF ACTIVITIES BY FUNCTION FOR THE YEAR ENDED MARCH 31, 2014 PROGRAM SERVICES STORAGE SUPPORT SERVICES FOOD BAR AND SPECIAL MANAGEMENT LEASING EVENTS AND GENERAL TOTAL $ $ $ $ $ 446,075 $ 446,075 348,625 - 348,625 260,028 - 260,028 391,047 - 391,047 52,060 30,103 - 25.091 107,254 - - - 46,945 46,945 - - 64,015 - 64,015 - 1,334 1,334 - 13,497 13,497 Total support and revenues 400,685 290,131 391,047 136,051 460,906 1,678,820 (Continued) 12 ..r Bad debts Bank and credit card charges Cost of goods sold Depreciation Entertainment Insurance Landscaping Licenses and taxes Other expenses Payroll and related items Postage Professional fees Promotion Rent space Repairs and maintenance Special events expense Supplies and uniforms Telephone Utilities Total expenses r r`-• ` r. w +. r 1► t w • `_/ V IV l► t ! i tirl 7 A tw �� � r km(ipfatelp kir gip lip A MIAMI OUTBOARD CLUB, INC. SCHEDULE OF ACTIVITIES BY FUNCTION (CONTINUED) FOR THE YEAR ENDED MARCH 31, 2014 PROGRAM SERVICES FOOD 10,805 233,627 11,577 9,081 615 178,556 35,394 3,114 6,726 42,429 531,924 BAR 7,824 158,366 16,379 20,833 6,575 1,157 87,391 3,095 7,010 4,779 STORAGE AND LEASING 10,545 29,982 8,863 67,723 39,618 1,219 40,813 15,190 44,747 328,600 243, 509 SUPPORT SERVICES SPECIAL MANAGEMENT EVENTS AND GENERAL TOTAL 3,550 50,040 131,903 5,886 191,379 4,486 12,429 3,448 41,124 10,446 14,300 9,546 9,158 175,613 4,108 12,850 9,429 13,000 12,901 23,641 4,542 18,133 4,486 41,604 395,441 102,612 20,833 34,965 14,300 11,318 9,158 509,282 4,108 12,850 9,429 141,147 24,244 131,903 75,959 4,542 126,384 379,153 1,674,565 $ (131,239) $ (38,469) $ 147,538 $ (55,328) $ 81,753 $ 4,255 13 AMENDMENT NO. 3 TO LEASE AGREEMENT BETWEEN THE CITY OF MIAMI AND MIAMI OUTBOARD CLUB, INC. This Amendment is entered into this day of y , 2011, (the "Amendment") by and between the City of Miami, a municipal corporation of the State of Florida (the "Lessor"), and Miami Outboard Club, inc. a non-profit corporation (the "Lessee") for the purpose of modifying that certain Lease Agreement between the City and Lessee dated June 14, 1996 (the "Lease"), as amended, as follows: WHEREAS, Lessor leased to Lessee a portion of Watson Island for a term of twenty years commencing on April 1, 1996 and expiring on March 31, 2016 with the option to renew for two (2) additional five (5) year periods; and WHEREAS, Lessee has built wet slip dock facilities on City -owned bay bottom lands that have been determined to be outside of the existing Lease Property and requires the City's approval to operate in the additional bay bottom lands; and WHEREAS, Lessor and Lessee agree that it is in the best interest of the parties to modify the legal description of the Lease Property to include the wet slip dock facilities in the additional bay bottom lands that Lessee built outside of its existing Leased Property, subject to Lessee complying with all applicable laws, ordinances, and codes of federal, state, and local governments; and WHEREAS, a new survey dated November 10, 2010, was prepared by Lessee's surveyor of the Leased Property, including the additional bay bottom lands and the parties agree to amend the Lease in order to allow said wet slip facilities to become a part of the Lease Property. NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and in consideration of other valuable consideration the parties covenant and agree as follows: 1. Section 1.1 entitled "Description of Lease Property" is hereby amended as follows: The Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor Lease Area 1, Lease Area 2 and Lease Area 3 which includes the additional bay bottom lands, the wet slip dock facilities, and upland improvements of approximately 427,324 square feet or 9.81 acres thereon, within Watson Island Park in the City of Miami, Dade County, Florida, (hereinafter the "Lease Property") as described in Exhibit A and Exhibit B which is attached hereto and made a part hereof. 2. Section 2.3 (Ili) "Additional Limitations and Restrictions on Lessee's use of Leased Property is hereby amended as follows: Only minor repairs and servicing of boats shall be permitted on the Lease Property. The Lease Property shall not be used for the purpose of major maintenance or overhauling of boats or craft. Lessee is hereby permitted to refill propane fuel tanks for cooking purposes, when vended by a licensed company. Lessee shall be permitted to use a licensed mobile fuel delivery company to sell or dispense fuel to boat vessels, provided Lessee maintains accurate and complete monthly records of such sales, such as log and receipts of all fueling activity. 2 Lessee is required to collect 10%0 of monthly gross fuel safes from its licensed mobile fuel delivery company, and submit monthly gross sales reports of all sales of dispensing of fuels to boat vessels on the Leased Property to the City. Lessee shall submit monthly gross fuel sales report along with a payment of 5% of fuel sales to boat vessels to the City of Miami Marinas Manager of the Department of Public Facilities. Said report and payment shall be made by no later than the 15th of each month for the prior month sales. In the event Lessee is in default of the permitted use of selling or dispensing fuel to boat vessels, within thirty (30) days after receipt of written notice from the Lessor of Lessee's failure to cure said default, the City Manager is authorized to terminate this use and prohibit Lessee from refueling boat vessels on the Leased Property. 3. A new Section 4.13 entitled "State Approval" is hereby added as follows: Lessor and Lessee acknowledge that a portion of the Land is subject to certain restrictions contained in Deed No_ 19447 made by the Trustees of the Internal Improvement Fund of the State of Florida ("Board") to the City. In the event the Board requires a finding of compliance with the deed restriction or a waiver of compliance with such deed restriction of the additional bay bottom lands within thirty (30) days after the effective date of this Amendment, Lessee agrees to use its good faith efforts to obtain from the Board a finding of compliance with the deed restriction or a waiver of compliance with such deed restriction ("State 3 Approval"). If the Board grants State Approval subject to an assessment of state fees for the right to use the additional bay bottom lands, Lessee agrees to pay the Board the full amount of assessed fees. Should Lessee decide not to pay said assessed state fees, and Lessee provides thirty (30) days prior written notice to City of its intent not to pay the assessed state fees, Section 4.13 shall automatically become null and void and Lessee shall be required to remove all improvements in the additional bay bottom lands by no later than ninety (90) days from the date of the notice. Except as specifically provided herein, all of the terms and provisions of the Lease Agreement shall remain in effect. THIS SPACE INTENTIONALLY LEFT BLANK 4 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Lease Agreement on the day and year first above written. Witness: By: Signature Print Name f� By:A6)�,G�Ja0.zy Signature ob.er f N- CA S Td iD Attest Priscilla A. Thompson City Clerk LESSEE: Miami Outboard Club, Inc. B Signat Pedro -F.-Q(4_21)4)0 e Print Name and Title 02/-00 City of Miami, a municipal corporation of the State of Florida By: Tony E. 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Ararenr aaae7a, pan Alan-reler;.� nr ; 41,13r 7114 a :rna a Irk ri , 4a ..aPr. pun men, FL/LW.: &fr.. mvrrmrn�a _ ° X.o:'a 4 57AV1,?.r cfflr 7fa 1 5,,,- .`• rA .r •r�A ijL•A.i .0ef r t{�f _, I mom' MAT Tld N.rrrynl .; wd ▪ Aenava44nraNer aiirawrn rr0 ISo1 are '�u e50:r, T iwia- Tuj,00 575/ cis Ire 4o,..i Slnx 7rmh 0 (r knOc.. 3re4m.ar°a7- j6447,6nY EMT Or, YPOrt=gaaf bad Row"AA Cn' kit- rrkldc.rgr 4* ,6,11 a jE{ 20P7 mar Slerro! A^aAl ! ar mgp•Y4r d b- rm ! y"2n'I°'p Nerut! b Nlrr a rrdar o- r -U tA 04WAC NO max ft Ale 0G La , 11is ' �kY r1t ia' rG F r r1 �• k • ie +�mar.o7I Savo Ib- =fi-104 '4.