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HomeMy WebLinkAboutBack-Up DocumentsREQUEST FOR PROPOSALS (RFP NO. 16-17-011) FOR LEASE OF CITY -OWNED WATERFRONT PROPERTY FOR MARINAS/RESTAURANT/SHIP'S STORE USES LOCATED AT VIRGINIA KEY, MIAMI, FLORIDA ALSO KNOWN AS "VIRGINIA KEY MARINA RFP" * INCORP ORATED * 18 96 l R1 CITY OF MIAMI DEPARTMENT OF REAL ESTATE AND ASSET MANAGEMENT ISSUE DATE: FEBRUARY 17, 2017 PROPOSALS DUE DATE: MAY 18, 2017 City of flilfamf February 17, 2017 Ladies and Gentlemen: The Department of Real Estate and Asset Management ("DREAM") for the City of Miami ("City") does hereby issue the attached Request for Proposals ("RFP") for the development and lease of prime waterfront property located in Virginia Key, Miami, Florida. The goal of this RFP is to create a vibrant recreational marina and restaurant destination with an ancillary ship' s store facility for City residents, guests, and visitors. Please review the details in the RFP below. As described herein, the vision of this RFP is to help implement major components of the Virginia Key Master Plan. The Successful Proposer will enter into a long-term lease with the City for approximately 26.65 acres (including uplands and submerged land) of waterfront property located at 3301, 3605, 3501, 3311, & 3511 Rickenbacker Causeway, Miami, Florida, and more specifically shown in the survey and legal description included as Exhibit A ("Property"). The City hereby requests that Proposers submit a proposal package including all of the items required by this RFP. This RFP contains information regarding the Property, submission requirements, and selection procedures. Carefully review all enclosed documents. Proposers must comply with all submission requirements as well as all applicable legal and regulatory requirements in order to be eligible for consideration. All information and materials submitted will be thoroughly analyzed and independently verified. The Proposals submitted by each Proposer must present a definitive and detailed build -out program, completion schedule, financial plan, design, and meet all requirements of this RFP, to form the basis for evaluation and selection by the City. Proposals must be received by the Office of the City Clerk (First Floor Counter), City Hall, 3500 Pan American Drive, Miami, Florida 33133, by 2:00 PM, on May 18, 2017. Late or incomplete proposals will not be considered. A list of all Proposers will be made public the following day online at a site accessible through the City's Real Estate Opportunities page: http://www miamigov.com/PublicFacilities/pages/RealEstateOpportunities/ The Successful Proposer shall be subject to the requirements of all applicable laws, including, but not limited to, the laws of the State of Florida, Miami -Dade County, and the Charter and Code of the City. On behalf of the City of Miami Mayor and Commissioners, I welcome responsive proposals from responsible Proposers that will realize the full potential of this prime real estate location. Sincerely, Daniel J. Alfonso City Manager 2 TABLE OF CONTENTS I. EXECUTIVE SUMMMARY II. GENERAL TERMS AND CONDITIONS III. SPECIAL CONDITIONS A. PROPOSED PROJECT B. THE PROPERTY C. SELECTION PROCESS AND CONTRACT AWARD D. LEASE E. BACKGROUND CHECK/DISQUALIFICATION IV. TECHNICAL SPECIFICATIONS A. PROPOSAL REQUIREMENTS & FORMAT B. DEADLINE FOR RECEIPT OF INFORMATION / CLARIFICATION C. RECEIPT OF RESPONSES EXHIBITS & APPENDICES EXHIBIT A LEGAL DESCRIPTION & SURVEY EXHIBIT B MIAMI 21 ZONING CODE: CS CIVIC SPACE EXHIBIT C DRAFT LEASE & DEVELOPMENT AGREEMENT EXHIBIT D VIRGINIA KEY MASTER PLAN EXHIBIT E ENVIRONMENTAL SITE ASSESSMENTS EXHIBIT F VIRGINIA KEY MARINA DEEDS EXHIBIT G COUNTY PARKING GARAGE DEED EXHIBIT H COASTAL RISK CONSULTING 2016 KING TIDE REPORT EXHIBIT I CBRE FEASIBILITY STUDY & LAMBERT PEER REVIEW APPENDIX 1 RFP NO. 16-17-011 CHECKLIST APPENDIX 2 REGISTRATION FORM APPENDIX 3 RFP PROPOSAL SUBMISSION FORM APPENDIX 4 BUSINESS TEAM EXPERIENCE APPENDIX 5 DEVELOPMENT TEAM EXPERIENCE APPENDIX 6 ENTITY CERTIFICATE OF AUTHORITY APPENDIX 7 DISCLOSURE/DISCLAIMER FORM APPENDIX 8 INSURANCE REQUIREMENTS APPENDIX 9 CONSENT FORMS APPENDIX 10 NON -COLLUSION AFFIDAVIT APPENDIX 11 DETAILED EVALUATION MATRIX REQUEST FOR PROPOSALS VIRGINIA KEY MARINA (RFP No. 16-17-011) I. EXECUTIVE SUMMMARY Project: The City is seeking responsive proposals from qualified Proposers willing to plan, redesign, construct, renovate, redevelop, lease, manage and operate a mixed -use waterfront facility including, but not limited to, a marina, boatyard, dock master's office, ship's store, dry storage, wet slip docks, and at least one restaurant ("Project"). Location: 3301, 3605, 3501, 3311, & 3511 Rickenbacker Causeway, Miami, Florida, shown respectively as Parcels 1, 2, and 3 on the survey included herein as Exhibit "A" ("Property"). Property Size: Approximately 26.65 acres, including upland and submerged land property. The submerged land is estimated to be approximately seventeen (17) acres. Additional submerged land may be available, as specified in Section III.A.6. below. Zoning: Development capacity and program for this site are regulated by the City of Miami ("City") Comprehensive Neighborhood Plan and the Miami 21 Zoning Code. The applicable zoning designation is CS Civic Space Zone according to the Miami 21 Zoning Code. Condition of Property: The Property and its improvements are offered in "AS IS, WHERE IS" condition by the City. No representations or warranties whatsoever are made as to its condition, state or characteristics. EXPRESSED WARRANTIES AND IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE OR USE AND HABITABILITY ARE HEREBY DISCLAIMED. IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY, AND/OR FITNESS FOR A PARTICULAR PURPOSE ARE HEREBY DISCLAIMED. No representation whatsoever is made as to any environmental, surface, subsurface, water or soil matter or condition. Taxes, Impositions: The Successful Proposer is responsible for all taxes, levies, governmental impositions, surcharges and assessments due or assessed on the Property. The Successful Proposer shall be required to pay for any survey(s), site plans, permits, or other application fees required for the implementation of the Project. The Successful Proposer shall be responsible for payment in lieu of taxes ("PILOT") during the term of the Agreement in the event the Property becomes exempt from ad valorem real estate taxes. State Approval: Virginia Key and Tthe City -owned submerged lands included in the Property are both subject to a "Municipal Purpose" deed restriction provided by the State of Florida Board of Trustees of Internal Improvement Trust Fund (" TI1'TF") and are subject to reversion to the State for violations of such deed restriction. The TIITF deed is included in Exhibit "F" of this RFP. As a condition precedent of the Lease, the City will seek a finding of municipal purpose or (if applicable) a waiver of the deed restriction for the use of Virginia Key land areas and the submerged lands for the Project. The Successful Proposer shall bear all costs, fees, waiver payment fees, 4 and/or any other required payments to the State in association with the State approval process. Additionally, the Successful Proposer shall be required to covenant that it shall not cause directly or indirectly any action, omission, or inaction that would result in a violation of the State deed restriction and any waiver of deed restriction requirements related thereto. The Successful Proposer shall fully cooperate in the state approval process, if applicable, as requested by City and/or the State. County Approval: The Property is also subject to certain deed restrictions set forth by Miami -Dade County. In the event Miami -Dade County requires approval of the site plan or any other component of the RFP, the Successful Proposer shall be responsible for pursuing such approvals at its sole cost and expense. Master Plan: Comprehensive Plan: Lease: Lease Term: The Miami City Commission has adopted an area -wide Master Plan that sets forth a global development vision for Virginia Key ("Master Plan"). It is the intent of this RFP to encourage an integrally planned and designed development for the Property that is both consistent with, and substantially adheres to, the Master Plan to the extent permitted by applicable law. Please note that adherence to the Master Plan does not require adherence to the pictorial design provided therein. Rather, emphasis shall be made on substantial compliance with the principles adopted in the Master Plan. The Master Plan is included herein as Exhibit "D". The Miami City Commission has adopted, pursuant to the requirements of State and Local Laws, the Miami Comprehensive Neighborhood Plan ("MCNP"), as amended. The Future Land Use Map ("FLUM") of the MCNP classifies this Property as Public Parks and Recreation. A lease agreement substantially in the form included herein as Exhibit "C" ("Lease") shall be executed following the award of this RFP. Certain provisions of the Lease shall remain non-negotiable, including, but not limited to, items specifically required by this RFP, as well as Indemnification, Hold Halmless, Duty to defend, Insurance, and Guarantees. Please note that the form lease included as Exhibit "C" is a draft that will be revised to reflect all of the requirements specified in this RFP as finally negotiated between the parties, subject to review and approval by the Office of the City Attorney. Where the terms of the form Lease included as Exhibit "C" are in conflict with the terms contained in this RFP, the terms of this RFP shall govern. The Lease consists of a forty-five (45) year initial term, with two (2) fifteen (15) year renewal terms. The cumulative term, inclusive of both renewals, may not exceed a total of seventy-five (75) years ("Lease Term"). The Project shall be planned in a contiguous manner, although there may be a phased delivery of possession. The Lease Term shall commence upon execution of the Lease. Subsequent phases of the lease shall run concurrently with the initial phase. Rent Requirements: RFP Proposals shall include a minimum base rent equal to or greater than Two Million One Hundred and Fifty Thousand Dollars ($2,150,000) annually ("Base Rent"). Commencing on the first anniversary of the Effective Date of the Lease and on each anniversary thereafter during the Initial Term, the per annum Base Rent amount shall be adjusted to the greater of: an increase by one percent (1%) of the previous year' s Base Rent, or an increase based on the amount indicated by 5 Parking Contribution: the Consumer Price Index as of three (3) months prior to the beginning of the applicable adjustment date. In no event shall any such annual adjustment to the Base Rent result in an increase that is less than one percent (1%), or more than Five Percent (5%), of the Base Rent amount immediately prior to the effective date of such adjustment. Additionally, Proposals must provide that the City shall receive a percentage rent equal to or greater than six percent (6%) of wet slip and dry storage operations, six percent (6%) of fuel sales, and four percent (4%) sublease income or other income received by Successful Proposer from the Project ("Participation Rent"). Additional rent may be applicable, as negotiated and specified in the Lease. Successful Proposer shall be required to construct sufficient parking for the Project as determined by the Parking Foiniula set forth in Section III.A.11. below.contribute a minimum of Three Million Four Hundred and Fifty Thousand garage. Actual contribution amount shall be based on the Parking Formula, as defined below. Alternative arrangements for parking arc available, including the potential waiver of the above mentioned parking contribution, subject to additional restrictions specified below. Earnest Money Deposit: The Successful Proposer shall provide an irrevocable/unconditional Cashier' s Check, drawn on a financial institution authorized to do business in Florida (or may do the same by wire transfer or shall provide proof the below amount has been deposited into a restricted escrow account), providing for Seven Million Dollars ($7,000,000), which shall be due upon execution of the Lease. Letters of credit will not be accepted as a substitute security. Referendum Deposit: Section 3(f)(iii) and 29-B of the Charter of the City of Miami requires that any lease that the City Commission approves pursuant to this RFP shall not be valid unless approved by public vote through a referendum process ("Referendum"), currently scheduled for November 7, 2017. The Successful Proposer shall pay a One Hundred and Twenty -Five Thousand Dollars ($125,000.00) deposit in order to place the lease terms on the ballot for approval ("Referendum Deposit"). After receiving approval by the City Commission, any unused portion of the Referendum Deposit, after deducting all costs for the Referendum, shall be returned to the Successful Proposer. In the event additional funds are required to place the question on the ballot (i.e., to account for increased costs of printing or other costs imposed), the Successful Proposer shall be required to promptly pay the additional funds to the City within ten (10) days' written notice. Failure to do so will disqualify the Proposer from further consideration. Letters of credit will not be accepted as a substitute security. Wet & Dry Storage: The marina shall provide the most efficient and cost effective number and size of dry storage racks and wet slips in light of market conditions as well as all RFP requirements. The size and number of all wet slips shall be subject to all applicable laws, rules and regulations, including, but not limited to, permitting, aquatic preserve limitations, and other regulatory requirements. No wet slips shall be allowed in the historically -designated marine basin other than those reasonably necessary for the launching and staging of vessels from the dry storage facility, as further clarified below. 6 Access Road: The Successful Proposer shall either: (1) preserve and maintain the access road indicated as Parcel 2 in the survey attached as Exhibit "A"; or (2) provide for and construct, subject to applicable permits and other regulatory approvals, an alternative access road in a substantially similar vicinity as that indicated as Parcel 2 in the survey attached as Exhibit "A". The public, including the agents, employees, and invitees of the adjacent Rusty Pelican Restaurant, shall be freely afforded and granted access to, over, and across the above -mentioned access road. Public Boat Ramp• The Successful Proposer shall be required to plan, design, permit and construct a public boat ramp and floating dock on the Property to the northwest of Miami Marine Stadium as an additional component of the Virginia Key Master Plan. Boat Show: Registration Fee: Proposer Entity: The Successful Proposer shall allow the National Marine Manufacturer's Association ("NMMA") boat show event ("Boat Show") access and use of a portion of the Property, annually during the seven (7) days of the Boat Show, customarily held at or around President' s Day weekend. The Successful Proposer shall also accommodate the Boat Show during the three (3) week set up period and the two (2) week tear down period for a total not to exceed six (6) weeks. This restriction shall be coterminous with the Lease for as long as the Boat Show is held at Virginia Key, even if the Boat Show is held elsewhere but later returns to Virginia Key during the Lease Term. Only those Proposers who have registered as Registered Vendors, as specified below, can participate. For registration as an official Proposer prior to proposal submittal, and to receive a complete RFP package and RFP addenda as they are published, Proposers must submit a non-refundable fee of One Hundred and Fifty Dollars ($150.00), in the form of a cashier's check, money order, or official certified bank check, payable to the "City of Miami", delivered to the Registration Contact specified below ("Registration Fee"). At the time of submission of the Proposals, the Proposer must be a business entity (i.e., Partnership, Limited Liability Company, Corporation, etc.) already authorized to do business in the State of Florida, Miami -Dade County and the City of Miami under the Proposer entity's legal name. Any principal(s) included in Appendix 3 ("RFP Proposal Submission Form") may not be substituted or withdrawn from participation after the Submission Date unless the City Manager specifically authorizes in writing a request for substitution. Background Check: Each Proposer, including the principals thereof, and/or its assigns, shall be subject to a background and credit check, which may be necessary to determine responsibility and responsiveness to all items required by this RFP. Pre -Proposal Conference and Site Visit: The City may conduct a Pre -Proposal Submission Conference and Site Visit on a date and time that is yet to be determined. In the event of such Conference, notice of the date, time, and location shall be posted via Addendum at the following website: www.virginiakeymarinarfp.com, and sent to all Registered Proposers via email 7 Registration Contact: Kimberly Balkus CBRE I Public Institutions 200 East Las Olas Blvd., Suite 1620 Fort Lauderdale, Florida 33301 T: (954) 331-1776 E: kimberly.balkus@cbre.com Project Manager: Jacqueline Lorenzo City of Miami I Department of Real Estate and Asset Management 444 SW 2nd Avenue, 3rd Floor Miami, Florida 33130 T: (305) 416-1426 E: jlorenzo@miamigov.com Proposal Due Date and Location: May 424, 2017, 2:00 P.M. Office of the City Clerk, City of Miami City Hall 3500 Pan American Drive, First Floor Counter Miami, FL 33133 II. GENERAL TERMS AND CONDITIONS A. Definitions 1. Proposal — shall refer to any offer(s) submitted in response to this solicitation. 2. Proposer — shall refer to anyone submitting a Proposal in response to this solicitation. 3. Solicitation— shall mean this solicitation documentation, including any and all addenda. 4. Solicitation Submittal Forms — must be completed and submitted with the Proposal. 5. City — shall refer to the City of Miami, Florida 6. DREAM — shall refer to City of Miami Department of Real Estate and Asset Management. 7. Registered Proposer — shall refer to a firm that has submitted a complete Registration Form. 8. Successful Proposer — shall mean the Proposer(s) recommended for award. B. Instruction to Proposers 1. Proposer Qualification and Registration It is the policy of the City to encourage full and open competition among all available qualified Proposers. Proposers must register as a Registered Proposer by submitting a completed Registration Form and providing a fee of One Hundred and Fifty Dollars ($150.00) in the form of a cashier' s check, money order, or official bank check, payable to the "City of Miami". 2. Public Entity Crimes To be eligible for award of a contract, firms wishing to do business with the City must comply with Section 287.133(2)(a) of the Florida Statutes, which provides that a person or affiliate who has been placed on the convicted vendor list following a conviction for a public entity crime may not submit a Proposal on a contract to provide any goods or services to a public entity, may not submit a Proposal on a contract with a public entity for the construction or repair of a public building or public work, may not submit Proposals on leases of real property to a public entity, may not be awarded or perform work as a contractor, supplier, subcontractor, or consultant under a contract with any public entity, and may not transact business with any public entity in excess of the threshold amount provided in Section 287.017 of the Florida Statutes, for CATEGORY TWO, as defined by Section 287.017(2) of the Florida Statutes, for a period of thirty-six (36) months from the date of being placed on the convicted vendor list. 3. Request for Additional Information i. Cone of Silence: Pursuant to Section 18-74 of the City Code, all Solicitations, once advertised and until an award recommendation has been forwarded to the appropriate authority, are under the "Cone of Silence". Any communication or inquiries, except for clarification of process or procedure already contained in the Solicitation, are to be made in writing to the attention of the Project Manager identified in the Solicitation with a copy sent to Lee Ann Korst I CBRE at leeann.korst@cbre.com and to the City Clerk either via email at clerks @miamigov.com or via mail at Office of the City Clerk, Attn: Todd B Hannon, 3500 Pan American Drive, First Floor, Miami, Florida 33133. ii. Addenda: DREAM may issue an addendum in response to any inquiry received prior to Proposal receipt and opening that changes, adds to, or clarifies the terms, provisions or requirements of the Solicitation. The Proposer should not rely on any representation, statement or explanation whether written or verbal, other than those made in this Solicitation or in any addenda issued. Where there appears to be a conflict between this Solicitation and any addenda, the last addendum issued shall prevail. It is the Proposer' s responsibility to ensure receipt of all addenda, and any accompanying documentation. 9 4. Solicitation and Proposers' Responsibilities It is the responsibility of the Proposer to become thoroughly familiar with the requirements, terms, and conditions of this Solicitation. Allegations or pleas of ignorance by the Proposer of conditions that exist or that may exist will not be accepted as a basis for varying the requirements of the City, or the compensation to be paid by the Proposer. This Solicitation is subject to all legal requirements contained in the applicable City Charter and City Code provisions, as well as all applicable County, State, and Federal laws, rules, and regulations. It is the responsibility of the Proposer, prior to conducting any lobbying regarding this Solicitation to file the appropriate form with the City Clerk stating that a particular lobbyist is authorized to represent the Proposer. The Proposer shall also file a form with the City Clerk at the point in time at which a lobbyist is no longer authorized to represent said Proposer. Failure of a Proposer to file the appropriate form required, in relation to each Solicitation, may be considered as evidence that the Proposer is not a responsible contractor. 5. Change or Withdrawal of Proposals i. Changes: Prior to the scheduled Proposal receipt and opening, a Proposer may change its Proposal by submitting a new Proposal. Other than scrivener' s errors or other non- material errors that serve the City' s best interest once revised, no changes to a Proposal will be accepted after the submission deadline. ii. Withdrawals: A Proposal shall be irrevocable unless the Proposal is withdrawn as provided herein. A Proposal may be withdrawn within ninety (90) days after the Proposal has been received and opened and prior to award, by submitting a letter to the Project Manager identified in this Solicitation. The withdrawal letter must be on company letterhead and signed by an authorized agent of the Proposer. Proposals may not be withdrawn except as expressly provided in this Section II.B.5.ii. 6. Conflicts within Solicitation Provisions contained herein will be interpreted in a manner consistent with all other provisions. However, where there exists a conflict between the General Terms and Conditions, Special Conditions, the Technical Specifications, or any addendum issued, the order of precedence shall be: the last addendum issued, the Technical Specifications, the Special Conditions, and then the General Terms and Conditions. Additionally, the provisions of this solicitation shall govern over all agreements to be negotiated with Proposer pursuant to this solicitation. In the event of a conflict between any draft agreement included as an exhibit, attachment, or appendix and the terms of this solicitation, the terms of this solicitation shall govern. C. Preparation of Proposals 1. Registration Form — Proposers are required to register in the manner indicated in the Registration Fee Section of the Executive Summary, in order to respond to solicitations issued by DREAM. 2. Submittal Forms — the Proposal Submission Form and all other required solicitation documents define requirements of the Solicitation, and must be completed and submitted as outlined within the Solicitation. Use of another form may result in rejection of the Proposal. 3. Authorized Agent — An authorized agent of the Proposer' s firm must sign the Proposal Submission Form and submit it together with the Proposal. 4. Conditions — The Proposer may be considered non -responsive if Proposals are conditioned to modifications, changes, or revisions to the terms and conditions of this Solicitation. 10 5. Additional/Alternate Proposals — Proposers may submit an additional or alternate Proposal(s) for the same Solicitation provided that such additional or alternate Proposal is allowable under the terms and conditions specified in this RFP. The additional or alternate Proposal must meet or exceed minimum requirements and must be submitted by separate submittal marked "Alternate Proposal". All Proposals submitted as Alternate Proposals shall be considered separately and independently of each other. Additional or alternate Proposals shall not deviate from the requirements of this RFP. Failure to comply with the requirements of this RFP in any one of the additional or alternate Proposals shall be grounds for disqualification of such Alternate Proposal. 6. Price Discrepancies — where there is a discrepancy between the prices offered within the Proposal, the prices or amounts that would provide the greatest return to the City shall prevail. D. Cancellation of Solicitation The City reserves the right to cancel, in whole or in part, any Solicitation when it is in the best interest of the City. The City shall have the sole and absolute discretion to determine which actions are in the best interest of the City. E. Award of Solicitation 1. Generally — This RFP may be awarded to the responsible Proposer meeting all requirements as set forth in the Solicitation. The City reserves the right to reject any and all Proposals, to waive irregularities or technicalities and to re -advertise for all or any part of this Solicitation as deemed in its best interest. The City shall be the sole judge of its best interest. 2. Unreasonable Offers — The City expressly reserves the right to reject any and all Proposals if it is determined that prices are insufficient, best offers are determined to be unreasonable, or it is otherwise determined to be in the City's best interest to do so. 3. Negotiations — The City reserves the right to negotiate price with the Proposer providing the best financial return to the City, provided that the Solicitation's scope of work and/or minimum requirements, including rent, remains the same or revised for the City's benefit (such as increased rent). 4. Qualified Proposers — Award of this Solicitation will only be made to firms that have completed the Registration Form and satisfy all necessary legal requirements to do business with the City. 5. Contractor Responsibility — Pursuant to City Code Section 18-120, the Proposer's performance as a prime contractor or subcontractor (as may be applicable) on previous City contracts shall be taken into account in evaluating the Proposal received for this Solicitation. 6. Award Information — To obtain a copy of the evaluation scores, upon notice of Award Recommendation, Proposer(s) may request the scoring sheets or other award information by contacting the Project Manager outlined within the Solicitation. 7. Contract — The Solicitation, any addenda thereto, the subsequent agreement(s), and any properly executed modifications shall constitute the resultant contract. 8. Required Documentation — Award of this Solicitation may be predicated on compliance with and submittal of all required documents as stipulated in the Solicitation. 9. Request for Additional Information — The City reserves the right to request and evaluate additional information from Proposers after the submission deadline as the City deems necessary. 11 F. Proposal Security A cashier' s or certified check, payable to the City of Miami, or proof a specified amount has been placed into a restricted escrow account for the benefit of the City is required from all proposers, to the extent required under "Special Conditions" or "Technical Specifications" ("Proposal Security"). This Proposal Security guarantees that a Proposer will accept the order or agreement if it is awarded to said Proposer. Proposer shall forfeit the Proposal Security to the City should City award contract/agreement to Proposer and Proposer fails to accept the award. The City reserves the right to reject any and all surety tendered to the City. Proposal Securities are returned to unsuccessful Proposers upon demand within fifteen (15) days after the award and Successful Proposer' s acceptance of award. If ninety (90) days have passed after the date of the formal Solicitation closing date, and no contract has been awarded, all Proposal Securities will be returned upon demand. Failure to execute an agreement and/or file an acceptable Performance Bond, when required, as may be provided herein, shall be just cause for the annulment of the award and the forfeiture of the Proposal Security to the City, which forfeiture shall be considered, not as a penalty, but in mitigation of damages sustained. The amount of the Proposal Security shall be a liquidated sum, which shall be due in full in the event of default. Award may then be made to the next lowest responsive, responsible Proposer whose Proposal is most advantageous to the City, or all responses may be rejected. G. Responsive/Responsible Proposers Subject to City of Miami Code Sections 18-95 and 18-107, the City shall have reasonable discretion to deem any Proposal non -responsive and/or Proposer non -responsible (with due consideration of all relevant extenuating circumstances, including, without limitation, the Proposer's culpability, overall record of performance, etc.) based on whether the Proposer or any of its members has any actual or constructive knowledge that Proposer or any of its members: i) are in arrears to the City for any debt or obligation; ii) have any uncured defaults or have failed to perform under the terms of any agreement or contract with the City or other government entity within the past ten (10) years; iii) are in default under any agreement or contract with the City or other government agency or entity on the date and time the proposal is due; iv) have caused fines, penalties, fees or similar impositions to be levied against the City or any other governmental entity or agency; v) have any past, present or on -going litigation or adversarial administrative proceedings with the City or other government agency or entity; vi) have filed and not prevailed in frivolous lawsuits, as that term is defined by Section 57.105 of the Florida Statutes as determined by a final order of the court; vii) have past, present, or pending involuntary: bankruptcies, liquidations, assignments for the benefit of creditors, receiverships, dissolutions, actions involving fraudulent transfers, foreclosures, or similar actions within the past seven (7) years on projects or businesses they have owned, operated, or controlled a majority interest (i.e., ownership of ten percent (10%) or more of the entity stock or shares); viii) have been found liable by any legal or administrative entity via any proceedings for environmental damage, contamination or any other environmental liability; ix) have failed to disclose involvement as a party, third party, or intervenor in any legal or administrative proceedings concerning environmental damage, contamination or any other environmental liabilities, whether found liable or otherwise; x) have been debarred by any public agency or been placed in the convicted vendors list pursuant to Florida Statute Section 287.133 or a similar law, rule, or regulation; xi) have failed to disclose any of the above; or xii) are otherwise determined to be non -responsible as defined by the City of Miami Procurement Ordinance, including, without limitation, Sections 18-73 and 18-95 of the City Code, and by the laws of the State of Florida. Similarly, any Proposer, or its principal(s) that is deteiniined by a court, hearing officer, or other regulatory agency of competent jurisdiction (and all due process of law has been exhausted) to be liable for causing damage (by their own actions) to the City, its agencies or instrumentalities, directly or 12 indirectly, shall be immediately responsible for payment of the judgment or fines. If the Proposer or its principal does not pay the judgment or fines, within thirty (30) days after the date of the City's written notice (which shall not be effective until after due process of law has been exhausted), either during the solicitation process or anytime during the term of any agreement awarded pursuant to this Solicitation, the City shall have discretion to immediately disqualify the Proposer and terminate any agreement entered into pursuant to this RFP, with no other cure rights. In such event, the City shall immediately own any improvements built on the Property, with no responsibility, financial or otherwise, to the Proposer. H. Bid Protest All bid protests shall be processed in accordance with the procedures contained in Section 18-104 of the City Code. All of the requirements and procedures specified in Section 18-104 shall be mandatory in order to properly file and proceed with a bid protest. Section 18-104, as the same may be amended, shall be deemed as incorporated by reference herein as if set forth in full. I. Laws and Regulations The Successful Proposer shall comply with all applicable laws, codes, rules, permits, approvals, and regulations applicable to enter into the agreement specified in this Solicitation. The Successful Proposer shall comply with all applicable federal, state and local laws that may affect the execution of the agreement. J. Licenses, Permits, and Fees The Successful Proposer(s) shall hold all licenses and/or certifications, obtain and pay for all permits and/or inspections, and comply with all laws, ordinances, regulations and building code requirements applicable to the agreement required herein. Damages, penalties, and/or fines imposed on the City or Successful Proposer for failure to obtain and maintain required licenses, certifications, permits and/or inspections shall be borne by said Successful Proposer. K. Responsible Wages; Living Wage The Successful Proposer(s) shall comply with Section 18-120 of the City Code, titled Responsible Wage Construction Contracts, to the extent applicable to any development on City -owned property. Enforcement of this ordinance may require the Successful Proposer to furnish the City with a monitoring fee and may require the submission of a percentage of the construction cost into an escrow account. Additionally, the Successful Proposer(s) shall comply with Section 18-556, et. seq. of the City Code, titled Living Wages, to the extent applicable. L. Local Workforce Participation The Successful Proposer shall include a minimum of forty percent (40%) local workforce from Miami - Dade County, of which twenty-five percent (25%) must be City residents, for the construction of the Project. In the event that the Successful Proposer cannot meet the required twenty-five percent (25%) of workforce from City residents, the Successful Proposer shall document and demonstrate to the City that they have utilized their best efforts to achieve this goal. Upon receipt of such documentation, the City may direct the Successful Proposer to achieve the portion of the percentage not met, through Miami -Dade County residents. The Successful Proposer shall have a third party independently verify and certify compliance with these requirements on a monthly basis. Said third party shall be unaffiliated with the Successful Proposer and shall be properly licensed under the provisions of Florida Statute Chapter 454, 471, 473, or 481. The person performing the verification shall have a minimum of two (2) years of prior professional experience in contract compliance, auditing, personnel administration, or field experience in payroll enforcement or investigative environment. The cost of this 13 verification/certification shall be included in the related contract costs. Failure to comply with this requirement shall result in a penalty in an amount to be determined by the City and incorporated into the Lease. M. Assignment Unless otherwise specified in this Solicitation, the Successful Proposer shall not assign, transfer, pledge, convey, hypothecate, or otherwise dispose of their Proposal, including any rights, title or interest therein, or its power to execute a contract with the City thereby, to any person, company or corporation without the prior written consent of the City Commission, which may be conditioned, withheld, or refused. N. Indemnification The Successful Proposer shall indemnify, defend (at its sole cost and expense), save, and hold harmless the City and its officers, officials, employees, agents, agencies, and instrumentalities from any and all actions, claims, protests, proceedings, causes of action, legal, equitable, regulatory, administrative or otherwise, liability, losses or damages, which the City or its officers, employees, agents or instrumentalities may incur as a result of claims, demands, suits, causes of actions or proceedings of any kind or nature arising out of, relating to or resulting from the performance, non-performance, or breach of the agreement by the Successful Proposer, including without limitation the Solicitation, evaluation, recommendation(s) for award, and award of the Lease, the later possession and Tenancy and all activities or omissions thereon, the design and construction of all improvements, betterments, additions and structures, including the maintenance and use thereof, compliance with all applicable laws, codes, rules and regulations and payment of all debts, expenses, costs, and fees that are the responsibility of the Proposer as they come due. The Foregoing Indemnity, Hold Harmless and Duty to Defend shall include the Proposer and/or its employees, agents, servants, partners, principals or subcontractors, jointly and severally. The Successful Proposer shall pay all claims and losses in connection therewith, and shall investigate and defend all claims, suits or actions of any kind or nature in the name of the City, where applicable, including appellate proceedings, and shall pay all costs, judgments, and attorney's fees which may be incurred thereon. The Successful Proposer expressly understands and agrees that any insurance protection required by this Solicitation or subsequent agreement, or otherwise provided by the Successful Proposer shall in no way limit the responsibility to indemnify, keep and save hainiless and defend the City or its officers, officials, employees, agents, agencies, and instrumentalities as herein provided, which duty shall survive the cancellation of the Lease, as may be applicable. Submittal of a Proposal shall constitute voluntary and knowing acknowledgment and acceptance of this Indemnification provision, which will become effective upon submission through selection until such time the Lease is executed, at which point all the indemnifications provided therein shall apply. This Section will obligate the Successful Proposer to intervene, indemnify, hold and save hainiless, fully cooperate, defend, and assist (at the option of the City Attorney) in the defense of the City in any protest. O. Insurance Requirements Prior to execution of the agreement by the City, the Successful Proposer shall furnish to the City Certificates(s) of Insurance that indicate that insurance coverage has been obtained which meets the requirements as set forth by the City. The title and/or number of this Solicitation number must appear on each certificate. All policies and/or certificate(s) of insurance are subject to the review and approval by the City' s Department of Risk Management prior to approval. The certificate(s) of insurance shall substantially comply with the insurance requirements listed in Appendix 8. Certificates will indicate that no modification, lapse, or change in insurance shall be made without thirty (30) days written notice to the Certificate Holder. If insurance certificates are scheduled to expire during the contractual period, the Successful Proposer shall be responsible for submitting new or renewed insurance certificate(s) to 14 the City at a minimum of ten (10) calendar days in advance of such expiration. The City of Miami Director of the Department of Risk Management shall have the right to amend or solicit additional insurance requirements as needed in connection with the construction or management phases of the Proj ect. P. Auditor General The City reserves the right to require the Successful Proposer(s) to submit to an audit by the Auditor General or other auditor of the City' s choosing at the Proposer' s expense. The Proposer shall provide access to all of its records, including access to its designated bank account(s) for this project, which relate directly or indirectly to the subject agreement at its place of business during regular business hours. The Proposer shall retain all records pertaining to the agreement and upon request make them available to the City for three (3) years following expiration of the agreement. Alternatively, the Successful Proposer may transfer the records to the City throughout the term of the agreement, subject to the Successful Proposer' s maintenance of these records for at least three (3) years after creation of such records. The Proposer agrees to provide such assistance as may be necessary to facilitate the review or audit by the City to ensure compliance with applicable accounting and financial standards. Q. Collusion Any Proposers interested in bidding on a competitive solicitation for any DREAM project including, but not limited to, a purchase, lease, permit, concession or management agreement, shall submit the Non -Collusion Affidavit included herein as Appendix 10 under penalty of perjury. The Non -Collusion Affidavit provides either that the Proposer is not related to or affiliated with any of the other parties submitting a Proposal in this Solicitation or identifies all affiliated or related parties that submitted a Proposal in the Solicitation. The Non -Collusion Affidavit further attests that the Proposer's proposal is genuine and not sham or collusive or made in the interest or on behalf of any person not therein named, and that the Proposer has not, directly or indirectly, induced or solicited any other Proposer to put in a sham proposal, or any other person, firm, or corporation to refrain from proposing, and that the proposer has not, in any manner, sought by collusion to secure to the proposer an advantage over any other Proposer. In the event a recommended Proposer identifies related parties in the competitive Solicitation its Proposal shall be presumed to be collusive and the recommended Proposer shall be ineligible for award unless that presumption is rebutted. Any person or entity that fails to submit the required affidavit shall be ineligible for contract award. Failure to provide the Non -Collusion Affidavit with the Proposal or within five (5) days' request by the City, shall be cause for the contractor to forfeit their Proposal Security, if applicable. R. Proprietary/Confidential Information Proposers are hereby notified that all information submitted as part of, or in support of Proposals, will be available for public inspection after opening of Proposals, in compliance with Chapter 119 of the Florida Statutes, as amended. Proposer(s) shall not submit any information in response to this Solicitation which the Proposer considers to be a trade secret, proprietary or confidential. The submission of any information to the City in connection with this Solicitation shall be deemed conclusively to be an affirmative and absolute waiver of any trade secret or other protection, which would otherwise be available to Proposer (except for those social security numbers and similar private personal information provided in the Consent Forms included as Appendix 9). S. Governing Law This Solicitation and subsequently executed agreement, including appendices, and all matters relating to the agreement (whether in contract, statute, tort, regulatory, administrative, or otherwise) shall be governed by, and construed in accordance with, the laws of the State of Florida regardless of the domicile of any Proposers. Exclusive venue shall be Miami -Dade County. By submitting a proposal 15 response, the Proposer knowingly and voluntarily agrees to this choice of applicable law and venue and to all other requirements of the Proposer in the RFP. 16 III. SPECIAL CONDITIONS A. PROPOSED PROJECT The information contained in this RFP is published solely for the purpose of inviting Proposers to consider the Project described herein. Prospective Proposers should perform their own due diligence investigations, projections and render their own conclusions without reliance upon the Pre -Proposal Submission Conference or the material contained herein. 1. Project Goals The City wishes to redevelop the Property into a mixed use waterfront Marina, providing first-class services to tourists and residents alike. The Project shall combine the two marinas presently on the Property in order to create a unified destination within the City. This RFP seeks to identify the proposal deemed most advantageous to the City, taking into consideration the evaluation criteria listed in Section III.C.2. below as well as the following objectives and guidelines: a. Economic Objectives • Increase financial return to the City; • Improve revenue -producing capacity of facilities; • Ensure that any proposed ancillary or complementary uses further enhance the destination market appeal; • Utilize the available Property to maximize its economic potential subject to the restrictions set forth in this RFP. b. Planning & Land Use Objectives • Attract residents and visitors to the public waterfront so that they may enjoy Biscayne Bay and the maritime setting of Virginia Key; • Convert the existing facilities into a modern world -class facility using state-of-the- art technology and include ancillary uses that complement the Property' s setting and geographical location, aimed to stimulate public use of, and widespread interest in, the Property; • Provide for the development of a mixed -use marina and waterfront destination, portraying a unified and integrated marina that seamlessly interacts with adjacent restaurants and facilities; • Allow for easy access to and throughout the Property, including the development of a full -width bay walk that matches the design east of Marine Stadium, and provides seamless connectivity from Marine Stadium to the existing Rusty Pelican restaurant (consistent with Miami 21); • Promote various active public uses of the site that will enhance the overall public benefit derived from the Property in terms of use, visibility, environmental protection, and financial return; • Proposers should consider developing and operating the Project at varying price - points, incorporating, for example, an element of casual waterfront dining, in order to increase public accessibility of the Project; • Preserve critical and sensitive wildlife areas; • Provide facilities that represent flexible designs and iconic attention -grabbing buildings that function year-round for daily and nightly activities; • Maintain harmony between the design and architecture of the new structures and the iconic architecture of the Miami Marine Stadium; 17 • Develop an array of recreational waterfront uses operated by management experienced in waterfront programming in order to attract increasing and varied segments of the local, regional and visitor population; • Develop the Project with considerations made for anticipated sea level rise using the USACE High or NOAA High curve calculator for sea level rise projections. c. Urban Design Principles & Guidelines • Use of the Virginia Key Master Plan principles as a guideline for proposed improvements and the Project' s architectural/landscape features; • Emphasis on public access throughout the Property, with safe pedestrian connections and ease of access between the facilities and the surrounding areas; • Improve Marina access points with aesthetically attractive buffering features through hadscape or softscape elements; • Utility infrastructures shall be placed underground or within chases below grade, where feasible; • Creative use of roadway lighting and distinctive exterior lighting is encouraged; • Provide roadway and decorative lighting that has minimal or no impact on the historic basin and environment; • Incorporation of pedestrian -scale decorative lighting, as well as low-level path and landscape accent lighting; • Architecture and landscape should acknowledge the tropical climate of the region and contribute to the pedestrian and civic life of the Project; • Provide optimum views of the bay from the facilities; • Provide continuous public open spaces that acknowledge the tropical climate of the region by providing significant landscape design, shade and coverage through the use of substantial shade trees and specimen palm varieties; • Adaptability and flexibility to integrate with any future Virginia Key -wide transportation systems that may be developed; • Adaptability to increased flooding risks due to sea level rise; • Building facades should be varied and articulated to invoke visual interest; • Secondary entries from interior walkways are also encouraged. 2. Virginia Key Master Plan An area -wide Master Plan has been adopted in principle by the Miami City Commission after receipt of public input. The Virginia Key Master Plan sets forth a holistic development plan for Virginia Key. It is the intent of this RFP to encourage an integrally planned and designed development vision for the Property consistent with and substantially adhering to the Virginia Key Master Plan to the extent permitted by law. Please note that adherence to the Master Plan does not require adherence to the pictorial design provided therein. Rather, emphasis shall be made on substantial compliance with the principles adopted in the Master Plan. The Virginia Key Master Plan is included herein as Exhibit "D". Additional information concerning the Virginia Key Master Plan can be obtained from the City's Department of Planning and Zoning, and can be accessed from the following site: http://www.miamigov.com/planning/virginiakeymp.html 3. Required Redevelopment The Successful Proposer shall be required to redevelop the property substantially in the manner specified below. Additionally, the Successful Proposer shall maintain the Property in First -Class operating condition. For the purposes of this RFP, "First Class" shall refer to the use of state-of-the-art or high-grade technology, materials, and services according to acceptable industry standards and applicable laws. The Successful Proposer shall be 18 expected, prior to final approval of the Project plan, and subject to applicable laws (including permitting requirements and other regulations), to substantially comply with and provide for the following elements into the final design: a. Marina Generally i. Maximize boating access and transient dockage participation reflecting concepts in the Master Plan, in compliance with applicable laws and regulations; ii. Reconstruct the two marinas into a unified marina and provide for best utilization of available space for dry rack storage, wet slips, and/or other uses; iii. New marina to include all FDOT precast piles equal to or greater than 14" (any alternative must be equal or better in long term durability and sustainability, subject to the City's discretion and approval); iv. Design, refurbish or reconstruct the marina pavement to meet applicable design criteria for appropriate vehicles and loads to result from the proposed marina use in visually appealing manner; v. Should include at minimum MMFX (9100 Classic) rebar in all poured in place pile caps; vi. Construction documents shall be subject to "peer review" of electrical and structural design; vii. Interior and perimeter walkways shall be a minimum of fourteen (14) ft. width where there are sufficient uplands to accommodate the 14' width and shall be the widest reasonably possible where there are insufficient uplands; viii. Buildings shall be no taller than the crown of the Marine Stadium, and shall not significantly interfere with the sight lines to the Miami skyline from the Marine Stadium; ix. Signage shall be designed to meet compatibility, uniformity and size standards that do not compete with the architecture of the development, and that comply with applicable Miami 21 zoning regulations; x. Marina shall be required to achieve and maintain designation as a "clean and resilient marina" as administered by FDEP, to the extent applicable; xi. Design shall incorporate elements of the natural habitat and provide a varied and plentiful palette of local native plant materials, which are 100% native and consist of plants that comprise the coastal hammock habitat of Virginia Key; xii. Mangroves shall be incorporated along the shoreline, where feasible; xiii. Design shall also take into account the protected natural habitats in the area; xiv. Proposers shall be required to provide critical wildlife markers, where applicable; xv. Development of the Marina shall not impede redevelopment of the Marine Stadium. b. Wet Slips i. Maximize the number of wet slips on site considering market demand, RFP requirements, and revenue generation; ii. No dredging beyond maintenance dredging to a uniform depth of eight (8) or nine (9) feet shall be allowed; iii. No wet slips will be allowed within the Historic Commodore Ralph Monroe Marine Stadium Historic Basin (this restriction shall not preclude the Proposer from maintaining access reasonably necessary to support the upland dry storage facility, such as launching or staging of vessels, and subject to the requirement to provide channel markings as specified in Section III.A.5 below). A map of this area is on file and available from the City of Miami Historic and Environmental Office in the City Planning and Zoning Department; iv. Renovate or renew all the bulkheads along the entire wet slip marina, and maintain the dock/bulkhead wall in good condition for the Lease Term, subject to applicable rules and regulations; v. Dock construction shall be concrete docks or aluminum floating docks. However, one hundred percent (100%) fixed concrete docks are preferred. No wooden docks shall be permitted; vi. Docks shall be designed to sustain category two (2) or three (3) hurricane with boats in the wet slips; vii. New docks shall include modern dock design, with sufficient voltage, metered water, and other utility requirements to provide for the proper operation of most modern boats commensurate with the slip size; viii. Docks shall be separately metered; ix. Provide adequate amount of transient dockage for automated storage system; x. Provide for a public water taxi stop with no restrictions on timing or use; xi. Provide for small boat, kayak, and sailboat rental concession slips. c. Dry Boat Storage i. Maximize the number of dry racks on site in light of market demand, RFP requirements, and revenue generation; ii. All dry racks must fit within or around the general area depicted as the footprint for dry boat storage on the Master Plan; iii. The dry boat storage facility may not exceed the height limitation (crown of Marine Stadium) set forth in the Master Plan; iv. Provide for an automated dry boat storage facility, including boat Valet services and fueling station. d. Restaurant & Bar Major renovations to the restaurant, rather than demolition and development, are at the option of the Proposer. However, the Successful Proposer must ensure that all restaurant facilities are in full compliance with all current and applicable local, state and federal legal, code, regulatory, health, life/safety, licensing requirements including without limitation, all applicable Americans with Disabilities Act ("ADA") requirements. Each Proposer may propose to have one or more restaurants on the site. However, please note that the number of restaurants provided in the Proposal shall not be considered during evaluation. However, configuration and use of the site, including placement of restaurants, may be considered in the overall aesthetics and functionality of the design proposed. The Successful Proposer shall maintain all restaurants in good condition and repair for the Lease Term. Additionally, all restaurants shall comply with applicable statutes concerning retention of tips or payment under Section 207(i) of the Fair Labor Standards Act. e. Dock Master's Office Construct a new, multi -story dock master's office, consolidating the dock master's facility in both marinas The dock master's office may occupy one or more floors, and/or may be consolidated with ancillary facilities within the same structure. f. Ship's Store Incorporate a Ship's Store providing for sale any necessary inventory or supplies to meet marine vessels' daily requirements such as food, water, cleaning supplies, medical supplies, safety supplies, spare parts, or any other customary equipment or supplies needed for the navigation, marine recreation, maintenance, and operation of a ship. g• Fuel Station i. Construct a new fuel station to be located on a dock in the west end of the Property; ii. Construct an additional fuel station in the dry boat storage area as noted above to provide all valet services necessary for a First Class automated facility; iii. All fuel stations on site must comply with Spill Prevention, Control, and Countermeasure (SPCC) regulations, to the extent applicable. h. Baywalk Provide a fourteen (14) foot continuous baywalk within the Property boundaries to serve as a waterfront promenade along the historic basin. This baywalk must conform with applicable regulatory restrictions and guidelines, including, but not limited to, the Miami 21 Zoning Code. i. Access Road The Successful Proposer shall either: (1) maintain the access road indicated as Parcel 2 in the survey attached as Exhibit "A"; or (2) provide an alternative access road in a substantially similar vicinity as that indicated as Parcel 2 in the survey attached as Exhibit "A". The Public, including the agents, employees, and invitees of the adjacent Rusty Pelican Restaurant, shall be granted access to, over, and across the above - mentioned access road. J. Public Boat Ramp i. Plan, design, permit and construct a public boat ramp and floating dock, which shall be located within the Property to the northwest of Miami Marine Stadium in a similar location to where the existing public boat ramp is currently located; ii. Provide planning, surveying, demolition, landscape and architectural design services for the public boat ramp; iii. Provide construction administration services, including preparation of construction bid documents, construction monitoring, special inspections and close-out; iv. The public boat ramp shall be constructed in accordance with the boat ramp specifications of the Miami 21 Zoning Code; v. Parking for the public boat ramp may be provided off site adjacent to the Property. All improvements must be constructed at the Successful Proposer's sole cost and expense. All improvements are to be applied for, permitted, or otherwise approved as required by applicable laws, codes and regulations by the Successful Proposer or the Successful Proposer's authorized agents if applicable. However, the City may assist the Successful Proposer by providing City documentation that may be required for zoning changes, PZAB hearings, and grant or financing applications, at the City's sole discretion, pursuant to availability and at no cost to the City. In the event the Successful Proposer is unable to develop any portion of the property in the manner required by this RFP, for reasons outside of their control (such as permit denials, regulatory denials, City Commission denials, etc.) they shall be allowed to construct the remaining portions of the Project at the City' s sole discretion. In such case the City may renegotiate a lower minimum annual rent. However, in no event will the City accept a rent lower than fair market value, as determined by two State -certified appraisers selected by the City. Additionally, the Successful Proposer shall publish in a public space a marina waiting list weekly, indicating use of the marina is open to the public, subject to applicable fees and other reasonable non-discriminatory criteria, on a first -come first -served basis. 4. Ancillary Facilities The Successful Proposer may provide additional ancillary facilities and components consistent with the intent of this RFP and the principles stated in the Virginia Key Master Plan; such as, for example, a market or other facility ancillary to the Marina. The City shall have reasonable discretion to determine which ancillary uses are acceptable, subject to applicable laws, the Master Plan, and applicable restrictive covenants. 5. Virginia Key Marina Basin The Successful Proposer shall work with the City to design channel markings from the Public Boat Ramp and Dry Boat Storage facilities that encourage motorized traffic to safely navigate to and from the basin in a manner that minimizes boat wakes and is respectful of the environment as well as passive users of the basin. 6. Miami -Dade County Submerged Land Miami -Dade County is the fee simple owner of the submerged land adjacent to the Rickenbacker Causeway and Northwest of the RFP Property ("County Submerged Land"). As the Master Plan currently contemplates a potential marina expansion into the County Submerged Land, this RFP encourages the potential expansion at a later date, subject to all applicable rules and regulations. Please note that the Miami -Dade County Manatee Protection Plan delineates certain criteria for expansion; any such expansion shall be subject to all applicable laws, including the criteria specified therein. Successful Proposer interested in expanding the marina into the County Submerged Land shall be required to coordinate with the City and obtain approval for any such expansion prior to submitting a formal application with the County. Additionally, any application will require City approval. For the purposes of this RFP, Proposers should not provide designs for the potential expansion and shall not be evaluated on such expansion. Nevertheless, this RFP expressly contemplates and includes the Successful Proposer's right to such an expansion without the need for a new solicitation process if the Successful Proposer so chooses, subject to County approval as well as City Commission approval of the precise legal description, scope, design, construction, rent, fees, schedule, etc. Additionally, the below -specified redevelopment schedule shall not apply to this expansion, but shall be set by the City Commission upon approval. 7. Lease In order to be considered for the award of this RFP, the Successful Proposer must enter into a lease and development agreement with the City in substantially the form as the Lease 22 included herein as Exhibit "C". Additional information concerning the Lease can be found in Section M.D. below. 8. Term The Lease consists of a forty-five (45) year initial term, with two (2) fifteen (15) year renewal terms. The cumulative term, inclusive of both renewals, may not exceed seventy-five (75) years ("Lease Term"). The Project shall be planned and designated in a contiguous manner, although there may be a phased construction schedule, and therefore a corresponding phased delivery of possession. The Lease Term shall commence upon execution of the Lease. Subsequent phases of the lease shall be coterminous, i.e., run concurrently, with the initial phase. Please note, however, that rent may be deferred during construction or other negotiated arrangement subject to the below Section 9, concerning rent. 9. Rent Per City of Miami Charter Section 3(f)(iii)(B), the City of Miami may only lease waterfront property on the condition that "the terms of the contract result in a fair return to the City based on two independent appraisals." Under no circumstance may the City accept a proposal falling below the fair market value determined by the two appraisals conducted by independent state -certified appraisers. Nor shall the City accept a proposal falling below the minimum base rent established herein. The Successful Proposer' s project shall be subject to a second fair market appraisal by two independent appraisers to ensure that the return to the City is equal to or greater than fair market value as required by the City Charter and Code. See also the City Charter Section 29-B for related requirements. The rent shall be inclusive of Base Rent as well as Percentage Rent. Proposals shall include a stated commitment of annual lease payments to the City in the form of a guaranteed base rent ("Base Rent") greater than or equal to Two Million One Hundred and Fifty Thousand Dollars ($2,150,000) annually PLUS a percentage(s) of gross revenues, which shall neither be adjusted nor otherwise interpreted to mean net of expenses ("Percentage Rent"). The Percentage Rent must be equal to or greater than six percent (6%) of wet slip and dry storage operations, six percent (6%) of fuel sales, and four percent (4%) sublease income or other income received by Successful Proposer from the use of the Property, and any other proposed lease payments, as well as a stated commitment to adhere to the City Charter requirement for compensation equal to fair market value. In order to ensure accurate records of revenues are maintained, the Lease shall provide that the City shall have continuous electronic access to all banking and credit card deposit information and have the right to audit occupancy monthly. Base Rent shall be increased annually by the greater of: one percent (1%) of the previous year's Base Rent, or an increase based on the amount indicated by the Consumer Price Index as of three (3) months prior to the beginning of the applicable adjustment date. In no event shall any such annual adjustment to the Base Rent result in an increase which is less than one percent (1%), or more than five percent (5%), of the Base Rent amount immediately prior to the effective date of such adjustment. Base rent shall be paid monthly in advance commencing with the Lease Date. Base rent shall be adjusted annually according to the formula outlined above. Additional rent may be applicable, as negotiated and specified in the Lease. For instance, the Successful Proposer may also be required to provide the City with the following rents, based on the contents of the submitted proposal and subsequent negotiations: (1) rent paid during 23 construction ("Construction Rent"), which shall be paid for the appropriate period prior to Project completion; and/or (2) rent paid to maintain lease and development rights to any parcels to be developed following the initial phase of development, if phased development is proposed ("Placeholder Rent"). 10. Referendum Requirement Per Section 3(f)(iii) of the City Charter, the Lease will not be valid until it has been presented and approved by public referendum. Lease negotiations must be substantially concluded in time to be considered by the City Commission for placement on the selected election ballot. The City together with the Successful Proposer may choose to present the Project by referendum during a scheduled election as a "piggy -back" item (estimated cost of $125,000 currently scheduled for November 7, 2017), or may choose to schedule a special election (estimated cost of $1,500,000), either of which shall be at the sole cost and expense of the Successful Proposer. The Successful Proposer shall be required to submit a One Hundred and Twenty -Five Thousand -dollar ($125,000.00) deposit for the costs of including the Project as an item on the ballot ("Referendum Deposit"). The Referendum Deposit shall be paid by the Successful Proposer upon approval by the City Commission within ten (10) days' notice by the City. Any portion of the Referendum Deposit that is not used shall be returned to the Successful Proposer. In the event additional funds are required to place the question on the ballot, the Successful Proposer shall be required to provide the same to the City within ten (10) days' notice by the City. If the voters reject the proposed transaction, the City may, in its sole discretion, elect to work with the Successful Proposer on a new referendum including negotiating changes to the Lease and development plan (which are beneficial to the City and which do not reduce the proposed benefits to the City as stated in the Proposal) or shall have the right to terminate the Project. In the event of such a termination, the Successful Proposer has no vested rights, commercial, contractual, or property rights, title or interest in the Property or to the Project, or any claim upon the City for any expenses incurred in the proposal process, and shall have no recourse against the City, its agencies, instrumentalities, officials, or employees because of the rejection by the voters. Notwithstanding the above, the City shall not be precluded from issuing a new RFP in the event the voters reject the subject Project, or if the Project is otherwise cancelled. 