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Submittal-DREAM-Blake Appraisal Report for Miami Outboard Club
Submitted into the public record foi ite (, i �� on VIA / s? . City Clerk APPRAISAL REPORT Miami Outboard Club 1099 MacArthur Causeway Miami, Miami -Dade County, FL 33132 PREPARED FOR Mr. Igor Tsigelman 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 L4`I�-Sob+n�o�- vit\tkR- 01n1te N99[6,\50‘\ \evor\ Vor %GANA\ Orourd CAI JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING 4000 Ponce De Leon Boulevard, Suite 410 l Miami, FL 33146 1 Phone: (305) 448-1663 1 Fax: (305) 448-7077 I www,josephjblake.com June 12, 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 Submitted into the public record fr r ite.T1 s) on Ift I1 City Clerk Dear Mr. Tsigelman: As requested, we have prepared an appraisal of the property referenced above presented in the attached Appraisal Report. Th subject as of June 5, Apse of p isal is to develop an.tnton of market rent of the Briefly described, thesubject consists of a marina with on site rant known as the Miami Outboard Club. The site contains upland and submerged iandFareas The Miami Outboard club is a privately operated marina under an exist r> td le from e Ci y of Miami The marina offer 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. June 12, 2017 Mr. Igor Tsigelman Page 2 of 2 Submitted into the public \r record fry itei i(s) on i�(,`� / j L. City Clerk 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 hearioisi.any ex`A r ry assur-n ons. This appraisal is not based on at* hysthetica ondi The opinion(s) of vale are based i exrrctS01-•^ T rre f€ t 2 mon4+5, a,,.r ,, 7t. t1�.; property was properly priced and actively mketed The attached .a+pprisal F.ep:Jrr summarizes the 7 t c.L me il!a::.„, a:-,d 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, INC. DRAFT DRAFT Maria Arroyave Ted Allen, MAI, MRICS Associate Managing Partner Florida -State -Registered Assistant Trainee Real Florida -State -Certified General Real Estate Appraiser Estate Appraiser No. RI23474 No. RZ426 Expires: November 30, 2018 Expires: November 30, 2018 Miami Outboard Club 17-180-02 TABLE OF CONTENTS TITLE PAGE TRANSMITTAL LETTER Submitted into the public record fo itet (s) �� on �`7. / • City Clerk 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 10 IDENTIFICATION OF THE PROPERTY 11 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 ANALYS' 29 RECONCILIATION AND FINAL V E 52 ADDENDA Zoning Information Flood Map Tax Information Site Plan Operating Statements Appraisal Engagement Contract Glossary of Terms Qualifications of the Appraisers JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONIULTINI mWA Outboard Club Submitted into the n�D ^ record (110 City Clerk EXECUTIVE SUMMARY PROPERTY SUMMARY PROPERTY APPRAISED Miami Outboard Club PROPERTY ADDRESS 1O99MacArthur Causeway Miami, FL3313J PARCEL/TAX|D 01-32]1'000'001] PROPERTY LOCATION The subject is located along the northeastern side of the MacArthur Causeway ramp, south of|chimuraRoad. PURPOSE OFTHE APPRAISAL The purpose of the appraisal is to develop an opinion of the las ' market rent of the subject as of PERTINENT DATES DATE OFINSPECTION June S,2O17 DATE OFREPORT June 12, 2017 DATE OF "AS IS" VALUE ]une5,2017 HIGHEST AND BEST USE AS IMPROVED The current improvements AS|FVACANT Amarina facility PROPERTY DATA IMPROVEMENT DATA Briefly described, the subject consists ofamarina with on -site restaurant known as the Miami Outboard Club. The site up .''� ./nu 5uorn`'rQed iann areas. The Miami CI^b is n privately marina under an e^'3zn$ c.rcumc :Lave ifoon the [:ty of Miami. The marina o*e's 59vwet s, p; aU 130dry slips. There is a boat rar`p z�rd ['e�stend|')!,, building cumu8,530 SF, which office, asvv'| as restaurant. SITE DESCRIPTION The subject's site contains approximately 427,324 SF or appnzximateiy9.O1 acres ofland, of which 207,781 SF is uplands and 219,543SFissubmerged land CURRENT USE Asofthe date ofthe 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 isestimated. ZONING The subject's upland area iszoned "CS,"Civic Space under the jurisdiction of the City of Miami. The subject's submerged land does not have azoning designation. OCCUPANCY 100.00Y6 CENSUS TRACT 12-086-9810.00 U����� J. �U�����������U���� INC.*���."" °. =�=m~ =�� �����.�.~�, .�� REAL ESTATE VALUATION AND CONSVLT|NB l Submitted into the public � - record f r ite n(s) Miami Outboard Club 17-180-02 City Clerk EXECUTIVE SUMMARY MARKET RENT 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 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. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND MARTINI 2 Miami Outboard Club 17-180-02 Submitted into the public record fqr can Cijt, 1 SUBJECT RESTAURANT SUBJECT RESTAURANT DRY SLIPS liy PHOTOGRAPHS OF THE SUBJECT SUBJECT KITCHEN DRY SLIPS DRY SLIPS JOSEPH J. BLAKE AND ASSOCIATES, INC. NEAL ESTATE VALUATION AND CONSULTING 3 Miami Outboard Club 17-180-02 Submitted into the public ?-ccord for iten (s) on/Z��I� . City Clerk PHOTOGRAPHS OF THE SUBJECT JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING 4 Miami Outboard Club 17-180-02 Submitted into the public record for/ itcn)(s) 1.5 css.1 QA1 LV 1 . City Clerk 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 predeterrr' d va!!!e direction in •. i iJe that favors the ca'asr of the client, the amount of the value of 'io . the air'meni of a =,tipL..l,,cd real:, or the occurrence of a subsequent --vent di--:1[1v r•Llated e ir+tei i. us,. :Tit this ala ai, . • The Appraisal ReoorI is ba}ea on r uested mirnmurn valuation, a i:;a valuation, or the approval of a !r; r. I :. t ;-n our en ent was nr r contingent upon t 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 J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CDNSULTINA 5 Miami Outboard Club 17-180-02 Submitted into %the public record '/� 0/ �iten s on City Clerk CERTIFICATION • I, Ted Allen, MAI, MRICS, 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 Estimated Rent Revenue Revenue Factor 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 (AU 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 cornp r ':}les ,=.. rvt:° 'H :1ee a ' e ltZ,l rat,= t�,at is the greater of percentage rent or base rent. Once a natural brea'.F ci°,t r base rent is s,.rpt IDA, the subject is p o, cted to pay a market rent equivalent to the percorit..i . ►t is ind;carnd in the rh3rt 2::.;3.4te. Should rek.c,nues from slip rental and restaurant op, -,,rat .pis fail beIoow tnohira ` rea'kpc; nt, rtrt 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. DRAFT DRAFT Maria Arroyave Ted Allen, MAI, MRICS Associate Managing Partner Florida -State -Registered Assistant Trainee Real Florida -State -Certified General Real Estate Appraiser Estate Appraiser No. RI23474 No. RZ426 Expires: November 30, 2018 Expires: November 30, 2018 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 6 Miami Outboard Club 17-180-02 Submitted into the public record f r ite �(s) �� 1 3 on 1(,� / 19 City Clerk 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 ^Lrf )Se nf the _,r;raisa' and me Intended Laser arit' f rir! nc tsir• set forth, the value opinion(s) forte :1 are on ? app'°caible to the P p r'4, Rights Appraised, ar•:i the Appraisal Report should not be used ';)r:iry ct:h, r purpose. ;, iw Disclosure of the cf this AppraisfRe:cr is go•ierred 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 Toss 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. NEAL ESTATE VALUATION AND CONSULTING Miami Outboard Club 17-180-02 Submitted into the public {l record fo itei i(s) on a 11 . Cite Clerk 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 cipertV. EXTRAORDINARY ASSUMPTIONS This appraisal is not based on any Cxtr,aorCsnary umptions, HYPOTHETICAL CONDITIONS This appraisal is not based on any hypothetical conditions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINA 8 Miami Outboard Club 17-180-02 Submitted into the public record for ite s) �� , ?j on GV ILA City Clerk 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 June 12, 2017 DATE OF "AS 15" VALUE June 5, 2017 DEFINITION OF MARKET VALUE Market value means the most probable ayee which a property should bring in a competitive and open market under all tondit'ons re ,J sits tr. 3 to r 42, a bu 1 Witting prudently and knowledgeably, and as,i.ir-'ng the price is nor �t E.cted and stimulus. Impl r in this definition is the consummation of a sale as of specified date ale true pay ,g r seller to buyer under conditions whereby: 1. Buyer and seller picaIly motivatec; 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. § 34.41, 225.61, 323.2, 564.2, 722.2 I 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. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 9 Submitted into the public record for itcm(s) Miami Outboard Club 17-180-02 City Clerk INTRODUCTION SCOPE OF THE APPRAISAL The scope of an appraisal assignment is relative to the intended use of the appraisal. The following outlines the extent of property inspection, market data collection, verification and analysis performed for this assignment. Inspection 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 Teaks, 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 Zoning Information Flood Map Tax 1.1'.;•r .+Li+ ri Site Plan Operating Star.; Most Recent RI. nt Roll Detailed Lc•asr. tr. ct; (Cast Information Sources Received? Yes Yes Vzs Yt Yf: s Yes gins ll t eon Ves Source City FEMA Repress ative of Owner Repres ative of Owner Repres ative of Owner Repres ative 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. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINI 10 Miami Outboard aub 17-180-02 Submitted into the public �� record pf r ite(s) on I��� / I City Clerk INTRODUCTION IDENTIFICATION OF THE PROPERTY The property is commonly known as: Miami Outboard Club 1099 MacArthur Causeway Miami, FL 33132 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 prig• to he gate Pi the "mi, gs value opinion, orner than too-, which is reported here. JOSEPH J. BLAME AND ASSOCIATES, INC. REAL ESTATE VALUATION ANO CONSULTING 11 Miami Outboard Club 1748042 Submitted into the public record ��fcr ite.$) ] �� an N%i`H City Clerk AREA ANALYSIS ,Mirannar c co intryy; Club Palm! Springlr North - anni takes' 'Hialeah Gardens Dora! ersity ark Hialeah :endall Pinecrest Palmetto ay Google • 01. ` AREA MAP Beach' pig Pr! up- a, North Ma Beach North• Mim 1- •rt.(.74' Miami Beach Miami Beact7. Mac data 4E12017 Goggle 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 Horida's major tourist destination cities. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CQNSULTINA 12 Miami Outboard Club 17-180-02 Submitted into the public iten (s) L City Clerk 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 ' ^._ The Port of Miami a the 1--1,istr; honne to nearly ado-e- of the world's most distinguished cruise lines. the port o:fe.-s ma-e, ca°o; s3i .rgs to mere de lr•1t•L in the Western hemisphere than arty other port, . , cffers access to virtuall+r every. pc• t in the work. Metrorail is a 21-rnile rapid tr.i..,-i° sv,tc-m on -1 r:•.:•v:_:H.,(-2 ra •.vva•r providing :3.:c1y 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), I-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 ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 13 Miami Outboard Club 17-180-02 Submitted into the public record fc - iten (s) on CV 7,% i n , City Clerk. 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 extent' work of • of u . ity hospi s includ +a t Lpal I'.1 °d z.) Center, Columbia Cedars Medical Cent Ho t Hos Jacks +err ru H ` Ilal, Mercy Hospital and Miami Children's Hos . al. -. AREA DEMOGRAPHIC AND INCOME DATA The following data °:%as obtains:: fr m MOODUOIALYnCS Pr.. -is U.S. Metro Soy". 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 (CSB) %change Total employment (ths) %change Unemployment rate (%} Personal income growth (%) Median household income($ ths) Population (ths) %change Single-family permits Multifamily permits FHFA houseprice (1995Q1=100) Moosly'x 5o4rert l,Dr Charts 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 104.1 104.4 106.3 108.4 111.1 113.8 115.9 121.3 127.0 132.3 136.8 141.4 (0.53%) 0.24% 1.85% 1.96% 2.47% 2.42% 1.91% 4.63% 4.71% 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% 7.60% 6.94% 6.14% 5.31% 4.55% 3.87% 3.46% 3.36% 3.71% 8.88% 4.59% 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 54.6 2,508.2 2,580.1 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 1,819.0 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 $195.70 $182.97 $185.95 $207.70 $233.55 $257.42 S282.04 S296.31 $300.32 $292.65 $284.74 $281.83 Source: MOODY'S ANALYTICS Precis' U.S. Metro South, November 2016 JDSEPH J. BLAKE AND ASSOCIATES, INC. NEAL ESTATE VALUATION AND CONSOLTINO 14 Miami Outboard Club 17-180-02 1,400 1,200 1,000 800 600 400 200 0 Total Employment (ths) ti0 N' ,ti'L N N N ,ti0 ,tit ,tip N. le le Unemployment Rate 12.00% -- 10.00% 8.00% 6.00% 4.00% 2.00% $60 $50 $40 $30 $20 $10 $0 i Median H ousehold Income (ths) Submitted into the public record fo �ite (s} AREA ANALYSIS on City Clerk 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% (0.50%) (L00%) 10.00% 8.00% 6.00% 4.00% 2.00% %Change in Employment ,ti0 N. A. ti'.1 tiA ,tih ti( ti1 ti4 ti� ,ti0 ,Lti ,LO le le q, LO LO LO le le O ,O ,O 3.vp Y07V'2Nar--44 0 A. ,tiA, ,ti'� tia ,tih ti� ti^ ti� ,ti°) ,LO ,1' ,le le le le le le $350 $300 $250 $200 $150 $100 $50 $0 Personal Income Growth ti0 ,tih A ,ti ti� ,ti0 N. ti0 ti0 ti0 ,0 Existing Home Price (ths) 'ti0 tit 'L ,ti1i ,tiA ,tih ,ti(0 ,tit 'tip 'ti°) ,O ,'ti ,yo,yo,yo,yo,yo,yo,yo,yole ,yo,yo,yo JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSOLTINI 15 Miami Outboard Club 17-180-02 2,750 2,700 2,650 2,600 2,550 2,500 2,450 2,400 Historic Population Growth (ths) tiOs' tifo~1 tip. . tip~' cc"' tifo~h Single -Family Permits 10,000 8,000 6,000 4,000 2,000 0 Submitted into the public record for c it�s� �1_>✓ on City Clerk AREA ANALYSIS Projected Population Growth (ths) Multi -Family Permits 2,950 2,900 2,850 2,800 2,750 2,700 2,650 2,600 12,000 10,000 8,000 6,000 4,000 2,000 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. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 16 Miami Outboard Club 17-180-02 Submitted into the public r ccord fIL?) itn(s) E , �fl . City Clerk NEIGHBORHOOD ANALYSIS 0Q z TERRACE EDGEWATER )WN SQUARE MIA ,4irl5elm Park z ,.3 b z ems. 0 RM. iyforgaref Pacit Park WNTOWN IA11 Iarn NEIGHBORHOOD MAP `T,L 0Ju ;jle dsiand Dodge island data INTRODUCTION A property is an integral part of its surroundings and must not be treated as an entity separate and apart from its surroundings. The value of a property is not found exclusively in its physical characteristics; physical, economic, political and sociological forces in the area interact to give value to a property. In order to determine the degree of influence extended by these forces on a property, their past and probable future trends are analyzed. Therefore, in order to form an opinion of the value of a property, an analysis is made of the area in which the property under study is found. This area is referred to as a neighborhood. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 17 Miami Outboard Club 17-180-02 Submitted into the record fo,rte (s) on i. �'►9 public v\r . City Clerk 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 s:vus. The MacArthur Caxseway a so prOv:":-s aces a th Ptirliam unnel. The Po iami Tunnel (also State Road 887; formerly Par of Miaii T e 200 ; et +red, + . tunne "' t consists of two parallel tunnels (one in each direc:rinrl at .,ave .-neat . � :'° Ba ;connect ng th s MacArthur Causeway on Watson bland with Porr,Mi,irnii n 1 :.aoc Ps'and I as bui uoIic—private rtnership between three government Trarspo .tis Miami -Dad ounty, 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 I- 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 VALUATION AND CDNSULTINA 18 Miami Outboard Club 17-i80-0Z Submitted into the public record foliitcl (s� on C%L%1 r ► . City Clerk 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 dub 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. D RAF`I- JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINA 19 Miami Outboard Club 17-180-02 Submitted into the public record fo ite> i(s L S� on -- 1 . City Cleric 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 28 2' 22. ,i.P j . y ' . 22.4% 35 - 44 15 4° 18. „. 17 15.5% 18.3% 16.8% 45 - 54 16.77 1.a ' 12. 4.6% 12.4% 12.4% 55 64 10 6.5% 9.1% 10.3% 65 - 74 11.9 } .7% 7 13.4% 1 6.2% 8.4% 75 - 84 5.1% .7% 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 JOSEPH J. BLAKE AND ASSOCIATES, INC. NEAL ESTATE VALUATION AND CONSOLTINO 20 Submitted into the public record for lien (s) II±Aeatni Outboard Club 17-180-02 City Clerk 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 Households Families Owner HHs Median Household Income 3 mile Radius Population Households Families Owner HHs Median Household Income 2.50% 1.29% 0.84% 2.55% 1.21% 0.79% 2.49% 1.13% 0.72% 1.68% 1.09% 0.73% 2.21% 2.52% 1.89% Area State National 1.73% 1.29% 0.84% 1.79% 1.21% 0.79% 1.66% 1.13% 0.72% 1.23% 1.09% 0.73% 3.30% 2.52% 1.89% Source: Site To Do Business Source: Site To Do Business JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANO CONSULTING 21 Miami Outboard Club 17-180-02 Submitted into the public �� record for itez (s on ck/D/ 1'1 . City Cleric 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. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CDNSOLTINB 22 Miami Outboard Club 17-180-02 Submitted into the public record fo itef (s) l� , on � / fl . City Clerk DESCRIPTION OF THE SITE SITE DETAILS ADDRESS 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 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 Rav, The st.E1,ec1t i:, r.r_c' ,i lzz via the ti..r Causeway Ramp, wnicF :0nrwEr.5 to ichimu which the subject's •. is Ie,rt:-d. sui;•;E:0t site is ir# gUlor in shape. The so I conditions observed at the suuject 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 J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION ANO CONUOLTINI 23 )titboard club 02 DESCRIPTION OF THE SITE TOPOGRAPHIC SURVEY FrOpolanarsaasionvirr 4717i Q 4 L R Mara Submitted into the public 2 record for item(s) m(s) E, on (1/W I-) City Clerk • • aS. o� \,,.. A \\\\\ \\\ \ \\ JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINI 24 Submitted into the public record f r ite n(s) _ cl City Clerk Miami Outboard Club 17-180-02 DESCRIPTION OF THE IMPROVEMENTS DESCRIPTION MARSHALL VALUATION SERVICE CLASS MARSHALL VALUATION SERVICE QUALITY CONDITION YEAR BUILT EFFECTIVE AGE TOTAL ECONOMIC LIFE REMAINING ECONOMIC LIFE CONSTRUCTION TYPE CURRENT OCCUPANCY LAND TO BUILDING RATIO FLOORAREA RATIO} PARKING Ts'PE PART ING SPACES WET SLIPS DRY SLIPS GENERAL DETAILS 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. C Average Average 1958 35 50 15 Concrete Block with Stucco 100% 21.80 (Based on uplands and upland improvements) 0.05 { ;i:,i" :iri Lplard�:, and uC lar:i improveme par!: ips 1 dry s1i+ l y iace5 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 25 Miami Outboard Club 17-180-02 Submitted into the public record foy item (s) s3 ;� I/ L i11 . City Clerk 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. ZONE DETAILS ZONING AUTHORITY ZONING CODE ZONING DESCRIPTION PERMITTED USES ZONED DENSITY/FAR MAXIMUM LOT COVERAGE COMMENTS 40. Based on a review o bjeet i n City of Miami CS Civic Space Marinas, by right. Uses 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. .3 25% 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 c4� : to regulad .,r.g qiiiiiririporptorAve abutting Transect Zone jt aishowilby City of M'.i mF", Parks and Public Spaces J�:ast; 'an Oth0r ,tdlu:;trrents to th . regulations shall be ,3pprn'f.:d by praceas ,if exception,. relation to 'the CS zoning d rict, it appear ile subject is a legal and permitted by warrant include: food 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. JOSEPH J. BLAKE AND ASSOCIATES, INC. NEAL ESTATE VALUATION AND CONSULTINI 26 There is no application for the Non Homestead Cap as it applies automatically. Miami Outboard Club 17-180-02 'j� 4 J On �/ / l City Cleri Submitted into the public record fo ite (s) 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. • • Changes ,irr ownersh p and_ use reset., the Non ■ u ii , .iga i.ta5q year following the change Fur exT1-1.3142, f-li g 'hor ad e _ tnp ic^ ,-)pp Tcat'.•.) removes the Non He~ estcad Cap, • The Non-Homeat cad Cap limits in BC; 'd i!..se.ssrrtRits.4 ue tc, 10%, excluding School Therefore, in times of i ncreasi-ig v luus, the val.eo (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." JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 27 Submitted into the public record fo itet (s) �L, �) Miami Outboard Club 17-180-02 The following table summarizes the subject's assessment and taxes: IA 11 Parcel ID 01-3231-000-0013 Assessment Year 2016 Tax Authority Land Value Tax Authority Improvements Value Tax Authority Other Value School Board Assessment Municipal Assessment School Board Millage Rate Municipal Millage Rate Total Tax Rate Tax Rate Per Taxes Special Assessments Taxes with Special Assessments Early Payment Discount Percentage Total Taxes $1,246,686 $253,314 $0 $1,500,000 $268,357 $7.3220 $14.5036 $21.8256 $1,000.00 $14,875 so $14,875 4% $14,280 Assessed value on properties with homestead exemption is the base year market percentage factor (3% or Consumer Price Index (CPI), whichever is less), plus new • Assessed value cannot exceed market value. • On propertoes that do nal: h_7'fe horn esr.ead <._'-$',v"' T ;_'ia3 1 'w l City Clerk TAXES value, adjusted for annual construction. _.e a- market value are synonymous. Florida law requires the Prc:7)r.rty ACprikc- asses III of ertae t rrWkelkalt.it as of January 1, of every year. To acccmplisl t ' taa<, 'roma rr pri r'rcdr are used in : roperties_ For example, January 1, 2015 property assessor r is are b, '; r.# an :ales activrrr. 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. JOSEPH J. BLAKE AND ASSOCIATES, INC. NEAL ESTATE VALUATION ANC CONIOLTINA 28 Miami Outboard Club 17-180-02 Submitted into the public record foti ite (s) \t, , 3 on 9 /L / 1 City Clerk 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 $4 billion. Demand is driven by ownership rates for power boats and sailboats. The profitability of an individual marina depends on location and good marketing. Large companies have the resources to advertise and negotiate better prices with suppliers, builders, and maintenance firms. Small companies can compete by offering customized services or preferred locations. The US industry is highly fragmented: the top 50 companies account for about 15% of industry revenue. More than 90% of US marina operators have only one location. According to 1 i-stRt5ea rd the pr iv aryl driver of revs pt... near eve, marina he slip rentals. The main business of marinas is rk: nting ;iiip, lcl cks e spz..r a) una neon*i cared b 6ysl. Marinas also sell fuel and other items and provide P1 Inter,:$r ce teryiees. About 40 o' industry rev nut comes from slip and storage fees, 15% from rnair*!c' a wr ::e and 10% frdrn fuel sales Other sources olirevenue include sales of food (5%) and marine equipment (5%). Revenue by Product - US Census Bureau Shp &storage fees. 40% Maintenance. 11% - Fuel. 10% - ©ther.3'S% Source: FirstResearch JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONHOLTINO 29 Miami Outboard Club 17-180-02 Submitted into the public record t r itc (s) on la City Clerk 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 expui`, .� F:� + }6.1 �o l w down ,L'.' in 2u1 ; J dts a.° e LOWil b 7 to 208,532. • Total engin ales: inc.! _,: ;rg t,;' :�ry r;b ard, lOcard ; c± s*_rr:l to e°-1,r,_=. were 243,200 units, up 3.4 in 20_4 • Outboard e nes sa,e ,we up 4.S .. to 218,400 un o,s. rffta;1 sales rozic'}ed $2.5 billion, up 8.6%. • A,f'e 'ma-ket cesso ale otale i $5..6 ion in 20 ;1, Rn increase of 14, • Americans a-e #, to th ater: 3 ' of the U a u!t poptilatiti -8 '.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 Tess 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. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CDNSULTINO 30 Miami Outboard Club 17-180-02 Submitted into the public record f r iteT(s) , 3 on��l�i / 11 City Clerk N0.OFADULTS GOING %OF18+WHO YEAR BOATING iU ) WENT BOATING 1990 67.4 1991 672 1992 67.9 1993 68.7 1994 69.6 1995 70.0 1996 70.7 1997 71.3 1998 69.0 1999 682 2000 67.5 2001 62.1 2002 65.5 2003 63.0 2004 63,4 2005 57.9 2006 60.2 2007 66.4 20iJ8 70.1 2009 65.9 2010 75.0 2011 82.7 t . 2014 as 36.5% 36.3% 36.1% 362% 362% 35.6% 36.0% 351% 33,4% 32.3% 29.2% 314% 28.9% 28.8% 26.0% 26,6% 29.2% 30.5% 28.3% 32,4% 34,8% MARKET ANALYSIS ce 1 i M ,c `. ..101 ASstici41 Val, Statistics Depart lit, 2015 The following chart ,urnmaaril.= : the ne.n f ,. (adults in the U.15 involved in boati activities: JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 31 Miami Outboard Club 17-180-02 100 90 80 70 60 20 10 Submitted into the public record for ite (s) • 3 MARKET ANALYSIS City Clerk 35% 5% © rr _ ai DX '90 '91 '92 '93 '94 '55 '96 '97 '98 '59 '00 '01 '02 133 '04 '05 'fib '07 '08 '09 "10 '11 '12 '13 '14 % OF 18+ WHO WWI BOATING i♦ !JD OF ADULTS GOING 80ATI% MILL r{iIhintw imi i:' :111111'040K dr IS.-°, ¶ I1rr`ifi "f .. Boating Registration Boat registrations v4er : up ] .a5 , I+r 'J 1-1 ti 'ng to a tots ,iof 3 million co ared to 12,1 million the previous year. However, wrver, the total rah, . oecre -i n:11 ki.4.5tA ri use during -I declined 0.6% to 15.8 million. - - JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONIULTINA 32 Miami Outboard Club 17-180-02 Submitted into the public record f itei%{s) E , 3 on 0J/ L%/ 11 . City Clerk MARKET ANALYSIS The following charts summarize the number of registered and non -registered boats: YEAR 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 RECISTERED/DOCUMEUTtD 110N-REGISTERED TOTAL BOATS (MI WOKS) BOATS (MILLIONS) IMF 10.8 4.9 15,7 11.0 5.0 16.0 11.1 5,2 16.3 11.1 5.1 16.3 11.3 4.9 162 11.4 4.8 162 1 #.7 3.6 154 121 3.8 15.8 12.4 3.8 162 127 3.7 16.4 128 3.6 16.5 12.9 4.0 16.8 13.0 4,0 17.0 129 4.2 172 12.9 4,3 172 129 4.5 17.4 13.0 4.6 17.7 12.8 4A0 16.8 13.0 4.0 16.9 12.8 r :. ; _._ 1+ir 128 L .. .` ili .. 12 12 123 16 f'r 1Si Source: National Marine Manufacturers Association, Market Statistics Department, 2014 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 33 Miami Outboard Club 17-180-02 20 18 16 14 12 10 a 8 5 — �4 1 ;2 to Submitted into the public record fo item(s) �z `�I f 2� I 1 . City tiler '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 "13 MARKET ANALYSIS ■ NON-RE6i5TEF ) BOATS FEGSTITEWDOCUMENTED BOATS Consumers spent $ 4 bllliot on ew .,r , erb• aaar engines, boa' railer: and aftermarket accessories cc:I lective up 3% fro 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 J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINII 34 Miami Outboard aub 17-180-02 Submitted into the public record for item(s) T1 on __VW 11 . City Clerk MARKET ANALYSIS The distribution of new powerboat, engine, trailer and accessory purchases by state are shown on the following chart: %LATE AL AK AZ AR 8A CO CT 1E DC CA 15 l M 55 tA ME MD MA /44 SF; NC MT Mi MLA ND OK aR M N SC SD Tit TX w Y7l WA MN TA WY NEW O411300010 NNW 7%mows 11 1194,380.403 ;67853860 34 554,111.247 341231,410 37 253,801275 v4,158272 22 *06,369.861 453421,912 8 5278,486,427 418318,904 39 966,960,710 414464109 36 $78,839,501 515,752,194E 9 5410272.572 1111177,4E4 81 41731926 $,151.441 1 11278,184 311 $33115.493, 7T8 4198,347,754 5M,A613,9Q 43,914,883 1115.152.112 8E3683,507 542.85$259 Vaal ,B#2 111.606, 749 12 49 33 18 25 30 43 29 10 32 23 26 3 4 27 16 94 42 46 31 20 50 5 8 3E 19 24 28 21 44 14 411 15 2 41 48 17 19 45 7 33317.843,890 12,17,479 419,331,496 138193,22E V37525,575 5114,007,401 5122,916, t24 134 i13,804 451,519,843 50AT TNNLER8 92292,452 11249,099 12 542,8E6 18951, 77Q 1E4184E6 V..01,500 12,476,689 52235,392 122.586 331.471,966 11.75i1964 1251,479 51.,8117,179 111054,382 54.747206 91,315,08E 12 T05,028 113.390,891 12,530,724 14e48,a331 54,641,090 515.315197E S128749E6 $4619,192 9F.(127,100 &ielil�i -._. 2944 2012 2012 2411 AF1T TOTAL TOTAL TOTAL TOTAL ACCESSORIES EIIJITAEI % CROW E1141141411A{S EPI1ES ED19QtlE31 /191.2137,988: 1406 1387,797245 5415.534.981 5342,781,731 127213,911 II JI1I57 13,911 5139,486,586 9133436,796 5134,464.870 151.924,41& 5'112.427$4! 29.55 5107,020,112 187.034245 180,814237 5115 917,551szkenin 12,9% 5252,573,016 5374,312,066 1197,093.427 5171.5 •798( $i5;.774 S 20.6% 1452.187,154 5376248.321 909,723..300 3335,322,587 1411,11>1,C17 22.4% 591,102,313 557.206.996? S15,093.57? 539$3,0581138,2132512 9.55 9124,449,676 9124925,529 9117,829,141 580,.154,8E61 2142,744827 -47s 3�` 7,915 1062216,048 1457,8 1.756 5179,581 42.812,812 -2125. 53318.1195 313149E,074 13432212 168094 ,793 92„315,051.35; 22.55 51,890,96,93) 81,75 ,,194,199 $1,417,354145 4175,21119 5445,482,5111 11.45 14€52304,324 4374374,522 1332,423)>. 314144,247 127,051,545 11.25 1127,120,590 S25.583,945 524,33471 939.424,161 5001011190 71.45 V37,4351,948 $123.51.262 $102,087,214 $171,411XV $234, 11.742 4.9% 8319,573,935 33E3,1E1,131 1281.912.714 $1171351,899i 5237,215751 215 11728,448,402 5732.340.113 $186,5811AS 570,8n6,231 503,475467 •1.65 5175,201,471 1111.942,20E 5141,289536 12/‘748,41 451E 914,77 75,2119.132 1142,9110.713 82*724,39 r5i23,851456 KM 4477,416,5Z 3613.548,1326 SE6,713.515 0146r4 817.421.112 12.24. $149220,515 $164.5867167 6119,845,975 $2111.6111.752 1966 5228,426,444 $247.32,587 V0E841168 1221117112112 14% 9218.852,987 1209,712,826 6175,274,6484 1212.311.2211 13.45 $674,152.519 3516.183,993 9150,522.405 5504.491.552 196 9E79.883,831 * 0.574,704 5Q3,791735 5114,519351 17.45 1163,515,153 5174.328,914 5138,790,913 /34118112,1157 445 132117411,547 41311,9181,507 5274,53941F ,0S1,122 59E 634, r 3389,3193974 7�2J4 5 E131±, J 571,414,012 31.85 511.5 $48,111)1,907 140,041,574 11.49,10 51'1G,'1p'r•,482 $1108,042 517 11-",.111 056,406 11240,9.328 18 96 5 9; 524436,965 125,729,424 7.31E 154 32 e: 3641,746,754 $458267,011 3615. S.! ': 3t 55(17.639,782 5422.351.503 15.25 3` 'r! '., 5124 229 538 $74,974, 54 .456 9&1T17, 1171 ADAM $39 9.75 1299,349,9E2 13011,141,757 1346,924.796 53 253.581,1917 52g.561,545 1166 $205918,543 1Z14.93H,B71 3206,4e645 sigort 46J Q 4.4386 162,7114 717 1115.1141947 5.25 9174,967,070 $148,9131,402 8137,011.063 161,020,€40 16.641,580 5101821,908, 52.110.8431,121 151E 9260.772,931 1296.672.0116 1249,621,189 94921,799 1731,341 513412,274 157,827,102 25.3% 554132,378 584.567.041 144,850,951 575,8471,47 18245,995 51613.164507 5446.725.715 23.41E 5381,196,431 135 ,764,880 5278234.095 514710. 