�, 'J . r A re fl ZN hI NI& win 97 rrru7R Zaa al roma Aim OI6r@15 SAG YID 14-11.06 1 ar0pexn Exhibit 33 LEASE AREA 1 COMMENCE AT A POINT SHOWN AS P.T. STA. 47 + 16.98 ON THE OFFICIAL MAP OF LOCATION AND SURVEY OF A PORTION OF SECTION 8706, DESIGNATED AS A PART OF STATE ROAD A-1 A IN DADE COUNTY, FLORIDA, AS RECORDED IN MAP ' BOOK 56 AT PAGE 71 OF THE PUBLIC RECORDS OF DADS COUNTY, FLORIDA, SAID POINT BEING THE POINT OF TANGENCY OF THE CENTER LINE OF 7WE MOST SOUTHERLY CURVE OF GENERAL DOUGLAS MCARTHUR CAUSEWAY RUNNING' NORTHWESTERLY FROM THE SOUTHEASTERLY CORNER OF WATSON ISLAND AND HAVING A RADIUS OF 1910.08 FEET AND A CENTRAL ANGLE OF 34'47'15 ; THENCE N25'10'35'E ALONG THE RADIAL LINE OF THE ABOVE MENTIONED CURVE FOR A DISTANCE OF 65.00 FEET TO THE POINT OF BEGINNING OF THE FOLLOWING DESCRIBED PARCEL OF .LAND AND ALSO A POINT OF INTERSECTION WITH A NON -TANGENT CURVE, A RADIAL LINE TO SAID POINT SEARS S25' 10'35 "W SAID CURVE BEING THE NORTHERLY RIGHT-OF-WAY LINE OF SAID GENERAL DOUGLAS MCARTHUR CAUSEWAY; THENCE 740.98 FEET ALONG SAID RIGHT OF -WAY LINE AN ARC OF A CURVE TO THE RIGHT, SAID CURVE HAVING A RADIUS .OF 1845:08 FEET AND A CENTRAL ANGLE OF 23'00'36" TO A POINT OF INTERSECTION WITH A NON -TANGENT LINE, A RADIAL LINE TO SAID POINT BEARS 548' 10'39 "W; THENCE N49' 19'02'E FOR A DISTANCE OF 549.85 FEET,' THENCE 534 29'50 "E FOR A DISTANCE OF 222,43 FEET; THENCE SO9'28151 "E FOR A DISTANCE OF 208.77 FEEL; THENCE 501.49'04'E FOR A DISTANCE OF 408.86 FEET 'TO THE POINT OF BEGINNING. CONTAINING . 255,733 SOUARE FEET; 5.87 ACRES, MORE OR LESS, INCLUDING THE SUBMERGED LAND EAST OF THE APPROXIMATE EDGE OF WATER LINE MEASURED IN.. AUGUST 16th, 2010 AT 10:00 A.M. BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: LEASE AREA 1 SUBMERGED LAND COMMENCE AT A POINT SHOWN AS P.T. STA. 47 + 16.98 ON THE OFFICIAL MAP OF LOCATION AND SURVEY OF IA PORTION OF SECTION 8706, DESIGNATED AS A PART OF STATE ROAD A-1-A IN .DADE COUNTY, FLORIDA, A5 RECORDED IN MAP BOOK 56 AT PAGE 71 OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA, SAID POINT BEING THE POINT OF TANGENCY OF THE CENTER LINE OF THE MOST SOUTHERLY CURVE OF GENERAL DOUGLAS MCARTHUR CAUSEWAY RUNNING' NORTHWESTERLY FROM THE SOUTHEASTERLY CORNER OF WATSON • ISLAND AND HAVING A RADIUS OF 1910.08 FEET AND A CENTRAL ANGLE OF 34'47'15'; THENCE N25'10'35"E ALONG THE RADIAL LINE OF THE ABOVE 'MENTIONED CURVE FOR A DISTANCE OF 65.00 FEET A RADIAL LINE TO SAID POINT BEARS 525'10'35"W TO THE POINT OF BEGINNING OF THE FOLLOWING DESCRIBED PARCEL OF LAND; THENCE 151,74 FEET NORTHWESTERLY ALONG THE NORTHERLY RIGHT-OF-WAY LINE OF SAID GENERAL DOUGLAS MACARTHUR CAUSEWAY, SAID LINE BEING THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 1845.08 FEET AND A CENTRAL ANGLE OF 4'42'44" TO A POINT OF INTERSECTION WITH A NON --TANGENT LINE, • A RADIAL LINE TO SAID POINT BEARS S29'53'19"W; THENCE THE FOLLOWING TWENTY PO) COURSES ALONG THE APPROXIMATE EDGE OF WATER N0752'S3"W FOR A DISTANCE OF 144.76 FEET THENCE N78'14'13"E FOR A DISTANCE OF 41.73 FEET; THENCE NO6'55'20 "W FOR A DISTANCE OF 47.97 FEET; THENCE S82'51 '1 8 "W FOR A DISTANCE OF 30.96 FEET; THENCE NO3'25'04 "E FOR A DISTANCE OF 14.98 FEET; THENCE N26'50'24 .'W FOR A DISTANCE OF 3.59 FEET, THENCE NO3.15'51 "W FOR A DISTANCE OF 9.51 FEET; THENCE N20+06'23'E FOR A DISTANCE OF 12.66 FEET, THENCE N22'29'29 "W FOR A DISTANCE OF 10.75 FEET; THENCE N06'58'02 "W FOR A DISTANCE OF 14.53 FEET. THENCE N00'02'521E FOR A DISTANCE OF 68.47 FEET; THENCE N05'47'13'W FOR A DISTANCE OF 34.09 FEET; THENCE N2223'58 "W FOR A DISTANCE OF 25.72 FEET; THENCE N33'20'11 "W FOR A DISTANCE' OF 46.09 FEET; THENCE N2029'25"W FOR A DISTANCE OE 15.97 FEET THENCE N 12'32'53 "W FOR A DISTANCE OF 113. 64 FEET, THENCE N05'53 23"W FOR A DISTANCE OF 69.07 FEET; THENCE N04"04'48"E FOR A DISTANCE OF 24.06 FEET; THENCE N33'55'44"E FOR A DISTANCE OF 12.90 FEET; THENCE N 13'27'44 "W FOR A DISTANCE OF 30.07 FEET TO A POINT OF INTERSECTION WITH THE NORTH LINE OF LEASE AREA 1; THENCE N49' 19'02'E ALONG SAID NORTH LINE FORA DISTANCE OF 69.03 FEET; THENCE THE FOLLOWING THREE (3) COURSES ALONG THE EAST BOUNDARY OF LEASE AREA 1;53429 50"E FOR A DISTANCE OF 222,43 FEET; THENCE S09 28'51 "E FOR A DISTANCE OF 208.77 FEET, THENCE S01 '49'04 "E FOR A DISTANCE OF 408,86 FEET TO THE POINT OF BEGINNING. CONTAINING 103,132 SQUARE FEET, 2.37 ACRES, MORE OR LESS. PROD. NO: 2008 01T DATE: 11-10-10 DRAWN: BBL CHECKED: AS SCALE: AS NOTED LUDOVICI St ORANGE CONSULTING ENGINEERS, INC. LEASE AREA 1 LEGAL DESCRIPTION 329 PALERMO �AVENUE, GORAL GABLES, FL©RIC1A 33134 • 306/44$-7600 + LB 1012 SHEET 1 OF 1 SHEET; '\Server\Data\SURVEI/\projects\2008\2009 i11T MUM OUTBOARD CLUB \ DWG \ZOOS-017 111AMrOUTBOARD CLUE-3-WEN SUBI+ERGEE.1 11/19>01tl 1.23139 pM E57 Exhibit B LEASE AREA 2 THAT PORTION OF LAND LOCATED ON WATSON ISLAND, NORTHEASTERLY OF,THE NORTHEASTERLY RIGHT OF WAY LINE OF STATE ROAD A-1 A (MACARTHUR CAUSEWAY) AS SHOWN ON THE STATE OF FLORIDA STATE ROAD DEPARTMENT RIGHT OF WAY MAP FOR SECTION 87060-2117 FILED FOR RECORD UNDER ROAD MAP BOOR' 68, AT PAGE 44, OF THE PUBLIC RECORDS OF DADE COUNTY FLORIDA. LYING 1N SECTIONS 31 AND 32, TOWNSHIP 53 SOUTH, RANGE 42 EAST CITY OF MIAMI, MIAMI-DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT A POINT SHOWN AS P. 7: STA. 47 + 16, 98 ON THE OFFIC/AL MAP OF LOCATION AND SURVEY . OF A PORTION OF SECTION 8706, DESIGNATED AS'A PART OF STATE ROAD A-1-A •IN DADE COUNTY, FLORIDA, AS RECORDED IN MAP BOOK 56 AT PAGE 71 OF THE PUBLIC RECORDS. OF .DADE COUNTY, FLORIDA, SAID POINT BEING THE POINT OF TANGENCY OF THE' CENTER LINE OF THE MOST SOUTHERLY CURVE OF GENERAL DOUGLAS MCARTHUR CAUSEWAY RUNNING' NORTHWESTERLY FROM THE SOUTHEASTERLY CORNER OF WATSON ISLAND AND HAVING A RADIUS OF 1910.08 FEET AND A CENTRAL ANGLE OF 34'47'15'; THENCE N25'10'35'E ALONG THE RADIAL LINE OF THE ABOVE MENTIONED CURVE FOR A DISTANCE OF 65.00 FEET TO THE POINT OF INTERSECTION WITH A NON -TANGENT CURVE, A RADIAL LINE TO SAID POINT BEARS 525'10'35'W SAID CURVE BEING THE NORTHERLY RIGHT-OF-WAY LINE OF SAID GENERAL DOUGLAS MCARTHUR CAUSEWAY; THENCE 740.98 FEET ALONG SAID. RIGHT-OF-WAY LINE, AN ARC OF A CURVE TO THE RIGHT, SAID .CURVE HAVING A RADIUS OF 1845.08 FEET AND A: CENTRAL ANGLE OF 23'00'36" TO A POINT OF INTERSECTION WITH A NON -TANGENT LINE, A RADIAL LINE TO SAID POINT BEARS 548' 10'39 "W; THENCE N49'19102'E FOR A DISTANCE OF 12,41 FEET TO THE POINT OF BEGINNING OF THE FOLLOWING DESCRIBED PARCEL OF LAND, ALSO A POINT OF INTERSECTION WITH A NON -TANGENT .CURVE; A RADIAL LINE TO SAID POINT BEARS S50' 10'40 " '; THENCE 142.49 FEET ALONG THE ARC OF A CURVE TO THE RIGHT, SAID CURVE HAVING A RADIUS OF 120.00 FEET AND A CENTRAL ANGLE OF, 68'02'07" TO A POINT OF TANGENCY; THENCE N28'12'47'E FOR A DISTANCE OF 52.00 FEET TO A POINT OF CURVATURE; THENCE 68.22 FEET ALONG THE ARC OF A• CURVE TO THE LEFT, SAID CURVE HAVING A RADIUS OF 250.00 FEET AND A CENTRAL ANGLE OF 15'38'04" TO A POINT OF INTERSECTION WITH A REVERSE CURVE, A RADIAL LINE TO SAID POINT •BEARS S77'25'17"E,• THENCE 114.60 FEET ALONG THE ARO OF A CURVE TO THE RIGHT, SAID CURVE HAVING A RADIUS OF 60.00 . FEET AND A CENTRAL ANGLE OF 10926'04" TO A. POINT _ OF TANGENCY; THENCE 557 56'11 'E FOR A DISTANCE OF 120.75 FEET; THENCE N35'27'42'E FOR A DISTANCE OF 110.62 FEET, THENCE N6929'18'E FOR A DISTANCE OF 123.83 FEET TO A POINT ON THE WESTERLY LINE OF LEASE AREA 1; THENCE S49'19'02'W ALONG SAID WESTERLY LINE FOR A DISTANCE OF 537.44 FEET TO THE POINT OF BEGINNING. CONTAINING 44,138 SQUARE FEET, 1.013 ACRES, MORE OR LESS INCLUDING THE SUBMERGED LAND EAST OF THE APPROXIMATE EDGE OF WATER LINE MEASURED IN AUGUST 16th, 2010 AT 10.00 A.M. BEING MORE. PARTICULARLY DESCRIBED AS FOLLOWS: LEASE AREA 2 SUBMERGED LAND COMMENCE AT A POINT SHOWN AS. P.T. STA. 47. + 16.98 ON . THE OFFICIAL MAP OF LOCATION AND SURVEY OF A PORTION OF SECTION 8706, DESIGNATED AS A PART OF STATE ROAD A-1-A IN DADE COUNTY,' FLORIDA, AS RECORDED IN MAP BOOK 56 AT PAGE 71 OF THE PUBLIC RECORDS OF DADE' COUNTY, FLORIDA, SAID POINT BEING THE POINT OF TANGENCY OF THE CENTER LINE OF THE MOST SOUTHERLY CURVE OF GENERAL DOUGLAS MCARTHUR CAUSEWAY RUNNING NORTHWESTERLY FROM THE SOUTHEASTERLY CORNER OF. WATSON ISLAND AND HAVING A • RADIUS OF 1910.08 FEET AND A CENTRAL ANGLE OF 34'47'15", THENCE N25'10135'E•ALONG THE RADIAL LINE OF THE ABOVE MENTIONED CURVE FOR A DISTANCE OF 65.00 FEET TO THE POINT OF INTERSECTION WITH A 1, NON -TANGENT CURVE, A RADIAL LINE TO SAID POINT BEARS 525'10'35"W SAID CURVE BEING THE NORTHERLY RIGHT-OF-WAY LINE OF SAID GENERAL DOUGLAS MCARTHUR CAUSEWAY; THENCE 740.98 FEET ALONG SAID RIGHT-OF-WAY LINE AN ARC OF A CURVE TO THE RIGHT, SAID CURVE HAVING A RADIUS OF 1845.08 FEET AND _A CENTRAL ANGLE OF 23'00'36" TO ;4 POINT OF INTERSECTION WITH A NON -TANGENT LINE, A RADIAL LINE TO 'SAID 4 POINT BEARS 548' 10'39 "W THENCE N49' 19'02 "E ALONG THE EASTERLY LINE OF LEASE AREA 2 FORA DISTANCE OF 480.82 FEET TO THE POINT OF BEGINNING. OF THE FOLLOWING DESCRIBED PARCEL OF LAND; THENCE N 1327'44 "W FOR 23.99 FEET ALONG THE APPROXIMATE EDGE OF WATER; THENCE N69 :29' 18 "E FOR A DISTANCE OF 61.86 FEET THENCE 549'19'02"W FOR 69.03 FEET TO THE POINT OF BEGINNING. CONTAINING 736 SQUARE FEET 0.017 ACRES MORE OR LESS. PROJ. NO: 2008 01T DATE: 11-10-10 DRAWN: BBL CHECKED:AS