11. Parking Garage The Department of Off-street Parking d/b/a the Miami Parking Authority ("MPA") operates, manages, supervises, and directs all municipal parking and municipal parking facilities within the City of Miami. A municipal parking garage is intended to be built outside the Property in the area labeled on the survey as "NOT A PART" southwest of Parcel 3 ("MPA Parking"). A certain number of spaces shall be required for the patrons of the Project and for the Rusty Pelican restaurant. The Project parking requirement will depend on the size and scope of the respective Proposal as indicated in the following formula. The number of required parking spaces for the Project will be based on four (4) spaces per 1,000 square feet of retail, one (1) parking space per every five (5) boats of dry or wet storage, and eight (8) spaces for every 1,000 square feet of restaurant gross area ("Parking Formula"). The Successful Proposer shall be required to contribute to the Parking Trust Fund up to Fifteen Thousand Dollars ($15,000.00) (estimated to be approximately 50V of the cost of construction) per each space required for the overall 24 site proposal, as determined using the Parking Formula. Please note that a minimum of 230 parking spaces shall be required for the Project in the event the Parking Formula yields a required number of spaces less than 230. Parking will comply with the applicable parking requirements of the Miami21 Code and the City Code. Proposers shall have the options listed below regarding be required to construct the parking for the Project solely within the footprint of the Property as shown in Exhibit "A", which does not include the parcel previously conveyed to the City by the County by Deed recorded in Official Records Book 28636 Page 3666. rt o ' nt ibut on. pe a'e� of the opt on selected, on siteThe parking shall provide for and comply with the following requirements: (1) on -site parking shall include the required number of spaces for the Project per the Parking Formula ("Project Parking") with a two hundred and thirty (230) space minimum as indicated above; (2) the on -site parking shall include an additional two hundred and twenty (220) spaces for the Rusty Pelican Restaurant shall be provided with the number of spaces specified inas per Rusty Pelican' s lease agreement with the City ("Rusty Pelican Parking"); (3) parking shall be available to the public; (4) Project customers must may, at the City and MPA' s discretion, be provided free reduced or validated parking, subject to entering into an agreement with the City and MPA which shall include a market -based payment by Successful Propoer to offset costs and expenses associated with the operation of the garage; (5) and other requirements the City may specify (collectively the "Parking Requirements"). Additionally, the City and Successful Proposer will seek Rusty Pelican' s input and take Rusty Pelican' s requested revisions into consideration in the final plans and specifications for the parking garage per the City' s lease agreement with Rusty Pelican. The Successful Proposer shall further be required to comply with the City' s obligation per the Rusty Pelican lease agreement to provide fifty (50) spaces during construction. Please review the Rusty Pelican lease agreement for further detail (the parking obligations are specified within the third amendment to the Rusty Pelican lease agreement, which was attached to Addendum 3 of this RFP). The City shall pay to the Successful Proposer the amounts received from Rusty Pelican per the Rusty Pelican lease agreement for the construction of Rusty Pelican' s spaces. Option 1: The Successful Proposer shall pay into a project specific parking trust fund ("Parking Trust Fund") an amount for construction of the MPA Parking at the time of Lease execution. The MPA will use the funds contributed to the Parking Trust Fund to construct the parking facility to accommodate the users of the Project and the Rusty Pelican restaurant. The garage shall be designed within the constraints and budget that MPA will specify. The parking contribution to be paid into the Parking Trust Fund shall be based on the above Parking Formula. The parking contribution shall be paid by cashier':, check or money order and delivered to the Director of Real Estate & Asset Management, 444 SW 2nd Avenue, 3rd Floor, Miami, Florida 33130 on or before execution of the Lease. This parking garage contribution will be deposited into an escrow account whose designated use shall be applied to the Parking Trust Fund. The schedule and milestones for construction of the parking garage and retail spaces by MPA will be developed in conjunction with, and will be compatible with, the Successful Proposers development plan. Failure to pay the parking garage contribution fully and timely will be just and fair cause for the City Commission to cancel or rescind the award to the Successful Proposer who shall have no recourse against the City, its agencies, instrumentalities, officials, and employees from such cancellation or rescission. It 25 is agreed and stipulated that timely and full payment of the parking garage contribution is an express condition precedent to the granting of and execution of the Lease. The Successful Proposcr shall have no vested or reserved interest, rights, options, preferences, or security in the ownership of the MPA parking facility, other than the City's commitment that those parking spaces will be available for monthly leases for all of the commercial/retail uses incorporated within the Project, at a parking rate schedule that reflects fair market value, whose published rates will be provided to transient customers. Notwithstanding the above, tenants of the area (including the Rusty Pelican and Virginia Key Marina tenant) will be accommodated per the terms of their respective agreements. Option 2: The Succcssful Proposer's contribution to the Parking Trust Fund may be waived by the City if the Proposcr ciccts to build the MPA Parking at their solo cost and expense. The City will allow the Proposer to use the parking garage contribution made by the Rusty Pelican towards the construction costs of the parking facility. If the Proposcr ciccts to build the MPA Parking, the parking structure must comply with the Parking Requirements, the Successful Proposer structure to the City upon completion. Construction and operation of the MPA Parking must be overseen and supervised by MPA, subject to a parking development agreement to be executed by all applicable parties. Proposers may elect under this option to construct the Project on either of the following: (1) solely within the marina footprint, (2) solely within the MPA Parking footprint, or (3) on a combination of the two properties. Notwithstanding the above, The City Charter requires all City parking facilities to be operated by MPA, and the City will consider all proposals that incorporate all Parking Requirements, which convey to the City ownership of the parking ownership to the City andfacilities to be built on City land by Successful Proposer for operation, management, and supervision Eby the MPA, and which satisfy all other legal, regulatory and governmental obligations for the site. Submittal of a proposal in response to this RFP is recognition that the parking facilities are public facilities to be built on City -owned land, which must be open and available to the public in accordance with Federal, State, and local regulatory requirements. The Successful Proposer shall have no vested or reserved interest, rights, options, preferences, or security in the ownership of the parking facility, other than the City's commitment that those parking spaces will be available for monthly leases for all the commercial/retail uses incorporated within the Project, at a parking rate schedule that reflects fair market value, whose published rates will be provided to transient customers. Notwithstanding the above, tenants of the area (including the Rusty Pelican and Virginia Key Marina tenant) will be accommodated per the terms of their respective executed and approved agreements. Please note that the investment, contribution and/or any income generated from the Parking on site shall not be considered by the Selection Committee in their evaluation of Proposals. Therefore, clarification of selected Parking option(s)solutions is required, but is not a factor in the evaluation of the Proposals. 26 Please also note that the MPA Parking garage is intended to be built on property deeded to resolution approving the deed and declaration of restrictions is included as Exhibit "G". MPA may, in its sole discretion, elect to build additional parking spaces beyond what is required for the Successful Proposer's Project and existing City and MPA parking obligations. Should the MPA choose to build additional parking spaces, the MPA will pay one hundred percent (100%) of the additional costs required for the additional spaces, as well as the cost for any ancillary uses incorporated in the parking facilities. 12. Boat Show The Proposal shall be compatible with the Boat Show. The Successful Proposer shall enter into an access agreement with NMMA. In no way may the proposed Project interfere with or affect the Boat Show, any exhibitor tents, or any of the footprint, in a manner that would cause the City to default on the Revocable License Agreement with NMMA for the Boat Show or otherwise cause the City to lose revenue or incur expenses as a result of reduced space provided to NMMA for the Boat Show. If the Successful Proposer causes the City to lose revenue from the Boat Show or incur expenses in connection therewith, the Successful Proposer shall be responsible for fully and promptly reimbursing the City for any such revenue lost or expenses incurred. diminish the amount of square footage provided to the Boat Show by two percent (2%) or more. All parking on site and other facilities shall remain open during the boat show to satisfy customers of the Project. All construction by the Successful Proposer shall be limited or paused to the extent necessary to permit access and use of the Property during the Boat Show, allowing for Boat Show exhibition space and clear walking paths to and from Boat Show exhibits. 13. Regulatory Process — Permitting & Licensing The plans for this Project will require various permits, consents, and approvals, and each Proposer to the RFP is responsible for determining which permits and approvals will be required for the construction, operation and completion of the Project. The Successful Proposer, at its sole cost and expense, shall be responsible for applying for and acquiring all required permits, licenses, contests, and approvals from all appropriate governmental agencies. Additionally, all improvements must comply with applicable building, fire, planning and zoning (as may be amended), health, and all other applicable local, state and federal requirements in place at the time of application submittal. Securing all such approvals, consents, development permits, and similar required permissions shall be the responsibility of the Successful Proposer. The City, pursuant to all necessary reviews and approvals of design concepts, will, if necessary, provide owner sign -offs required for the Successful Proposer to obtain the appropriate regulatory permits, consents, and approvals from local, state, and federal agencies. Compliance with all legal and regulatory conditions will be strictly required. Regulatory permits may be necessary from the following agencies, including but not limited to: Miami -Dade County Department of Regulatory and Economic Resources (RER); State of Florida Department of Environmental Protection (DEP); U.S. Army Corps of Engineers (USACE); and the Federal Aviation Administration (FAA). This information is intended to help Proposers determine the applicable requirements and is not meant to be an exhaustive summary of all permits, licenses, and approvals required. 27 14. Redevelopment Schedule The City will require the proposed renovations/redevelopment/reconstruction to have obtained all required permits and commenced construction within thirty-six (36) months from the Effective Date of the Lease. All physical improvements for all Project components must be completed within sixty (60) months from execution of the Lease by both parties, unless the Successful Proposer applies for and receives a waiver from the City. The City, at its reasonable discretion, may grant a waiver extending the abovementioned schedule if the Successful Proposer demonstrates that: (1) it has actively and continuously pursued obtaining all required permits; and (2) the delay is a result of force majeure or a result of delays outside of the Successful Proposer's control. Notwithstanding the above, Proposals may put forward a phased development schedule wherein each indicated area of development shall become effective in phases. Phased development must be done in sixty (60) months with all building permits for the last phase in place no later than forty-eight (48) months from the Effective Date of the Lease. The City, at its discretion, may grant an extension for building permits under the following circumstances: (a) if the Successful Proposer demonstrates that in good faith and acting with due diligence was unable to obtain the required permits; (b) subject to force majeure; or as otherwise permitted by law. All development will comply with the building permit provisions of Section 29-B of the City Charter, as amended. If modifications are proposed, the Successful Proposer shall submit a full set of plans to apply for applicable building permits and any other applicable approvals within one hundred eighty (180) calendar days of the Lease Effective Date, and construction must be complete within one year of the permit approval date. The City will use its best efforts to provide alternative locations which are reasonably contiguous for the operation of the facility during renovation or redevelopment of other Project components. 15. Insurance and Indemnification Prior to execution of the Lease, the Successful Proposer shall be required to provide certificates of insurance to the City providing insurance during construction, maintenance, and management of the Project, as may be approved by the Director of the City' s Risk Department, and as specified in the Lease. The City shall retain the right to amend and add to the required policies and coverages to ensure adequate coverage for the proposed Project and corresponding Lease, as required by the RFP and/or the Lease and as otherwise determined in the sole discretion of the City. The Successful Proposer shall also indemnify, save, hold hainiless, and defend (at its own cost and expenses) the City, its officials, officers, employees, agencies and instrumentalities for all actions, claims, causes of action, liabilities, damages and liabilities arising or accruing by virtue of the approval, leasehold, construction, development, redevelopment, uses, activities, actions or omissions of the Proposer, its agents, servants, representatives, consultants, and contractors relative to the proposed Project and corresponding Lease, as determined by the City Manager, the City Attorney, and the City's Director of Risk Department to the extent required to realize this requirement. The Indemnity/Hold Harmless/Duty to Defend contained in the Lease furnished by the City will not be a negotiable item and shall survive the cancellation or expiration of the Lease, as applicable. 16. Payment and Performance Bond Prior to the commencement of any construction on the Property, the Successful Proposer shall be required to provide a Payment and Performance Bond satisfying the requirements set forth by the City as well as those set forth by Section 255.05 of the Florida Statutes. The 28 Payment and Performance Bond will be posted in an amount representing at least one hundred (100%) percent of the sum of the construction cost of the improvements. Construction costs for purposes of this Section shall mean the total cost of the Project to the Proposer as designed or specified by the architect or design/build firm including at current market rates a reasonably customary allowance for overhead and profit, the cost of labor and material, and any equipment designed, specified, selected or specially provided for by the architect/engineer or design/build firm, but not compensation to the architect/engineer or design consultants, or the costs of acquiring rights -of -way or easements or the like. 17. Proposal Security Proposers shall be required to submit with their proposals a Proposal Security equal to Twenty -Five Thousand Dollars ($25,000) by check, or otherwise provide proof the same has been submitted into an escrow account. The Proposal Security shall be subject to the terms specified in Section II.F. 18. Earnest Money Deposit Upon execution of the Lease, the Successful Proposer shall provide Seven Million Dollars ($7,000,000) by an irrevocable/unconditional cashier's check, drawn on a financial institution authorized to do business in Florida (or may do the same by wire transfer or similar means), or shall provide proof the above -mentioned amount has been deposited into a restricted escrow account. Upon commencement of construction, the Successful Proposer shall be allowed to withdraw from that fund in order to pay for the costs of construction. 19. Taxes The Successful Proposer will not be responsible for any ad -valorem taxes, sales and use taxes, or any other levies, governmental impositions, surcharges, fees or other taxes or assessments associated with the Property that are due or may be owed prior to the Lease Effective Date. The Successful Proposer will, however, be responsible for all ad -valorem taxes, sales and use taxes, or any other levies, governmental impositions, surcharges, fees or other taxes or assessments that are incurred commencing on and after the Lease Effective Date. 20. Impact Fees The Successful Proposer must pay for all impact fees related to all improvements to the Property. Impact fees by Code requirement must be paid prior to issuance of a building permit. For more information, see Chapter 13 of the City Code. 21. City's Real Estate Development Advisor/Broker The City has engaged the services of CBRE, a real estate development advisor/broker for this assignment. CBRE shall represent the City in all negotiations and the fiduciary responsibilities of CBRE exist only to and on behalf of the City. CBRE shall be entitled to a commission fee ("Commission Fee"), which shall be subject to State of Florida Contract DMS-12/13-007, as approved and adopted by the City of Miami Commission, and the provisions of the City Charter and Code. Upon execution of the Lease, the Successful Proposer shall pay the City an amount equal to the Commission Fee, which shall be determined on a cumulative and compounded basis and shall not exceed One Million Four Hundred and Seventy Five Thousand Dollars ($1,475,000). 22. Pre -Proposal Submission Conference & Site Visit The City may conduct one or more Pre -Proposal Submission Conferences and site visits on dates and times that are yet to be determined. In the event of such conference, notice of the 29 date, time, and location shall be posted on the following website: www.virginiakeymarinarfp.com, and sent to Registered Proposers via email. Attendance at any Pre -Proposal Submission Conference and Site Visit shall be optional; however, prospective Proposers are strongly advised to attend. B. THE PROPERTY The information in this RFP is believed to be correct, but is not warranted in any manner Proposers should independently verify factual items they deem relevant prior to response submittal. 1. Parcel Size and Components The Property is located in Virginia Key and includes approximately 26.65 acres of land, including approximately 17 acres of which are submerged lands. Visible landmarks include, to the northwest, Rusty Pelican Restaurant and to the southeast, Miami Marine Stadium. Additionally, the site offers views of the City of Miami skyline. The following addresses and folio numbers pertain to the Property: 3301 Rickenbacker Causeway 3605 Rickenbacker Causeway 3501 Rickenbacker Causeway 3311 Rickenbacker Causeway No Address 3511 Rickenbacker Causeway Folio 01-4217 Folio 01-4218 Folio 01-4217 Folio 01-4218 Folio 01-4218 Folio 01-4217 - 000-0020; - 000-0010; - 000-0110 (NW Parcel); - 000-0030; - 000-0031; and - 000-0030 (NW Parcel); 2. Existing Conditions The Property is located in Biscayne Bay designated as an Aquatic Preserve. The Project shall conform to the prescribed requirements of environmental regulations governing the Biscayne Bay Aquatic Preserves. All operations of the Project shall also conform to existing environmental regulations and permitting requirements. The Property, and its improvements, if applicable, are offered "AS IS, WHERE IS." NO REPRESENTATIONS OR WARRANTIES WHATSOEVER ARE MADE AS TO ITS CONDITION, STATE OR CHARACTERISTICS BY THE CITY, INCLUDING BUT NOT LIMITED TO ANY ENVIRONMENTAL CONDITIONS. EXPRESS WARRANTIES, IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE OR USE AND HABITABILITY ARE HEREBY DISCLAIMED. Testing, audits, appraisals, inspections, etc., desired or necessary to prepare an RFP response shall be at the sole cost and expense of the Proposers. 3. Environmental The City has conducted a Phase I and Phase II Environmental Site Assessment, attached hereto as Exhibit "E". Nevertheless, Proposers may also perform their own "due diligence" inspections, including environmental site assessments, sampling and testing of the soils, sediments and groundwater, subject to such conditions and limitations as the City Manager may impose, including without limitation, requirements for supervision by the City, indemnification of the City, disposition of reports and execution of any legal documents, as the City Attorney may require. 30 Testing, audits, appraisals, inspections, or other non-invasive studies that are necessary or desired to submit a proposal, shall be conducted at the sole expense of the Proposer, and only with prior written approval by the City. The Successful Proposer shall remove or remediate any hazardous materials that are required by law to be removed or remediated for the Project. Additionally, all marine mitigation, or other mitigation efforts required by the applicable agencies, shall be at the sole cost and expense of the Successful Proposer. Additionally, the Successful Proposers shall consider the potential impact of sea level rise while preparing development plans in order to ensure increased resilience to the rising sea levels and proper maintenance of the Property and Project. 4. Utilities Water, sanitary sewer, electric and telephone utilities are currently available on the Property. Proposers may obtain detailed plans showing underground utility installations from the City's Public Works Department, 444 SW 2nd Avenue, 8th Floor, Miami, Florida 33130. For additional information, please contact the respective utilities. The Successful Proposer shall bear the sole financial responsibility for all connection fees, design, construction, and installation costs and of any costs associated with compliance with any County or City moratorium requirements that may be in force. The City will assist in this process by providing the necessary utility and/or facility easements as lawfully appropriate. In the event the Successful Proposer wishes to relocate the existing utilities, it shall do so at its sole cost and expense. 5. Zoning The Property is zoned as CS Civic Space Zone. For more information, please review the Miami 21 Zoning Code, CS Civic Space Zone Reference Manual, attached hereto as Exhibit "B". Proposers are responsible for verifying all information concerning planning and zoning requirements with the applicable agencies and departments. Any details provided herein regarding the zoning process is for convenience only and Proposers should not rely upon them without independently verifying the same. For the purposes of this RFP, the City encourages the most innovative and most competitive proposal that utilizes best practices and complies with the Miami 21 Zoning Code CS designation,) and which are consistent with the principles stated in the Virginia Key Master Plan. Proposers should not consider zoning approvals as permit approvals, the latter of which Proposer must obtain separately for each aspect of the Project. Whenever possible, the City agrees to assist the Successful Proposer with its permitting process, providing that municipal permit fees will not be waived or reduced. No Special Area Plan shall be allowed for this Project. Additionally, no hotels or other residential components shall be permitted. The Project shall not include any use or services not in compliance with the Miami 21 Zoning Code CS designation or any of the following large-scale commercial for -hire services: (1) boat painting; (2) transmission repairs; or (3) dry dock repairs. Small-scale and non-commercial boat painting, transmission repairs, and dry dock repairs are acceptable. Furthermore, the Project should consider and incorporate Miami 21 principles for public waterfronts and public benefits for public spaces to the extent feasible. Additional information may be found at the following links http://www miami21 org/final_ codeMay2016.asp 31 http://www miami21 org/PublicBenefits jump.asp http://www.miami21.org/PublicBenefits ParksPublicSpace.asp http://www miami21 org/PDFs/Appendix/Miami_21_Appendix_B.pdf 6. Flood Zone A preliminary review of the Property shows that the entire Property is classified as falling within Coastal A Zone, under Flood Zone AE. All structures constructed at the Property must conform to the appropriate Flood Zone requirements. Some preliminary estimates of flood risk are included in the Coastal Risk Consulting 2016 King Tide Report included herein as Exhibit H. As previously noted, the information in this RFP is not warranted in any manner and Proposers should independently verify factual items they deem relevant prior to response submittal. C. SELECTION PROCESS AND CONTRACT AWARD 1. Administrative Review City staff will conduct an initial administrative review of the proposals received for completeness and compliance with all content requirements set forth in the solicitation ("Administrative Review"). Administrative Review may include a financial or technical analysis of the Proposals prepared or procured by the City or its agents. During this Administrative Review, City staff may contact Proposers to cure non -material, non - substantive defects in any Proposals or to clarify unclear portions of the Proposal. If notified of deficiency or request for clarification, the Proposer shall provide a written response, which must be received within five (5) business days of notification or such other time designated by the Project Manager. 2. Evaluation Criteria Proposers shall be evaluated based on the following criteria ("Evaluation Critena"): Overall Experience and Qualifications 25 Relevant business and Project team experience in similar projects 10 Operational history reflective of capacity to meet Project goals 10 Availability of financial/business references 5 Financials and Proposed Revenues 25 Financial return to the City, including Base Rent and Participation Rent 10 Financial capability 10 Reasonableness of Revenue Forecasts 5 Design & Operational Plan 25 Improved efficiencies of marina operation and site utilization 10 Aesthetics & functionality of proposed improvements 5 Effective use of site during construction/redevelopment 5 Consistency with the Virginia Key Master Plan principles 5 Resiliency & Environmental Considerations 15 Long term resiliency of the Project 5 32 Commitment to protection of environmental assets and history of 5 environmental stewardship Incorporation of "green" design and natural/native elements 5 Public Benefits and Local Participation 10 Benefits received by the Public 5 Participation of firms and contractors that maintain a local office 5 Based upon the Evaluation Criteria provided above, as more specifically defined in the attached Detailed Evaluation Matrix included herein as Appendix 11, the selection committee ("Committee") will evaluate, assign points, and rank proposals in accordance with the requirements of the RFP using the scoring guidelines provided by the City. The Committee shall review the Evaluation Criteria, Detailed Evaluation Matrix, and the Project Goals specified in this RFP, and rank each Proposal as to each category listed above. The Committee may further define each of the categories/criteria stated above so long as consistent with the information in this RFP. Each proposal will be reviewed to determine if the proposal is responsive to the submission requirements outlined herein. Proposals that deviate from the City's "Must", "Shall" or "Mandatory" requirements may be found non -responsive without further evaluation. The Committee members shall be appointed by the City Manager, who reserves the right to appoint voting members as well as alternates. No less than five (5) and no more than seven (7) Committee members will be appointed. The City Manager shall, where practicable, select members as follows: 1) one member who is an expert in the management of a marina but not a City employee; 2) one member from the Virginia Key Advisory Board; 3) one member from the City's Procurement Department; 4) one member who is an environmental expert; and 5) one member from the City' s Planning and Zoning Department. Any other member(s) appointed by the City Manager shall be a person(s) with relevant background and expertise for this Project. Upon the City Manager's appointment of the Committee members, the list of members shall be publicly posted. The City Manager will use best efforts to publish the list of Committee members within 30 days of RFP publication. Any substantial issues or concerns with appointed members must be submitted in writing to the City Manager with a copy to the Project Manager within five (5) days of such posting. Any reappointments or substitutions shall be publicly posted. Submittal of a Proposal shall be confirmation of each Proposer's acknowledgement that the Committee members are free of conflict or bias, and acceptance of the appointment of these Committee members. In order to eliminate skewing of the final scores, the highest and the lowest total score submitted by each Committee member for each Proposer shall be uniformly eliminated. Thereafter, the remaining values will be averaged to provide a final score for each Proposer. 3. Negotiations Negotiations will take into consideration terms most beneficial to the City (from a monetary, technical, and managerial standpoint) until an agreement acceptable to the City is agreed upon. The City reserves the right to request from the Proposers: written clarifications; non- material revisions to proposals, if deemed necessary by the City; and any supplemental information, such as additional references, deemed necessary for proper evaluation of proposals. 33 4. Oral Presentations The Proposers shall be required to provide oral presentations. All Proposers will be afforded the same time limits for presentations and responses to questions, so as not to place one Proposer at an advantage over any other Proposer. 5. Selection Committee Recommendation The Committee will make its final ranking and recommendation to the City Manager, based on: (1) the findings of the Administrative Review (including, as applicable, any financial or technical analysis by the City or its agents); (2) the evaluation criteria as defined in the RFP and appendices; and (3) applicable laws and regulations. Such recommendation is subject to compliance with the applicable provisions of the City Charter and Code. 6. City Manager If the City Manager accepts the Committee's recommendation, a final contract will be negotiated and the final recommendation of award, approved by the City Manager, will be presented to the City Commission for their review and approval. The City Manager or his/her designee reserves the right to (1) approve the Committee' s recommendation, (2) reject the Committee's recommendation, (3) reject the Committee's recommendation and instruct the Committee to re-evaluate and make further recommendations, or (4) recommend to the City Commission that they reject any and/or all proposals. 7. City Commission The City Commission may (1) approve the City Manager's award recommendation and negotiated contract; (2) reject all proposals, and/or instruct the City Manager to reissue a solicitation; (3) instruct the Committee to re-evaluate and make further recommendations, in which case the consideration of the recommendation will be referred back to the Committee for further deliberations in accordance with any additional points or matters referenced which are in accordance with the Solicitation Criteria; or (4) instruct the City Manager to constitute a new Committee and make recommendations. All applicable Charter and Code provisions will be followed. The final decision of the City Commission shall be final action by the City. 8. Estimated Timetable The timetable for the RFP selection process is summarized below. Note that these are tentative dates and are subject to change at any time by the City. Anticipated RFP Schedule Dates Issuance of Solicitation February 17, 2017 Optional Pre -Proposal Submission Conference and Site Visit March 16, 2017 Deadline for Questions April 10, 2017 Proposal Submission Deadline May , 2017 Adoption of Legislation Authorizing and Directing the City Manager to Execute a Lease subject to Referendum approval TBD Referendum TBD D. LEASE The City requires that a Lease agreement ("Lease"), in substantially the attached form as in Exhibit "C" herewith, be executed upon approval of the Successful Proposer (or "Lessee") by the 34 City Commission. The terms and conditions within the Lease will capture the use of the Property according to the parameters of the proposal and this RFP. Please note that the form lease included as Exhibit "C" is a draft that will be revised to reflect all of the requirements specified in this RFP as finally negotiated between the parties, subject to review and approval by the Office of the City Attorney. Where the terms of the form Lease included as Exhibit "C" are in conflict with the terms contained in this RFP, the terms of this RFP shall govern. The City will not consider a sale of any part of the Property. The Successful Proposer shall have no vested rights, nor any title or interest in the property or in the development proposed thereon until a Lease is fully executed, and then only in the manner stipulated therein. The Lease shall not confer on, or vest in, the Lessee any title, interest, or estate in the Property other than a leasehold interest. The Lease will be furnished by, and always under the possession, custody, and control of the City; however, the actual terms of the Lease shall be negotiated between the Successful Proposer and City staff, subject to final approval by the City Commission. Once the parties agree to the terms of the Lease, the executed Lease shall comply with this RFP. Certain clauses of the Lease shall be deemed nonnegotiable, including, but not limited to, term, revocation, insurance, indemnification, taxes and impositions, public records, compliance with RFP requirements, etc. Notwithstanding the above, Proposers may request additional terms within the aforementioned nonnegotiable clauses so long as they are consistent with the solicitation. Revisions to non- negotiable terms shall be disregarded. The City may make additional changes to the Lease prior to execution to ensure consistency with the terms of this RFP, subject to review and approval by the City Attorney. The Lease may be assigned or transferred to a third unrelated party during the lease term, subject to and at the discretion of the City, which shall not be unreasonably withheld conditioned or delayed. Such transfer or assignment may be subject to financial and operational ability of the transferee, including that the proposed transferee shall not be deemed non -responsible for the criteria specified above in Section II.G., shall comply with the various requirements specified in this RFP, and at no time shall be allowed without the consent of the City. Any such assignment or transfer prior to the fifth (5th) anniversary of the Lease Effective Date, shall require a payment to the City equal to four percent (4%) of gross proceeds from the transfer; at any time after the fifth (5th) year, a five percent (5%) payment of the gross proceeds will be due to the City upon transfer ("Transfer Fee"). The above -mentioned Transfer Fee will apply even if the transfer or assignment is to a related, subsidiary, or affiliated entity, except for those transfers made for estate or tax planning purposes or those transfers required by a lender, and for which no proceeds will be realized upon transfer, as evidenced by documents submitted to the City. Note: All leasehold improvements shall become the sole property of the City upon the expiration or earlier termination of the Lease. Additionally, the Lease will provide a review period to confirm compliance with the RFP and other Lease requirements, including the redevelopment schedule. Proposer' s failure to achieve any of the development milestones is a Lease default, unless otherwise granted a waiver by the City as specified in Section III.A.14. Such default entitles the City to claim the Deposit and the Successful Proposer' s leasehold interest shall revert to the City, at the City' s discretion. Further, the Lease shall provide that the City will be provided with all correspondence and material associated with the permitting process on a regular basis, including any studies and reports produced for the Project. E. BACKGROUND CHECK/DISQUALIFICATION 35 The City will perform, or cause to be performed, a complete background check and investigation (including obtaining credit reports) of the proposing entity and its principals. Proposers shall be required to submit a non-refundable fee in the amount of Five Thousand Dollars ($5,000.00) in the form of a cashier' s check or money order to cover payment of a background check and credit reports along with their RFP proposal submission ("Background Check Fee"). This shall be used to determine whether there is any information that could deem the Proposer non -responsive or non -responsible per Section II.G. In the event the cost of conducting the background and credit check exceeds Five Thousand Dollars ($5,000.00), Proposers shall be required to compensate the City for amounts paid within ten (10) days' notice from the City. Proposers must submit forms providing the City with Proposer' s consent to conduct background screening on the Proposer and all Proposer's principals using the form provided in Appendix 9 along with their proposal submission. For the purposes of this solicitation, a principal shall be defined as any person, individual or entity having any ownership or major operational role in the Proposer's Project. Proposers that include as part of their team foreign nationals or foreign entities must fully comply with all of the requirements of the Patriot Act. Those Proposers who do not comply may be disqualified from further consideration in this RFP process. Once the Proposer has submitted the Registration Form (Appendix 2) together with the Registration Fee, the Proposer may provide the City with the background and credit check Consent Forms (Appendix 9) together with the Background Check Fee prior to the proposal submission deadline in order to obtain preliminary review of the proposing entity' s responsibility. Upon receipt of the requested documents and fees, the City will review and provide its preliminary determination within two (2) to three (3) weeks, subject to reasonable delays. Preliminary determinations of responsibility shall be provided by way of public posting on the RFP website located at www.virginiakeymarinarfp.com. Please note that any responsibility determination provided to Proposers is preliminary based on the information provided by Proposer, and may be changed in the event additional information is revealed at a later date. The City reserves the right to deem a Proposer non -responsible for any of the criteria specified in II.G. 36 IV. TECHNICAL SPECIFICATIONS A. MINIMUM PROPOSAL REQUIREMENTS & FORMAT PLEASE NOTE: THE SUCCESSFUL PROPOSER SHALL DEVELOP THE PROJECT PROPOSAL IN A MANNER THAT CONSIDERS AND COMPLIES WITH ALL OF THE REQUIREMENTS SPECIFIED THROUGHOUT THIS RFP. Proposers shall be required to submit a Proposal that includes all of the minimum proposal requirements specified below at the date of Proposal submission. Proposals shall be deemed responsive if they meet and provide the minimum proposal requirements below ("Minimum Proposal Requirements). Additionally, the City may issue requests for clarification or may request additional information from the Proposers. Proposers shall submit responses in a bound format with tab dividers separating each section. A minimum font size of 10 point, 1 inch margins, and single spacing shall be utilized on all text documents submitted. There shall be submitted one (1) original, eighteen (18) bound copies with tabs, one (1) unbound copy without tabs for possible duplicating needs and one (1) electronic copy submitted on CD, DVD, or Flash Drive. All required drawings shall be submitted in the scale herein specified. The Proposer must submit copies of all required drawings reduced proportionately to an 11" x 17" format. The reduced drawings shall also be submitted electronically and may be used on the City's website to inform the community about the proposals. No boards shall be accepted as part of the Proposal submission, but may be used at a later date for presentation purposes. Proposers shall utilize the following outline to prepare their proposals, adding tabs and sub -tabs as needed. 1. COVER PAGE The cover page shall include the Proposer's name; Contact Person; Firm's Liaison for the Contract; Primary Office Location; Local Business Address, if applicable; Phone and Fax Numbers, as applicable; Email addresses; RFP title and RFP number. 2. TABLE OF CONTENTS Table listing, in sequential order, the location of all contents, including required response forms, charts, illustrations, and additional enclosures. All pages of the Proposal, including enclosures, shall be clearly and consecutively numbered, consistent with the Table of Contents. 3. EXECUTIVE SUMMARY Summarize the proposal providing an overview of the proposal submission. 4. VISION, GOALS, AND OBJECTIVES OF PROPOSED PROJECT Summarize the vision, goals, and objective of the proposed Project. 5. COMMUNITY BENEFITS Summarize the range and quality of any programs to be offered as a benefit to the local community, including the number of potential jobs to be created and the considerations made to protect the environment. 6. REDEVELOPMENT SCHEDULE Proposers shall include renovation/redevelopment schedules for the leasehold improvements which take into account the commencement dates required by the City and delineates the 37 renovation or redevelopment of each component. The Proposal shall include a narrative accompanied by a graphic timeline or schedule detailing all phases of the development including developer due diligence, planning and design, permitting, construction, and operations. The schedule must include an explanation of how the phasing of the Project was determined and a projection of the Project completion time required following the development team receiving control of the site. 7. PROJECT PLAN The Project plan shall consider all of the principles, guidelines, and requirements specified in this RFP, as well as the principles stated in the Virginia Key Master Plan. A team of specialized, registered design professionals shall prepare the Project plan. Additionally, please note that any material changes to the original Project plan made after Miami City Commission approval of the lease and development agreement shall be subject to input from the Virginia Key Advisory Board and final approval from the Miami City Commission. The Project plan shall include: (a) Narrative Description of the proposed Project plan: Proposer must include a detailed development plan for the marina and boatyard, restaurant, ship's store and all other components of the Project. Proposers must also specify how they plan to manage the site and maximize revenue through optimized slip management, restaurant patronage, and all other revenue -generating facilities on the Property. Additionally, Proposers must identify how they plan to accomplish the various components required by this RFP, taking into account the various Evaluation Criteria specified in Section III.C.2. (b) Site Program Analysis, including: • Overall site development including improvements, and surrounding modifications to the Property. • Number and use(s) of building(s), and respective square footages (both gross and rentable). • Number, type, size, construction and description of proposed operations by category. • Number of wet and dry slips (including total linear feet of each type specified). • Architectural features. • Permitting and environmental issues. • Features incorporated in light of environmental concerns, including protections for adjacent critical habitats and sea level rise. • Parking solutions or agreements. • Traffic Plan. • Sewage Plan. • Pollution Control Plan. • Storm Water Management and Hurricane Plan. (c) Conceptual renderings of overall site as well as from within the Project, illustrating: • Context. • Building Height. • Architectural Features. • Signage. 38 (d) Proposed Project Site Plan The Site Plan should illustrate the relationship and connectivity of the proposed Project to adjacent roadways, residential or commercial neighborhoods, Virginia Key, and the general area. The Site Plan should also identify the location of all the following: • Land/Space Uses. • Building Location. • Pedestrian Access. • Parking areas. • Landscaping. • Lighting. (e) Wet Slip Configuration: Proposer shall also include a conceptual configuration of the wet slips within the marina, identifying the length of each slip. (f) Construction Plan: Proposer shall construct and operate the Project at the Proposer's own risk without benefit of financial guarantees from the City. Nevertheless, the City has an obligation to its residents to ensure that the Project is completed, or failing that, that the Project not be abandoned after commencement. Accordingly, the Proposer shall describe the terms and conditions it proposes to ensure construction and operation of the Project. 8. OPERATIONAL PLAN The Proposer shall provide a brief narrative on the Proposer' s plans for the management and operation of the proposed Project during the Lease Term, including as applicable, a description of services to be provided, number and type of employees to be hired, hours of operation, etc. 9. MARKET ANALYSIS AND ECONOMIC FEASIBILITY Proposals shall include the following information, providing an understanding of their likely market and economic feasibility: • A market analysis sufficient to establish the market support for this type of facility and other proposed uses, based upon analysis of demand generators, competitive supply, market pricing, competitive position, and anticipated market share/capture. • A projected development schedule. • An analysis of projected revenues and operating expenses broken out for each major component covering at a minimum the first fifteen (15) years of operation. • A written statement indicating the total dollar amount to be spent on permanent physical improvements to the Property, if any, including building improvements, site improvements and equipment purchases associated with the Project, as well as that required for all start-up costs and initial operating expenses. The development/renovation cost estimates shall be itemized to include significant line items within the major categories of hard, soft (including pre -development fees), and financing costs, and allocated by Project component, building and phase, as applicable. 10. FINANCIAL FEASIBILITY Proposals shall include a detailed financial feasibility and cash flow analysis. The financial feasibility of the Project shall be presented in a fashion to enable a clear understanding of the financial inflows and outflows of the projected revenues and any other financial returns over a 39 projected fifteen (15) year period. The analysis should include projected profit and loss runs, including revenues, operating expenses, development costs, debt service, etc., and an integrated financial cash flow projection showing the phased renovation, building, and completion schedule. Proposers must include a fifteen (15) year pro -forma in excel spreadsheet format including formulas. The pro -forma should include individual line items that support all proposed/projected revenues and expenses, inclusive of line items for gross slip revenue, gross marina operation revenue other than slip revenue, gross ship store revenue, gross fuel revenue, gross revenue from any other proposed income streams, individual line items associated for each of the corresponding percentage revenue calculations that apply to these revenue sources and are to be paid to the City, and all expenses. Please note that, for the pro -forma and other financial projections required by this RFP, NPV shall be discounted at five percent (5%). Gross revenue shall be defined as the total of all revenues, rents, income and receipts, received by Proposer from any person whomsoever (less any refunds) of every kind derived directly or indirectly from operation of the Property, including without limitation, income from both cash and credit transactions. 11. FINANCIAL PLAN a) Financing Plan Proposals shall include a description of the total estimated cost of construction and corresponding financing plan for the Project, including a description and estimate of all sources of construction and permanent debt and equity funds to be used in the Project. Estimated total construction costs should not be materially different than proposed unless as a result of unknown on -site conditions that are not readily observable or discoverable. Proposers shall ensure that target returns and other financing considerations are presented. The City reserves the right to further evaluate and/or reject financing commitments when the term, the identity of the financing source or other aspect of such financing is deemed not in the best interest of the City or the Project. b) Infrastructure Cost Estimate Proposers shall prepare and submit estimates of the initial infrastructure costs of the Project. The estimates shall be complete in that no cost elements are excluded, realistic in that quantities and prices used in developing the estimate reflect actual market level or best estimates of future price levels and credible in that the estimating methodology used is consistent with applicable industry standards and practices. For the purposes of this requirement, "infrastructure costs" shall mean all costs associated with roads, utilities such as water, sewer and electricity. c) On -Going Capital Infrastructure Costs This section shall include all elements or components of the capital assets that require future expenditures beyond normal maintenance, or replacement at the end of their economic life that are expected to occur within the Lease Term, including for example all costs associated with ensuring resiliency of the various components of the Project. Please note the preference to incorporate a resilient design with considerations made for sea level rise in order to provide structures with a longer anticipated economic life. Along with each element of on -going capital costs, Proposers shall estimate the corresponding contingency allowance with the estimate for each cost element. The Successful Proposer shall be required to contribute one percent (1%) of gross revenues to a Capital Infrastructure Escrow Account (per defined escrow requirements) to fund on -going capital infrastructures 40 costs. d) Operation and Maintenance Proposers shall describe in detail all sources of operations and maintenance funds for the Project. No government: funds, subsidies, credit enhancements, loans, loans guarantees, or other governmentally sponsored financial mechanism shall be proposed for the operation or maintenance of the Project. 2. FINAL RETURN TO THE CITY The Proposer shall provide a base rent to the City equal to or greater than Two Million One Hundred and Fifty Thousand Dollars ($2,150,000) annually, PLUS percentage rent equal to or greater than six percent (6%) of wet slip and dry storage operations, six percent (6%) of fuel sales, and four percent (4%) sublease income or other income received by Proposer from the use of the Property and periodic escalators. The City expects fair market value to be achieved from the escalating minimum guaranteed base rent, with percentage of gross revenues and any additional proposed rents providing the City with a share of the Project's financial upside. Proposals shall detail other financial benefits to the City such as estimated property taxes, and other non -financial benefits such as new jobs created. Please also note additional details regarding rent specified in Section M.A. 3. EXPERIENCE AND QUALIFICATIONS The Proposer shall provide details on the proven record of accomplishment, qualifications and experience of the key persons involved in the management and operations of the proposed business ("Business Team") and the key persons to be involved in the remodeling, renovation or build -out of any proposed improvements ("Development Team"). Proposers are required to assemble the requisite expertise, experience, financial and management capability to meet the below -mentioned threshold qualifications. As such, where applicable, these qualification requirements shall be applied to the Proposer's team as a whole, in a manner that is commensurate with each members' allocation of responsibility. The City has identified the following factors that shall serve as threshold qualifications for this RFP process. The Proposer must meet the threshold qualifications outlined below in Subsections a) through c), and include as evidence of its qualifications the information required by Subsections d) through h): a) Experience: • At the time of submission, Proposer and/or its principals shall possess and have experience directly managing and/or operating a project of this scope and size within the last fifteen (15) years; OR • Proposer and/or its principals shall possess and have a minimum of any five (5) years of experience directly involved in the ownership and day-to-day operation of a project of this scope and size within the last ten (10) years. b) At the time of submission, Proposer and/or its principals, must have played a leading role or must have had principal responsibility or other demonstrated experience in the successful design, remodeling, renovation and build -out of a project(s) of similar size and complexity as the Project and uses proposed. c) Proposer and/or its principals must have had experience with the successful financing of at least one (1) project of similar size or greater. 41 d) Proposer must provide resumes as well as a summary of the credentials and experience of the persons to be used to qualify the Proposer for this RFP, including each of the Proposer's principals as well as each member of the Proposer's Business Team and Development Team. e) Proposers must provide sufficient funds to conduct a background check as required by Section III.E., and the Proposers must be deemed by the City to be both "responsive" and "responsible" pursuant to Section II.G. f) Proposers must provide contact information for three (3) business references for each principal, and at least one (1) financial reference, including contact names, company and/or project names and contact telephone numbers of individuals who can attest to the projects with which the individual has worked. g) Proposers shall also provide evidence of financial wherewithal or financing from a financial institution either on a reference letter or Letter of Commitment, either of which must be attached as part of Appendix 3, showing the Proposer' s capacity to develop, maintain, and operate the proposed business operations. The financial reference letter or Letter of Commitment must be on the financial institution' s letterhead stationery. h) Proposers must comply with the background check requirements in Section III.E. and submit executed consent forms for the Proposer and each principal on the applicable entity and individual consent forms attached hereto as Appendix 9. 4. PROPOSAL ATTACHMENTS (A) RFP Registration Form & Fee: Complete Registration Form attached hereto as Appendix 2 and pay the applicable fees associated with this RFP, including: (i) A non-refundable Registration Fee equal to One Hundred and Fifty Dollars ($150); (ii) A background check Fee equal to Five Thousand Dollars ($5,000); (iii) A Proposal Security equal to Twenty Five Thousand Dollars ($25,000); and (iv) Other fees shall be due after submission, on dates specified throughout this RFP a. Referendum Deposit — Due upon request after City Commission approval; b. Earnest Money Deposit — Due upon Lease execution; c. Parking Garage Contribution, as may be applicable — Due upon Lease execution; d. Commission Fee — Due upon Lease execution. (B) RFP Submission Form: Complete to its entirety the RFP Proposal Submission Form attached hereto as Appendix 3. Please note that a "responsible proposal" is one that has the capability in all respects to fully perform the requirements set forth in the proposal and the proposed Lease. A "responsive proposal" is one that conforms in all material respects to the Minimum Proposal Requirements of this RFP. Any missing information may result in the disqualification of the Proposal as non -responsive. (C) Business Team Qualifications: Complete the Business Team form included as Appendix 4. Resumes should be provided for all members of the Business Team. (D) Development Team Qualifications: Complete the Development Team form included as Appendix 5. Resumes should be provided for all members of the Development Team. 42 (E) Certifications: Complete the appropriate Certification of Authority attached in Composite Appendix 6. (F) Disclosure/Disclaimer: Complete the Proposer's Disclosure/Disclaimer attached hereto as Appendix 7. (G) Consent Forms: Complete the Consent Form attached hereto as Appendix 9. (H) Non -Collusion Affidavit: Complete the Non -Collusion Affidavit attached hereto as Appendix 10. (I) Proposer's Organizational History/Structure and Chart: In a narrative form, please describe the Proposer' s organizational and business history and explain why the Proposer's background makes it ideal for this opportunity. Please also provide a visual representation in the form of an organizational chart. (J) Redlined Lease Agreement: Incorporate proposed revisions to the Form Lease Agreement provided as Exhibit C. (K) Additional Information: Proposer may provide any additional information to describe the Proposer' s proposed Project or capability to implement the Project. B. DEADLINE FOR RECEIPT OF INFORMATION / CLARIFICATION Pursuant to the Cone of Silence, any request for additional information or clarification must be received in writing no later than 2:00 p.m. on April 10, 2017. Interested individuals ("Proposers") may e-mail or fax their requests to the attention of, Jacqueline Lorenzo, Property Management Specialist ("Project Manager") at the City of Miami, Department of Real Estate and Asset Management at E-mail: jlorenzo@miamigov.com and Fax No.: (305) 400-5197. C. RECEIPT OF RESPONSES Provide one (1) original and eighteen (18) bound copies with tabs of the signed and dated proposal, one (1) unbound copy without tabs for possible duplication needs, as well as one (1) electronic copy submitted on CD-ROM or Flash Drive accompanied by the required documentation to the Office of the City Clerk, Attn: Todd B Hannon, 3500 Pan American Drive, First Floor, Miami, Florida 33133 no later than 2:OOPM on May 424, 2017. Responses must be clearly marked and labeled on the outside of the envelope/package as "Virginia Key Marina RFP No. 16-17-011" Failure to submit a Response by the due date and time, and at the location specified above, shall result in automatic disqualification. 43 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: Daniel J. Alfonso City Manager DATL. June 15, 2017 SUBJECT: Recommendation for Virginia Key Marina Request for Proposals No. 16-17-011 FROM: Daniel Rotenberg REFERENCES: Director, Real Estate & Asset Management ENCLOSURES: Summary Tally Sheet & Completed Evaluations The City of Miami Department of Real Estate and Asset Management issued RFP # 16-17-011 ("RFP") for the development and lease of a city -owned waterfront property located in Virginia Key ("Virginia Key Marina"), and three (3) proposals were received and deemed responsive. The Selection Committee ("Committee") appointed by the City Manager, met on June 12, 2017 to hear presentations and again on June 14, 2017 to evaluate the criteria and scoring values assigned and to determine a rank order; the final Committee was comprised of the following individuals: Committee Chair (Non -Voting) ■ Jacqueline Lorenzo, City of Miami, Real Estate and Asset Management, Property Management Specialist Committee Members (Voting) • Gary Milano, Virginia Key Advisory Board, Member; ▪ Maria D. Carballeira, Miami -Dade County, Internal Services, Procurement Management Services, Procurement Policy and Training Coordinator; ■ David R. Snow, City of Miami, Planning & Zoning, Acting Chief of Urban Design; ■ Amado Gonzalez, Miami -Dade County, Solid Waste Management, Environmental Affairs Manager; • Jose A. Galan, Internal Services, Real Estate Development, Division Director; ■ Alyce M. Robertson, Downtown Development Authority, Executive Director; • Penny Cutt, Gahagan & Bryant, Inc., Senior Associate Pursuant to Miami City Code Section 18-86(C)(6) Proposal Evaluation, 'The recommendations of the evaluation committee shall be submitted to the city manager." Pursuant to REP Section III.C.6., the City Manager may "(1) approve the Committee's recommendation, (2) reject the Committee's recommendation, (3) reject the Committee's recommendation and instruct the Committee to re-evaluate and make further recommendations, or (4) recommend to the City Commission that they reject any and/or all proposals." Recornmendatfon for Final Selection. The Committee recommends the City proceed with top -ranked firm: 1. Virginia Key, LLC (92.6 points) 2. Biscayne Marine Partners, LLC (87.8 points) 3. GCM Contracting Solutions, Inc. (57.2 points) Please provide your response to the Committee's recommendation and sign below. Please circle one: AP' ROVE Daniel J. Alfo ity . alter cc: Alberto Parj • ssistant City Manager Victoria Me • ez, City Attorney Todd Hannon, City Clerk DREAM 170023 REJECTED INSTRUCTED TO REEVALUATE BL.AKE APPRAISAL REPORT (MARKET RENT STUDY) Virginia Key Marina 3301 RICKENBACKER CSWY Miami, Miami -Dade County, FL 33149 Rickenbacker Causeway Marina PREPARED FOR Mr. Andrew Frey Director, Department of Real Estate & Asset Management City of Miami 444 SW 2 Avenue 3rd Floor Miami, FL 33130 PREPARED BY Joseph J. Blake and Associates, Inc. 5757 Waterford District Drive Suite 220 Miami, FL 33126 BL JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 5757 Waterford District Drive, Suite 220 I Miami, FL 33126 I Phone: (305) 448-1663 I Fax: (305) 448-7077 I www.josephjblake.com April 6, 2026 Mr. Andrew Frey Director, Department of Real Estate & Asset Management City of Miami 444 SW 2 Avenue 3rd Floor Miami, FL 33130 Re: Market Rent Study of Virginia Key Marina 3301 RICKENBACKER CSWY Miami, FL 33149 Dear Mr. Frey: As requested, we have prepared an appraisal of the property referenced above presented in the attached Appraisal Report. The purpose of the appraisal is to develop an opinion of the following values: Value Date of Value Interest Appraised Value Type "As Is" 3/5/26 Fee Simple Estate Market Rent Briefly described, the subject consists of two adjacent marinas, Rickenbacker Marina and Marine Stadium Marina, located in Virginia Key in the City of Miami that contain upland and submerged land areas. The Rickenbacker Marina is a privately operated marina under an existing ground lease from the City of Miami, FL. The Marine Stadium Marina is a municipal marina operated by the City of Miami. Rickenbacker Marina offers wet slips, dry boat storage, boat ramp, fuel station, dock master's office, ship's store, restrooms/showers, an on -site restaurant and Tiki deck. Marine Stadium Marina offers dry boat storage, boat ramp, fuel station, dock master's office, ship's store, and adjacent off -site restaurant that is currently closed. The entire subject site consists of approximately 1,170,022 SF or approximately 26.86 acres of land, which consists of 10.20± acres of upland and 16.86± acres of submerged land areas. The tract is irregular in shape. The upland area is zoned 'CS,' Civic Space, under the jurisdiction of the City of Miami, FL. The subject's submerged land area does not have a zoning designation. The City of Miami prepared a request for proposals (RFP) for bids to redevelop the subject property. The highest ranked proposal of the City of Miami's Virginia Key Marina RFP No. 16-17-011 was Virginia Key, LLC, a joint venture of the RCI Group, whose principals are Robert W. Christoph, Robert W. Christoph, Jr., and Hunter Christoph, and Suntex Marinas, whose principals are Bryan Redmond, Chris Petty, David Filler and John Powers. The proposal, known as Virginia Key Harbour and Marine Center, is for a single combined marina with 162 wet slips, 750 interior dry slips, approximately 32,000 square feet of marine -related retail space and 13,000 SF of restaurant space. As of the effective date the subject was being used as two marinas with upland amenities. At the request of the client, the subject's market rent will be determined based on the plans of the highest ranked proposer, Virginia Key, LLC, of the City of Miami's Virginia Key Marina RFP # 16-17-011. Regional Offices: Atlanta 1 Boston I Chicago I Dallas I Los Angeles I Miami I Orlando I Phoenix 1 New York City I San Antonio San Francisco I Washington D.C. Blake & Sanyu Alliance: Tokyo I Osaka I Nagoya I Tohoku April 6, 2026 Mr. Andrew Frey Page 2 of 3 The appraisal and the attached Appraisal Report have been prepared in conformity with and are subject to the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (USPAP),In preparing this appraisal, we considered the use of the three most widely recognized approaches to value: the Cost, Income Capitalization and Sales Comparison Approaches. The appraisal is subject to the attached Assumptions and Limiting Conditions and Definition of Market Value. The appraisal did not use or rely upon unsupported conclusions relating to bias, such as characteristics relating to race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, disability, group homogeneity, or any other prohibited basis. After inspection of the subject and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the market rent of the subject according to the submitted plans of the highest ranked proposer, Virginia Key, LLC, of the City of Miami's Virginia Key Marina RFP #16-17-011, as of the effective date of value March 5, 2026, is: Projected Annual Revenue Revenue % Rent Factor Estimated Rent Base Rent Wet Slips $4,667,058 Dry Racks Base Rent Conclusion Additional Rent $10, 694, 250 $15,361,308 Wet/Dry Slips $15,361,308 Fuel $5,280,000 Subleases — Restaurants $845,000 Subleases — Commercial Space $1,280,000 15% $700,059 12% $1,283,310 $1,983,369 6% $921,678 6% $316,800 6% $50,700 6% $76,800 Additional Rent Conclusion $22,766,308 $1,365,978 Total Rent (All Revenues) $38,127,616 $3,349,347 The Virginia Key, LLC proposed rent schedule of $3,515,978 annually exceeds the appraiser's market rent conclusion by $166,631, or 4.7%, indicating that the proposed lease terms are above independently appraised market value. This finding satisfies the requirements of City Charter Section 3(f)(iii)(B), which mandates that the terms of any lease of City -owned waterfront property result in a fair return to the City based on independent appraisal. The proposed rent schedule, as structured under RFP No. 16-17-011, is supported by the market evidence analyzed herein and is consistent with — and in excess of — the market rent concluded by this appraisal. Accordingly, it is the appraiser's opinion that the proposed lease terms provide a fair and reasonable return to the City of Miami. Our value conclusion does not consider any rent abatement/offset or concession that would result from the proposer's construction of any improvements. This market rent should be re-evaluated every five years to take into consideration any change in market rent. Rental rates for ground leases are typically adjusted every five years in the market. Our fair market rent conclusion also includes additional percentage rent. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING April 6, 2026 Mr. Andrew Frey Page 3 of 3 EXTRAORDINARY ASSUMPTIONS We were not provided with a current rent roll of the subject's boat storage units. Therefore, this market study report is based on the extraordinary assumption that our market rent and occupancy conclusions reflect actual market conditions at the time of this report. In addition, this market rent study is based on the submitted plans of the highest ranked proposer, Virginia Key, LLC, of the City of Miami's Virginia Key Marina RFP # 16-17-011. Therefore, this market rent study is based on the extraordinary assumption that the proposed improvements are constructed in a workmanlike manner. The use of the aforementioned Extraordinary Assumptions might have affected the assignment results. HYPOTHETICAL CONDITIONS This appraisal is not based on any hypothetical conditions. The opinion(s) of value are based on exposure times of 6 to 12 months, assuming the property was properly priced and actively marketed. The attached Appraisal Report summarizes the documentation and analysis in support of our opinions. If you have any questions, please contact the undersigned. We thank you for retaining the services of our firm. Respectfully submitted, JOSEPH J. BLAKE AND ASSOCIATES, INC. Ted Allen, MAI Orlando Santos Managing Partner Associate Appraiser Florida -State -Certified General Real Estate Appraiser Florida -State -Certified General Real Estate Appraiser RZ426 RZ4535 Expires: November 30, 2026 Expires: November 30, 2026 tallen@josephjblake.com JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING Virginia Key Marina 25-403-02 TABLE OF CONTENTS TITLE PAGE TRANSMITTAL LETTER EXECUTIVE SUMMARY 1 PHOTOGRAPHS OF THE SUBJECT 3 CERTIFICATION 6 GENERAL ASSUMPTIONS & LIMITING CONDITIONS 8 INTENDED USER AND USE OF THE APPRAISAL 10 PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT 10 PURPOSE OF THE APPRAISAL AND PROPERTY RIGHTS APPRAISED 10 DEFINITION OF VALUE 10 SCOPE OF THE APPRAISAL 10 IDENTIFICATION OF THE PROPERTY 11 CURRENT USE OF THE SUBJECT 12 HISTORY OF THE SUBJECT 12 AREA ANALYSIS 14 NEIGHBORHOOD ANALYSIS 21 DESCRIPTION OF THE SITE 26 DESCRIPTION OF THE IMPROVEMENTS 28 ZONING 34 MARKET ANALYSIS 36 ADDENDA Site Plans/Survey Legal Description Zoning Information Virginia Key Marina RFP # 16-17-011 Flood Map Operating Statements Appraisal Engagement Contract Glossary of Terms Qualifications of the Appraisers JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING Virginia Key Marina 25-403-02 EXECUTIVE SUMMARY PROPERTY SUMMARY PROPERTY APPRAISED Virginia Key Marina PROPERTY ADDRESS 3301 RICKENBACKER CSWY Miami, FL 33149 PARCEL/TAX ID 01-4217-000-0020; 01-4217-000-0030; 01-4217-000-0110; 01-4218-000-0010; 01-4218-000-0030; 01-4218-000-0031 PROPERTY LOCATION The subject is located on the northwest portion of the Marina Stadium Basin of Virginia Key in the City of Miami, FL. PURPOSE OF THE APPRAISAL Value Date of Value Interest Appraised Value Type "As Is" 3/5/26 Fee Simple Estate Market Rent PERTINENT DATES DATE OF INSPECTION March 5, 2026 DATE OF REPORT April 6, 2026 DATE OF "AS IS" MARKET RENT March 5, 2026 HIGHEST AND BEST USE AS IMPROVED The current improvements AS IF VACANT Marina PROPERTY DATA IMPROVEMENT DATA Briefly described, the subject consists of two adjacent marinas, Rickenbacker Marina and Marine Stadium Marina, located in Virginia Key in the City of Miami that contain upland and submerged land areas. The Rickenbacker Marina is a privately operated marina under an existing ground lease from the City of Miami, FL. The Marine Stadium Marina is a municipal marina operated by the City of Miami. Rickenbacker Marina offers wet slips, dry boat storage, boat ramp, fuel station, dock master's office, ship's store, restrooms/showers, an on -site restaurant and Tiki deck. Marine Stadium Marina offers dry boat storage, boat ramp, fuel station, dock master's office, ship's store, and adjacent off -site restaurant that is currently closed. The entire subject site consists of approximately 1,170,022 SF or approximately 26.86 acres of land, which consists of 10.20± acres of upland and 16.86± acres of submerged land areas. The tract is irregular in shape. The upland area is zoned 'CS,' Civic Space, under the jurisdiction of the City of Miami, FL. The subject's submerged land area does not have a zoning designation. SITE DESCRIPTION The entire subject site consists of approximately 1,170,022 SF or approximately 26.86 acres of land, which consists of 10.20± acres of upland and 16.86± acres of submerged land areas. The tract is irregular in shape. The upland area is zoned 'CS,' Civic Space, under the jurisdiction of the City of Miami, FL. The subject's submerged land area does not have a zoning designation. JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION AHD CONSULTING 1 Virginia Key Marina 25-403-02 EXECUTIVE SUMMARY CURRENT USE As of the date of the market rent opinion, the subject was being used as two marinas with upland amenities. At the request of the client, the subject's market rent will be determined based on the plans of the highest ranked proposer, Virginia Key, LLC, of the City of Miami's Virginia Key Marina RFP. The proposal is for a single combined marina with 162 wet slips, 750 interior dry slips, approximately 13,000 sf of restaurant space and approximately 32,000 SF of marine/commercial related retail space. MARKET RENT SUMMARY After inspection of the subject and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the market rent of the subject according to the submitted plans of the highest ranked proposer, Virginia Key, LLC, of the City of Miami's Virginia Key Marina RFP #16-17-011, as of the effective date of value March 5, 2026, is: Projected Annual Revenue Revenue % Rent Factor Estimated Rent Base Rent Wet Slips $4,667,058 Dry Racks $10, 694, 250 15% $700,059 12% $1,283,310 Base Rent Conclusion Additional Rent $15,361,308 $1,983,369 Wet/Dry Slips $15,361,308 Fuel $5,280,000 Subleases — Restaurants $845,000 Subleases — Commercial Space $1,280,000 6% $921,678 6% $316,800 6% $50,700 6% $76,800 Additional Rent Conclusion $22,766,308 $1,365,978 Total Rent (All Revenues) $38,127,616 $3,349,347 The Virginia Key, LLC proposed rent schedule of $3,515,978 annually exceeds the appraiser's market rent conclusion by $166,631, or 4.7%, indicating that the proposed lease terms are above independently appraised market value. This finding satisfies the requirements of City Charter Section 3(f)(iii)(B), which mandates that the terms of any lease of City -owned waterfront property result in a fair return to the City based on independent appraisal. The proposed rent schedule, as structured under RFP No. 16-17-011, is supported by the market evidence analyzed herein and is consistent with — and in excess of — the market rent concluded by this appraisal. Accordingly, it is the appraiser's opinion that the proposed lease terms provide a fair and reasonable return to the City of Miami. Our market rent conclusion does not consider any rent abatement/offset or concession that would result from the proposer's construction of any improvements. This market rent should be re-evaluated every five years to take into consideration any change in market rent. Rental rates for ground leases are typically adjusted every five years in the market. Our fair market rent conclusion also includes additional percentage rent. JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION AHD CONSULTING 2 Virginia Key Marina 25-403-02 PHOTOGRAPHS OF THE SUBJECT Marine Stadium Marina - Dry Racks Fuel Tanks Marine Stadium Marina - Dry Racks Marine Stadium Marina - Dry Racks Marine Stadium Marina - Dry Racks Marine Stadium Marina — Retail Building JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 3 Virginia Key Marina 25-403-02 PHOTOGRAPHS OF THE SUBJECT Marine Stadium Marina — Retail Building Marine Stadium Marina — Retail Building RECKENBACL<E Entry to Marine Stadium Marina Rickenbacker Marina Rickenbacker Marina Rickenbacker Marina JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 4 Virginia Key Marina 25-403-02 PHOTOGRAPHS OF THE SUBJECT Rickenbacker Marina Rickenbacker Marina Rickenbacker Marina Rickenbacker Marina JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 5 Virginia Key Marina 25-403-02 CERTIFICATION We certify that, to the best of our knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. • We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. • Ted Allen, MAI has appraised the property in the last three years. Ted Allen, MAI has performed no other services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment. Orlando Santos has performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment. • We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. • Our engagement in this assignment was not contingent upon developing or reporting predetermined results. • Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • Ted Allen, MAI, has made a personal inspection of the property that is the subject of this report. Orlando Santos, has also made a personal inspection of the property that is the subject of this report. • No one provided significant real property appraisal assistance to the persons signing this certificate. • As of the date of this report, Ted Allen, MAI has completed the continuing education program for Designated Members of the Appraisal Institute • The Appraisal Report is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. In addition, our engagement was not contingent upon the appraisal producing a specific value and neither engagement, nor employment, nor compensation, is based upon approval of any related loan application. • The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. • The use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 6 Virginia Key Marina 25-403-02 CERTIFICATION • We are professionally competent to perform this appraisal assignment by virtue of previous experience with similar assignments and/or appropriate research and education regarding the specific property type being appraised. JOSEPH J. BLAKE AND ASSOCIATES, INC. Ted Allen, MAI Orlando Santos Managing Partner Associate Appraiser Florida -State -Certified General Real Estate Appraiser Florida -State -Certified General Real Estate Appraiser RZ426 RZ4535 Expires: November 30, 2026 Expires: November 30, 2026 tallen@josephjblake.com JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING Virginia Key Marina 25-403-02 GENERAL ASSUMPTIONS & LIMITING CONDITIONS This Appraisal Report is subject to underlying assumptions and limiting conditions qualifying the information contained in the Report as follows: The valuation opinion(s) apply only to the property specifically identified and described in the ensuing Report. Information and data contained in the report, although obtained from public record and other reliable sources and, where possible, carefully checked by us, is accepted as satisfactory evidence upon which rests the final opinion(s) of property value. We have made no legal survey, nor have we commissioned one to be prepared, and therefore, reference to a sketch, plat, diagram or previous survey appearing in the report is only for the purpose of assisting the reader to visualize the property. It is assumed that all information known to the client and/or the property contact and relative to the valuation has been accurately furnished and that there are no undisclosed leases, agreements, liens or other encumbrances affecting the use of the property, unless otherwise noted in this report. Ownership and management are assumed to be competent and in responsible hands. No responsibility beyond reasonableness is assumed for matters of a legal nature, whether existing or pending. We, by reason of this appraisal, shall not be required to give testimony as expert witness in any legal hearing or before any Court of Law unless justly and fairly compensated for such services. By reason of the Purpose of the Appraisal and the Intended User and Use of the Report herein set forth, the value opinion(s) reported are only applicable to the Property Rights Appraised, and the Appraisal Report should not be used for any other purpose. Disclosure of the contents of this Appraisal Report is governed by the By -Laws and Regulations of the Appraisal Institute. Neither all nor any part of the contents of this report (especially any opinions as to value, our identity, or the firm with which we are connected, or any reference to the Appraisal Institute or to the MAI Designation) shall be reproduced for dissemination to the public through advertising media, public relations media, news media, sales media or any other public means of communication without our prior consent and written approval. We have not been furnished with soil or subsoil tests, unless otherwise noted in this report. In the absence of soil boring tests, it is assumed that there are no unusual subsoil conditions or, if any do exist, they can be or have been corrected at a reasonable cost through the use of modern construction techniques. This appraisal is based on the conditions of local and national economies, purchasing power of money, and financing rates prevailing at the effective date(s) of value. We are not engineers and any references to physical property characteristics in terms of quality, condition, cost, suitability, soil conditions, flood risk, obsolescence, etc., are strictly related to their economic impact on the property. No liability is assumed for any engineering -related issues. Unless otherwise stated in this report, we did not observe the existence of hazardous materials, which may or may not be present on or in the property. The presence of substances such as asbestos, urea -formaldehyde foam insulation, or other potentially hazardous materials, may affect the value of the property. The value opinion is predicated on the assumption that there is no such material on or in the property that would cause a loss in value or extend their marketing time. No responsibility is assumed for any such conditions, or for the expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 8 Virginia Key Marina 25-403-02 GENERAL ASSUMPTIONS & LIMITING CONDITIONS Toxic and hazardous substances, if present within a facility, can introduce an actual or potential liability that may adversely affect marketability and value. Such effects may be in the form of immediate clean-up expense or future liability of clean-up costs (stigma). In the development of our opinion(s) of value, no consideration was given to such liabilities or their impact on value. The client and all intended users release Joseph J. Blake and Associates, Inc., from any and all liability related in any way to environmental matters. Possession of this report or a copy thereof does not imply right of publication, nor use for any purpose by any other than the client to whom it is addressed, without our written consent. Cash flow projections are forecasts of estimated future operating characteristics and are based on the information and assumptions contained within the Appraisal Report. The achievement of the financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured. Actual results may well vary from the projections contained herein. We do not warrant that these forecasts will occur. Projections may be affected by circumstances beyond our current realm of knowledge or control. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements for the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Unless otherwise stated in this report, we have no direct evidence relating to this issue and we did not consider possible non-compliance with the requirements of the ADA in forming the opinion of the value of the property. EXTRAORDINARY ASSUMPTIONS We were not provided with a current rent roll of the subject's boat storage units. Therefore, this market study report is based on the extraordinary assumption that our market rent and occupancy conclusions reflect actual market conditions at the time of this report. In addition, this market rent study is based on the submitted plans of the highest ranked proposer, Virginia Key, LLC, of the City of Miami's Virginia Key Marina RFP # 16-17-011. Therefore, this market rent study is based on the extraordinary assumption that the proposed improvements are constructed in a workmanlike manner. The use of the aforementioned Extraordinary Assumptions might have affected the assignment results. HYPOTHETICAL CONDITIONS This appraisal is not based on any hypothetical conditions. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 9 Virginia Key Marina 25-403-02 INTRODUCTION 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 leasing decisions. This appraisal is not intended to be used by any other parties, for any other reasons, other than those which are stated here. Non -identified parties are not intended users of this report. PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT The date of the report is April 6, 2026. The date of the inspection was March 5, 2026. This Appraisal Report, with its analyses, conclusions and final opinions of market value, is specifically applicable to the following date(s) of valuation: Value "As Is" Date of Value 3/5/26 PURPOSE OF THE APPRAISAL AND PROPERTY RIGHTS APPRAISED Value "As Is" Date of Value Interest Appraised 3/5/26 Fee Simple Estate Value Type Market Rent DEFINITION OF VALUE Value Value Definition Value Source Market Rent The most probable rent that a property should bring in a competitive and open market under all conditions requisite to a fair lease transaction, the lessee and lessor each acting prudently and knowledgeably, and assuming the rent is not affected by undue stimulus. Implicit in this definition is the execution of a lease as of a specified date under conditions whereby • Lessee and lessor are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and • The rent reflects specified terms and conditions typically found in that market, such as permitted uses, use restrictions, expense obligations, duration, concessions, rental adjustments and revaluations, renewal and purchase options, frequency of payments (annual, monthly, etc.), and tenant improvements (Tls). The the Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) SCOPE OF THE APPRAISAL scope of an appraisal assignment is relative to the intended use of the appraisal. The following outlines extent of property inspection, market data collection, verification and analysis performed for this assignment. Inspection Ted Allen, MAI, has made a personal inspection of the property that is the subject of this report. Orlando Santos, has also made a personal inspection of the property that is the subject of this report. This inspection included the interior and exterior of the subject. The inspection was visual in nature, to assess the economic condition of the property, in order to effectively compare it to other properties in the market. We are not engineers, and we did not assess the property from the standpoint of its structural integrity, or to determine whether any latent defects (water leaks, plumbing or electrical problems, etc.) were present. JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 10 Virginia Key Marina 25-403-02 INTRODUCTION Subject Physical and Economic Characteristics The types of information obtained and the sources providing such information are detailed in the following table. Information Sources Information Type Received? Source Site Plans/Survey Yes Owner Legal Description Yes County Zoning Information Yes City Virginia Key Marina RFP # 16-17-011 Yes City Flood Map Yes FEMA Operating Statements Yes City Appraisal Engagement Contract Yes Client Type of Analysis Applied The client has requested a market study be performed on the property according to the submitted plans of the highest ranked proposer, Virginia Key, LLC, of the City of Miami's Virginia Key Marina RFP # 16-17-011. As such the Cost, Sales Comparison Approach and Income Capitalization Approaches to value were not performed as a market value for the subject was not requested. It is noted that the study is to result in specific conclusions regarding the market rent under the previously described scenario. Extent of Data Research General economic data and market data were reviewed. Comparable sales were compiled from published sources including various reliable publications. Market data compiled for this report include a variety of rent comparables and improved property sales. These data are a result of research specific to the market and pertinent to the subject. The data were verified by buyers, sellers, brokers, managers, government officials or other sources regarded as knowledgeable and reliable. A rental survey of competing properties was conducted, and we provide photographs of all the comparable sales and rentals, where available. Information specific to the subject —such as building and site dimensions and subject history —was provided by the client, owner, and/or representatives of the owner, and is assumed to be correct. Other information, such as zoning and tax records, was obtained from governmental sources. Specific estimates concerning market rent, reflect our judgment based on interpretation of the market data. The reasoning behind such estimates is illustrated throughout the report. IDENTIFICATION OF THE PROPERTY The property is commonly known as: Virginia Key Marina. The property address and tax parcel numbers as identified by the Miami -Dade County Property Appraiser/Tax Collector's Office are as follows: Address City County State Zip Parcel ID/Tax ID 3301 RICKENBACKER CSWY Miami Miami -Dade FL 33149 01-4217-000-0020; 01-4217- County 000-0030; 01-4217-000- 0110; 01-4218-000-0010; 01- 4218-000-0030; 01-4218- 000-0031 We received a legal description of the subject property and it can be found in the addenda section. The legal description of the property is assumed to be correct. We have not commissioned a survey, nor have we had one verified by legal counsel. Therefore, we suggest a title company, legal counsel, or other qualified expert verify this legal description before it is used for any purpose. JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 11 Virginia Key Marina 25-403-02 INTRODUCTION CURRENT USE OF THE SUBJECT As of the date of the value opinion, the subject was being used as two marinas with upland amenities. At the request of the client, the subject's market rent will be determined based on the plans of the highest ranked proposer, Virginia Key, LLC, of the City of Miami's Virginia Key Marina RFP #16-17-011. The proposal is for a single combined marina with 162 wet slips, 750 interior dry slips, 13,000 SF of restaurant space and approximately 32,000 LF of marine related retail space. Current Use Marina Appraised Use Marina HISTORY OF THE SUBJECT We are not aware of any listings, real property transactions, or ownership transfers pertaining to the subject in the three years prior to the date of the value opinion, other than that which is reported here. According to the Miami -Dade County Property Appraiser's Office, the subject's Rickenbacker Marina improvements were constructed in 1985, and the Marine Stadium Marina improvements were constructed in 1983. The Marine Stadium Marina is a municipal marina owned by the City of Miami. A license agreement exists between the City of Miami and Southeast Total Marine Center, Inc. for marine -related repair operations, concession sales, and the sale of boat accessories. The licensee is permitted to use up to 10 work racks within the common area. The rental rate is $2,000.00 per month on a month -to -month basis, and the licensee pays $290.00 per month to the City for utilities. The Rickenbacker Marina site is owned by the City of Miami and leased to Rickenbacker Marina, Inc. The original lease commenced on July 8, 1977, and was extended for 7.5 years beginning January 8, 2009, expiring on July 7, 2016. Per lease amendment 1, the lessee is required to perform capital improvements and contribute $2,000,000 toward a parking garage to be built by the City in exchange for the lease extension. As of the date of this report, no parking garage has been constructed at the subject property. The lease terms stipulate a minimum rent amount or a percentage of all gross revenues, whichever is greater. The tenant is responsible for all utilities and services. The key lease terms are as follows: Minimum Annual Rent: $30,000 per month, or $360,000 annually. Percentage Rent: • 15% of gross revenues from wet storage, including moorings • 12% of gross revenues from dry storage, increasing 1% per year during option years only • 40% of revenues from subleases or any other agreement with a third party operating on the property • 5% of gross revenues from the fuel dock facility • 5% of all other gross revenues • Percentage rent increases 1% per year beginning July 8, 2013 According to the Rickenbacker Marina annual operating permit issued by the City of Miami for the period October 2014 through September 2015, the subject is permitted for 190 wet slips, 378 dry slips, 8 commercial vessels, 560 recreational vessels, and 20 liveaboards. The City of Miami issued a Request for Proposals (RFP) known as Virginia Key Marina RFP #16-17-011, seeking qualified proposers to plan, redesign, construct, renovate, redevelop, lease, manage, and operate a mixed - use waterfront facility. The proposed project includes, but is not limited to, a marina, boatyard, dock master's office, ship's store, dry storage, wet slip docks, and at least one restaurant. JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 12 Virginia Key Marina 25-403-02 INTRODUCTION The lease structure consists of a 45-year initial term, with two 15-year renewal options. The cumulative term, inclusive of both renewals, may not exceed 75 years. The project shall be planned in a contiguous manner, although phased delivery of possession is permitted, with subsequent phases running concurrently with the initial phase. The RFP requires a minimum base rent of no less than $2,150,000 annually. Annual rent adjustments shall equal the greater of: (i) a 1% increase over the prior year's base rent, or (ii) the CPI increase measured three months prior to the adjustment date. In no event shall the annual adjustment result in an increase of less than 1% or more than 5%. Proposals must also include percentage rent equal to or greater than 6% of wet slip and dry storage operations, 6% of fuel sales, and 6% of sublease or other income received from the project. The highest -ranked proposal was submitted by Virginia Key, LLC, a joint venture of the RCI Group. The principals include Robert W. Christoph, Robert W. Christoph, Jr., and Suntex Marinas, along with Bryan Redmond, Chris Petty, David Filler, and John Powers. The proposal, known as Virginia Key Harbour and Marine Center, contemplates a single combined marina with 162 wet slips, 750 interior dry slips, 13,000 SF of restaurant space and approximately 32,000 square feet of marine -related retail space. Virginia Key, LLC has proposed $80,000,000 in capital improvements to be delivered in three phases, with the following proposed rent schedule: Proposed Base Rent: $2,150,000 per year, increased annually by the greater of 3% or CPI. Proposed Percentage Rent: • 6% of gross revenues from wet and dry slip operations • 6% of sublease income from commercial facilities • 6% of gross fuel sales JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 13 Virginia Key Marina 25-403-02 AREA ANALYSIS ..`..ES"- r_, GLER L -TLE dAN. +al+ Coral Gables CDNU EROVE C.C.CC.FLum Googte AREA MAP GC.ktiNT C.07N to IAI Miaimi Beh 0 Dodge }stand rL_AL t 1drtudSOU-•I ['EACH tAl Virgiirife Key Key Biscayne Map data ©2026 &ale INTRODUCTION To evaluate the factors that influence a property's income potential over the projection term, we analyze economic indicators at the macro or citywide level and work down to the more specific micro or subject property level. The subject property is located in the City of Miami, within Miami -Dade County and the State of FL. Reference is made to the area map identifying the location of the subject property above. The following analysis includes an overview of the region, as well as historical and projected trends of income, population and employment for the subject's area. LOCATION The subject is located in Miami -Dade County, FL . Our regional, demographic, and economic analyses are based on data extracted from Site To Do Business/ESRI, U.S. Bureau of Labor Statistics, and the U.S. Census Bureau. This data has been extrapolated from various databases and are the most current available. The combined databases include various economic and demographic variables for the subject's respective area. The Site To Do Business/ESRI database includes population estimates, households, household income, home value, employment by industry and related data. This data is based on 2025 populations with projections through 2030. The U.S. Bureau of Labor Statistics provided area unemployment trends. JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION AHD CONSULTING 14 Virginia Key Marina 25-403-02 AREA ANALYSIS POPULATION Population within Miami -Dade County, FL is currently indicated at 2,744,751 and is expecting an increase to 2,798,695 within five years, an increase of approximately 1.97% over the five-year period, or 0.39% per year. Comparatively, the national population is projected to increase annually by 0.42% over the same period. The current population is higher than the population indicated at the 2020 census, which was 2,701,767. Population at the previous census in 2010 was 2,496,435, indicating a long-term growth rate from 2010 to 2025 of 0.66% per year. 2,900,000 2,800,000 2,700,000 2,600,000 2,500,000 2,400,000 2,300,000 2,496,435 POPULATION 2,701,767 2010 2020 2,744,751 2025 2,79,8,695 2030 (Est.) Households are expected to follow a similar trend, with total households within Miam.-Dade County, FL increasing from 1,008,719 in 2025 to 1,046,197 in 2030, with a current 2.68 persons per household. The national average household size in 2025 is 2.50. There were 867,352 households in 2010 and 967,414 households in 2020, indicating a long-term growth rate of 1.09% from 2010 to 2025. 1,200,000 1,000,000 800,000 600,000 400,000 200,000 HOUSEHOLDS 1,008,719 1,046,197 967,414 867.352 2010 2020 2025 2030 (Est.) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 15 Virginia Key Marina 25-403-02 AREA ANALYSIS POPULATION (25+) BY EDUCATION ■ Less than 9th Grade: 6.8% ▪ 9th - 12th Grade, No Diploma: 7.7% ■ High School Graduate: 23.5% ■ GED/Alternative Credential: 2.9% ■ Some College, No Degree: 12.4% ■ Associate Degree: 10.4% Bachelor's Degree: 22.4% Graduate/Professional Degree: 14.0% INCOME Site To Do Business/ESRI reports current median household income at $76,566, which is forecasted to increase to $89,345 by 2030, an increase of 16.69%. Similarly, per capita income is expected to increase from its current level of $42,607 to $48,730 by 2030, an increase of 14.37%. In 2025, the national median household income is $81,624 and the national per capita income is $45,360. According to ESRI, Miami -Dade County, FL has a wealth index of 92, indicating less wealth when compared to the national average of 100. $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 HOUSEHOLD INCOME $76,566 $115,733 2025 $89,345 2030 (Est.) ■ Median ■ Average JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 16 Virginia Key Marina 25-403-02 AREA ANALYSIS $50,000 $49,000 $48,000 $47,000 $46,000 $45,000 $44,000 $43,000 $42,000 $41,000 $40,000 $39,000 PER CAPITA INCOME $42,60.7•'• 2025 $48,730 2030 (Est.) 700,000 600,000 500,000 400,000 300,000 200,000 100,000 HOUSEHOLDS BY INCOME 4.80% 8.96% 7.32% 9.95% 5.35% 2025 ■ $500,000+ ■ $400,000-499,999 ■ $200,000-249,9 99 ■ $150,000-199,999 ■ $125,000-149,9 99 ■ $100,000-124,9 99 ■ $75,000-99,999 ■ $60,000-74,999 ■ <$10,000 HOUSING According to Site To Do Business/ESRI, there were approximately 989,435 housing units in Miami -Dade County, FL as of the 2010 census. That figure increased to 1,074,685 housing units as of the 2020 census. Current estimates indicate 1,116,140 housing units, an increase of 3.86% from the 2020 census. Housing units are forecasted to grow to 1,158,642 units in 2030, indicating a growth rate of 3.81% over the five-year period. Owner -occupied units comprise the majority of the housing stock in the area. Current estimates indicate that approximately 52.8% of total housing units are owner -occupied, with 47.2% of units occupied by renters. The balance of the units, 9.6%, are vacant. In 2030, the mix is expected to shift to 53.7% owner -occupied units and 46.3% renter -occupied units. Nationally in 2025, 57.90% are owner -occupied, 32.30% are occupied by renters, and 9.80% are vacant. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 17 Virginia Key Marina 25-403-02 AREA ANALYSIS The ESRI Housing Affordability Index (HAI) has a base of 100, representing an area where median income is sufficient to qualify for a loan on a home valued at the median home price and not be cost -burdened, defined as spending more than 30 percent of income on housing -related costs. The higher the index is over 100, the more affordable the housing is in the area. An index of below 100 indicates housing is less affordable and a typical resident cannot purchase a home in the area without being cost -burdened. Miami -Dade County, FL has a Housing Affordability Index of 54, indicating that the median income is not sufficient for a typical resident to purchase a median value home in the area. The national Housing Affordability Index in 2025 is 79, indicating Miami -Dade County, FL is less affordable than the national average. Assuming the national average effective mortgage rate from the Federal Housing Finance Agency (FHFA), a 30-year mortgage, and a 20% down payment, the typical resident in Miami -Dade County, FL spends 42.2% of their household income on mortgage payments. Nationally, the percent of income used for a mortgage is 28.40%. 700,000 600,000 500,000 400,000 300,000 200,000 100,000 OWNER OCCUPIED HOUSING UNITS BY VALUE 4.07% 5.48% 10.23% 29.85% 2025 ■ $2,000,000+ ■ $1,500,000- $1,999,999 ■ $1,000,000- $1,499,999 ■ $750,000 - $999,999 ■ $500,000 - $749,999 $400,000 - $499,999 ■ $300,000 - $399,999 ■ $250,000 - $299,999 ■ $200,000 - $249,999 ■ $150,000 - $199,999 ■ $100,000 - $149,999 In 2025, the median home value is $515,522. It is expected to increase to $590,275 by 2030, indicating an annual home appreciation rate of 2.90%. The median home value nationally in 2025 is $370,578. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 18 Virginia Key Marina 25-403-02 AREA ANALYSIS $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 $515,522 HOME VALUE $641,612 $590,275 2025 2030 (Est.) ■ Median • Average EMPLOYMENT Miami -Dade County, FL currently employs 1,474,360 workers according to Site To Do Business/ESRI. The U.S. Bureau of Labor Statistics currently reports unemployment at 2.5%, as of December 2025, which is lower than the long-term average of 4.2% since January 2015. Unemployment peaked in May 2020 at 11.9%. Year to date, unemployment has averaged 2.7%, up from last year's 2.4% average. 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 6.0% 5.4% UNEMPLOYMENT 4.7% 3.7% 2.9% 8.1% 5.5% 2.7% 2.4% 2.7% 1.9% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 19 Virginia Key Marina 25-403-02 AREA ANALYSIS EMPLOYED POPULATION (16+) BY INDUSTRY 3.6% 0.6% 51.1% 4.5% 2.8% 1.6% ■ Agriculture/Mining: 0.6% ■ Construction: 8.5% ■ Manufacturing: 4.5% ■ Wholesale Trade: 2.8% ■ Retail Trade: 10.3% ■ Transportation/Utilities: 8.8% ■ Information: 1.6% Finance/Insurance/Real Estate: 8.3% ■ Services: 51.1% ■ Public Administration: 3.6% EMPLOYED POPULATION (16+) BY OCCUPATION ■ Farming/Forestry/Fishing: 0.3% I■ Construction/Extraction: 5.8% ■ Installation/Maintenance/Repair: 3.0% ■ Production: 2.9% ■ Transportation/Material Moving: 9.0% ■ Management/Business/Financial: 18.7% ■ Professional: 20.1% Sales: 10.4% ■ Administrative Support: 10.8% ■ Services: 19.1% CONCLUSION An analysis of South Florida and more specifically, Miami -Dade County, demonstrates that the area has historically been on a path of growth. 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 AHD CONSULTING 20 Virginia Key Marina 25-403-02 MARKET ANALYSIS Coral Gables HCVE COCOPLLIM Google NEIGHBORHOOD MAP s .( N ti D Dodge Isla Miami Miami Beach TH B:EACH PLAMI MGO; /,,LUM Iuy Fisher Island Virginia Key Key B-scayne roapdata.©2026 Go. -le INTRODUCTION A property is an integral part of its surroundings and must not be treated as an entity separate and apart from its surroundings. The value of a property is not found exclusively in its physical characteristics; physical, economic, political and sociological forces in the area interact to give value to a property. In order to determine the degree of influence extended by these forces on a property, their past and probable future trends are analyzed. Therefore, in order to form an opinion of the value of a property, an analysis is made of the area in which the property under study is found. This area is referred to as a neighborhood. A neighborhood can be a portion of a city, a community or an entire town. It is usually an area which exhibits a fairly high degree of homogeneity as to use, tenancy and certain other characteristics. Homogeneity is a state of uniform structure or composition throughout. Therefore, in real estate terminology, a homogeneous neighborhood is one in which the property types and uses are similar. A neighborhood is more or less a unified area with somewhat definite boundaries. As a neighborhood's boundaries serve to limit the physical area that exerts germane influences on a property's value, the boundaries may indeed run concurrent with variations in prevailing land uses or physical characteristics. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 21 Virginia Key Marina 25-403-02 MARKET ANALYSIS LOCATION The subject is located on the northwest portion of the Marina Stadium Basin of Virginia Key in the City of Miami, FL. Virginia Key is an 863-acre barrier island situated in Biscayne Bay, south of Brickell and north of Key Biscayne. The island enjoys a prominent waterfront position with direct access to both the open bay and the Marina Stadium Basin. The prevailing land uses within this area include recreational, institutional, and marine -related uses. The island is primarily occupied by Virginia Key Beach Park, the Miami Seaquarium, and the University of Miami Rosenstiel School of Marine and Atmospheric Science. Additional uses include the former Miami Marine Stadium, the National Marine Fisheries Service Southeast Fisheries Science Center, and offices of the U.S. National Oceanic and Atmospheric Administration. To the south, the Village of Key Biscayne features large resort hotels, luxury condominium complexes, shopping centers, and a full complement of municipal services. The neighborhood is considered one of the more desirable in the Miami area and is popular with both local residents and tourists. ACCESSIBILITY Access is provided by the Rickenbacker Causeway, a toll road owned and operated by Miami -Dade County. The Causeway is also designated as State Road 913 west of the toll plaza. The northbound continuation of the Causeway includes a flyover ramp with connections to northbound Interstate 95 and southbound South Dixie Highway. The southbound continuation becomes Crandon Boulevard, which extends approximately five miles through the center of Key Biscayne, terminating near the Cape Florida Lighthouse at Bill Baggs Cape Florida State Park. DEVELOPMENT Development surrounding the subject consists primarily of recreational, marine, and institutional uses consistent with Virginia Key's designation as a public island. The Miami Seaquarium, located to the east along the Causeway, is one of the island's principal commercial attractions and draws significant visitor traffic. Virginia Key Beach Park, a historically significant public beach, occupies a large portion of the island and provides passive recreational amenities. The University of Miami Rosenstiel School of Marine and Atmospheric Science maintains a research campus on the island, contributing to its academic and scientific character. Immediately to the south, the Village of Key Biscayne is a fully developed residential and resort community featuring several prominent condominium and hotel complexes, including the Ritz -Carlton Hotel, The Grand Bay, The Ocean Club, and the Towers of Key Biscayne. The Village has its own fire, police, and school services, as well as a civic center with recreational facilities. Overall, the surrounding development reflects a high -quality, waterfront -oriented environment that supports the demand for marina, boating, and marine -related services at the subject property. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 22 Virginia Key Marina 25-403-02 MARKET ANALYSIS DEMOGRAPHICS The Site To Do Business is a service that provides demographic data, including historical, current and forecasted population estimates for a specified region. Patterns of development, density and migration are reflected in the population estimates. A survey of the subject area's population and growth rate is summarized in the following charts, followed by a map of the surveyed area. Summary Total Population Total Households Average Household Size Owner Occupied Housing Units Renter Occupied Housing Units Households by Income <$10,000 $10,000-14,999 $15,000-19,999 $20,000-24,999 $25,000-29,999 $30,000-34,999 $35,000-39,999 $40,000-44,999 $45,000-49,999 $50,000-59,999 $60,000-74,999 $75,000-99,999 $100,000-124,999 $125,000-149,999 $150,000-199,999 $200,000-249,999 $250,000-299,999 $300,000-399,999 $400,000-499,999 $500,000+ Median Household Income Average Household Income Per Capita Income Demographics 2025 1 mile 3 miles 5 miles 0 0 0.00 0 0 115,454 59,716 1.91 20,405 39,311 356,329 168,988 2.08 53,213 115,775 1 mile 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% $0 $0 $0 3 miles 5.19% 4.19% 2.81% 2.48% 2.41% 2.08% 1.74% 2.53% 1.89% 5.84% 7.57% 9.72% 11.29% 6.66% 11.04% 6.70% 4.02% 4.05% 1.61% 6.18% $102,812 $159,181 $82,127 5 miles 6.25% 5.65% 3.32% 3.40% 3.08% 3.05% 2.85% 3.26% 2.70% 6.30% 8.70% 9.55% 9.11% 6.38% 8.73% 5.31% 3.32% 2.92% 1.30% 4.80% $78,030 $136,067 $64,572 Source: Site To Do Business 1 mile 0 0 0.00 0 0 1 mile 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% $0 $0 $0 2030 3 miles 132,012 69,197 1.88 22,626 46,571 3 miles 4.60% 3.69% 2.22% 2.02% 1.99% 1.80% 1.48% 2.23% 1.67% 5.27% 7.63% 9.81% 11.74% 7.30% 12.08% 7.62% 4.74% 4.64% 1.25% 6.23% $110,505 $167,968 $87,836 5 miles 389,242 188,734 2.03 59,019 129,715 5 miles 5.53% 4.84% 2.61% 2.71% 2.53% 2.61% 2.42% 2.95% 2.41% 5.72% 8.66% 9.81% 9.88% 7.16% 10.12% 6.35% 4.09% 3.51% 1.04% 5.04% $91,579 $147,552 $71,588 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 23 Virginia Key Marina 25-403-02 MARKET ANALYSIS Trends: 2025 - 2030 Annual Rate 1 mile Area State National Population 0.00% 1.10% 0.40% Households 0.00% 1.30% 0.60% Owner Occupied Housing Units 0.00% 1.80% 0.00% Median Household Income 0.00% 2.90% 2.50% 3 miles Area State National Population 2.70% 1.10% 0.40% Households 3.00% 1.30% 0.60% Owner Occupied Housing Units 2.10% 1.80% 0.00% Median Household Income 1.50% 2.90% 2.50% 5 miles Area State National Population 1.80% 1.10% 0.40% Households 2.20% 1.30% 0.60% Owner Occupied Housing Units 2.10% 1.80% 0.00% Median Household Income 3.30% 2.90% 2.50% Source: Site To Do Business NEIGHBORHOOD/AREA COMPARISON Category Median Household Income Average Household Income Per Capita Income Average Household Size 1 mile $0 $0 $0 0.00 3 miles so so $82,127 1.91 5 miles Area $01 $76,566 $0 $115,733 $64,572 $42,607 2.081 2.68 Hialeah Brownsville-- - y _;asii.pu LAGAMI 854 II Coral Gabi s High Pines Ponce -Davis a G. TR iY D9V,N1 C•I1N -LITTLE VAN r.SIAr1I �Q.1 ra hops at Merrick The Kamponn. National Tropical otanical_. Fairchild el Tropical B=crest Gardeic rdens ��✓' Garden P Hardy o .gle'vlatheson Minrr,i BCArch IL !.1IO.3[Ai1N Miami Beach SOU -•I 0CAC•I Miami„ II� Virg- is Key ()South Point Ncipiune Memorial Crandon irk Key Biscayne Bill Bagrds Slale Park Park Pier Siii tsvi I e Arik. Keyboard shortcuts Map data •F2026Google Terms Report a may error JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 24 Virginia Key Marina 25-403-02 MARKET 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, 15th Edition From a general examination, it appears that the neighborhood is in the stability stage of its life cycle. The subject's immediate surroundings on Virginia Key reflect a well -established pattern of recreational, marine, and institutional land uses that have remained consistent over time. The broader market area, anchored by the Village of Key Biscayne to the south and the urban core of Miami to the north, continues to benefit from strong residential demand, rising income levels, and sustained interest in waterfront recreational amenities. Population growth within the three- and five -mile radii is projected to outpace both state and national averages, and no meaningful deterioration in land use quality or market demand is evident. The neighborhood is expected to remain in the stability stage for the foreseeable future, supported by several favorable underlying conditions. The Rickenbacker Causeway corridor benefits from its proximity to the Miami urban core, the continued appeal of Key Biscayne as a premier residential and resort destination, and the City of Miami's active efforts to redevelop and reposition Virginia Key as a world -class waterfront destination. The proposed redevelopment of the subject property under the Virginia Key Marina RFP is consistent with this broader revitalization trajectory and is anticipated to enhance the overall desirability and visibility of the neighborhood. NEIGHBORHOOD ANALYSIS CONCLUSION In conclusion, the neighborhood has the characteristics of a stable, high -quality urban waterfront market with favorable long-term fundamentals. The subject benefits from its unique location on Virginia Key, offering direct bay access, strong visibility from the Rickenbacker Causeway, and proximity to one of Miami's most affluent residential communities. Institutional, recreational, and marine -related uses dominate the immediate area, creating a cohesive environment well -suited to the proposed marina and mixed -use waterfront development. Population and income growth trends within the surrounding market area are positive and are projected to continue outperforming state and national benchmarks. The factors that have contributed to the neighborhood's stability and appeal appear firmly in place, and the subject is well - positioned to benefit from continued demand for premium marina and waterfront recreational services. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 25 Virginia Key Marina 25-403-02 DESCRIPTION OF THE SITE SITE DETAILS ADDRESS 3301 RICKENBACKER CSWY, Miami, Miami -Dade County, FL 33149 PARCEL NUMBER 01-4217-000-0020; 01-4217-000-0030; 01-4217-000-0110; 01- 4218-000-0010; 01-4218-000-0030; 01-4218-000-0031 LEGAL DESCRIPTION Addenda LOCATION The subject is located on the northwest portion of the Marina Stadium Basin of Virginia Key in the City of Miami, FL. LOCATION TYPE Suburban MAP LATITUDE/LONGITUDE 25.7451858/-80.1741014 CENSUS TRACT 12-086-9804.00 SIZE 1,170,022 SF or 26.86 acres LAND COMMENTS The entire subject site consists of approximately 1,170,022 SF or approximately 26.86 acres of land, which consists of 10± acres of upland and 16.86± acres of submerged land areas. ZONING The parcel is zoned "CS," under the jurisdiction of the City of Miami. PRIMARY FRONTAGE STREET Rickenbacker Causeway ADJACENT PROPERTIES - NORTH Biscayne Bay ADJACENT PROPERTIES - SOUTH Rickenbacker Causeway and Biscayne Bay ADJACENT PROPERTIES - WEST Biscayne Bay ADJACENT PROPERTIES - EAST Marina Stadium Basin VIEW Street/Water ACCESS Access is provided by Rickenbacker Causeway INGRESS/EGRESS Ingress/egress is provided by Rickenbacker Causeway SITE VISIBILITY Good STREET LIGHTING Good STREET CONDITION Paved with asphalt LANDSCAPING The subject's landscaping is typical for the area. TOPOGRAPHY The subject's topography is level and at street grade. SHAPE The subject site is irregular. REQUIRED SITE WORK Typical Clear and Grade SOIL CONDITIONS AND DRAINAGE The soil conditions observed at the subject appear to be typical of the region and adequate to support development. FLOOD ZONE The site lies within Zone AE. This information was obtained from the National Flood Insurance Rate Map Number 12086C0481L dated September 11, 2009. FLOOD ZONE DEFINITION The base floodplain where base flood elevations are provided. AE Zones are now used on new format FIRMs instead of A1-A30 Zones. In communities that participate in the NFIP, mandatory flood insurance purchase requirements apply to this zone. ENCUMBRANCES AND EASEMENTS There is a Cross -Access Easement Agreement with Rusty Pelican, whereby the tenant is required to maintain the access road running through the premises and leading to Rusty Pelican. There are no known adverse encumbrances or easements. Please reference Limiting Conditions and Assumptions. JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 26 Virginia Key Marina 25-403-02 DESCRIPTION OF THE SITE ENVIRONMENTAL HAZARDS There are no known adverse environmental conditions on the subject's site. Please reference Limiting Conditions and Assumptions. WETLANDS AND WATERSHEDS The subject has water frontage and submerged lands on Biscayne Bay and the Marine Stadium Basin. ADEQUACY OF UTILITIES Public utilities are available to the site. PUBLIC ELECTRICITY PFL WATER SUPPLY TYPE City water SEWER TYPE City sewer UNDERGROUND UTILITIES Yes POLICE AND FIRE PROTECTION City of Miami RAIL SPUR/ACCESS No CONCLUSION The subject site is considered well -suited to functionally support its current and proposed use. AERIAL PHOTOGRAPH 2O26 ;o; s Laodhak J per; .o. , Maxar TEN: hi nokrog JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 27 Virginia Key Marina 25-403-02 DESCRIPTION OF THE IMPROVEMENTS GENERAL DETAILS DESCRIPTION Briefly described, the subject consists of two adjacent marinas, Rickenbacker Marina and Marine Stadium Marina, located in Virginia Key in the City of Miami that contain upland and submerged land areas. The Rickenbacker Marina is a privately operated marina under an existing ground lease from the City of Miami, FL. The Marine Stadium Marina is a municipal marina operated by the City of Miami. Rickenbacker Marina offers wet slips, dry boat storage, boat ramp, fuel station, dock master's office, ship's store, restrooms/showers, and on -site restaurant and Tiki deck. Marine Stadium Marina offers dry boat storage, boat ramp, fuel station, dock master's office, ship's store, and adjacent off -site restaurant that is currently closed The City of Miami prepared a request for proposals (RFP) for bids to redevelop the subject property. The highest ranked proposal of the City of Miami's Virginia Key Marina RFP No. 16-17-011 was Virginia Key, LLC, a joint venture of the RCI group, whose principals are Robert W. Christoph, Robert W. Christoph, Jr. and Suntex Marinas, whose principals are Bryan Redmond, Chris Petty, David Filler and John Powers. The proposal, known as Virginia Key Harbour and Marine Center, is for a single combined marina with 162 wet slips, 750 interior dry slips, approximately 32,000 SF of marine related retail space and 13,000 SF restaurant space. MARSHALL VALUATION SERVICE C CLASS CONSTRUCTION TYPE Concrete Block with Stucco MARSHALL VALUATION SERVICE Good QUALITY YEAR BUILT 1983 to 1985 EFFECTIVE AGE 20 to 30 TOTAL ECONOMIC LIFE 45 REMAINING ECONOMIC LIFE 15 to 25 CONDITION Average to Good PARKING TYPE Paved open surface parking CONDITION OF PARKING LOT Good DEFERRED MAINTENANCE From an inspection of the property, the subject appears to be in average to good condition with no visible items of deferred maintenance noted. DESIGN AND FUNCTIONAL UTILITY The overall layout of the improvements on the parcel is considered to be average. PLANNED CAPITAL IMPROVEMENTS The subject's two marinas are proposed to be combined into one marina to be known as Virginia Key Harbour and Marine Center. JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION AHD CONSULTING 28 Virginia Key Marina 25-403-02 DESCRIPTION OF THE IMPROVEMENTS RICKENBACKER MARINA BUILDING DETAILS BUILDING NAME Rickenbacker Marina BUILDING DESCRIPTION Rickenbacker Marina is a privately operated marina situated on the northern portion of the subject site along the Rickenbacker Causeway on Virginia Key. Constructed in 1985, the improvements consist of a two-story, concrete block and stucco building in good condition. The marina is permitted for 190 wet slips, 378 dry slips, 8 commercial vessels, 560 recreational vessels, and 20 liveaboards. Amenities include wet slip dockage, dry boat storage, a boat ramp, fuel station, dock master's office, ship's store, restrooms and showers, and an on -site restaurant with a Tiki deck. The submerged land area consists of seawall, concrete pilings, and five wooden docks fronting Biscayne Bay. MARSHALL VALUATION SERVICE C CLASS MARSHALL VALUATION SERVICE Good QUALITY YEAR BUILT 1985 EFFECTIVE AGE 20 TOTAL ECONOMIC LIFE 45 REMAINING ECONOMIC LIFE 25 CONDITION Good APPEAL AND APPEARANCE Good NUMBER OF STORIES 2 CONSTRUCTION DETAILS CONSTRUCTION TYPE Concrete Block with Stucco FOUNDATION Poured concrete slab FRAME Masonry Frame EXTERIOR WALLS/FINISH Concrete Block WINDOWS Aluminum -framed plate glass ROOF TYPE Gable ROOF COVER Metal FLOOR PLAN LAYOUT Average FLOOR COVERING Tile INTERIOR WALLS Painted drywall CEILING COVER Acoustic ceiling panels INTERIOR LIGHTING Fluorescent fixtures RESTROOMS There are separate men's and women's restrooms. The restrooms have tiled floors, tiled or painted walls and contain fixtures that are commercial quality. Package Units All necessary utilities are available to the subject improvements, including public water & sewer, electricity, gas and telephone. Assumed to be in compliance with prevailing code requirements. Assumed to be in compliance with prevailing code requirements. Yes HVAC UTILITIES ELECTRICAL PLUMBING FIRE SPRINKLER JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION AHD CONSULTING 29 Virginia Key Marina 25-403-02 DESCRIPTION OF THE IMPROVEMENTS AMENITIES Rickenbacker Marina offers wet slips, dry boat storage, boat ramp, fuel station, dock master's office, ship's store, restrooms/showers, and on -site restaurant and Tiki deck. MARINE STADIUM MARINA BUILDING DETAILS BUILDING NAME Marine Stadium Marina BUILDING DESCRIPTION Marine Stadium Marina is a municipally operated marina situated on the southern portion of the subject site along the Rickenbacker Causeway on Virginia Key. Constructed in 1983, the improvements consist of a two-story, concrete block and stucco building in average condition. Based on inspection, the marina contains approximately 10 wooden piers, 204 dry racks, and 61 pods. Amenities include dry boat storage, a boat ramp, fuel station, dock master's office, ship's store, and an adjacent off -site restaurant. MARSHALL VALUATION SERVICE C CLASS MARSHALL VALUATION SERVICE Average QUALITY YEAR BUILT 1983 EFFECTIVE AGE 30 TOTAL ECONOMIC LIFE 45 REMAINING ECONOMIC LIFE 15 CONDITION Average APPEAL AND APPEARANCE Average NUMBER OF STORIES 2 CONSTRUCTION DETAILS CONSTRUCTION TYPE Concrete Block with Stucco FOUNDATION Poured concrete slab FRAME Masonry Frame EXTERIOR WALLS/FINISH Concrete Block WINDOWS Aluminum -framed plate glass ROOF TYPE Flat ROOF COVER Tar and Gravel FLOOR PLAN LAYOUT Average FLOOR COVERING Tile INTERIOR WALLS Painted drywall CEILING COVER Acoustic ceiling panels INTERIOR LIGHTING Fluorescent fixtures RESTROOMS There are separate men's and women's restrooms. The restrooms have tiled floors, tiled or painted walls and contain fixtures that are commercial quality. HVAC Package Units UTILITIES All necessary utilities are available to the subject improvements, including public water & sewer, electricity, gas and telephone. ELECTRICAL Assumed to be in compliance with prevailing code requirements. PLUMBING Assumed to be in compliance with prevailing code requirements. JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION AHD CONSULTING 30 Virginia Key Marina 25-403-02 DESCRIPTION OF THE IMPROVEMENTS FIRE SPRINKLER Yes AMENITIES Marine Stadium Marina offers dry boat storage, boat ramp, fuel station, dock master's office, ship's store, and adjacent off -site restaurant. VIRGINIA KEY HARBOUR AND MARINE CENTER PROPOSED BUILDING DETAILS BUILDING NAME Virginia Key Harbour and Marine Center BUILDING DESCRIPTION The proposal, known as Virginia Key Harbour and Marine Center, is for a single combined marina with 162 wet slips, 750 interior dry slips, 13,000 sf of restaurant space and approximately 32,000 SF of marine related retail space. The dry storage facility will accommodate 750 slips with an automated dry storage system that allows for storage of larger vessels up to 65 feet.. MARSHALL VALUATION SERVICE C CLASS MARSHALL VALUATION SERVICE Excellent QUALITY YEAR BUILT Proposed EFFECTIVE AGE NA TOTAL ECONOMIC LIFE 45 REMAINING ECONOMIC LIFE NA CONDITION Excellent APPEAL AND APPEARANCE Excellent NUMBER OF STORIES 5 CONSTRUCTION DETAILS CONSTRUCTION TYPE Concrete Block with Stucco FOUNDATION Poured concrete slab FRAME Masonry Frame EXTERIOR WALLS/FINISH Concrete Block WINDOWS Aluminum -framed plate glass ROOF TYPE Flat ROOF COVER Rubber membrane FLOOR PLAN LAYOUT Good FLOOR COVERING Tile INTERIOR WALLS Painted drywall CEILING COVER Acoustic ceiling panels INTERIOR LIGHTING Fluorescent fixtures RESTROOMS There will be separate men's and women's restrooms. The restrooms will have tiled floors, tiled or painted walls and contain fixtures that are commercial quality. HVAC Package Units UTILITIES All necessary utilities are available to the subject improvements, including public water & sewer, electricity, gas and telephone. ELECTRICAL Assumed will be in compliance with prevailing code requirements. JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION AHD CONSULTING 31 Virginia Key Marina 25-403-02 DESCRIPTION OF THE IMPROVEMENTS PLUMBING Assumed will be in compliance with prevailing code requirements. FIRE SPRINKLER Yes JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 32 Virginia Key Marina 25-403-02 DESCRIPTION OF THE IMPROVEMENTS PROPOSED SITE PLAN 11,11,11i11,11i1I 1 IIflLI1IuJii 1 1 11 11*1I1II1+I1II JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 33 Virginia Key Marina 25-403-02 ZONING The subject is zoned "CS," Civic Space, under the jurisdiction of City of Miami. The civic zone consists of public use spaces and facilities that may contrast in use to their surroundings while reflecting adjacent setbacks and landscape. The subject's submerged land area does not have a zoning designation. Based on a review of the subject in relation to the CS zoning district, it appears the subject is a legal and conforming use of the site. 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. The City of Miami prepared a request for proposals (RFP) known as Virginia Key Marina RFP # 16-17-011 for qualified Proposers willing to plan, redesign, construct, renovate, redevelop, lease, manage and operate a mixed -use waterfront facility including, but not limited to, a marina, boatyard, dock master's office, ship's store, dry storage, wet slip docks, and at least one restaurant. The lease consists of a 45-year initial lease term, with two, 15-year renewal terms. The cumulative term, inclusive of both renewals, may not exceed a total of 75 years. The Project shall be planned in a contiguous manner, although there may be a phased delivery of possession. Subsequent phases of the lease shall run concurrently with the initial phase. The subject's RFP proposals shall include a minimum base rent equal to or greater than $2,150,000 annually. The annual base rent amount shall be adjusted to the greater of: an increase by one percent of the previous year's base rent, or an increase based on the amount indicated by CPI as of three months prior to the beginning of the applicable adjustment date. In no event shall any such annual adjustment to the base rent result in an increase that is less than 1% or more than 5%. Additionally, proposals must provide that the City shall receive a percentage rent equal to or greater than 6% of wet slip and dry storage operations, 6% of fuel sales, and 6% sublease income or other income received by Successful Proposer from the Project. The marina restrictions for the lease shall be: The marina shall provide for the most efficient and cost effective number and size of dry storage racks and wet slips in light of market conditions as well as all RFP requirements. The size and number of all wet slips shall be subject to all applicable laws, rules and regulations, including, but not limited to, permitting, aquatic preserve limitations, and other regulatory requirements. No wet slips shall be allowed in the historically - designated marine basin other than those reasonably necessary for the launching and staging of vessels from the dry storage facility, as further clarified below: The Successful Proposer shall either: 1) preserve and maintain the access road indicated at Parcel 2 in the survey; or 2) provide for and construct an alternate access road in a substantially similar vicinity as that indicated as Parcel 2. The public, including the agents, employees, and invitees of the adjacent Rusty Pelican Restaurant, shall be freely afforded and granted access to, over, and across the above -mentioned access road The Successful Proposer shall be required to plan, design, permit and construct a public boat ramp and floating dock on the Property to the northwest of Miami Marine Stadium as an additional component of the Virginia Key Master Plan. The Successful Proposer shall allow the NMMA boat show event ("Boat Show") access and use of a portion of the Property, annually during the seven days of the Boat Show, customarily held at or around President's Day weekend. The successful Proposer shall also accommodate the Boat Show during the three week set up period and the two week tear down period for a total term not to exceed six weeks. A portion of City -owned submerged lands was granted to the City by Miami -Dade County. Another portion of submerged lands is owned by the State of Florida Board of Trustees of Internal Improvement Trust Fund ("TIITF"). As a condition precedent of the lease, the City will seek a finding of municipal purpose or a waiver JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 34 Virginia Key Marina 25-403-02 ZONING of the deed restriction for the use of Virginia Key land area and the submerged lands for the Project. The Successful Proposer shall bear all costs, fees, waiver payment fees, and/or any other required payments to the State in association with the State approval process. Additionally, the Successful Proposer shall be required to convenant that it shall not cause directly or indirectly any action, omission, or inaction that would result in a violation of the State deed restriction and any waiver of deed restriction requirements related thereto. The Successful Proposer shall fully cooperate in the state approval process, if applicable, as requested by City and/or the State. The Project parking requirement will depend on the size and scope of the respective Proposal as indicated in the following formula. The number of required parking spaces will be based on four spaces per 1,000 SF of retail, one parking space for every five boats of dry or wet storage, 8 spaces for every 1,000 SF of restaurant gross area. A minimum of 230 parking spaces is required for the Project in the event the Parking Formula yields a required number of spaces less than 230. The parking shall provide for and comply with with the following requirements: 1) on -site parking shall include the required number of spaces for the Project per the Parking Formula; 2) the on -site parking shall include an additional 230 spaces for the Rusty Pelican Restaurant per Rusty Pelican's lease agreement with the City; 3) parking shall be available to the public; 4) Project customers may, at the City and MPA's discretion be provided parking, subject to entering into an agreement with the City and MPA which shall include market -based payment by Successful Proposer to offset costs and expenses associated with the operation of the garage; 5) and other requirements the City specify. Additionally, the City and Successful Proposer will seek Rusty Pelican's input and take Rusty Pelican's requested revisions into consideration in the final plans and specifications for the parking garage per the City's lease agreement with Rusty Pelican. The highest ranked proposal of the City of Miami's Virginia Key Marina RFP No. 16-17-011 was Virginia Key, LLC, a joint venture of the RCI group, whose principals are Robert W. Christoph, Robert W. Christoph, Jr. and Suntex Marinas, whose principals are Bryan Redmond, Chris Petty, David Filler and John Powers. The proposal, known as Virginia Key Harbour and Marine Center, is for a single combined marina with 162 wet slips, 750 interior dry slips, approximately 32,000 SF of marine related retail space and 13,000 sf of restaurant space. Virginia Key, LLC has proposed $80,000,000 in capital improvements in three phases. Virginia Key, LLC has proposed the following rent schedule for the project: Proposed Base Rent: $2,150,000 per year increased by a greater 3% per year or CPI. Proposed Percentage Rent: • 6% of gross revenues from wet and dry slip operations; • 6% of sublease income from commercial facilities, • 6% of gross fuel sales JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 35 Virginia Key Marina 25-403-02 MARKET ANALYSIS NATIONAL MARINA INDUSTRY OVERVIEW The United States marina industry is a mature but steadily growing sector of the broader recreational boating economy. As of 2024-2025, the U.S. marina market is valued at approximately $7.2 to $7.6 billion in annual revenue, having expanded at a compound annual growth rate (CAGR) of approximately 2.3% to 2.4% over the preceding five-year period. Nationally, there are roughly 3,400 to 3,700 marina establishments operating across the country, a figure that has been relatively stable with a slight decline in the number of operators (CAGR of —0.5% in establishment count from 2020 to 2025), reflecting ongoing industry consolidation. Globally, the marina market reached a value of approximately $17.05 billion in 2023 and is projected to grow to roughly $23 billion by 2028 at a CAGR of 6.2%, ultimately reaching an estimated $30.4 billion by 2033. North America remains the dominant regional market, with the U.S. and Canada accounting for over $6.3 billion of the 2023 global total. The pleasure marina segment is the primary driver, followed by commercial and fishing marina applications. Key Industry Metrics Metric Data U.S. Marina Industry Revenue (2024-2025) 5-Year Revenue CAGR Number of U.S. Marina Establishments Average Revenue per Location Average Employees per Marina Revenue per Employee Global Marina Market (2023) Global Market Forecast (2028) Global Market Forecast (2033) $7.2 — $7.6 Billion —2.3% — 2.4% —3,400 — 3,700 $1.9 — $2.1 Million —12 —$238,500 —$17.05 Billion —$23.06 Billion (6.2% CAGR) —$30.4 Billion The industry is highly fragmented; the top 50 companies account for only about 20% of total industry revenue, with the top four companies holding approximately 4.4% of market share. Private ownership and operation continue to dominate, with small to mid -sized facilities making up the bulk of the market. According to recent survey data, approximately 26% of U.S. marinas have 100-249 slips and 24% have 250- 499 slips, making mid -sized facilities the largest combined segment at roughly 50% of the market. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 36 Virginia Key Marina 25-403-02 MARKET ANALYSIS INDUSTRY CONSOLIDATION & INSTITUTIONAL INVESTMENT The marina sector has attracted significant institutional capital in recent years, signaling its maturation as an infrastructure asset class. The most notable transaction in recent history is Blackstone Infrastructure's acquisition of Safe Harbor Marinas from Sun Communities for $5.65 billion, announced in February 2025 and completed on April 30, 2025. Safe Harbor is the largest marina and superyacht servicing business in the United States, owning and operating 138 marinas across the U.S. and Puerto Rico. This transaction represents a landmark valuation benchmark for the marina industry. The $5.65 billion price reflected an approximate 21x multiple on estimated 2024 Funds From Operations (FFO), setting a significant new benchmark for maritime -sector valuations. For context, Sun Communities had originally purchased Safe Harbor in approximately 2020 for around $2.11 billion, meaning the asset more than doubled in value within roughly four years. Other major operators include Suntex Marinas (which has expanded through the acquisition of Westrec Marinas) and IGY Marinas, a global operator with a presence in 13 countries and a focus on luxury superyacht destinations. This wave of consolidation has several implications for market rent: it professionalizes operations, standardizes pricing structures, and generally pushes rental rates upward as institutional operators implement revenue optimization strategies across their portfolios. NATIONAL OCCUPANCY & RENTAL RATE TRENDS Occupancy rates across U.S. marinas have remained exceptionally strong in the post -pandemic period. According to the 2024 Marina Dock Age Annual Marina/Boatyard Trends Survey (covering data through early 2025), 56% of surveyed marinas reported occupancy rates greater than 95%, while 26% reported 100% occupancy. Only 18% of respondents cited lower occupancy compared to the prior year, with 53% reporting stable occupancy and 29% reporting gains. This supply -demand imbalance is a defining characteristic of the marina industry. The limited availability of waterfront land, combined with stringent environmental and permitting regulations, severely restricts new marina construction. The result is a market where existing facilities operate near capacity, and boaters in many markets secure slip agreements before even purchasing vessels. Slip Rate Trends Rental rate increases have been widespread. In the 2024 survey, 70% of marina operators reported increasing their slip fees year -over -year, and 60% raised service rates. These increases were driven primarily by rising operating costs: 84% of respondents reported higher expenses, with insurance costs increasing for 85%, utilities for 71%, and staffing for 70%. These cost pressures have been passed through to tenants with minimal occupancy impact, reflecting the inelasticity of demand in supply -constrained marina markets. Nationally, marina slip rental rates typically range from $10 to $50+ per linear foot per month for wet slips, with significant variation based on geography, amenities, slip size, and market positioning. Premium coastal markets such as South Florida, Southern California, and the Northeast corridor command rates at or above the top of this range. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 37 Virginia Key Marina 25-403-02 MARKET ANALYSIS 4. DEMAND DRIVERS Recreational Boating Participation Recreational boating remains a significant segment of the U.S. outdoor recreation economy. An estimated 100 million Americans participate in boating activities annually, and the outdoor recreation economy to which boating contributes is valued at approximately $689 billion, according to Bureau of Economic Analysis data. Approximately 95% of boats sold in the U.S. are domestically manufactured. Annual sales of boats, marine products, and services have reached approximately $49 billion in recent years. Fishing participation reached a record high in 2024, with nearly 58 million Americans (19% of the population aged six and older) going fishing, a 34% increase over 2023 participation levels. Female participation reached 21.3 million, also a record. These recreational trends directly support marina occupancy, as boat -based fishing accounted for 45% of fishing activity. Boat Registrations As of the most recent data, total registered and documented boats in the United States number approximately 11.8 million, with an additional estimated 3.6 million non -registered vessels. Florida leads the nation in boat registrations with approximately 1.2 million registered vessels as of 2024, representing roughly 10% of all U.S. registrations and reflecting a 26.9% year -over -year increase. The South Atlantic region as a whole grew 12.4% to 2.2 million boats, reinforcing its position as the second-largest boating region nationally. Within Florida, the top five counties for vessel registration are Miami -Dade (74,622), Pinellas (53,867), Lee (50,304), Broward (47,741), and Hillsborough (41,495). Miami -Dade County's leading position in state vessel registrations directly underpins the strong demand for marina slip rentals in the Key Biscayne and Greater Miami market area. Population & Wealth Migration South Florida continues to benefit from significant domestic population inflows and wealth migration, particularly from the Northeast and West Coast. This migration trend has accelerated since 2020 and shows no signs of abating. The influx of high -net -worth individuals into the Miami -Dade market area is particularly relevant to marina demand, as boating is a lifestyle amenity closely correlated with affluence and waterfront living. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 38 Virginia Key Marina 25-403-02 MARKET ANALYSIS SOUTH FLORIDA & KEY BISCAYNE MARINA MARKET Market Overview The South Florida marina market, encompassing Miami -Dade, Broward, and Palm Beach counties, is among the most active and premium -priced marina markets in the United States. The region benefits from year- round boating conditions, deep -water access to both the Atlantic Ocean and the Intracoastal Waterway, proximity to the Bahamas, and a dense concentration of affluent boat owners. The City of Miami's municipal marina system alone offers over 1,200 berths across four locations and has served local and visiting boaters for over five decades. Biscayne Bay provides a protected waterway that is a focal point for recreational boating, commercial charters, and sport fishing. Key Biscayne / Virginia Key Marina Facilities Key Biscayne and the adjacent Virginia Key corridor are home to several significant marina facilities that serve as primary comparables for any market rent study in this submarket. Major facilities include Crandon Park Marina (approximately 300 slips at 4000 Crandon Boulevard), Rickenbacker Marina on Virginia Key (approximately 680 wet and dry slips), and the Key Biscayne Yacht Club. These facilities benefit from outstanding locations on Biscayne Bay with direct ocean access and proximity to premier recreational areas including Bill Baggs Cape Florida State Park and Biscayne National Park. Representative Miami -Area Marina Rates Marina Transient (/ft/day) Monthly (/ft/mo) Miami Beach Marina Crandon Park Marina Rickenbacker Marina Sea Isle Marina (Downtown) Hurricane Cove Marina South Dade Marina Pelican Harbor Marina $6.00+ $78.00+ Annual (/ft/mo) $34.00+ $3.00 N/A N/A N/A $3.50+ $35.00+ $20.00+ N/A $45.00 N/A $2.60+ $20.00+ N/A $3.00 N/A $1.67—$1.75 N/A N/A Note: Rates shown are approximate and subject to change. Electrical, water, and other utility fees may be additional. "N/A" indicates data not publicly available or not offered at that term. Rates vary by vessel size and slip location within each facility. As the table above illustrates, transient daily rates in the greater Miami area range broadly from approximately $1.67 to $6.00+ per foot per day, with premium locations such as Miami Beach Marina commanding the highest rates. Monthly rates range from approximately $20 per foot to $78+ per foot, depending on location, amenities, and the term of the lease. Annual lease rates, where available, typically fall in the $20 to $34+ per foot per month range, reflecting the discount for commitment to a longer -term agreement. JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 39 Virginia Key Marina 25-403-02 MARKET ANALYSIS SUPPLY CONSTRAINTS & BARRIERS TO ENTRY Several structural factors limit the supply of marina slips in South Florida and nationally, creating a favorable environment for existing marina operators and supporting sustained rental rate growth: • Limited Waterfront Land: Developable waterfront parcels suitable for marina construction are extremely scarce in South Florida, particularly in established areas such as Key Biscayne and Biscayne Bay. • Regulatory and Environmental Permitting: New marina construction requires extensive federal, state, and local permitting, including environmental impact assessments. Regulations governing submerged land leases, mangrove protection, water quality, and marine habitat preservation represent significant hurdles. • High Capital Requirements: Marina construction and renovation involve substantial capital expenditure for docks, pilings, seawalls, dredging, utilities, and upland improvements. Only 5% of surveyed marinas are less than 10 years old, underscoring the rarity of new construction. • Hurricane and Climate Risk: South Florida's exposure to tropical weather events necessitates robust infrastructure, increasing both development costs and insurance expenses. In the 2024 survey, 23% of marinas reported impacts from hurricanes and flooding. • Aging Infrastructure: Approximately 14% of surveyed marinas are more than 76 years old, and much of the existing dock infrastructure in South Florida requires ongoing renovation and capital reinvestment. The majority of marina structures have been renovated within the past 5 to 20 years. REVENUE DIVERSIFICATION & INDUSTRY TRENDS The modern marina industry has evolved well beyond the traditional model of slip rentals and fuel sales. Contemporary marina operations derive revenue from a diversified mix of sources including wet and dry storage fees, fuel sales, boat repair and maintenance services, retail marine supplies, boat rentals, charter operations, waterfront dining, hospitality, and event hosting. This shift toward the "destination marina" model has become a defining industry trend. Emerging Trends • Digital Transformation: Marina management software, online booking platforms, automated billing, IoT-based slip management, and digital payment systems are being adopted at scale. Approximately 71% of marina guests now prefer booking slips via smartphone. • Sustainability Initiatives: Floating dock systems, solar lighting, electric boat charging stations, and environmentally -compliant fueling systems are increasingly standard. North America's floating dock market reached $1.2 billion in 2024 and is projected to grow at approximately 5% annually through 2033. • Peer -to -Peer and Rental Platforms: Boat -sharing and charter platforms are expanding the boating participant base, particularly among younger demographics who prefer rental access over ownership. This trend supports transient marina demand even as new boat sales fluctuate. • Luxury and Superyacht Segment Growth: Demand for larger vessel accommodations (deeper drafts, higher -capacity electrical systems, mega -yacht berths) continues to rise, particularly in South Florida. This drives premium pricing and infrastructure investment. • Dynamic Pricing: Operators are increasingly moving toward dynamic and seasonal pricing models, adjusting rates based on demand, vessel size, and the time of year. This approach allows operators to optimize revenue while managing occupancy in a market where demand typically exceeds supply. JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 40 Virginia Key Marina 25-403-02 MARKET ANALYSIS OPERATING COST ENVIRONMENT Marina operators face a challenging and rising cost environment. Based on the 2024 industry survey data, the following cost categories have experienced the most significant increases: Cost Category % of Operators Reporting Increase Insurance Utilities Staff / Labor Overall Expenses (Any Increase) 85% 71% 70% 84% These rising costs have been passed through to tenants: 70% of operators raised slip fees and 60% raised service rates in 2024. Despite these increases, occupancy has remained stable or risen, confirming that current market rents remain within acceptable ranges for boaters. Average pay per marina employee was approximately $47,273 in 2024, and professional services accounted for approximately 2.5% of total operating expenses. For South Florida specifically, insurance cost escalation is a particularly acute concern, as the state's exposure to hurricanes and flooding results in premium rates that substantially exceed national averages. Tariff pressures on imported materials used in dock infrastructure and repairs add further upward pressure on operating costs and, by extension, on market rents. MARKET OUTLOOK & CONCLUSION The marina industry outlook is generally positive, supported by favorable long-term demographic and lifestyle trends. The continued growth in recreational boating participation, Florida's dominance in boat registrations, sustained population and wealth migration into South Florida, and the structural undersupply of marina slips collectively create conditions supportive of stable -to -rising market rents. However, near -term headwinds warrant monitoring. New powerboat sales were down approximately 8.4% year-to-date through September 2025, consumer confidence has been mixed, and inflationary pressures on materials and insurance continue to affect operator margins. Broad -based tariffs on goods from Canada, Mexico, and China may further inflate costs for marina infrastructure and repairs. For the Key Biscayne submarket specifically, the combination of a premier Biscayne Bay location, limited competing supply, high barriers to entry for new marina development, strong local boat registration figures (Miami -Dade County leads the state with over 74,600 registered vessels), and proximity to affluent residential communities positions the subject property's marina within one of the strongest demand environments in the nation. These factors support the conclusion that market rents for marina slips in this submarket are well - supported by both macroeconomic fundamentals and local market conditions. Sources IBISWorld, U.S. Marina Industry Report (2025); Marina Dock Age, Annual Marina/Boatyard Trends Survey (2024); National Marine Manufacturers Association (NMMA), Recreational Boating Statistical Abstract (2024); Florida Fish and Wildlife Conservation Commission (FWC); Blackstone Infrastructure; Research and Markets; DockMaster Industry Reports; U.S. Coast Guard Recreational Boating Statistics; Florida Department of Highway Safety and Motor Vehicles; Various marina operator websites and published rate schedules. JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 41 Virginia Key Marina 25-403-02 MARKET ANALYSIS Subject — Rickenbacker Marina Name: Location: Wet Slips: Dry Racks: Outside Racks: Pods: Jet Ski Storage: Transient: Occupancy: Total Slips: Maximum Boat Length: Maximum Boat Draft: Maximum Dry Weight: Dock Style: Fuel: Repair Facilities: Amenities: Rickenbacker Marina 3301 Rickenbacker Causeway, Miami, Florida $35.00/LF/Month — $40.00/LF/Month $32.00/LF/Month $30.00/LF/Month $960/Month $380/Month — $410/Month $5.00/LF/Day — $8.00/LF/Day ($320/night minimum) 100% 680 (approx. 