50 91974567 3 2441;•'' WAWA 481� 191337,616 334,575.226 9128,45.342 361,245,142 57.04455E $140.912,504','y 5751411, 07 15,2% 1906.92 ,124 1329,606228 3370,092.157 3171,547,193 12A.nzirta 1433.429.314' 51,711,11617,1106 MD% 11,150,052,350 51213443187 11324,110,052 351946,274 i1.805972 Ion.429,37Y 11004,185 14.341 $84,894,7115 577.,933,362 549,585.938 93,918,850 1570,587 512,332.1S7 104807,345 19.95 590,667,210 131170,646 129,353,194 359673,512 36..85(966 11141154281 5344,064719 9.81E 5312373,147 5317,65113W 9249,293.408 3534b14321 $7291,212 1108202,8113i, 31447,311,438 15.88, 1386,059.239 9377,478)25 1290,136,293 510,496,123 93282,107 37'e2.594529' 151462878 4.25 187.335,745 541241024 165,4711531 5103,721,843 511,737,381 53n904,112 550,175241 266 1E44;550420 5532959,370 33116,563J532 41 59,474,781 5(477,287 1615,271 612.21111019 1111,1143167: 27 IA 521,974506 536,9738.511 324:954,984 530,721,10 St89,535.576 614 3,762.424 391,454,M 372,488,3E2 334,163. 73 170.0.2€t3 8194,583.836 $3,753,315 9152,824,491 V 29.193,457 13372 092.998 $211,915.394 524,834.111 1147,747,;a60 336,334 78 V6,349.729 937 315 7601 1159 511996 19,841.e48 3 372018 $280,319, 1b4,327.49) $144,288,419 5f08,189.150 $54,167.3E1 9129,213,464 L46,555;406 5194,884,413 139,022,019 $159,319.462 Sfig20086 949' 571 120,158552 1142,954113 $235,260,401 1211,36EXIS Sim aIke stir etBlow odes iiiimpoinsir moan ilye boa fat aeimp wed Source: National Marine Manufacturers Association, Market Statistics Department, 2014 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND OONSULTINO 35 Miami Outboard Club 17-180-02 Florida Overview Submitted into the public record f9r itc n(s) �3 an linci fl . City Clerk 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 hid 0,1 :r'Fq1 its Own mega yad^rt marina as part ct a two -hose' project on Watson Island, which stalled du it -he C]nt:"ii= d4nturn. rla .stone to create th,:: marina first, hoping it would help generate re',, , .e 3rui crive findr>Ief(rg for :: ue",r: projectoi The $1 billion ; o f�k, know r. as v.and Gard reps ;,2rks a ,:irtnership be....vtr the Flagstone Property Group and the City of Miami. 7- developmat 01 include a full service superb W°r 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 J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONHOLTINB 36 Miami Outboard aub 17-180-02 Port of Miami Submitted into the public record ti: r item(s) ��, on ° N / i City Clerk 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 ASSOCIATES, INC. REAL ESTATE VALUATION AND CDNUDLTIN6 37 Miami Outboard Club 17-i80-o2 Submitted into the public record fo ite s) , 3 on q11 x �'� City Cleric 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 Aboa-o - Lift Rates Occupancy: Average Boat Length: Maximum Boat Length: Maximum Boat Draft: Dock Style: Fuel: Repair Facilities: Amenities: Comments: Marina Comparable 1 Bayshore Landing Marina 2550 Bay Shore Landing Drive, Miami, Florida a}RAF 1.jnth S 3 00(Lf/Da - N n1 S�,fn() to $2.200 Flat Rate Mont 100% 56' 85' 9' Concrete and wood Yes Gas and Diesel No 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 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. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSOLTINB 38 Submitted into the public record f r iterr (s) ._ Miami Outboard Club 17-180-02 City Clerk MARKET ANALYSIS Marina Comparable 2 Name: Location: Grove Harbor Marina 2640 South Bayshore Drive, Miami, Florida Slip Rates: Wet Slips - $35/LF/Month Outside Racks - $27.84/LF/Month - $30.73/LF/Month Transient - t 'i i j Occupancy: 1/11 Average Boat Length. 53' Maximum Boat Maximum Boat r,j. 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, INC. REAL ESTATE VALUATION AND CONSOLTINA 39 Miami Outboard Club 17-180-02 Submitted into the public record forite (s) can L`c 1 -- C.:ity Clerk MARKET ANALYSIS Name: Location: Slip Rates: Wet Slips - Moorings - Transient - Additional Live 3.ara-ird - Occupancy: Average Boat Length Maximum Boat Maximum Boat Draft: Dock Style: Fuel: Repair Facilities: Amenities: Comments: Marina Comparable 3 Dinner Key Marina 3400 Pan American Drive, Miami, Florida $17.70/LF/Month $23.36/Day to $322.43/Month - 534, /LF/F.1on $22.70/LF+` :'c'n?h r 7' Wood and Concrete Gas and Diesel Yes Security, ship's store, showers, laundry facilities, Internet access, US Customs clearing, located in Coconut Grove 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. REAL ESTATE VALUATION AND CONSULTING 40 Miami Outboard Club 17-180-02 fubmittcd into the public — reccsd r,/trr)(s on1 � J l City Clerk MARKET ANALYSIS Name: Location: Slip Rates: Wet Slips - Transient - Marina Comparable MiaMarina at Bayside Marina 401 Biscayne Boulevard, Miami, Florida $17.70/LF/Month $2.85/LF/Day - $34.00/LF/Month Occupancy: r N 100`E Average Boat Length NA Maximum Boat u_ .;nth: 150' Maximum Boat D .)f- 7' Dock Style: and Concrett. 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 J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONtULTINA 41 Miami Outboard Club 17-180-02 ",;,,arreC] into the public c ``- (s) °l L / 11 City Clerk MARKET ANALYSIS Marina Comparable 5 Name: Location: Slip Rates: Wet Slips - Outside Racks - Pods - Jet Ski Storage - Transient - Additional Live A Occupancy: Average Boat Length: Maximum Boat Length: Maximum Boat Draft: Dock Style: Fuel: Repair Facilities: Amenities: Comments: Rickenbacker Marina 3301 Rickenbacker Causeway, Miami, Florida $35.00/LF/Month - $40/LF/Month $310/LFWD nthl $95O/MOn 5380} v urptil - S1.50./Mi b $5. /Lf/Day - S8 001LF/Darr 5145/Morl?1 - $545/Mpntli i 100% 45' 100' 9' Wood and Concrete Gas, No Diesel No Restaurant, security, ship's store, showers, laundry facilities, Internet access, located on Virginia Key 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. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONHOLTINA 42 Miami Outboard Club 17-180-02 Submitted into the public record fqr ite n(s) on `�/ / S J \ 1 . Clerk MARKET ANALYSIS Marina Comparable 6 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. Miami Beach Marina 300 Alton Road, Miami Beach, Florida r $31.00/LF/Month - $60.00/LF/Month - S#.i 0/LFlu.iy $-4 . LF 'Ma:• +i.` - 40 foot min. 420 12' Wood and Concrete Yes Gas and Diesel No Security, comfort stations with facilities, 24-hour dock attendants restaurant, marine store, dive charters, rentals and brokerage clearing, cable and Internet access, in Miami Beach laundry and shower and pump -out services, shop, grocery store, services, US Customs swimming pool, located JOSEPH J. BLAKE AND ASSOCIATES, INC. NEAL ESTATE VALUATION AND MARTINI 43 Miami Outboard Club 17-180-02 Submitted into the public record fo ite (s) t .2) on ��L City Clerk MARKET ANALYSIS SU MMARY The comparable marinas are summarized on the following chart. Annual Seasonal Monthly Transient Rate/IF/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 - $4.50 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 The adjustment for -cali:z.s that s of wt rid development as well as those easily accessible and well s:roty::t c frcni ..areather t I elem ally rent for more per LF than properties in areas that do not e`tr1'ai tes, Ir other f o held con ston'. 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 Biscayne Superior Similar Superior Superior Downward 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. JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING 44 Miami Outboard Club 17-180-02 Submitted into the public record foiiitern(s) tin If / City Clerk 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 : a 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 Good Good Good Downward 2 Good Good Good Downward 3 Average Average Average None 4 Good Good Good Downward 5 Good Good Good Downward 6 Good Good Good 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 remainr;W 5 J can accor, mcraate 35'. Only "a coup eR slips can accommodate a 40' vessel. Ccmpard nle Max, Beat Length Overall Adjustrnmt t 88' 5uperk: r Downwar 2 150' Supc"(' Downwars 3 175' Superior Downward 4 150' Superior Downward 5 100' Superior Downward 6 250' Superior Downward Amenities The number and quality of available amenities at a marina tend to make it more or Tess 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 Superior Superior Downward 2 Superior Superior Downward 3 Superior Superior Downward 4 Superior Superior Downward 5 Superior Superior Downward 6 Superior Superior Downward JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING 45 Miami Outboard Club 17-180-02 Submitted into the public record fo �� on I Cat}'Clerk MARKET ANALYSIS MARINA RENT COMPARABLE CONCLUSION 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 17 :;ii-,r waterway access that is hindered by .1.,:torn s, T 1bj t wet slip, are .Neil Dr tected: and a�-: situated in close proximity to Miami ch, Ba ornhe cor'-,pa -;t .s, .vet :,r AiC7 to the fol i,vvirlq average wet slip fees for the subject: An •al Rates 520,D0 Seasonal Rates $30.00 Monthly Rates $20.00 , C,e y Rates 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 5 $ 30.00 6 $40.00 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND COIISOLTINO 46 Miami Outboard Club 17-180-02 Submitted into the public rp record for �itc (s) Cl q- C �- _ 1.1 City. filer!,. 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/IF/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 The marina business Is very ,,c,n:,,.,ve to the nal,on3 e.:ur. -1 , rd typically, whe:• the economy is doing well, marinas also do 5;e .. iI. CurNo;.iy, &o. ae,tir_ -,if et_orconsider to be weak. However, despite this factor ocoL'oa nc,• evcl amongst .1.1.:nas is stror . This is a passibl esu t. of the lack of new marina construction with . tie 5r nth Florida area,,Ine pe-mitt r process assoc eo with the construction of new marinas is vir4L;711y as a result of envi-o'rrr2nta issues. As suc r, 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 S%. 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. BLAKE AND ASSOCIATES, INC. NEAL ESTATE VALUATION AND CDNUULTINA 47 $1,462,926 95% $1,389, 779 Miami Outboard Club 17-180-0z Submitted into the public record for itet s) ��,�1 City Clerk 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 $7,573,294 95% $7,194, 629 age R 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: 2% Dockage Revenue $1,505,876 Comparable Base Rent % Rent Confidential Bayshore — Monty's Miami Yacht Club Coconut Grove Sail Club Grove Harbour Marina Rickenbacker $320,000 10% of gross receipts $277,586 15% of gross receipts $49,080 9.0% of gross revenue in excess of $380,000 $30,000 or 7.5% of gross revenues $550,000 or 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 $360,000 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. BLAKE AND ASSOCIATES. INC. NEAL ESTATE VALUATION AND CDNSILTINB 48 Miami Outboard Club 17-180-02 Submitted into the public retard rc - iten(s) C 'i 11 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: ategare 4 r Stor d T•_' Dry SLyag, iucl Doc < 1 L ,:0L % Rerit 5% 5% JOSEPH J. BLAKE AHD ASSOCIATES, INC. NEAL ESTATE VALUATION AND CONSULTI U 49 Miami Outboard Club 17-180-02 Submitted into the public record for ite I (s) 17 City Clerk 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% Excess of ,a. 0,U:'0 Marine Fueling: 9% of 4.,r . rev .n::es;n Exr ess of 5380,000 Comparable D Category _ > of Base Rent @ $360,000 or % rent @ 10% of Gross Receipts > of Base Rent @ $360,000 or % rent @ 5% of Gross Receipts > of Base Rent @ $360,000 or % rent @ 5% of Gross Receipts Boatyard: Marina Service: Marine Fueling: 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 AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING 50 Miami Outboard Club 17-180-02 Submitted into the public record for item(s) 4,3 on I!!L9 / 11 City Clerk 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 Sales 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 Revenue Percentage Rent F Abair L3T:rr:.r'::i Rent Base Re7 1131.97 NiA $113,897 ' Wet Slips$1,3 A.984 15' . $204,298 Dry Slips Alli I `1t3,893 15'', 6 $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 $255,8131 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CDRSOLTINA 51 Miami Outboard Club 17-180-02 Submitted into the public r record forite (s) _ G r 0 ���� Cit., t,lcrk cfn 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 rt y hylantlftPandi:i; ns_ JOSEPH J. BLAKE AND ASSOCIATES, INC. NEAL ESTATE VALUATION AND CONSOLTINB 52 Submitted into the public record f r iter(s) Miami Outboard Club 17-180-02 ADDENDA DRAFT JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CDNSULTINI MIAMI 21 AS ADOPTED - MAY 2010 Submitted into the public record fo ite can City Clerk ARTICLE 4. TABLE 4 DENSITY, !NT PARKING (CONTINUED) C - CIVIC CS -CIVIC SPACE CI- CIVIC INST1Tt OI4 CI -HD - CIVIC INSTITUTIONHEALTH DISTRICT NIA DENSITY CFAf3UTT1NG ZOI 150 WITS PERACiL'- RESIDENTIAL All intensity, parking and loading regulations to match that of the most restnctive Abutting zone • Parking requirement may be reduced according to the Shared Parking Standard, Article 4, Table 5. • Minimum of 1 Bicycle Rack Space for every 20 vehicular spaces required. Uses are permissible as listed in Table 3, limited by compliance with: • Density and all intensity, parking and loading regulations to match that of the most restrictive Abutting zone. • Minimum of 1 parking space tor every 800 square feet of Residential Use. • Loading - See Article 4, Table 5 LODGING • Minimum of 1 parking space for every 800 square feet of Residential Use. • Li::klahq - See Article i, Table 5 OFFICE Office Uses are permissible as listed in Table 3. • Minimum of 3 parking spaces for every 1,000 square feetof Office Use. • Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). • Parking ratio may be reduced according to the shared parking standard. • Parking may be provided offsite in CI, D, 75 or T6 within 500 feet through a parking management pfantzone. • Minimum of 1 parking space tor every 800 square feet of Office Use. • Loading - See Article 4, Table 5 COMMERCIAL Commercial Uses are permissible as listed in Table 3. • Minimum of 3 parking spaces for every 1,000 sf of coin- merciat space. • Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). • Parking ratio may be reduced according to the shared parking standard. • Loading - See Article 4, Table 5- • Loading ' +15 MOON Ir. .. -3, »l lie arccon. modeled 1 sr- Commercial Uses are pemvssible as listed in Table 3, limited by compliance with: • Building area allowed for Commercial Use on each •. shall be less than 25% Building floor area total. • Minimum of 3 parking spaces for every 1,000 sf of corn- merciat space • Minimum of 1 parking space for every 7 seats in a Major Sports Facility required any rc.ducti araung tyc .rsdur dry) to the shared aerL • far redec arin Facility .n ar mcater Station, or mass Ir .'lenityby .MI • i" jai.. i - See A-r! 4Lt... • Loading needs, including maneuvering, shall be accom- ii'r l.l'Ad on str • Minimum of 1 parking space for every 800 square feet of Commercial Use. • Loading - See Article 4, Table 5 CIVIC Civic Uses are