SCALE: AS NOTED LUDOVICI &.ORANGE CONSULTING ENGINEERS, INC. 329 PALERMO AVENUE. CORAL GABLES, FLORIDA 33134 • 305/448-1800 • LB 1012. \\Server\Data\BURVEY\Projects\200812008 D1T M1Ah!] OUTBOARD CLUB\BWG\00V8-01T 111A11 UBTBOP.RD CLUB-3-NEW SURMERSED.ein 11/10g010 1i23.36 PM EST rt) LEASE AREA 2 LEGAL DESCRIPTION SHEET 1 OF 1 SHEET Exhibit E LEASE AREA 3 SUBMERGED . LAND THAT PORTION OF LAND LOCATED ON WATSON ISLAND LYING IN SECTION 32, TOWNSHIP 53 SOUTH, RANGE 42 EAST AND SECTION 5, TOWNSHIP 54 SOUTH, RANGE 42 EAST, CITY OF MIAMI, MIAMI-DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT A POINT SHOWN AS P.T. STA. 47 +16.98 ON- THE OFFICIAL MAP OF LOCATION AND SURVEY OF A PORTION OF SECTION 8706, DESIGNATED AS A PART OF. STATE ROAD A-1-A IN DADE COUNTY FLORIDA, AS RECORDED IN MAP BOOK 56 AT PAGE 71 OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA, • SAID POINT BEING THE POINT OF TANGENCY OF THE CENTER LINE OF THE MOST SOUTHERLY CURVE OF GENERAL•DOUGLAS MCARTHUR CAUSEWAY RUNNING NORTHWESTERLY FROM THE SOUTHEASTERLY 'CORNER OF WATSON, .ISLAND AND HAVING A RADIUS .OF 197 0.08 FEET AND A CENTRAL ANGLE OF 34'47' 15'; THENCE N25' 10'35 "E ALONG THE RADIAL LINE OF THE ABOVE MENTIONED CURVE FOR A DISTANCE OF. 65.00 FEET TO THE POINT OF INTERSECTION WITH THE NORTHERLY RIGHT-OF-WAY LINE OF • SAID GENERAL DOUGLAS MCARTHUR CAUSEWAY AND ALSO THE POINT OF BEGINNING OF THE FOLLOWING DESCRIBED PARCEL OF LAND; THENCE THE FOLLOWING THREE (V COURSES ALONG THE EAST BOUNDARY LINE OF LEASE AREA I SUBMERGED LAND; THENCE NO 1 '49'04 "W FOR A - DISTANCE OF 408.86 FEET; THENCE N09 28'51 "W FOR A DISTANCE OF 208.77 FEET• THENCE A134'29 '50 "W FOR A DISTANCE OF 222. 43 ' FEET; THENCE S47'08'32 "E FOR .A DISTANCE OF 196.27 FEET; THENCE S 11 '52 53 "E FOR A DISTANCE OF 155.49 FEET• THENCE S09'00'04'E FOR A DISTANCE OF 105.01 FEET; THENCE SO2' 12'21 "E • FOR A DISTANCE . OF 299.70 FEET THENCE S 15°38'02 "W FOR A DISTANCE OF 113.23 FEET TO THE POINT'OF BEGINNING. CONTAINING 23, 696 SQUARE FEET; 0.54 ACRES, MORE OR LESS. .. PROJ. NO: 2008 01T DATE: 11-10-10 'DRAWN: BBL CHECKED: AS LUDOV[C1 & ORANGE CONSULTING ENGINEERS, INC. 329 PALERMO AVENUE, ORAL GABLES, FLORIDA 33134 • 305/448-1600 • LB 1012 ServerlBa4c\SURV/EY\Prbjac{=606 01T MIAMI OUTB1JARD CLONING \EO U O)T MIAMrUUTBOARD CLUB-3-NEW SUBM£RGrR.cirg 11/10'cLIO SCALE: AS NOTED LEASE AREA 3 LEGAL DESCRIPTION SHEET 1 OF 1 SHEET. 1.2303 PM EST Exhibit SUBMERGED LAND MIAMI OUTBOARD CLUB- LEASE AREA LEGAL DESCRIPTION: SUBMERGED LAND EAST OF 'THE APPROXIMA TE EDGE OF WATER LINE MEASURED IN AUGUST 16th, .2010 AT 10:00 A.M. BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: (INCLUDING SUBMERGED LANDS LEASE AREAS 1 AND 3) • COMMENCE AT A POINT SHOWN AS P.T. STA..47 -,'-16. 98 ON THE OFFICIAL MAP OF LOCATION AND SURVEY OF'A PORTION OF SECTION 8706, DESIGNATED AS A .PART OF • STATE ROAD A-1--A TN DADE COUNTY; FLORIDA, AS RECORDED IN MAP BOOK .56 AT PAGE 71 OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA, SAID POINT BEING THE POINT OF TANGENCY OF THE CENTER LINE OF THE MOST SOUTHERLY CURVE OF GENERAL..DOUGLAS MCARTHUR CAUSEWAY RUNNING . NORTHWESTERLY FROM THE :SOUTHEASTERLY CORNER OF WATSON ISLAND AND HAVING A RADIUS OF 1910,08 FEET AND A CENTRAL ANGLE OF 34'47'15'; THENCE N25'10'35'E ALONG THE RADIAL LINE OF THE ABOVE MENTIONED CURVE FOR A DISTANCE OF 65.00 FEET, A RADIAL LINE TO SAID POINT BEARS S25°10'35"W TO THE POINT OF BEGINNING OF THE FOLLOWWG DESCRIBED PARCEL OF LAND; THENCE 151.74 FEET NORTHWESTERLY ALONG THE NORTHERLY RIGHT-OF-WAY LINE OF.. SAID GENERAL - DOUGLAS MACARTHUR CAUSEWAY, .SAID LINE BEING THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 1845.08 FEET AND A CENTRAL ANGLE OF 4'42'44" FOR A DISTANCE OF 151.74 FEET TO A POINT' OF INTERSECTION WITH A. NON -TANGENT LINE, A RADIAL LINE TO SAID .POINT BEARS S29'53'19"W; THENCE THE FOLLOWING TWENTY .(20) COURSES ALONG THE APPROXIMATE EDGE OF WATER NO7'52'53"W FOR A DISTANCE OF 144.76 FEET; THENCE N78' 14' 13'E FOR A DISTANCE OF 41.73 FEET; THENCE N06'55'20 "W FOR A DISTANCE OF 47.97 FEET; THENCE 582'51 ' 18 "W FOR A DISTANCE OF 30.9 6 FEET • THENCE NOY25'04 'E . FOR A DISTANCE OF 14.98 FEET, THENCE N26'50'.24 "W FOR A DISTANCE OF 3.59 .FEET,• THENCE NO3' 15'51 "W FOR A DISTANCE OF 9.51 FEET; THENCE N20'06'23'E FOR A DISTANCE OF 12.66 FEET; THENCE N22'29'29 "W FOR A DISTANCE OF 10.75 FEET THENCE - N06'58'02 "W FOR A DISTANCE OF 14.53 FEET; THENCE NOO'02'52 "E FOR A DISTANCE OF 681.47 FEET; THENCE N05'47' 13 "W FOR A DISTANCE OF 34,09 FEET THENCE N22'23'58 "W ' FOR A DISTANCE OF 25.72 FEET; THENCE N33'20'11 "W FOR A DISTANCE OF 46.09 FEET; THENCE N20'29'25 "W FOR A DISTANCE OF 15,97 FEE(, THENCE N 12'32'53 "W FOR A DISTANCE OF 113.64 FEET THENCE N05'53'23'W FOR A DISTANCE OF 69.07 FEET; THENCE N04'04'48'E FOR A DISTANCE OF 24.06 FEET; THENCE N33'55'44 "E FOR A DISTANCE OF 12.90 FEET; THENCE N 13'27'44 "W FOR A DISTANCE OF 30, 07 FEET TO A POINT OF INTERSECTION WITH THE NORTH LINE OF LEASE AREA 1; THENCE N 13 27'44 "W FOR 23.99 FEET ALONG THE APPROXIMATE EDGE OF WATER; THENCE N69'29' 18 "E FOR A DISTANCE OF 61.86 FEET; THENCE 547'08'32 "E FOR A DISTANCE OF .196..27 FEET; THENCE Si 1'52'53 "E FOR A DISTANCE OF 155.49 FEET; THENCE S09'00'D4 "E FOR A DISTANCE OF. 105.01 FEET THENCE S02' 12'21 "E FOR A DISTANCE OF 299.70 FEET; THENCE 5 15'38'02 "W FOR A DISTANCE OF 113.23 FEET TO THE POINT OF BEGINNING. CONTAINING 127,565 SQUARE FEET, 2.93 ACRES, MORE . OR LESS. • PROD. NO: 2008 01T DATE: 11-10-1 D DRAWN: BBL CHECKED:AS SCALE:AS NOTED LUDOVICI St ORANGE CONSULTING ENGINEERS, INC. J �w 329 PALERMO AVENUE, CORAL GABLES, FLORIDA 33134 • 305/448-1800 • L6 1012 SHEET 1 OF 1 S1iLET 4 \\SerYerlData\S LRVEY\Pro,Jects\e640\2900 DIT MIAMI OUT$OARD CLUB\DWG\2Q03-D T :UAM OUTBOARD CLUB-3-NEW 51)91, RGEDam .11/10r20S0 L23'36 PM EST LEASE AREAS 1 & 3 SUBMERGED LAND Malt Rt<etc r.L w Mw rv• PC-, .a Cor Or oconlOng ^ if p. Al wr AdY Art rrI ie[ iry�wyryW. oq aew n.a ,. '✓aJ. e¢re,Cc�x \]� ;G M • rir�a., Sow W rtke 57).. sX: Cm tor To, x saI i, w,an Q IG • • • Exhibit B DAZAREN orb �s1 OVERUM Hrii \‘-c• • • v c9 LIEL (LEAS( AREA I i32,60locret �i 35p_ , \'\`i\�9 s. '�Gsa '� \ c ma`s oT \` < /.offi'P V N. -es- •B Aso �T q. \ \ c <rT'S'� •\ \ sT. \ • GRAPRIC SCALE • I fLws 'rt. 2 2 g ,96I.14 !aR IMr maQ INMN ®a6A SOLD IS 10® 2 CERTIFIED COPY OF CORPORATE RESOLUTIONS OF THE MIAMI OUTBOARD CLUB, INC. The undersigned, as Commodore of the Miami Outboard Club, Inc., a Florida not for profit corporation, (the "MOC") do hereby certify that the following is a true and correct copy of the resolutions adopted by the Board of Governors of the MOC in accordance with its Charter, By -Laws and Florida Law, at which the following resolutions were unanimously adopted: RESOLVED, that the MOC hereby approves of the terms and conditions as set forth in the Amendment No. 3 to Lease Agreement Between the City of Miami and Miami Outboard Club, Inc.; and be it RESOLVED FURTHER, that the MOC is hereby authorized to enter into the Amendment No. 3 to Lease Agreement Between the City of Miami and Miami Outboard Club, Inc.; and be it RESOLVED FURTHER, that Pedro Fernandez, as Commodore of the MOC, is hereby authorized and empowered, in the name of and on behalf of the MOC, to execute and deliver the Amendment No. 3 to Lease Agreement Between the City of Miami and Miami Outboard Club, Inc., such approval to be conclusively evidenced by his execution and delivery thereof; and be it RESOLVED FURTHER, that Pedro Fernandez as Commodore of the MOC is hereby authorized and empowered, in the name and on behalf of the MOC, to perform all other acts and things, and to execute and deliver all other documents as such officer may deem necessary or desirable, in his discretion, to carry out the foregoing resolutions. I FURTHER CERTIFY that the above resolutions were duly adopted and that Pedro Fernandez as Commodore of the MOC is of the MOC has full power and authority to bind the MOC pursuant thereto; that the resolutions are in full force and effect and have not been altered, modified or rescinded, and that Pedro Fernandez is the duly elected and qualified Commodore of the MOC. -174 IN WITNESS WHEREOF, I have affixed my hand and seal on the LI day of March, 2011. dro F :aarr ez, Commodore STATE OF FLORIDA COUNTY OF MIAMI DADE I HEREBY CERTIFY that the foregoing instrument was acknowledged before ine this /2/ lay of March, 2011 by that Pedro Fernandez, Commodore of the Miami Outboard Club, Inc., who is/are personally known to me and who did take an oath. WITNESS my hand and official seal in the County and State and on the date last aforesaid. My Commission Expires: "Ito Notary Rublic State of Florida "0. Robert Brandt at_ c My Commission C0734832 .