200 wet slips, 350 dry racks, balance jet ski/pods) 120' (wet slips); 50' (dry storage) 9' 40,000 Ibs Wood Yes (Diesel and Rec 90 Non -Ethanol) Yes — on -site parts and service dealership Restaurant, security, ship's store, showers, laundry room, free WiFi; located on Virginia Key Rates obtained via direct inquiry. Rickenbacker Marina does not publish rates publicly; prospective tenants must contact the marina office. Dry rack rate of $32.00/LF corroborated by recent boater forum reports. Fuel offering updated to reflect current diesel and Rec 90 non -ethanol gasoline service per Dockwa and Marinas.com listings. Rates incorporate haul out services. Rates incorporate haul out services. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 42 Virginia Key Marina 25-403-02 MARKET ANALYSIS Subject — Marine Stadium Marina Name: Location: Rack Storage (27' min.): Occupancy: Average Boat Length: Maximum Boat Length: Maximum Gross Weight: Storage Capacity: Storage Types: Dock Style: Fuel: Repair Facilities: Amenities: Marine Stadium Marina 3501 Rickenbacker Causeway, Miami, Florida $28.35/LF/Month 95% 27' dry 43' —45' 18,000 lbs 250 — 300 dry rack berths Covered and uncovered rack storage Wood Yes —89-90 Octane / Non -Ethanol; pre -splash fueling available Yes — on -site service and repair facility, monthly wash and maintenance plans Ship's store, seafood restaurant, work and wash racks, 24-hour staff and security, unlimited in/out service, walking distance to beach JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 43 Virginia Key Marina 25-403-02 MARKET ANALYSIS Marina Comparable 1 Name: Location: Slip Rates: Wet Slips (up to 39') Wet Slips (40' to 49') Wet Slips (50' to 59') Wet Slips (60' & above) Monthly Transient (up to 39') Monthly Transient (40' to 49') Monthly Transient (50' to 59') Monthly Transient (60' & above) Daily Transient (up to 39') Daily Transient (40' to 49') Daily Transient (50' to 59') Daily Transient (60' & above) Trailer Dry Storage (up to 30') Utilities Fee: Commercial — South Pier: Boat Launch (Mon —Thu): Boat Launch (Fri —Sun): Annual Launch Permit: Comments: Black Point Marina 24775 SW 87th Avenue, Miami, Florida $23.00/LF/Month $24.00/LF/Month $25.00/LF/Month $26.00/LF/Month $37.00/LF/Month $38.00/LF/Month $39.00/LF/Month $40.00/LF/Month $2.45/LF/Day $2.55/LF/Day $2.65/LF/Day $2.75/LF/Day $399.95/Month $35—$50/Month $500.00/Month $20.00 $30.00 $360.00 Operated by Miami -Dade Parks. Rates effective October 1, 2025, not inclusive of sales tax. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 44 Virginia Key Marina 25-403-02 MARKET ANALYSIS Marina Comparable 2 Name: Location: Crandon Marina 4000 Crandon Boulevard, Key Biscayne, Florida Slip Rates: Wet Slips (up to 39') Wet Slips (40' to 49') Wet Slips (50' to 59') Wet Slips (60' & above) Monthly Transient (up to 39') Monthly Transient (60' & above) Daily Transient (up to 39') Daily Transient (60' & above) Charter Annual (up to 39') Charter Annual (50' & above) Moorings — Recreational Utilities Fee: Landing Fees: Boat Launch (Mon —Thu): Annual Launch Permit: Comments: $25.00/LF/Month $26.00/LF/Month $27.00/LF/Month $28.00/LF/Month $39.00/LF/Month $42.00/LF/Month $2.85/LF/Day $3.15/LF/Day $799.95/Month $899.95/Month $349.95/Month $35—$50/Month $1.10/LF $20.00 $360.00 Operated by Miami -Dade Parks, located in Crandon Park on Key Biscayne. Rates effective October 1, 2025. Offers wet slips, moorings, charters, and boat launching. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 45 Virginia Key Marina 25-403-02 MARKET ANALYSIS Marina Comparable 3 Name: Location: Bill Bird Marina at Haulover 10800 Collins Avenue, Miami Beach, Florida Slip Rates: Wet Slips (up to 39') Wet Slips (60' & above) Monthly Transient (up to 39') Monthly Transient (60' & above) Daily Transient (up to 39') Charter Annual (up to 39') Utilities Fee: Landing Fees: Boat Launch (Mon —Thu): Annual Launch Permit: $25.00/LF/Month $28.00/LF/Month $46.00/LF/Month $49.00/LF/Month $2.65/LF/Day $799.95/Month $35—$50/Month $1.10/LF $20.00 $360.00 Comments: Operated by Miami -Dade Parks at Haulover Park. Commands highest monthly transient rates among county marinas due to Haulover Inlet direct ocean access. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 46 Virginia Key Marina 25-403-02 MARKET ANALYSIS Marina Comparable 4 Name: Location: Herbert Hoover Marina at Homestead Bayfront 9698 SW 328th Street, Homestead, Florida Slip Rates: Wet Slips (up to 39') Wet Slips (60' & above) Monthly Transient (up to 39') Trailer Dry Storage (up to 30') Utilities Fee: Boat Launch (Mon —Thu): Annual Launch Permit: Comments: $20.00/LF/Month $23.00/LF/Month $35.00/LF/Month $399.95/Month $35—$50/Month $20.00 $360.00 Located in southern Miami -Dade County. Lowest wet slip rates among county marinas, reflecting remote location. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 47 Virginia Key Marina 25-403-02 MARKET ANALYSIS Marina Comparable 5 Name: Location: Slip Rates: Wet Slips (up to 39') Wet Slips (60' & above) Monthly Transient (up to 39') Trailer Dry Storage (up to 30') Utilities Fee: Landing Fees: Boat Launch (Mon —Thu): Annual Launch Permit: Comments: Matheson Hammock Marina 9610 Old Cutler Road, Coral Gables, Florida $25.00/LF/Month $28.00/LF/Month $39.00/LF/Month $399.95/Month $35—$50/Month $1.10/LF $20.00 $360.00 Operated by Miami -Dade Parks at Matheson Hammock Park in Coral Gables. Offers wet slips, dry storage, and boat launching. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 48 Virginia Key Marina 25-403-02 MARKET ANALYSIS Marina Comparable 6 Name: Location: Pelican Harbor Marina 1275 NE 79th Street Causeway, Miami, Florida Slip Rates: Wet Slips (up to 39') Wet Slips (60' & above) Monthly Transient (up to 39') Moorings — Recreational Utilities Fee: Charter (Pelican Skipper): Boat Launch (Mon —Thu): Annual Launch Permit: Comments: $23.00/LF/Month $26.00/LF/Month $37.00/LF/Month $299.95/Month $35—$50/Month $350.00/Hour $20.00 $360.00 Located on 79th Street Causeway. Offers moorings and charter services in addition to wet slip rentals. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 49 Virginia Key Marina 25-403-02 MARKET ANALYSIS Marina Comparable 7 Name: Location: Slip Rates: Outdoor Dry Storage Wet Slips Dry Storage Type: Min. Contract: Max. Boat Length: Fuel: Repair: Comments: Keystone Point Marina 1950 NE 135th Street, North Miami, Florida $34.50/LF/Month $45.00/LF/Month Outdoor Dry Rack 4-month minimum 42' (dry); 110' (wet) Gas and Diesel Yes — 25 Metric Ton Travelift Privately operated, full -service marina on Biscayne Bay. Under same ownership since 1968. Offers wet slips, boatyard, and on -site repair. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 50 Virginia Key Marina 25-403-02 MARKET ANALYSIS Marina Comparable 8 Name: Location: Haulover Marine Center 15600 Collins Avenue, Miami Beach, Florida Slip Rates: Enclosed Dry Stack Storage Dry Storage Type: Storage Capacity: Max. Boat Length: Building: Fuel: Comments: $23.00—$33.00/LF/Month Enclosed Dry Stack 488 racks 60' Category 5 hurricane -rated Gas and Diesel Operated by Suntex Marinas. State-of-the-art enclosed dry storage opened March 2017. Direct Haulover Inlet ocean access. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 51 Virginia Key Marina 25-403-02 MARKET ANALYSIS Marina Comparable 9 Name: Location: Marine Stadium Marina 3501 Rickenbacker Causeway, Miami, Florida Slip Rates: Rack Storage (27' min.) Dry Storage Type: Min. Vessel: Max. Vessel: Max. Weight: Capacity: Fuel: Comments: $28.35/LF/Month Covered and Uncovered Rack 27' 43'-45' 18,000 I bs 250-300 dry racks 89-90 octane / non -ethanol Operated by City of Miami, adjacent to historic Miami Marine Stadium. One of South Florida's largest dry storage marinas. Rates effective November 1, 2025. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 52 Virginia Key Marina 25-403-02 MARKET ANALYSIS Comparable Adjustments & Rate Conclusions The comparables were adjusted for Location, Quality/Condition, and Amenities. All comparables were considered overall inferior to the subject, indicating the subject's rental rates should exceed the upper end of the comparable range. Location The adjustment for location recognizes that areas of active growth and development, as well as those easily accessible and well protected from weather and tidal elements, typically command higher per -linear -foot rents. The subject is situated on Rickenbacker Causeway on Virginia Key, which is considered an excellent location with proximity to downtown Miami, Brickell, and Key Biscayne. Comparable 1 (Black Point Marina) and Comparable 4 (Herbert Hoover Marina) are located in remote southern portions of Miami -Dade County and are considered inferior to the subject; upward adjustments are applied. Comparable 6 (Pelican Harbor) and Comparable 7 (Keystone Point) are in less prominent locations compared to Virginia Key; upward adjustments are applied. Comparables 2, 3, 5, 8, and 9 are considered similar in location and receive no adjustment. Quality and Condition Comparable Quality Condition Adjustment 1 2 3 4 Good Good Good Good Good Good Average Average Upward Upward Upward Upward 5 Average Average Upward 6 Good Good 7 1 Average 8 Average Good Excellent 9 Average Upward Upward Upward Average Upward The subject's proposed Virginia Key Harbour and Marine Center will be of excellent quality and in excellent condition, warranting upward adjustments to all comparables. Amenities The subject's proposed facility will offer 162 wet slips, 750 interior racks, approximately 32,000 SF of marine - related retail space and 13,000 SF of restaurant space. All comparables are considered to have inferior amenities, with the exception of Comparable 8 (Haulover Marine Center), which is considered similar. Upward adjustments are applied to all other comparables. JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION AHD CONSULTING 53 Virginia Key Marina 25-403-02 MARKET ANALYSIS Subject Proposed Unit Mix Vessel Size Count % 30' to 40' Dry Slips — Interior Racks 750 40' Wet Lift Slips 68 60' Wet Lift Slips 66 80' Wet Slips 28 Total 912 82% 8% 7% 3% 100% Marina Wet Slip Rent Comparable Adjustment Grid Factor 1 2 3 4 5 6 7 8 9 Location Quality & Condition Amenities Overall Adjustment All comparables were considered overall inferior to the subject. The subject's rental rates should therefore exceed the upper end of the comparable range. Wet Slip Rate Conclusion Based on the overall market, we project market rental rates for the subject's wet slips in the range of $42.00/LF/Month to $48.00/LF/Month, or an average of $45.00/LF/Month. The potential gross monthly income for 162 wet slips, based on the average boat length of 55 feet, is $400,950/Month ($45.00 x 55' x 162 slips). JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 54 Virginia Key Marina 25-403-02 MARKET ANALYSIS Dry Storage Rate Analysis Factor Comp 7 Comp 8 Comp 9 Location Quality & Condition Amenities Overall Adjustment Three comparables offer dry rack storage priced on a per -linear -foot basis: Keystone Point Marina at $34.50/LF/Month, Haulover Marine Center at $23.00 to $33.00/LF/Month, and Marine Stadium Marina at $28.35/LF/Month. Four county -operated marinas offer trailer dry storage at $399.95/Month for vessels up to 30 feet. Dry Storage Rate Conclusion Three comparables offer dry rack storage at $23.00 to $34.50/LF/Month. We project $32.00 to $38.00/LF/Month, or an average of $35.00/LF/Month for the subject's proposed dry racks. We project a market rental rate for the subject's dry racks at $35.00/LF. Boat Storage Potential Gross Income Overall, based on the market comparables, we have estimated the subject's potential annual gross rental revenue for boat storage below: Type of Space # of Spaces Avg. Boat Length Rate/LF/Mo. Gross Revenue Wet Slips Months 162 55' $45.00 $400,950 12 Wet Slips Potential Annual Gross Revenue Indoor Dry Racks 750 35' $35.00 Months Dry Racks Potential Annual Gross Revenue $4,811,400 $918,750 12 $11,025,000 Total Potential Annual Gross Revenue $15,836,400 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 55 Virginia Key Marina 25-403-02 MARKET ANALYSIS Occupancy Conclusion The marina business is sensitive to the national economy. Currently, the economy is considered good, and marina occupancy rates remain strong across Miami -Dade County. Comparable Wet Slip Occ. Dry Storage Occ. 1— Black Point Marina 100% 100% 2 - Crandon Marina 100% 100% 3 - Bill Bird Marina 100% N/A 4— Herbert Hoover Marina 95% 95% 5 — Matheson Hammock Marina 100% 100% 6— Pelican Harbor Marina 100% N/A 7 — Keystone Point Marina 100% 100% 8 — Haulover Marine Center N/A 95% 9— Marine Stadium Marina N/A 100% Occupancy rates range from 95% to 100% across all storage types. Many Biscayne Bay marinas maintain substantial waitlists, indicating demand exceeding supply. As a new, fully refurbished facility with excellent amenities, the subject should occupy the top end of the range. We conclude to an overall stabilized occupancy rate of 97.0%. Boat Storage Effective Gross Income Category Amount Wet Slips Potential Annual Gross Revenue $4,811,400 Occupancy Rate 97% Wet Slips Effective Gross Income $4,667,058 Dry Rack-s Potential Annual Gross Revenue Occupancy Rate $11,025,000 97% Dry Racks Effective Gross Income $10,694,250 Total Effective Gross Income $15,361,308 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 56 Virginia Key Marina 25-403-02 MARKET ANALYSIS Restaurant & Marine Retail Rent Analysis We identified six restaurant spaces currently available for lease in Brickell, Wynwood, Coral Gables, Key Biscayne, and Coconut Grove. Coconut Grove Retail Submarket Overview According to CoStar data as of Q1 2026, market asking rents in Coconut Grove are $67.18/SF with a vacancy rate of just 1.5%. Five-year average annual rent growth is 4.1%, with rents forecast to continue at approximately 2.0% growth. The extremely tight market with limited supply supports premium asking rents for well -located restaurant space. Lease Address Submarket Class SF Avail Rent/SF/Yr Comments Type 187 SW 7th St 150 NW 24th St 176 NW 24th St 264 Miracle Mile Brickell B 9,002 $95.00 Net Full availability Wynwood B 6,695 $77.00 Net Full availability Wynwood C 3,111 $95.00 Net Full availability Coral Gables C 1,890 $68.00 Net Partial availability 328 Crandon Blvd Key Biscayne A 1,406 $49.00 Net 555 Jefferson Ave Most proximate to subject Coconut Grove C 5,461 $50.00 Net Full availability Concluded Rate 13,000 SF $65.00 Net $845,000 Marine -Related Retail Rent Comparables The subject's development includes approximately 30,000 SF of marine -related retail space. Marine retail is a specialized product type found at or near marina facilities. We identified five comparables in Miami, Fort Lauderdale, and Aventura. Address NRA (SF) Year Built Condition Rate/SF Lease Occ. 2640 S Bayshore Dr 1,000 1925 Average $40.00 NNN 100% 3350 NW 21st St 5,201 1965 Average $43.84 Mod. Gross 100% 629 NE 3rd St 400 1967 Average $45.00 Gross 100% 801 Seabreeze Blvd 600 1966 Average $77.00 Mod. Gross 100% 2890 NE 187th St 1,715 1967 Average $26.50 Mod. Gross 100% Concluded Rate 32,000 SF $40.00 Net $1,280,000 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 57 Virginia Key Marina 25-403-02 MARKET ANALYSIS Based on six restaurant rent comparables ($49—$95/SF) and CoStar data ($67.18/SF for Coconut Grove), we conclude to $65.00/SF net for the subject's 13,000 SF of restaurant space, yielding $845,000 in annual sublease revenue. For the 32,000 SF of marine -related retail, based on five comparables ($26.50—$77.00/SF), we conclude to $40.00/SF net, yielding $1,280,000 in annual revenue. Percentage Rent Analysis A number of marina and restaurant facilities in Miami -Dade County are leased with rental rates stipulated as a base amount, base amount plus percentage rent, percentage rent, or the greater of percentage rent or base rent. Comparable Base Rent Percentage Rent Structure Confidential Bayshore — Monty's Miami Yacht Club Miami Outboard Club $320,000 10% of gross receipts $277,586 15% of gross receipts $49,080 9.0% of gross revenue in excess of $380,000 $35,004 10.0% of gross revenue in excess of $120,000 for restaurant Coconut Grove Sail Club $30,000 or 7.5% of gross revenues Grove Harbour Marina Rickenbacker Bahia Mar Miami Beach Marina 15% marina / 10% boatyard / 10% restaurants / 5% service- $550,000 or fuel $360,000 15% wet slips / 12% dry slips (increasing 1% after 4.5 yrs) $100,000/yr (incl. dev. rights) $320,000 4.25% wet storage, 4.25% upland leases, fuel: 4.25% profit 10% wet storage, 10% upland leases, $0.02/gallon JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 58 Virginia Key Marina 25-403-02 MARKET ANALYSIS FUEL REVENUE ANALYSIS The proposed Virginia Key Harbour and Marine Center will include two fuel stations serving both wet slip and dry rack customers. The subject's dry rack operation, which will utilize a state-of-the-art automated storage and retrieval system, is anticipated to sell approximately 70,000 gallons of diesel fuel per month (840,000 gallons annually) for the dry rack fleet. The existing fuel infrastructure will continue to dispense approximately 30,000 gallons of 89-90 octane non -ethanol gasoline per month (360,000 gallons annually), primarily serving smaller vessels in wet slips and transient boaters. Total projected annual fuel volume is 1,200,000 gallons. The diesel volume allocation reflects the composition of the dry storage fleet, which is predominantly diesel - powered center console and sportfishing vessels in the 27- to 45-foot range. The gasoline volume reflects the smaller vessel population utilizing wet slips and pre -splash fueling services, as well as transient boaters accessing the fuel dock. Marine Stadium Marina currently offers pre -splash fueling and non -ethanol fuel, both of which carry price premiums over standard highway -grade fuel. Current Marine Fuel Market Overview Marine fuel pricing in South Florida operates at a significant premium above highway retail prices due to several factors: waterfront location premiums, non -ethanol fuel requirements, lower throughput volumes relative to highway stations, environmental compliance costs for over -water fueling operations, insurance and spill response requirements, and the convenience factor of dockside fueling. The premium over highway retail typically ranges from 15% to 45% depending on location, product type, and competitive dynamics. Highway Retail Fuel Benchmarks The U.S. Energy Information Administration (EIA) publishes weekly retail fuel prices by state. The following table presents the most recent Florida retail prices for the week ending March 9, 2026, which serve as the baseline for comparison with dockside marina pricing. Product Regular Gasoline (87 Octane) Midgrade Gasoline (89 Octane) Premium Gasoline (91+ Octane) $/Gallon Date $3.47 $3.93 $4.24 3/9/2026 3/9/2026 3/9/2026 Source: U.S. Energy Information Administration (EIA), Florida Gasoline and Diesel Retail Prices. Marina Fuel Comparable Analysis To establish current dockside marina fuel pricing in the South Florida market, the appraiser surveyed fuel prices at marinas accessible on Biscayne Bay, the Intracoastal Waterway, and the Florida Keys. Prices were sourced from ActiveCaptain (Garmin), Waterway Guide, and direct marina inquiry. The following table summarizes the comparable marina fuel prices. Marina Gas ($/Gal) Gilbert's Resort Marina (Key Largo) Harbour Village Marina (Pompano Beach) Hawks Cay Resort Marina (Duck Key) Burr's Marina (Stuart) Shields Marina (St. Marks) $5.69 $4.59 Diesel ($/Gal) $4.89 $4.09 $4.82 $4.07 $4.14 $3.90 Gas Premium 45% 17% 23% 5% Diesel Premium 40% 17% 16% 11% $4.01 $3.01 2% -14% South Florida Average (excl. Shields) $4.81 $4.24 22% 21% JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 59 Virginia Key Marina 25-403-02 MARKET ANALYSIS The marina fuel comparables indicate South Florida dockside diesel prices range from $3.90 to $4.89 per gallon, with an average of $4.24 per gallon across the four South Florida comparables. Dockside gasoline (89- 90 octane, non -ethanol) ranges from $4.14 to $5.69 per gallon, with an average of $4.81 per gallon. Shields Marina in St. Marks (Florida panhandle) was excluded from the South Florida average due to its significantly different market area and lower cost structure. The premium over highway retail is substantial: dockside gasoline trades at approximately 22% above EIA Florida midgrade, while dockside diesel trades at approximately 21% above estimated Florida highway diesel. These premiums are consistent with industry expectations and reflect the cost of waterfront fuel infrastructure, environmental compliance, and convenience value. Concluded Fuel Pricing Based on the comparable analysis, the appraiser concludes to the following dockside fuel prices for the subject property: Diesel Fuel: $4.25 per gallon Gasoline (89-90 Octane, Non -Ethanol): $4.75 per gallon The concluded diesel price of $4.25 per gallon is positioned slightly above the South Florida comparable average of $4.24, reflecting the subject's prime Biscayne Bay location, new fuel infrastructure, and the convenience of integrated dry rack fueling services (pre -splash fueling prior to vessel launch). The concluded gasoline price of $4.75 per gallon reflects the non -ethanol premium product offered at the subject, consistent with Marine Stadium Marina's current fuel offering, and is positioned within the range of South Florida comparable marina prices. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 60 Virginia Key Marina 25-403-02 MARKET ANALYSIS Fuel Revenue Projection Fuel Type Diesel (Dry Rack) Gasoline (Existing/Wet Slip) Gallons/Year Price/Gallon Gross Revenue 840,000 $4.25 $3,570,000 360,000 $4.75 $1,710,000 Total Fuel Revenue 1,200,000 $5,280,000 % of Total 67.6% 32.4% 100.0% Gross Fuel Profit Analysis Marina fuel operations generate revenue both from retail sales and from the gross profit margin (retail price minus wholesale/delivered cost). Industry data indicates typical marina diesel markups of $0.50 to $0.75 per gallon, and gasoline markups of $0.75 to $1.00 per gallon, depending on volume, delivery logistics, and competitive positioning. The following table estimates gross fuel profit for the subject. Fuel Type Diesel Gasoline Total _11._ Gallons 840,000 360,000 Retail $/Gal $4.25 $4.75 Est. Cost $/Gal $3.65 $3.90 1,200,000 Markup $/Gal Gross Profit $0.60 $504,000 $0.85 $306,000 $810,000 Fuel Revenue — Rent to City Under RFP No. 16-17-011, fuel sales are subject to a 6% additional rent payment to the City, applied to gross fuel revenue. The original RFP No. 12-14-077 required 15% of gross fuel profits (retail price minus delivered cost), but this was revised in the subsequent RFP to 6% of gross fuel sales, representing a different calculation basis. The following table summarizes the estimated rent to the City from fuel operations. Category Gross Revenue Diesel Fuel Sales $3,570,000 Gasoline Fuel Sales Total Fuel Rent to City $1,710,000 $5,280,000 % Rent Factor Estimated Rent 6% 6% 6% $214,200 $102,600 $316,800 Fuel Revenue Summary Metric Value Total Projected Fuel Volume Diesel Volume (Dry Rack) Gasoline Volume (Existing) Concluded Diesel Price Concluded Gasoline Price (Non -Ethanol) Total Annual Fuel Gross Revenue Estimated Annual Gross Fuel Profit Rent to City (6% of Gross Revenue) Revenue per Total Unit (1,162 units) 1,200,000 gallons/year 840,000 gallons/year 360,000 gallons/year $4.25/gallon $4.75/gallon $5,280,000 $810,000 $316,800 $4,544 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 61 Virginia Key Marina 25-403-02 MARKET ANALYSIS Analysis and Conclusion The projected annual fuel revenue of $5,280,000 is driven primarily by diesel sales (67.6% of total), which reflects the dry rack storage fleet composition. Diesel -powered center console and sportfishing vessels dominate the 27- to 45-foot class that will populate the subject's 750 interior and 250 exterior dry racks. The gasoline component serves a smaller segment of the wet slip population and transient boaters. The concluded fuel prices are well -supported by the comparable data. The subject's diesel price of $4.25 per gallon is approximately 0% above the South Florida marina average of $4.24, which is reasonable given the subject's superior location on Virginia Key with direct Biscayne Bay access, new state-of-the-art fuel infrastructure, and the integrated pre -splash fueling service unique to automated dry rack operations. The concluded gasoline price of $4.75 per gallon reflects the non -ethanol 89-90 octane product specification, which carries a premium over standard ethanol -blended gasoline. Marine Stadium Marina currently offers this same fuel type at its existing fuel dock. The concluded price falls within the range of South Florida marina comparable prices ($4.14 to $5.69 per gallon). Under RFP No. 16-17-011, the 6% additional rent on gross fuel sales generates an estimated $316,800 annually to the City. This figure is incorporated into the total additional rent calculation in the market rent reconciliation. It is noted that fuel prices are inherently volatile and subject to commodity market fluctuations; however, the volume projections and pricing methodology utilized herein are considered conservative and reflective of stabilized operating conditions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 62 Virginia Key Marina 25-403-02 MARKET ANALYSIS Current Subject Lease Terms Minimum Annual Rent: $30,000 per month or $360,000 annually. Percentage Rent: 15% of wet storage gross revenues, 12% of dry storage gross revenues (increasing 1% per year in option years), 40% of sublease revenues, 5% of fuel dock revenues, and 5% of all other revenues. Subject Current Lease Category % Rent Wet Storage 15% Dry Storage 12% Fuel Dock 5% Other Revenue 5% Subleases 40% The subject's RFP proposal shall include a minimum base rent equal to or greater than $2,150,000 annually. The annual base rent amount shall be adjusted to the greater of: an increase by one percent of the previous year's base rent, or an increase based on the amount indicated by CPI as of three months prior to the beginning of the applicable adjustment date. In no event shall any such annual adjustment to the base rent result in an increase that is less than 1% or more than 5%. Additionally, proposals must provide that the City shall receive a percentage rent equal to or greater than 6% of wet slip and dry storage operations, 6% of fuel sales, and 6% sublease income or other income received by Successful Proposer from the Project. Minimum Annual Rent: $2,150,000 annually, adjusted by the greater of 1% or CPI. Percentage Rent: • 6% of the gross revenues from wet and dry storage • 6% of the gross revenues for the fuel dock facility • 6% of revenues for subleases or any other agreement between a third party operating on the • property Subject's RFP Lease Category % Rent Base Rent Wet Storage $2,150,000 6% Dry Storage 6% Fuel Dock Subleases 6% 6% JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 63 Virginia Key Marina 25-403-02 MARKET ANALYSIS Conclusion Market Rent Projection Projected Annual Revenue Revenue % Rent Factor Estimated Rent Base Rent Wet Slips $4,667,058 Dry Racks $10,694,250 15% $700,059 12% $1,283,310 Base Rent Conclusion Additional Rent $15,361,308 $1,983,369 Wet/Dry Slips $15,361,308 Fuel $5,280,000 Subleases — Restaurants $845,000 Subleases — Commercial Space $1,280,000 6% $921,678 6% $316,800 6% $50,700 6% $76,800 Additional Rent Conclusion $22,766,308 $1,365,978 Total Rent (All Revenues) $38,127,616 $3,349,347 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 64 Virginia Key Marina 25-403-02 MARKET ANALYSIS Reasonableness Test — Virginia Key, LLC Proposed Rent Schedule In order to test the reasonableness of our market rent conclusion, we have applied the rent structure proposed by Virginia Key, LLC under RFP No. 16-17-011 to the subject property's projected revenue. Minimum Annual Rent: $2,150,000 per annum, adjusted annually by the greater of 1% or CPI. Percentage Rent: 6% of gross revenues across all revenue -generating categories. Projected Annual Revenue Revenue Rent Factor Estimated Rent Base Rent $2,150,000 Wet Slips Dry Racks Fuel Subleases — Restaurants Subleases —Commercial Space Total Rent (All Revenues) $4,667,058 $10,694,250 $5,280,000 $845,000 6% 6% 6% 6% $1,280,000 6% $280,023 $641,655 $316,800 $50,700 I $76,800 $3,515,978 Rent Comparison Virginia Key, LLC Proposed Rent Schedule Appraiser's Market Rent Cancl usion Difference Market Rent Discount $3.515,978 $3,349,347 ($$166431) (4.7%) The Virginia Key, LLC proposed rent schedule of $3,515,978 annually exceeds the appraiser's market rent conclusion by $166,631, or 4.7%, indicating that the proposed lease terms are above independently appraised market value. This finding satisfies the requirements of City Charter Section 3(f)(iii)(B), which mandates that the terms of any lease of City -owned waterfront property result in a fair return to the City based on independent appraisal. The proposed rent schedule, as structured under RFP No. 16-17-011, is supported by the market evidence analyzed herein and is consistent with — and in excess of — the market rent concluded by this appraisal. Accordingly, it is the appraiser's opinion that the proposed lease terms provide a fair and reasonable return to the City of Miami. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 65 Virginia Key Marina 25-403-02 RECONCILIATION AND FINAL VALUE After inspection of the subject and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the market rent of the subject according to the submitted plans of the highest ranked proposer, Virginia Key, LLC, of the City of Miami's Virginia Key Marina RFP #16-17-011, as of the effective date of value March 5, 2026, is: Projected Annual Revenue Revenue % Rent Factor Estimated Rent Base Rent Wet Slips $4,667,058 15% $700,059 Dry Racks $10, 694, 250 12% $1,283,310 Base Rent Conclusion Additional Rent $15,361,308 $1,983,369 Wet/Dry Slips $15,361,308 6% $921,678 Fuel $5,280,000 6% $316,800 Subleases — Restaurants $845,000 6% $50,700 Subleases — Commercial Space $1,280,000 6% $76,800 Additional Rent Conclusion $22,766,308 $1,365,978 Total Rent (All Revenues) $38,127,616 $3,349,347 Our value conclusion does not consider any rent abatement/offset or concession that would result from the proposer's construction of any improvements. This market rent should be re-evaluated every five years to take into consideration any change in market rent. Rental rates for ground leases are typically adjusted every five years in the market. Our fair market rent conclusion also includes additional percentage rent. The Virginia Key, LLC proposed rent schedule of $3,515,978 annually exceeds the appraiser's market rent conclusion by $166,631, or 4.7%, indicating that the proposed lease terms are above independently appraised market value. This finding satisfies the requirements of City Charter Section 3(f)(iii)(B), which mandates that the terms of any lease of City -owned waterfront property result in a fair return to the City based on independent appraisal. The proposed rent schedule, as structured under RFP No. 16-17-011, is supported by the market evidence analyzed herein and is consistent with — and in excess of — the market rent concluded by this appraisal. Accordingly, it is the appraiser's opinion that the proposed lease terms provide a fair and reasonable return to the City of Miami. We were not provided with a current rent roll of the subject's boat storage units. Therefore, this market study report is based on the extraordinary assumption that our market rent and occupancy conclusions reflect actual market conditions at the time of this report. In addition, this market rent study is based on the submitted plans of the highest ranked proposer, Virginia Key, LLC, of the City of Miami's Virginia Key Marina RFP # 16-17-011. Therefore, this market rent study is based on the extraordinary assumption that the proposed improvements are constructed in a workmanlike manner. The use of the aforementioned Extraordinary Assumptions might have affected the assignment results. This appraisal is not based on any hypothetical conditions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 66 Virginia Key Marina 25-403-02 ADDENDA JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING REQUEST FOR PROPOSALS (RFP NO. 16-17-011) FOR LEASE OF CITY -OWNED WATERFRONT PROPERTY FOR MARINAS/RESTAURANT/SHIP'S STORE USES LOCATED AT VIRGINIA KEY, MIAMI, FLORIDA ALSO KNOWN AS "VIRGINIA KEY MARINA RFP" CITY OF MIAMI DEPARTMENT OF REAL ESTATE AND ASSET MANAGEMENT ISSUE DATE: FEBRUARY 17, 2017 PROPOSALS DUE DATE: MAY 18, 2017 City of flilfamf February 17, 2017 Ladies and Gentlemen: The Department of Real Estate and Asset Management ("DREAM") for the City of Miami ("City") does hereby issue the attached Request for Proposals ("RFP") for the development and lease of prime waterfront property located in Virginia Key, Miami, Florida. The goal of this RFP is to create a vibrant recreational marina and restaurant destination with an ancillary ship's store facility for City residents, guests, and visitors. Please review the details in the RFP below. As described herein, the vision of this RFP is to help implement major components of the Virginia Key Master Plan. The Successful Proposer will enter into a long-term lease with the City for approximately 26.65 acres (including uplands and submerged land) of waterfront property located at 3301, 3605, 3501, 3311, & 3511 Rickenbacker Causeway, Miami, Florida, and more specifically shown in the survey and legal description included as Exhibit A ("Property"). The City hereby requests that Proposers submit a proposal package including all of the items required by this RFP. This RFP contains information regarding the Property, submission requirements, and selection procedures. Carefully review all enclosed documents. Proposers must comply with all submission requirements as well as all applicable legal and regulatory requirements in order to be eligible for consideration. All information and materials submitted will be thoroughly analyzed and independently verified. The Proposals submitted by each Proposer must present a definitive and detailed build -out program, completion schedule, financial plan, design, and meet all requirements of this RFP, to form the basis for evaluation and selection by the City. Proposals must be received by the Office of the City Clerk (First Floor Counter), City Hall, 3500 Pan American Drive, Miami, Florida 33133, by 2:00 PM, on May 18, 2017. Late or incomplete proposals will not be considered. A list of all Proposers will be made public the following day online at a site accessible through the City's Real Estate Opportunities page: http://www miamigov.com/PublicFacilities/pages/RealEstateOpportunities/ The Successful Proposer shall be subject to the requirements of all applicable laws, including, but not limited to, the laws of the State of Florida, Miami -Dade County, and the Charter and Code of the City. On behalf of the City of Miami Mayor and Commissioners, I welcome responsive proposals from responsible Proposers that will realize the full potential of this prime real estate location. Sincerely, Daniel J. Alfonso City Manager 2 TABLE OF CONTENTS I. EXECUTIVE SUMMMARY II. GENERAL TERMS AND CONDITIONS III. SPECIAL CONDITIONS A. PROPOSED PROJECT B. THE PROPERTY C. SELECTION PROCESS AND CONTRACT AWARD D. LEASE E. BACKGROUND CHECK/DISQUALIFICATION IV. TECHNICAL SPECIFICATIONS A. PROPOSAL REQUIREMENTS & FORMAT B. DEADLINE FOR RECEIPT OF INFORMATION / CLARIFICATION C. RECEIPT OF RESPONSES EXHIBITS & APPENDICES EXHIBIT A LEGAL DESCRIPTION & SURVEY EXHIBIT B MIAMI 21 ZONING CODE: CS CIVIC SPACE EXHIBIT C DRAFT LEASE & DEVELOPMENT AGREEMENT EXHIBIT D VIRGINIA KEY MASTER PLAN EXHIBIT E ENVIRONMENTAL SITE ASSESSMENTS EXHIBIT F VIRGINIA KEY MARINA DEEDS EXHIBIT G COUNTY PARKING GARAGE DEED EXHIBIT H COASTAL RISK CONSULTING 2016 KING TIDE REPORT EXHIBIT I CBRE FEASIBILITY STUDY & LAMBERT PEER REVIEW APPENDIX 1 RFP NO. 16-17-011 CHECKLIST APPENDIX 2 REGISTRATION FORM APPENDIX 3 RFP PROPOSAL SUBMISSION FORM APPENDIX 4 BUSINESS TEAM EXPERIENCE APPENDIX 5 DEVELOPMENT TEAM EXPERIENCE APPENDIX 6 ENTITY CERTIFICATE OF AUTHORITY APPENDIX 7 DISCLOSURE/DISCLAIMER FORM APPENDIX 8 INSURANCE REQUIREMENTS APPENDIX 9 CONSENT FORMS APPENDIX 10 NON -COLLUSION AFFIDAVIT APPENDIX 11 DETAILED EVALUATION MATRIX REQUEST FOR PROPOSALS VIRGINIA KEY MARINA (RFP No. 16-17-011) I. EXECUTIVE SUMMMARY Project: The City is seeking responsive proposals from qualified Proposers willing to plan, redesign, construct, renovate, redevelop, lease, manage and operate a mixed -use waterfront facility including, but not limited to, a marina, boatyard, dock master's office, ship's store, dry storage, wet slip docks, and at least one restaurant ("Project"). Location: 3301, 3605, 3501, 3311, & 3511 Rickenbacker Causeway, Miami, Florida, shown respectively as Parcels 1, 2, and 3 on the survey included herein as Exhibit "A" ("Property"). Property Size: Approximately 26.65 acres, including upland and submerged land property. The submerged land is estimated to be approximately seventeen (17) acres. Additional submerged land may be available, as specified in Section III.A.6. below. Zoning: Development capacity and program for this site are regulated by the City of Miami ("City") Comprehensive Neighborhood Plan and the Miami 21 Zoning Code. The applicable zoning designation is CS Civic Space Zone according to the Miami 21 Zoning Code. Condition of Property: The Property and its improvements are offered in "AS IS, WHERE IS" condition by the City. No representations or warranties whatsoever are made as to its condition, state or characteristics. EXPRESSED WARRANTIES AND IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE OR USE AND HABITABILITY ARE HEREBY DISCLAIMED. IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY, AND/OR FITNESS FOR A PARTICULAR PURPOSE ARE HEREBY DISCLAIMED. No representation whatsoever is made as to any environmental, surface, subsurface, water or soil matter or condition. Taxes, Impositions: The Successful Proposer is responsible for all taxes, levies, governmental impositions, surcharges and assessments due or assessed on the Property. The Successful Proposer shall be required to pay for any survey(s), site plans, permits, or other application fees required for the implementation of the Project. The Successful Proposer shall be responsible for payment in lieu of taxes ("PILOT") during the term of the Agreement in the event the Property becomes exempt from ad valorem real estate taxes. State Approval: Virginia Key and Tthe City -owned submerged lands included in the Property are both subject to a "Municipal Purpose" deed restriction provided by the State of Florida Board of Trustees of Internal Improvement Trust Fund ("TIITF") and are subject to reversion to the State for violations of such deed restriction. The TIITF deed is included in Exhibit "F" of this RFP. As a condition precedent of the Lease, the City will seek a finding of municipal purpose or (if applicable) a waiver of the deed restriction for the use of Virginia Key land areas and the submerged lands for the Project. The Successful Proposer shall bear all costs, fees, waiver payment fees, 4 and/or any other required payments to the State in association with the State approval process. Additionally, the Successful Proposer shall be required to covenant that it shall not cause directly or indirectly any action, omission, or inaction that would result in a violation of the State deed restriction and any waiver of deed restriction requirements related thereto. The Successful Proposer shall fully cooperate in the state approval process, if applicable, as requested by City and/or the State. County Approval: The Property is also subject to certain deed restrictions set forth by Miami -Dade County. In the event Miami -Dade County requires approval of the site plan or any other component of the RFP, the Successful Proposer shall be responsible for pursuing such approvals at its sole cost and expense. Master Plan: Comprehensive Plan: Lease: Lease Term: The Miami City Commission has adopted an area -wide Master Plan that sets forth a global development vision for Virginia Key ("Master Plan"). It is the intent of this RFP to encourage an integrally planned and designed development for the Property that is both consistent with, and substantially adheres to, the Master Plan to the extent permitted by applicable law. Please note that adherence to the Master Plan does not require adherence to the pictorial design provided therein. Rather, emphasis shall be made on substantial compliance with the principles adopted in the Master Plan. The Master Plan is included herein as Exhibit "D". The Miami City Commission has adopted, pursuant to the requirements of State and Local Laws, the Miami Comprehensive Neighborhood Plan ("MCNP"), as amended. The Future Land Use Map ("FLUM") of the MCNP classifies this Property as Public Parks and Recreation. A lease agreement substantially in the form included herein as Exhibit "C" ("Lease") shall be executed following the award of this RFP. Certain provisions of the Lease shall remain non-negotiable, including, but not limited to, items specifically required by this RFP, as well as Indemnification, Hold Harmless, Duty to defend, Insurance, and Guarantees. Please note that the form lease included as Exhibit "C" is a draft that will be revised to reflect all of the requirements specified in this RFP as finally negotiated between the parties, subject to review and approval by the Office of the City Attorney. Where the terms of the form Lease included as Exhibit "C" are in conflict with the terms contained in this RFP, the terms of this RFP shall govern. The Lease consists of a forty-five (45) year initial term, with two (2) fifteen (15) year renewal terms. The cumulative term, inclusive of both renewals, may not exceed a total of seventy-five (75) years ("Lease Term"). The Project shall be planned in a contiguous manner, although there may be a phased delivery of possession. The Lease Term shall commence upon execution of the Lease. Subsequent phases of the lease shall run concurrently with the initial phase. Rent Requirements: RFP Proposals shall include a minimum base rent equal to or greater than Two Million One Hundred and Fifty Thousand Dollars ($2,150,000) annually ("Base Rent"). Commencing on the first anniversary of the Effective Date of the Lease and on each anniversary thereafter during the Initial Term, the per annum Base Rent amount shall be adjusted to the greater of: an increase by one percent (1%) of the previous year' s Base Rent, or an increase based on the amount indicated by 5 Parking Contribution: the Consumer Price Index as of three (3) months prior to the beginning of the applicable adjustment date. In no event shall any such annual adjustment to the Base Rent result in an increase that is less than one percent (1%), or more than Five Percent (5%), of the Base Rent amount immediately prior to the effective date of such adjustment. Additionally, Proposals must provide that the City shall receive a percentage rent equal to or greater than six percent (6%) of wet slip and dry storage operations, six percent (6%) of fuel sales, and four percent (4%) sublease income or other income received by Successful Proposer from the Project ("Participation Rent"). Additional rent may be applicable, as negotiated and specified in the Lease. Successful Proposer shall be required to construct sufficient parking for the Project as determined by the Parking Formula set forth in Section III.A.11. below.contribute a minimum of Three Million Four Hundred and Fifty Thousand Dollars ($3,'150,000.00) to the construction of an adjacent municipal parking garage. Actual contribution amount shall be based on the Parking Formula, as defined below. Alternative arrangements for parking arc available, including the potential waiver of the above mentioned parking contribution, subject to additional restrictions specified below. Earnest Money Deposit: The Successful Proposer shall provide an irrevocable/unconditional Cashier' s Check, drawn on a financial institution authorized to do business in Florida (or may do the same by wire transfer or shall provide proof the below amount has been deposited into a restricted escrow account), providing for Seven Million Dollars ($7,000,000), which shall be due upon execution of the Lease. Letters of credit will not be accepted as a substitute security. Referendum Deposit: Section 3(f)(iii) and 29-B of the Charter of the City of Miami requires that any lease that the City Commission approves pursuant to this RFP shall not be valid unless approved by public vote through a referendum process ("Referendum"), currently scheduled for November 7, 2017. The Successful Proposer shall pay a One Hundred and Twenty -Five Thousand Dollars ($125,000.00) deposit in order to place the lease terms on the ballot for approval ("Referendum Deposit"). After receiving approval by the City Commission, any unused portion of the Referendum Deposit, after deducting all costs for the Referendum, shall be returned to the Successful Proposer. In the event additional funds are required to place the question on the ballot (i.e., to account for increased costs of printing or other costs imposed), the Successful Proposer shall be required to promptly pay the additional funds to the City within ten (10) days' written notice. Failure to do so will disqualify the Proposer from further consideration. Letters of credit will not be accepted as a substitute security. Wet & Dry Storage: The marina shall provide the most efficient and cost effective number and size of dry storage racks and wet slips in light of market conditions as well as all RFP requirements. The size and number of all wet slips shall be subject to all applicable laws, rules and regulations, including, but not limited to, permitting, aquatic preserve limitations, and other regulatory requirements. No wet slips shall be allowed in the historically -designated marine basin other than those reasonably necessary for the launching and staging of vessels from the dry storage facility, as further clarified below. 6 Access Road: The Successful Proposer shall either: (1) preserve and maintain the access road indicated as Parcel 2 in the survey attached as Exhibit "A"; or (2) provide for and construct, subject to applicable permits and other regulatory approvals, an alternative access road in a substantially similar vicinity as that indicated as Parcel 2 in the survey attached as Exhibit "A". The public, including the agents, employees, and invitees of the adjacent Rusty Pelican Restaurant, shall be freely afforded and granted access to, over, and across the above -mentioned access road. Public Boat Ramp: The Successful Proposer shall be required to plan, design, permit and construct a public boat ramp and floating dock on the Property to the northwest of Miami Marine Stadium as an additional component of the Virginia Key Master Plan. Boat Show: Registration Fee: Proposer Entity: The Successful Proposer shall allow the National Marine Manufacturer's Association ("NMMA") boat show event ("Boat Show") access and use of a portion of the Property, annually during the seven (7) days of the Boat Show, customarily held at or around President's Day weekend. The Successful Proposer shall also accommodate the Boat Show during the three (3) week set up period and the two (2) week tear down period for a total not to exceed six (6) weeks. This restriction shall be coterminous with the Lease for as long as the Boat Show is held at Virginia Key, even if the Boat Show is held elsewhere but later returns to Virginia Key during the Lease Term. Only those Proposers who have registered as Registered Vendors, as specified below, can participate. For registration as an official Proposer prior to proposal submittal, and to receive a complete RFP package and RFP addenda as they are published, Proposers must submit a non-refundable fee of One Hundred and Fifty Dollars ($150.00), in the form of a cashier's check, money order, or official certified bank check, payable to the "City of Miami", delivered to the Registration Contact specified below ("Registration Fee"). At the time of submission of the Proposals, the Proposer must be a business entity (i.e., Partnership, Limited Liability Company, Corporation, etc.) already authorized to do business in the State of Florida, Miami -Dade County and the City of Miami under the Proposer entity' s legal name. Any principal(s) included in Appendix 3 ("RFP Proposal Submission Form") may not be substituted or withdrawn from participation after the Submission Date unless the City Manager specifically authorizes in writing a request for substitution. Background Check: Each Proposer, including the principals thereof, and/or its assigns, shall be subject to a background and credit check, which may be necessary to determine responsibility and responsiveness to all items required by this RFP. Pre -Proposal Conference and Site Visit: The City may conduct a Pre -Proposal Submission Conference and Site Visit on a date and time that is yet to be determined. In the event of such Conference, notice of the date, time, and location shall be posted via Addendum at the following website: www.virginiakeymarinarfp.com, and sent to all Registered Proposers via email. 7 Registration Contact: Kimberly Balkus CBRE I Public Institutions 200 East Las Olas Blvd., Suite 1620 Fort Lauderdale, Florida 33301 T: (954) 331-1776 E: kimberly.balkus@cbre.com Project Manager: Jacqueline Lorenzo City of Miami I Department of Real Estate and Asset Management 444 SW 2nd Avenue, 3rd Floor Miami, Florida 33130 T: (305) 416-1426 E: jlorenzo@miamigov.com Proposal Due Date and Location: May -1-g24, 2017, 2:00 P.M. Office of the City Clerk, City of Miami City Hall 3500 Pan American Drive, First Floor Counter Miami, FL 33133 II. GENERAL TERMS AND CONDITIONS A. Definitions 1. Proposal — shall refer to any offer(s) submitted in response to this solicitation. 2. Proposer — shall refer to anyone submitting a Proposal in response to this solicitation. 3. Solicitation— shall mean this solicitation documentation, including any and all addenda. 4. Solicitation Submittal Forms — must be completed and submitted with the Proposal. 5. City — shall refer to the City of Miami, Florida 6. DREAM — shall refer to City of Miami Department of Real Estate and Asset Management. 7. Registered Proposer — shall refer to a firm that has submitted a complete Registration Form. 8. Successful Proposer — shall mean the Proposer(s) recommended for award. B. Instruction to Proposers 1. Proposer Qualification and Registration It is the policy of the City to encourage full and open competition among all available qualified Proposers. Proposers must register as a Registered Proposer by submitting a completed Registration Form and providing a fee of One Hundred and Fifty Dollars ($150.00) in the form of a cashier' s check, money order, or official bank check, payable to the "City of Miami". 2. Public Entity Crimes To be eligible for award of a contract, firms wishing to do business with the City must comply with Section 287.133(2)(a) of the Florida Statutes, which provides that a person or affiliate who has been placed on the convicted vendor list following a conviction for a public entity crime may not submit a Proposal on a contract to provide any goods or services to a public entity, may not submit a Proposal on a contract with a public entity for the construction or repair of a public building or public work, may not submit Proposals on leases of real property to a public entity, may not be awarded or perform work as a contractor, supplier, subcontractor, or consultant under a contract with any public entity, and may not transact business with any public entity in excess of the threshold amount provided in Section 287.017 of the Florida Statutes, for CATEGORY TWO, as defined by Section 287.017(2) of the Florida Statutes, for a period of thirty-six (36) months from the date of being placed on the convicted vendor list. 3. Request for Additional Information i. Cone of Silence: Pursuant to Section 18-74 of the City Code, all Solicitations, once advertised and until an award recommendation has been forwarded to the appropriate authority, are under the "Cone of Silence". Any communication or inquiries, except for clarification of process or procedure already contained in the Solicitation, are to be made in writing to the attention of the Project Manager identified in the Solicitation with a copy sent to Lee Ann Korst I CBRE at leeann.korst@cbre.com and to the City Clerk either via email at clerks @miamigov.com or via mail at Office of the City Clerk, Attn: Todd B Hannon, 3500 Pan American Drive, First Floor, Miami, Florida 33133. ii. Addenda: DREAM may issue an addendum in response to any inquiry received prior to Proposal receipt and opening that changes, adds to, or clarifies the terms, provisions or requirements of the Solicitation. The Proposer should not rely on any representation, statement or explanation whether written or verbal, other than those made in this Solicitation or in any addenda issued. Where there appears to be a conflict between this Solicitation and any addenda, the last addendum issued shall prevail. It is the Proposer' s responsibility to ensure receipt of all addenda, and any accompanying documentation. 9 4. Solicitation and Proposers' Responsibilities It is the responsibility of the Proposer to become thoroughly familiar with the requirements, terms, and conditions of this Solicitation. Allegations or pleas of ignorance by the Proposer of conditions that exist or that may exist will not be accepted as a basis for varying the requirements of the City, or the compensation to be paid by the Proposer. This Solicitation is subject to all legal requirements contained in the applicable City Charter and City Code provisions, as well as all applicable County, State, and Federal laws, rules, and regulations. It is the responsibility of the Proposer, prior to conducting any lobbying regarding this Solicitation to file the appropriate form with the City Clerk stating that a particular lobbyist is authorized to represent the Proposer. The Proposer shall also file a form with the City Clerk at the point in time at which a lobbyist is no longer authorized to represent said Proposer. Failure of a Proposer to file the appropriate form required, in relation to each Solicitation, may be considered as evidence that the Proposer is not a responsible contractor. 5. Change or Withdrawal of Proposals i. Changes: Prior to the scheduled Proposal receipt and opening, a Proposer may change its Proposal by submitting a new Proposal. Other than scrivener' s errors or other non- material errors that serve the City' s best interest once revised, no changes to a Proposal will be accepted after the submission deadline. ii. Withdrawals: A Proposal shall be irrevocable unless the Proposal is withdrawn as provided herein. A Proposal may be withdrawn within ninety (90) days after the Proposal has been received and opened and prior to award, by submitting a letter to the Project Manager identified in this Solicitation. The withdrawal letter must be on company letterhead and signed by an authorized agent of the Proposer. Proposals may not be withdrawn except as expressly provided in this Section II.B.5.ii. 6. Conflicts within Solicitation Provisions contained herein will be interpreted in a manner consistent with all other provisions. However, where there exists a conflict between the General Terms and Conditions, Special Conditions, the Technical Specifications, or any addendum issued, the order of precedence shall be: the last addendum issued, the Technical Specifications, the Special Conditions, and then the General Terms and Conditions. Additionally, the provisions of this solicitation shall govern over all agreements to be negotiated with Proposer pursuant to this solicitation. In the event of a conflict between any draft agreement included as an exhibit, attachment, or appendix and the terms of this solicitation, the terms of this solicitation shall govern. C. Preparation of Proposals 1. Registration Form — Proposers are required to register in the manner indicated in the Registration Fee Section of the Executive Summary, in order to respond to solicitations issued by DREAM. 2. Submittal Forms — the Proposal Submission Form and all other required solicitation documents define requirements of the Solicitation, and must be completed and submitted as outlined within the Solicitation. Use of another form may result in rejection of the Proposal. 3. Authorized Agent — An authorized agent of the Proposer' s firm must sign the Proposal Submission Form and submit it together with the Proposal. 4. Conditions — The Proposer may be considered non -responsive if Proposals are conditioned to modifications, changes, or revisions to the terms and conditions of this Solicitation. 10 5. Additional/Alternate Proposals — Proposers may submit an additional or alternate Proposal(s) for the same Solicitation provided that such additional or alternate Proposal is allowable under the terms and conditions specified in this RFP. The additional or alternate Proposal must meet or exceed minimum requirements and must be submitted by separate submittal marked "Alternate Proposal". All Proposals submitted as Alternate Proposals shall be considered separately and independently of each other. Additional or alternate Proposals shall not deviate from the requirements of this RFP. Failure to comply with the requirements of this RFP in any one of the additional or alternate Proposals shall be grounds for disqualification of such Alternate Proposal. 6. Price Discrepancies — where there is a discrepancy between the prices offered within the Proposal, the prices or amounts that would provide the greatest return to the City shall prevail. D. Cancellation of Solicitation The City reserves the right to cancel, in whole or in part, any Solicitation when it is in the best interest of the City. The City shall have the sole and absolute discretion to determine which actions are in the best interest of the City. E. Award of Solicitation 1. Generally — This RFP may be awarded to the responsible Proposer meeting all requirements as set forth in the Solicitation. The City reserves the right to reject any and all Proposals, to waive irregularities or technicalities and to re -advertise for all or any part of this Solicitation as deemed in its best interest. The City shall be the sole judge of its best interest. 2. Unreasonable Offers — The City expressly reserves the right to reject any and all Proposals if it is determined that prices are insufficient, best offers are determined to be unreasonable, or it is otherwise determined to be in the City's best interest to do so. 3. Negotiations — The City reserves the right to negotiate price with the Proposer providing the best financial return to the City, provided that the Solicitation's scope of work and/or minimum requirements, including rent, remains the same or revised for the City's benefit (such as increased rent). 4. Qualified Proposers — Award of this Solicitation will only be made to firms that have completed the Registration Form and satisfy all necessary legal requirements to do business with the City. 5. Contractor Responsibility — Pursuant to City Code Section 18-120, the Proposer's performance as a prime contractor or subcontractor (as may be applicable) on previous City contracts shall be taken into account in evaluating the Proposal received for this Solicitation. 6. Award Information — To obtain a copy of the evaluation scores, upon notice of Award Recommendation, Proposer(s) may request the scoring sheets or other award information by contacting the Project Manager outlined within the Solicitation. 7. Contract — The Solicitation, any addenda thereto, the subsequent agreement(s), and any properly executed modifications shall constitute the resultant contract. 8. Required Documentation — Award of this Solicitation may be predicated on compliance with and submittal of all required documents as stipulated in the Solicitation. 9. Request for Additional Information — The City reserves the right to request and evaluate additional information from Proposers after the submission deadline as the City deems necessary. 