permissible as listed in Table 3. • Minimum of 1 parking space for every 5seats of assembly uses. • Minimum of 1 parking space forevery 1.000 sf of exhibition or recreation space, and parking spaces for other Uses as required. • Minimum of 1 parking space for every staff member for recreational uses. • Minimum of 1 parking space tor every 500 sf of Budding area tor recreational uses. • Minimum of one Bike space forevery 20 vehicular spaces required (before any reductions). • Parking may be provided offsite in CI, D, T5 or 76 within 500 feet through a parking management planizone. Civic Uses are permissible as listed in Table 3. • Minimum of1parking space forevery5seats ofassernbly uses, • Minimum of1parking space forevery1,000slot exhibition or recreation space, and parking spaces for other Uses as required. • Minimum of 1 parking space for every staff member for recreational uses. • Minimum of 1 parking space for every 500 sf of Building area for recreational uses. • Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). • Parking may be provided offsite in CI, D- 75 or 76 within 500 feet through a parking management plan/zone. • Minimum of 1 parking space tor every 800 square feet of Civic Use. • Loading - See Article 4, Table 5 CIVIL SUPPORT Civil Support Uses are permissible as listed in Table 3. limited by compliance with: • For Civil Support, a minimum of 1 parking space for every 1,000 sf. • ForManneUses,aminimumof 1 parking space for every 5 slips Civil Support Uses are permissible as listed in Table 3, limited by compliance with. • For Civil Support, a minimum of 1 parking space for every 1,000 sf. • For Assembly uses, a minimum of 1 parking space for every 5 seats. • For Marine Uses, a minimum of 1 parking space for every 5 slips. • Adult Daycare - Minimum of 1 space per staff member and 1 space for owner. • Minimum of 1 parkin space for every 800 square feet of Civil Support Use. • Loading - See Article 4, Table 5 • EDUCATIONAL Educational Uses are permissible as listed in Table 3. limited by compliance with: • Minimum of 2 parking spaces for every 1,000 st of educational space • Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). Educational Uses are permissible as listed in Table 3, kmited by compliance with. • Minimum of 2 parking spaces for every 1,000 sf of educational space • Childcare Facilities - Minimum of 1 space perstaff member 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 Educational Use. • Loading - See Article 4, Table 5 IV.16 Submitted into the public record for item(s) on City Clerk \•ra'', ,i\s•t v. x ` wa itIMM urn.l. r litit rvytu1„ rn = ..•,.1.1 v-w vvcv. . `1ivt ,;, , r.:�.,� ,,,\, •,�\.,., > \ s. ��\ ,. 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Numbe,rn.x, L:l,:wst:,,i,l t; ><,1: tl'r. Commun ty Number Uf, Lu��7',,,rp ::a I: ::[a�nl>P �,xl:lrn fa lle MAP NUMBER MAP REVISED EPTE S M B E R 11, 2009 encr'Management Lencv _ Tn�s 15 an cffiel.,l :,oK,y of a Pcrt.: 1 �n of tilt: atrirvc rt:'ercnc:^c! flood ma', rri ;1..-uin F-Nli t CM-1 :TIP 'h �; rnn ; doHa r.nt ,e4eot enanr v am<-.lamer.±n which way na+:3 bean made-,:.kas,=qur•nt to tha deis or.:hc• :r•Ic bloc,. For motlrlc t >nfon naticm :ibo;rt t atlo 1 aI Flood Int;,alancc F'rogi, n 11.>nd u:upu :.:lock theI t-MA 1 lun:Y Map : rtot, at IAVVI, msr tem_I go,• \"ia, ,., `,. ' ;..'., \ .: \, .. , .: '\' >i a,`.eat\;: ',. .^;'; Z; ,: x,., .+ ��'��`,..,-f• � `:\',` \,:..... ...:..:\ .\ ,\ .\ \ :., -. • `- "-'`.•\ \, •.\.\ -: \� ( >2\ ..\\w,r•r;A:,l :\'\ �\ i�+'�, ^,'\'. <.�\�.,a':• �.,\.i','� �, \�( •;,\.,: a' �a>;a, ,. .\\..a, .,, .\ .\ .�„a \ ,•a .., .\ .,> ,, ,.. ,,. \ .\;.\ • \.)\.\v<\\.\�..aj.:;:j: a',?.\.,, +: �k .�'`' +: \'e\ ` \ �=�i2,'`:�.,�� w`, . \: .r ....,. — _ _ ._. _ _ _ _ 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 FOLIO NUMBER MUNICIPALITY MILL CODE 01-3231-000-0013 CITY OF MIAMI-OUT BOARD ASSET MANAGEMENT DIVISION 444 SW 2 AVE STE #325 MIAMI, FL 33130-1910 MIAMI Property Address 1099 MACARTHUR CSWY 0100 Exemptions: Submitted into the public 11J- record f r her()) City Clerk on LA I 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 7.13800 1,500,000 0.18400 268,357 0.03200 268.357 0.13590 268,357 0.14770 268,357 0.04710 268.357 0.50000 268,357 4.66690 268,357 0.40000 268,357 0.28400 268,357 7.64650 0.64350 NON -AD VALOREM ASSESSMENTS Save Time. Pay Online. www.miamidade.gov 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 t RETAIN FOR YOUR RECORDS t 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 [Combined taxes and assessments $14,875.15 2016 Real Estate Property 4- DETACH HERE AND RETURN THIS PORTION WITH YOUR PAYMENT a Duplicate public user 06/106/12/2017 Taxes FOLIO NUMBER 01-3231-000-0013 PROPERTY ADDRESS 1099 MACARTHUR CSWY LEGAL DESCRIPTION 31-32 53 42 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 IH III I 111 II 11 I 111 11 1 3 2 3 0 0 0 0 0 1 3+ Make checks payable o: Miami -Dade Tax Collector (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, Muni, FL 33128 PAY ONLY ONE AMOUNT If Paid By Please Pay Nov 30, 2016 $0.00 4111111111111111. - - — 11.111111111117 1000000000000000000132310000013201600000000000000000000004 Submitted into the public n record on qfite(s) `Z�� City Clerk MIAMI OUTBOARD CLUB, INC. FINANCIAL STATEMENTS MARCH 31, 2016 DR,AFT 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 F iNAWkA L ST.- a LME 1 �T a Submitted into the public a r record f r iteip(s) 1"1 C .3 on ° 7 / 17 . City Clerk SUPPLEMENTARY INR INOEPENDENTAUDITORS° E7.CFT ON SUPPLEMENTARY INFORMATION 10 SCHEDULE OF PERCENTAGE RENT 11 1 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 Accountants INDEPENDENT AUDITORS' REPORT To the Board of Governors of the Miami Outboard Club, Inc. 1099 MacArthur Causeway Miami, Florida 33132 81990 Overseas Highway, Suite 202 Islamorada, FL 33036 P: 305-735-4325 F: 866-463-0819 Submitted into the record f r ite}n s) , 3 on 9/public �� �,g/ �� • City Clerk 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. An audit includes ' ing, o rases, eveel.ng tho ter*': o.i:r- and disclosures in the financial s n r tJ .i clud: less a ac,c :,L'n`irt 7 r r;ry y; used and significant a st.r-rat made nags t, a s ev atin+ the ovigailfinancial statement presentation. We believe t t „ +rc+ri� . son w 's for Mr opinion.. In our opinion, the financiNT stalents _ d to ab esent fairly, aI1 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. T/24,1C4494/14 Pribramsky & Associates February 23, 2017 pribramskycpa.com MIAMI OUTBOARD CLUB, INC. STATEMENT OF FINANCIAL POSITION MARCH 31) 2016 ASSETS Submitted into the public � /� record fojj ite (s on /2 � City Clerk CURRENT ASSETS: Cash Unrestricted $ 25,470 Temporarily restricted 105,417 Accounts receivable 27,293 Inventory 43,355 Prepaid expenses 23,226 Total current assets 224,761 PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1,362,667 1,226,384 OTHER ASSETS 8,894 TOTAL d', -i LLABILrrI[ EC3LJITf 1,4t30�O39 CURRENT LIABILITIES: Accounts payable $ 48,296 Accrued expenses 58,733 Lineal nee;'income . 68,492 Other payabies. 2,100 TOTAL LIABILITIES 177,621 MEMBERSHIP EQUITY: Unrestricted 1,177,001 Temporarily restricted 105,417 Total membership equity 11282,418 -- ILIDES.ANt7 M`=MRRRSHIP_t UITY $ 11460,039 Tho accompanying notes are an integral part of €;peso financial statements.. 2 MIAMi OUTBOARD CLUB INC. STATEMENT OF ACTIVITIES FOR THE YEAR ENDED MARCH 31, 2016 SUPPORT AND REVENUES: Submitted into the public record fo ite (s) °p City Clerk Temporarily Total Unrestricted Restricted Membership $ 369,482 $ 47,040 $ 416,522 Restaurant 339,433 - 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 NetAssets Released from Restrictions: Annual appr priatrpui,aa reserve tar ipitai +rnprovemelts EXPENSES: Program services: Food Bar Storage and leasing Special events 1,518,509 90,443 1,608,952 560,547 325,663 260,459 178,717 560,547 325,663 260,459 1781717 .Total program services 1,325,386 - 1,325,386 Support services: Management and general Total expenses 376,488 - 376,488 1,701,8'74 1,701,874 CHANGE iN MEMBERSHIP EQUITY $ c131,136� $ 38,214 $ (92,922) The accompanying notes am an integral part of these financial statements. 3 MIAMI OUTBaARCCLUB, INC. Submitted into the public record fob iten2(s) �� on of 1,� l i 1 . City Clerk STATEMENT OF CHANGES IN MEMBERSHIP EQUITY FOR THE YEAR ENDED MARCH 31, 2016 Balance, beginning of year Change in membersh;p equity Balance, end of yet. UNRESTRICTED TEMPORARILY RESTRICTED RESERVE FOR CONTRIBUTED ; GENERAL TOTAL CAPITAL CAPITAL IMPROVEMENTS $ 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 accompanying notes are an integral part of these financial statements. 4 MIAMI O1,1TBOARD CLUB, INC. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2016 CASH FLOWS FROM OPERATING ACTIVITIES: Submitted into the public p record for ite (s) on QI/ ? / 11 . City Clerk Change in 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 Accrued expenses 38,739 Other payables Net cash pr:,:./.!_11 by ttrer t.ng actfvftles 98,013 CASH FLOWS rR '.! .-.;i;w E� Purchase of pr rpiJfty and fro,+lipp rt (52,229) Net cash used by investing activities (52,229) NET INCREASE IN CASH 45,784 . CASH, BEGINNING OF YEAR 85,103 CASH, END OF YEAR $ 130 887 The accompanying notes are an integral part of these financial statements. MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2016 Submitted into the public record fo itei �� 3 on 9/ L' 1 s 1 . City Clerk 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. Thoruerais rev e pri thr members ues. storage fees '+I)-,r and ritt,,laurant Basis of P rµsentatiu,! 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, 2016 Submitted into the public record r ite ) C 3 on /, 11 . City Clerk NOTE 1 7 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, 2016. Property and Equioment Property and equipment are recorded at cost and are depreciated over their estimated useful lives utilizing the straight -fine method. The Club follows the practice of capitalizing ail expenditures for property and equipment in excess of $1,000. ilymitririEs of fc" ;d, arcohol,r' ;'I'd :-Lcrl-alcohoDc beverages are stated at the lower of eme. or irta ket Ccst dc.retrriii i1 by the r:r rren: cost and market ; 'oasrrt Ate- Of r",: plaCeir r ; ;,t r r es'i rhated net recevable value. Membership Dues and Initiation Fees Membership dues, are recognized as revenue in the applicable membership period, Any unearned amounts collected iri advance are included in current liabilities as unearned iricome 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 or 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 MIA ""I OUTBOARD CLUB. INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2016 NOTE 4 — LEASE COMMITMENTS Submitted into the public C�3 record forite (s) on VIVO . City Clerk 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, 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 "CPr). Total rent expense under this lease amounted to $140,804 for the year ended March 31, 2016. credit Pe one of three (3) inn! Cit 3) ri Co issio :ease yeNINndire rylarcr 31, 2015. As te!" as !+` uerlt' et g i r". e rent for the Club's + nef+ting in r city children of the re de ' nate!1 by the City's 7,949 is aHatted for each event per of March 31,: 2016 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 far 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. As of March 31, 2016 the reserve account had $105,417. Submitted into the , J public a E 2 iccoici rite n --_� City Clerk SUPPLEMENTARY INFORMATION DRAFT 937 Fleming Street, Key West, FL 33040 P:(305)294-8137 F: (305) 294-1872 pribramsky company Certified Public Accountants 81990 Overseas Highway, Suite 202 islamorada, FL 33036 1': 305-735-4325 F: 866-463-0819 INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION To the Board of Governors of the Miami Outboard Club, Inc. Miami, Florida Submitted into the public record f. r ite t(s) on _ Ch/ 1 1—. City Cler 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 a ai\ is . ar quire =rt of taternertts. Such information gas not s eett the - pro dures appli the audit of the basic financial 1'Ements, s e = v o them. February 23, 2017 pribramskycpa.com PERIOD MIAMI OUTBOARD CLUB, INC SCHEDULE OF PERCENTAGE RENT FOR THE YEAR ENDED MARCH 31, 2016 Submitted into the public record f r it (s) E43 on clitS 11 City Clerk SALES OF FOOD SALES SUBJECT PERCENTAGE AND NON-ALCOHOLIC TO PERCENTAGE RENT BEVERAGES RENT INCURRED April 2015 $ 36,059 May 2015 45,821 June 2015 39,143 July 2015 36,937 August 2015 33,996 September 2015 24,221 October 2015 29,796 November 2015 22,586 December 2015 38,024 January 2016 36,123 February 2016 March 2 C 1, fi 41 , 5 Plus applicable sales tax Total $ 26,059 $ 2,606 35,821 3,582 29,143 2,914 26,937 2,694 23,996 2,400 14,221 1,422 19,796 1,980 12,586 1,259 28,024 2,802 26,123 2,612 ;,: r:J 1,560 4: f 3,342 291: 25 29,173 2,042 See independent auditors' report on supplementary information_ 11 Membership Restaurant Bar Rental income Parties and events Community Service credits Contributions Interest income Total support -and revenues MIAMI OUTBOARD CLUB, INC. SCHEDULE OF ACTIVITIES BY FUNCTION FOR THE YEAR ENDED MARCH 31, 2016 FOOD L'.'•\R 339,433 - � 53,950 a 27,2$9 • SERVICES STORAGE AND SPECIAL MANAGEMENT LEASING EVENTS AND GENERAL TOTAL Submitted into the public record forite (s) on aU / 1 . City Clerk SUPPORT SERVICES 361,202 $ $ 416,522 $ 416,522 339,433 237,763 361,202 18,091 - 99,330 47,693 47,693 106,006 106,006 1,003 1,003 393,383 2b5,051 361,202 171,790 417,525 1,608,952 (Continued) 12 I Bank and ciledit card charges Bad debt Contract labor Cost of goods sold Depreciation Entertainment Insurance Landscaping Licenses and taxes Other-1xpenses Payroll and related items Professional fees Promotion Rent space Repairs and maintenance Special events expense Supplies and uniforms Telephone Utilities Total expenses Total servicis MIAMI OUTBOARD CLUB, INC. SCHEDULE OF ACTIVITIES BY FUNCTION (CONTINUED) FOR THE YEAR ENDED MARCH 31, 2016 FOOD 11,758 21,816 233,284 11,436 12,895 799 188,670 34,310 5,142 1,308 39,129 560,547 :,095 4,525 5,237 STORAGE AND LEASING 10,796 2,465 29,616 11,840 69,789 SPECIAL EVENTS 3,507 39,614 50,788 5,431 - 117,575 29,080 - 20,602 61,828 6,847 325,663 260,459 178,717 $ (167,164) $ 60,611 $ 100,743 Submitted into the public record foir ite (s) r , on CO / 11 City Clerk SUPPORT SERVICES MANAGEMENT AND GENERAL TOTAL 12,479 5,181 11,445 1,816 40,621 13,686 16,203 15,446 10,079 151,134 14,400 10,457 12,998 15,962 14,459 6,096 24,026. 42,955 5,181 35,726 388,758 101,360 20,265 47,109 16,203 17,495 10,079 493,834 14,400 10,457 140,805 31,060 117,575 50,084 6,096 152,432 376,488 1,701,874 $ (6,927) $ 41,037 $ (92,922) 13 Submitted into the public record fo ite.. (s) h t , 3 on City Clerk MIAMI OUTBOARD CLUB, INC. FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION MARCH 31, 2015 Submitted into the public record f9r itern(s) on MIAMI 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 STATE OF CASH FL + NOTES TO FIN.`-.NCI.A.'..,. STATEMENTS . . 1 5 ......... 