%•0„tioc Expires 11/15/2011 40001 atillaVA NOTAR"ZIWLIC, State of Florida 3128:2u 17 City of Miami REQI?EST FOR APPRAISAL QUOTE You are invited to submit a quote to prepare an appraisal report based on the Appraisal Assiunmcnt attached[ herewith as Exhibit "A". Please complete the information requested at the bottom of this page.. The quote and below information must be received by the Department of Real Estate and Asset Mana ,.anent by 3:00 p.tn.. Monday, April 03. 2017. You may submit your proposal via email or by mail to: lgor'faiclatan Property ;\lanagement Representative Department of Real Estate and Asset Management City of Miami 444 SW 2 Avenues. 3 Floor Miami, FL 33130 (3051 416-1401 itsi clrn,n�'zi:mi:�rri�=t)v.coIl1 ADDRESS FOLIO JOB No. 1099 MACARTIIUI CSwY 01-3231-000-0013 A-03-17-013 Fees: Comprehensive total fee to perform. appraisal/s: Hourly fee in the event expert testimony is required: Appraisal Company: Joseph J Blake & Assoc. Inc. Telephone/Extension: 305.448.1663 / 110 By: JesiAllen Date: 3/30/2017 Sign: 6, 500 s 6,500 s 275 NOTE: When sending a quote, your company must comply with the completion due date. If selected, your company must provide a Certificate of Insurance in the manner prescribed in Exhibit "C" below. Page t of 5 3;28,2017 ('itv ail \liami EXHIBIT "A" APPRAISAL ASSIGNMENT Job Number: A-03-17-013 Fiscal Year: 2016-17 Location: 1099 MIACAR f 1-IUR CSWY Folio No.: (11-3231-000-0013 Lot Size: 207.781 square feet Adjusted Area: 9.530 square feet Improvements: l building Purpose of Appraisal 1'u determine Fair Market Rent in order to renegotiate a lease agreement. Property Rights Appraised: Fee Simple Current Zoning: CS Civic Space Lone (under the Miami 21 Zoning. Code). Type of Appraisal: Narrative Report. Time to Complete: The appraisal report must be completed no later than fifteen (15) days after authorization. Number of bound copies: Four. (signed and certified). City Contact Person. Igor Tsigelman, Property Management Representative T: (305) I16-1 #01 E-mail: it.sigelmantu'miarninpv.com Resolution Reference: None. Date of the Valuation: Date of the appraisal report. Fee: Full payment upon completion of the assignment, subject to revisions by the City of Miami and any other review appraiser .should there be any discrepancies in the appraisal reports. THE APPRAISAL REPORT SHOULD INCLUDE THE FOLLOWING: Page 2of5 1'28/2017 City' of M1 tam i 1'he appraisal report shall be pertonne(' in compliance with the professional services agreement with the City for appraisal services as applicable. The appraisal report must consider all three approaches to value and provide an explanation to the weight given to each approach in arriving at the final reconciliation of value. In the event an approach is not used. please provide justification_ Please provide evidence for not using the Cost Approach. In calculating the Market Data. the appraiser should analyse and provide current local market data and submit adjustment tables of comparables. 4. If utilizine a Land Sales Comparable Table to calculate Sales Price per Square Foot, please pro ide line item adjustments in a matrix format for a better understanding of the Summary and .and Value Correlation conclusion. 5. Paw ide source and proof of capitalization rate fur the income approach to value in local market versus other market tivhen applicable. O. Provide 'Market Data as i f taxable property. 7. The appraisal report should be in compliance with the current Uniform Standard of Professional Appraisal Practice tUSPAP) according to Section 475. Part IL of the Florida Statutes. The City of Miami reserves the right to review the appraisal report and submit its comments. The final report will be due five days after the appraisal is reviewed by City' staff Note: All calculations must be explicit. Show all steps used to arrive at any conclusions provided. All data in this sheet must he verified by the appraiser, if any discrepancy, please call this office at 305-416-1401. Page 3 of 5 $ 2 2u17 City of Miami EXHIBIT -B" LNSl.k.l NCE REOLIRE 1,1ENTS (I) Commercial General Liability (Primary. & Non Contributory) A, Limits of Liability Bodily Injury and Property Damage Liability Each Occurrence General :1_gregate Limit Products.( mplcted Operations Personal and Advertising Injury $1.000,000 $2.000,000 S 1,000.000 $1,000..00() I3. Endorsements Required City ul 1vilianti included as an additional insured Contingent Liability (Independent Contractors Coverage) Contractual Liability Premises & Operations Liability Primary Insurance Clause (11) Business .Automobile Liability A. Limits of Liability Bodily Injury and Property Damage Liability Combined Sin le limit Any Auto/'Owned Autos/Scheduled Including hired. Borrowed or Non -Owned Autos Any One Accident $ 1.000,000 B. Endorsements R.etjuired City of Miarni included as an Additional Insured (III) Worker's Compensation A. Limits of Liability Statutory -State of Florida Waiver of subrogation (IV) Employer's Liability A, Limits of Liability $100,000 for bodily injury caused by an accident, each accident. $100.000 for bodily injury caused by disease. each employee $500.000 for bodily injury caused by disease. policy limit (V) Professional Liability/Error's & Omissions A. Limits of Liability Combined Single Limit Each Claim General Aggregate I.imit Retro Date Included $1,000,000 $1.000,000 Page 4 of 5 3 28:2201 i C'it> e)I �'lfatitf BINDERS ARE UNACCEPTABLE. l'he a boN e policies shall provide the City of,l liarui t4 ith w rilien notice of cancellation or material change from the insurer in accordance to policy prod isicros. Companies authoviied to do business in the State of Florida. with the Hollowing qualification,. shall issue all insurance policies required ;I NAle, and must meet the lollowinu requirements: The company must be rated no Tess than "A as to management. and no less than "Class V" as to Financial Strength. by the latest edition of Best'; Insurance Guide. published by A.M. I3est i.'ompanv. t)Idwick. Nev Jcrsc�_ or its equivalent. All policies and /or certi eater of insurance are subject to re% Icw and critic,ttion by Risk \ lanagetnent prior to insurance approval. Certificates will indicate no modification or change in insurance shall be made «ithc ni Shirt, f 30) days written advance notice to the certificate holder. The Bidder shall he responsible tnr i,strring that the insurance certificates required in conjunction with this Section remain in force for the duration of the contractual period: including„ any and all option terms that may be granted to the Bidder. In the event that e\pired certificates are not replaced with new or renewed certificates which cover the contractual period. the City shall have the option to: (1) Suspend the contract until such time as the new or renewed certific ies are received by the City in the manner prescribed in the Request for Appraisals Quote: or t2) The C"ity may. at its sole discretion. terminate this contract for cause and seek re -procurement damages from the Bidder in conjunction tic ith the General and Special Terns and Conditions of the Bid. The insurance coverage required shall include those classifications, as listed in standard liability. insurance manuals, which most nearly reflect the operations of the bidder. Compliance with the foregoing requirements shall not relieve the bidder of his liability and obligation under this section or under any other section of this Agreement. Page 5of5 Ctient#: 2449 JOSEJBLA ACORD.. CERTIFICATE OF LIABILITY INSURANCE DATE (MMiOD(YYY T1 0211312017 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND. EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW, THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement, A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER NFP P & C Services Inc. 45 Executive Drive Plainview, NY 11803 516 327-2700 INSURED Joseph J. Blake & Associates. Inc 425 Broad Hollow Rd,Ste 429 Melville, NY 11747 CONTACT NAME PHONE (A,C. No. Ex1 E-MAIL ADDRESS 516 327-2700 Fax (AdC, No516-327-2800 ). INSURERISI AFFORDING COVERAGE INsuRER A Indian Harbor Insurance Company INSURER B INSURER C INSURER D INSURER E INSURER f NAIC a 6940 COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE USTED 'CELOyV HAvE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED NOTWITHSTANDING ANY REQUIREMENT TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUME NT WITH RESPECT TO WHICH THIS CERTIFICATE MAY 8E ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN 15 SUBJECT TO ALL THE TERMS EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS INSRAI?OL SUER POLICY EFF [�LICY EXP LIMITS L T R TYPE OF INSURANCE INSR WVD POLICY NUMBER (MMIDD Y tpouDI ...