11 F. Proposal Security A cashier's or certified check, payable to the City of Miami, or proof a specified amount has been placed into a restricted escrow account for the benefit of the City is required from all proposers, to the extent required under "Special Conditions" or "Technical Specifications" ("Proposal Security"). This Proposal Security guarantees that a Proposer will accept the order or agreement if it is awarded to said Proposer. Proposer shall forfeit the Proposal Security to the City should City award contract/agreement to Proposer and Proposer fails to accept the award. The City reserves the right to reject any and all surety tendered to the City. Proposal Securities are returned to unsuccessful Proposers upon demand within fifteen (15) days after the award and Successful Proposer's acceptance of award. If ninety (90) days have passed after the date of the formal Solicitation closing date, and no contract has been awarded, all Proposal Securities will be returned upon demand. Failure to execute an agreement and/or file an acceptable Performance Bond, when required, as may be provided herein, shall be just cause for the annulment of the award and the forfeiture of the Proposal Security to the City, which forfeiture shall be considered, not as a penalty, but in mitigation of damages sustained. The amount of the Proposal Security shall be a liquidated sum, which shall be due in full in the event of default. Award may then be made to the next lowest responsive, responsible Proposer whose Proposal is most advantageous to the City, or all responses may be rejected. G. Responsive/Responsible Proposers Subject to City of Miami Code Sections 18-95 and 18-107, the City shall have reasonable discretion to deem any Proposal non -responsive and/or Proposer non -responsible (with due consideration of all relevant extenuating circumstances, including, without limitation, the Proposer's culpability, overall record of performance, etc.) based on whether the Proposer or any of its members has any actual or constructive knowledge that Proposer or any of its members: i) are in arrears to the City for any debt or obligation; ii) have any uncured defaults or have failed to perform under the terms of any agreement or contract with the City or other government entity within the past ten (10) years; iii) are in default under any agreement or contract with the City or other government agency or entity on the date and time the proposal is due; iv) have caused fines, penalties, fees or similar impositions to be levied against the City or any other governmental entity or agency; v) have any past, present or on -going litigation or adversarial administrative proceedings with the City or other government agency or entity; vi) have filed and not prevailed in frivolous lawsuits, as that term is defined by Section 57.105 of the Florida Statutes as determined by a final order of the court; vii) have past, present, or pending involuntary: bankruptcies, liquidations, assignments for the benefit of creditors, receiverships, dissolutions, actions involving fraudulent transfers, foreclosures, or similar actions within the past seven (7) years on projects or businesses they have owned, operated, or controlled a majority interest (i.e., ownership of ten percent (10%) or more of the entity stock or shares); viii) have been found liable by any legal or administrative entity via any proceedings for environmental damage, contamination or any other environmental liability; ix) have failed to disclose involvement as a party, third party, or intervenor in any legal or administrative proceedings concerning environmental damage, contamination or any other environmental liabilities, whether found liable or otherwise; x) have been debarred by any public agency or been placed in the convicted vendors list pursuant to Florida Statute Section 287.133 or a similar law, rule, or regulation; xi) have failed to disclose any of the above; or xii) are otherwise determined to be non -responsible as defined by the City of Miami Procurement Ordinance, including, without limitation, Sections 18-73 and 18-95 of the City Code, and by the laws of the State of Florida. Similarly, any Proposer, or its principal(s) that is determined by a court, hearing officer, or other regulatory agency of competent jurisdiction (and all due process of law has been exhausted) to be liable for causing damage (by their own actions) to the City, its agencies or instrumentalities, directly or 12 indirectly, shall be immediately responsible for payment of the judgment or fines. If the Proposer or its principal does not pay the judgment or fines, within thirty (30) days after the date of the City' s written notice (which shall not be effective until after due process of law has been exhausted), either during the solicitation process or anytime during the term of any agreement awarded pursuant to this Solicitation, the City shall have discretion to immediately disqualify the Proposer and terminate any agreement entered into pursuant to this RFP, with no other cure rights. In such event, the City shall immediately own any improvements built on the Property, with no responsibility, financial or otherwise, to the Proposer. H. Bid Protest All bid protests shall be processed in accordance with the procedures contained in Section 18-104 of the City Code. All of the requirements and procedures specified in Section 18-104 shall be mandatory in order to properly file and proceed with a bid protest. Section 18-104, as the same may be amended, shall be deemed as incorporated by reference herein as if set forth in full. I. Laws and Regulations The Successful Proposer shall comply with all applicable laws, codes, rules, permits, approvals, and regulations applicable to enter into the agreement specified in this Solicitation. The Successful Proposer shall comply with all applicable federal, state and local laws that may affect the execution of the agreement. J. Licenses, Permits, and Fees The Successful Proposer(s) shall hold all licenses and/or certifications, obtain and pay for all permits and/or inspections, and comply with all laws, ordinances, regulations and building code requirements applicable to the agreement required herein. Damages, penalties, and/or fines imposed on the City or Successful Proposer for failure to obtain and maintain required licenses, certifications, permits and/or inspections shall be borne by said Successful Proposer. K. Responsible Wages; Living Wage The Successful Proposer(s) shall comply with Section 18-120 of the City Code, titled Responsible Wage Construction Contracts, to the extent applicable to any development on City -owned property. Enforcement of this ordinance may require the Successful Proposer to furnish the City with a monitoring fee and may require the submission of a percentage of the construction cost into an escrow account. Additionally, the Successful Proposer(s) shall comply with Section 18-556, et. seq. of the City Code, titled Living Wages, to the extent applicable. L. Local Workforce Participation The Successful Proposer shall include a minimum of forty percent (40%) local workforce from Miami - Dade County, of which twenty-five percent (25%) must be City residents, for the construction of the Project. In the event that the Successful Proposer cannot meet the required twenty-five percent (25%) of workforce from City residents, the Successful Proposer shall document and demonstrate to the City that they have utilized their best efforts to achieve this goal. Upon receipt of such documentation, the City may direct the Successful Proposer to achieve the portion of the percentage not met, through Miami -Dade County residents. The Successful Proposer shall have a third party independently verify and certify compliance with these requirements on a monthly basis. Said third party shall be unaffiliated with the Successful Proposer and shall be properly licensed under the provisions of Florida Statute Chapter 454, 471, 473, or 481. The person performing the verification shall have a minimum of two (2) years of prior professional experience in contract compliance, auditing, personnel administration, or field experience in payroll enforcement or investigative environment. The cost of this 13 verification/certification shall be included in the related contract costs. Failure to comply with this requirement shall result in a penalty in an amount to be determined by the City and incorporated into the Lease. M. Assignment Unless otherwise specified in this Solicitation, the Successful Proposer shall not assign, transfer, pledge, convey, hypothecate, or otherwise dispose of their Proposal, including any rights, title or interest therein, or its power to execute a contract with the City thereby, to any person, company or corporation without the prior written consent of the City Commission, which may be conditioned, withheld, or refused. N. Indemnification The Successful Proposer shall indemnify, defend (at its sole cost and expense), save, and hold harmless the City and its officers, officials, employees, agents, agencies, and instrumentalities from any and all actions, claims, protests, proceedings, causes of action, legal, equitable, regulatory, administrative or otherwise, liability, losses or damages, which the City or its officers, employees, agents or instrumentalities may incur as a result of claims, demands, suits, causes of actions or proceedings of any kind or nature arising out of, relating to or resulting from the performance, non-performance, or breach of the agreement by the Successful Proposer, including without limitation the Solicitation, evaluation, recommendation(s) for award, and award of the Lease, the later possession and Tenancy and all activities or omissions thereon, the design and construction of all improvements, betterments, additions and structures, including the maintenance and use thereof, compliance with all applicable laws, codes, rules and regulations and payment of all debts, expenses, costs, and fees that are the responsibility of the Proposer as they come due. The Foregoing Indemnity, Hold Hainiless and Duty to Defend shall include the Proposer and/or its employees, agents, servants, partners, principals or subcontractors, jointly and severally. The Successful Proposer shall pay all claims and losses in connection therewith, and shall investigate and defend all claims, suits or actions of any kind or nature in the name of the City, where applicable, including appellate proceedings, and shall pay all costs, judgments, and attorney' s fees which may be incurred thereon. The Successful Proposer expressly understands and agrees that any insurance protection required by this Solicitation or subsequent agreement, or otherwise provided by the Successful Proposer shall in no way limit the responsibility to indemnify, keep and save hairiiless and defend the City or its officers, officials, employees, agents, agencies, and instrumentalities as herein provided, which duty shall survive the cancellation of the Lease, as may be applicable. Submittal of a Proposal shall constitute voluntary and knowing acknowledgment and acceptance of this Indemnification provision, which will become effective upon submission through selection until such time the Lease is executed, at which point all the indemnifications provided therein shall apply. This Section will obligate the Successful Proposer to intervene, indemnify, hold and save hainiless, fully cooperate, defend, and assist (at the option of the City Attorney) in the defense of the City in any protest. O. Insurance Requirements Prior to execution of the agreement by the City, the Successful Proposer shall furnish to the City Certificates(s) of Insurance that indicate that insurance coverage has been obtained which meets the requirements as set forth by the City. The title and/or number of this Solicitation number must appear on each certificate. All policies and/or certificate(s) of insurance are subject to the review and approval by the City' s Department of Risk Management prior to approval. The certificate(s) of insurance shall substantially comply with the insurance requirements listed in Appendix 8. Certificates will indicate that no modification, lapse, or change in insurance shall be made without thirty (30) days written notice to the Certificate Holder. If insurance certificates are scheduled to expire during the contractual period, the Successful Proposer shall be responsible for submitting new or renewed insurance certificate(s) to 14 the City at a minimum of ten (10) calendar days in advance of such expiration. The City of Miami Director of the Department of Risk Management shall have the right to amend or solicit additional insurance requirements as needed in connection with the construction or management phases of the Project. P. Auditor General The City reserves the right to require the Successful Proposer(s) to submit to an audit by the Auditor General or other auditor of the City' s choosing at the Proposer's expense. The Proposer shall provide access to all of its records, including access to its designated bank account(s) for this project, which relate directly or indirectly to the subject agreement at its place of business during regular business hours. The Proposer shall retain all records pertaining to the agreement and upon request make them available to the City for three (3) years following expiration of the agreement. Alternatively, the Successful Proposer may transfer the records to the City throughout the term of the agreement, subject to the Successful Proposer's maintenance of these records for at least three (3) years after creation of such records. The Proposer agrees to provide such assistance as may be necessary to facilitate the review or audit by the City to ensure compliance with applicable accounting and financial standards. Q. Collusion Any Proposers interested in bidding on a competitive solicitation for any DREAM project including, but not limited to, a purchase, lease, permit, concession or management agreement, shall submit the Non -Collusion Affidavit included herein as Appendix 10 under penalty of perjury. The Non -Collusion Affidavit provides either that the Proposer is not related to or affiliated with any of the other parties submitting a Proposal in this Solicitation or identifies all affiliated or related parties that submitted a Proposal in the Solicitation. The Non -Collusion Affidavit further attests that the Proposer' s proposal is genuine and not sham or collusive or made in the interest or on behalf of any person not therein named, and that the Proposer has not, directly or indirectly, induced or solicited any other Proposer to put in a sham proposal, or any other person, firm, or corporation to refrain from proposing, and that the proposer has not, in any manner, sought by collusion to secure to the proposer an advantage over any other Proposer. In the event a recommended Proposer identifies related parties in the competitive Solicitation its Proposal shall be presumed to be collusive and the recommended Proposer shall be ineligible for award unless that presumption is rebutted. Any person or entity that fails to submit the required affidavit shall be ineligible for contract award. Failure to provide the Non -Collusion Affidavit with the Proposal or within five (5) days' request by the City, shall be cause for the contractor to forfeit their Proposal Security, if applicable. R. Proprietary/Confidential Information Proposers are hereby notified that all information submitted as part of, or in support of Proposals, will be available for public inspection after opening of Proposals, in compliance with Chapter 119 of the Florida Statutes, as amended. Proposer(s) shall not submit any information in response to this Solicitation which the Proposer considers to be a trade secret, proprietary or confidential. The submission of any information to the City in connection with this Solicitation shall be deemed conclusively to be an affirmative and absolute waiver of any trade secret or other protection, which would otherwise be available to Proposer (except for those social security numbers and similar private personal information provided in the Consent Forms included as Appendix 9). S. Governing Law This Solicitation and subsequently executed agreement, including appendices, and all matters relating to the agreement (whether in contract, statute, tort, regulatory, administrative, or otherwise) shall be governed by, and construed in accordance with, the laws of the State of Florida regardless of the domicile of any Proposers. Exclusive venue shall be Miami -Dade County. By submitting a proposal 15 response, the Proposer knowingly and voluntarily agrees to this choice of applicable law and venue and to all other requirements of the Proposer in the RFP. 16 III. SPECIAL CONDITIONS A. PROPOSED PROJECT The information contained in this RFP is published solely for the purpose of inviting Proposers to consider the Project described herein. Prospective Proposers should perform their own due diligence investigations, projections and render their own conclusions without reliance upon the Pre -Proposal Submission Conference or the material contained herein. 1. Project Goals The City wishes to redevelop the Property into a mixed use waterfront Marina, providing first-class services to tourists and residents alike. The Project shall combine the two marinas presently on the Property in order to create a unified destination within the City. This RFP seeks to identify the proposal deemed most advantageous to the City, taking into consideration the evaluation criteria listed in Section III.C.2. below as well as the following objectives and guidelines: a. Economic Objectives • Increase financial return to the City; • Improve revenue -producing capacity of facilities; • Ensure that any proposed ancillary or complementary uses further enhance the destination market appeal; • Utilize the available Property to maximize its economic potential subject to the restrictions set forth in this RFP. b. Planning & Land Use Objectives • Attract residents and visitors to the public waterfront so that they may enjoy Biscayne Bay and the maritime setting of Virginia Key; • Convert the existing facilities into a modern world -class facility using state-of-the- art technology and include ancillary uses that complement the Property's setting and geographical location, aimed to stimulate public use of, and widespread interest in, the Property; • Provide for the development of a mixed -use marina and waterfront destination, portraying a unified and integrated marina that seamlessly interacts with adjacent restaurants and facilities; • Allow for easy access to and throughout the Property, including the development of a full -width bay walk that matches the design east of Marine Stadium, and provides seamless connectivity from Marine Stadium to the existing Rusty Pelican restaurant (consistent with Miami 21); • Promote various active public uses of the site that will enhance the overall public benefit derived from the Property in terms of use, visibility, environmental protection, and financial return; • Proposers should consider developing and operating the Project at varying price - points, incorporating, for example, an element of casual waterfront dining, in order to increase public accessibility of the Project; • Preserve critical and sensitive wildlife areas; • Provide facilities that represent flexible designs and iconic attention -grabbing buildings that function year-round for daily and nightly activities; • Maintain harmony between the design and architecture of the new structures and the iconic architecture of the Miami Marine Stadium; 17 • Develop an array of recreational waterfront uses operated by management experienced in waterfront programming in order to attract increasing and varied segments of the local, regional and visitor population; • Develop the Project with considerations made for anticipated sea level rise using the USACE High or NOAA High curve calculator for sea level rise projections. c. Urban Design Principles & Guidelines • Use of the Virginia Key Master Plan principles as a guideline for proposed improvements and the Project' s architectural/landscape features; • Emphasis on public access throughout the Property, with safe pedestrian connections and ease of access between the facilities and the surrounding areas; • Improve Marina access points with aesthetically attractive buffering features through handscape or softscape elements; • Utility infrastructures shall be placed underground or within chases below grade, where feasible; • Creative use of roadway lighting and distinctive exterior lighting is encouraged; • Provide roadway and decorative lighting that has minimal or no impact on the historic basin and environment; • Incorporation of pedestrian -scale decorative lighting, as well as low-level path and landscape accent lighting; • Architecture and landscape should acknowledge the tropical climate of the region and contribute to the pedestrian and civic life of the Project; • Provide optimum views of the bay from the facilities; • Provide continuous public open spaces that acknowledge the tropical climate of the region by providing significant landscape design, shade and coverage through the use of substantial shade trees and specimen palm varieties; • Adaptability and flexibility to integrate with any future Virginia Key -wide transportation systems that may be developed; • Adaptability to increased flooding risks due to sea level rise; • Building facades should be varied and articulated to invoke visual interest; • Secondary entries from interior walkways are also encouraged. 2. Virginia Key Master Plan An area -wide Master Plan has been adopted in principle by the Miami City Commission after receipt of public input. The Virginia Key Master Plan sets forth a holistic development plan for Virginia Key. It is the intent of this RFP to encourage an integrally planned and designed development vision for the Property consistent with and substantially adhering to the Virginia Key Master Plan to the extent permitted by law. Please note that adherence to the Master Plan does not require adherence to the pictorial design provided therein. Rather, emphasis shall be made on substantial compliance with the principles adopted in the Master Plan. The Virginia Key Master Plan is included herein as Exhibit "D". Additional information concerning the Virginia Key Master Plan can be obtained from the City' s Department of Planning and Zoning, and can be accessed from the following site: http://www.miamigov.com/planning/virginiakeymp.html 3. Required Redevelopment The Successful Proposer shall be required to redevelop the property substantially in the manner specified below. Additionally, the Successful Proposer shall maintain the Property in First -Class operating condition. For the purposes of this RFP, "First Class" shall refer to the use of state-of-the-art or high-grade technology, materials, and services according to acceptable industry standards and applicable laws. The Successful Proposer shall be 18 expected, prior to final approval of the Project plan, and subject to applicable laws (including permitting requirements and other regulations), to substantially comply with and provide for the following elements into the final design: a. Marina Generally i. Maximize boating access and transient dockage participation reflecting concepts in the Master Plan, in compliance with applicable laws and regulations; ii. Reconstruct the two marinas into a unified marina and provide for best utilization of available space for dry rack storage, wet slips, and/or other uses; iii. New marina to include all FDOT precast piles equal to or greater than 14" (any alternative must be equal or better in long term durability and sustainability, subject to the City's discretion and approval); iv. Design, refurbish or reconstruct the marina pavement to meet applicable design criteria for appropriate vehicles and loads to result from the proposed marina use in visually appealing manner; v. Should include at minimum MMFX (9100 Classic) rebar in all poured in place pile caps; vi. Construction documents shall be subject to "peer review" of electrical and structural design; vii. Interior and perimeter walkways shall be a minimum of fourteen (14) ft. width where there are sufficient uplands to accommodate the 14' width and shall be the widest reasonably possible where there are insufficient uplands; viii. Buildings shall be no taller than the crown of the Marine Stadium, and shall not significantly interfere with the sight lines to the Miami skyline from the Marine Stadium; ix. Signage shall be designed to meet compatibility, uniformity and size standards that do not compete with the architecture of the development, and that comply with applicable Miami 21 zoning regulations; x. Marina shall be required to achieve and maintain designation as a "clean and resilient marina" as administered by FDEP, to the extent applicable; xi. Design shall incorporate elements of the natural habitat and provide a varied and plentiful palette of local native plant materials, which are 100% native and consist of plants that comprise the coastal hammock habitat of Virginia Key; xii. Mangroves shall be incorporated along the shoreline, where feasible; xiii. Design shall also take into account the protected natural habitats in the area; xiv. Proposers shall be required to provide critical wildlife markers, where applicable; xv. Development of the Marina shall not impede redevelopment of the Marine Stadium. b. Wet Slips i. Maximize the number of wet slips on site considering market demand, RFP requirements, and revenue generation; ii. No dredging beyond maintenance dredging to a uniform depth of eight (8) or nine (9) feet shall be allowed; iii. No wet slips will be allowed within the Historic Commodore Ralph Monroe Marine Stadium Historic Basin (this restriction shall not preclude the Proposer from maintaining access reasonably necessary to support the upland dry storage facility, such as launching or staging of vessels, and subject to the requirement to provide channel markings as specified in Section III.A.5 below). A map of this area is on file and available from the City of Miami Historic and Environmental Office in the City Planning and Zoning Department; iv. Renovate or renew all the bulkheads along the entire wet slip marina, and maintain the dock/bulkhead wall in good condition for the Lease Term, subject to applicable rules and regulations; v. Dock construction shall be concrete docks or aluminum floating docks. However, one hundred percent (100%) fixed concrete docks are preferred. No wooden docks shall be permitted; vi. Docks shall be designed to sustain category two (2) or three (3) hurricane with boats in the wet slips; vii. New docks shall include modern dock design, with sufficient voltage, metered water, and other utility requirements to provide for the proper operation of most modern boats commensurate with the slip size; viii. Docks shall be separately metered; ix. Provide adequate amount of transient dockage for automated storage system; x. Provide for a public water taxi stop with no restrictions on timing or use; xi. Provide for small boat, kayak, and sailboat rental concession slips. c. Dry Boat Storage i. Maximize the number of dry racks on site in light of market demand, RFP requirements, and revenue generation; ii. All dry racks must fit within or around the general area depicted as the footprint for dry boat storage on the Master Plan; iii. The dry boat storage facility may not exceed the height limitation (crown of Marine Stadium) set forth in the Master Plan; iv. Provide for an automated dry boat storage facility, including boat Valet services and fueling station. d. Restaurant & Bar Major renovations to the restaurant, rather than demolition and development, are at the option of the Proposer. However, the Successful Proposer must ensure that all restaurant facilities are in full compliance with all current and applicable local, state and federal legal, code, regulatory, health, life/safety, licensing requirements including without limitation, all applicable Americans with Disabilities Act ("ADA") requirements. Each Proposer may propose to have one or more restaurants on the site. However, please note that the number of restaurants provided in the Proposal shall not be considered during evaluation. However, configuration and use of the site, including placement of restaurants, may be considered in the overall aesthetics and functionality of the design proposed. The Successful Proposer shall maintain all restaurants in good condition and repair for the Lease Term. Additionally, all restaurants shall comply with applicable statutes concerning retention of tips or payment under Section 207(i) of the Fair Labor Standards Act. e. Dock Master's Office Construct a new, multi -story dock master's office, consolidating the dock master's facility in both marinas. The dock master's office may occupy one or more floors, and/or may be consolidated with ancillary facilities within the same structure. f. Ship's Store Incorporate a Ship's Store providing for sale any necessary inventory or supplies to meet marine vessels' daily requirements such as food, water, cleaning supplies, medical supplies, safety supplies, spare parts, or any other customary equipment or supplies needed for the navigation, marine recreation, maintenance, and operation of a ship. g• Fuel Station i. Construct a new fuel station to be located on a dock in the west end of the Property; ii. Construct an additional fuel station in the dry boat storage area as noted above to provide all valet services necessary for a First Class automated facility; iii. All fuel stations on site must comply with Spill Prevention, Control, and Countermeasure (SPCC) regulations, to the extent applicable. h. Baywalk Provide a fourteen (14) foot continuous baywalk within the Property boundaries to serve as a waterfront promenade along the historic basin. This baywalk must conform with applicable regulatory restrictions and guidelines, including, but not limited to, the Miami 21 Zoning Code. i. Access Road The Successful Proposer shall either: (1) maintain the access road indicated as Parcel 2 in the survey attached as Exhibit "A"; or (2) provide an alternative access road in a substantially similar vicinity as that indicated as Parcel 2 in the survey attached as Exhibit "A". The Public, including the agents, employees, and invitees of the adjacent Rusty Pelican Restaurant, shall be granted access to, over, and across the above - mentioned access road. J. Public Boat Ramp i. Plan, design, permit and construct a public boat ramp and floating dock, which shall be located within the Property to the northwest of Miami Marine Stadium in a similar location to where the existing public boat ramp is currently located; ii. Provide planning, surveying, demolition, landscape and architectural design services for the public boat ramp; iii. Provide construction administration services, including preparation of construction bid documents, construction monitoring, special inspections and close-out; iv. The public boat ramp shall be constructed in accordance with the boat ramp specifications of the Miami 21 Zoning Code; v. Parking for the public boat ramp may be provided off site adjacent to the Property. All improvements must be constructed at the Successful Proposer's sole cost and expense. All improvements are to be applied for, permitted, or otherwise approved as required by applicable laws, codes and regulations by the Successful Proposer or the Successful Proposer's authorized agents if applicable. However, the City may assist the Successful Proposer by providing City documentation that may be required for zoning changes, PZAB hearings, and grant or financing applications, at the City's sole discretion, pursuant to availability and at no cost to the City. In the event the Successful Proposer is unable to develop any portion of the property in the manner required by this RFP, for reasons outside of their control (such as permit denials, regulatory denials, City Commission denials, etc.) they shall be allowed to construct the remaining portions of the Project at the City' s sole discretion. In such case the City may renegotiate a lower minimum annual rent. However, in no event will the City accept a rent lower than fair market value, as determined by two State -certified appraisers selected by the City. Additionally, the Successful Proposer shall publish in a public space a marina waiting list weekly, indicating use of the marina is open to the public, subject to applicable fees and other reasonable non-discriminatory criteria, on a first -come first -served basis. 4. Ancillary Facilities The Successful Proposer may provide additional ancillary facilities and components consistent with the intent of this RFP and the principles stated in the Virginia Key Master Plan; such as, for example, a market or other facility ancillary to the Marina. The City shall have reasonable discretion to determine which ancillary uses are acceptable, subject to applicable laws, the Master Plan, and applicable restrictive covenants. 5. Virginia Key Marina Basin The Successful Proposer shall work with the City to design channel markings from the Public Boat Ramp and Dry Boat Storage facilities that encourage motorized traffic to safely navigate to and from the basin in a manner that minimizes boat wakes and is respectful of the environment as well as passive users of the basin. 6. Miami -Dade County Submerged Land Miami -Dade County is the fee simple owner of the submerged land adjacent to the Rickenbacker Causeway and Northwest of the RFP Property ("County Submerged Land"). As the Master Plan currently contemplates a potential marina expansion into the County Submerged Land, this RFP encourages the potential expansion at a later date, subject to all applicable rules and regulations. Please note that the Miami -Dade County Manatee Protection Plan delineates certain criteria for expansion; any such expansion shall be subject to all applicable laws, including the criteria specified therein. Successful Proposer interested in expanding the marina into the County Submerged Land shall be required to coordinate with the City and obtain approval for any such expansion prior to submitting a formal application with the County. Additionally, any application will require City approval. For the purposes of this RFP, Proposers should not provide designs for the potential expansion and shall not be evaluated on such expansion. Nevertheless, this RFP expressly contemplates and includes the Successful Proposer's right to such an expansion without the need for a new solicitation process if the Successful Proposer so chooses, subject to County approval as well as City Commission approval of the precise legal description, scope, design, construction, rent, fees, schedule, etc. Additionally, the below -specified redevelopment schedule shall not apply to this expansion, but shall be set by the City Commission upon approval. 7. Lease In order to be considered for the award of this RFP, the Successful Proposer must enter into a lease and development agreement with the City in substantially the form as the Lease 22 included herein as Exhibit "C". Additional information concerning the Lease can be found in Section III.D. below. 8. Term The Lease consists of a forty-five (45) year initial term, with two (2) fifteen (15) year renewal terms. The cumulative term, inclusive of both renewals, may not exceed seventy-five (75) years ("Lease Term"). The Project shall be planned and designated in a contiguous manner, although there may be a phased construction schedule, and therefore a corresponding phased delivery of possession. The Lease Term shall commence upon execution of the Lease. Subsequent phases of the lease shall be coterminous, i.e., run concurrently, with the initial phase. Please note, however, that rent may be deferred during construction or other negotiated arrangement subject to the below Section 9, concerning rent. 9. Rent Per City of Miami Charter Section 3(f)(iii)(B), the City of Miami may only lease waterfront property on the condition that "the terms of the contract result in a fair return to the City based on two independent appraisals." Under no circumstance may the City accept a proposal falling below the fair market value determined by the two appraisals conducted by independent state -certified appraisers. Nor shall the City accept a proposal falling below the minimum base rent established herein. The Successful Proposer's project shall be subject to a second fair market appraisal by two independent appraisers to ensure that the return to the City is equal to or greater than fair market value as required by the City Charter and Code. See also the City Charter Section 29-B for related requirements. The rent shall be inclusive of Base Rent as well as Percentage Rent. Proposals shall include a stated commitment of annual lease payments to the City in the form of a guaranteed base rent ("Base Rent") greater than or equal to Two Million One Hundred and Fifty Thousand Dollars ($2,150,000) annually PLUS a percentage(s) of gross revenues, which shall neither be adjusted nor otherwise interpreted to mean net of expenses ("Percentage Rent"). The Percentage Rent must be equal to or greater than six percent (6%) of wet slip and dry storage operations, six percent (6%) of fuel sales, and four percent (4%) sublease income or other income received by Successful Proposer from the use of the Property, and any other proposed lease payments, as well as a stated commitment to adhere to the City Charter requirement for compensation equal to fair market value. In order to ensure accurate records of revenues are maintained, the Lease shall provide that the City shall have continuous electronic access to all banking and credit card deposit information and have the right to audit occupancy monthly. Base Rent shall be increased annually by the greater of: one percent (1%) of the previous year' s Base Rent, or an increase based on the amount indicated by the Consumer Price Index as of three (3) months prior to the beginning of the applicable adjustment date. In no event shall any such annual adjustment to the Base Rent result in an increase which is less than one percent (1%), or more than five percent (5%), of the Base Rent amount immediately prior to the effective date of such adjustment. Base rent shall be paid monthly in advance commencing with the Lease Date. Base rent shall be adjusted annually according to the formula outlined above. Additional rent may be applicable, as negotiated and specified in the Lease. For instance, the Successful Proposer may also be required to provide the City with the following rents, based on the contents of the submitted proposal and subsequent negotiations: (1) rent paid during 23 construction ("Construction Rent"), which shall be paid for the appropriate period prior to Project completion; and/or (2) rent paid to maintain lease and development rights to any parcels to be developed following the initial phase of development, if phased development is proposed ("Placeholder Rent"). 10. Referendum Requirement Per Section 3(f)(iii) of the City Charter, the Lease will not be valid until it has been presented and approved by public referendum. Lease negotiations must be substantially concluded in time to be considered by the City Commission for placement on the selected election ballot. The City together with the Successful Proposer may choose to present the Project by referendum during a scheduled election as a "piggy -back" item (estimated cost of $125,000 currently scheduled for November 7, 2017), or may choose to schedule a special election (estimated cost of $1,500,000), either of which shall be at the sole cost and expense of the Successful Proposer. The Successful Proposer shall be required to submit a One Hundred and Twenty -Five Thousand -dollar ($125,000.00) deposit for the costs of including the Project as an item on the ballot ("Referendum Deposit"). The Referendum Deposit shall be paid by the Successful Proposer upon approval by the City Commission within ten (10) days' notice by the City. Any portion of the Referendum Deposit that is not used shall be returned to the Successful Proposer. In the event additional funds are required to place the question on the ballot, the Successful Proposer shall be required to provide the same to the City within ten (10) days' notice by the City. If the voters reject the proposed transaction, the City may, in its sole discretion, elect to work with the Successful Proposer on a new referendum including negotiating changes to the Lease and development plan (which are beneficial to the City and which do not reduce the proposed benefits to the City as stated in the Proposal) or shall have the right to terminate the Project. In the event of such a termination, the Successful Proposer has no vested rights, commercial, contractual, or property rights, title or interest in the Property or to the Project, or any claim upon the City for any expenses incurred in the proposal process, and shall have no recourse against the City, its agencies, instrumentalities, officials, or employees because of the rejection by the voters. Notwithstanding the above, the City shall not be precluded from issuing a new RFP in the event the voters reject the subject Project, or if the Project is otherwise cancelled. 11. Parking Garage The Department of Off-street Parking d/b/a the Miami Parking Authority ("MPA") operates, manages, supervises, and directs all municipal parking and municipal parking facilities within the City of Miami. A municipal parking garage is intended to be built outside the Property in the area labeled on the survey as "NOT A PART" southwest of Parcel 3 ("MPA Parking"). A certain number of spaces shall be required for the patrons of the Project and for the Rusty Pelican restaurant. The Project parking requirement will depend on the size and scope of the respective Proposal as indicated in the following formula. The number of required parking spaces for the Project will be based on four (4) spaces per 1,000 square feet of retail, one (1) parking space per every five (5) boats of dry or wet storage, and eight (8) spaces for every 1,000 square feet of restaurant gross area ("Parking Formula"). The Successful Proposer shall be required to contribute to the Parking Trust Fund up to Fifteen Thousand Dollars ($15,000.00) (estimated 24 site proposal, as determined using the Parking Formula. Please note that a minimum of 230 parking spaces shall be required for the Project in the event the Parking Formula yields a required number of spaces less than 230. Parking will comply with the applicable parking requirements of the Miami21 Code and the City Code. Proposers shall have the options listed below regarding be required to construct the parking for the Project solely within the footprint of the Property as shown in Exhibit "A", which does not include the parcel previously conveyed to the City by the County by Deed recorded in Official Records Book 28636 Page 3666. selected, on siteThe parking shall provide for and comply with the following requirements: (1) on -site parking shall include the required number of spaces for the Project per the Parking Formula ("Project Parking") with a two hundred and thirty (230) space minimum as indicated above; (2) the on -site parking shall include an additional two hundred and twenty (220) spaces for the Rusty Pelican Restaurant shall be provided with the number of spaces specified inas per Rusty Pelican' s lease agreement with the City ("Rusty Pelican Parking"); (3) parking shall be available to the public; (4) Project customers must may, at the City and MPA's discretion, be provided free reduced or validated parking, subject to entering into an agreement with the City and MPA which shall include a market -based payment by Successful Propoer to offset costs and expenses associated with the operation of the garage; (5) and other requirements the City may specify (collectively the "Parking Requirements"). Additionally, the City and Successful Proposer will seek Rusty Pelican's input and take Rusty Pelican's requested revisions into consideration in the final plans and specifications for the parking garage per the City' s lease agreement with Rusty Pelican. The Successful Proposer shall further be required to comply with the City's obligation per the Rusty Pelican lease agreement to provide fifty (50) spaces during construction. Please review the Rusty Pelican lease agreement for further detail (the parking obligations are specified within the third amendment to the Rusty Pelican lease agreement, which was attached to Addendum 3 of this RFP). The City shall pay to the Successful Proposer the amounts received from Rusty Pelican per the Rusty Pelican lease agreement for the construction of Rusty Pelican's spaces. Option 1: The Successful Proposer shall pay into a project specific parking trust fund ("Parking Trust Fund") an amount for construction of the MPA Parking at the time of Lease execution. The MPA will use the funds contributed to the Parking Trust Fund to construct the parking facility to accommodate the users of the Project and the Rusty Pelican restaurant. The garage shall be designed within the constraints and budget that MPA will specify. The parking contribution to be paid into the Parking Trust Fund shall be based on the above Parking Formula. The parking contribution shall be paid by cashier's. check or money order and delivered to the Director of Real Estate & Asset Management, 444 SW 2nd Avenue, 3rd Floor, Miami, Florida 33130 on or before execution of the Lease. This parking garage contribution will be deposited into an escrow account whose designated use shall be applied to the Parking Trust Fund. The schedule and milestones for construction of the parking garage and retail spaces by MPA will be developed in conjunction with, and will be compatible with, the Successful Proposers development plan. Failure to pay the parking garage contribution fully and timely will be just and fair cause for the City Commission to cancel or rescind the award to the Successful Proposer who shall have no recourse against the City, its agencies, instrumentalities, officials, and employees from such cancellation or rescission. It 25 is agreed and stipulated that timely and full payment of the parking garage contribution is an express condition precedent to the granting of and execution of the Lease. The Successful Proposer shall have no vested or reserved interest, rights, options, preferences, or security in the ownership of the MPA parking facility, other than the City's commitment that those parking spaces will be available for monthly leases for all of the commercial/retail uses incorporated within the Project, at a parking rate schedule that reflects fair market value, whose published rates will be provided to transient customers. Notwithstanding the above, tenants of the area (including the Rusty Pelican and Virginia Key Marina tenant) will be accommodated per the terms of their respective agreements. Option 2: The Successful Proposer's contribution to the Parking Trust Fund may be waived by the City if the Proposer ciccts to build the MPA Parking at their solo cost and expense. The City will allow the Proposer to use the parking garage contribution made by the Rusty Pelican towards the construction costs of the parking facility. If the Proposer ciccts to build the MPA Parking, the parking structure must comply with the Parking Requirements, the Successful Proposer structure to the City upon completion. Construction and operation of the MPA Parking must be overseen and supervised by MPA, subject to a parking development agreement to be executed by all applicable parties. Proposers may elect under this option to construct the Project on either of the following: (1) solely within the marina footprint, (2) solely within the MPA Parking footprint, or (3) on a combination of the two properties. Notwithstanding the above, The City Charter requires all City parking facilities to be operated by MPA, and the City will consider all proposals that incorporate all Parking Requirements, which convey to the City ownership of the parking ownership to the City andfacilities to be built on City land by Successful Proposer for operation, management, and supervision Eby the MPA, and which satisfy all other legal, regulatory and governmental obligations for the site. Submittal of a proposal in response to this RFP is recognition that the parking facilities are public facilities to be built on City -owned land, which must be open and available to the public in accordance with Federal, State, and local regulatory requirements. The Successful Proposer shall have no vested or reserved interest, rights, options, preferences, or security in the ownership of the parking facility, other than the City's commitment that those parking spaces will be available for monthly leases for all the commercial/retail uses incorporated within the Project, at a parking rate schedule that reflects fair market value, whose published rates will be provided to transient customers. Notwithstanding the above, tenants of the area (including the Rusty Pelican and Virginia Key Marina tenant) will be accommodated per the terms of their respective executed and approved agreements. Please note that the investment, contribution and/or any income generated from the Parking on site shall not be considered by the Selection Committee in their evaluation of Proposals. Therefore, clarification of selected Parking option(s)solutions is required, but is not a factor in the evaluation of the Proposals. 26 Please also note that the MPA Parking garage is intended to be built on property deeded to the City by the County, and that such deed has certain restrictions. Use of that portion of land resolution approving the deed and declaration of restrictions is included as Exhibit "G". MPA may, in its sole discretion, elect to build additional parking spaces beyond what is required for the Successful Proposer's Project and existing City and MPA parking obligations. Should the MPA choose to build additional parking spaces, the MPA will pay one hundred percent (100%) of the additional costs required for the additional spaces, as well as the cost for any ancillary uses incorporated in the parking facilities. 12. Boat Show The Proposal shall be compatible with the Boat Show. The Successful Proposer shall enter into an access agreement with NMMA. In no way may the proposed Project interfere with or affect the Boat Show, any exhibitor tents, or any of the footprint, in a manner that would cause the City to default on the Revocable License Agreement with NMMA for the Boat Show or otherwise cause the City to lose revenue or incur expenses as a result of reduced space provided to NMMA for the Boat Show. If the Successful Proposer causes the City to lose revenue from the Boat Show or incur expenses in connection therewith, the Successful Proposer shall be responsible for fully and promptly reimbursing the City for any such revenue lost or expenses incurred. diminish the amount of square footage provided to the Boat Show by two percent (2%) or more. All parking on site and other facilities shall remain open during the boat show to satisfy customers of the Project. All construction by the Successful Proposer shall be limited or paused to the extent necessary to permit access and use of the Property during the Boat Show, allowing for Boat Show exhibition space and clear walking paths to and from Boat Show exhibits. 13. Regulatory Process — Permitting & Licensing The plans for this Project will require various permits, consents, and approvals, and each Proposer to the RFP is responsible for determining which permits and approvals will be required for the construction, operation and completion of the Project. The Successful Proposer, at its sole cost and expense, shall be responsible for applying for and acquiring all required permits, licenses, contests, and approvals from all appropriate governmental agencies. Additionally, all improvements must comply with applicable building, fire, planning and zoning (as may be amended), health, and all other applicable local, state and federal requirements in place at the time of application submittal. Securing all such approvals, consents, development permits, and similar required permissions shall be the responsibility of the Successful Proposer. The City, pursuant to all necessary reviews and approvals of design concepts, will, if necessary, provide owner sign -offs required for the Successful Proposer to obtain the appropriate regulatory permits, consents, and approvals from local, state, and federal agencies. Compliance with all legal and regulatory conditions will be strictly required. Regulatory permits may be necessary from the following agencies, including but not limited to. Miami -Dade County Department of Regulatory and Economic Resources (RER); State of Florida Department of Environmental Protection (DEP); U.S. Army Corps of Engineers (USACE); and the Federal Aviation Administration (FAA). This information is intended to help Proposers determine the applicable requirements and is not meant to be an exhaustive summary of all permits, licenses, and approvals required. 27 14. Redevelopment Schedule The City will require the proposed renovations/redevelopment/reconstruction to have obtained all required permits and commenced construction within thirty-six (36) months from the Effective Date of the Lease. All physical improvements for all Project components must be completed within sixty (60) months from execution of the Lease by both parties, unless the Successful Proposer applies for and receives a waiver from the City. The City, at its reasonable discretion, may grant a waiver extending the abovementioned schedule if the Successful Proposer demonstrates that: (1) it has actively and continuously pursued obtaining all required permits; and (2) the delay is a result of force majeure or a result of delays outside of the Successful Proposer' s control. Notwithstanding the above, Proposals may put forward a phased development schedule wherein each indicated area of development shall become effective in phases. Phased development must be done in sixty (60) months with all building permits for the last phase in place no later than forty-eight (48) months from the Effective Date of the Lease. The City, at its discretion, may grant an extension for building permits under the following circumstances: (a) if the Successful Proposer demonstrates that in good faith and acting with due diligence was unable to obtain the required permits; (b) subject to force majeure; or as otherwise permitted by law. All development will comply with the building peanut provisions of Section 29-B of the City Charter, as amended. If modifications are proposed, the Successful Proposer shall submit a full set of plans to apply for applicable building permits and any other applicable approvals within one hundred eighty (180) calendar days of the Lease Effective Date, and construction must be complete within one year of the permit approval date. The City will use its best efforts to provide alternative locations which are reasonably contiguous for the operation of the facility during renovation or redevelopment of other Project components. 15. Insurance and Indemnification Prior to execution of the Lease, the Successful Proposer shall be required to provide certificates of insurance to the City providing insurance during construction, maintenance, and management of the Project, as may be approved by the Director of the City' s Risk Department, and as specified in the Lease. The City shall retain the right to amend and add to the required policies and coverages to ensure adequate coverage for the proposed Project and corresponding Lease, as required by the RFP and/or the Lease and as otherwise determined in the sole discretion of the City. The Successful Proposer shall also indemnify, save, hold harmless, and defend (at its own cost and expenses) the City, its officials, officers, employees, agencies and instrumentalities for all actions, claims, causes of action, liabilities, damages and liabilities arising or accruing by virtue of the approval, leasehold, construction, development, redevelopment, uses, activities, actions or omissions of the Proposer, its agents, servants, representatives, consultants, and contractors relative to the proposed Project and corresponding Lease, as determined by the City Manager, the City Attorney, and the City' s Director of Risk Department to the extent required to realize this requirement. The Indemnity/Hold Hainiless/Duty to Defend contained in the Lease furnished by the City will not be a negotiable item and shall survive the cancellation or expiration of the Lease, as applicable. 16. Payment and Performance Bond Prior to the commencement of any construction on the Property, the Successful Proposer shall be required to provide a Payment and Performance Bond satisfying the requirements set forth by the City as well as those set forth by Section 255.05 of the Florida Statutes. The 28 Payment and Performance Bond will be posted in an amount representing at least one hundred (100%) percent of the sum of the construction cost of the improvements. Construction costs for purposes of this Section shall mean the total cost of the Project to the Proposer as designed or specified by the architect or design/build firm including at current market rates a reasonably customary allowance for overhead and profit, the cost of labor and material, and any equipment designed, specified, selected or specially provided for by the architect/engineer or design/build firm, but not compensation to the architect/engineer or design consultants, or the costs of acquiring rights -of -way or easements or the like. 17. Proposal Security Proposers shall be required to submit with their proposals a Proposal Security equal to Twenty -Five Thousand Dollars ($25,000) by check, or otherwise provide proof the same has been submitted into an escrow account. The Proposal Security shall be subject to the terms specified in Section II.F. 18. Earnest Money Deposit Upon execution of the Lease, the Successful Proposer shall provide Seven Million Dollars ($7,000,000) by an irrevocable/unconditional cashier's check, drawn on a financial institution authorized to do business in Florida (or may do the same by wire transfer or similar means), or shall provide proof the above -mentioned amount has been deposited into a restricted escrow account. Upon commencement of construction, the Successful Proposer shall be allowed to withdraw from that fund in order to pay for the costs of construction. 19. Taxes The Successful Proposer will not be responsible for any ad -valorem taxes, sales and use taxes, or any other levies, governmental impositions, surcharges, fees or other taxes or assessments associated with the Property that are due or may be owed prior to the Lease Effective Date. The Successful Proposer will, however, be responsible for all ad -valorem taxes, sales and use taxes, or any other levies, governmental impositions, surcharges, fees or other taxes or assessments that are incurred commencing on and after the Lease Effective Date. 20. Impact Fees The Successful Proposer must pay for all impact fees related to all improvements to the Property. Impact fees by Code requirement must be paid prior to issuance of a building permit. For more information, see Chapter 13 of the City Code. 21. City's Real Estate Development Advisor/Broker The City has engaged the services of CBRE, a real estate development advisor/broker for this assignment. CBRE shall represent the City in all negotiations and the fiduciary responsibilities of CBRE exist only to and on behalf of the City. CBRE shall be entitled to a commission fee ("Commission Fee"), which shall be subject to State of Florida Contract DMS-12/13-007, as approved and adopted by the City of Miami Commission, and the provisions of the City Charter and Code. Upon execution of the Lease, the Successful Proposer shall pay the City an amount equal to the Commission Fee, which shall be determined on a cumulative and compounded basis and shall not exceed One Million Four Hundred and Seventy Five Thousand Dollars ($1,475,000). 22. Pre -Proposal Submission Conference & Site Visit The City may conduct one or more Pre -Proposal Submission Conferences and site visits on dates and times that are yet to be determined. In the event of such conference, notice of the 29 date, time, and location shall be posted on the following website: www.virginiakeymarinarfp.com, and sent to Registered Proposers via email Attendance at any Pre -Proposal Submission Conference and Site Visit shall be optional; however, prospective Proposers are strongly advised to attend. B. THE PROPERTY The information in this RFP is believed to be correct, but is not warranted in any manner Proposers should independently verify factual items they deem relevant prior to response submittal. 1. Parcel Size and Components The Property is located in Virginia Key and includes approximately 26.65 acres of land, including approximately 17 acres of which are submerged lands. Visible landmarks include, to the northwest, Rusty Pelican Restaurant and to the southeast, Miami Marine Stadium. Additionally, the site offers views of the City of Miami skyline. The following addresses and folio numbers pertain to the Property: 3301 Rickenbacker Causeway 3605 Rickenbacker Causeway 3501 Rickenbacker Causeway 3311 Rickenbacker Causeway No Address 3511 Rickenbacker Causeway Folio 01-4217-000-0020; Folio 01-4218-000-0010; Folio 01-4217-000-0110 (NW Parcel); Folio 01-4218-000-0030; Folio 01-4218-000-0031; and Folio 01-4217-000-0030 (NW Parcel); 2. Existing Conditions The Property is located in Biscayne Bay designated as an Aquatic Preserve. The Project shall conform to the prescribed requirements of environmental regulations governing the Biscayne Bay Aquatic Preserves. All operations of the Project shall also conform to existing environmental regulations and permitting requirements. The Property, and its improvements, if applicable, are offered "AS IS, WHERE IS." NO REPRESENTATIONS OR WARRANTIES WHATSOEVER ARE MADE AS TO ITS CONDITION, STATE OR CHARACTERISTICS BY THE CITY, INCLUDING BUT NOT LIMITED TO ANY ENVIRONMENTAL CONDITIONS. EXPRESS WARRANTIES, IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE OR USE AND HABITABILITY ARE HEREBY DISCLAIMED. Testing, audits, appraisals, inspections, etc., desired or necessary to prepare an RFP response shall be at the sole cost and expense of the Proposers. 3. Environmental The City has conducted a Phase I and Phase II Environmental Site Assessment, attached hereto as Exhibit "E". Nevertheless, Proposers may also perform their own "due diligence" inspections, including environmental site assessments, sampling and testing of the soils, sediments and groundwater, subject to such conditions and limitations as the City Manager may impose, including without limitation, requirements for supervision by the City, indemnification of the City, disposition of reports and execution of any legal documents, as the City Attorney may require. 30 Testing, audits, appraisals, inspections, or other non-invasive studies that are necessary or desired to submit a proposal, shall be conducted at the sole expense of the Proposer, and only with prior written approval by the City. The Successful Proposer shall remove or remediate any hazardous materials that are required by law to be removed or remediated for the Project. Additionally, all marine mitigation, or other mitigation efforts required by the applicable agencies, shall be at the sole cost and expense of the Successful Proposer. Additionally, the Successful Proposers shall consider the potential impact of sea level rise while preparing development plans in order to ensure increased resilience to the rising sea levels and proper maintenance of the Property and Project. 4. Utilities Water, sanitary sewer, electric and telephone utilities are currently available on the Property. Proposers may obtain detailed plans showing underground utility installations from the City' s Public Works Department, 444 SW 2nd Avenue, 8th Floor, Miami, Florida 33130. For additional information, please contact the respective utilities. The Successful Proposer shall bear the sole financial responsibility for all connection fees, design, construction, and installation costs and of any costs associated with compliance with any County or City moratorium requirements that may be in force. The City will assist in this process by providing the necessary utility and/or facility easements as lawfully appropriate. In the event the Successful Proposer wishes to relocate the existing utilities, it shall do so at its sole cost and expense. 5. Zoning The Property is zoned as CS Civic Space Zone. For more information, please review the Miami 21 Zoning Code, CS Civic Space Zone Reference Manual, attached hereto as Exhibit "B". Proposers are responsible for verifying all information concerning planning and zoning requirements with the applicable agencies and departments. Any details provided herein regarding the zoning process is for convenience only and Proposers should not rely upon them without independently verifying the same. For the purposes of this RFP, the City encourages the most innovative and most competitive proposal that utilizes best practices and complies with the Miami 21 Zoning Code CS designation,) and which are consistent with the principles stated in the Virginia Key Master Plan. Proposers should not consider zoning approvals as permit approvals, the latter of which Proposer must obtain separately for each aspect of the Project. Whenever possible, the City agrees to assist the Successful Proposer with its permitting process, providing that municipal permit fees will not be waived or reduced. No Special Area Plan shall be allowed for this Project. Additionally, no hotels or other residential components shall be permitted. The Project shall not include any use or services not in compliance with the Miami 21 Zoning Code CS designation or any of the following large-scale commercial for -hire services: (1) boat painting; (2) transmission repairs; or (3) dry dock repairs. Small-scale and non-commercial boat painting, transmission repairs, and dry dock repairs are acceptable. Furthermore, the Project should consider and incorporate Miami 21 principles for public waterfronts and public benefits for public spaces to the extent feasible. Additional information may be found at the following links http://www miami21 org/final_ codeMay2016.asp 31 http://www miami21 org/PublicBenefits jump.asp http://www.miami21.org/PublicBenefits ParksPublicSpace.asp http://www miami21 org/PDFs/Appendix/Miami_21_Appendix_B.pdf 6. Flood Zone A preliminary review of the Property shows that the entire Property is classified as falling within Coastal A Zone, under Flood Zone AE. All structures constructed at the Property must conform to the appropriate Flood Zone requirements. Some preliminary estimates of flood risk are included in the Coastal Risk Consulting 2016 King Tide Report included herein as Exhibit H. As previously noted, the information in this RFP is not warranted in any manner and Proposers should independently verify factual items they deem relevant prior to response submittal. C. SELECTION PROCESS AND CONTRACT AWARD 1. Administrative Review City staff will conduct an initial administrative review of the proposals received for completeness and compliance with all content requirements set forth in the solicitation ("Administrative Review"). Administrative Review may include a financial or technical analysis of the Proposals prepared or procured by the City or its agents. During this Administrative Review, City staff may contact Proposers to cure non -material, non - substantive defects in any Proposals or to clarify unclear portions of the Proposal. If notified of deficiency or request for clarification, the Proposer shall provide a written response, which must be received within five (5) business days of notification or such other time designated by the Project Manager. 2. Evaluation Criteria Proposers shall be evaluated based on the following criteria ("Evaluation Critena"): Overall Experience and Qualifications 25 Relevant business and Project team experience in similar projects 10 Operational history reflective of capacity to meet Project goals 10 Availability of financial/business references 5 Financials and Proposed Revenues 25 Financial return to the City, including Base Rent and Participation Rent 10 Financial capability 10 Reasonableness of Revenue Forecasts 5 Design & Operational Plan 25 Improved efficiencies of marina operation and site utilization 10 Aesthetics & functionality of proposed improvements 5 Effective use of site during construction/redevelopment 5 Consistency with the Virginia Key Master Plan principles 5 Resiliency & Environmental Considerations 15 Long term resiliency of the Project 5 32 Commitment to protection of environmental assets and history of 5 environmental stewardship Incorporation of "green" design and natural/native elements 5 Public Benefits and Local Participation 10 Benefits received by the Public 5 Participation of firms and contractors that maintain a local office 5 Based upon the Evaluation Criteria provided above, as more specifically defined in the attached Detailed Evaluation Matrix included herein as Appendix 11, the selection committee ("Committee") will evaluate, assign points, and rank proposals in accordance with the requirements of the RFP using the scoring guidelines provided by the City. The Committee shall review the Evaluation Criteria, Detailed Evaluation Matrix, and the Project Goals specified in this RFP, and rank each Proposal as to each category listed above. The Committee may further define each of the categories/criteria stated above so long as consistent with the information in this RFP. Each proposal will be reviewed to determine if the proposal is responsive to the submission requirements outlined herein. Proposals that deviate from the City's "Must", "Shall" or "Mandatory" requirements may be found non -responsive without further evaluation. The Committee members shall be appointed by the City Manager, who reserves the right to appoint voting members as well as alternates. No less than five (5) and no more than seven (7) Committee members will be appointed. The City Manager shall, where practicable, select members as follows: 1) one member who is an expert in the management of a marina but not a City employee; 2) one member from the Virginia Key Advisory Board; 3) one member from the City' s Procurement Department; 4) one member who is an environmental expert; and 5) one member from the City' s Planning and Zoning Department. Any other member(s) appointed by the City Manager shall be a person(s) with relevant background and expertise for this Project. Upon the City Manager's appointment of the Committee members, the list of members shall be publicly posted. The City Manager will use best efforts to publish the list of Committee members within 30 days of RFP publication. Any substantial issues or concerns with appointed members must be submitted in writing to the City Manager with a copy to the Project Manager within five (5) days of such posting. Any reappointments or substitutions shall be publicly posted. Submittal of a Proposal shall be confirmation of each Proposer' s acknowledgement that the Committee members are free of conflict or bias, and acceptance of the appointment of these Committee members. In order to eliminate skewing of the final scores, the highest and the lowest total score submitted by each Committee member for each Proposer shall be unifoinily eliminated. Thereafter, the remaining values will be averaged to provide a final score for each Proposer. 3. Negotiations Negotiations will take into consideration terms most beneficial to the City (from a monetary, technical, and managerial standpoint) until an agreement acceptable to the City is agreed upon. The City reserves the right to request from the Proposers: written clarifications; non- material revisions to proposals, if deemed necessary by the City; and any supplemental information, such as additional references, deemed necessary for proper evaluation of proposals. 33 4. Oral Presentations The Proposers shall be required to provide oral presentations. All Proposers will be afforded the same time limits for presentations and responses to questions, so as not to place one Proposer at an advantage over any other Proposer. 5. Selection Committee Recommendation The Committee will make its final ranking and recommendation to the City Manager, based on: (1) the findings of the Administrative Review (including, as applicable, any financial or technical analysis by the City or its agents); (2) the evaluation criteria as defined in the RFP and appendices; and (3) applicable laws and regulations. Such recommendation is subject to compliance with the applicable provisions of the City Charter and Code. 6. City Manager If the City Manager accepts the Committee's recommendation, a final contract will be negotiated and the final recommendation of award, approved by the City Manager, will be presented to the City Commission for their review and approval. The City Manager or his/her designee reserves the right to (1) approve the Committee's recommendation, (2) reject the Committee's recommendation, (3) reject the Committee's recommendation and instruct the Committee to re-evaluate and make further recommendations, or (4) recommend to the City Commission that they reject any and/or all proposals. 7. City Commission The City Commission may (1) approve the City Manager's award recommendation and negotiated contract; (2) reject all proposals, and/or instruct the City Manager to reissue a solicitation; (3) instruct the Committee to re-evaluate and make further recommendations, in which case the consideration of the recommendation will be referred back to the Committee for further deliberations in accordance with any additional points or matters referenced which are in accordance with the Solicitation Criteria; or (4) instruct the City Manager to constitute a new Committee and make recommendations. All applicable Charter and Code provisions will be followed. The final decision of the City Commission shall be final action by the City. 8. Estimated Timetable The timetable for the RFP selection process is summarized below. Note that these are tentative dates and are subject to change at any time by the City. Anticipated RFP Schedule Dates Issuance of Solicitation February 17, 2017 Optional Pre -Proposal Submission Conference and Site Visit March 16, 2017 Deadline for Questions April 10, 2017 Proposal Submission Deadline May 24, 2017 Adoption of Legislation Authorizing and Directing the City Manager to Execute a Lease subject to Referendum approval TBD Referendum TBD D. LEASE The City requires that a Lease agreement ("Lease"), in substantially the attached form as in Exhibit "C" herewith, be executed upon approval of the Successful Proposer (or "Lessee") by the 34 City Commission. The terms and conditions within the Lease will capture the use of the Property according to the parameters of the proposal and this RFP. Please note that the form lease included as Exhibit "C" is a draft that will be revised to reflect all of the requirements specified in this RFP as finally negotiated between the parties, subject to review and approval by the Office of the City Attorney. Where the terms of the form Lease included as Exhibit "C" are in conflict with the terms contained in this RFP, the terms of this RFP shall govern. The City will not consider a sale of any part of the Property. The Successful Proposer shall have no vested rights, nor any title or interest in the property or in the development proposed thereon until a Lease is fully executed, and then only in the manner stipulated therein. The Lease shall not confer on, or vest in, the Lessee any title, interest, or estate in the Property other than a leasehold interest. The Lease will be furnished by, and always under the possession, custody, and control of the City; however, the actual terms of the Lease shall be negotiated between the Successful Proposer and City staff, subject to final approval by the City Commission. Once the parties agree to the terms of the Lease, the executed Lease shall comply with this RFP. Certain clauses of the Lease shall be deemed nonnegotiable, including, but not limited to, term, revocation, insurance, indemnification, taxes and impositions, public records, compliance with RFP requirements, etc. Notwithstanding the above, Proposers may request additional terms within the aforementioned nonnegotiable clauses so long as they are consistent with the solicitation. Revisions to non- negotiable terms shall be disregarded. The City may make additional changes to the Lease prior to execution to ensure consistency with the terms of this RFP, subject to review and approval by the City Attorney. The Lease may be assigned or transferred to a third unrelated party during the lease term, subject to and at the discretion of the City, which shall not be unreasonably withheld conditioned or delayed. Such transfer or assignment may be subject to financial and operational ability of the transferee, including that the proposed transferee shall not be deemed non -responsible for the criteria specified above in Section II.G., shall comply with the various requirements specified in this RFP, and at no time shall be allowed without the consent of the City. Any such assignment or transfer prior to the fifth (5th) anniversary of the Lease Effective Date, shall require a payment to the City equal to four percent (4%) of gross proceeds from the transfer; at any time after the fifth (5th) year, a five percent (5%) payment of the gross proceeds will be due to the City upon transfer ("Transfer Fee"). The above -mentioned Transfer Fee will apply even if the transfer or assignment is to a related, subsidiary, or affiliated entity, except for those transfers made for estate or tax planning purposes or those transfers required by a lender, and for which no proceeds will be realized upon transfer, as evidenced by documents submitted to the City. Note: All leasehold improvements shall become the sole property of the City upon the expiration or earlier termination of the Lease. Additionally, the Lease will provide a review period to confirm compliance with the RFP and other Lease requirements, including the redevelopment schedule. Proposer' s failure to achieve any of the development milestones is a Lease default, unless otherwise granted a waiver by the City as specified in Section III.A.14. Such default entitles the City to claim the Deposit and the Successful Proposer' s leasehold interest shall revert to the City, at the City' s discretion. Further, the Lease shall provide that the City will be provided with all correspondence and material associated with the permitting process on a regular basis, including any studies and reports produced for the Project. E. BACKGROUND CHECK/DISQUALIFICATION 35 The City will perform, or cause to be performed, a complete background check and investigation (including obtaining credit reports) of the proposing entity and its principals. Proposers shall be required to submit a non-refundable fee in the amount of Five Thousand Dollars ($5,000.00) in the form of a cashier' s check or money order to cover payment of a background check and credit reports along with their RFP proposal submission ("Background Check Fee"). This shall be used to determine whether there is any information that could deem the Proposer non -responsive or non -responsible per Section II.G. In the event the cost of conducting the background and credit check exceeds Five Thousand Dollars ($5,000.00), Proposers shall be required to compensate the City for amounts paid within ten (10) days' notice from the City. Proposers must submit forms providing the City with Proposer' s consent to conduct background screening on the Proposer and all Proposer' s principals using the form provided in Appendix 9 along with their proposal submission. For the purposes of this solicitation, a principal shall be defined as any person, individual or entity having any ownership or major operational role in the Proposer' s Project. Proposers that include as part of their team foreign nationals or foreign entities must fully comply with all of the requirements of the Patriot Act. Those Proposers who do not comply may be disqualified from further consideration in this RFP process. Once the Proposer has submitted the Registration Form (Appendix 2) together with the Registration Fee, the Proposer may provide the City with the background and credit check Consent Forms (Appendix 9) together with the Background Check Fee prior to the proposal submission deadline in order to obtain preliminary review of the proposing entity' s responsibility. Upon receipt of the requested documents and fees, the City will review and provide its preliminary determination within two (2) to three (3) weeks, subject to reasonable delays. Preliminary determinations of responsibility shall be provided by way of public posting on the RFP website located at www.virginiakeymarinarfp.com. Please note that any responsibility determination provided to Proposers is preliminary based on the information provided by Proposer, and may be changed in the event additional information is revealed at a later date. The City reserves the right to deem a Proposer non -responsible for any of the criteria specified in II.G. 36 IV. TECHNICAL SPECIFICATIONS A. MINIMUM PROPOSAL REQUIREMENTS & FORMAT PLEASE NOTE: THE SUCCESSFUL PROPOSER SHALL DEVELOP THE PROJECT PROPOSAL IN A MANNER THAT CONSIDERS AND COMPLIES WITH ALL OF THE REQUIREMENTS SPECIFIED THROUGHOUT THIS RFP. Proposers shall be required to submit a Proposal that includes all of the minimum proposal requirements specified below at the date of Proposal submission. Proposals shall be deemed responsive if they meet and provide the minimum proposal requirements below ("Minimum Proposal Requirements). Additionally, the City may issue requests for clarification or may request additional information from the Proposers. Proposers shall submit responses in a bound format with tab dividers separating each section. A minimum font size of 10 point, 1 inch margins, and single spacing shall be utilized on all text documents submitted. There shall be submitted one (1) original, eighteen (18) bound copies with tabs, one (1) unbound copy without tabs for possible duplicating needs and one (1) electronic copy submitted on CD, DVD, or Flash Drive. All required drawings shall be submitted in the scale herein specified. The Proposer must submit copies of all required drawings reduced proportionately to an 11" x 17" format. The reduced drawings shall also be submitted electronically and may be used on the City's website to inform the community about the proposals. No boards shall be accepted as part of the Proposal submission, but may be used at a later date for presentation purposes. Proposers shall utilize the following outline to prepare their proposals, adding tabs and sub -tabs as needed. 