6 9 SUPPLEMENTARY INFORMATION: INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION 10 SCHEDULE OF PERCENTAGE RENT 11 SCHEDULE OF ACTIVITIES BY FUNCTION 12 - 13 City Clerk CERVETTA-LAPHAM & ASSOCIATES A PROFESSIONAL ASSOCIATION CERTIFIED PUBLIC ACCOUNTANTS rubrnift�edinto the public onrecord f r e t)s) City Clerk 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, 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 s 3 .ia-.:e require that we plan a-, vr`c, audit to obtain reasonable assur.. ; .het" r t rranc tatern W free of ater:.! misstatement. An audit includes ding the a unts and disclosures in the financial sta cccun g principles used and significant estimat made age tat, ev ating the O° er3lI financial statement presentation. We -' at our audit a .. a +n le basis for nui 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. e AtiXecjae--0 CERVETTA-LAPHAM & ASSOCIATES February 4, 2016 6609 SW 65" STREET, SOUTH MIAMI, FL 33143 - TEL 305 669 2701 FAX 305 669 9949 Email anaecervettalapham.com- www.cervettalapham.com MIAMI OUTBOARD CLUB, INC. STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED MARCH 31, 2015 ASSETS CURRENT ASSETS: Cash Unrestricted Temporarily restricted Accounts receivable Inventory Prepaid expenses Total current assets PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1,261,307 OTHER ASSETS TOTAL ASSETS LIABILI[TSlEIABF RS11.J EOLVY CURRENT LIABILITIES: Accounts payable Accrued expenses Unearned income Other payables TOTAL LIABILITIES MEMBERSHIP EQUITY: Unrestricted Temporarily restricted Total membership equity Submitted into the public record f r ite (s) f 1L r on oiIL 11 . City Clerk $ 17,900 67,203 53,550 53,495 35,444 227,592 1,275,515 8,894 3 S12 001 $ 47,144 19,994 67,423 2,100 136,661 1,308,137 67,203 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 SUPPORT AND REVENUES: Membership Restaurant Bar Rental income Parties and events Community service credits Contributions Interest income Other income Total support and revenues Net Assets Released from Restrictions: Annual appropriation ,rt reserve fQr capital improvements EXPENSES: Submittedintointo the public record f r her on 'iIL? l City Clerk Temporarily Total Unrestricted Restricted $ 389,899 318,571 228,244 383,075 99,935 47,693 50,697 18,301 $ 102,323 $ 492,222 318,571 • 228,244 383,075 99,935 47,693 30,900 81,597 966 966 18,301 1,536,415 134,189 1,670,604 1 �'7773 0167 773) Program services: Food 574,485 574,485 Bar 334,537 334,537 Storage and leasing 247,518 247,518 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 - 1736,458 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. Submitted into the public �� record_fgr iterp(s) on ii l . City Clerk 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 Adjustments to reconcile change in membership equity to net cash provided by operating activities: Depreciation (Increase) decrease in: Accounts receivable Inventory Prepaid expenses Increase (decrease) in: Accounts payable Unearned income Accrued expenses Other payables Net cash provided by :per ting activi es CASH FLOWS FROP4 JNVES Purchase of oroperland e Net cash used by investing activities NET DECREASE IN CASH CASH, BEGINNING OF YEAR CASH, END OF YEAR Submitted into the public ` record f°y- ite p(s) �G on q/ 7, / ri . City Clerk $ (65,854) 102,871 (26,159) 559 (24,478) 23,191 8,012 4,368 (500) Ec.rI j ,2 0 ._ (178,211) (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 Submitted into the public record for its s) 0\E, 3 on q% Z,g / I i . City Clerk 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 Govemors (the "Board"), whose members are elected on a yearly basis, oversees the operations of the Club. As of March 31, 2015, the Club had apprcx n i' I 00 i-r-1 i=e.s The Club ,encrat ? p.. thrceug-• irretrDers-1 p. dE. storage fees and bar and r• stain` nt s3''9s. Basis of Pre ernL:: 1 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 Submitted into the public record f r he/tits) on L `�/ l9 City Clerk 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 22d: e d Inventory Invent° s of , a holicd r, n-alcoholic beverages are t3:ec at the lower of cost et v ae Co deter iinecy{ 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 uncollectibte 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 Submitted into the public p 1 record for ite (s) on MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2015 NOTE 2 — FUNCTIONAL ALLOCATION OF EXPENSES 3 �6 1r7 . City Clerk 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: equi ent & fr tiire Clubhouse Office equipment Other Less accumulated depreciation Property and Equipment, net 1,017,3;,_ 487,727 857,955 RS 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 Submitted into the public 0 record f r��it- m(s) l� . on --�ILX / I 1 • City Clerk 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 3 : , 2015 Comm° : ty service : t5 ire r, T-tati 3s offsets 'ge.-s; bas era for the Club's perform ce of e ; rnuni b Fling inner y children of the City of " iami - s°: t e (3 h- vent-- w h are desigrat 'd by the City's COMM!_` com nity s : credit c-'- 7, g is a1 o d fcr 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 Tess than $50,000 at the end of any lease year. Submitted into the public record itte (ss) on —l�! L_• City Clerk SUPPLEMENTARY INFORMATION CERVETTA-LAPHAM & ASSOCIATES A PROFESSIONAL ASSOCIATION CERTIFIED PUBLIC ACCOUNTANTS Submitted into the public record f r itct s on City Clerk INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION To the Board of Govemors 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 bas .al st. aken a;., uhcl_ Ar�.,entage rent on page 11 is presen icnai � ysis - is not a re red part of the basic financial sP. ==-rnen Such o * * - , = cte" s= • -=uditpnrooedure applied in the audit of the b - is fine al is r �' ni • is Fain - tated in all material respects in r.-,3ti 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 65111 STREET, SOUTH MIAMI, FL 33143 - TEL 305 669 2701 FAX 305 669 9949 Email ana@cervettalapham.com - www.cervettalapham.com PERIOD MIAMI OUTBOARD CLUB, INC SCHEDULE OF PERCENTAGE RENT FOR THE YEAR ENDED MARCH 31, 2015 Submitted into the public [ record f r ite s} G on �%� r1 • City Clerk SALES OF FOOD SALES SUBJECT PERCENTAGE AND NON-ALCOHOLIC TO PERCENTAGE RENT BEVERAGES RENT INCURRED April2014 $ 33,358 $ 23,358 $ 2,336 May 2014 52,737 42,737 4,274 June 2014 36,313 26,313 2,631 July 2014 29,386 19,386 1,939 August 2014 28,328 18,328 1,833 September 2014 20,107 10,107 1,011 October 2014 27,465 17,465 1,747 November 2014 31,661 21,661 2,166 December 2014 35,028 25,028 2,503 January 2015 30,687 20,687 2,069 February 2015 , n ._ ` 16 804 1,680 March 2015 35 SG r. 2,650 388 3 4.6SIIMP 26,838 Plus applicable sales tax 1,879 Total $ 28,716 See independent auditors' report on supplementary information. 11 MIAMI OUTBOARD CLUB, INC. SCHEDULE OF ACTIVITIES BY FUNCTION FOR THE YEAR ENDED MARCH 31, 2015 PRICES FOOD Submitted into the public record •r it in(s) on City Clerk SUPPORT SERVICES STORAGE AND SPECIAL MANAGEMENT EASING EVENTS AND GENERAL TOTAL Membership $ - $ ' - $ Restaurant 318,571 Bar - : 2.44 Rental income Parties and events 49,978 2B,319 Community service credits Contributions Interest income Other income 383,075 $ 492,222 $ 492,222 318,571 228,244 383,075 23,638 99,935 47,693 47,693 81,597 81,597 966 966 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 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 MIAMI OUTBOARD CLUB, INC. SCHEDULE OF ACTIVITIES BY FUNCTION (CONTINUED) FOR THE YEAR ENDED MARCH 31, 2015 FOOD 9,564 256,405 11,606 10,971 627 206,308 PR BA 6,606 148,b5517 I21 :21.1&' 7,578 I,i45 u5.918 ICES TORAGE AND LEASING 9,941 6,960 30,057 11,403 66,311 '1{ fitted into the public -or_j `. r ite (s) SUPPORT SERVICES SPECIAL MANAGEMENT EVENTS AND GENERAL TOTAL 3,559 31,860 3,144 40,245 50,837 4,443 17941 2,135 - - 124,777 423 10,997 30,057 20,756 - - 4,417 42,278 16,947 50,409 6,082 19,988 574,485 334,537 247,518 185,255 394,662 13,273 11,899 6,008 41,228 15,226 21,080 13,852 11,860 160,530 1,854 12,950 9,823 13,205 16,712 City Clerk 39,384 18,859 411,008 102,871 21,185 45,178 21,080 15,624 11,860 529,127 1,854 12,950 9,823 139,292 29,231 124,777 62,233 4,417 135,705 1,736,458 $ (205,936) $ (79,974) $ 135,557 $ (32,327) $ 116,827 $ (65,854) 13 Submitted into the public t/W i on cft on City Clerk MIAMI OUTBOARD CLUB, INC. FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION MARCH 31, 2014 RAFT Submitted into the public record fof iteip(s) on (1/ tv I • City Clerk MIAMI 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 Fi OW1S 5 NOTES TO FINANCIAL STATEMENTr.„., 6 - 9 1k lk, I I 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 AUDITORS' REPORT To the Board of Governors of the Miami Outboard Club, Inc. 1099 MacArthur Causeway Miami, Florida 33132 Submitted into thepublic On recordQ/ZSi%1`1 `') 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. We conducted our audit States of Americ reasonable assur An audit includes in the financial sta significant estimat presentation. We in accordance with auditing standards generally accepted in the United e st 4equire tnat we p p audit to obtain *nand tatem s e1re al misstatement. test 'is, a fe a su orting the a ants and disclosures "include siessi account principles used and agent, :well aev ,? ating the overall financial statement at o audit play-s a reasonable basis for o 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, 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. ei,c1-ctto, Aziret-o,44.- 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.com • 1 MIAMI OUTBOARD CLUB, INC. STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED MARCH 31, 2014 ASSETS Submitted into the public ��� record fir ite n(s) on 9/ Z,giIt . City Clerk 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 $1,317,625 OTHER ASSETS TOTAL ASSETS LIA$ILITIERAi 333,715 1,200,175 8,894 1,2.784 CURRENT LIABILITIES: Accounts payable $ 23,953 Accrued expenses 15,626 Uneamed income 59,411 Other payables 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 MIAMI OUTBOARD CLUB, INC. STATEMENT OF ACTIVITIES FOR THE YEAR ENDED MARCH 31, 2014 SUPPORT AND REVENUES: Submitted into the public record fo item s) on = City Clerk Temporarily Total Unrestricted Restricted 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 ; ` r serve ` F capital improvements EXPENSES: 1,548,283 130,537 1,678,820 Program services: Food 531,924 531,924 Bar 328,600 328,600 Storage and leasing 243,509 243,509 Special events 191,379 191,379 Total program services Support services: Management and general Total expenses CHANGE IN MEMBERSHIP EQUITY 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 Submitted into the public record fpr itc ni s) i MIAMI OUTBOARD CLUB, INC. on 9/ Ls/ fl . City Clerk 1 1 STATEMENT OF CHANGES IN MEMBERSHIP EQUITY FOR THE YEAR ENDED MARCH 31, 2014 111 TEMPORARILY UNRESTRICTED RESTRICTED RESERVE FOR 9 CONTRIBUTED GENERAL TOTAL CAPITAL R CAPITAL IMPROVEMENTS Balance, beginning of year $ 498,344 $ 870,020 $ 1,368,364 $ 68,575 Change in membership 9 equity (27,957) (27,957) 32,212 Balance, end of year $ 498,344 $ 842,063 $ 1,340,407 $ 100,787 0 1 1 1 1 The accompanying notes are an integral part of these financial statements. 4 1 MIAMI OUTBOARD CLUB, INC. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2014 CASH FLOWS FROM OPERATING ACTIVITIES: Change in membership equity Adjustments to reconcile change in membership equity to net cash provided by operating activities: Depreciation (Increase) decrease in: Accounts receivable Inventory Prepaid expenses Increase (decrease) in: Accounts payable Unearned income Accrued expenses Net cash provided by operating activities - -I CASH FLOWS FROM INVEST I(3 CTIVI S: Purchase of property pad e1m1t Net cash used by rve4f.fig Ictniitie NET DECREASE IN CASH CASH, BEGINNING OF YEAR CASH, END OF YEAR Submitted into the public record fpr it n(s) on (VW City Clerk $ 4,255 102,612 (108) (2,012) 240 (14,040) (5,144) (7,913) 77,890 (29, 391) 270,695 $ 241,304 The accompanying notes are an integral part of these financial statements. 5 r MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31,2014 1 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Activities 1 66. The Club generates revehLa rimalty ugh hagibership ies storage fees and barand restaurant sales. Basis of Presc..ntaticn : 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. 1 1 1 Submitted into the public r\� record f r iten (s) on VZ / Ir7 City Clerk 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 wad apprux ma`ely S)O rF•,er-,:rr 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. (continued) 6 • • 1 1 E f NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 1 p 1► Inventor MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2014 Income Taxes Stibm tied into the public�� record f r itc}h(s) on 9yZ� / � City Clerk a 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 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 1 ► Inventories of rjod, alcoholic and non-alcoha' c beverages areated at the lower of cost Of +'►'rarke value. Colt i determned by the current .:+2_t and market represents the lower of replacement cost or estimated net realizable value. W Membership Dues and Initiation Fees ert rR 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. 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. (continued) 7 Submitted into the public record f9r ite}n(s) on 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 impraverrrerts Bar, kitchen & restaur9-1 Decks Outside e:a.,.; rielt & Clubhouse Office equipment Other Less accumulated depreciation Property and Equipment, net $B4E 6i3 531 .532 879.435 8E,E134 121,890 20,632 28,864 2,517,800 (1,317,625) $1,200,175 Depreciation expense for the year ended March 31, 2014 totaled $102,612. (continued) 8 City Clerk Submitted into the public record fo iter �� on q%Zg�(s City Clerk ! MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS ! MARCH31,2014 ! �!# 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 (1O%) 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 lrearcn 3 2:D ':- . r► ty Y., ;c , crec,ts a:e arae red is _''kets :against bas entfor the Club's R per: rr1arice of three f3con-:mLunIty events ben?rt rig inner children of the !► City of Varn, an three. (.3) other Ey,w ..3, r zic�, are desig ed by the City's ,:_ c.r—fission A ocn.rnun '.�, 5erv;4;e credit of S7.8213. is al`•. tted fcr 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 kV t• Z1 t# t1 tr k7 4/ kV %V 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. 9 ! ir a a I I 1 1 1 R SUPPLEMENTARY INFORMATION Submitted into the public record fo ite (s) �� on 1 ,City Clerk 1 111 9 1 p CERVETTA—LAPHAM & ASSOCIATES „Jmittecl into the public A PROFESSIONAL ASSOCIATION recordft•iitgtti(s) on CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION iw To the Board of Governors of the Miami Outboard Club, Inc. Miami, Florida fa 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 ba-f _ 'al st taken whol rcentage rent on page 11 is presen : - d for : .. o sofa ions ysis d is not a re . ired part of the basic financial statement. Such o beef°su cte auditin rocedures applied in the audit of the is fina sal tatents r nion, is fairs tated in all material respects in relatioa whole. p. October 23, 2014 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 6609 SH 65" STREET,' SOUTH MIAMI, FL 33143 - TEL 305 669 2701 FAX 305 669 9949 Email ana@cervettalapham.com - www.cervettalapham.com City Clerk PERIOD April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 MIAMI OUTBOARD CLUB, INC SCHEDULE OF PERCENTAGE RENT FOR THE YEAR ENDED MARCH 31, 2014 SALES OF FOOD AND NON-ALCOHOLIC BEVERAGES Plus applicable sales tax Total $ 34,052 42,907 39,087 37,543 37,915 30,403 29,393 34,035 34,976 30,497 33,213 3 37 421 ;8 SALES SUBJECT TO PERCENTAGE RENT $ 24,052 32,907 29,087 27,543 27,915 20,403 19,393 24,035 24,976 20,497 -, 27 .'5:5 301.95 ' Submitted into the public record fojt 1tc�'17(s) en PERCENTAGE RENT INCURRED $ 2,405 3,291 2,909 2,754 2,792 2,040 1,939 2,404 2,498 2,050 2,321 2,784 30,186 2,113 $ 32,299 • See independent auditors' report on supplementary information. 