______......... COMMERCIAL GENERAL LIABILITY CIAIMS-MADE OCCUR ;EN( AGGREGATE LIMIT APPLVE5 PER PRO- . 'OLICY I JECT I LOC OTHER: AUTOMOBILE LIABILITY -. --- - ANY AUTO ..... ALL OWNED AUTOS -TIRED AUTOS SCITEDULEU AUTOS NON -OWNED AUTOS UMBRELLA LIAB OCCUR EXCESS LIAR CLAIMS•MACE • DEO 12ETENTfON 5_............,.,..._..,.,..�......._..... WORKERS COMPENSATION ANO EMPLOYERS' LIABILITY Y i N ANY PROPRIETCR'PARTNEPJE:.XEcUTIVE OFFICERIMEMBER EXCLUDED, N ! A (Mandatory sn NH) :.......... ` kf yes. Je5Crit41 [eater OE SCM 'T3ON OF OPERATIONS cecw Professional Liability MPP002947507 EACH OCCURRENCE 5 AAA to I3EYTFD �c5fj E=� 1Ea ?ccurrenoei_—_ S MED3 EXP (Any one person, 5 PERSONAL S ADV INJURY $ GENERAL AGGREGATE $ PRODUCTS- COMP?OP ADO 5 IS COMBLNED SINGLE LIMIT IEaamdenit s5 BODILY INJURY par person) $ BODILY INJURY Par ac d 1I) S PROPERTY DAMAGE per acodent,}. EACH OCCURRENCE AGGREGATE S 11/02/2016 PER OTH- STATItTF I FR E.L. EACH ACCIDENT S E_L DISEASE • EAEMPLOYEE 5 F L DISEASE - POLICY LIMIT $ 1110212017 $1,000,000 Limit DESCRIPTION OF OPERATIONS F LOCATIONS! VEHICLES (ACORO t01, Additional Remarks Schedule, may be attached If more space Is required) Evidence of Insurance CERTIFICATE HOLDER CANCELLATION City of Miami Public Facilities Dept. Asset Management 444 SW 2nd Avenue, 3rd Floor Miami, FL 33130 ACORD 25 (2014101) 1 of 1 #S430827/M398655 SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION GATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. AUTHORIZED REPRESENTATIVE cyd &-7L- 1988-2014 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD JACOH Client#: 2449 JOSEJBLA ACORI1 CERTIFICATE OF LIABILITY INSURANCE DATE IMMIDO,YYYYJ 2/13/2017 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW, THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(Sl, AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policyiies) must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsementls). PRODUCER NFP P&C Services, Inc 45 Executive Drive Plainview, NY 11803 516 327-2700 INSURED Joseph J. Blake & Associates, Inc 425 Broad Hollow Rd,Ste 429 Melville, NY 11747 CONtACT NAME PHONE 516 327-2700 IA/C. No. Ertl' E-MAIL ADDRESS: FAX 516-327-2800 1A+C. Nut INSURERS. AFFORDING COVERAGE INSURER A - Mitsui Sumitomo Ins. Co. of Ame INSURER B INSURER C INSURER D INSURER E -. INSURER F. NAIC 4 20362 COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: THIS IS TO CERTIFY THAT THE FOLCIES Ot INSURANCE LISTED BELOW HAVE SEEN ISSLhD TO IHE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONOFFiON OF ANY CON T£ A T OR OCHER DOCUMENT wrrH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN. THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS EXCLUSIONS AND CONDITIONS OF SUCH POLICIES LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS INSRR A TYPE OF INSURANCE Xr COMMERCIAL GENERAL LIABILITY AIMS•SIADE X (S CLI%1 GENT AGGREGATE LIMIT APPLIES PER PRO- X '.,'DLICY SECT LOC OTHER.. AUTOMOBILE LIABILITY ANY AUTO ALL OWNED AUTOS X. HIRED AUTOS SCHEDULED AUTOS NON -OWNED AUTOS ADOLSUBR POLICY EFF POLICYEXP IN$R WVD POUCY NUMBER (MMITJOfYYYY) (MM1ODnlYYY�... LIMITS Y Y PKG3126559 2/10/2017 02/10/2018 EACH OCCURRENCE S1.000,000 A GID RENTED .REMISE EaaccmenCe, s1,000,000 MED EXP IAry one per' I 310,000 PERSONAL &AovINJURY 51,000,000 GENERAL AGGREGATE 52,000,1300 PROOUCTs-COMP$OP AOG 52,000,000 s 8VR8406231 2/1012017�02110/2018 COMBINED ;� SINGLE L1M T 51,000,000 BODILY INJURY (Per person) ' S X UMBRELLA LIAR ' X OCCUR EXCESS LAB Ln CLAIMS -MADE DED X RETENTIONS10000 WORKERS COMPENSATION AND EMPLOYERS' LIABILITY Y ! N ANY PROPRIETOFUPARTNER:EXECLITIVE—`- DFFICER+MEMBER EXCLUDED? N N 1 A I (Mandatory In NH). If Yes. de5crlbe wetter DE5CR1PTION OF OPERATION$ below UMB5700103 WCP9112775 BODILY INJURY (Peracddent% $ PROPERTY DAMAGE: s (Per octenfi 02/10/2017102/10/201 PT EACH OCCURRENCE AGGREGATE 5 55,000,0©0 55,000,000 12/10/2016 12/10/2017 X S vrisrE IER E.L. EACH ACCIDENT $1,000,000 E.L. DISEASE - EA EMPLOYEE 51,000,000 E.L. DISEASE - POLICY LIMIT 51,000,000 DESCRIPTION OF OPERATIONS r LOCATIONS 1 VEHICLES IACORD 101, Addttlenai Remarks Schedule, may be attached if more space Is required} City of Miami is listed as Additional Insured with respect to General Liability and Automobile Liability arising out of the operations of the Named Insured. All coverages Misted above shall be on a primary and non-contributory basis. CERTIFICATE HOLDER CANCELLATION City of Miami Public Facilities Dept.; Asset Management 444 SW 2nd Avenue, 3rd Floor Miami, FL 33130 SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. AUTHORIZED REPRESENTATIVE 1988.2014 ACORD CORPORATION. All rights reserved, ACORD 25 (2014101i 1 of 1 The ACORD name and logo are registered narks of ACORD #S430824/M429674 CABRA Property Secirch .\pplicziIion - Miami -Dace County Page 1 of 3 IMPORTANT MESSAGE Moan DYa J `ea: esl0te Pr ens ye. xsesrW es, aasuma sea smaerty rarer vntl semen me same i4Fsersireir three .s a Seances el aenerSlv.O the aAaesaed rasa st Mc maws, May •eset +fl ea *market.warm vewch -_ou 4 restatet tapper aaocecty taxes Pease we aue Tsx Estimator `s apprewe ate ;.)st t'wtaooery tames :Weasel lent .at send toe WI aM altalte949A9e1 1 ne afleet sows Pease rs I yse Tax Coital -tuft ...elates darer:, let addd m Address DSYnef Name SUb3ivlelon Name Folio SEARCH: 01-3231-oo-OU13 PROPERTY INFORMATION 0 Folio T]' Sub•Drvsslon: Property Addresr A399 MACARraeLUR =3Vov lsan FL 3115; I612 Carnet CITY OF twAte ULe7 SOAR) ASSET MANAGEMENT CJLtx: 1 M I1nq Address 444 SW 2 AVE STE E125 M1AA1I IL 11130 t91..2 PA Primary Zane 4002 PARKS 3 RECREA13L;N Penury Land Use 0019 LEASEHOLD deTEREST AUTOMOTIVE QR MARINE Bads teethe r Half 0 floors Lnrng Jnrta 0 Actual Area Lnerry Area Adgoslatl Ares 9,5303g Ft Lot Sue 291 :tot 3@Ft Year MAN AAA Featured Ontine reels ComPaabla Sees Giessen. Ndn.Ad V.abren Assessments 140 CelrlprrNsn 7-as Eaarralar rPM Not. c PA Afttiwrrd Online Toot P+nPrah 'area Value Adµsinsat Boao Eloped, Regard CAM's Raped 04.1.004.09. ASSESSMENT INFORMATION Q BENEFITS INFORMATION 0 Year 2014 M73 2014 0 0 P o4*1 v ZARAc 1 Hab Region lawnesoeod Fraud Benesl TypA 2916 2015 2014 Land Valae SI 946986 3997 34S Se97 349 Nan-Hereestoed Aasessewid s1 23t.643 31.47S,,459 4918.217 Budding VAlue 5253,314 S320.07, 5142551 Cap Renateari Eats. Feature Value sa s0 S0 Yoln Not a/I *onekts ate apex atee la *4 Taaa*la Vakans it e Cour*. Setmet Bruno C,fy 4eRanag Markel Value S7. 500.009 st 323420 31.140:000 Asses.ed Value 3268. 157 5241.98• 3227.2113 FULL LEGAL DESCRIPTION 0 Itttp: vww miamidatie.gov propertysearch.' 3/30/2017 Propem, Search Application - Miami -Dade County Noe 2 of 3 TAXABLE VALUE INFORMATION 0 20, 2A-IS 2014 COUNTY Eganinlian Status SS 3,3 SEE T.Oatote Vakke 5201 35, 5241;41i S221 7E3 SCHOOL BOARD ExOirlIguIrl lidiaa SO s,' 53 'ramble Valva Si t an .7.4)E 51 321 ESE i 7 SE 3 MS CITY Exempla's VsiXtx 53 50 SG Texabie Vskte S265 35- 53,13 x3E5 SSSI :A3 REGIONAL, kxmpsoon Valoo, 735 535 19 Taa-alOt Valor', ,.3410as'? 5.303 70t 5333 .03 SALES INFORMATION 0 Previous Sale :ft LS 53 43 " PC5311E54 C533,,BESVAS 55> x5*555* 370235C34 PARS I CAUSEVES3 0099335 333S ELS SIACARSHUB SAM & r WAY ess 1E05 3€,R LEASE 4,3REIVESI„ BETSWEN 725x.3.1x, 147e xst&LX C123766450 CLUB P,S34Y17 1333B33-153qi Pots 04Ruais Paw P5,1rEnts inhlssx,Xxx 333,st C.I,3e4 2015 2015 2014 LAND INFORMATION 0 E1Ealeficabnn Descramion :0>3>055*1>5*5>!s P7409. ,H94 LAM L99.30n 30 1.tre: a,. Awessrnear Sook,.. i0 5rSer so tjo, vabos 14nd the Mom Zona PA Ione Typa Untt. GENERAL CS SEW PARKS & RECREATION Squad El BUILDING INFORMATION 0 shs sx,cxXsted sakiess> thts 99,99.19 haw Immi,9v99166.911 P€XXSE ;Ms, x, Idif,g and X.P aro, 5, xsts,x xxx xxxxt fludefing Number Sqb Area Yta( MIA Actual ScuFt.„ Livfng Sq.P1., AsIj Sq.Ft. 1 1 1958 1 2 1970 2,349 1 3 20111 1,9511 2 1 1970 392 3 1522 444 EXTRA FEATURES 0 C414 Value Cak 9.9194 The tx,S,.3a,sE vsoswe tar th4s moperfy haw, bawl averarliftwn Please Mac 7 the 3,40.1,147319g„. and XF Values in Mt, Assessmen1 Section, ln miler to ulatam the imot at:cut-ale vaiu0s DestripSon Yaaf elide Untis eats ValEx Ciala - Corm Vtnt,,a 200 aqr0Ten) 2401 Chaa,:inic Penca 4-7- NO 2001 55014 COrIVOlt, 21411 1.1Sa 5.1x4 C.nctere C.F.