1. COVER PAGE The cover page shall include the Proposer' s name; Contact Person; Firm' s Liaison for the Contract; Primary Office Location; Local Business Address, if applicable; Phone and Fax Numbers, as applicable; Email addresses; RFP title and RFP number. 2. TABLE OF CONTENTS Table listing, in sequential order, the location of all contents, including required response forms, charts, illustrations, and additional enclosures. All pages of the Proposal, including enclosures, shall be clearly and consecutively numbered, consistent with the Table of Contents. 3. EXECUTIVE SUMMARY Summarize the proposal providing an overview of the proposal submission. 4. VISION, GOALS, AND OBJECTIVES OF PROPOSED PROJECT Summarize the vision, goals, and objective of the proposed Project. 5. COMMUNITY BENEFITS Summarize the range and quality of any programs to be offered as a benefit to the local community, including the number of potential jobs to be created and the considerations made to protect the environment. 6. REDEVELOPMENT SCHEDULE Proposers shall include renovation/redevelopment schedules for the leasehold improvements which take into account the commencement dates required by the City and delineates the 37 renovation or redevelopment of each component. The Proposal shall include a narrative accompanied by a graphic timeline or schedule detailing all phases of the development including developer due diligence, planning and design, permitting, construction, and operations. The schedule must include an explanation of how the phasing of the Project was determined and a projection of the Project completion time required following the development team receiving control of the site. 7. PROJECT PLAN The Project plan shall consider all of the principles, guidelines, and requirements specified in this RFP, as well as the principles stated in the Virginia Key Master Plan. A team of specialized, registered design professionals shall prepare the Project plan. Additionally, please note that any material changes to the original Project plan made after Miami City Commission approval of the lease and development agreement shall be subject to input from the Virginia Key Advisory Board and final approval from the Miami City Commission. The Project plan shall include: (a) Narrative Description of the proposed Project plan: Proposer must include a detailed development plan for the marina and boatyard, restaurant, ship's store and all other components of the Project. Proposers must also specify how they plan to manage the site and maximize revenue through optimized slip management, restaurant patronage, and all other revenue -generating facilities on the Property. Additionally, Proposers must identify how they plan to accomplish the various components required by this RFP, taking into account the various Evaluation Criteria specified in Section III.C.2. (b) Site Program Analysis, including: • Overall site development including improvements, and surrounding modifications to the Property. • Number and use(s) of building(s), and respective square footages (both gross and rentable). • Number, type, size, construction and description of proposed operations by category. • Number of wet and dry slips (including total linear feet of each type specified). • Architectural features. • Permitting and environmental issues. • Features incorporated in light of environmental concerns, including protections for adjacent critical habitats and sea level rise. • Parking solutions or agreements. • Traffic Plan. • Sewage Plan. • Pollution Control Plan. • Storm Water Management and Hurricane Plan. (c) Conceptual renderings of overall site as well as from within the Project, illustrating: • Context. • Building Height. • Architectural Features. • Signage. 38 (d) Proposed Project Site Plan The Site Plan should illustrate the relationship and connectivity of the proposed Project to adjacent roadways, residential or commercial neighborhoods, Virginia Key, and the general area. The Site Plan should also identify the location of all the following: • Land/Space Uses. • Building Location. • Pedestrian Access. • Parking areas. • Landscaping. • Lighting. (e) Wet Slip Configuration: Proposer shall also include a conceptual configuration of the wet slips within the marina, identifying the length of each slip. (f) Construction Plan: Proposer shall construct and operate the Project at the Proposer' s own risk without benefit of financial guarantees from the City. Nevertheless, the City has an obligation to its residents to ensure that the Project is completed, or failing that, that the Project not be abandoned after commencement. Accordingly, the Proposer shall describe the terms and conditions it proposes to ensure construction and operation of the Project. 8. OPERATIONAL PLAN The Proposer shall provide a brief narrative on the Proposer' s plans for the management and operation of the proposed Project during the Lease Term, including as applicable, a description of services to be provided, number and type of employees to be hired, hours of operation, etc. 9. MARKET ANALYSIS AND ECONOMIC FEASIBILITY Proposals shall include the following information, providing an understanding of their likely market and economic feasibility: • A market analysis sufficient to establish the market support for this type of facility and other proposed uses, based upon analysis of demand generators, competitive supply, market pricing, competitive position, and anticipated market share/capture. • A projected development schedule. • An analysis of projected revenues and operating expenses broken out for each major component covering at a minimum the first fifteen (15) years of operation. • A written statement indicating the total dollar amount to be spent on permanent physical improvements to the Property, if any, including building improvements, site improvements and equipment purchases associated with the Project, as well as that required for all start-up costs and initial operating expenses. The development/renovation cost estimates shall be itemized to include significant line items within the major categories of hard, soft (including pre -development fees), and financing costs, and allocated by Project component, building and phase, as applicable. 10. FINANCIAL FEASIBILITY Proposals shall include a detailed financial feasibility and cash flow analysis. The financial feasibility of the Project shall be presented in a fashion to enable a clear understanding of the financial inflows and outflows of the projected revenues and any other financial returns over a 39 projected fifteen (15) year period. The analysis should include projected profit and loss runs, including revenues, operating expenses, development costs, debt service, etc., and an integrated financial cash flow projection showing the phased renovation, building, and completion schedule. Proposers must include a fifteen (15) year pro -forma in excel spreadsheet format including formulas. The pro -forma should include individual line items that support all proposed/projected revenues and expenses, inclusive of line items for gross slip revenue, gross marina operation revenue other than slip revenue, gross ship store revenue, gross fuel revenue, gross revenue from any other proposed income streams, individual line items associated for each of the corresponding percentage revenue calculations that apply to these revenue sources and are to be paid to the City, and all expenses. Please note that, for the pro -forma and other financial projections required by this RFP, NPV shall be discounted at five percent (5%). Gross revenue shall be defined as the total of all revenues, rents, income and receipts, received by Proposer from any person whomsoever (less any refunds) of every kind derived directly or indirectly from operation of the Property, including without limitation, income from both cash and credit transactions. 11. FINANCIAL PLAN a) Financing Plan Proposals shall include a description of the total estimated cost of construction and corresponding financing plan for the Project, including a description and estimate of all sources of construction and permanent debt and equity funds to be used in the Project. Estimated total construction costs should not be materially different than proposed unless as a result of unknown on -site conditions that are not readily observable or discoverable. Proposers shall ensure that target returns and other financing considerations are presented. The City reserves the right to further evaluate and/or reject financing commitments when the term, the identity of the financing source or other aspect of such financing is deemed not in the best interest of the City or the Project. b) Infrastructure Cost Estimate Proposers shall prepare and submit estimates of the initial infrastructure costs of the Project. The estimates shall be complete in that no cost elements are excluded, realistic in that quantities and prices used in developing the estimate reflect actual market level or best estimates of future price levels and credible in that the estimating methodology used is consistent with applicable industry standards and practices. For the purposes of this requirement, "infrastructure costs" shall mean all costs associated with roads, utilities such as water, sewer and electricity. c) On -Going Capital Infrastructure Costs This section shall include all elements or components of the capital assets that require future expenditures beyond normal maintenance, or replacement at the end of their economic life that are expected to occur within the Lease Term, including for example all costs associated with ensuring resiliency of the various components of the Project. Please note the preference to incorporate a resilient design with considerations made for sea level rise in order to provide structures with a longer anticipated economic life. Along with each element of on -going capital costs, Proposers shall estimate the corresponding contingency allowance with the estimate for each cost element. The Successful Proposer shall be required to contribute one percent (1%) of gross revenues to a Capital Infrastructure Escrow Account (per defined escrow requirements) to fund on -going capital infrastructures 40 costs. d) Operation and Maintenance Proposers shall describe in detail all sources of operations and maintenance funds for the Project. No government: funds, subsidies, credit enhancements, loans, loans guarantees, or other governmentally sponsored financial mechanism shall be proposed for the operation or maintenance of the Project. 2. FINAL RETURN TO THE CITY The Proposer shall provide a base rent to the City equal to or greater than Two Million One Hundred and Fifty Thousand Dollars ($2,150,000) annually, PLUS percentage rent equal to or greater than six percent (6%) of wet slip and dry storage operations, six percent (6%) of fuel sales, and four percent (4%) sublease income or other income received by Proposer from the use of the Property and periodic escalators. The City expects fair market value to be achieved from the escalating minimum guaranteed base rent, with percentage of gross revenues and any additional proposed rents providing the City with a share of the Project's financial upside. Proposals shall detail other financial benefits to the City such as estimated property taxes, and other non -financial benefits such as new jobs created. Please also note additional details regarding rent specified in Section M.A. 3. EXPERIENCE AND QUALIFICATIONS The Proposer shall provide details on the proven record of accomplishment, qualifications and experience of the key persons involved in the management and operations of the proposed business ("Business Team") and the key persons to be involved in the remodeling, renovation or build -out of any proposed improvements ("Development Team"). Proposers are required to assemble the requisite expertise, experience, financial and management capability to meet the below -mentioned threshold qualifications. As such, where applicable, these qualification requirements shall be applied to the Proposer' s team as a whole, in a manner that is commensurate with each members' allocation of responsibility. The City has identified the following factors that shall serve as threshold qualifications for this RFP process. The Proposer must meet the threshold qualifications outlined below in Subsections a) through c), and include as evidence of its qualifications the information required by Subsections d) through h): a) Experience: • At the time of submission, Proposer and/or its principals shall possess and have experience directly managing and/or operating a project of this scope and size within the last fifteen (15) years; OR • Proposer and/or its principals shall possess and have a minimum of any five (5) years of experience directly involved in the ownership and day-to-day operation of a project of this scope and size within the last ten (10) years. b) At the time of submission, Proposer and/or its principals, must have played a leading role or must have had principal responsibility or other demonstrated experience in the successful design, remodeling, renovation and build -out of a project(s) of similar size and complexity as the Project and uses proposed. c) Proposer and/or its principals must have had experience with the successful financing of at least one (1) project of similar size or greater. 41 d) Proposer must provide resumes as well as a summary of the credentials and experience of the persons to be used to qualify the Proposer for this RFP, including each of the Proposer' s principals as well as each member of the Proposer's Business Team and Development Team. e) Proposers must provide sufficient funds to conduct a background check as required by Section III.E., and the Proposers must be deemed by the City to be both "responsive" and "responsible" pursuant to Section II.G. f) Proposers must provide contact information for three (3) business references for each principal, and at least one (1) financial reference, including contact names, company and/or project names and contact telephone numbers of individuals who can attest to the projects with which the individual has worked. g) Proposers shall also provide evidence of financial wherewithal or financing from a financial institution either on a reference letter or Letter of Commitment, either of which must be attached as part of Appendix 3, showing the Proposer' s capacity to develop, maintain, and operate the proposed business operations. The financial reference letter or Letter of Commitment must be on the financial institution's letterhead stationery. h) Proposers must comply with the background check requirements in Section III.E. and submit executed consent forms for the Proposer and each principal on the applicable entity and individual consent forms attached hereto as Appendix 9. 4. PROPOSAL ATTACHMENTS (A) RFP Registration Form & Fee: Complete Registration Form attached hereto as Appendix 2 and pay the applicable fees associated with this RFP, including: (i) A non-refundable Registration Fee equal to One Hundred and Fifty Dollars ($150); (ii) A background check Fee equal to Five Thousand Dollars ($5,000); (iii) A Proposal Security equal to Twenty Five Thousand Dollars ($25,000); and (iv) Other fees shall be due after submission, on dates specified throughout this RFP a. Referendum Deposit — Due upon request after City Commission approval; b. Earnest Money Deposit — Due upon Lease execution; c. Parking Garage Contribution, as may be applicable — Due upon Lease execution; d. Commission Fee — Due upon Lease execution. (B) RFP Submission Form: Complete to its entirety the RFP Proposal Submission Form attached hereto as Appendix 3. Please note that a "responsible proposal" is one that has the capability in all respects to fully perform the requirements set forth in the proposal and the proposed Lease. A "responsive proposal" is one that conforms in all material respects to the Minimum Proposal Requirements of this RFP. Any missing information may result in the disqualification of the Proposal as non -responsive. (C) Business Team Qualifications: Complete the Business Team form included as Appendix 4. Resumes should be provided for all members of the Business Team. (D) Development Team Qualifications: Complete the Development Team form included as Appendix 5. Resumes should be provided for all members of the Development Team. 42 (E) Certifications: Complete the appropriate Certification of Authority attached in Composite Appendix 6. (F) Disclosure/Disclaimer: Complete the Proposer' s Disclosure/Disclaimer attached hereto as Appendix 7. (G) Consent Forms: Complete the Consent Form attached hereto as Appendix 9. (H) Non -Collusion Affidavit: Complete the Non -Collusion Affidavit attached hereto as Appendix 10. (I) Proposer's Organizational History/Structure and Chart: In a narrative form, please describe the Proposer's organizational and business history and explain why the Proposer' s background makes it ideal for this opportunity. Please also provide a visual representation in the form of an organizational chart. (J) Redlined Lease Agreement: Incorporate proposed revisions to the Form Lease Agreement provided as Exhibit C. (K) Additional Information: Proposer may provide any additional information to describe the Proposer' s proposed Project or capability to implement the Project. B. DEADLINE FOR RECEIPT OF INFORMATION / CLARIFICATION Pursuant to the Cone of Silence, any request for additional information or clarification must be received in writing no later than 2:00 p.m. on April 10, 2017. Interested individuals ("Proposers") may e-mail or fax their requests to the attention of, Jacqueline Lorenzo, Property Management Specialist ("Project Manager") at the City of Miami, Department of Real Estate and Asset Management at E-mail: jlorenzo@miamigov.com and Fax No.: (305) 400-5197. C. RECEIPT OF RESPONSES Provide one (1) original and eighteen (18) bound copies with tabs of the signed and dated proposal, one (1) unbound copy without tabs for possible duplication needs, as well as one (1) electronic copy submitted on CD-ROM or Flash Drive accompanied by the required documentation to the Office of the City Clerk, Attn: Todd B Hannon, 3500 Pan American Drive, First Floor, Miami, Florida 33133 no later than 2:OOPM on May 4-824, 2017. Responses must be clearly marked and labeled on the outside of the envelope/package as "Virginia Key Marina RFP No. 16-17-011" Failure to submit a Response by the due date and time, and at the location specified above, shall result in automatic disqualification. 43 DANIEL J. ALFONSO City Manager March 8, 2017 RE: Addendum 1, Request for Proposals ("RFP") No. 16-17-011 for the development and lease of Virginia Key Marina, a City -owned Waterfront Property for Marina/Restaurant/Ship Store uses. Attention Registered Proposers: This mailing is "Addendum 1" and becomes an official addendum to the RFP document. Enclosed please find the following items: • Notice of Site Visit and Pre -Proposal Submission Conference Pursuant to Section 18-74 of the City Code, this solicitation is currently under the "Cone of Silence". Any communication or inquiries, except for clarification of process or procedure already contained in the Solicitation, are to be made in writing by mail or e-mail to the attention of the Project Manager identified in the Solicitation, with a copy to the Broker and City Clerk. Should you have any questions, please do not hesitate to write: Project Manager Jacqueline Lorenzo City of Miami Real Estate & Asset Management 444 SW 2nd Avenue, 3rd Floor Miami, FL 33130 jlorenzo@miamigov.com Broker Lee Ann Korst CBRE 1 Public Institutions 311E. Park Avenue Tallahassee, FL 32301 leeann.korst@cbre.com cc: Todd B. Hannon, City Clerk Rafael Suarez -Rivas, Assistant City Attorney 1 aLitu of 4aILiami DANIEL J. ALFONSO City Manager ADDENDUM 1 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses NOTICE OF MEETING: Interested Proposers, Please be advised that a visit and tour of the site ("Site Visit") shall be held: Date: Thursday, March 16, 2017 Location: 3501 Rickenbacker Causeway, Miami, FL 33149 (Parking available adjacent to the Atlantica Seafood Restaurant) Time: Commencing at 1:00 p.m. Following the Site Visit, a conference ("Pre -Proposal Submission Conference") shall be held: Date: Thursday, March 16, 2017 Location: Miami City Hall Chambers, 3500 Pan American Drive, Miami, FL 33133 Time: Commencing at 2:30 p.m. While attendance at the Site Visit and/or Pre -Proposal Submission Conference is not a condition for submitting proposals, that is, it is not mandatory, all prospective proposers are encouraged and urged to attend. The Pre -Submission Conference is intended to provide opportunities to review the contents and requirements of the RFP, to clarify proposer concerns, and to answer questions. Additional information, including the RFP, and any addenda thereto, are available online at the following URL: http://www.virginiakeymarinarfp.com/ 2 DANIEL J. ALFONSO City Manager March 17, 2017 RE: Addendum 2, Request for Proposals ("RFP") No. 16-17-011 for the development and lease of Virginia Key Marina, a City -owned Waterfront Property for Marina/Restaurant/Ship Store uses. Attention Registered Proposers: This mailing is "Addendum 2" and becomes an official addendum to the RFP document. Enclosed please find the following items: • Memorandum Approving Selection Committee Appointments Pursuant to Section 18-74 of the City Code, this solicitation is currently under the "Cone of Silence". Any communication or inquiries, except for clarification of process or procedure already contained in the Solicitation, are to be made in writing by mail or e-mail to the attention of the Project Manager identified in the Solicitation, with a copy to the Broker and City Clerk. Should you have any questions, please do not hesitate to write: Project Manager Jacqueline Lorenzo City of Miami Real Estate & Asset Management 444 SW 2nd Avenue, 3rd Floor Miami, FL 33130 jlorenzo@miamigov.com Broker Lee Ann Korst CBRE 1 Public Institutions 311E. Park Avenue Tallahassee, FL 32301 leeann.korst@cbre.com cc: Todd B. Hannon, City Clerk Rafael Suarez -Rivas, Assistant City Attorney 1 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: Daniel J. Alfonso DATE: March 16, 2017 City Manager SUBJECT: Evaluation/Selection Committee for Lease of City - Owned Waterfront Property for Marinas/Restaurant/Ship's Store Uses Located at Virginia Key Request for Proposals No. 16-17-011 ' P FROM: Annie Perez, CPPO REFERENCES: N/A Director Department of Procurement ENCLOSURES: Committee Member Resumes The Department of Procurement, on behalf of the Department of Real Estate and Asset Management ("DREAM"), requests your approval of the appointment of the below -listed individuals to the Evaluation/Selection Committee ("Committee"), to evaluate and score the proposals submitted in response to Lease of City -Owned Waterfront Property for Marinas/Restaurant/Ship's Store Uses Located at Virginia Key Request for Proposals No. 16-17-011 ("RFP"). Pursuant to City of Miami Code of Ordinances Section 18-86(c)(6) Proposal Evaluation, "An evaluation committee shall be appointed by the City Manager for the purpose of evaluating proposals based upon the criteria contained in the RFP, RFLI or RFC...." The Committee shall be comprised of professionals that have the requisite knowledge and experience to evaluate and score the proposals pursuant to the RFP. At the February 9`", 2017 City Commission Meeting, the Miami City Commission directed the administration to ascertain that the composition of the Committee include a diverse selection of technical experts as follows: a member of the Virginia Key Advisory Board; a representative of the City's Department of Procurement; a representative of the City's Planning & Zoning Department; an individual with environmental expertise; an individual qualified in the management of marinas; one or more individuals with extensive financial knowledge; and additional qualified members the City Manager may appoint. Committee Chairperson (Non -Voting) Jacqueline Lorenzo, Property Management Specialist, DREAM Committee Members (Voting) Gary Milano, Virginia Key Advisory Board, Member Maria D. Carballeira, City of Miami, Department of Procurement, Procurement Administrator David R. Snow, City of Miami, Planning & Zoning Department, Acting Chief of Urban Design Amado Gonzalez, Miami -Dade County, Department of Solid Waste Management, Environmental Affairs Manager Thomas A. Morgan, Miami -Dade County, Parks, Recreation, and Open Spaces Department Heritage Parks, Beaches and Marinas Coastal Parks and Marina Enterprise, Senior Region Manager Jose A. Galan, Miami -Dade County, Internal Services, Real Estate Development, Division Director Alyce M. Robertson, Downtown Development Authority, Executive Director Alternates Penny Cutt, Gahagan & Bryant, Inc., Senior Associate James L. Fried, Sandstone Realty Advisers, President PR17139 Your signature below affirms your appointment of these individuals to serve as committee members and alternate members for the Lease of City -Owned Waterfront Property for Marinas/Restaurant/Ship's Store Uses Located at Virginia Key Request for Proposals No. 16-17-011. APPROVED: Cyr Daniel J. Alf o so, ity +tanager c: Alberto Parjus, Assistant City Manager Daniel Rotenberg, Director, DREAM Date: PR17139 Gary R. Milano 5974 SW 59 Street Miami, FI. 33143 (305) 661-3758 Biscayn@gmail.com EDUCATION Master of Science, Marine Biology and Coastal Zone Management, 1998, Nova Southeastern University. Bachelor of Science, Zoology, 1974, University of Florida. WORK EXPERIENCE 2015-2017 2014-2015 2013-2014 Environmental Restoration/Community Consultant, Miami, FI. Florida International University Miami- Dade County Environmental Resources Management The Nature Conservancy City of Miami Virginia Key Advisory Board Member Board Member (Not For Profit): Tropical Audubon Society, Urban Environmental League, Citizens for a Better South Florida Urban Paradise Guild, and the Friends of Cape Florida. Scientific Team Member, University of Miami Rosenstiel School of Marine and Atmospheric Science (RSMAS), Western Australia. Research included the mapping of the Stromatolite communities in Hamelin Pool (Shark Bay), Australia. Environmental Consultant, The Nature Conservancy, Saint Vincent and the Grenadines, Lesser Antilles. Responsibilities included working with the people and governments of the Grenadines with new information, tools and knowledge to help them address impacts from climate change (sea level rise) and apply nature -based, or ecosystem -based adaptation solutions for coastal resiliency. 1980 — 2013 Program Director, Miami -Dade County Department of Environmental Resources Management Habitat Restoration Program, Miami, Florida. Responsibilities included identifying and prioritizing regional restoration opportunities, developing detailed scopes of work and regional habitat restoration designs, developing legal documents, preparing local, state, and federal environmental permit applications, preparing and administering funding grants, coordinating the restoration planning and the contractor selection process, supervising the restoration implementation, and conducting the success biological monitoring, 1975 —1980 Research Scientist, State of Florida Department of Natural Resources, 100 SE First Avenue, St. Petersburg, FI. 33701, Research included Spiny Lobster Population Dynamics, Spiny Lobster Post larval Recruitment, Spiny Lobster Exploratory Studies, Red Tide Evaluations, Rock shrimp Population Dynamics. 1974-1975 Research Scientist, State of South Carolina Department of Natural Resources Marine Resources Research Institute, Charleston, South Carolina, 29422. Research included Marine Resources Monitoring, Assessment, and Prediction. PUBLICATIONS E.J. Little and G,R. Milano, Evaluation of Techniques to Quantitatively Monitor Spiny Lobster Post larval Recruitment, State of Florida Department of Natural Resources Marine Research Laboratory, 1975. Technical Bulletin. Barber, D., 5. Foster, and G.R. Milano. Migratory Behavior of Spiny Lobsters in the upper and middle Florida Keys. State of Florida Department of Natural Resources Marine Research Laboratory, 1977. Technical Bulletin. Milano, G. R. 1983. Bottom Communities of Biscayne Bay (map with text). Miami -Dade Department of Environmental Resources Management (DERM), Miami, FL. DERM Technical Publication . Markley, S., Milano, G.R., and Calas, E., 1992. Biscayne Bay Restoration and Enhancement Program shoreline and habitat guide, P11-120. In Proceedings 19thAnnual Conference on Wetlands Restoration and Creation. Hillsborough Community College, Tampa, Florida. Milano, G.R. 1999a. Cape Florida State Park Wetlands Restoration. Pp. 110-119 in Cannizzaro, P.J., (ed). 1999 Proceedings of the Twenty Fifth Annual Conference on Ecosystem Restoration and Creation. Hillsborough Community College, Tampa, Florida. Milano, G .R. 1999b. Restoration of Coastal Wetlands in Southeastern Florida. Wetland Journal 11(2): 15-24. Milano, G. R. 2000. Island Restoration and Enhancement in Biscayne Bay, Florida. Pp.1-17, In, P. J. Cannizarro, ed., Proceedings of the 26thAnnual Conference on Ecosystem Restoration and Creation. Hillsborough Community College, Tampa, FI. Milano, G. R. 2001. Chicken Key Bird Rookery: Restoration of a Coastal Mangrove Island in South Biscayne Bay, Proceedings of the 16th Biennial Conference of the Estuarine Research Federation. University of South Florida, St. Petersburg, FI. Milano, G, R. 2011. Barrier Island Ecosystem Restoration: Dune, Coastal Strand, Maritime Hammock, and Wetlands Community Habitat Restoration. Proceedings of the 38th Annual Natural Areas Association Conference, Florida State University Tallahassee, FI. Milano, G. R. 2012. Integration of Habitat Heterogeneity and Cost -Effective Restoration Techniques and Strategies into Innovative Large -Scale Wetlands Restoration Efforts in South Florida Urban Areas. Proceedings of the 9th INTECOL International Wetlands Conference. Orlando, FI. ADDITIONAL SKILLS & QUALIFICATIONS U.S, Merchant Marine Officer, Master of Steam, Motor or Auxiliary Sail Vessels of not more than 100 Gross Registered Tons Upon Near Coastal Waters. Scuba Certified since 1974 Competent skills in Microsoft Word, Excel, Access, Power Point, and GIS. Awards Urban Environment League Orchid Award for Environmental Excellence, June, 15, 2011. Tropical Audubon Society 2010 Dan Beard Government Service Award. Natural Areas Association, Carl N. Becker Stewardship Award, Presented at the 35th Annual Natural Areas Conference Banquet in Nashville, Tennessee on October 16, 2008. Miami -Dade County 2008 Employee of the Year. Urban Environment League Orchid Award for Natural Areas Restoration, May 16, 2007, Miami, Florida MARIA CARBALLEIRA (305) 416-1902 (Work) (786) 402-7376 (Cell) Email: angella5@yahoo.com EDUCAT I ON Bachelor of Public Administration Florida International University, Degree Conferred: December 1992 Ending G.P.A: 3.5 (Honors) WORK EXPERIENCE with a minor in Psychology Miami, Florida January 2016 - Present City of Miami Procurement Department Procurement Administrator • Develop solicitation documents, contracts, and amendments for the acquisition of professional architecture and engineering services, in accordance with State Statute 277.055; oversee the City's Pilot Program for the Construction Pre - Qualification Pool. • Supervise personnel engaged in processing, tracking, and reporting of information and documents pertaining to construction projects, change orders, and consultant services. Handle complex and high dollar value procurements for the Capital Improvement and Transportation Program (CITP), and other City departments. • Assemble materials and present training programs addressing each phase of project management procedures for the purpose of employee professional development, as well as improving accountability. November 2014 - January 2016 Miami -Dade Internal Services Department Procurement Management Services Division Rail Procurement Contracting Officer • Performed pre -award and post -award contracting functions including reviewing, planning, soliciting, evaluating, negotiating, awarding and administering large dollar value supply, services and consultant contracts in support of Miami -Dade County's Transit (MDT operations. • Reviewed procurement requests, statements of work, specifications, sole source and limited procurement justifications, as applicable, submitted by MDT for conformance with Federal Transportation Administration's Circular 12.20 current policy and recommended revisions, as necessary. Developed evaluation factors in conjunction with the MDT technical representative. • Selected solicitation type, (e.g., firm -fixed -price, task order, or fixed unit price, etc.), based on a variety of considerations such as complexity of the project, dollar value, availability of comparative price data and period of Page 1 of 4 contract performance. Determined method of procurement (e.g., Request for Proposal (RFP), utilized most frequently, Request for Qualifications (RFQ), or Invitation to Bid (ITB)), Identified sources of competition, in conjunction with the MDT technical representative. March 2013 to November 2014 and May 2007 to July 2012 Procurement Contracting Officer Miami -Dade Internal Services Department Procurement Management Services Division • Coordinated work with various County departments (i.e., Community Action and Human Services, Human Resources, Fire Rescue, Police, Corrections and Rehabilitation, and Animal Services, etc.) in developing RFPs, RFQs, Requests for Information (RFIs), Request for Expressions of Interest (REI), Leases, and Management and Operations agreements. • Conducted market research and industry sourcing while considering non-competitive actions (i.e., sole source, legacy and bid waiver) proffered by County departments for a myriad of goods and services. • Reviewed and analyzed complex scopes of work for flexibility, type of contract language needed and vendor requirements with client department administrators/project manager, • Developed contract specific language necessary to meet the needs of each procurement process. • Assisted County departments in developing detailed evaluation criteria including qualitative appraisal, pricing schedules and weighting of criteria based on the scope of work and departmental needs. • Negotiated complex contracts to obtain adjustments and refinements related to terms, conditions and cost of deliverables, as necessary. • Assisted the County Attorney's Office, as necessary, with, 1) the review of proposal responsiveness, 2) preparation for protest of procurement process, and 3) served as the County's procurement process witness in such protest proceedings. • Prepared contract documents, award recommendation/rejection memoranda and correspondence resolutions for County Mayor, Board of County Commission Committee and the full Board of County Commissioners. • Served as team facilitator for the purpose of training new employees and serving as their "partner/buddy." July 2012 to March 2013 Miami -Dade Water and Sewer Department Retail Customer Service Division Manager, Retail Customer Service • Supervised over 100 service agents through subordinate supervisors with combined responsibilities for the customer relations, customer services and collection units. • Participated and conducted special investigations of commercial and industrial customers to determine special service requirements; and negotiated new service with developers and property owners. • Negotiated settlements for service encroachments. • Reviewed and maintained quality control of all customer records. • Supervised the preparation of written reports, training materials, procedural manuals and work schedules; monitored customer service activities to determine compliance with established departmental rules and regulations. Page 2 of 4 June 2000 to May 2007 Miami -Dade Department of Procurement Management Administrative & Fiscal Division Manager, Procurement Administrative Services (Department Personnel Representative) • Managed the daily operations of the Administrative Services Unit engaged in personnel management and fiscal administration within the former Department of Procurement Management. • Administered the resolution of all departmental compensation issues. • Ensured compliance with ADA, FMLA and other County State and Federal regulations. • Coordinated the development and implementation of departmental training initiatives. • Drafted policies and procedures for departmental operations, specifically relating to employee development and recognition programs. • Prepared the annual budget submission for the Personnel Section. • Responsible for special projects including, but not limited to, active presentations to local Chambers and Councils in an effort to market "How to do Business With Miami - Dade County", assisted with the development and/or modification of ordinances relating to centralization of procurement activities, and other similar administrative projects, as assigned by departmental superiors. September 1995 to June 2000 Miami -Dade Department of Small Business Development Administrative & Fiscal Management Division Administrative Officer 2 (Department Personnel Representative) • Managed all personnel activities including recruitment, classification and compensation, labor relations, and training coordination. • Assembled information to be used in departmental presentations and special reports, specifically relating to the new Small Business Enterprise Program. • Administered all departmental procurement functions; reviewed contracts awarded, est-mated cost allocation needs, monitored contract life, renewal options and determined departmental needs to modify existing contacts. • Drafted departmental operational policies and procedures; composed memoranda and other correspondence for special projects relating to the administrative division. • Assisted with budget preparations, financial analysis and reporting relating to personnel costs ant_ effectiveness of departmental employee recognition programs, as requested by the Department Director and Office of Management and Budget. • Supervised the maintenance and control of departmental capital inventory. February 1995 to September 1995 Miami -Dade Employee Relations Department Employee Development Division Employee Development Specialist • Conducted the New Employee Orientation and the Customer Service and Communication Courses. Assisted in the planning, preparation, development and implementation of countywide employee development courses and revisions of existing courses offered to County employees through the Supervisor Certification Program. • Compiled, analyzed and reported on statistical data gathered through class evaluations. Assisted with research and development of material for procedural and employee manuals, and other related documents. Responsible for the procurement of Page 3 of 4 all training supplies and materials, which included securing vendor quotes, preparation of small purchase orders/requisitions and receiving orders. October 1993 to February 1995 Miami -Dade Transit Agency Public Services Division Transit Community Representative • Served as liaison for the Public Services and Planning Divisions of MDT and Miami - Dade County's transit customers/community. • Provided local community with transit -related information through town }hall meetings sponsored by District County Commissioners, ad hoc oral presentations at various Chamber of Commerce gatherings, churches and social services organizations. • Conducted transit -related training programs and public education meetings at elementary schools, college student orientations and other community events; sometimes serving as "Transit the Friendly Cat." • Compiled, analyzed, processed and responded to customer comments, suggestions and complaints received via telephone, correspondence, and public meetings. ADDITIONAL SKILLS • Certified Professional Public Buyer )May 2007 - Present) • Certified Green Belt - Lean Six Sigma - Active Strategy Initiative (March 2013) • 7+ years management/supervisory experience • Ability to lead, communicate, and execute organizational strategy under a quality driven system • Strong interpersonal skills with the ability to work effectively with people at all levels • Highly motivated, dependable, assertive and growth oriented • Ability to perform/prioritize multiple tasks with attention to detail • Excellent ability to reason, make decisions and exercise independent judgment in various situations • Proficient in MS Office products • Fluent in English and Spanish HONORS • Miami -Dade County Employee of the Year Runner -Up "Administrative Category" • Special Recognition Award - Department of Procurement Management • Outstanding Employee of the Administrative & Fiscal Management Division Award - Department of Small Business Development • Outstanding Performance in Training Award - Employee Relations Department Page 4 of 4 Current Address 12 NE 101 ST Miami Shores, FL 33138 David Robert Snow Contact Information P: 623-330-5438 E: dsnowmiami@gmail.com Professional Objective Strive to be a leader in the field of Urban Planning where I can implement my knowledge and experience I've gained from working within a major metropolitan region. Continue to expand my professional development by engaging new opportunities and ideas in the Urban Planning filed. Education Arizona State University - Tempe, AZ (August 2000 - May 2005) Bachelor of Science in Planning and Urban Development Course Wo-k: Urban Planning Studio III, VI; Planning and Development Control Law; Zoning Ordinance, Subdivisions and Building Codes; Planning Theory; GIS and Planning Support Systems Projects: Ronald McDonald House Tempe location - Site Design and Development Program (Fall 2004) Arizona Capital Mall Revitalization Plan - Assess, analyze and develop master plan; Neighborhoods Team Leader (Spring 2005) *Winner of the APA (American Planning Association) Best Student Planning Project Award - 2005* Professional Experience City of Miami - Miami, FL (April 2007 — Current) Planning and Zoning Department — Acting Chief of Urban Design Functions: • Coordinate urban design/planning efforts between interdepartmental agencies such as Public Works, Capital Improvements Program, Building and Code Compliance; • Coordinate urban design/planning items to be heard by the Planning, Zoning and Appeals Board and the City Commission; • Attend meetings as the department representative, when designated; • Supervise, training and provide guidance to professional planners and consultants on respective work methods, reviewing objectives, and techniques of execution and resultant findings; • Preparing scope of services for contract specifications defining the needs of Planning and Zoning; • Analyzing and evaluating the architecture, landscape architecture, and urban design of the neighborhoods of the City of Miami. Work entails planning, assigning and coordinating the work of support staff, assigned on a project basis, to undertake special studies. • Restructuring, developing and recommending amendments to the City Code and the Zoning Ordinance; • Serving as the Urban Development Review Board and Wynwood Design Review Board Officer; • Working with planners and consultants defining and directing urban design and planning goals and objectives for the City of Miami. City of Peoria - Peoria, AZ (August 2004 - December 2004) Planning and Zoning Department - Planning Internship Functions: • Restructure an extensive land use plan given to the City in 1999 for design guidelines for Central Peoria. Copperstate Technologies, Inc. - Glendale, AZ (May 1998- November2005) Engineering Department - CAD Technician Functions: • Work with engineering specifications and architectural layouts for life -safety systems Volunteer Services Habitat for Humanity - Phoenix, AZ (November 2003) Relay for Life Miami, FL (May 2008) Current Address 12 NE 101 ST Miami Shores, FL 33138 Experience and Duties David Robert Snow Contact Information P: 623-330-5438 E: dsnowrniami@gmail.corn Comprehensive Planning Supervise, coordinate and formulate the following comprehensive plan amendments: • Parks and Open Space Level of Service evaluation study • 2012 Evaluation and Appraisal Report of the Miami Comprehensive Neighborhood Plan • Port of Miami River Working Waterfront Settlement Agreement • 20-year Water Supply Facilities Work Plan • City wide future land use amendment to adjust density and intensity provisions to implement the Miami 21 • Annual update of Capital Improvement Plan • Public School Interlocal Agreement and Educational Element • Assemble and analyze public and private applications for land use amendments Zoning Development and Implementation Supervise, coordinate and formulate the following zoning amendments: • Create Neighborhood Revitalization District regulations for Wynwood and the City of Miami • Development of new sign code regulations (Article 10) • "Brickell CityCentre", "Miami Design District Retail Street" and "MAMA Wynwood" Special Area Plans • US Department of Housing and Urban Development TOD project • Coordinate local, regional and state agencies for consistency and compliance with policies Urban Design • Review landscape and streetscape requirements for new development projects • Establish neighborhood wayfinding signage program • Staff representative on the Urban Design Review Board • Oversee implementation of Virginia Key and Coconut Grove Waterfront Master Plans Committees and Work Groups • Acting member of the Miami Shores Village Planning and Zoning Board • Palmer Lake Area Master Plan work group • Forrrer Chair of Miami -Dade County Planners Technical Committee • Water Supply Plan Sub -committee • Parks and Open Space RFP Applicant Review Committee Public Outreach Organize public meetings, events and website updates for the following public information forums: • Wynwood NRJD-1 Planning Study • Comprehensive Plan amendment information workshops • Miami 21 public information workshops • Virginia Key Master Plan Charrette Continuing Education and Workshops Advance my skills and knowledge by attending and participating in the following workshops: • Broward County Metropolitan Planning Organization TOD workshop - 2011 • DCA Growth Management Implementation workshop - 2008-2010 • Florida Coastal and Land Development seminar - 2008 • Urban Land Institute Expo - 2008 • Rail —Volution - Miami, Florida - 2007 • Local Update of Census Address (LUCA) program training workshop - 2007 • South Florida G1S Expo - 2008-2011 Additional Experience Proficient with performing tasks with the following programs: • ArchGlS 10, AutoCAD 3D, Adobe Creative Suite (Photoshop, InDesign,Illustrator), Google SketchUp 8 and Microsoft Office 2010- (Outlook, Word, Powerpoint, Excel) AMADO GONZALEZ Employee I.D. # e21426 2525 N.W. 62 Street, 51" Floor Miami, Florida 33147 305-514-6675 EDUCATION • Bachelor of Science, Environmental Studies, Florida International University, Miami, Florida, 1989. • Associates of Art, Santa Fe Community College, Gainesville, Florida 1987. EXPERIENCE 5/23/16 — Present PWWM Environmental Affairs Manager, Department of Solid Waste Management (DSWM). Responsibility as the Environmental Affairs Manager include managing water quality activities to maintaining departmental environmental permits, supervising a hazardous waste program, monitoring programs in the remediation, mitigation of groundwater and air quality programs for all DSWM solid waste facilities. Duties include preparing weekly reports for the Operations Staff Meeting, monthly activity reports, supervising professional and technical staff, overseeing special projects and programs, reviewing and approving reports, and drafting responses to environmental regulating agencies, and assisting with division budget preparation. 6/15/15 — 12/31/15 Currently working out of class as Sen or Division Chief. In addition to my regular duties stipulated above, my extended responsibilities include attending weekly operation meetings, administering and managing special projects such as Munisport and Virginia Key, updating departmental status and tracking reports such as ASE and other reports, approving purchase orders and work orders, contracts management, preparing technical specifications for bid proposals, monitoring contracts, contractor performance, and authorizing payments for services performed. Currently nine employees and two temporary employees report to me. PWWM Environmental Affairs Manager (Out -of -Class), Department of Solid Waste Management (DSWM). Worked out -of -class as the Environmental Affairs Manager during this period in addition to regularly assigned duties and responsibilities. Performed duties that included managing water quality activities to maintaining departmental environmental permits, supervising a hazardous waste program, monitoring programs in the remediation, mitigation of groundwater and air quality programs for all DSWM solid waste facilities. Duties Included preparing weekly reports for the Operations Staff Meeting, monthly activity reports, supervising professional and technical staff, overseeing special projects and programs, reviewing and approving reports, and drafting responses to environmental regulating agencies. 9/11-5/22/16 Environmental Resources Project Supervisor (ERPS), DSWM. Assisted the Department in maintaining compliance with Federal, State, and local environmental ordinances, including applicable hazardous waste regulations and permitting conditions, at multiple solid waste facilities. Oversaw the operation and management of the two permanent Home Chemical Collection (HC2) Centers and provided environmental oversight at six solid waste facilities operated by DSWM. Duties included supervising five HC2 staff, including a 1-1C2 Supervisor, at the HC2 program and preparing the program's budget and assisting with any capital needs associated with the program. Conducting environmental oversight of the DSWM sold waste facilities which include preparing environmental permit applications, producing environmental monitoring reports for groundwater, leachate, and landfill gas, and responding to complaints. Administering and managing contracts and professional service agreements including the preparation of technical specifications for bid proposals, monitoring contracts, review of work orders and purchase request, contractor performance, and authorizing payments for services performed. Reviewing and approving disposal of contaminated materials at the County's solid waste facilities, participate in environmental studies related to land use, hazardous materials, air pollution, odor nuisances, and program compliance. Amado Gonzalez 2007-2011 Procurement Contracting Officer 2, Department of Procurement Management Administrating and coordinating Miami -Dade County's process for acquisition of goods and services. My duties included preparing solicitation, scheduling, reviewing submittals for responsiveness to the solicitation, coordinating meetings for the evaluation/ selection process, preparing and negotiating contracts, preparing award items to the Board of County Commissioners and/or the Mayor's Office under their delegated authority. Other responsibilities include contract management and contractor performance. 2004-2007 A&E Consultant Selection Coordinator, Office of Capital Improvements Administrating and coordinating Miami -Dade County's process for acquisition of professional architectural, engineering, and design/build consultant services. My duties included preparing Notices to Professional Consultants (NTPC) for solicitation, scheduling, reviewing submittals for proper technical certifications and responsiveness to the NTPC, coordinating meetings for the consultant selection process, and assisting in the preparation of the Professional Services Agreement contracts for user departments. 2001-2004 Environmental Resources Project Supervisor, Department of Environmental Resources Management (DERM) Supervising field inspectors, program administration, project management, contractor coordination. and enforcement. My duties included supervising six field inspectors that performed inspections at can& dredging worksites associated with the FEMA canal dredging project. Administration of the project included reviewing Request for Proposals (RFPs), assigning canals for survey, design, and construction, contract administration and reviewing invoices. Managing multiple canal dredging projects, contractor coordination, and attending construction meetings. Initiating and tracking enforcement related to canal easement violations and environmental issues related to canal dredging. 1992-2001 Hydrogeologist II, DERM Reviewing water quality and soil contamination data for permitted facilities and contaminated solid waste sites in Miami -Dade County. As a technical staff, my duties included reviewing contamination assessment reports and remedial action plans for impacts to groundwater and soils. Additional responsibilities included working with the Brownfield Initiative by organizing community work groups, educating the public through meetings and newsletters, and coordinating multiple government agencies. Assisted the State Cleanup Program by providing project management, implementation of work orders, and processing invoices for eligible environmental contractors working under the program. 1990 —1992 Inspector I, DERM Inspecting and writing reports for aboveground and underground storage tank facilities for compliance with State environmental laws and permitting conditions. Other responsibilities included conducting construction inspections, and responding to emergency response for releases of hazardous materials, enforcement of the provisions of the Miami -Dade County Environmental Protection Ordinance. 1989-1990 Biologist I, DERM Reviewing and issuing environmental regulatory permits, reviewing construction, platting, zoning applications with regards to the impacts on tree resources and native flora. Responded to tree removal complaints and prepared formal enforcement cases to achieve compliance with Miami -Dade County code. Performed site assessment for Natural Forest Communities and Environmentally Endangered Lands Program. PROFESSIONAL TRAINING Page 2 of 3 Amado Gonzalez • Miami -Dade County Supervisor Certification Program • 40-Hour Code Inspector Training Program CERTIFICATIONS Universal Public Purchasing Certification Council, Certified Professional Public Buyer, 2009 (Expired) SKILLS • Strong working knowledge of applicable environmental regulations specifically, the Miami -Dade County Environmental Protection Ordinance, Chapter 62-701 of the Florida Administrative Code (F.A.C.), and Chapter 403, Florida Statute. • Fluent in both English and Spanish. • Able to effectively and equitably interact with the public. • Proficient with all Microsoft Office applications, Microsoft Windows and associated utilities. REFERENCES: Available upon request. Page 3 of 3 Thomas A. Morgan 1629 N. Victoria Park Road Ft. Lauderdale, FL 33305 954-561-0931 Objective Experience 4/2015 - Present Miami -Dade County Parks Recreation & Open Spaces Department Heritage Parks, Beaches and Marinas Coastal Parks and Marinas Enterprise (HPBM/CPME) Miami, FL Senior Region Manager • Responsible for the operation, budget, stewardship and preservation of Heritage Parks, Beaches, revenue producing Marinas and public Tennis facility. • Thorough knowledge of Parks and Crandon Master Plan, local, state and federal regulations that pertain to the Parks, Marinas and Beaches operation. • Forecast and develop a Business Plan for a multimillion dollar revenue producing Enterprise. ■ Provide input for construction plans for parks and marina development. ■ Instrumental in the procurement of the Marina Software. ■ Oversee all work order requests for maintenance and/or improvements. ■ Plan and organize large special events. • Develop and maintain an effective working relationship with constituents, Program Partners, Lessees and public officials. ■ Supervise a staff of 139 full time and 102 part time in a manner conductive to full performance and high morale. 1/2012 - 4/2015 Miami -Dade County Parks, Recreation & Open Spaces Department - Coastal Parks, Marinas and Beaches Enterprise (CPME) Miami, FL Region Manager, CPME ■ Responsibilities include overseeing, planning, supervising, and directing a geographical region to include Metropolitan/Heritage Parks, Beaches, Ballfields, and Marinas. • Develop objectives, manage/monitor/forecast revenues and expenses, develop budget, evaluate progress of initiatives, review personnel, and exercise independent judgment and thinking. ■ Provide direction and supervision over subordinate managers, review schedules, makes recommendations regarding hiring, discipline and promotion. ■ Possess extensive special event knowledge. Knowledge of Crandon Park Master Plan, lease operations, film activity, and other contractual services. • Develop/implement Marina Marketing Plan Thomas A. Morgan 1629 N. Victoria Park Road Ft. Lauderdale, FL 33305 954-561-0931 2/2010- 12/2011 Miami -Dade County Parks & Recreation Haulover Park Service Area Haulover Beach, FL Haulover Beach, FL Park and Recreation Manager V • Responsibilities include Haulover Park/Marina, Greynolds Park, and Pelican Harbor Marina. • Manage Active Strategy & Lance Reports. Oversee park/marina planning, financial management, budgeting, & revenues/expenditures. • Oversee park/marina toll operations, security, and maintenance functions. • Coordinate and manage numerous special events. Perform additional assignments and duties as requested. 9/2006-2/2010 Miami -Dade County Parks & Recreation - Region 4 Miami, FL Region 4 Manager (Central Region) Planning and directing Park and Recreation services in a geographical location including supervision, operation, maintenance, recreational programming, developing objectives, and standards. 7/2003-9/2006 Miami -Dade County Parks & Recreation Miami, FL Tropical Park Service Area Park and Recreation Manager VI Assistant Region 4 Manager • Assist Region Manager in daily operations, problem solving, and supervision. Implement solutions and follow up. • Display professional managerial knowledge/thinking, and exercise independent thought processes to render sound judgment. 1/2001-6/2003 Miami -Dade County Parks & Recreation Miami, FL Tropical Park Service Area Park and Recreation Manager IV • Responsibilities include operations of Tropical Park including Tropical Equestrian Center, Tropical and 27th Avenue Boxing Centers, Tropical Tennis Center, softball and soccer, stadium operations, shelter rentals, permit agreements, security, maintenance, optimists operations and special events. Oversee A.D. Barnes Park, Brothers to the Rescue Park, Barnes Roving Crew, including Nature Center, pool, picnic, ball fields and maintenance. • Oversee 12 satellite parks including playgrounds, ball fields, basketball, and tennis courts. • Completion of Departmental and outside training and management seminars. Acting Region Manager upon request. Thomas A. Morgan 1629 N. Victoria Park Road Ft. Lauderdale, FL 33305 954-561-0931 1/2000-1/2001 Miami -Dade County Parks & Recreation - Larry & Penny Thompson Memorial Park and Campground Miami, FL Park and Recreation Manager 111 (acting) • Responsibilities included operation of a 270 acre metropolitan park including a 240 site recreational vehicle campground, 50 plus tent camping sites, a water slide, lake operations, fitness/bridle paths and natural areas. • Directed park maintenance, pool/lake lifeguards, park security, campground office, accounts receivable/payable, marketing, public relations, picnic shelter rentals and special events. • State of Florida Certified Pool Operator. 11/1996-1/2000 Miami -Dade County Parks & Recreation Miami, FL Greynolds Park Park and Recreation Manager II • Managed all operations of a 230 acre park and various satellite parks. • Directed maintenance, toll operations, security, public relations, marketing and special events. • implemented environmental programs including rookery, re -nourishment, and hammock restoration and provided assistance in Park's historical designation procedure. • Controlled annual budget and invoicing. • Assisted in golf course operations as required. • Acting Region Manager when required. 4/1995- 10/1996 Miami -Dade County Parks & Recreation Miami Beach, FL Haulover Beach Park Park and Recreation Manager IV ▪ Responsible for all operations including supervisory and administration in a large Metropolitan Park. Areas encompass: Haulover Beach Park, Marina, Golf, Tennis and Pelican Harbor Marina. • Supervised subordinate park managers, security, toll operations, grounds maintenance and coordinatcd special events. • Directed a $1.5 million budget and implemented spending and accounts receivable/payable procedures. • Managed all leases including Salty's Restaurant, Kelly Fishing Fleet and Haulover Resort Marina. • Acted as District Supervisor when required. Thomas A. Morgan 1629 N. Victoria Park Road Ft. Lauderdale, FL 33305 954-561-0931 4/1991-411995 Miami -Dade County Parks & Recreation Crandon Park and Greynolds Park Key Biscayne, FL Park Manager II ▪ Responsibilities included planning, organizing and directing various activities/ special events. Supervision of landscape and maintenance crews, toll operations, security, fiscal management and special events. ■ Assisted in golf course and summer camp operations. 11/1988- Goodyear Commercial Tire Division and Miami, FL 4/1991 Motorola Communications Account Executive Coordinated "in-house" sales, inventory control, annual budget supervision, dispatching, accounts receivable/payable, personnel management marketing/management seminars, communication system sales and system analysis. 5/1983- 10/1988 Miami -Dade Parks and Recreation Crandon Park Key Biscayne, FL Park Manager I and II/Recreatiion Leader Assisted District Supervisor and Park Manager IV with daily operations of Crandon and Calusa Parks, Key Biscayne Golf Links and Crandon Marina. 6/1982-5/1983 Miami -Dade Parks and Recreation Key Biscayne, Crandon Park FL Park Manager I/Park Attendant/Park Service Aide II ■ Coordinated daily activities for two summer camps ■ Organized Key Biscayne coed softball league ■ Assisted supervisors within the district with everyday functions of a large metropolitan park, golf course and marina. Special • Miami FC Professional Soccer, Junior Olympics Track and Field Event • U.S.T.A.F. National Youth Championship, Key Biscayne Players Tennis Experience Championship ■ PGA Senior Golf Tournaments • Superstars Competitions, marathons, triathlons, festivals ■ Love In, Ribfest, Hispanic, folk music and jazz ■ Dade -County Employee Picnics, corporate events, fishing tournaments • Inner City Games • South Florida Super Bowl Host Committee Member • National Recreation and Parks Association Transportation Committee. Thomas A. Morgan 1629 N. Victoria Park Road Ft. Lauderdale, FL 33305 954-561-0931 Continuing Education Education 12/2004 Florida International University Academy for Strategic Management 2/2004 University of Georgia The Executive Development Program for Recreation and Park Professionals 2/2001 Oglebay Resort and Conference Ctr. 5/2000 Florida International University Master's Degree awarded in Parks and Recreation Management 5/1984 St. Thomas University B.A. Sports Administration References References are available on request. Miami, FL Athens, GA Wheeling, WV Miami, FL Miami, FL JOSE A. GALAN 424 SANSOVINO AVENUE • CORAL GABLES, FL 33146 (786) 263-2277 Home (305) 310-2488 Cellular PROFESSIONAL EXPERIENCE 1988 - Present Miami -Dade County Government June 2012 - Present Director, Real Estate Development Division • Internal Services Department • Responsible for a staff of 19 involved in Countywide leasing, asset management, retail management and real estate development. • Overseeing the negotiations of commercial leases with County departments, non-profit groups and third party private entities. • Overseeing the sales and management of properties owned by the County. • Overseeing and negotiating agreements for various affordable housing development projects. • Oversight of the Neighborhood Stabilization Program (single-family and multi -family) and General Obligation Bond Program - affordable housing. • Part of the Mayor's Executive Team responsible for negotiations with the Miami Dolphins related to Sun Life Stadium. • Part of the Mayor's Executive Team currently renegotiating with the Miami Heat related to the American Airlines Arena. • Working on the close-out of the Marlins' Ballpark construction project and working on the ongoing requirements in the operating agreement between the County and the Miami Marlins, April 2009 - June 2012 (Special Assignment) Project Executive • Marlins' Ballpark Project • Responsible for the overall management of the contractual aspects of the ballpark project ($515 million) and the associated components that include LEED certification ($4.5 million). • Defining project scope, goals and deliverables; collaborating with senior management and stakeholders; effectively communicating project expectations to team members and stakeholders. • Identifying and providing recommendations for resolving issues and conflicts within the project; reviewing and tracking project timelines, milestones and deliverables using appropriate tools; developing and delivering progress reports and presentation analyzing and troubleshooting problem areas; proactively managing changes in project scope, identifying potential crises, and devising contingency plans while advising the County's Executive Office. • Managing and negotiating the public infrastructure improvements project ($25 million) while making decisions on scope changes and approving change orders, • Serving as the liaison between the City of Miami, Florida Marlins and various County departments. • Leading the Ballpark Working Group and managing the County's Owners Representative (URS Corporation). Jose A. Galan - Resume (305) 310-2488 Page 2 of 2 April 2005 — Present Chief, Program Legislation • internal .Services Department formerly Office of Capital Improvements • Responsible for the municipal and non-profit stakeholders in the General Obligation Bond Program (GOB), managing development and funding agreements. and authorizing payments accordingly. Reviewed land and property leases to insure compliance with GOB Administrative Rules. • Responsible for the construction training aspects of the GOB. • Responsible far all aspects of the Safe Neighborhood Parks Bond Program, managing development and funding agreements, and authorizing payments accordingly. • Liaison between the County and the Citizens' Advisory Committee. • Chosen for a special assignment to serve as the County's project manager on the new County ballpark project as previously referenced. March 2004 — April 2005 (Special Assignment) Project Executive • General Obligation Bond Program (GOB) • Integral team member that was a part of the Country's third largest GOB ($2.9 billion) that was approved by the electorate in 2004. All eight ballot questions in the program were approved serving as the sequel to the 1972 Decade of Progress Bonds ($552 million). • Assisted in the selection and scheduling of projects while working with the County Manager's Office, various County departments and all the municipalities in the County. • Executed the bond program's marketing plan which included making community presentations, appearing on television and radio shows and informing the public on the various ballot questions. March 2003 — March 2004 (Special Assignment) Assistant Department Director • Public Works Department • Replaced Henry Sori who was chosen to work with Mayor Penelas. • Responsibilities included assisting the Director with the day-to-day operations of the Department. • Supervised the Causeways Division, Mosquito Control Division, Right -of -Way and Assets Management Divisions and the People's Transportation Plan with a combined oversight of 160 employees and an annual operating budget of $70 million. • Planed, developed and prepared all Public Works legislation and policy. May 2001 — April 2005 Senior Budget Analyst • Office of Management and Budget (OMB) • Monitored, evaluated and forecasted revenues and expenditures, as well as, programmatic performance of County operations; conducted operational, managerial and financial reviews as required to improve County operations and performance. • Assigned to oversee budgets for: Human Resources, Solid Waste Management, GSA, Procurement, Water and Sewer, DERM, Planning and Zoning, OCED, Consumer Services, Finance, SBD, • and Seaport. • Prepared the County's second ever Five -Year Financial Forecast report. • Began at OMB as a Budget Analyst Ill, was promoted to a Senior Budget Analyst and chosen for two previously referenced special assignments. November 1996 — May 2001 Chief Causeways Division • Public Works Department • Directed and supervised a staff of 60 at the Rickenbacker and Venetian Causeways. Responsible for an annual operating budget of over $6 million and a five-year capital budget of over $10 million. • Responsible for overseeing the successful implementation of the causeways' electronic toll collection system created by Lockheed Martin, Corporation (LMC) — at the time, the system was state-of-the-art Jose A. Galan - Resume (305) 310-2488 Page 2 of 2 and installed prior to the State's SunPass system. Managed the agreement between the County and LMC. • Began as an Accountant II, promoted to an Administrative Officer III and ultimately ascended to the position of Chief of the Causeways Division. February 1988 — November 1996 Various Positions - Miami -Dade Police Department and Miami -Dade Water and Sewer Department • Began my County career as an account clerk with the Miami -Dade Police Department, promoted to Water and Sewer as a Customer Service Representative and later promoted again to the Miami -Dade Police Department as an Accountant I. November 1996 - September 1998 Real Estate Associate - Century 21 Realty • Worked selling residential property, commercial property, industrial property, vacant land, business opportunities, timeshares as well as, all sorts of leasing activity. EDUCATION Nova Southeastern University, Ft. Lauderdale, Florida Master's Degree — Business Administration • 1996 Nova Southeastern University, Ft. Lauderdale, Florida Bachelor of Science — Professional Management . 