11 3 City Clerk .„gr w %JP a N>r \IF\p \W Wk./klk.IkI tltkP PI11kit/ /kVtl/'JP UP %IPmpg, MIAMI OUTBOARD CLUB, INC. Submitted into the public SCHEDULE OF ACTIVITIES BY FUNCTION rcco,d f r ite n(s) , ,3 FOR THE YEAR ENDED MARCH 31, 2014 °n q1'Z�%�� City Clerk PROG-Ar..ISFRVItCES SUPPORT SERVICES STORAGE FOOD BAD AND SPECIAL MANAGEMENT LEASING EVENTS AND GENERAL TOTAL Membership $ - $ Restaurant 348,625 Bar 260,023 Rental income - Parties and events 52,060 30003 Community service credits - Contributions interest income Other income 391,047 $ $ 446,075 $ 446,075 348,625 260,028 391,047 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 04 136,051 460,906 1,678,820 (Continued) 12 NM. NW <► N► .► k► W .► 'k► as t► k• k• '.V kV kP 1• ',P 1,* kV \.• k• kW <• ` I rJ (Iv V. kw kW t.• t• tw tip tip pp or el le 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 MIAMI OUTBOARD CLUB, INC. SCHEDULE OF ACTIVITIES BY FUNCTION (CONTINUED) FOR THE YEAR ENDED MARCH 31, 2014 FOOD 10,805 233,627 11,577 9,081 615 178,556 35,394 3,114 6,726 42,429 531,924 PROGRAM SERVICES P'.R f , E L 4 158,366 1 5 79 J,83: : ,5f 1,1y StDRAGE AND LEASING 10,545 29,982 8,863 67,723 Submitted into the public record f r item(s) (s) �� ,j on I/vs/f . City Clerk SUPPORT SERVICES SPECIAL MANAGEMENT EVENTS AND GENERAL TOTAL 3,550 3,095 39,618 50,040 7,010 1,219 131,903 4,779 40,813 15,190 I. 44,747 5,886 328,600 243,509 191,379 $ (131,239) $ (38,469) $ 147,538 $ (55,328) 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 81,753 4,255 13 Submitted into the public record f ite (s) on �� . City Clerk 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 we slip dock facllittes 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 ir the additional bav 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. Submitted into the publicn record fpr it m(s) �1t on '/L? / fl City Clerk 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 pure,o and made a part rii?-o . 2. Section 2.3 (iii) Lin itrytions and Res r; io7s on Lessee's use of Leased Property is +m::i et:y 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 Submitted into the public recordfof on 9/ i � ref � � Z / I City Clerk Lessee is required -to collect 10% of monthly gross fuel sales 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 C ty Manager is authorized to ter.-ninate the use and prohitaft Lessee from re"Lieling boat ve=sels 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 Submitted into the public record for itevn(s on 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. City Clerk Except as specifically provided herein, all of the terms and provisions of the Lease Agreement shall remain in effect. 1 THIS SPACE INTENTIONALLY LEFT BLANK 4 Submitted into the public record fo ite (s) on °j 7 i 11 City Clerk IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Lease Agreement on the day and year first above written. Witness: By: Attest Print Name LESSEE: Miami Outboard Club, Inc. B PecCro .F>r4.10,t10eZ 6-6-040,4 Signature Robes r H. eA S iif !o ri p I ‘, Print Name and Title avixto of Miami. a municipal al corporation e State of Florida • is By. �1,t�G& . � rJL�- By: eX.C3-- Tony E. Crapp, Jr. City Manager Priscilla A. Thompson City Clerk APPROVED AS TO FORM AND CORRECTNESS // 7</7 APPROVED AS TO INSURANCE REQUIREMENTS / j By: By: Julie O. Bru K� Director City Attomey� Risk Mana9ement ,Department e/10-/ itc.31t.e.61(ti 9 Exhibit A Submitted into the public. record for itet (s) on ' City Clerk WOPOO IAPE G SWECYMP .14111EABSE OUTBOARD MUD .1611-188802/188 Ai A Melt SWAN AS 93. S 47 04491 Ow AC 0/C1t. NW 0 ICGOOI Me alma 0 A From/ 0 AVM ACE 37500I71) AS A PAIN 0 SI 1£ AO.D 0-1-1A 0.918 07012 AOOAt AS ■7e34053 G 1149 90013( A10A4 7I Cr MC nec ICON Cr OW CIX0AY. WAX SRO POW 009C OE MN 67 rs vcr Cr 71E COfOA LYE 0 OE Aka J7M5IC7 CRT Or, m em DOWNS A7Wt9M dl1lar Moo. 17M 0070 5r *MOO DC 1P/D4A7lARr =NCR P. CARP'/ 70A'0 MO NOMM A II1.66 0 1910.05 7EEf A110 A C04T99. 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Of MO AI LaPu ram. _ r CW WE Of MOO oat 4411-05 sm. w? u?iinitted into the public Exhibit B B d f r itc s) on� City Clerk LEASE AREA 1 COMMENCE AT A POINT SHOWN AS P. r STA. 47 , 16. 98 ON THE OFF/C/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 /N 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 FORA 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 BEARS S25'10'35141 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 INTERSECT/ON WITH A NON -TANGENT LINE, A RADIAL UNE TO SAID POINT BEARS 548' 10'39 "W THENCE N49' 19'02 "E FOR A DISTANCE OF 549.85 FEET. THENCE . S34 29'S0'E FOR A DISTANCE OF 222.43 FEET; THENCE S0928'S 1 "E FORA DISTANCE OF 208.77 /±L 1; THENCE SD 1 '49'04 "E FORA DISTANCE OF 408.86 FEET 'TO THE POINT OF BEGINNING. CONTAINING . 255,733 SQUARE 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 ICOMMENCE 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 TANG ;' E C"IINE OF MOS F • GENERAL DOUGLAS MCARTHUR CAUSE o Y RUMWNG RThW ERLY /1 TH OUTHEASTER y `. CORNER OF WATSON ISLAND AND HAVING A RADI ' OF 19 . D A N7'�'_ A 34'47' - ; THENCE N25' 10'35 "E ALONG THE RADIAL LINE OF E ABO CU A i OF 6 0 0 FEET, A RADIAL LINE TO SAID POINT BEARS S25' 1 , 35 "W TH POINT Of GINNING OFF$ HE FOLLOW! DESCRIBED PARCEL OF LAND; THENCE' 151.74 FEET STE ALON NORTHER. '/GH7-OF-WA LINE OF SAID GENERAL DOUGLAS MACARTHUR CAUSEWAY, SAID LINE BEING THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 1845.06 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 (20) COURSES ALONG THE APPROXIMATE EDGE OF WATER N07'52'53"W FORA 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 S8.751 '18"W FOR A DISTANCE OF 30,96 FEET THENCE N0325'04 "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 FORA 0/STANCE OF 9.51 FEET_ THENCE .N20'0623"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 NO0'02'52'E FOR A DISTANCE OF 68.47 FEET; THENCE NO5'47'131W FOR A DISTANCE OF 34.09 FEET; THENCE N22'23'58"W FORA DISTANCE OF 25.72 FEET, THENCE N33'20'11 "W FORA DISTANCE OF 46.09 FEET; THENCE N2029'25"W FOR A DISTANCE OF 15.97 FEET; THENCE N12'32'53"W FORA DISTANCE OF 113.64 FEET; THENCE N05'5323"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 FORA DISTANCE OF 30.07 FEET TO A POINT OF INTERSECTION WITH THE NORTH LINE 0,R 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;S34'29'50"E FOR A DISTANCE OF 222,43 FEET; THENCE S09 28'51 "E FOR A DISTANCE OF 208.77 FEET; THENCE SO 1 '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. PRCJ. NO: 2308 01T I DATE: 1 s-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 1. • \\Server\Vat0.\SURVEY\PrOje CT51LwHNGVue v11 MIAMI uUi ,..., ,CUB\UWE., C -... 11.AM, GUTv..,nu ULL, g 1:/10 Oi0 72 LEASE AREA 1 LEGAL DESCRIPTION I SHEET 11 R 1 S :0: t z=E,? ie Submitted into di rc:cr.-;'` r item(s) City Clerk A 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 BOOK 68, AT PAGE 44, OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA. LYING IN SECTIONS 31 AND 32, TOWNSHIP 53 SOUTH, RANGE 42 EAST CITY OF M/AMI, 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 .4 '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 "325'10'35 V SAID CURVE BEING 771E 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 I-tt.I 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 FORA 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 "W,• THENCE 142.49 FEET ALONG THE ARC OF A CURVE TO THE RIGHT, SAID CURVE HAVING A R4D/US OF 120.00 FEET AND A CENTRAL ANGLE OF 68'02'07" TO A POINT OF TANGENCY; THENCE N28'12'471E 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. S7725'17"E; THENCE 114,4 IVG pF A C'E TO HAVING A RADIUS OF 60.00 FEET AND A CENTRAL GI E . 0' 10 y 6'04 " TO A. Pdkl f QF TA ENCY,• THENC S57 56' 11 'E FOR A • ,• DISTANCE OF 120.75 FEET ENCE IV,Str2 ;;R A D.AN OF :.FEET; NCE N6979'181- FOR A DISTANCE OF 123.83 FEET A P0/N' •ON HE V.TERL °` L E AREA 1; T r`:_ CE S4919'02"W ALONG SAID WESTERLY LINE FOR A F .7 44 fT , , THE T ` BEGINNING. ONTAINING 44,138 SQUARE FEET, 1.013 ACRES, MORE 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. WATS'ON 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 S25' 10'35"W' SAID CURVE BEING THE NORTHERLY RIGHT-OF-WAY LINE OF SAID GENERAL DOUGLAS MCARTHUR CAUSEWAY; THENCE 740.98 /-Et I 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 S48' 10'39 "W,• THENCE N49' 19'02'E ALONG THE EASTERLY LINE OF LEASE AREA 2 FOR A DISTANCE OF 480.82 FEET TO THE POINT OF BEGINNING . OF THE FOLLOWING DESCRIBED PARCEL OF LAND; . THENCE N1327'44"W FOR 23.99 FEET ALONG THE APPROXIMATE EDGE OF WATER; THENCE N69'29'18"E FORA DISTANCE OF 61.86 /•ttl; THENCE S49'19'02"W FOR 69.03 FEET TO THE POINT OF BEGINNING, CONTAINING 736 SQUARE FEET, 0.017 ACRES MORE OR LESS. PROJ. NO: 2008 01 T DATE: 11-10-10 DRAWN: BBL CHECKED:AS SCALE:AS NOTED LUDO\iICl & ORANGE CONSULTING ENGINEERS, INC. 329 PALERMO AVENUE, CORAL GABLES, FLORIDA 33134 • 305/448-1800 • LB 1012. 1 \\Szrver\Da<�\SURVEY\Projects\20u8\2DDB D17 MIAM: LEASE AREA 2 LEGAL DESCRIPTION SHEET 1 OF 1 SHEET* D Submitted into the public record fo ite (s) nt, . on cif . City Clerk Exhibit B 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 MIAM/, MIAMI—DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT APOINT 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 N25'10'35"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 (3) COURSES ALONG THE EAST BOUNDARY LINE OF LEASE . AREA I SUBMERGED LAND; THENCE NO1 '49'04 "W FOR A • DISTANCE OF 408.86 FEET THENCE N0928'51 "W FOR A DISTANCE OF 208.77 FEET; THENCE N3429'50 "W FOR A . DISTANCE OF 222.43' FEET, THENCE S4708'32 "E FOR A DISTANCE. OF 196.27 FEET; THENCE S 11 '52 53 "E FOR A DISTANCE OF 1 55.49 FEET; THENCE SO9•DO'04'E FOR A ' DISTANCE• OF 1.635. L ; F L , ; , r y ; SO2' 12 1 'E • FC 8_ 4 OF 299. 70 FEET • THENCE - S 15'38'02 "W - OF A O 7 CL C,.: - 7 ? 3,23 FEET TO T _ T liF .11GINNING. .. . O. . CONTAINING 23,696 SQ RE FEET,_T -,;;2RES, JVCFE OR LES , i.j 1 * • I1 PRCJ. NO: 2308 01 T PATE: 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 �c...........n..�,.�crovcv�o.., i....a-�onro,,rtrta It M)Aa nutnraaa ri iia\nurwnna_nir MIAM nurararzn ri ua-n-vc-v ,itm4 r,rrAwn widen e93,ae a14 ItT LEASE AREA 3 LEGAL DESCRIPTION SHEET 1 0= ' SHEET6 5 Submitted into- the public itcp1(s) . City Clerk i Exhibit ,5 SUBMERGED LAND MIAM/ OUTBOARD CLUB- LEASE AREA LEGAL DESCRIPTION: 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: (INCLUDING SUBMERGED LANDS LEASE AREAS -1 AND 3) COMMENCE AT A POINT SHOWN AS P.T. STA. 47 -t-16.98 ON THE, OFFICIAL MAP OF LOCAT/ON, AND SURVEY OF A PORTION OF SECTION 8706, DESIGNATED AS APART 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, A RADIAL LINE TO SAID POINT BEARS S25.10'35'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 TTIE 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 OF 1 ION WIT, A N RADIAL LINE TO SAID .POINT BEARS 9'S 9" THEM THE OWI ' .' , URSES ALONG THE APPROXIMATE ED trig O ,1 D/ OF 1 .76 FEET; THENCE N78'14'13'E FOR A D ANCE E? NO 0"W FO A DISTANCE OF 4797 FEET• THENCE ' W R A T CE OP 0 6 FEET; TH CE NO3'25'04 "E . FOR A DISTANCE OF 14.98 FEET, ENCE A 60 24 "W A DISTANC 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. '6 FEET THENCE N22'29'29 "W FORA DISTANCE OF 10.75 FEET THENCE • N06'58'02'W FORA DISTANCE OF 14.53 FEET; THENCE NO0'02'52 "E FOR A DISTANCE OF 68.47 FEET; THENCE N05'47'13"W FOR A DISTANCE OF 34.09 FEET THENCE N2223'S8'W" FORA 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 FEET; THENCE N 12'32'53 "W FOR A DISTANCE OF 113.64 FEET; THENCE N05'53 23'1N FOR A DISTANCE OF 69.07 FEET; THENCE N04'04'48'E FOR A DISTANCE OF 24.06 FEET THENCE N33'S5'44 "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 S47'08'32 "E FORA DISTANCE OF .196..27 FEET; THENCE Si 1'52'53 "E FORA DISTANCE OF 155.49 FEET; THENCE S09'00'04 "E FORA DISTANCE OF .105.01 FEET THENCE 502' 12'21 'E FORA DISTANCE OF 299.70 FEET; THENCE S 15'38'02 "W FOR A DISTANCE OF 11.3.23 FEET TO THE POINT OF BEGINNING. CONTAINING 127,565 SQUARE FEET, 2.93 ACRES, MORE . OR LESS. PROD. ND: 2008 017 DATE: 1 1-10-10 DRAWN: BBL ' CHECKED:AS LUDOV!CI &. ORANGE CONSULTING ENGINEERS, INC. 329 PALERMO AVENUE, CORAL GABLES, FLORIDA 33134 - 305/448-1600 • L8 1012!�SHEET 1 OF 1 SHEt�1' Servet'1D�'to\Si.4tYEY\ProJects1P0a8`.2oos 677 H1AMi DUTBOAkD Ct.�D\DVu\200B-01? NtAM RUTBt1A7D CLlJ -3-h'EW SUBMER3Eg.dwg IIt10n0S9 11P1t1P PM ES SCAi: AS NOTED LEASE AREAS 1 & 3 SUBMERGED LANDS notom {no ZI tvrl 33f+41IOn mrt t i u. OP'nova= -Kftrifintni Worm Inca tv.w.anrn.ru n wrmw Darla-r t ONI •61.139NIZIN3 ON4Vl®N0O n..[4C 7+ra pars ®a.� C aeN tdo I IAOOm ZC,5.5 oNvZV•ES-CEW GE'.^.3S vaao7d :UNnoo 3o'vo IW F!w •r • 9ti1:1,J3ieil5 a.e.M..a..ror / / /' / . g g •• / / u / / / //. it"%orilig �1 iwewa 'dal I It ii ft:t �� � ii �!,113 a €ash 11f119'141 . � � # O ;� 1111 11111.€ la'�f 11 e a roth./ a s��� ii all;1111itiN8i/11414:f/i#illut 111F11flnthi lif v Rsdt 3..at8A8gstesigaest,.a_-eA ekgttelEttg tsott iilfEho tu; ; li*K. Plsz.00•Lrl;: p kiar ttic 4pl: riesec•elef misiw i • • 3I"1? 1C'`3 LI�k2�b (1i (s.) Lott anignd oq olu! p3mm!1uquls • ?,ubmitted into the public n ,m City Clerk 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 perr.m all other acts and things, and to execute and deliver all ()tiler dc+ctrru4_1 _§ as st•eh ott may c e ::•tecessar-, car de!irable, in his discretion, to carry out the foregoing r4 ltrtio:.: . I FURTHER CE TIFY that the aboS ti r lut,ior_s were : my aclop: and that Pedro Fernandez as Conmmadore of*re! f )C. i n t_7 _ , ,1 �1(:` h a, full p,c., eri I t,i authority rci _i:: 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. ' I IN WITNESS WHEREOF, I have affixed my hand and seal on the 1 `t day of March, 2011. dro Fsa3ani ez, Commodore STATE OF FLORIDA COUNTY OF MIAMI DADE I HEREBY CERTIFY that the foregoing instrument was acknowledged before me this /1/ 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: Notary Public State of Florida Robert Brandt t My Commission DD734832 Ft Expires 11/15/2011 _ a NOTAR BLIC, State of Florida Submitted into the pub! record for iter?(s) on 11. City Clerk 3/28/2017 City of Miami REQUEST FOR APPRAISAL QUOTE You are invited to submit a quote to prepare an appraisal report based on the Appraisal Assignment attached herewith as Exhibit "A". Please complete the information requested at the bottom of this page. The quote and below information must be received by the Department of Real Estate and Asset Management by 3:00 p.m., Monday, April 03.2017. You may submit your proposal via email or by mail to: Igor Tsigelman Property Management Representative Department of Real Estate and Asset Management City of Miami 444 SW 2 Avenues.3'a Floor Miami, FL 33130 (305)416-1401 itsizelntan c miamigov.com 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: Ted Alba Sign Date: 3/30/2017 $ 6,500 $ 6,500 $ 275 NOTE: When sending a quote, your �E any 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 1 of 5 Submitted into the public Q y record f r ite 1(s) City Clerk on t l . 