% 9>Onnaelo Plano, 1992 744 1:16ck Cams Simms 77o>40 DEES xxl Ganz. pe 1975 5.727 Palle. Comma Slab &Rad Alemourn ca. Faber 1425 440 natio Gbalcrlete Slab 1970 13,513 - ora-e41er40 1920 440 Com A/C • 64=99,9 69.146k 360 $91,9T411) 1976 30 Lot starysamt 111.30 Kph 1 -9,0ye 3011 saz.ba Frame 1970 364 P.0.09 • .41373a14 1458 41 SBE ADDITIONAL INFORMATION stax xxXxxxxxXxx, 571,3>3>997100194 Eon, Roperly A9>p5>1140es01E40 xecaleis xx xxxxeitied 79. sxxxxXXxXxxce and dEossu fiurn Ethel sovElsrxest Nonni. fittp ://www.rn iamidade.goviproperty search! 3/30/201 7 Property Search Applications- Miami -Dade Comiv Page 3 of 3 LAND USE ANS RESTAPCDONS CotADAASS, Develop...At 0,11set %OAS CrAlvrAAItty Redevaloptneni Are, NONE EMPOWWW91.1 Zono: P.A47 ORtirPtAk. Eshrpstv 24.4. CESPRAL lkban DrarkDsnost_ 0a0E.S40Ati OFNELD44,,*N- L4n,42.C4,14. AxDsati Lane Use: 527 • tAetgepg. t;OMPI.EXEEL fgeR3.MCCRibitle kAM ps agror urr AAO HO*TS ROA:7 MtMeTEsts.ett:E AND REPMR ROM` aTORAGE ELGOPA!C4S C,P; PCP RECREA rrxm. CRAFT i2S0A-E0 411.rit4 PAPAS. 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Qett:Bis, 43 7..014 Sktin1i-1344is Car* Witt teeerved hup]/www.miamidade.govipropertysearch/ 3/30/2017 Miami Outboard Club 17-180-02 GLOSSARY OF VALUATION TERMS Term Definition Source Air Rights The right to undisturbed use and control of designated air Appraisal Institute, The space above a specific land area within stated elevations. Dictionary of Real Air rights may be acquired to construct a building above Estate Appraisal, 6th the land or building of another or to protect the light and Ed. (Chicago: Appraisal air of an existing or proposed structure on an adjoining Institute, 2015) lot. Air rights do not always include development rights. See also transferable development right (TDR). As Is Market Value The estimate of the market value of real property in its Appraisal Institute, The current physical condition, use, and zoning as of the Dictionary of Real appraisal date. (Interagency Appraisal and Evaluation Estate Appraisal, 6th Guidelines) Note that the use of the "as is" phrase is Ed. (Chicago: Appraisal specific to appraisal regulations pursuant to FIRREA Institute, 2015) applying to appraisals prepared for regulated lenders in the United States. The concept of an "as is" value is not included in the Standards of Valuation Practice of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice, or International Valuation Standards. Band of Investment A technique in which the capitalization rates attributable Appraisal Institute, The to components of an investment are weighted and Dictionary of Real combined to derive a weighted -average rate attributable Estate Appraisal, 6th to the total investment (i,e., debt and equity, land and Ed. (Chicago: Appraisal improvements). Institute, 2015) Condominium A multiunit structure, or a unit within such a structure, Appraisal Institute, The with a condominium form of ownership. Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Debt Coverage Ratio (DCR) The ratio of net operating income to annual debt service Appraisal Institute, The (OCR = NOI/Im ), which measures the relative ability of a Dictionary of Real property to meet its debt service out of net operating Estate Appraisal, 6th income; also called debt service coverage ratio (DSCR). A Ed. (Chicago: Appraisal larger DCR typically indicates a greater ability for a Institute, 2015) property to withstand a reduction of income, providing an improved safety margin for a lender. Deferred Maintenance Depreciation is the difference between the market value Appraisal Institute, The of an improvement and its reproduction or replacement Appraisal of Real Estate, cost at the time of appraisal. The depreciated cost of the 14th Ed. (Chicago, improvement can be considered an indication of the Illinois: Appraisal improvement's contribution to the property's market Institute; 2013) value. JOSEPH i, I3LAKE AND ASSOCIATES, INC. REAL ESTATE VAi.UATION AND CONSULTIMO Miami Outboard Club 17-180-02 GLOSSARY OF VALUATION TERMS Term Definition Source Effective Gross Income (EGI) The anticipated income from all operations of the real Appraisal Institute, The estate after an allowance is made for vacancy and Dictionary of Real collection losses and an addition is made for any other Estate Appraisal, 6th income. Ed. {Chicago: Appraisal Institute, 2015) Effective Gross Income Multiplier (EGIM) The ratio between the sale price {or value) of a property Appraisal Institute, The and its effective gross income. Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Entrepreneurial Profit 1. A market -derived figure that represents the Appraisal Institute, The amount an entrepreneur receives for his or her Dictionary of Real contribution to a project and risk; the difference Estate Appraisal, 6th between the total cost of a property (cost of Ed. (Chicago: Appraisal development) and its market value (property Institute, 2015) value after completion), which represents the entrepreneur's compensation for the risk and expertise associated with development. An entrepreneur is motivated by the prospect of future value enhancement (i.e., the entrepreneurial incentive). An entrepreneur who successfully creates value through new development, expansion, renovation, or an innovative change of use is rewarded by entrepreneurial profit. Entrepreneurs may also fail and suffer losses, 2. In economics, the actual return on successful management practices, often identified with coordination, the fourth factor of production following land, labor, and capital; also called entrepreneurial return or entrepreneurial reward. See also entrepreneurial incentive. Equity Capitalization Rate (RE) An income rate that reflects the relationship between one Appraisal Institute, The year's equity cash flow and the equity investment; also Dictionary of Real called the cash -on -cash rate, cash flow rate, cash throw- Estate Appraisal, 6th off rate, or equity dividend rate. (RE = lE/VE, or Pre -Tax Ed, (Chicago: Appraisal Cash Flow/Equity Invested) Institute, 2015) Equity Ratio The ratio between the down payment paid on a property Appraisal Institute, The and its total price; the fraction of the investment that is Dictionary of Real unencumbered by debt. Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) 10S P 1Y. O AKE AND ASSOCIATES, INC. REAL ESTATE VALUATION *NO CORSULTINO Miami Outboard Club 17-180-02 GLOSSARY OF VALUATION TERMS Term Definition Source Excess Land Land that is not needed to serve or support the existing Appraisal Institute, The use. The highest and best use of the excess land may or Dictionary of Real may not be the same as the highest and best use of the Estate Appraisal, 6th improved parcel. Excess land has the potential to be sold Ed. (Chicago: Appraisal separately and is valued separately. Institute, 2015) Exposure Time Estimated length of time that the property interest being Uniform Standards of appraised would have been offered on the market prior Professional Appraisal to the hypothetical consummation of a sale at market Practice, 2016-2017 Ed. value on the effective date of the appraisal. External Obsolescence A type of depreciation; a diminution in value caused by Appraisal Institute, The negative external influences and generally incurable on Dictionary of Real the part of the owner, landlord, or tenant. The external Estate Appraisal, 6th influence may be either temporary or permanent. Ed. (Chicago: Appraisal Institute, 2015) Extraordinary Assumption An assumption, directly related to a specific assignment, Uniform Standards of as of the effective date of the assignment results, which, Professional Appraisal if found to be false, could alter the appraiser's opinions or Practice, 2016-2017 Ed. conclusions. Com ment: Extraordinary assum ptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. Fee Simple Estate Absolute ownership unencumbered by any other interest Appraisal Institute, The or estate, subject only to the limitations imposed by the Dictionary of Real governmental powers of taxation, eminent domain, police Estate Appraisal, 6th power, and escheat. Ed. (Chicago: Appraisal Institute, 2015) Gross Building Area (GBA) 1. Total floor area of a building, excluding Appraisal Institute, The unenclosed areas, measured from the exterior of Dictionary of Real the walls of the above -grade area. This includes Estate Appraisal, 6th mezzanines and basements if and when typically Ed. (Chicago: Appraisal included in the market area of the type of Institute, 2015) property involved. 2. Gross leasable area plus all common areas. 