1994 Gold Coast Schools, Doral, Florida Real Estate Course • 1996 Gold Coast Schools, Doral, Florida Real Estate Course • 2013 Fluent in English and Spanish References available upon request AIyce Marie Robertson Work (305) 579-6675 robertson r maimidda.cotn A seasoned public administrator with 38 years in progressively more responsible positions in local government, who possesses the cornerstones of personal integrity, budget and fiscal responsibility-, human resource management, combined with creativity and innovation. An innovative and results -oriented manager with the historical context and know-how to build solutions for complex issues. Experience Miami Downtown Development Authority Executive Director 2008 to present Direct the activities of the Miami Downtown Development Authority, a public -private business organization that strives to develop Miami's downtown area to slake Downtown Miami the most livable urban center in the nation and strengthen its position as the international center for commerce, culture, and tourism. Through programs. services, and partnership with the City of Nliami and other governmental entities_ the Miami DDA is dedicated to positioning Downtown in the global marketplace: improving the quality of life to attract and retain employers, employees. residents, and visitors: making Downtown more business -friendly, compelling, and competitive: creating an environment that gives businesses the took to be competitive and create jobs: contributing to diversifying the econom.v and strentgthening i`vliamj s wwordd-class position: and building on strengths of leading industries and leverage strategy*ic advantages to expand tourism and overall economic base. The Miami DDA is charged with: • Ad\ocacy on behalf ofDor%ntomn \liami • Business recruitment, technical assistance, technology and finance sector development Research demographics, office and residential occupancy as resource to developers, realtors • Program sponsorship and partnership cfe\e{opment • Urban design and transportation, and historic preservation • Program development and execution • Ambassadors, greening, reduction of homelessness and quality of life projects • Marketing and public relations Achievements • Developed strategies for growth and rev initiation of Downtown Miami, through one of the worst recessions in our nation's history, Took a troubled agency with operational and financial management issues and the subject of a lengthy audit report by the City of Miami Independent Auditor General to award -winning as the 2012 Agency of the Year for the American Society for Public Administration, South Florida Chapter. • Transformed the fiscal accounting protocols and procedures to restore community trust in our organization. Demanded high standards of ethical behavior and performance from staff and addressed problems head-on. The agency received clean audits for 5 straight years. Implemented balanced budgets and workplans that align with the 2025 Master Plan. • Frequently quoted in the national, international and local media on the progress of Downtown Nliami, including the Wall Street Journal, Bloomberg News, Financial Times, the New York Times, the Miami Herald about the \liami DDA as well as appearing on local TV channels in English and occasionally in Spanish. Also engaged in public speaking engagements at conferences, real estate forums. • Cultivated effective relationships with key community groups. organizations, and leaders including business organizations, the Greater Miami Convention and Visitors Bureau. Greater Miami Chamber of Commerce, Beacon Council, Knight Foundation, Miami HEAT, Adrienne Arsht Center, Perez Art Museum, YoungArts, neighborhood associations. Maintained positive relationships with various governing bodies and Downtown Miami stakeholders, including -the Miami DDA Board of Directors, City of Miami Commission and staff, Miami - Dade County, and members of the state legislature and congressional delegation. • Advocated for alternative transportation solutions for public transportation, successful passage by City of Miami and Miami -Dade County of the Pedestrian Priority Zone covering the Miami DDA district to make Downtown Miami more walkable and livable, All Aboard Florida. rubber tire trollies, commuter rail on the FEC corridor, and light rail to Miami Beach. Page 2 • Directed efforts to make the streets of Downtown Miami cleaner, greener, and safer, spending one quarter of the Miami DDA budget annually. Enhanced services by supporting police initiatives, such as the Repeat Nuisance Offender Program with the State Attorneys Office, formulation of a Homeless Task Force to make recommendations on dealing with the problem of chronic homelessness, and added Downtown Ambassadors and crews to make streets more inviting. • Sueeessfully advocated for public realm impro\etnents with the Florida Department of Transportation, Miami - Dade County and the City of Miami. including funding for Ftauler Street and S. Miami Avenue redevelopment. siglage and wayfinding and new parks and parklets, • Identified a need for an education strategic framework from cradle to grave, K-12, higher learning and adult education with partnerships with University of Miami, FIU, Miami Dade College, Miami Dade County Public Schools, Downtown Charter School, Children's Museum • Developed strategies for economic development, including coordination of cultural offerings as attractions to visitors and businesses, which led to the founding of :art Days. a 3-day celebration of Downtown Miami arts institutions. Developed outreach to the financial industries in Nev York and Connecticut, Represented the Ntiara_ DDA on Business and trade missions to Brazil and Spain. Developed and successfully sought partnerships in tech sector with Venturel-live and eNlerge Americas. Miami -Dade County, Florida Office of the County Manager Community Image .1lana er 200-1 to 2008 Developed the initiative to coordinate improvements to the physiea1 appearance of the transportation corridors that cross state, county. and thirty-five { ; 5) municipal jurisdictions to the benefit of residents and visitors to Miami -Dade County, In 2006, over 11.4 million tourists traveled our major transportation corridors and gateways and fueled the local tourism -based economy. The livability of the community and enhancement of Miami -Dade County for visitors relied and continues to this day- on the establishment and maintenance of the green infrastructure. Duties and Responsibilities • Expanded the reach and programs of the Community Image Advisory Board (CIAB) and advocated and implemented projects of the Board. • Built partnerships between the County, State, municipal. business, school, and community -based organizations to identify opportunities to enhance the green infrastructure along CL- B gateways. • Developed policies to aumment the tree canopy deficit and wrote the Countywide Street Tree Master Plan that was approved by the Miami -Dade County Commission in 2007. • Advanced media and public relations requirements of the CIAB and educated the public of the value of a clean and green community for the tourism -based economy- and well-being of residents, • Supervised CIAB Inspector- and Neighborhood Enhancement Action Team (NEAT) for targeted actions along priority gateways. Special .-Issignmentfor Emergencies 2004 to 2008 Directed, coordinated, planned. and implemented the deployment of County employees through the Disaster Assistance Employees (DAE) Program. Ensured the DAE Team is prepared to activate when needed. The DAE Program identified employees tar task assignments necessary in the aftermath of a disaster, assigning and training employees. This Program required the cooperation of all County departments. In the immediate weeks following Hurricane Wilma (2005), 3500 employees were successfully deployed to direct traffic, deliver meals to the elderly, and distribute water, ice and food at Points of Distribution (PODS), Page 3 Department of Environmental Resources Management (DERM) A.ssisrartt Director 199.1 to 2004 One of the largest local environmental agencies in the nation, DERM's mission continues to be to restore, enhanced. conserve and manage the air, water and land resources of Miami -Dade County for the health, safety and enjoyment of South Florida residents and visitors. DER' employed over 550 full-time employees and had an annual operating budget cf approximately SR million. Supervised and managed of the divisions of Computer Services, Code Enfor,:ement, Sustainable Environment and Education, Code Coordination and Public Hearings, BCC Agenda and Legislative Coordination. Duties and Responsibilities • Developed and executed department policies relating to community, municipal and business outreach. including strategic planning. environmental education, communications and media relations. • Directed staff reti iesv and research of -zoning and environmental code materials in preparation for zoning actions and Environmental Quality Control Board hearings_ • Supervised regulatory and enforcement activities. • Directed the preparation of departmental a<cenda items for the County- Commission and the Environment and Governmental Operations Committee and developed and tracked environmental legislative issues at the local. state and federal levels. • Created and supervised departmental information technology strategic planning and implementation. • Coordinated departments disaster. emergenc' response, and safety and training programs. • Hired. evaluated. conducted disciplinary actions. and dealt with union issues with subordinate staff. • Represented the department at public hearings and meetings, including Board of County Commission meetings, Ens ii'ani,ztntal Qua!itControl Board, Community Zoning Appeals Boards and consultant selection panes, Achievements • Initiated and implemented one of the largest reforestation efforts in the nation and obtained S6,000,000 in funding for the program from the State of Florida. The .adopt -a -Tree Program received a National Association of Counties award in 2002 for Innovative Governmental Programming. • Expanded zdncation and outreach to diverse populations of Miami -Dade through special cents such as B;avnonza.. Adopt -a -Tree, Down to Earth television programing, and sustainable environment workshops with materials presented in English. Spanish and Creole. • Developed and conducted municipal presentations to educate and enhance compliance regarding the County environmental code. • Upgraded DERN1's disaster preparedness and response. • Established trustworthy working relationships with media outlets and served as spokesperson for crisis management such as droughts-, sewage spills, and other environmental emergencies and on -going programming for education of Miami -Dade residents on issues of critical environmental concern. • Appointed to sell e on the Maor's Eff1ciencx and Competition Commission, 2000-2002. County Manager's Office Assistant Admnistrator and Senior administrative Officer 1987 to 199-1 Duties and Responsibilities • Developed, implemented management policies and long-range planning activities, and provided guidance to departments on the policies of the Manager, Assistant `Manager, and the County Commission. County departments included Transit, Public Works. Metropolitan Planning Organization. Environmental Resources Nlanagement, Fire and Rescue, Trauma. Cultural Affairs Council, Art in Public Places, Performing Arts Center Trust, Americans with Disabilities Act (ADA1, Information Technology, Building and Zoning, Plaruiing, Page 4 Aviation, Seaport. and Solid Waste Management. Also. reviewed and approved agenda items for the Count), - Commission and its committees and represented the County Manager's Office on County boards, staff committees and consultant selection panels. Reviewed personnel disciplinary actions and made recommendations to the County Manager on final Count), action. Achievements • Researched. designed and implemented the County's .Americans with Disabilities Act Compliance Plan Nvith over S90 million in planned capital improvements to pro ide access to County programs and facilities to persons with disabilities. • initiated and developed Operation Helping Hands within three (3) days, a post -Hurricane Andrew volunteer systems. Includineg hotline response, volunteer transportation and training, assessment and assignment of volunteers to areas hardest hit by the hurricane. • Coordinated logistics. agenda and community input for the 19S9 Miami meeting- of the United States House of Representati\ es .Appropriations Committee on Transportation and Related Agencies. • Organized and managed events for Summit of the Americas. National Association of Counties, and the American Society for Public Administration conferences. Employee Relations Department Assistant to the Director 1982 to 198' Senior manager in an agency responsible for all aspects of personnel mana°lenient for over 20,000 employees including labor relations and disciplinary actions, pay roll, recruitment. persoirnel services, compensation and benefits, atfirnaatie action, and employee training functions. Developed. monitored. and controlled departmental budget: authorized Department purchases. and supervised accounts payable functions. Designed, coordinated and supers ised the County workforce planning and budgeting program. initiated and implemented the creation of the Employee Resource Center. a direct source of information for County employees and service .o operating departments. Office of Management and Budget Budget ,-lnalvst 1930 to 1982 • De%eloped operating budgets in conjunction with County departments. Monitored performance objectives, examined, analyzed, and tbrecasted department expenditures and revenues. • Reviewed and resolved specific management and policy issues and participated in special projects and perfoniied cash flow analyses as needed. Management Trainee 1979 to 1980 Perfonned administrative duties and special projects pertaining to budgeting, finance, environmental concerns, federal iaw enforcement grants, and community relations in the following County departments: Environmental Resources 1 ianagenient, Aviation, Developmental Impact Committee, Employee Relations, Finance, Police, and the Office of i4tanagement and Budget. Other Employment Relevant to Trilingual Capabilities • Indiana University. Bloomington. Indiana, Department of Spanish and Portuguese, Associate Instructor, 1977 to 1979 • Associacao AIumni. Sao Paulo, Brazil, English Teacher 1975 to 1976 Page Education Master of Public Administration Indiana University. Bloouiingr• n, Indiana, Magi 1979 Bachelor of Arts Double Major in Spanish and Portuguese Indiana University, Bloonrr`trgtnn, Indiana, May 1977 Inaugural Class. Academy for Strategic Management -Excellence and Ethics in Management," Institute of Government - Florida International University, .Lliarrri, FIoriJla 1997 Overseas Study Universidade de Sdo Paulo, Silo Paulo, I3ra-i1, 1975 to 1976 Professional and Civic Activities • Leadership Florida, Class XXVIII • Greater Miami Chamber of Commerce, Board of Governors, 2008-present • Beacon Council, 2008 to present: One Community. One Goal Steering- Committee • Florida International University. President's Council and School of Business, Deans Council • Community Image Advisory Board, member 200.5 to present • Presenter. Miami -Dade County Delegation, Nations in Bloom International Competition, Shenzhen, China. December 2001 NIiami-Dade County received the award for Heritage N[anagement for its efforts with the Miami Circle. Deering Estate. Vizcaya, Biscayne Bay Restoration. and the Everglades • Morningside Historic Education Society, Charter Treasurer. 2000 to 2004 Awa rds • Outstanding 'Woman in Government and Lai 2014. Miami -Dade Count- In thy-, Company r,1 lrumen • Agencv of the Year, 2012, .American Society for Public Administration. South Florida Chapter • Most Influential Women 2012, South Florida Business Journal • Junior League of Miami, 1989 to present • Committees: Oiir _Ilan=lc City r191)1) - Assistant Producer and Film Coordinator and Executive Producer of the translated version. .A uestro Miami: La Ciudad Iliigica (199 }), a historical film produced by the League with community funding and participation and aired on WPBT-Channel 2, NIDTV-Channel 34. and WLRN-Channel 17 • Dade Heritage Trust. 1986 tc present • Prologue Society. 1994 to present • County ilanag-er-s Ack isor\ Comm ittee on Women's Issues.. 1998 to 2000 • South Florida Community Urban Resources Partnership. Board of Directors. I 99S to 2001 • Miami Centennial -96 Executive Committee: Co - Chair, Government Relations. 1993 to 1996 • Certificate of Merit, United States Coast Guard. June 2001 • 2000 Te11\ Award. "Walk on the Wild Side" • Switchboard of Miami, Volunteer Crisis Counselor, 1982 to 1989 - Volunteer of the Year 1 984 Publication • Public Administration Review, American Society for Public Administration Board of Editors, 1984 to 1986 Article Published_ "Controlling the Workplace by Planning for People: Metro -Dade Count... Public Administration Review, Volume -14, No, 2, March, April 198-1 • America. the Owner's Manual: rtilakinrf Go\ ernnient Work For You: by Bob Graham, pus. 76-78 Languattes Fluent in Spanish and Portuguese Penny L. Cutt, Senior Associate OBA Ft. Lauderdale, Florida CREDENTIALS Marine Biology and Coastal Zone Management, dual major Nova Southeastern University, Dania Beach, Florida Master of Science, Coursework Completed 2000, Pending Capstone Review Agricultural Operations Management, Specialization: Bioprocess Management University of Florida, Gainesville, Florida Bachelors of Science 1992 ENGINEERS * SURVEYORS CERTIFICATIONS AND TRAINING USAGE Jacksonville District Leadership Development Program 1 Managing and Leading ] Human Resources Management 1 Leadership Education and Development Course J Leadership Philosophy 1 Managing Change, Coaching, and Effective Communications 1 7 Habits of Highly Effective People 1 Leadership Reaction Course 1 Leadership for Learning I Media Training & Public Speaking 14 Disciplines of Execution 1 Coastal Project Planning / Regulatory IlA Procedural Issues / Regulatory IIB Decision Making / Regulatory IV Wetland Delineation / Regulatory VII Regional Meeting 1 Advanced Scuba J Bleach Watch J Lionfish Collection J DAN Emergency Oxygen, CPR, and First Aid PROFESSIONAL EXPERIENCE Gahagan & Bryant Associates, Inc., Ft. Lauderdale, FL July 2016 - present Senior Associate • NEPA, Regulatory, and environmental consulting for coastal projects • Project Manager for coastal projects • Marketing and business development for coastal engineering firm • Opened and manage Ft. Lauderdale office Coastal Systems International, Inc., Miami, FL July 2007 - July 2016 Director 1 Regional Manager • Marketing and business development for coastal engineering firm • Opened, staffed, and managed Palm Beach Office to include environmental and engineering disciplines • Develop budgets, prepare financial projections, and make recommendations regarding staffing levels • Supervise and mentor Project Managers in both the Coral Gables and Palm Beach offices on beach, marina, and open water projects • Primary point of contact for local, county, and state public agency and private sector clients • Respond to Requests for Qualifications, present to selection committees, negotiate contracts, and prepare scopes of work for assigned task orders • Prepare proposals, conduct due diligence, prepare project feasibility assessments, develop conceptual designs, coordinate preparation of permit sketches, participate in pre -application meetings, respond to agency requests for additional information, and coordinate with project attorneys, engineers, and architects to ensure full integration of applicable project components throughout development • Present at conferences and represent Coastal Systems as exhibitor to include Florida Shore and Beach Preservation Association, Environmental Permitting Summer School, and Continuing Legal Education • Oversee environmental field work to include scuba diving and vessel operations, as well as technical documentation, basemap preparation, and reporting • Diving Safety Officer overseeing AAUS organizational membership PENNY L. CUTT QBA ENGINEERS * SURVEYORS U.S. Army Corps of Engineers, Florida Nov 2002 - July 2007 Team Leader / Section Chief • Led and managed a team of professional and administrative staff to implement the Corps regulatory program across five counties in southeast Florida • Reviewed and approved permit decisions and facilitated negotiations among applicants and federal commenting agencies on controversial and complex projects, including proposed mitigation • Conducted and facilitated meetings to achieve balance between applicants and resource agencies, which met the project purpose, while protecting the aquatic environment • Ensured consistent, accurate, equitable, and environmentally sustainable permit decisions • Trained staff on working effectively to achieve positive solutions on various aspects of the regulatory program to include the National Environmental Policy Act (NEPA), the Clean Water Act (CWA) 404(b)(1) Guidelines, regionally specific • Threatened and Endangered species issues, and the Magnuson -Stevens Fishery Conservation and Management Act (Essential Fish Habitat) • Served as the Federal Navigator for the Southeast Florida Coral Reef Initiative (SEFCRI) Maritime Issues & Coastal Construction Impacts (MICCI) workgroup and National Steering Committee Member for the U.S. Coral Reef Task Force representing Corps Headquarters, the Office of the Assistant Secretary of the Army for Civil Works, and the Jacksonville District • Executed regulatory program pursuant to Section 10 of the Rivers and Harbors Act, Section 404 of the Clean Water Act, and Section 103 of the Marine Protection, Research, and Sanctuaries Act South Florida Water Management District June 2001 - Nov 2002 Staff Regulatory Professional, Regulatory Division, Compliance Section Miami -Dade County Dept. of Environmental Resources Management Aug 1994 - June 2001 Biologist, Natural Resources Division, Coastal Resources Section Pollution Control Inspector, Compliance Section, Miami River Enforcement Group Pollution Control inspector, Pollution Prevention Division, Storage Tank Permitting Section RELEVANT APPOINTMENTS Broward County Marine Advisory Committee 2010-present Appointed member of Broward County Marine Advisory Committee. Provide recommendations to Broward County Board of County Commissioners regarding marine and recreational boating related matters in Broward County. Review boating improvement projects submitted by Cities, County, and other governmental agencies, and make recommendations to the Board of County Commissioners for the expenditure of funds retained from State vessel registration fees for the Broward Boating Improvement Program. Review enhanced marine safety and boating safety education projects submitted by law enforcement agencies and other boating related agencies and make recommendations to the Board of County Commissioners for the expenditure of local funds from the Broward County Enhanced Marine Law Enforcement Grant Program. Recommend policies and programs to the Parks and Recreation Division for consiCeration by the County Administrator and County Commission for ail existing and future needs of Broward County regarding recreational marine facilities and services. Pompano Beach Marine Advisory Board 2009 - present. Appointed member of Pompano Beach Marine Advisory Board. Advise City of Pompano Beach Commission regarding management of the City's 32 miles of inland waterways. Review applications for variances to City Code and provide recommendations to Zoning Board of Appeals. Make recommendations on conditions of waterways, safety and traffic control, boat docking, service operation of City marinas, boat launching, and other waterway issues. Friends of Our Florida Reefs 2016-present Board Director of Friends of Our Florida Reefs. This Friends group was founded in April 2015 as a nonprofit, non -governmental citizen support organization, inspired in part by the State of Florida's Our Florida Reefs community planning process. Friends of Our Florida Reef's mission is to assist and enhance the critical efforts of the Florida Department of Environmental Protection, Coral Reef Conservation Program to conserve and protect the northern section of the Florida Reef Tract by filling PENNY L. Curl- T GBA ENGINEERS * SURVEYORS significant budget gaps, preparing for rapid response to emergencies, and self -initiated direct action, education and outreach. As a dedicated citizen support organization, Friends of Our Florida Reefs will work in concert with governmental agencies and like-minded nonprofit organizations committed to keeping this vital natural resource healthy and bountiful for the diverse indigenous wildlife that call it home, and the millions of people living and/or vacationing in southeast Florida. United States Coral Reef Task Force 2002 - 2004 Served as the United States Army Corps of Engineers and Assistant Secretary of the Army for Civil Works (ASA(CW)) representative on the steering committee of the U.S. Coral Reef Task Force, advising the ASA(CW) on all aspects of Corps activities, both regulatory and Civil Works, related to coral reefs. This included providing executive level advice to the ASA(CW) and the leadership of other Federal agencies on how the National Environmental Policy Act (NEPA) and the 404(b)(1) Guidelines compliance was involved in protection of coral reefs in Corps regulatory and civil works programs. Actively participated in Coral Reef Task Force Steering Committee Meetings, prepared presentations for ASA- (CW) to present at meetings, and represented ASA(CW) at US CRTF Meeting in Palau. Southeast Florida Coral Reef Initiative 2002 - 2012 Served as Federal Navigator for the Southeast Florida Coral Reef Initiative Maritime Impacts and Coastal Construction Impacts Working Group. This group was successful in implementing a relocation of the United States Coast Guard anchorage relocated to reduce the chronic problem of ships grounding on the nearshore reef system. This group worked to SEFCRI MICCI — including modification of anchorage area to protect reef lines Permanent International Association of Navigation Congresses 2004-2007 Principal US Representative to Environmental Committee Working Group 15 tasked with developing criteria for Environmental Aspects of Dredging and Port Construction around Coral Reefs and Cold Water Hard Bottom Benthic Communities. National Oceanographic and Atmospheric Association 2007 Member of Federal Advisory Committee for NOAA Fisheries Acropora sp. Recovery Team assisting in the development of a Biological Assessment to be used to define critical habitat for the Endangered Species Act listed Acropora cervicornis and Acropora palmata corals. Permanent International Association of Navigation Congresses 2005 Cutt, Penny L. and Studt, J., 2005. Avoiding, Minimizing, & Mitigating Coral Reef Resource Impacts Associated with Project Construction, US Section PIANC Bulletin, Third Quarter, 2005. PROFESSIONAL AFFILIATIONS • South Florida Association of Environmental Professionals • Treasure Coast Florida Association of Environmental Professionals • Marine Industries Association of South Florida • Marine Industries Association of the Treasure Coast SPEAKING ENGAGEMENTS • Endangered Species in the Marine Realm, Environmental Permitting Summer School, Florida Chamber of Commerce (2016, 2015, 2014) • Joint Coastal Permitting from the Applicant's Perspective, Environmental Permitting Summer School, Florida Chamber of Commerce (2016, 2015, 2014, 2013) • Threatened & Endangered Species and Beach Nourishment Permitting, South Florida Association of Environmental Professionals (2016) • Jensen Beach Mooring Field, Boating & Waterway Management in FL, from Stem to Stern II, Florida Sea Grant (2012) • Joint Coastal Permitting - Marine Shoreline Development & Permitting Conference -Law - International (2008) • Beach Permitting in Florida - Florida Coastal Law Conference - Continuing Legal Education (2008) PENNY L. CUTT GBA ENGINEERS * SURVEYORS • Marina Permitting in South Florida - Florida Coastal Law Conference - Continuing Legal Educaton (2008) • Panel Judge for Final Presentations - Advanced Marina Management Course - International Marina Institute (2007) • Marina Permitting in South Florida - Lunch & Learn Speaker for Marine Affairs Department - University of Miami Rosenstiel School of Marina and Atmospheric Science (2008) • Marina Permitting in South Florida - South Florida Chapter, Florida Association of Environmental Professionals- Honorary Luncheon Speaker (2008) • Streamlining the Regulatory Process - Luncheon Discussion with Corps & DEP - Florida Engineering Society's Annual Meeting (2006) • Army Update of Activities on behalf of the Assistant Secretary of the Army for Civil Works - Coral Reef Task Force Meeting (2005) • Water, Wetlands, & the ESA Cumulative Impacts - Florida Land Use Law - Continuing Legal Education (2005) • Federal Wetlands Permitting - Growth Management and Environmental Permitting Short Course - Florida Chamber of Commerce (2005) PENNY L. CUTT Jim Fried 555 NE 34th Street, Suite 2601 Miami, FL 33137 305-773-6300 jfried@ssrefl.com EMPLOYMENT Sandstone Realty Advisors — Miami, FL— President — January 2000- September 2010/May 2016 — Present. Market multifamily sites and create urban mixed use opportunities. Spectrum Mortgage — Miami, FL — 2010 — October 2010 and May 2016 to Present— Loan origination for commercial and residential properties. Fried on Business — Miami, FL - On -Air Talent — September 2009 to Present. Business talk radio show on Thursdays from 6-7 pm on 880AM. Aztec Group, Inc. —Miami, FL- Managing Director — 1993 to 1995 and October, 2010 to May, 2016 Special focus on urban development and redevelopment. Property types include — multifamily, land, office, retail, student housing and memory care. Creatively structured real estate transactions (loans and investment sales) for my clients and partners. Worked with institutional sources as well as private investors including single and multiple family offices. Closed over $2BB worth of transactions. Mayan Properties — Miami, FL - Director of Real Estate Investments — September 2013 — May 2016 Sourced and structured equity investment and loan opportunities for the Katz family. Silver Portal Capital — San Diego, CA — September 2014 to May 2016. Marketed Delaware Statutory Trust (DST) products for their platform. Milestone Properties — Boca Raton, FL - Director of Property Acquisitions — 1997- 2000. Originated and structured acquisition opportunities for a high net worth investor. Acquired a portfolio of unanchored retail strip centers in Florida. Grubb & Ellis — Miami, FL — District Manager 1996-1998. Ran the Southeast Florida Region for NYSE listed commercial real estate brokerage firm. Firm had never broken even in the 10 years they were in the market. I achieved profitability. Condovest/REALTRUST — Vice President 1991-1993 — RTC contractor — asset management and property liquidations. Focused on condominiums and shopping centers. Sonnenblick — Goldman — Vice President — 1986-1992 — Miami and Tampa, FL — performed investment sales and mortgage brokerage services for large scale commercial real estate projects in Florida. Laventhol and Horwath — Senior Consultant 1984-1986 - Performed market feasibility studies for retail, office, industrial, condo and multifamily projects in Florida. Languages — elementary Spanish Publications — over 375 episodes of the radro show as well as a column in South Florida Business and Wealth Magazine. Education - University of Florida — BSBA — 1982 / MBA 1984 — both with concentrations in Real Estate and Urban Analysis MEETING SIGN -IN SHEET Project: Virginia Key Marina Request for Proposals RFP 16-17-011 Pre -Proposal Submission Conference Onsite Visit Time: Contact Name ,ifer Ho 61-Afili,515140 moffA-1-7- NIGIfo L 1:00 pm 44/ Page 1 of 3 Company Meeting Date: Place: Thursday 3/16 3501 Rickenbacker Causeway Miami, FL 33149 Address Phone 44y 5-to y-re- gL 1G7 . ay 1 •-k. 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Project: Time: MEETING SIGN -IN SHEET Virginia Key Marina Request for Proposals RFP 16-17-011 Pre -Proposal Submission Conference Meeting 2:30 pm Contact Name g") -CC-14L•C —DAN) ,l , r5 CCW Address Meeting Date: Place: Thursday 3116 Miami City Hall Chambers 3500 Pan American Drive Miami, FL 33133 Phone E-Mail 2.69 f 74 i Inti k LTS� ! oc3 Y-LJG frl'-S 4t5.sQM ,� jSeel ` !"DPN. moore.C�Ce5AsLteroue9e„uf �� ��. ! q Z`} 1 COAs4A lei oup cos. coivk Arc • - 1 1--,..�� Company 777 Foo4c6re 1;15.ewizieR ccd/isq)c tan , ,:aI4i qmol- -1- a 446—, 14.hAl(i i ' --1- '1-k, kch1i _L-te0 to 331 - c19 Ai 2 - rs144 e 16.nel- s Y ) _cit /41),(— �3 2_lSi2 .� � atc�u__ c o."cf.c A v\, ._ce..._ .c..i. tc i 44 to 1 el-r-Mre— ztVo- :1V \I -„ir _.._ 4t.._ LV � g 2- S• �t+'�NEA.1[D� C3�893 1 � tOre1_t 3Mi C_ f4 t -� T — 1(9!7 it,625-5 Iel c.r e:de Q : A-402) 44-laelej-4/11,5,614 /12;_="Wil 72Z5F.-: ... 7, Page 1 of 3 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 CITY OF MIAMI CBRE Virginia Key Marina Pre -Proposal Submission Conference Meeting City Hall City Hall Chambers 3500 Pan American Drive Miami, FL 33133 Thursday, March 16, 2017 TRANSCRIPT OF PROCEEDINGS Request for Proposal- Virginia Key Marina RFP No. 16-17-011 Lease of City -Owned Waterfront Property for Marinas/Restaurant/Ship's Store Uses Located at Virginia Key Miami, Florida 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 APPEARANCES: Jacqueline Lorenzo, Property Management Specialist Department of Real Estate & Asset Management Pablo Velez, Assistant City Attorney Office of the City Attorney Luciana Gonzalez, Assistant Director Office of Planning Lee Ann Korst, First Vice President Public Institution & Education Solutions Jeff Carson, Vice President Marina Subject Matter Expert Kimberly Balkus, Senior Transaction Manager Public Institutions & Education Solutions Francisco Garcia, Director Office of Planning 3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 PROCEED INGS MS. KORST: Good afternoon and thank you for being here. My name is Lee Ann Korst with CBRE responsible for the Southeast region government practice. And with me I have my colleagues Kimberly Balkus and Jeff Carson. Jeff is a marina expert on this project. And Kimberly is our transaction manager here in South Florida. We'd like to thank you all for participating in this exciting opportunity. Thank you to those who attended the site tour. I want to remind you to silence your cell phones. And if you haven't already, if you would please sign in up here. There's a sign -in sheet. There's also an agenda and a brochure with some property information linked to the RFP, et cetera. So thank you for being here. I'd like to pass it over to Jacqueline Lorenzo to make introductions to the representatives from the City of Miami who are present as well. MS. LORENZO: Thank you. Hi, my name is Jacqueline Lorenzo from the Department of Real 4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Estate & Asset Management. We're here on Virginia Key Marina RFP 16-17-011. This is a Pre -Proposal Submission Conference. We're here basically to answer your questions concerning the RFP. With me from the City, Luciana Gonzalez, from Planning and Zoning, and Pablo Velez from the Office of the City Attorney. We also have Daniel Rotenberg, who will be joining us, the Director of Real Estate & Asset Management. He's running late and will be here. MS. KORST: We'd like to take just a moment. I think a lot of you are already familiar with the property, but for those who aren't, Jeff will provide us with kind of a quick high-level overview of the property and property structure. MR. CARSON: Good morning. My name is Jeff Carson, CBRE. I'm glad to have this opportunity to share with you guys this morning. For those of you who were at the site inspection this morning, you noticed that the property is exceedingly very, very beautiful and has some opportunity for some truly world -class development, which is why 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 we're all here. I just want to go over some facts and figures with you more of a "let's all get on the same page." If you have any questions for me later on, please direct those to me. I'll be very happy to address those. The entire block of property, including uplands and wetlands, is about 53 and a half acres. Currently improved with about 700 of the uncovered dry stacks and about 190 wet slips down in that south (unintelligible) over on the Rickenbacker side. And then we will -- who is following me? Okay. Jackie, please. Thank you. MS. LORENZO: So before we continue, I just want to make announcement about the Cone of Silence. The purposes of this RFP under a -- under the Cone of Silence, which is Section 18-74 of the City of Miami Code, the cone is lifted during the duly -noticed proposal submission conferences. So for purposes of this meeting, we can openly discuss the RFP. At the conclusion of this meeting, the Cone of Silence will be back into effect and we will no longer be able to answer 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 questions, unless they're submitted in writing and with a copy to the Clerk and to our CBRE representatives. So just a general overview of the RFP. We have a primary objective to establish a prime waterfront destination unifying the two marinas that are currently there. We'll have the unified marina dry rack storage, wet slips, dock master's office, ship's store, two fuel stations, one or more restaurants, and a bay walk. And there are other various requirements specified in the RFP. That gets pretty detailed in there, so you'll be able to, if you look at the RFP, get a lot of instruction there. Before I continue, the RFP is available online at www.VirginiaKeyMarinaRFP.com. And if you need that, feel free to send me an e-mail. My name and contact info is on the Agenda under City of Miami Project Manager. So you should be able to ask by e-mail or by phone. I can refer you to the website. So the term of the lease will be 45 years with two 15-year options to renew for a total of 75 years. The successful proposer 7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 shall pay both a base rent and a percentage rent with a minimum base at 2,150,000 a year and the minimum percentage at 6 percent the wet slip and dry storage operations; 6 percent fuel sales; 4 percent sublease income or other income received. Additional requirements include parking garage. You can either provide a contribution towards the construction of the parking garage, which would depend on a formula and the minimum for that contribution is 3.45 million. Or you can build the parking garage, but it has to be MPA operated. Of course you're welcome to ask questions about that. There will also be a public boat ramp and floating dock built within the property lines on the northeast portion of the property. There's an earnest money deposit of 7 million, which may be used upon commencement of construction or a referendum deposit of 125,000, which is basically the cost of placing the item as a piggyback on an upcoming election ballot. The proposal security of 25,000 and the CBRE commission fee. In order to participate, also, please be 8 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 aware that you need to register as a registered proposer. So the registration contact is also listed. If not, the registration contact is Kimberly Balkus. If you need her information, please feel free to send me an e-mail and I'll forward it to her. And her name and e-mail is on the RFP as well. So I don't know if there are any other comments that anyone would like to make. If not, I'll welcome questions. We do have a court reporter here present. So please, if you are going to ask questions, come to the podium, state your name very clearly. And whatever your questions, please state it clearly and loud enough so that everyone can hear. So if there are any questions, please come on up. MR. McDOWELL: Good morning -- good afternoon. Carter McDowell, Bilzin Sumberg, 1450 Brickell Avenue. At the public hearing when the Commission was authorizing this RFP to be published, there was a discussion about zoning and there was an indication that the Planning 9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Department would take action to make some changes, I believe, to the zoning. Can you explain what you're doing and what the timing of it is? MS. GONZALEZ: Thank you for asking that question. It was something that I was going to bring up to all our proposers. For the benefit of everyone, the CS zoning regulations that are currently existing in the Miami 21 Code states that any development within that zoning should conform -- shall conform to the regulations of the most restricted abutting transit. In the case of Virginia Key, the most restricted abutting transit is Tl, which is conservation where nothing is allowed to be built. Certainly, this is not the intent. The intent of the zoning ordinance to not allow any development to happen there, so a tweak to the Miami 21 Code is necessary. And at that hearing, the City Commission did direct the Planning and Zoning Department to draft an amendment to the Miami 21 Code. We are currently working on that. That is going to take us, most likely, a couple of 10 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 weeks to prepare something and that will then consequently be taken to the Planning and Zoning Appeals Board for recommendation to the City Commission. So as far as the timeline is concerned, I would say within the next two months we'll be able to bring something to the City Commission to make some changes to the Miami 21 Code. Currently, we don't have anything necessary in my book. We know that ultimately the goal is to address that condition of the intensity of the Civic Space zoning designation. MR. McDOWELL: Just a follow-up. Since that's a public process, I presume we're able to speak to you about that process since it's going to a public hearing anyway and I would presume is outside the Cone of Silence since it's really the City taking action? MR. VELEZ: Yes. In fact, a publicly -noticed meeting is an exception to the Cone of Silence. MR. McDOWELL: Are we allowed to speak to staff while they're drafting or understanding what the draft is? 11 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 MR. VELEZ: Since there's currently an RFP out that's directly impacted by that process, my recommendation will be that you submit your questions or your inquiries in writing. MS. LORENZO: And I would also suggest that you submit that inquiry in writing so that we can address it in more detail. I think there may be some flexibility in the event that we're not speaking directly about this RFP but about the changes being made to the code. MR. McDOWELL: It's about the zoning, though. MS. LORENZO: Right. So you're welcome to submit that in writing and we'll try and find a way to address it properly. MR. GAUGER: Hi, I'm Jeremy Gauger, offices at 2900 Oak Avenue, Miami. The question regarding the considerations for sea level rise following either USACE High or NOAA High curve calculator. And specifically, is there a -- sorry, it's on Page 18 towards the top. And I was wondering if that's tied to a 12 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 specific issuance of those calculations or studies released or if you just have to follow the most current version or if there's a version that comes out in the middle, like, are we tied to any particular version of that? MS. LORENZO: So we have met before many -- multiple boards, the Virginia Key Advisory Board, the Sea Level Rise Committee. They have each given us input as to what they expect to see in the RFP. The Sea Level Rise Committee essentially gave us this recommendation that they take into consideration. And if you look at the evaluation criteria, that's part of that. So as part of your presentation and as part of the proposal you submit, it's on the proposer to explain how it does comply with sea level rise considerations. And to the extent that it can be most current, that's probably most desirable, but we don't have exactly a document that we can point to that says this is the be all end all as to sea level rise. MR. GAUGER: Can I ask an unrelated question? 13 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 MS. LORENZO: Sure. MR. GAUGER: A question regarding dock master's office, Page 20. It asks for -- on multi -story dock master's office. And I just want to be specific, does that mean the dock master's office itself needs to have multiple levels or can it be that it's over another use? MS. LORENZO: That's a very good question. I don't have the answer right now, but I'll take that into consideration. And if you can submit that in writing, that will be great. If not, we'll try to include it in our responses. MR. GAUGER: Thank you. MS. LORENZO: I would also like to encourage everyone who has been able to access the RFP online to look at the Appendix Number 11, which gives a very detailed -- basically an evaluation matrix so that the selection committee will be able to grade or essentially rank the proposals. So if you look at this language, and if you look at the selection criteria in the RFP, you'll have an idea of what we're looking for 14 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 and you will be able to -- while we do have in the RFP language as to how to format your proposals, we also want you to emphasize or explain to the best of your ability how your RFP complies with and meets these various requirements. So just make sure that you address all those things so that there's no -- there's no confusion from the selection committee as to whether you complied or to what level you complied. Any more questions? MS. KORST: Just a reminder of key dates. The deadline for questions is April loth. And the submission deadline is no later than 2 p.m. on the l8th. The deadline for questions is also no later than 2 p.m. on April loth. So just a reminder of all those key dates as well. MS. LORENZO: We also have in our timeline the -- we're trying to meet the November referendum. The selection process, you know, it's -- to a certain extent, it's not predictable, we don't know what might come up in the process. So what we have in mind 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 for now is the November referendum for this year. If there are delays, we will have to accommodate for that, but the November referendum is the -- if the proposer -- for whatever reason you can't meet that deadline and the successful proposer wishes to have a special election, there's a higher cost associated with that and it's about -- I believe it's 1.25 million for that. So it's obviously not desirable. So we're doing our best to make sure we meet that November deadline. MR. LAGO: Carlos Lago on behalf of the Rusty Pelican. How are you? I just wanted to ask a general question regarding the parking garage. What's the plan as far as the number of spaces and the location? If you can just elaborate specifically regarding under Option 2. MS. LORENZO: All right. So the parking will depend on -- there's some explanation in here as to what we can do with the parking. There are two options. The first is that you don't participate in the parking. You only contribute based on this formula that we have 16 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 in here based on the number of parking spaces that you need based on the square footage of each of the types of facilities in your project, based on the number of wet slips. So once you submit that, we can determine using this formula that we have on Page 24 how much parking your project needs. In addition, we have a number of spaces for the Rusty Pelican. And in addition to that, we also want that parking to be available to the public. So the first option is that the proposer submit a certain amount depending on the number of spaces that they need for the project and then that can be used to construct the garage which is going to be constructed, assuming we do it this way, in the area that's specifically excluded on the -- well, it's right below the current line of dry rack storage that is there at the moment. And it's partially on City -owned land that's subject to a County deed restriction. The second option is basically that the proposer may elect to build the parking garage at their cost and have MPA manage it. And the 17 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 benefit of doing this is that you can create a garage that essentially goes into the project as well as over the space and looks more unified, comes into a -- creates what is more of a -- is visually appealing. It's probably more efficient in the use of the space. But there are restrictions on that. So if, for example, the proposer wanted to build some retail into that portion, they could not build any retail into the portion that's County -- that was County deeded to the City. MR. LAGO: My question specifically is -- Carlos Lago again with law offices at 333 S.E. 2nd Avenue. My question is specific to our lease -- the Rusty Pelican's lease and RPR. The lease specifically states 220 parking spaces that you provided for the Rusty at a future parking garage, but the RFP, for example, under Option -- on Page 25, states that a minimum of 230 parking spaces will be built or shall be acquired for the project. So our question is, are those parking spaces exclusive? How does that -- you know. 18 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 MS. LORENZO: So there are 230 spaces required for the project. In addition to the project parking, there's the Rusty Pelican parking, which is 220 spaces. MR. LAGO: So it's 220, plus 230? MS. LORENZO: Assuming, yes. MR. LAGO: Minimum? MS. LORENZO: That's minimum, right. Exactly. And then, you know, it has to be available to the public. It has to be MPA operated and various requirements are specified in the RFP. So the minimum of 3.25 million, that's based on that minimum number of spaces, which is 230. And we're basing the cost -- we've divided the cost in two of actually building the spaces. So it's 15,000 is what we're estimating per space times 230 spaces minimum for the project, comes to 3.25 million. Are there any more questions? All right. So if there are no more questions, I encourage everyone that if a question comes to mind, please submit it in writing. Send it to me with a copy to the Clerk and to our CBRE representative. We'll 19 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 do our best to answer them as quickly as possible. And the deadline is April loth for those questions. So if that's all and there are no more questions, then we'll conclude this Pre -Proposal Submission Conference and the Cone of Silence is back in effect and any questions, again, is limited in writing. Thank you all very much for coming in. (Thereupon, the meeting was concluded at 3:01 p.m.) 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 CERTIFICATE I, JENNIFER QUINTANA, Florida Professional Reporter, certify that I was authorized and did stenographically report the foregoing proceedings and that this transcript, Pages 1 through 19, is a true record of the proceedings. I further certify that I am not a relative, employee, attorney, or counsel for any of the parties nor am I a relative or employee of any of the parties' attorney or counsel connected with the action, nor am I financially interested in the action. Dated this loth day of April, 2017. JENNIFER QUINTANA, FPR 1 MR. CARSON: [1] 4/17 MR. GAUGER: [4] 11/17 12/23 13/1 13/14 MR. LAGO: [4] 15/12 17/12 18/4 18/6 MR. McDOWELL: [4] 8/18 10/13 10/22 11/12 MR. VELEZ: [2] 10/19 10/25 MS. GONZALEZ: [1] 9/4 MS. KORST: L3] 312 4/1114/12 MS. LORENZO: [13] 3123 5/14 11/5 11/14 12/5 12/25 1318 13/15 14/19 15/19 17/25 18/5 18/7 O 011 [2] 1/13 4/3 1 1.25 million [1] 15/9 loth [4] 14/1514/181912 20/15 11 [1] 13119 125,000 [1] 7/21 1450 [1] 8/21 15,000 [1] 18/16 15-year [1] 6/24 16 [1] 1/9 16-17-011 [2] 1/13 4/3 18 [1] 11/24 18-74 [1] 5/19 18th [1] 14/16 19 [1] 20/6 190 [1] 5/io 2 2,150,000 [1] 7/2 20 [1] 13/3 2017 [2] 119 20/15 21 [4] 9/9 9/Z0 9/2310/9 220 [3] 17/18 18/4 18/5 230 [5] 17/22 18/118/5 18/14 18/17 24 [1] 16/7 25 [1] 17/21 25,000 [1] 7/24 2900 [1] 11/19 2nd [1] 17/15 3 3.25 [2] 18/1218/18 3.45 [1] 7/11 33133 [1] 1/9 333 [1] 17/15 3500 [1] 1/8 3:01 [1] 19/11 4 45 [1] 6/23 5 53 [1] 5/8 7 700 [1] 5/9 74 [1] 5/19 75 [1] 6/25 A ability [1] 14/4 able [8] 5/25 6/13 6/21 10/7 io/15 13/17 13/21 14/1 abutting [2] 9/12 9/15 access [1] 13117 accommodate [1] 15/3 acquired [1] 17/23 acres [1] 5/9 action [4] 911 10/19 20/12 20/13 addition [3] 16/8 16/9 18/2 Additional [1] 7/7 address [5] 5/6 io/ii 11/8 11/17 14/7 Advisory [1] 12/8 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15/18 look [5] 6/14 12/131311813123 4 L look... [1] 13124 looking [1] 13125 looks [1] 17/3 Lorenzo [3] 2/2 3/21 3/25 loud [1] 8/15 Luciana [2] 2/5 4/6 M mail [4] 6/19 6/21 8/6 8/7 manage [1] 16/25 Management [4] 2/2 2/3 4/14/10 manager [3] 2/10 3/9 6/20 March [1] 1/9 marina [6] 1/51/13 2/9 3/8 4/2 6/8 marinas [2] 1/15 6/7 Marinas/Restaurant/Ship's [1] 1/15 master's [4] 61913/313/41316 matrix [1] 13120 Matter [1] 2/9 McDowell [1] 8/20 mean [1] 1315 meet [3] 14/21 15/5 15/11 meeting [5] 1/5 5/22 5/2410/21 19110 meets [1] 14/5 met [1] 12/6 MIAMI [11] 1/4 1/9 1/16 3/23 5/19 6/20 9/9 9/20 912310/811/19 middle [1] 12/4 might [1] 14/24 million [5] 7/12 7/19 15/9 18/13 18/19 mind [2] 14/2518/23 minimum [9] 7/2 7/3 7/11 17/21 18/7 18/8 18/12 18/13 18/18 moment [2] 4/13 16/20 money [1] 7/18 months [1] 10/6 morning [4] 4/18 4/21 4/22 8/19 most [6] 9/12 9/14 9/2512/3 12/19 12/20 MPA [3] 7/1316/2518/10 multi [1] 1314 multi -story [1] 1314 multiple [2] 12/713/7 N name [6] 3/4 3/24 4/18 6/19 8/7 8/13 necessary [2] 9120 10/io need [5] 6/18 8/1 8/5 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15/19 16/18 17/1317/18 specified [2] 6/12 18/12 square [1] 16/2 stacks [1] 5/10 staff [1] 10/24 states [3] 9110 17/18 17/21 stations [1] 6/10 stenographically [1] zo/5 storage [3] 6/8 7/4 16/zo store [2] 1/15 6/9 story [1] 1314 5/18 5/24 6 S structure [1] 4/17 studies [1] 12/2 subject [2] 2/916/21 sublease [1] 7/5 submission [5] 1/5 4/3 5/2114/15 19/6 submit [8] 11/4 11/7 11/16 12/16 13112 16/5 16/13 18/23 submitted [1] 6/1 successful [2] 6/25 15/6 suggest [1] 11/6 Sumberg [1] 8/2o T Ti [1] 9/15 term [1] 6/23 Thereupon [1] 19110 Thursday [1] 1/9 tied [2] 11/25 12/5 timeline [2] 10/5 14/21 timing [1] 9/4 top [1] 11/24 total [1] 6/25 tour [1] 3/13 towards [2] 7/9 11/24 transaction [2] 2/10 3/9 transcript [2] 1/12 2o/6 transit [2] 9/13 9/15 true [1] 2o/7 truly [1] 4/25 try [2] 11/16 13113 trying [1] 14/21 tweak [1] 912o two [6] 6/6 6/9 6/2410/615/23 18/15 types [1] 16/3 u ultimately [1] io/io uncovered [1] 5/10 under [5] 5/17 5/18 6/2o 15/19 17/2o unified [2] 6/817/4 unifying [1] 6/6 unintelligible [1] 5/11 unless [1] 6/1 unrelated [1] 12/24 up [5] 3/16 8/18 9/7 10/14 14/25 upcoming [1] 7/22 uplands [1] 5/8 USACE [1] 11/22 Uses [1] 1/15 v various [3] 6/1114/518/11 Velez [2] 2/4 4/7 version [3] 12/3 12/4 12/5 Vice [2] 2/7 2/8 Virginia [6] 1/5 1/13 1/15 4/2 9/14 12/7 visually [1] 17/5 w walk [1] 6/11 waterfront [2] 1/14 6/6 website [1] 6/22 weeks [1] io/i welcome [3] 7/14 8/10 11/15 wet [4] 5/10 6/8 7/416/4 wetlands [1] 5/8 wishes [1] 15/6 wondering [1] 11/25 working [1] 9/24 world [1] 4/25 world -class [1] 4/25 writing [7] 6/1 11/5 11/7 11/16 13112 18/24 19/8 www.VirginiaKeyMarinaRFP.co m [1] 6/17 Y year [3] 6/24 7/215/2 years [2] 6/24 6/25 yes [2] 10/2018/6 z zoning [io] 4/7 8/24 9/2 9/8 9111 9/18 9/22 10/3 10/12 11/13 DANIEL J. ALFONSO City Manager April 19, 2017 RE: Addendum 4, Request for Proposals ("RFP") No. 16-17-011 for the development and lease of Virginia Key Marina, a City -owned Waterfront Property for Marina/Restaurant/Ship Store uses. Attention Registered Proposers: This mailing is "Addendum 4" and becomes an official addendum to the RFP document. Enclosed please find the following items: • RFP Questions and Answers • RFP Revisions Pursuant to Section 18-74 of the City Code, this solicitation is currently under the "Cone of Silence". Any communication or inquiries, except for clarification of process or procedure already contained in the Solicitation, were to be made in writing by mail or e-mail to the attention of the Project Manager identified in the Solicitation, with a copy to the Broker and City Clerk on or before April 10, 2017. Project Manager Jacqueline Lorenzo City of Miami Real Estate & Asset Management 444 SW 2nd Avenue, 3rd Floor Miami, FL 33130 jlorenzo@miamigov.com cc: Todd B. Hannon, City Clerk Rafael Suarez -Rivas, Assistant City Attorney Broker Lee Ann Korst CBRE 1 Public Institutions 311E. Park Avenue Tallahassee, FL 32301 leeann.korst@cbre.com ADDENDUM 4 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses Question 1: RFP Section I, Comprehensive Plan, p. 5: Because neither Miami 21 nor the Virginia Key Master Plan clearly identify the applicable building standards for this property, can you please identify the maximum allowable density and floor area, if any, measured in square feet? Specifically, the Virginia Key Master Plan calls for development within this area of "small scale commercial facilities with marinas." In order to ensure consistency with the Virginia Key Master Plan, can the City provide specific parameters as to what constitutes "small scale commercial facilities?" How many square feet of commercial uses would render a development plan inconsistent with the guidance provided by the Virginia Key Master Plan? Answer 1: The maximum allowable density and floor area is currently not specified in the RFP or Master Plan. An amendment to Miami 21 will be presented in the next two months to the City Commission so that applicable standards are identified. The Planning and Zoning Department's recommendation remains for all applicants to propose building that reflects best practices for such uses when related to marina uses. Please be advised that any responses contained herein concerning matters of planning and zoning are for your information and records only, and not an official interpretation. Legislation is subject to modification by amendment and specific responses are to be addressed according to City process, after bid award with specified development plans. Question 2: RFP Section III-A(3)(a)(viii), p. 19: In this section, the City provides that "Ib]uildings shall be no taller than the crown of "Marine Stadium." Could the City provide the actual measurement (NGVD) of the crown of Marine Stadium? Answer 2: The crown of the Marine Stadium is estimated to be approximately between 65 and 67 feet high. It is the Proposer's sole responsibility to confirm the height of the stadium and ensure that the development does not exceed this height according to the RFP requirements. Question 3: RFP Section III-A(11), p. 24: The RFP provides two options to the Successful Proposer regarding the project's parking requirements. Under the first option, the Successful Proposer may pay into the City's Parking Trust Fund a pre -determined amount that will be used by the MPA to build a parking facility that will accommodate the required parking spaces for the project. Under the second option, the Successful Proposer may build the parking facility and may use the parking garage contribution made by the Rusty Pelican. Finally, under both options, the City will be the owner and operator of the parking facility. Based on this: Question 3(a): Can the City confirm whether, under the second option, a Successful Proposer that elects to use the Rusty Pelican contribution is required to build the number of spaces specified in the Rusty Pelican lease in addition to the parking spaces required by the RFP? If so, are these additional parking spaces for the exclusive use of the Rusty Pelican? Alternatively, if the Successful Proposer elects not use the Rusty Pelican contribution, please confirm that the proposer will have no obligation to provide parking spaces for the Rusty Pelican? Answer 3(a): The Successful Proposer that elects to build the parking, shall be required to build the parking required for the Project as well as the parking required for the Rusty Pelican, for a minimum of 450 spaces (220 per Rusty Pelican Lease Agreement and 230 minimum per RFP requirements), and shall be required to convey the parking to the City for operation by the MPA. The parking spaces for the Rusty Pelican must be made available for the Rusty Pelican per the Page 2 of 12 ADDENDUM 4 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses lease agreement between the City and Rusty Pelican. To be clear, there is no option to build the parking for the Project without accounting for parking required for the Rusty Pelican and proposing such an option may disqualify the Proposal from consideration. Question 3(b): Under the third paragraph of this section, the City states that on -site parking shall be: (i) available to the public; and (ii) offered at no cost to project customers. Given that under both options the developer will not control the parking facility, please confirm that the City and/or the MPA will provide parking at no cost to project customers? Answer 3(b): The Successful Proposer will be required to negotiate an agreement with MPA and the City allowing for Project customers to obtain a limited validation or reduced rate parking. Such agreement between the Successful Proposer, MPA, and the City, shall include amounts paid by Successful Proposer to offset costs and expenses associated with the construction and operation of the garage (including, but not limited to, costs associated with debt service and maintenance expenses). Please also see RFP revisions below. Question 3(c): Please clarify what limitations, if any, a proposer will have in integrating the MPA Parking (which, as provided in the RFP, is to be built on property not included within the Demised Premises) into the overall project. For example, can the Proposer construct one unified development that includes the MPA Parking (including the County deeded land) and/or propose ancillary uses on the MPA Parking (i.e., pavilion on the rooftop of the parking structure, retail uses along the ground floor, or use of the property or a portion thereof for landscape and hardscape improvements). The County Deed included as an exhibit to the RFP provides that the property can only be used for a municipal parking garage; however, most of the existing municipal parking garages constructed by the MPA have functional and habitable liners. Has the City requested that the County clarify what uses, if any, may be permitted as part of a municipal parking garage? Answer 3(c): The Successful Proposer shall comply with the deed restrictions set forth in the deed conveying the subject MPA parking area to the City, which specifically provides that the property "shall solely be used for the construction, operation and ongoing maintenance of a public municipal parking garage." Please see Exhibit G for additional information. The Successful Proposer may construct a unified development over and inclusive of the MPA Parking area so long as the uses on the subject MPA parking area comply with the deed restrictions, which are mandatory and absolute, and all applicable laws. The City has not requested a County interpretation of "public municipal parking garage." Additionally, please be advised that any and all taxes, levies, impositions, or other assessments that may become due in connection with the parking garage, or the Proposer's use thereof, shall be the sole responsibility of the Proposer. Question 4: RFP Section I, Boat Show, p. 7 and Section III-A(12), p. 276: The RFP requires the Successful Proposer to grant the National Marine Manufacturer's Association ("NMAA" or "Boat Show") access and use of a portion of the property for a total of six (6) weeks each year. Question 4(a): Can the City provide a copy of its License Agreement with the NMAA? Answer 4(a): The Revocable License Agreement between the City and NMMA, and the amendments thereto, shall be posted on the RFP website simultaneously with this Addendum. Page 3 of 12 ADDENDUM 4 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses Question 4(b): Can the City confirm that the Successful Proposer will be able to satisfy this requirement by negotiating in good faith with NMAA an access agreement that reflects the fair market value of allowing access and use of the property? Answer 4(b): The Successful Proposer shall be required to conform to the Revocable License Agreement between the City and NMMA by providing access at no additional cost to NMMA. Question 4(c): What is the extent of the use of the property that the Boat Show is entitled to use? Answer 4(c): The survey of the area that the Boat Show is permitted to use is attached as an Exhibit to the Revocable License Agreement, which shall be posted on the RFP website simultaneously with this Addendum. Please also see revisions below. Question 4(d): If the extent of the access and use of the property required by the Boat Show results in the construction being delayed or impacted will the City grant any extensions to the redevelopment schedule? Answer 4(d): The City may grant extensions to the redevelopment schedule, at the City's sole discretion, and subject to, and in compliance with, all applicable laws and regulations. Question 5: RFP Section III-A(3)(b)(iii), 19: Can the City please provide the map referenced in this section showing the Historic Commodore Ralph Monroe Marine Stadium Historic Basin? Answer 5: The map of the Historic Basin may be found within the Virginia Key Master Plan, and shall be posted on the RFP website simultaneously with this Addendum. Question 6: RFP Section III-A(3)(b)(v), 20 and RFP Section III-A(3)(a),19 and Appendix 11, 5: For a number of reasons, floating concrete docks are preferable to 100% fixed concrete docks: (i) the concrete floating docks offer the best solution to address sea level rise and the ever increasing problems with king tides, (ii) the concrete floating docks facilitate ingress and egress from and to the boat given that concrete floating docks move along with the boat, and (iii) concrete floating docks improve the aesthetics of the marina since they allow a full view of the boats stationed at the marina. The City states that while dock construction can be concrete docks or aluminum floating docks, the City would prefer 100% "fixed" concrete docks. Would the City consider giving 100% floating concrete docks the same level of preference as the 100% fixed concrete docks? In making this determination, the City may want to consult with its chief resilience officer regarding the benefits and drawbacks of each option. Answer 6: The City shall give the same level of preference to fixed concrete docks, floating concrete docks or any combination thereof. Page 4 of 12 ADDENDUM 4 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses Question 7: RFP (Executive Summary): The Executive Summary provides that, as a condition precedent of the Lease, the City will seek a finding of municipal purpose or waiver of the deed restriction. Considering the existing use of the property, has the City not already received such a finding of municipal purpose from the TIITF? If not, can the City please make available any correspondence it may have with the TIITF related to this property? Answer 7: Discussions with TIITF concerning a finding of municipal purpose or waiver of the deed restriction shall depend, in part, on the Successful Proposer's Project. As a result, this question cannot be answered in any definitive way at this time. Question 8: RFP Section IIIA.3.b.ix, and c.iv, g.iii, 20 and 21: The referenced provisions, respectively, require the Successful Proposer "Ip]rovide adequate amount of transient dockage for automated storage system," "Ip]rovide for an automated dry boat storage facility, including boat Valet services and fueling station," and "Ic]onstruct an additional fuel station in the dry boat storage area as noted above to provide all valet services necessary for a First Class automated facility." Taken together, is it the City's intent to require the Successful Proposer to operate an "automated dry storage facility"? If so, how does the City define an "automated dry storage facility"? Answer 8: An Automated Dry Storage Facility may be defined as a dry slip storage facility that is computerized and automated to include, but not be limited to, boating vessel storage, retrieval, and launch. Question 9: RFP Section III A.9, 24: The last paragraph provides for the possibility of "additional" rent applicable to the Lease. As additional rent, the provision discusses Construction Rent and Placeholder Rent. In Addendum No. XXI and XV of the City's 2015 Virginia Key Marina Redevelopment RFP, the City clarified that while base rent is due upon execution of the lease, the City will consider proposals providing for Construction Rent. The City defined Construction Rent as an alternate plan to defer payments during the construction period. Construction Rent deferrals could not exceed 60% of the base rent nor exceed a term greater than five (5) years. Can the City please confirm that this is the same arrangement that the City is contemplating under Section III A.9 of the current RFP? Answer 9: The RFP previously issued for this Property has no weight or control whatsoever on the subject RFP 16-17-011. For the purposes of RFP 16-17-011, Proposers may propose to pay Construction Rent as an alternate plan to defer payments during the construction period. Construction Rent deferrals shall be negotiated between the City and the Successful Proposer during lease negotiations. Question 10: Under its lease with the City, Rusty Pelican is entitled to 220 parking spaces within the New Parking Facility, 24 hours a day, at no charge. How will the City determine which spaces are available to Rusty Pelican and which spaces are available to others? Will those 220 parking spaces be specifically assigned to Rusty Pelican and not open for the Marina / successful proposer and public's use? Answer 10: Please see Answer 3(a) and Answer 3(b) above. Two Hundred and Twenty (220) spaces shall be made available to the Rusty Pelican within the parking facility in compliance with the Lease Agreement between the City and Rusty Pelican. Page 5 of 12 ADDENDUM 4 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses Question 11: Section 24 of Rusty Pelican's lease provides that the City shall make 50 parking spaces available within the Rickenbacker Marina site for Rusty Pelican's use until such time as the New Parking Facility is available for Rusty Pelican's use. However, Rusty Pelican's parking area as located within the Rickenbacker Marina site is part of the RFP Property. Are proposers required to include a plan outlining how they will provide sufficient parking spaces within the Rickenbacker Marina site to accommodate Rusty Pelican's parking needs during the construction of the Project? Answer 11: The City and