3/28/2017 City of Miami Job Number: Fiscal Year: Location: Folio No.: Lot Size: Adjusted Area: Improvements: Purpose of Appraisal: Property 1- i ghL Current Zoning Type of Apprai Time to Cs)rr51+la:t4. EXHIBIT "A" APPRAISAL ASSIGNMENT A-03-17-013 2016-17 1099 MACARTI IIJR CSWY 01-3231-000-0013 207.781 square feet 9.530 square feet 1 building To determine Fair Market Rent in order to renegotiate a lease agreement. tic .ippraisal report must tie 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) 416-1401 E-mail: itsigelman ri)miamigov.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 TIIE FOLLOWING: Page 2 of 5 Submitted into the public record ����e�'s> ��, . '5 City Clerk 3/28/2017 City of Miami 1. The appraisal report shall be performed in compliance with the professional services agreement with the City for appraisal services as applicable, 2. The appraisal report must consider all three approaches to value and provide an explanation to the weight given to each approach in arriving at the final reconciliation of value. In the event an approach is not used, please provide justification. Please provide evidence for not using the Cost Approach. 3. In calculating the Market Data, the appraiser should analyze and provide current Iocal market data and submit adjustment tables of comparables. 4. If utilizing a Land Sales Comparable Table to calculate Sales Price per Square Foot, please provide line item adjustments in a matrix format for a better understanding of the Summary and Land Value Correlation conclusion. 5. Provide source and proof of capitalization rate for the income approach to value in local market versus other market when applicable. 6. Provide Market Data as if taxable property. 7. The appraisal report should be in compliance with the current Uniform Standard of Professional Appraisal Practice (USPAP) according to Section 475, Part II, of the Florida Statutes. The City of Miami reser es the righ t tt ti the appr v tl repThe final report will ays raisal iewed Note: All calcu All data in this 305-416-1401, Page 3 ors lusiors provided. call this office at Submitted into the public �- `r record ., iteir; s) on (71/() y� . City Clerk 3/28/2017 City of Miami EXHIBIT "B" INSURANCE REQUIREMENTS (I) Commercial General Liability (Primary & Non Contributory) A. Limits of Liability Bodily Injury and Property Damage Liability Each Occurrence General Aggregate Limit Products/Completed Operations Personal and Advertising Injury $1.000,000 $2.000.000 $1,000,000 $1.000,000 B. Endorsements Required City of Miami included as an additional insured Contingent Liability (Independent Contractors Coverage) Contractual Liability Premises R Operations Liability Primary Insurance Clause (II) Business Automobile Liability A. Limits of Liability Bodily In.ur'. anL1 Pr Ut mhi. Any A ,(3wne. u4► IncRid ' Hired. Any 0 : AL:cide B. EndorsementsReyuire City of Miami included as an Additional Insured f% f ,p Liabili (III) Worker's Compensation A. Limits of Liability Statutory -State of Florida Waiver of subrogation (IV) Employer's Liability FT 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 Limit Retro Date Included $1,000,000 $1,000,000 Page 4 of 5 Submitted into the public �� record fo ite (s) on q%ZM . City Clerk 3/28 2017 City of Miami BINDERS ARE UNACCEPTABLE. The above policies shall provide the City of Miami with written notice of cancellation or material change from the insurer in accordance to policy provisions. Companies authorized to do business in the State of Florida, with the following qualifications. shall issue all insurance policies required above. and must meet the following requirements: The company must be rated no less than "A-" as to management. and no less than "Class V" as to financial Strength, by the latest edition of Best's Insurance Guide, published b} A.M. Best Company, Oldwick, New Jersey, or its equivalent. All policies and /or certificates of insurance are subject to review and verification by Risk Management prior to insurance approval. Certificates will indicate no modification or change in insurance shall be made without thirty (30) days written advance notice to the certificate holder. The Bidder shall be responsible for assuring that the insurance certificates required in conjunction with this Section remain in force for the duration of the contractual period; including any and all option terms that may be granted to the Bidder. In the event that expired certificates are not replaced with new or renewed certificates which cover the contractual period, the City shall have the option to: (l) Suspend the contract until such time as the new or re ' Cates: „ by the " . in th bedlift the Request for Appraisals Qui. or (2 a is sol; ctinn. rtninate this k:+. .,iCi for cause and seek re-procur t •der i , do Cienera d Special Terms and Conditions the Bid The insurance egznnrl shall in . arose cl; fiions. as listed 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 5ofS Client#: 2449 Submitted into the public record fo its 1(s) L , JOSEJBLA V 19 City Clerk l ACORD.,. CERTIFICATE OF LIABILITY INSURANCE DAIS (NYIOOWYYY) 02/13/2017 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(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: It 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 endorsements). 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 I (IOC, Na E>tt}: EMAIL ADDRESS: rr....__ 516-327-2800 :. (AFC1M1. INSURER(R AFFORONG COVERAGE INSURER A: Indian Harbor Insurance Company INSURER B INSURER C INSURER 0 :. $*$( ERE: INSURER F NA tr 36940 __ COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: THIS INDICATED, CERTIFICATE EXCLUSIONS T l R IS TO CERTIFY THAT NOTWITHSTANDING MAY BE ISSUED AND CONDITIONS THE POLICIES ANY REQUIREMENT, OR MAY PERTAIN, OF SUCH OF INSURANCE LISTED BELOW HAVE BEEN TERM OR CONDITION OF ANY THE INSURANCE AFFORDED BY THE POLICIES. LIMITS SHOWN MAY HAVE BEEN `ADD4'BVBR .-. �wYQ ^ . POLICY NUMBER ISSUED TO CONTRACT OR POLICIES REDUCED PO CY EFF (MMY} THE INSURED NAMED ABOVE FOR THE OTHER DOCUMENT WITH RESPECT DESCRIBED HEREIN IS SUBJECT TO ALL BY PAID CLAIMS. POUCYEXP ..: .. _�..... (MM/DOiVYYY _F ____ __��S , EACH OCCURRENCE 1 : RRAEAS EaENTEO ...... MED EXP (Any one Perim}........ PERSONAL & AOV INJURY POLICY PERIOD TO WHICH THIS THE TERMS. ... S .. TYPE OF INSURANCE ..... _ }1 GEM .LONER: AUTOMOBILE .. C___ , _ COMMERCIAL GENERAL I CLtJADE AGGREGATE LMRT r APPLIES I ...... UABIUTY OCCUR PER: - 71 LOC r �- SCHECAILE AUTC}S NON -OWN AUTOS OCCUR I CLAIMSMADEi ' GEN( (, L AGGREGATE S �• ,•.„3: - AMP10P AGG S -n'' Lt8MLITY , .._....-__..__... r-, '' "s , j , . '. C €PIED SINGLE LIMIT Y INJURY Per person B Y eN kJKY aaWent - DAMAGE . _ _ S 1 EACH OCCURRENCE H : AGGREGATE $ WORKERS AND ANY Crt'#XERRIEMBEREXCLUDED? (M K I'M',, DESCRIPTION COMPENSATION E PLOYERS' LIABILITY EKECUTIVE Y t f — I N I A blow I gg ZS ATIFTE 1 OTH- 1 ` EL EACH ACCIDENT 3 P RIETORPAR ` ' rf In w+i1 describe under OF OPERATIONS E.L. DISEASE - EA ENPLYE f E.L. DISEASE - POLICY LIMIT 1 A Professional Liability MPP002947507 11/02/2016 11/02/201$1,000,000 Limit DESCRIPTION OF OPERATIONS mock -note / VEHICLE$ (ACORD 101, AddN$onaf Remarks Schedule, may be attached E more spate M ,uquwsd) Evidence of insurance CERTIFICATE HOLDER City of Miami Public Facilities Dept. Asset Management 444 SW 2nd Avenue, 3rd Floor Miami, FL 33130 SHOULD ANY OF THE ABOVE DESCRIBED POLICIES SE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. AUTHORIZED REPRESENTATIVE 1- -µ- , te,�,C,..,tt 4e-, +l;t 1088-2014 ACORD CORPORATION. All ruts reserved. ACORD 25 (2014 01} 1 of 1 The ACORD name and logo are registered marks of ACORD #S430827/M398655 JACOH Submitted into the public �� 1 Client#: 2449 record f r ite s) JOSEJBL 9/1 f� City Clerk ACORD CERTIFICATE OF LIABILITY INSURANCE DATE (MM DWYYYY) 2/13/2017 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: if the certificate holder is an ADDITIONAL INSURED, thepalicyties► must be endorsed. If SUBROGATION IS WAIVED, subject to the teens and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER NFP P&C Services, Inc 45 Executive Drive Plainview, NY 11803 516 327-2700 ENSURED Joseph J. Blake & Associates, Inc 425 Broad Hollow Rd,Ste 429 Me$vlfe, NY 11747 COVE GES CERTIFICATE NUMBER: INSURER(8I AFFORDING COVERAGE NA C 0 itAtuREA A, Mitsui Sumitomo Ins. Co. of Arne 20362 INs1NZER s : iktelUNIENC: NSURER D: INSURER E INSURER F REVISION NUMBER: THIS INDICATED. CERTIFICATE EXCLUSIONS N18R LT R IS TO CERTIFY THAT THE POLICIES OF INSURANCE NOTWtTHSTANDtNG ANY REOUIREMENT, MAY BE ISSUED OR MAY PERTAIN, ANO CONDITIONS OF SUCH POLICIES, .,..._ .ADOLSUBR� TYPE OF INSURANCE : LISTED BELOW HAVE BEEN TERM OR CONDITION OF ANY THE INSURANCE AFFORDED BY THE LIMITS SHOWN MAY HAVE BEEN ...._..__..... POLICY NUMBER Y PKG3126559 `:' ' ISSUED TO CONTRACT OR POLICIES REDUCED POLICY ESE _.(MM O/YYYY}' 02/10/201702/�8 /10/ � "y r'�, 02/10/2017 THE INSURED NAMED ABOVE FOR THE OTHER DOCUMENT WITH RESPECT DESCRIBED HEREIN IS SUBJECT TO ALL BY PAID CLAIMS. PO YEXP ,__.... UNITS POLICY PERK TO WHICH THIS THE TERMS, S1,000r000 s 1 000 000 _.... _ ... s 40000 .._ ...... __ S 1,000,000._._._ S2 000,000 A ,. A A X`; 1 GEHLAGGREGATE X r" GENERAL CLAIMSMADE LM8T POUCY PARCTT [_oTl(z-f.E LIABILITY ANY AUTO ALL OWNED AUTOS _ APPLES . X _ j _ m ..__..__..._itts LIAGLITY Y X OCCUR PER. ❑IOC ;ta' `' „ ,., �. i SCt DUI' AUTOS • . • °� �, e , � AUTOS X occu. Y : -- CLAMAS•MADE EACH OCCURRENCE sE ate„ .. MED EXP (My ant person) PERSi'N1AL A .ADV INJURY GREGAT'E -COMP/DPAGG S2,000,000 ........._,._...... S B y .; : , u ,j ,,.., ; UMB5700103 l201 ItIE L[MI ... ' S E a ING 11.000,000 $ Y INJURY (Pet person} t! Y (PeAG accident) S _.. . s f TY DAE Pmamient E .....,..... 0210/2018 EACHOccuRRENCE i AGGREGATE..._ ...... ___.. $5,000 0000 15,000,000 __........._.. S A AND EmPLOYERs* E COMPENSATION i ' WCP9112775 Y/N# ANY PROPRETORIPARTNERIEXECUTIVE i ; l Of MRR EXCLUDED? : N ! A i taffy 8 yyamea,, enweayie under DESCRIPTION OF OPERATIONS below 12110t2016 12/10/201 X . EER" 1 E.L. � DENT S1,000,000 ! E.L DISEASE - EA EMPLOYEE S1,000,000 $1,000,000 El. DISEASE • POLICY LIMIT — 1 DESCRIPTION OF OPERATIONS f LOCATIONS I VEHICLES (ACORD 101. Addlt1040E Remarks Schedule, mey Es aDmIN d V mots space Is requ9nd) City of Miami is fisted as Additional Insured with respect to General Liab lity and Automobile Liability arising out of the operations of the Named Insured, All coverages 08sted above shall be on a primary and non-contributory basis. CERTIFICATE HOLDER ELLATION City of Miami SHOULD ANY OF THE ABOVE DESCRIBED POLICES BE CANCELLED BEFORE THE EXPIRATION PATE THEREOF, NOTICE WB.L BE DELIVERED IN Public Facilities Dept; Asset Management ACCORDANCE WITH THE POLICY PROVtIONS. 444 SW 2nd Avenue, 3rd Floor Miami, FL 33130 AUTHORIZED REPRESENTATIVE j� t t -,.—a Lelwrig "�..-.✓Zs + 0 1988-2014 ACORD CORPORATION. All rights reserved. ACORD 25 42014/01) 1 of 1 The ACORD name and logo are registered marks of ACORD #S430824/M429674 CABRA Property Search Application - Miami -Dade County Submitted into the public\ _ record fpr ite (s) V.1 t lag' 1 of 3 on VILV19 . City Clerk IMPORTANT MESSAGE SEARCH: Anon W r al rotate property. you Mena not assume seat propel taxes eW remain me some WIrorev0r then a a awes n Oar lleine do amassed .aloa of Me prop..y trey ream to lift martial value roach cpW1 mull r NOM propmty win Mom use Our Tan Estimator to lePro.arute wu maw property !Meat. The Properly appraiser doss not Hod PM Nris and doss not sly or collect tors Phraya xut toe Tat Cdoew/s imbrue dr.cty for addawn5i ifdirmeBal Address Owner Name Subeivisan Name Feet, Ot-323i-000-0013 PROPERTY INFORMATION 0 Fora: 0i 1231.0000013 Property Macros 4055 terrEl iintUR CSYW 84aoo FL 11132.1012 Cromar t2TY OF ►OAMAt7T COARO ASSET M i4ACEUEHT OMS4Ort troilism Addams a44 044 2 AVE STE r Mr40. FL 31110-1,10 PA Mary Zees 5002 PAPP° Proton Lard Lhra Baler Emu r Malt 0r5r0 Floor Leda/ Wile 0 Actual Ana Using Asa Ad}amhrd Am 4,530 5q.Pt Let aloe 207.701 Sq.R Year Deal 1054 F dund Online Tools a 0 0 Ceay>.reter Saks Moray Monad Proems PA adalkr. Odes Teota Propeas Rand Cards Property Emma rota Arewprwa. Prop.rty T. Report OlecepooeWc Read tarrmw,W Prase Tax Crtp.risoa Tar Estimator TpBi roads Pay. A¢aimnl Board ASSESSMENT INFORMATION 0 BENEFITS INFORMATION 0 Yw 2010 2015 2014 Marro TIP* 2010 2015 2011 lMW VMde 31240450 UMW 340 1057,340 Nantlonrsfrd Awaoornwa $1221,543 31.070,450 3014.217 aWkling Valet 3253314 Q20.fi71 5142.e51 Cos Radudion Extra Feature Valor 50 50 30 Nast oot PI Presto roe appio.td! lo.4 TraMo Wrote Po Ca.. . Senora Saar. Clit Peron* 'Prom Vapor 51.5002000 01,323,420 $1.140.000 Assessed Value 3205,357 1443,001 5721,743 FULL LEGAL DESCRIPTION 0 http://www.miamidade.gov/propertysearch/ 3/30/2017 Property Search Application - Miami -Dade County TAXABLE VALUE INFORMATION 0 2014 MIS 2014 COUNTY Earanotwa Woe SO 10 SO Taxable Vow S268 353 0241051 3721 703 SCNOOI. 00ARO Eaaaptler Yamr SC A} S0 CLUB Taxable VOW, $1 S00 coo L1.323420 S1140.000 CtiY Earnpbon Volta $0 SO 50 Taxable Year d280.36' 6743:961 5721 703 REGIONAL EaemP4em Value SO SO 30 Tamale vats. 11265.357 6743.601 5221 T111 SALES INFORMATION 0 F/A0J 01.37310000010 Pmveaus San Price OR 83¢APero Per mare olorawban shoat Ile Oiprarwnt of Revenue's Sabo 0a,deaoan Cds3 2010 2015 2014 LAND INFORMATION 0 Submitted into the public record for it (s) ' J on GVj� City Clerk 11326342a 0730 PORTICO OF CAUSEWAY Fitt 0/041M AS WATSON PAR* 61` W LeFNAY DOCK LOG BY U ACARTOUR CAUSEWAY LESS ROS PER LEASE AGREEMENT BETWEEN CITY OF MAba L THE MEMO OUTBOARD o.rIl4can.. a.,r.der Page 2of3 T3o eabstelor meat ler Ills pope if Ines been armadillo Please mew 1. the Lama Brldnp. rd XF Ystae a Ow MemarroM Solon, in ceder o nbban the east acNrte mama Laird tree Muni Law PA Zoos tint Type bets Cale Yebw 00=)ERA4. C5 0002 PAR*! 6 RECREATION rpm. ET 20775160 BUILDING INFORNATIRN 0 n 'W* a . : '.Slurs' No4u.Y-,-u-.sr ..5 1 of ,... Obi I3ar4*6+t4 10+'4 S7 r1.. 1 1906 1 xp 1070 ti 1 3 2061 2 1 1970 3 1 1070 EXTRA FEATURES 0 r 1,9E4 392 144 Cale Yana nraNu4leMfatom lac wproperty hoe ban wwddOSO. Please Pshrla6wLard, 844*0.sad xF Ware lathe A 1MatSorbetbaaaletleobtain4wrootacres*rheas. 