3. For residential space, the total area of all floor levels measured from the exterior of the walls and including the superstructure and substructure basement; typically does not include garage space. JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CON IJLTIN Miami Outboard Club 17-180-02 GLOSSARY OF VALUATION TERMS Terre Definition Source Gross Leasable Area (GLA) Total floor area designed for the occupancy and exclusive Appraisal Institute, The use of tenants, including basements and mezzanines; Dictionary of Real measured from the center of joint partitioning to the Estate Appraisal, 6th outside wall surfaces. Ed. (Chicago: Appraisal Institute, 2015) Highest and Best Use 1. The reasonably probable use of property that Appraisal Institute, The results in the highest value. The four criteria that Dictionary of Real the highest and best use must meet are legal Estate Appraisal, 6th permissibility, physical possibility, financial Ed. (Chicago: Appraisal feasibility, and maximum productivity. Institute, 2015) 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS) 3. [The] highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions) Hypothetical Condition 1. A condition that is presumed to be true when it is Appraisal Institute, The known to be false. (SVP) Dictionary of Real 2. A condition, directly related to a specific Estate Appraisal, 6th assignment, which is contrary to what is known by Ed. (Chicago: Appraisal the appraiser to exist on the effective date of the Institute, 2015) assignment results, but is used for the purpose of analysis. Comment: Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. (USPAP, 2016-2017 ed.) Insurable Value A type of value for insurance purposes. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JI SEPI J. BLAKE AND ASSOCIATES, INC, REAL ESTATE VALUATION AND CONSULTING Miami Outboard Club 17-180-02 GLOSSARY OF VALUATION TERMS Term Definition Source Internal Rate of Return (IRR) The annualized yield rate or rate of return on capital that is generated within an investment or portfolio over a period of ownership. Alternatively, the indicated return on capital associated with a projected or pro forma income stream. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Leased Fee Interest The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Leasehold Interest The right held by the lessee to use and occupy real estate fora stated term and under the conditions specified in the lease. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Loan -to -Value Ratio (M) The ratio between a mortgage loan and the value of the property pledged as security, usually expressed as a percentage; also called loan ratio or LTV. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Marketing Time An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Market Rent The most probable rent that a property should bring in a competitive and open market reflecting the conditions and restrictions of a specified lease agreement, including the rental adjustment and revaluation, permitted uses, use restrictions, expense obligations, term, concessions, renewal and purchase options, and tenant improvements (TIs). Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALLI TieN ANO COI SJLTIN8 Miami Outboard Club 17-180-02 GLOSSARY OF VALUATION TERMS Market Value "A type of value that is the major focus of most real property appraisal assignments. Both economic and legal definitions of market value have been developed and refined, such as the following. 1. The most widely accepted components of market value are incorporated in the following definition: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under duress. 2. Market value is described, not defined, in the Uniform Standards of Professional Appraisal Practice (USPAP) as fol lows: A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. Comment: Forming an opinion of market value is the purpose of many real property appraisal assignments, particularly when the client's intended use includes more than one intended user. The conditions included in market value definitions establish market perspectives for development of the opinion. These conditions may vary from definition to definition but generally fall into three categories: 1. the relationship, knowledge, and motivation of the parties (i.e., seller and buyer); 2. the terms of sale (e.g., cash, cash equivalent, or other terms); and 3. the conditions of sale (e.g., exposure in an competitive market for a reasonable time prior to sale). Appraisers are cautioned to identify the exact definition of market value, and its authority, applicable in each appraisal completed for the purpose of market value. (USPAP, 2016-2017 ed.) USPAP also requires that certain items be included in every appraisal report. Among these items, the following are directly related to the definition of market value: • identification of the specific property rights to be appraised. • Statement of the effective date of the value opinion. • Specification as to whether cash, terms equivalent to cash, or other precisely described financing terms are assumed as the basis of the appraisal. • If the appraisal is conditioned upon financing or other terms, specification as to whether the financing or terms are at, below, or above market interest rates and/or contain unusual conditions or incentives. The terms of above- or below -market interest rates and/or other special incentives must be clearly set forth; their contribution to, or negative influence on, value must be described Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPl 1. BLAKE AND ASSOC ATES, INC. REAL ESTATE VALUATION AftO CONSUUTINO Miami Outboard Club 17-180-02 GLOSSARY OF VALUATION TERMS Term Definition Source and estimated; and the market data supporting the opinion of value must be described and explained. 3. The following definition of market value is used by agencies that regulate federally insured financial institutions in the United States: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their own best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and •The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. (12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) 4. The International Valuation Standards Council defines market value for the purpose of international standards as follows: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. (lVS) 5. The Uniform Standards for Federal Land Acquisitions defines market value as follows: Market value is the amount in cash, or on terms reasonably equivalent to cash, for which in all probability the property would have sold on the effective date of the appraisal, after a reasonable exposure time on the open competitive market, from a willing and reasonably knowledgeable seller to a willing and reasonably knowledgeable buyer, with neither acting under any compulsion to buy or sell, giving due consideration to all available economic uses of the property at the time of the appraisal. (Uniform Appraisal Standards for Federal Land Acquisitions)" Mortgage Capitalization Rate (RM) The capitalization rate for debt; the ratio of the annual debt service to the principal amount of the mortgage loan. The mortgage capitalization rate (RM) is equivalent to the periodic (monthly, quarterly, annual) mortgage constant times the number of payments per year on a given loan on the day the loan is initiated. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALIJATlf3N 0 CONISULTINQ Miami Outboard Club 17-180-02 GLOSSARY OF VALUATION TERMS Term Definition Source RM = Annual Debt Service/Mortgage Principal Mortgage Debt Service (IM) The periodic payment for interest on and retirement of Appraisal Institute, The the principal of a mortgage loan; also called total Dictionary of Real mortgage debt service. Generally, the abbreviation IM Estate Appraisal, 6th refers to the total debt service, whereas mortgage debt Ed. (Chicago: Appraisal service can be used to refer to either the periodic Institute, 2015) payment or the total of the payments made in a year. Net Income Multiplier (NIM) The relationship between price or value and net operating Appraisal Institute, The income expressed as a factor; the reciprocal of the overall Dictionary of Real capitalization rate. Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Net Operating Income (NOI or lo) The actual or anticipated net income that remains after all Appraisal Institute, The operating expenses are deducted from effective gross Dictionary of Real income but before mortgage debt service and book Estate Appraisal, 6th depreciation are deducted. Note: This definition mirrors Ed, (Chicago: Appraisal the convention used in corporate finance and business Institute, 2015) valuation for EBITDA (earnings before interest, taxes, depreciation, and amortization). Net Rentable Area (NRA, Rentable Area) For office or retail buildings, the tenant's pro rata portion Appraisal Institute, The of the entire office floor, excluding elements of the Dictionary of Real building that penetrate through the floor to the areas Estate Appraisal, 6th below. The rentable area of a floor is computed by Ed. (Chicago: Appraisal measuring to the inside finished surface of the dominant Institute, 2015) portion of the permanent building walls, excluding any major vertical penetrations of the floor. Alternatively, the amount of space on which the rent is based; calculated according to local practice. Overall Capitalization Rate (Ro) The relationship between a single year's net operating Appraisal Institute, The income expectancy and the total property price or value Dictionary of Real (R0 = lq /V0). Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH . BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONStItTlNe Miami Outboard Club 17-180-02 GLOSSARY OF VALUATION TERMS Term Definition Source Prospective Market Value "As Completed" and "As Stabilized" A prospective market value may be appropriate for the valuation of a property interest related to a credit decision for a proposed development or renovation project. According to USPAP, an appraisal with a prospective market value reflects an effective date that is subsequent to the date of the appraisal report. Prospective value opinions are intended to reflect the current expectations and perceptions of market participants, based on available data. Two prospective value opinions may be required to reflect the time frame during which development, construction, and occupancy will occur. The prospective market value —as completed —reflects the property's market value as of the time that development is expected to be completed. The prospective market value —as stabilized —reflects the property's market value as of the time the property is projected to achieve stabilized occupancy. For an income -producing property, stabilized occupancy is the occupancy level that a property is expected to achieve after the property is exposed to the market for lease over a reasonable period of time and at comparable terms and conditions to other similar properties. (See USPAP Statement 4* and Advisory Opinion 17.) (Interagency Appraisal and Evaluation Guidelines) Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Prospective Opinion of Value A value opinion effective as of a specified future date. The term does not define a type of value. Instead, it identifies a value opinion as being effective at some specific future date. An opinion of value as of a prospective date is frequently sought in connection with projects that are proposed, under construction, or under conversion to a new use, or those that have not yet achieved sellout or a stabilized level of long-term occupancy. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Replacement Cost The estimated cost to construct, at current prices as of a specific date, a substitute for a building or other improvements, using modern materials and current standards, design, and layout. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Replacement Cost for lnsurance Purposes The estimated cost, at current prices as of the effective date of valuation, of a substitute for the building being valued, using modern materials and current standards, design, and layout for insurance coverage purposes guaranteeing that damaged property is replaced with new property (i.e., depreciation is not deducted). Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLAKE AND ASSOCIATES, INC, REAL. ESTATE VALUATION NO CUR —Sint Re Miami Outboard Club 17-180-02 GLOSSARY OF VALUATION TERMS Term Definition Source Reproduction Cost The estimated cost to construct, at current prices as of the Appraisal Institute, The effective date of the appraisal, an exact duplicate or Dictionary of Real replica of the building being appraised, using the same Estate Appraisal, 6th materials, construction standards, design, layout, and Ed. (Chicago: Appraisal quality of workmanship and embodying all the Institute, 2015) deficiencies, superadequacies, and obsolescence of the subject building. Retrospective Value Opinion A value opinion effective as of a specified historical date. Appraisal Institute, The The term retrospective does not define a type of value. Dictionary of Real Instead, it identifies a value opinion as being effective at Estate Appraisal, 6th some specific prior date. Value as of a historical date is Ed. (Chicago: Appraisal frequently sought in connection with property tax Institute, 2015) appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of the type of value with this term is appropriate, e.g., "retrospective market value opinion." Sandwich Lease A lease in which an intermediate, or sandwich, Appraisal Institute, The leaseholder is the lessee of one party and the lessor of Dictionary of Real another. The owner of the sandwich lease is neither the Estate Appraisal, 6th fee owner nor the user of the property; he or she may be Ed. (Chicago: Appraisal a leaseholder in a chain of leases, excluding the ultimate Institute, 2015) sublessee. Sum of the Retail Values The sum of the separate and distinct market value Appraisal Institute, The opinions for each of the units in a condominium, Dictionary of Real subdivision development, or portfolio of properties, as of Estate Appraisal, 6th the date of valuation. The aggregate of retail values does Ed. (Chicago: Appraisal not represent the value of all the units as though sold Institute, 2015) together in a single transaction; it is simply the total of the individual market value conclusions, Also called the aggregate of the retail values or aggregate retail selling price. Surplus Land Land that is not currently needed to support the existing Appraisal Institute, The use but cannot be separated from the property and sold Dictionary of Real off for another use. Surplus land does not have an Estate Appraisal, 6th independent highest and best use and may or may not Ed. (Chicago: Appraisal contribute value to the improved parcel. Institute, 2015) Terminal Capitalization Rate (RN) The capitalization rate applied to the expected net income Appraisal Institute, The for the year immediately following the end of the Dictionary of Real projection period to derive the resale price or value of a Estate Appraisal, 6th property. Also called a going -out, exit, residual, or Ed. (Chicago: Appraisal reversionary capitalization rate. Institute, 2015) JBS P J. BLAKE AND AS BC ATES, REAL ESTATE VALUATlflN AND CONSULTINU Miami Outboard Club zr-1po-0z QUALIFICATIONS OF THE APPRAISER %0ARi4ARRQYAVE Ms. Arroyave holds the position of Associate with the Miami office of Joseph J. Blake and Associates,Inc., at 4000 Ponce de Leon Boulevard, Suite 410, Miami, Florida. FORMAL EDUCATION Florida State University —TaUohassee Florida Bachelor ofArts in English University ofMiami — Cora | Gables, Florida Master ofArts in Print Journalism REAL ESTATE AND APPRAISAL EDUCATION Course Name Provider -_ Real Estate Appmisa|VA.B] Miami -Dade College Real Estate Appraisal |I/4.8]| Miami'DadeCoUe3e General Appraiser Site Valuation & Cost Approach Appraisal Institute General Appraiser Income Approach Part | Appraisal Institute General Appraiser Report Writing and Case Studies Appraisal Institute General Appraiser Market Analysis and Highest & Best Use Appraisal Institute PROFESSIONAL AFFILIATIONS /�0|W�k�n NumberFlorida State- Registered Real Estate Assistant Trainee Appraiser No. Rl 21035 APPRAISAL EXPERIENCE -- Responsibilities include preparation of full narrative appraisa� and market study reports for a wide variety of property types and purposes, including but not limited to business parks, office buildings, industrial buildings, shopping centers, multi -family projects, hotels and land. CERTIFICATION RICK suurrGOVERNOR uewuxwG>ow xcrRcTAm, STATE opFLORIDA ospxnrMewT OF BUSINESS AND PROFESSIONALREGULATION FLORIDA REAL ESTATE APPRAISAL uu The REGISTERED PAINSap Named below HAS REGISTERED Under the pmvizionsof Chapter o75pS wARmrsneoA 8UITE410 #IAMI FL331*6 |ASEPA J. A| &&E AND ASSOCIATES, INC. REAL ESTATE VALUATION AND %CVHSULT|*A Miami Outboard Club 17-180-02 CERTIFICATION RICK SCOTT. GOVERNOR QUALIFICATIONS OF THE APPRAISER KEN LAWSON, SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD LiCENSE. N4�/3ER Rz426 The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions at Chapter 475 S. Expiration date NOV 30, 2018 ALLEN TEO EUGENE 4000 PONCE DE LEON BLVO STE 413 CORAL CABLES FL 33146 ISSUED 10/12/20155 DISPLAY AS REOUIRED BY LAW SECSL10E1120002579 JOSEPH J. BLAKE AND ASSOCIATES, INC, REAt ESTATE VALUATION AND CONSULTING