0.3,4 Noe CotO4C . COMM Opes5 300 ag1?oM CMiait From 67 9 NO Pt/ap • Goads Oc.L-Commis GIMP as Cammele PMip. Doak -Comm ORoa grpglaw OF iYd wait CO ComCpll Pike • Carmelo sw.dta4ALmiws w P10er Papa- Coml. SO Coal - CBS rs.Mon sd Cent MC- Comae 1APA 300 sq* teal LdM Sloolat - 10.30 ONO -1 Shame Gazebo -Elora Parole • M+R ADDf f fONA1 INFORMATION Vow Built 7001 2o01 2001 1992 1975 1975 1970 1970 1270 1070 1970 1966 Untie 200 1,164 144 5,777 446 1,963 446 30 7 264 11,000 • 19041klmo9a. 9Med trot K rat doted Sam M Property Atwater* OBcor mow I is branded* aeweaonea art aderma born a6wr 5wrnr ant .pones. Ctc Yoe,. http:f/www.miamidade.gov/propertysearch/ 3/30/2017 Property Search Application - Miami -Dade County LAND UEE AND RESTRICTIONS ConwnMrty Development Dnthct Eapwenwent Zero Urea. DeveNyeM: ACNE NOF TN CENTRAL INSIDE URBAN DEVELOPMENT BOO/DARY GameAr ow Agenaa and Conmsay Snrmcea OTHER GOVERNMENTAL RAMEM CflON0 Bummers VomneneA FNMA Dower ov Of ReeeaueSt:NM Bawl Chtlrena Lull Glad* InWd Nengwion Dswd South Flan!' Warr More Mold Submitted into the public - 3 Page 3 of 3 record foil- iterp(s) _ on �l/ IN 19 • Cody ReMYAopn sM Area: EnYrp,ae Zola; Zeang Cods, Existing Lams Use: Cis at Mari PA Soren Bowl TiaColman NONE CENTRAL CS, City Clerk SIT • *MINA COMPLEXES Its rim% RERS, MOORINGS. RAMPS BOAT LOTS AND HOISTS. BOAT MAINTENANCE AND REPAM BOAT STORAGE, FUELING QPERATIONSi FOR RECR ATiOPML CRAFT LOCATED NITtaN PARIfS AND PRESERVES AND OTHER SMALL. CRAFT HARBOR COMPLEXES USED PRIMAMSLY FOR REC EnKaunaer Cewalarerwn ROAM Vslarem APmswxre4 no OBmw el M Pnpwty 4,44er a k e40.mg sod *phew She tot roe TVs Awhile ma* not mewl eve mast cutters wMaaiMM co record The Proper* APpareer and Aim.Osde Cow* aaaaww ee rob, sea>ull4lec* w one taw AOJwnr+ d t+.AYAsw wannrn. devAnMMchlim. Pa aVaMes and ..pOwicwa *MO es et Nap A new retanafe4e.oixAMEenaliCoamoromYeanieceramMari aspr Venice 20.) Deployed MWMry DiaaaiMy EsnmPeona Senior C de s Mon r Folio Numbers Mortiligit Enact TAMGiB&E PERSONAL PUBUC RECORDS PROPERTY Eaie NOn Regi eL% Declaration cl Fling Rsians COrdottweman Mon Mum: TAX Estimtbr Tax Companion HO/Mflaed ILMonOticn end P TAX ROLL JJJAINISTRATION A-Piawp your AsesasrneM Reveres Mon > More > Lt4IDE a LEE Waggle wow* 6:3614210 common O 20T4 Mini-O de Canty. AI Apimb refereed http:I/www.miamidade.gov/propertysearch/ 3/30/2017 Submitted into the public record f r ite (s) WV, , on City Clerk Miami Outboard Club 17-180-02 GLOSSARY OF VALUATION TERMS Term Definition Source Air Rights The right to undisturbed use and control of designated Appraisal Institute, The air space above a specific land area within stated Dictionary of Real elevations. Air rights may be acquired to construct a Estate Appraisal, 6th building above the land or building of another or to Ed. (Chicago: Appraisal protect the Tight and air of an existing or proposed Institute, 2015) structure on an adjoining 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 one invest t are , , _ - ' '•nary of Real ombin to • ightea age r attributable state Appraisal, 6th o the t I (i.e. ebt d e a d and : d. (Chicago: Appraisal mprov en � nstitute, 2015) Condominium iunit s cture, : . nit with in° 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 cost at the time of appraisal. The depreciated cost of the Estate, 14" Ed. improvement can be considered an indication of the (Chicago, Illinois: improvement's contribution to the property's market Appraisal Institute; value. 2013) JOSEPH J. BLAKE AND ASSOCIATES, INC. NEAL ESTATE VALUATION AND CONSOLTINI Submitted into the public r record foritet i(s) `_ _ G I ,n n . City Clerk 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 t_t::ra value erha.nct nwnt (I t? , the era. ep� reLrial incert.iv ' 1°'•-1 a ntrit'pronc'' r who ;uc�=: ssfully rrea^cis .V,Iue hrough new do .,_lo.pnment, •a11 cr... no tion, or an i-ino ive chanfe of us+ s ewarded 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 Appraisal Institute, The one year's equity cash flow and the equity investment; Dictionary of Real also called the cash -on -cash rate, cash flow rate, cash Estate Appraisal, 6th throw -off rate, or equity dividend rate. (RE = IE/VE, or Pre- Ed. (Chicago: Appraisal Tax 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) JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTINI Miami Outboard Club 17-180-02 Submitted into the public 0 r_ record fo) ite i(s) 3 "i c/ i,� / ) 1 . "icy Clerk 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 Practice, 2016-2017 Ed. or conclusions. Comment: Extraordinary assumptions pre a as fact otherwise untertoii°i .nfc�rmation zibout hysica gal, c, oc noi'nic char icte, L,k is c: the subject roperty; or about corioitions ruxterr<i to the prc;:e t;,, uch as m rki t rib ti ",5 or trend.,. cr about the Irsg grity :.' cat,: used in al 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, Estate Appraisal, 6th police 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 CONSILTINI Miami Outboard Club 17-180-02 Submitted into the public record f r het (s) / ' / fl C Clerk GLOSSARY OF VALUATION TERMS Term Definition Source Gross Leasable Area (GLA) Total floor area designed for the occupancy and Appraisal Institute, The exclusive use of tenants, including basements and Dictionary of Real mezzanines; measured from the center of joint Estate Appraisal, 6th partitioning to the 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 ' - '• adaptab -.,.nd ne fie ded i ' the .nabl near future. if •;a sal . '.'s f. - 1 Land qu r ion Hypothetical Condition co "ition the 1; esumect . true when it • ppraisal Institute, The is 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 Ed. (Chicago: Appraisal by the appraiser to exist on the effective date of Institute, 2015) the 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) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CON1OLTINA Miami Outboard Club 17-180-02 Submitted into the public record f ite (s)_ on 9 . pity Clerk GLOSSARY OF VAL ATION 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 for a 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 •ercen - 1 between a mortgage loan and the value of the pie g ;: ecurity, ually e, . o calle• pan ra LTV :: Appraisal Institute, The § S •nary of Real state Appraisal, 6th d. (Chicago: Appraisal nstitute, 2015) Marketing Time on o he am time it 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. ppraisal 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 VALUATION AND CONSULTING Miami Outboard Club 17-180-02 Submitted into the public record for iten (s) 1/ ly) ��1 . City Clerk GLOSSARY OF VALUATION TERMS Term Definition Source iviarket 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 follows: 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 c err4� c,- i, i1 .a4 ir;luc:r.°, more fakir' one riLewed a. Tat.. tQndit:CMS r". uCti-k1 ^r ''i rlc ''i t.11,Je der -iC 'a7 E- L10 ,{.h perspectiars ;;r d. lent of -e r. p Mc . T',r_se r r .J t : r . may vary fro rr definition tea : to im t;t ge°'r"7II' "zill 'rt. • three tegori • � and relatiar hip, know rnotivatk ' .or 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 Appraisal institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSDLTINI Miami Outboard Club 17-180-02 Submitted into (s the public �� record fo%- itet q/��� City Clerk GLOSSARY OF VALUATION TERMS and/or other special incentives must be clearly set forth; their contribution to, or negative influence on, value must be described 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 eTheticQ. rnormal • ration for theproperly sold undlikted special Mr..reari mint ors) r , concessions Frame.: by a me aslixiate ,LiCii th :.iie, (12 C.F.4t. 42f'i; 55 Feder 'Reg er 34.69-c. 24, a mended at 57 2202, April 1E032 59 r . Register 29499, 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. (IVS) 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)" JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINI Submitted into the public record for ite i(s) r\ t en �� City Clerk Miami Outboard Club 17-180-02 GLOSSARY OF VALUATION TERMS Term Definition Source Mortgage Capitalization Rate (RM) The capitalization rate for debt; the ratio of the annual Appraisal Institute, The debt service to the principal amount of the mortgage Dictionary of Real loan. The mortgage capitalization rate (RM) is equivalent Estate Appraisal, 6th to the periodic (monthly, quarterly, annual) mortgage Ed. (Chicago: Appraisal constant times the number of payments per year on a Institute, 2015) given loan on the day the loan is initiated. 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 Appraisal Institute, The operating income expressed as a factor; the reciprocal of Dictionary of Real the overall capitalization rate. Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Net Operating Income (NOI or lo) al o d net i= me th. : isal Institute, The .!1 oper.ng penses e defro ffective gross Dictionary of Real ncome t ortga ° d - se book '_ a state Appraisal, 6th •epreci- .n e de ted. ' . -s d ition mirrors = d. (Chicago: Appraisal enti used . Borate fib .and business nstitute, 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 (R0) 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 = to /V0)• Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Miami Outboard Club 17-180-02 Submitted into the public record fo ite (s) �� . 3 on °lf LY / fl . City Clerk GLOSSARY OF VALUATION TERMS Term Definition Source Prospective Market Value "As Completed" and "As Stabilized" Prospective Opinion of Value 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 d of and oth +filar .; .perties. (See 17.) e opin effect!+"=' of a sp= fi=: 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) 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 Insurance Purposes The estimated cost, at current prices as of the effective date of valuation, of a substitute for the building being valued, using modern materials and current standards, design, and layout for insurance coverage purposes guaranteeing that damaged property is replaced with new property (i.e., depreciation is not deducted). Appraisal institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONAULTINI Submitted into the public record for/items) on(,u--�x J f . City Clerk 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 Appraisal Institute, The 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 rn. •fthe . ?z., ert y, h a F- n° � -._ hicago: Appraisal lease e - of le. 'k cludi : the ultimate nstitute, 2015) ublesse Sum of the Retail Values he of he se* - ' nd di` c '" arket value ppraisal Institute, The ..'` .ns for-ach o - units +"'a ondominium, 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 Appraisal Institute, The income 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) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONHULTINII Miami Outboard Club 17-180-02 Submitted into the public record fo iterr}(s) �A . j on Cv tx / \i . City Clerk QUALIFICATIONS OF THE APPRAISER MARIA ARROYAVE 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 —Tallahassee, Florida Bachelor of Arts in English University of Miami — Coral Gables, Florida Master of Arts in Print Journalism REAL ESTATE AND APPRAISAL EDUCATION Course Name Provider Real Estate Appraisal I/A.B.I Real Estate Appraisal II/A.B.II General Appraiser Site Valuation & Cost Approach General Appraiser Income Approach Part I General Appraiser Report Writing and Case Studies General Appraiser Market Analysis and Highest & Best Use PROFESSIONAL AFFILIATIONS Miami -Dade College Miami -Dade College Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute Affiliation '} yNumber Florida Stat tegister P.'2I €skate As ,tan Tralkee Ap . i ^F No. RI 21035 APPRAISAL EXPERIENCE Responsibilities include preparation of full narrative appraisal and market study reports for a wide variety of property types and purposes, including but not limited to business parks, office buildings, industrial buildings, shopping centers, multi -family projects, hotels and land. CERTIFICATION RICK SCOTT, GOVERNOR KEN LAWSON. SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD The REGISTERED TRAINEE APPRAISER Named below HAS REGISTERED Under the provisions of Chapter 475 FS. Expiration date: NOV 30, 2018 AR ROYAVE, MARIA TF RF S.A 4000 PONCE DE LEON BLVD SUITE 410 MIAMI FL 33146,` ISSUED: 11/29)20t6 [Sf`5PL SEO # 11611290002144 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE YALUATION ARC CONHOLTINII Miami Outboard Club 17-180-02 Submitted into the public record for ite (s) (,.i � 9 . City Clerk QUALIFICATIONS OF THE APPRAISER TED ALLEN, MAI Mr. Allen currently holds the position of Managing Partner with the Miami office of Joseph J. Blake and Associates, Inc., at 4000 Ponce de Leon Boulevard, Suite 410, Miami, Florida. Previous positions include Principal (1986 to 2011), Regional Manager Southeast Region (1984 to 1986), Senior Appraiser (1982 to 1983) and Associate Appraiser (1979 to 1981). FORMAL EDUCATION University of Texas - Austin, Texas Bachelor of Business Administration PROFESSIONAL AFFILIATIONS Affiliation Florida State -Certified General Real Estate Appraiser Georgia State -Certified General Real Property Appraiser Appraisal Institute, Designated Member Royal Institution of Chartered Surveyors Number No. RZ 426 No. CG 1855 No. 6949 No. 6329062 CURRENT RESPONSIBILITIES Responsibilities include the preparation and direction of a variety of full narrative real estate appraisals and consulting studies prepared on a national basis. Mr. Allen supervises all staff appraisers and consultants and directs all major ,: . _;nments It. hOu the c a..t :ter; i 1_J -dtr2d1 Stars and the APPRAISAL EXPERIENCE Mr. Allen has prepared and ci:r. to Purn roJ ._1-,.pra;sai- co. ultirsg a sign is which include mixed - use properties, multifamily Ire eras, propQA+ed and .sty condominium and conversions, office buildings, motels, h,pt.;tk,, hciustria propert , "Pegiorial Its, shopping cen'te. mobile home parks, market studies, feasibility studies, and investment analyses on a variety of institutional and non - institutional grade real property in over 15 states and 10 Caribbean nations. He has appraised and has supervised appraisals, as well as prepared consulting studies of properties for a variety of public pension funds, large institutional investors, pension fund advisors, insurance companies and banks. Mr. Allen has qualified as an expert witness for Federal Bankruptcy Court in the State of Florida and the State of Georgia and has given oral and written testimony in each. He has also been qualified in Florida State and County Courts. LEADERSHIP AND ADDITIONAL EXPERIENCE Mr. Allen is currently one of three executive committee members managing the operations of Joseph J Blake and Associates. This position oversees all aspects of the firms operations throughout the US. His duties including accounting oversight, IT oversight, marketing, short and long range planning, personnel staffing and budgeting. Positions held at the Appraisal Institute include; former service on Chapter Admissions Committee Member, former service on National Admissions Committee, and former service on National Ethics Committee. Additional real estate activities include NCREIF and Mortgage Bankers Association functions and service as Special Magistrate Miami Dade County Value Adjustment Board for the 2014 tax year. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CDNSDLTINA Miami Outboard Club 17-180-02 CERTIFICATION RICK SOW". GOVERNOi Submitted into the public j record fo en its) �G 13 on °Vt /lr . City Clerk QUALIFICATIONS OF THE APPRAISER KEN LAWSON, SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL 8O uCENsc NUM8E! The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date NOV 30, 2018 ALLEN, TED EUGENE 4000 PONCE DE LEON •: ._ 41 CORAL GABLES issu€n. t0/12ao16 DISPLAY AS REQUIRED BY LAW -RAE 3E0 L16101200023,9 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CDNEULTINI