Successful Proposer shall use best efforts to accommodate and provide alternative locations for the fifty (50) spaces of Rusty Pelican parking during construction of the Project in accordance with the Rusty Pelican Lease Agreement. Question 12: We reviewed the relevant documents, as well as the tape from the July 22, 2010, City Commission meeting, and found the following: The "Final Report" dated July 2010, which appears to be linked to the "consensus" master plan, includes a limit of 210 wet slips (unclear if this is specific to Rickenbacker Marina) and 700 dry racks. The Final Report is available here: http://www.miamigov.com/planning/virginiakeymp.html. Given that this is the guidance provided by the Virginia Key Master Plan, will a plan that exceeds this guidance be inconsistent with the Virginia Key Master Plan and, therefore, non -responsive? Answer 12: Please note that the Final Report dated July 2010 has not been adopted as the Virginia Key Master Plan. The Master Plan adopted by the Miami City Commission, and approved by the Virginia Key Advisory Board is the version included as Exhibit "D" to this RFP. Question 13: The RFP requires the successful proposer to provide the National Marine Manufacturers Association ("NMMA") with access to the demised premises for purposes of conducting the annual boat show at Miami Marine Stadium. Section 17.2 of the Lease Agreement; however, goes significantly further, providing the Lessor the right to provide "access to individuals or entities" to conduct events on the demised premises. This broad right — granting the City the right to allow anyone to use the property without the consent of the Lessee -- is significantly overbroad. Will the City consider limiting Section 17.2 to the matters referenced in the RFP; namely, use by NMMA of the demised premises for boat show activities? Will the City identify with specificity the portion of the demised premises that will be occupied by NMMA? As written, the RFP requirement could, for example, require the Lessee to allow NMMA to use the restaurant spaces within the demised premises or provide NMMA with the use of the wet slips for their event. This type of occupancy by NMMA could be significantly damaging to the future business prospects of the marina. In addition, we suggest that the obligation of the Lessee to allow use by NMMA of a portion of the demised premises should be conditioned on NMMA entering into an agreement with Lessee related to (i) ensuring that NMMA covers the cost of any damage resulting from their occupancy of the demised premises, (ii) coordinating access to ensure that the operation of the marina and restaurants are not unduly impacted by NMMA's activities, (iii) indemnifying the Lessee for any claims asserted against Lessee resulting from the activities associated with NMMA's activities, (iv) requiring NMMA to provide insurance naming the Lessee as an additional insured on such policies, and (v) reasonably compensating the Lessee for the loss of revenue resulting from the disruption in the operation of the facility. Answer 13: Section 17.2 of the Lease agreement may be negotiated between the City and the Successful Proposer. Please also see Answers 4(a), 4(b), and 4(c). The Access Agreement with NMMA shall consider insurance requirements, safety, and security considerations. Page 6 of 12 ADDENDUM 4 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses Question 14: We have been provided with the map referenced in the following section of the RFP (p. 19, Section b., iii): "No wet slips will be allowed within the Historic Commodore Ralph Monroe Marine Stadium Historic Basin (this restriction shall not preclude the Proposer from maintaining access reasonably necessary to support the upland dry storage facility, such as launching or staging of vessels, and subject to the requirement to provide channel markings as specified in Section III.A.5 below). A map of this area is on file and available from the City of Miami Historic and Environmental Office in the City Planning and Zoning Department." The map provided shows the entire Historic Basin, but does not delineate where the in -water dry storage staging and public boat ramp staging will be permitted to be built. In order to allow dry storage staging and public boat ramp staging, the development will need to include staging piers or marginal dock along the coast line that may run north of the spoil island in the Historic Basin. Please confirm that such staging piers or marginal docks will be permitted into the Historic Basin and that fueling will be permitted to be included on such staging piers. Answer 14: Per the RFP, staging piers and/or marginal docks will be permitted within the Historic Basin for the specific purpose of accessing the dry storage facility and providing fueling services, subject to permitting approval. Fueling may be permitted on such staging piers so long as the same is physically connected to the upland (i.e., no free floating marina services will be permitted within the basin). Approval shall be required from the Historic and Environmental Preservation Board (HEPB) or HEP Officer, as applicable. Question 15: What are the square footage limits of the retail facilities? Answer 15: Please see Answer 1 above. Please also refer to the Master Plan's various planning principles. Question 16: What are the square footage limits of the restaurant(s)? Answer 16: Please see Answer 1 above. Please also refer to the Master Plan's various planning principles. Additionally, the RFP provides that the number of restaurants provided in the Proposal shall not be considered during evaluation. However, configuration and use of the site, including placement of restaurants, may be considered in the overall aesthetics and functionality of the design proposed. Question 17: What is the height of the crown of the Marine Stadium? Answer 17: Please see Answer 2 above. Question 18: Would a fully enclosed building for dry stacks count towards the 25% maximum building floor area? Answer 18: Yes. Question 19: Who will operate Whiskey Joes after it is renovated? Is Whiskey Joes currently under a sublease? Answer 19: Whiskey Joes is currently under a sublease with Rickenbacker Marina, Inc., which will terminate upon the termination of the Rickenbacker Marina, Inc., lease agreement. The Successful Page 7 of 12 ADDENDUM 4 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses Proposer may enter into a sublease or management agreement with a restaurateur or may operate the restaurant directly. Question 20: Please confirm whether Rickenbacker Marina Inc. is entitled to remove all supplies, equipment, and personal property from the site. Answer 20: According to the lease agreement with Rickenbacker Marina, Inc., title to all supplies, furnishings, inventories, equipment and other personal property constructed or installed by Rickenbacker Marina Inc. on the current Rickenbacker Marina lease area shall remain vested in Rickenbacker Marina Inc., and said Lessee shall have the right to remove such items. Question 21: Will the City allow the successful proposer to use the permanent improvements on the Rickenbacker Marina Inc. lease area? Answer 21: The Successful Proposer may be allowed to utilize the permanent improvements on the Rickenbacker Marina Inc. lease area at the City's sole discretion. However, please review the various Project Goals of the RFP, which include, but are not limited to, converting the existing facilities into a modern world -class facility, and portraying a unified and integrated marina. Please also note the requirement to reconstruct the two marinas into a unified marina and provide for best utilization of available space for dry rack storage, wet slips, and/or other uses. Question 22: Are there any permanent improvements or equipment located on the Marine Stadium Site that the successful proposer would be able to use? Answer 22: The Successful Proposer may be allowed to utilize the permanent improvements on the Marine Stadium Marina site at the City's sole discretion. However, please note the various Project Goals of the RFP, which include, but are not limited to, converting the existing facilities into a modern world - class facility, and portraying a unified and integrated marina. Please also note the requirement to reconstruct the two marinas into a unified marina and provide for best utilization of available space for dry rack storage, wet slips, and/or other uses. Question 23: What is the timeline for the selection process and approval, including Administrative Review, Selection Committee recommendation, City Manager recommendation, and the City Commission's review and approval or rejection? Answer 23: The proposals are due on May 18, 2017. After this date, the administrative review, presentations, Selection Committee recommendation, and City Manager recommendation are anticipated to occur within the following four weeks. City Commission approval or rejection is tentatively scheduled for July 27, 2017 in order to meet the required deadlines for the November 7, 2017 referendum. Question 24: How will CBRE's commission be calculated? Answer 24: CBRE's commission fee is determined according to the below schedule. The transactional value shall be determined by calculating net present value of the lease over the firm term including fixed escalations at a discount rate of four percent. The total commission fee shall not exceed $1,475,000. Page 8 of 12 ADDENDUM 4 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses Commission Rate Transaction Value 3.50% $0-$10M 3.00 % $10M - $20M 2.50 % $20M - $30M 2.00 % $30M - $50M 1.75 % $50M - $100M 1.50 % $100M or greater Question 25: The property is zoned Civic Space ("CS"), yet the proposals must include restaurants, which require a warrant. The Request for Proposals also mentions proposed uses such as general commercial and marine -related commercial establishments, which require an exception. In addition, public parking, boat storage, and marine -related industrial use are prohibited. The warrant and exception processes can have substantial associated fees and costs, and may delay commencement of construction for certain areas. In addition, there's no guarantee that the warrants or exceptions will be approved, which could prevent the successful proposer from engaging in certain uses that were contemplated at the time of submittal and incorporated into the pro formas. What action would the City be willing to take to help if zoning issues prevent the successful bidder from building some of the facilities required by the Request for Proposals? Will the City be willing to renegotiate base rent or some other lease terms if these issues arise? Answer 25: Per the RFP, in the event the Successful Proposer is unable to develop any portion of the property in the manner required by this RFP, for reasons outside of their control (such as permit denials, regulatory denials, City Commission denials, etc.) they shall be allowed to construct the remaining portions of the Project at the City's sole discretion. In such case the City may renegotiate a lower minimum annual rent. However, in no event will the City accept a rent lower than fair market value, as determined by two State -certified appraisers selected by the City. Question 26: How many parking spaces would the successful proposer have to provide for the Rusty Pelican? Answer 26: Two Hundred and Twenty (220) parking spaces must be made available to the Rusty Pelican specifically. Question 27: Parking Garage Option 2 states that the City will allow the successful proposer to use the parking garage contribution made by Rusty Pelican towards the construction costs of the parking facility. What is the amount of Rusty Pelican's parking garage contribution? When would Rusty Pelican be required to make this contribution? Answer 27: According to the lease agreement with Rusty Pelican, as amended, Rusty Pelican must contribute approximately $4,000,000 toward the construction of the parking facility. The amount will be paid in installments, as specified in Amendment 3 of the Rusty Pelican lease agreement. A copy of the Rusty Pelican lease agreement and the amendments thereto shall be posted to the RFP webpage simultaneously with this Addendum. Page 9 of 12 ADDENDUM 4 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses Question 28: What square footage of the project site was provided to the Boat Show? Is there a map of this area? Answer 28: Please see Answer 4(c) above. Question 29: When does the City anticipate that the multi -jurisdictional Virginia Key Governing Board referenced in the Master Plan will be created? What authority would the governing board have over the Virginia Key Marina? Answer 29: The referenced board was established by the City Commission in 2016 and was named the Virginia Key Advisory Board. The purpose, powers, and duties of the Virginia Key Advisory Board are specified in Section 2-1192 of the City Code. Question 30: Do the parcels included under this Request for Proposal qualify for any ad valorem tax exemptions or credits? Are the subject parcels considered "public purpose" properties? Answer 30: The portion of the Property currently operated by the City (i.e., Marine Stadium Marina) is currently tax exempt. The portion of the Property currently operated by Rickenbacker Marina, Inc. is currently subject to taxation. The Project will be subject to taxation, and the Successful Proposer will be responsible for all taxes that are incurred on the property commencing on and after the Lease Effective Date. Question 31: Are there any historical preservation designations that affect the property? How does the Marine Stadium's historical designation affect the Virginia Key Marina site? Answer 31: The Marine Stadium and the Marine Stadium Basin are designated as historic, and are therefore subject to Chapter 23 of the City Code and the Historic and Environmental Preservation Board. While the basin may be minimally utilized in order to provide the access reasonably necessary to support the upland dry storage facility, as further specified in the RFP, the stadium and basin are not included in the RFP lease area. The RFP lease area is not designated historic. Page 10 of 12 ADDENDUM 4 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses RFP Revisions: The following revisions have been made to the RFP document as indicated below. Added text is underlined and deleted text is stricken. The following sections within Section I — Executive Summary have been changed as follows. State Approval: Virginia Key and tThe City -owned submerged lands included in the Property are both subject to a "Municipal Purpose" deed restriction provided by the State of Florida Board of Trustees of Internal Improvement Trust Fund ("TIITF") and are subject to reversion to the State for violations of such deed restriction. The TIITF deed is included in Exhibit "F" of this RFP. As a condition precedent of the Lease, the City will seek a finding of municipal purpose or (if applicable) a waiver of the deed restriction for the use of Virginia Key land areas and the submerged lands for the Project. The Successful Proposer shall bear all costs, fees, waiver payment fees, and/or any other required payments to the State in association with the State approval process. Additionally, the Successful Proposer shall be required to covenant that it shall not cause directly or indirectly any action, omission, or inaction that would result in a violation of the State deed restriction and any waiver of deed restriction requirements related thereto. The Successful Proposer shall fully cooperate in the state approval process, if applicable, as requested by City and/or the State. The following sections throughout the RFP document have been changed as follows. Section III.A.3.e. (page 22) e. Dock Master's Office Construct a new, multi -story dock master's office, consolidating the dock master's facility in both marinas. The dock master's office may occupy one or more floors, and/or may be consolidated with ancillary facilities within the same structure. Section III.A.11. (pages 25-26) 11. Parking Garage Proposers shall have the options listed below regarding the parking garage and contribution. Regardless of the option selected, on -site parking shall provide for and comply with the following requirements: (1) on -site parking shall include the required number of spaces for the Project per the Parking Formula ("Project Parking"); (2) the Rusty Pelican Restaurant shall be provided with the number of spaces specified in Rusty Pelican's lease agreement with the City ("Rusty Pelican Parking"); (3) parking shall be available to the public; (4) Project customers must may be provided free reduced or validated parking, subject to entering into an agreement with the City and MPA which shall include a market -based payment by Successful Proposer to offset costs and expenses associated with the construction and operation of the garage; (5) and other requirements the City may specify (collectively the "Parking Requirements"). Additionally, the City and Successful Proposer will seek Rusty Pelican's input and take Rusty Pelican's requested revisions Page 11 of 12 ADDENDUM 4 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses into consideration in the final plans and specifications for the parking garage per the City's lease agreement with Rusty Pelican. Notwithstanding the above, the City Charter requires all City parking facilities to be operated by MPA, and the City will consider all proposals that incorporate all Parking Requirements, which convey to the City ownership of the parking facilities to be built on City land by Successful Proposer for ownership to the City and operation teby the MPA, and which satisfy all other regulatory and governmental obligations for the site. Submittal of a proposal in response to this RFP is recognition that the parking facilities are public facilities to be built on City -owned land, which must be open and available to the public in accordance with Federal, State, and local regulatory requirements. Section III.A.12. (page 26) 12. Boat Show The Proposal shall be compatible with the Boat Show. The Successful Proposer shall enter into an access agreement with NMMA. In no way may the proposed Project interfere with or affect the Boat Show, any exhibitor tents, or any of the footprint, in a manner that would cause the City to default on the Revocable License Agreement with NMMA for the Boat Show or otherwise cause the City to lose revenue or incur expenses as a result of reduced space provided to NMMA for the Boat Show. If the Successful Proposer causes the City to lose revenue from the Boat Show or incur expenses in connection therewith, the Successful Proposer shall be responsible for fully and promptly reimbursing the City for any such revenue lost or expenses incurred. diminish the amount of square footage provided to the Boat Show by two percent (2%) or more. All parking on site and other facilities shall remain open during the boat show to satisfy customers of the Proj ect. All construction by the Successful Proposer shall be limited or paused to the extent necessary to permit access and use of the Property during the Boat Show, allowing for Boat Show exhibition space and clear walking paths to and from Boat Show exhibits. Section III.A.19. (page 28) 19. Taxes The Successful Proposer will not be responsible for any ad -valorem taxes, sales and use taxes, or any other levies, governmental impositions, surcharges, fees or other taxes or assessments associated with the Property that are due or may be owed prior to the Lease Effective Date. The Successful Proposer will, however, be responsible for all ad -valorem taxes, sales and use taxes, or any other levies, governmental impositions, surcharges, fees or other taxes or assessments that are incurred commencing on and after the Lease Effective Date. Page 12 of 12 Ci#g of !E1Iharni May 5, 2017 DANIEL J. ALFONSO City Manager RE: Addendum 5, Request for Proposals ("RFP") No. 16-17-011 for the development and lease of Virginia Key Marina, a City -owned Waterfront Property for Marina/Restaurant/Ship Store uses. Attention Registered Proposers: This mailing is "Addendum 5" and becomes an official addendum to the RFP document. Enclosed please find the following items: • RFP Revisions • Memo Attachment Pursuant to Section 18-74 of the City Code, this solicitation is currently under the "Cone of Silence". Any communication or inquiries, except for clarification of process or procedure already contained in the Solicitation, were to be made in writing by mail or e-mail to the attention of the Project Manager identified in the Solicitation, with a copy to the Broker and City Clerk on or before April 10, 2017. Project Manager Jacqueline Lorenzo City of Miami Real Estate & Asset Management 444 SW 2"d Avenue, 3rd Floor Miami, FL 33130 jlorenzo@miamigov.com cc: Todd B. Hannon, City Clerk Rafael Suarez -Rivas, Assistant City Attorney Broker Lee Ann Korst CBRE 1 Public Institutions 311E. Park Avenue Tallahassee, FL 32301 leeann.korst@cbre.com ADDENDUM 5 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses RFP Revisions: The following revisions have been made to the RFP document as indicated below. Added text is underlined and deleted text is stricken. The following sections within Section I — Executive Summary have been changed as follows. Parking Contribution: Successful Proposer shall be required to construct sufficient parking for the Project as determined by the Parking Formula set forth in Section III.A.11. below. contribute a minimum of Three Million Four Hundred and Fifty Thousand Dollars ($3,150,000.00) to the construction of an adjacent municipal parking garage. Actual contribution amount shall be based on the Parking Formula, as defined below. Alternative arrangements for parking are available, including the potential waiver of the above mentioned parking contribution, subject to additional restrictions specified below. Proposal Due Date and Location: May 18, 2017 May 24, 2017, 2:00 P.M. Office of the City Clerk, City of Miami City Hall 3500 Pan American Drive, First Floor Counter Miami, FL 33133 The following sections throughout the RFP document have been changed as follows. Section III.A.11. (pages 24-26) 11. Parking Garage The Department of Off-street Parking d/b/a the Miami Parking Authority ("MPA") operates, manages, supervises, and directs all municipal parking and municipal parking facilities within the City of Miami. A municipal parking garage is intended to be built outside the Property in the arm labeled on the survey as "NOT A PART" southwest of Parcel 3 ("MPA Parking"). A certain number of spaces shall be required for the patrons of the Project and for the Rusty Pelican restaurant. The Project parking requirement will depend on the size and scope of the respective Proposal as indicated in the following formula. The number of required parking spaces for the Project will be based on four (4) spaces per 1,000 square feet of retail, one (1) parking space per every five (5) boats of dry or wet storage, and eight (8) spaces for every 1,000 square feet of restaurant gross area ("Parking Formula"). The Successful Proposer shall be required to contribute to the Parking Trust Fund up to Fifteen Thousand Dollars ($15,000.00) (estimated to be approximately 50% of the cost of construction) per each space required for the overall site proposal, as determined using the Parking Formula. Please note that a minimum of 230 parking spaces shall be required for the Project in the event the Parking Formula yields a required number of spaces less than 230. Parking will comply with the applicable parking requirements of the Miami21 Code and the City Code. Proposers shall have the options listed below regarding be required to construct the parking for the Project solely within the footprint of the Property as shown in Exhibit "A", which does not Page 2 of 5 ADDENDUM 5 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses include the parcel previously conveyed to the City by the County by Deed recorded in Official Records Book 28636 Page 3666. r� coast but o Re 1e of the „t o �e1ecte' site The parking shall provide for and comply with the following requirements: (1) on -site parking shall include the required number of spaces for the Project per the Parking Formula ("Project Parking") with a two hundred and thirty (230) space minimum as indicated above; (2) the on -site parking shall include an additional two hundred and twenty (220) spaces for the Rusty Pelican Restaurant shall be provided with the number of spaces specified in as per Rusty Pelican's lease agreement with the City ("Rusty Pelican Parking"); (3) parking shall be available to the public; (4) Project customers may, at the City and MPA's discretion, be provided reduced or validated parking, subject to entering into an agreement with the City and MPA which shall include a market -based payment by Successful Proposer to offset costs and expenses associated with the construction and operation of the garage; (5) and other requirements the City may specify (collectively the "Parking Requirements"). Additionally, the City and Successful Proposer will seek Rusty Pelican's input and take Rusty Pelican's requested revisions into consideration in the final plans and specifications for the parking garage per the City's lease agreement with Rusty Pelican. The Successful Proposer shall further be required to comply with the City's obligation per the Rusty Pelican lease agreement to provide fifty (50) spaces during construction. Please review the Rusty Pelican lease agreement for further detail (the parking obligations are specified within the third amendment to the Rusty Pelican lease agreement, which was attached to Addendum 3 of this RFP). The City shall pay to the Successful Proposer the amounts received from Rusty Pelican per the Rusty Pelican lease agreement for the construction of Rusty Pelican's spaces. Option 1: The Succcssful Proposcr shall pay into a project specific parking trust fund ("Parking Trust Fund") an amount for construction of the MPA Parking at the time of Lease execution. The MPA will use the funds contributed to the Parking Trust Fund to construct the parking facility to accommodate the users of the Project and the Rusty Pelican restaurant. The garagc shall be designed within the constraints and budget that MPA will specify. The parking contribution to be paid into the Parking Trust Fund shall be based on the above Parking Formula. The parking contribution shall be paid by cashier's check or 2nd Avenue, 3rd Floor, Miami, Florida 33130 on or before execution of the Le sc. This parking garagc contribution will be deposited into an escrow account whose designated use shall be applied to the Parking Trust Fund. The schedule and milestones for construction of the parking garage and retail spaces by MPA will be developed in conjunction with, and will be compatible with, the Succcssful Proposers development plan. Failure to pay the parking garagc contribution fully and timely will be just and fair cause for the City Commission to cancel or rescind the award to the Succcssful Proposcr who shall have no recourse against the City, its agencies, instrumentalities, officials, and employees from such cancellation or rescission. It is agreed and stipulated that timely and full payment of the parking garagc contribution is an express condition precedent to the granting of and execution of the Lease. Page 3 of 5 ADDENDUM 5 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses The Successful Proposcr shall have no vested or reserved interest, rights, options, preferences, or security in the ownership of the MPA parking facility, other than the City's commitment that those parking spaces will be available for monthly leases for all of the commercial/retail rate schedule that reflects fair market value, whose published rates will be provided to transient customers. Notwithstanding the above, tenants of the area (including the Rusty Pelican and Virginia Key Marina tenant) will be accommodated per the terms of their respective agreements. Option 2: The Successful Proposer's contribution to the Parking Trust Fund may be waived by the City if the Proposcr elects to build the MPA Parking at their sole cost and expense. The City will allow the Proposer to use the parking garage contribution made by the Rusty Pelican towards the construction costs of the parking facility. If the Proposer elects to build the MPA Parking, the parking structure must comply with the Parking Requirements, the Successful Proposcr must guarantee completion, and the Successful Proposer must convey the parking structure to the City upon completion. Construction parking development agreement to be executed by all applicable parties. Proposers may elect under this option to construct the Project on either of the following: (1) solely within the marina footprint, (2) solely within the MPA Parking footprint, or (3) on a combination of the two properties. Notwithstanding the above, t The City Charter requires all City parking facilities to be operated by MPA, and the City will consider all proposals that incorporate all Parking Requirements, which convey to the City ownership of the parking facilities to be built on City land by Successful Proposer for operation, management and supervision by the MPA, and which satisfy all other legal, regulatory,. and governmental obligations for the site. Submittal of a proposal in response to this RFP is recognition that the parking facilities are public facilities to be built on City -owned land, which must be open and available to the public in accordance with Federal, State, and local regulatory requirements. The Successful Proposer shall have no vested or reserved interest, rights, options, preferences, or security in the ownership of the parking facility, other than the City's commitment that those parking spaces will be available for monthly leases for all the commercial/retail uses incorporated within the Project, at a parking rate schedule that reflects fair market value, whose published rates will be provided to transient customers. Notwithstanding the above, tenants of the area (including the Rusty Pelican and Virginia Key Marina tenant) will be accommodated per the terms of their respective executed and approved agreements. Please note that the investment, contribution and/or any income generated from the Parking on site shall not be considered by the Selection Committee in their evaluation of Proposals. Therefore, clarification of t3cicctcd Parking solutions option(s) is required, but is not a factor in the evaluation of the Proposals. Please also note that the MPA Parking garage is intended to be built on property deeded to the development of parking will be subject to such restrictions. A copy of the County resolution approving the deed and declaration of restrictions is included as Exhibit "G". Page 4 of 5 ADDENDUM 5 REQUEST FOR PROPOSALS 16-17-011 For development and lease of Virginia Key Marina City -owned Waterfront Property for Marina/Restaurant/Ship Store Uses MPA may, in its sole discretion, elect to build additional parking spaces beyond what is required for the Successful Proposer's Project and existing City and MPA parking obligations. Should the MPA choose to build additional parking spaces, the MPA will pay one hundred percent (100%) of the additional costs required for the additional spaces, as well as the cost for any ancillary uses incorporated in the parking facilities. Section III.C.8. (pages 33-34) 8. Estimated Timetable The timetable for the RFP selection process is summarized below. Note that these are tentative dates and are subject to change at any time by the City. Anticipated RFP Schedule Dates Issuance of Solicitation February 17, 2017 Optional Pre -Proposal Submission Conference and Site Visit March 16, 2017 Deadline for Questions April 10, 2017 Proposal Submission Deadline May 18, 2017 May 24, 2017 Adoption of Legislation Authorizing and Directing the City Manager to Execute a Lease subject to Referendum approval TBD Referendum TBD Section IV.C. (page 42) C. RECEIPT OF RESPONSES Provide one (1) original and eighteen (18) bound copies with tabs of the signed and dated proposal, one (1) unbound copy without tabs for possible duplication needs, as well as one (1) electronic copy submitted on CD-ROM or Flash Drive accompanied by the required documentation to the Office of the City Clerk, Attn: Todd B. Hannon, 3500 Pan American Drive, First Floor, Miami, Florida 33133 no later than 2:OOPM on May 18, 2017 May 24, 2017. Responses must be clearly marked and labeled on the outside of the envelope/package as "Virginia Key Marina RFP No. 16-17-011" Failure to submit a Response by the due date and time, and at the location specified above, shall result in automatic disqualification. Page 5 of 5 CITY OF MIAMI, FLORIDA MEMORANDUM TO: Honorable Mayor and DATE: May 5, 2017 City of Miami Commissioners FROM: Daniel J. Alfonso City Manager SUBJECT: Parcel originally conveyed by Miami -Dade County along Rickenbacker Causeway for Municipal Parking REFERENCES: Virginia Key Marina RFP No. 16-17-011 ENCLOSURES: N/A Honorable Mayor and Members of the City Commission, Please be advised that the Office of the Mayor for Miami -Dade County (the "County") has indicated that the County will require the use of the parcel originally conveyed to the City of Miami (the "City") for the creation of a municipal parking garage in Virginia Key. The County has specified that they intend to use the land for the expansion of the Rickenbacker Causeway in order to accommodate the County's plans to provide for a safe bicycle and pedestrian pathway. Accordingly, the County does not intend to execute the corrective deed previously approved by County Resolution R-735-15, providing for an extension of the timeframes allotted to the City to construct the municipal parking garage. In light of the above, Request for Proposals 16-17-011 for the lease and development of City - owned Waterfront Property for Marinas/Restaurant/Ship Store Uses located at Virginia Key (the "Virginia Key Marina RFP") shall be revised to reflect the removal of this land for potential parking uses. Proposers will no longer have the option to incorporate parking on the County land, and shall be required to provide for parking within the footprint of the leasehold property, which specifically excludes the property previously conveyed by the County. The proposal submission deadline shall be extended to May 24, 2017. cc: Alberto Parjus, Assistant City Manager Victoria Mendez, City Attorney Daniel Rotenberg, Director, Real Estate and Asset Management AMENDED CITY OF MIAMI OFFICE OF THE CITY CLERK BID SECURITY LIST BID ITEM: Virginia Key Marina BID NUMBER: RFP No. 16-17-011 DATE BID OPENED: May 24, 2017 TIME: 2:00 p.m. BIDDER BID TOTAL BID BOND (ER) AMOUNT CASHIER'S CHECK Virginia Key, LLC (2 boxes) See attached See attached GCM Contracting Solutions, Inc. See attached See attached Marina Parc (2 boxes) See attached See attached c .,-.. \ y _ / I`f. Received (3) bid(s) on behalf: De•t. of Real Estate & Asset Mafia ,-anent PREPARED BY: Dep• y City Clerk From: Ted Allen To: Frev, Andrew; Alfonsin. Gabriela Cc: Pivovarov, David; Ana Moya-Diaz Subject: RE: Second RFP Virginia Key Marina 16-17-011 Date: Thursday, December 18, 2025 9:19:32 AM Attachments: image001.pnq image003.pnq image004.pnq image005.pnq Confirmed We will begin work on this assignment. Regards Ted Ted Allen, MAI State -Certified General Real Estate Appraiser No. RZ426 Managing Partner BytkE Joseph J. Blake and Associates, Inc. 5757 Waterford District Drive, Suite 220 Miami, FL 33126 Office: (305) 448-1663 Direct: (305) 448-1065 Fax: (305) 448-7077 tallen@JosephJBlake.com www.JosephJBlake.com National Valuation and Consulting Services for over 75 years ATLANTA BOSTON CHICAGO DALLAS LOS ANGELES MIAMI NEW YORK CITY PHOENIX RALEIGH SAN ANTONIO SAN FRANCISCO WASHINGTON, D.C. This e-mail message is for the sole use of the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure, or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply e-mail and destroy all copies of the original message. From: Frey, Andrew <AFrey( miamigov.com> Sent: Thursday, December 18, 2025 9:11 AM To: Alfonsin, Gabriela <GAlfonsinl@miamigov.com>; Ted Allen <tallenPjosephjblake.com> Cc: Pivovarov, David <DPivovarov(miamigov.com>; Ana Moya-Diaz <amoyaPjosephjblake.com> Subject: Re: Second RFP Virginia Key Marina 16-17-011 Ok w me Andrew Frey, Director, Department of Real Estate & Asset Management Mobile 786 261 3380 afrey3miamigov.com From: Alfonsin, Gabriela <GAlfonsin(@miamigov.com> Sent: Thursday, December 18, 2025 8:19 AM To: Ted Allen <tallenl@josephjblake.com>; Frey, Andrew <AFrey(3 miamigov.com> Cc: Pivovarov, David <DPivovarov(3 miamigov.com>; Ana Moya-Diaz <amoyal@josephjblake.com> Subject: RE: Second RFP Virginia Key Marina 16-17-011 Good morning Ted, I defer to @Frey. Andrew for approval of the quote. Yes, the email is sufficient and RFP #16-17- 011 is correct. Thank you, Gabriela Alfonsin, MPA Lease Manager Department of Real Estate and Asset Management (DREAM) 14 NE 1stAvenue, 2nd Floor, Miami, FL 33132 Tel: 305-416-1461 From: Ted Allen <tallenl@josephjblake.com> Sent: Wednesday, December 17, 2025 4:14 PM To: Alfonsin, Gabriela <GAlfonsinl@miamigov.com>; Frey, Andrew <AFrey(3 miamigov.com> Cc: Pivovarov, David <DPivovarov(miamigov.com>; Ana Moya-Diaz <amoyal@josephjblake.com> Subject: RE: Second RFP Virginia Key Marina 16-17-011 CAUTION: This is an email from an external source. Do not click links or open attachments unless you recognize the sender and know the content is safe. Gabriela Confirming we are to proceed with a reappraisal of Virginia Key Marina rent analysis. The timing is three weeks. The fee is $9,500. The scope of work is to provide our opinion of the market rent of the subject according to the submitted plans of the highest ranked pro City of Miami's Virginia Key Marina RFP #16-17-011. Should I wait for any further documentation or is this email sufficient? Also is the above referenced RFP the latest and correct one to use? Regards Ted Ted Allen, MAI State -Certified General Real Estate Appraiser No. RZ426 Managing Partner Bytki Joseph J. Blake and Associates, Inc. 5757 Waterford District Drive, Suite 220 Miami, FL 33126 Office: (305) 448-1663 Direct: (305) 448-1065 Fax: (305) 448-7077 tallen@JosephJBlake.com www.JosephiBlake.com National Valuation and Consulting Services for over 75 years ATLANTA BOSTON CHICAGO DALLAS LOS ANGELES MIAMI NEW YORK CITY PHOENIX RALEIGH SAN ANTONIO SAN FRANCISCO WASHINGTON, D.C. This e-mail message is for the sole use of the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure, or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply e-mail and destroy all copies of the original message. From: Alfonsin, Gabriela <GAlfonsinPmiamigov.com> Sent: Wednesday, December 17, 2025 2:29 PM To: Ted Allen <tallenPjosephjblake.com>; Frey, Andrew <AFreyPmiamigov.com> Cc: Pivovarov, David <DPivovarov(@miamigov.com>; Ana Moya-Diaz <amoya(@josephjblake.com> Subject: RE: Second RFP Virginia Key Marina 16-17-011 FS119-Exempt. This document/email contains confidential Payment Card Industry Information. Sharing of information requires additional review and approval. Ted, I have confirmed on our end and we can proceed without the engagement letter since this is an update to an appraisal. Thank you, Gabriela Alfonsin, MPA Lease Manager Department of Real Estate and Asset Management (DREAM) 14 NE 1st Avenue, 2nd Floor, Miami, FL 33132 Tel: 305-416-1461 This email is classified as Payment Card Industry (PCI). This email is classified as confidential. Before sharing or releasing any portion of this email externally, you must first confirm whether any content is exempt pursuant to Florida Statute 119 by consulting the City's Custodian of Public Records or the City Attorney's Office. If a statutory exemption applies to specific information, you must redact only the exempt portions and release the remainder in response to any public records request. For guidance on redaction and disclosure, consult the City's Custodian of Public Records at (305)-416-1800 or publicrecordsPmiamigov.com or the City Attorney's Office before sharing or releasing any part of this document/email externally. From: Ted Allen <tallenPjosephjblake.com> Sent: Tuesday, December 16, 2025 4:02 PM To: Alfonsin, Gabriela <GAlfonsinPmiamigov.com>; Frey, Andrew <AFreyPmiamigov.com> Cc: Pivovarov, David <DPivovarovPmiamigov.com>; Ana Moya-Diaz <amoyaPjosephjblake.com> Subject: RE: Second RFP Virginia Key Marina 16-17-011 FS119-Exempt. This document/email contains confidential Payment Card Industry Information. Sharing of information requires additional review and approval. CAUTION: This is an email from an external source. Do not click links or open attachments unless you recognize the sender and know the content is safe. Gabriela Attached is our standard engagement letter. Please let me know if you have any questions or comments. Regards Ted Ted Allen, MAI State -Certified General Real Estate Appraiser No. RZ426 Managing Partner BL�E Joseph J. Blake and Associates, Inc. 5757 Waterford District Drive, Suite 220 Miami, FL 33126 Office: (305) 448-1663 Direct: (305) 448-1065 Fax: (305) 448-7077 tallen@JosephJBlake.com www.JosephJBlake.com National Valuation and Consulting Services for over 75 years ATLANTA BOSTON CHICAGO DALLAS LOS ANGELES MIAMI NEW YORK CITY PHOENIX RALEIGH SAN ANTONIO SAN FRANCISCO WASHINGTON, D.C. This e-mail message is for the sole use of the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure, or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply e-mail and destroy all copies of the original message. This email is classified as Payment Card Industry (PCI). This email is classified as confidential. Before sharing or releasing any portion of this email externally, you must first confirm whether any content is exempt pursuant to Florida Statute 119 by consulting the City's Custodian of Public Records or the City Attorney's Office. If a statutory exemption applies to specific information, you must redact only the exempt portions and release the remainder in response to any public records request. For guidance on redaction and disclosure, consult the City's Custodian of Public Records at (305)-416-1800 orpublicrecordsPmiamigov.com or the City Attorney's Office before sharing or releasing any part of this document/email externally. From: Alfonsin, Gabriela <GAlfonsin( miamigov.com> Sent: Tuesday, December 16, 2025 1:21 PM To: Frey, Andrew <AFreyC5 miamigov.com>; Ted Allen <tallenPjosephjblake.com> Cc: Pivovarov, David <DPivovarovPmiamigov.com> Subject: Re: Second RFP Virginia Key Marina 16-17-011 Good afternoon Ted, Can you please provide an engagemt letter for this appraisal update? Thank you, Gabriela Alfonsin, MPA Lease Manager Department of Real Estate and Asset Management (DREAM) 14 NE 1st Avenue, 2nd Floor, Miami, FL 33132 Tel: 305-416-1461 From: Frey, Andrew <AFrey(3 miamigov.com> Sent: Tuesday, December 2, 2025 1:42 PM To: Ted Allen <tallenPjosephjblake.com>; Alfonsin, Gabriela <GAlfonsinl@miamigov.com> Cc: Pivovarov, David <DPivovarov(miamigov.com> Subject: Re: Second RFP Virginia Key Marina 16-17-011 ok Andrew Frey, Director, Department of Real Estate & Asset Management Mobile 786 261 3380 afrey@miamigov.com From: Ted Allen <tallenPjosephjblake.com> Sent: Tuesday, December 2, 2025 11:34 AM To: Frey, Andrew <AFrey(miamigov.com>; Alfonsin, Gabriela <GAlfonsinPmiamigov.com> Cc: Pivovarov, David <DPivovarovPmiamigov.com> Subject: RE: Second RFP Virginia Key Marina 16-17-011 CAUTION: This is an email from an external source. Do not click links or open attachments unless you recognize the sender and know the content is safe. Andrew I don't have the Second RFP but was able to find it from our old files. Based on the scope we spoke about on the phone the fee would be $9,500. We need around three weeks for delivery. Please let me know if you have any questions. Regards Ted Ted Allen, MAI State -Certified General Real Estate Appraiser No. RZ426 Managing Partner Joseph J. Blake and Associates, Inc. 5757 Waterford District Drive, Suite 220 Miami, FL 33126 Office: (305) 448-1663 Direct: (305) 448-1065 Fax: (305) 448-7077 tallen@JosephJBlake.com www.JosephJBlake.com National Valuation and Consulting Services for over 75 years ATLANTA BOSTON CHICAGO DALLAS LOS ANGELES MIAMI NEW YORK CITY PHOENIX RALEIGH SAN ANTONIO SAN FRANCISCO WASHINGTON, D.C. This e-mail message is for the sole use of the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure, or distribution is prohibited. if you are not the intended recipient, please contact the sender by reply e-mail and destroy all copies of the original message. From: Frey, Andrew <AFrey( miamigov.com> Sent: Monday, December 1, 2025 12:14 PM To: Mick Stiksma <mstiksmal@crevaluationservices.com>; Alfonsin, Gabriela <GAlfonsinl@miamigov.com>; Tristan Stiksma <tstiksmaPcrevaluationservices.com>; Ted Allen <tal len (@josephjblake.com> Cc: Pivovarov, David <DPivovarovPmiamigov.com> Subject: Re: Second RFP Virginia Key Marina 16-17-011 Mick, Ted, Please let us know when you can send proposals. Thanks Andrew Frey, Director, Department of Real Estate & Asset Management Mobile 786 261 3380 afrey@miamigov.com From: Mick Stiksma<mstiksmal@crevaluationservices.com> Sent: Monday, November 24, 2025 8:44 PM To: Alfonsin, Gabriela <GAlfonsinl@miamigov.com>; Tristan Stiksma <tstiksmal@crevaluationservices.com>; Ted Allen <talienl@josephjblake.com> Cc: Frey, Andrew <AFreyPmiamigov.com>; Pivovarov, David <DPivovarov(@miamigov.com> Subject: RE: Second RFP Virginia Key Marina 16-17-011 C AUTION: This is an email from an external source. Do not click links or open attachments unless you recognize the sender and know the content is safe. Gabriela, Understood. It was a pleasure speaking with you all today. All the best —thanks Mick. Operating throughout the United States and the Caribbean Mick Stiksma, MAI, MRICS Managing Partner Li Administrative Office — 7535 Coquina Way - Ste 2, St Pete Beach, FL 33706 Direct 305-803-4538 imstiksma@crevaluationservices.com www.crevaluationservices.com From: Alfonsin, Gabriela <GAlfonsin3miamigov.com> Sent: Monday, November 24, 2025 4:34 PM To: Mick Stiksma <mstiksmal@crevaluationservices.com>; Tristan Stiksma <tstiksmal@crevaluationservices.com>; Ted Allen <talienl@josephjblake.com> Cc: Frey, Andrew <AFrey(3 miamigov.com>; Pivovarov, David <DPivovarov3miamigov.com> Subject: Second RFP Virginia Key Marina 16-17-011 Good afternoon Mick, Tristan and Ted, Thank you for your time today. You will receive an email directly from WeTransfer to download the Second RFP from 2016, and pertaining documents. I should have the first one (RFP - 12-14-077) to you by EOB tomorrow. Our Procurement Dept is assisting to retrieve from archives. Thank you, Gabriela Alfonsin, MPA Lease Manager Department of Real Estate and Asset Management (DREAM) 14 NE 1st Avenue, 2nd Floor, Miami, FL 33132 Tel: 305-416-1461 Virginia Key Marina 25-403-02 GLOSSARY OF VALUATION TERMS Term Definition Source Air Rights The right to undisturbed use and control of designated air space above a specific land area within stated elevations. Air rights may be acquired to construct a building above the land or building of another or to protect the light and air of an existing or proposed structure on an adjoining lot. Air rights do not always include development rights. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) As Is Market Value The estimate of the market value of real property in its Appraisal Institute, The current physical condition, use, and zoning as of the Dictionary of Real appraisal date. (Interagency Appraisal and Evaluation Estate Appraisal, 7th Guidelines) Note that the use of the "as is" phrase is Ed. (Chicago: Appraisal specific to appraisal regulations pursuant to FIRREA Institute, 2022) 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 A technique in which the capitalization rates attributable Appraisal Institute, The Investment to components of an investment are weighted and Dictionary of Real combined to derive a weighted -average rate attributable Estate Appraisal, 7th to the total investment (i.e., debt and equity, land and Ed. (Chicago: Appraisal improvements). Institute, 2022) Condominium An attached, detached, or stacked unit within or attached Appraisal Institute, The to a structure with common areas that are held as tenants Dictionary of Real in common (an undivided interest) with other owners in Estate Appraisal, 7th the project. The units can be residential, commercial, Ed. (Chicago: Appraisal industrial, or parking spaces or boat docks. These units are Institute, 2022) commonly defined by state laws in their locations. Because units can be stacked on top of other units, these units can be defined both vertically and horizontally. Debt Coverage Ratio (DCR) The ratio of net operating income to annual debt service (DCR = NOI/IM), which measures the relative ability of a property to meet its debt service out of net operating income; also called debt service coverage ratio (DSCR). A larger DCR typically indicates a greater ability for a property to withstand a reduction of income, providing an improved safety margin for a lender. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Deferred Maintenance Items of wear and tear on a property that should be fixed now to protect the value or income -producing ability of the property, such as a broken window, a dead tree, a leak in the roof, or a faulty roof that must be completely replaced. These items are almost always curable. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Virginia Key Marina 25-403-02 GLOSSARY OF VALUATION TERMS Term Definition Source Depreciation 1. In appraisal, a loss in the value of improvements from any cause; the difference between the cost of an improvement on the effective date of the appraisal and the value of the improvement on the same date. 2. In accounting, an allocation of the original cost of an asset, amortizing the cost over the asset's life; calculated using a variety of standard techniques. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Discount Rate (Y) A rate of return on capital used to convert future payments or receipts into present value. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Effective Gross Income (EGI) The anticipated income from all operations of the real estate after an allowance is made for vacancy and collection losses and an addition is made for any other income. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Effective Gross Income Multiplier (EGIM) The ratio between the sale price (or value) of a property and its effective gross income. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Entrepreneurial Profit 1. A market -derived figure that represents the amount an entrepreneur received for his or her contribution to a past project to compensate for his or her time, effort, knowledge, and risk; the difference between the total cost of a property (cost of development) and its market value (property value after completion), which represents the entrepreneur's compensation for the risk and expertise associated with development. An entrepreneur is motivated by the prospect of future value enhancement (i.e., the entrepreneurial incentive). An entrepreneur who successfully creates value through new development, expansion, renovation, or an innovative change of use is rewarded by entrepreneurial profit. Entrepreneurs may also fail and suffer losses. 2. In economics, the actual return on successful management practices, often identified as coordination, the fourth factor of production following land, labor, and capital; also called entrepreneurial return or entrepreneurial reward. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Virginia Key Marina 25-403-02 GLOSSARY OF VALUATION TERMS Term Definition Source Equity Capitalization Rate (RE) An income rate that reflects the relationship between one year's equity cash flow and the equity investment; also called the cash -on -cash rate, cash flow rate, cash throw- off rate, or equity dividend rate. (RE = IE/VE, or Pre -Tax Cash Flow/Equity Invested) Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Equity Ratio (E) The ratio between the down payment paid on a property and its total price; the fraction of the investment that is unencumbered by debt. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Excess Land Land that is not needed to serve or support the existing use. The highest and best use of the excess land may or may not be the same as the highest and best use of the improved parcel. Excess land has the potential to be sold separately and is valued separately. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Exposure Time An opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). External A type of depreciation; a diminution in value caused by Obsolescence negative external influences and generally incurable on the part of the owner, landlord, or tenant. The external influence may be either temporary or permanent. There are two forms of external obsolescence: economic and locational. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Extraordinary Assumption An assignment -specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). Fee Simple Estate Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Virginia Key Marina 25-403-02 GLOSSARY OF VALUATION TERMS Term Definition Source Gross Building Area (GBA) 1. Total floor area of a building, excluding unenclosed areas, measured from the exterior of the walls of the above -grade area. This includes mezzanines and basements if and when typically included in the market area of the type of property involved. 2. Gross leasable area plus all common areas. 3. For residential space, the total area of all floor levels measured from the exterior of the walls and including the superstructure and substructure basement; typically does not include garage space. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Gross Leasable Area (GLA) Total floor area designed for the occupancy and exclusive use of tenants, including basements and mezzanines; measured from the center of joint partitioning to the outside wall surfaces. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Highest and Best Use 1. The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS) 3. [The] highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions) Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Virginia Key Marina 25-403-02 GLOSSARY OF VALUATION TERMS Term Definition Source 4. [For fair value determination] The use of a nonfinancial asset by market participants that would maximize the value of the asset or the group of assets and liabilities (for example, a business) within which the asset would be used. (FASB Glossary) The highest and best use of a nonfinancial asset takes into account the use that is physically possible, legally permissible, and financially feasible. (FASB 820-10-35-10B). The highest and best use of a nonfinancial asset establishes the valuation premise used to measure the fair value of the asset, as follows: (a) The highest and best use of a nonfinancial asset might provide maximum value to market participants through its use in combination with other assets as a group (as installed or otherwise configured for use) or in combination with other assets and liabilities (for example, a business). (b) The highest and best use of the asset might provide maximum value to market participants on a standalone basis. (FASB 820-10-35-10E) Hypothetical Condition A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). Insurable Value A type of value for insurance purposes. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Internal Rate of Return (IRR) The annualized yield rate or rate of return on capital that is generated within an investment or portfolio over a period of ownership. Alternatively, the indicated return on capital associated with a projected or pro forma income stream. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Virginia Key Marina 25-403-02 GLOSSARY OF VALUATION TERMS Term Definition Source Leased Fee Interest The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Leasehold Estate (Leasehold Interest) The right held by the lessee to use and occupy real estate fora stated term and under the conditions specified in the lease. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Loan -to -Value Ratio (M) The ratio between a mortgage loan and the value of the property pledged as security, usually expressed as a percentage; also called loan ratio or LTV. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Marketing Time An opinion of the amount of time to sell a property interest at the concluded market value or at a benchmark price during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which precedes the effective date of an appraisal. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Market Rent The most probable rent that a property should bring in a Appraisal Institute, The competitive and open market under all conditions Dictionary of Real requisite to a fair lease transaction, the lessee and lessor Estate Appraisal, 7th each acting prudently and knowledgeably, and assuming Ed. (Chicago: Appraisal the rent is not affected by undue stimulus. Implicit in this Institute, 2022) definition is the execution of a lease as of a specified date under conditions whereby • Lessee and lessor are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and • The rent reflects specified terms and conditions typically found in that market, such as permitted uses, use restrictions, expense obligations, duration, concessions, rental adjustments and revaluations, renewal and purchase options, frequency of payments (annual, monthly, etc.), and tenant improvements (Tls). JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Virginia Key Marina 25-403-02 GLOSSARY OF VALUATION TERMS Term Definition Source Market Value A type of value, stated as an opinion, that presumes the transfer of a property (i.e. a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the value definition that is identified by the appraiser as applicable in an appraisal. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). Mortgage Capitalization Rate (RM) The capitalization rate for debt; the ratio of the annual debt service to the remaining principal balance of the mortgage loan. The mortgage capitalization rate (RM) is equivalent to the periodic (monthly, quarterly, annual) mortgage constant multiplied by the number of payments per year on a given loan on the day the loan is initiated. RM = Annual Debt Service/Mortgage Principal Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Mortgage Debt Service (IM) The annualized periodic payment for interest on and retirement of the principal of a mortgage loan; also called total mortgage debt service. The abbreviation IM refers to the annual debt service. These terms often refer to annual debt service, but clarification is often required if they are monthly, quarterly, or annual because many mortgages are paid monthly. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Net Income Multiplier (NIM) The relationship between price or value and net operating income expressed as a factor; the reciprocal of the overall capitalization rate. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Net Operating Income (NOI or lo) The actual or anticipated net income that remains after all operating expenses are deducted from effective gross income but before mortgage debt service and book depreciation are deducted. Note: This definition mirrors the convention used in corporate finance and business valuation for EBITDA (earnings before interest, taxes, depreciation, and amortization). Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Net Rentable Area (NRA, Rentable Area) For office or retail buildings, the tenant's pro rata portion of the entire office floor, excluding elements of the building that penetrate through the floor to the areas below. The rentable area of a floor is computed by measuring to the inside finished surface of the dominant portion of the permanent building walls, excluding any major vertical penetrations of the floor. Alternatively, the amount of space on which the rent is based; calculated according to local practice. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Virginia Key Marina 25-403-02 GLOSSARY OF VALUATION TERMS Term Definition Source Overall Capitalization Rate (Ro) The relationship between a single year's net operating income expectancy and the total property price or value (Ro = to /V0). Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Prospective Market Value "As Completed" and "As Stabilized" A prospective market value may be appropriate for the valuation of a property interest related to a credit decision for a proposed development or renovation project. According to USPAP, an appraisal with a prospective market value reflects an effective date that is subsequent to the date of the appraisal report. Prospective value opinions are intended to reflect the current expectations and perceptions of market participants, based on available data. Two prospective value opinions may be required to reflect the time frame during which development, construction, and occupancy will occur. The prospective market value —as completed— reflects the property's market value as of the time that development is expected to be completed. The prospective market value —as stabilized— reflects the property's market value as of the time the property is projected to achieve stabilized occupancy. For an income -producing property, stabilized occupancy is the occupancy level that a property is expected to achieve after the property is exposed to the market for lease over a reasonable period of time and at comparable terms and conditions to other similar properties. (See USPAP Statement 4* and Advisory Opinion 17.) (Interagency Appraisal and Evaluation Guidelines) Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Prospective Opinion of Value A value opinion effective as of a specified future date. The term does not define a type of value. Instead, it identifies a value opinion as being effective at some specific future date. An opinion of value as of a prospective date is frequently sought in connection with projects that are proposed, under construction, or under conversion to a new use, or those that have not yet achieved sellout or a stabilized level of long-term occupancy. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Replacement Cost The estimated cost to construct, at current prices as of a specific date, a substitute for a building or other improvements, using modern materials and current standards, design, and layout. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Virginia Key Marina 25-403-02 GLOSSARY OF VALUATION TERMS Term Definition Source Replacement Cost for Insurance Purposes The estimated cost, at current prices as of the effective date of valuation, of a substitute for the building being valued, using modern materials and current standards, design, and layout for insurance coverage purposes guaranteeing that damaged property is replaced with new property (i.e., depreciation is not deducted). Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Reproduction Cost The estimated cost to construct, at current prices as of the Appraisal Institute, The effective date of the appraisal, a duplicate or replica of the Dictionary of Real building being appraised, using the same or similar Estate Appraisal, 7th materials, construction standards, design, layout, and Ed. (Chicago: Appraisal quality of workmanship and embodying all the Institute, 2022) deficiencies, superadequacies, and obsolescence of the subject building. Residual An overall capitalization rate used to estimate the resale Appraisal Institute, The Capitalization Rate price of a property; usually applied to the anticipated Dictionary of Real (RN) stabilized income for the year beyond the holding period; Estate Appraisal, 7th also called terminal capitalization rate. Ed. (Chicago: Appraisal Institute, 2022) Retrospective A value opinion effective as of a specified historical date. Appraisal Institute, The Value Opinion 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, 7th some specific prior date. Value as of a historical date is Ed. (Chicago: Appraisal frequently sought in connection with property tax Institute, 2022) 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, leaseholder is the lessee of one party and the lessor of another. The owner of the sandwich lease is neither the fee owner nor the user of the property; he or she may be a leaseholder in a chain of leases, excluding the ultimate sublessee. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Virginia Key Marina 25-403-02 GLOSSARY OF VALUATION TERMS Term Sum of the Retail Values Surplus Land Definition The sum of the separate and distinct market value opinions for each of the units in a condominium, subdivision development, or portfolio of properties, as of the date of valuation. The aggregate of retail values does not represent the value of all the units as though sold together in a single transaction; it is simply the total of the individual market value conclusions. An appraisal has an effective date, but summing the sale prices of multiple units over an extended period of time will not be the value on that one day unless the prices are discounted to make the value equivalent to what another developer or investor would pay for the bulk purchase of the units. Also called the aggregate of the retail values or aggregate retail selling price. Land that is not currently needed to support the existing use but cannot be separated from the property and sold off for another use. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel. Source Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING QUALIFICATIONS OF THE APPRAISER TED ALLEN, MAI Mr. Allen currently holds the position of Managing Partner with the Miami office of Joseph J. Blake and Associates, Inc., at 5757 Waterford District Drive, Suite 220, Miami, Florida 33126. 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 Number Florida State -Certified General Real Estate Appraiser No. RZ 426 Georgia State -Certified General Real Property Appraiser No. CG 1855 Appraisal Institute, Designated Member No. 6949 Royal Institution of Chartered Surveyors No. 6329062 CURRENT RESPONSIBILITIES Responsibilities include the preparation and direction of a variety of full narrative real estate appraisals and consulting studies prepared on a national basis. Mr. Allen supervises all staff appraisers and consultants and directs all major assignments throughout the southeastern United States and the Caribbean. APPRAISAL EXPERIENCE Mr. Allen has prepared and directed numerous appraisal and consulting assignments which include mixed - use properties, multifamily developments, proposed and existing condominiums and conversions, timeshares, office buildings, motels, hotels, industrial properties, regional malls, shopping centers, mobile home parks, market studies, feasibility studies, and investment analyses on a variety of institutional and non - institutional grade real property in over 15 states and 10 Caribbean nations. He has appraised and has supervised appraisals, as well as prepared consulting studies of properties for a variety of public pension funds, large institutional investors, pension fund advisors, insurance companies and banks. Mr. Allen has qualified as an expert witness for Federal Bankruptcy Court in the State of Florida and the State of Georgia and has given oral and written testimony in each. He has also been qualified in Florida State and County Courts. LEADERSHIP AND ADDITIONAL EXPERIENCE Mr. Allen is currently one of three executive committee members managing the operations of Joseph J Blake and Associates. This position oversees all aspects of the firms operations throughout the US. His duties including accounting oversight, IT oversight, marketing, short and long range planning, personnel staffing and budgeting. Positions held at the Appraisal Institute include: former service on Chapter Admissions Committee Member, former service on National Admissions Committee, and former service on National Ethics Committee. Additional real estate activities include NCREIF and Mortgage Bankers Association functions and service as Special Magistrate Miami Dade County Value Adjustment Board for the 2014 tax year. QUALIFICATIONS OF THE APPRAISER CERTIFICATION Melanie 5. Griffin, Secretary STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION dFIC7l d r THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES 5201 BLUE LAGOON DRIVE SUITE 270 MIAMI FL 33126 1 LICENSE NUMBER: RZ426 EXPIRATION DATE: NOVEMBER 30, 2026 Always verify licenses online at MyFloridaLicense.com ISSUED: 09/06/2024 Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. QUALIFICATIONS OF THE APPRAISER ORLANDO SANTOS Mr. Santos is a State -Certified General Real Estate Appraiser with the Miami office of Joseph J. Blake and Associates, Inc., at 5757 Waterford District Drive, Suite 220, Miami, Florida 33126. FORMAL EDUCATION Florida International University— Miami, FL Masters of Science in International Real Estate Florida International University —Miami, FL Bachelor of Science in Biology Minor in Chemistry REAL ESTATE AND APPRAISAL EDUCATION Course Name Provider Advanced Residential Apps & Case Studies Sales Comparison and Income Approach Statistics, Modeling and Finance Site Valuation and Cost Approach General Market Analysis and Highest and Best Use Specialized Residential Topics Report Writing and Valuation Analysis Gold Coast School of Real Estate Gold Coast School of Real Estate Gold Coast School of Real Estate Gold Coast School of Real Estate Gold Coast School of Real Estate Gold Coast School of Real Estate Gold Coast School of Real Estate PROFESSIONAL AFFILIATIONS Affiliation Number Florida - State -Certified General Real Estate Appraiser No. RZ4535 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 QUALIFICATIONS OF THE APPRAISER CERTIFICATION Ron DeSantis, Governor STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Melanie S, Griffin. Secretary dr FLORIDA REAL ESTATE APPRAISAL 13D THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES �rJ fas SANTOS, ORLANDO RUFINO 12953 SW 135TH TERRACE MIAMI FL 33186 LICENSE NUMBER: RZ4535 EXPIRATION DATE: NOVEMBER 30, 2026 Always verify licenses online at MyFloridaLicense.com ISSUED: 11/20/2024 Do not after this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. i1CREVALUATION SERVICES AN APPRAISAL FOR THE FAIR MARKET RENT OF VIRGINIA KEY MARINA 3501 RICKENBACKER CAUSEWAY ET AL MIAMI, FL 33149 PREPARED FOR CITY OF MIAMI: DEPARTMENT OF REAL ESTATE & ASSET MANAGEMENT MR. ANDREW FREY DIRECTOR 14 NE 1ST AVENUE MIAMI, FL 33132 RFP VIRGINIA KEY MARINA 16-17-011 Date of Valuation: February 3, 2026 Date of Report: March 25, 2026 By: CRE VALUATION SERVICES ADMINISTRATIVE OFFICE 7535 COQUINA WAY, SUITE 2 ST PETE BEACH, FL 33706 March 25, 2026 Re: Fair Market Rent of Virginia Key Marina 3501 Rickenbacker Causeway et al Miami, FL 33149 We have performed an appraisal on the above referenced property, the conclusions of which are set forth in the attached Narrative Report. The subject property has a site area of approximately 27.50 acres or 1,197,990 SF (Gross Land Area) which serves as a Marina that is proposed to undergo a significant upgrade and renovation. The subject property is in southeastern Miami, FL, approximately two miles east of Interstate 95 (Exit #1A — Rickenbacker Causeway, Key Biscayne) in the northwest section of the historic Miami Marina Stadium on Virginia Key. This report is intended for use only by City of Miami: Department of Real Estate & Asset Management as part of a portfolio valuation and use by others is not intended by CRE Valuation Services. The intent of this report is to be in conformance with the Ethical Standards of the Appraisal Institute as well as meeting with the standards of USPAP. In view of the following facts and data in conjunction with this appraisal, it is the opinion of CRE Valuation Services that the prospective "as if stabilized" Fair Market Value Rent for the Lease of the subject Property as of, February 3, 2026 and subject to the general assumptions and limiting conditions, was: Prospective FMV of the Base Rent for the Ground Lease (Annual) - As if Stabilized $2,200,000 Prospective FMV of the Percentage Rent for the Ground Lease (Annual) - As if Stabilized $1,400,000 Hypothetical Conditions and Extraordinary Assumptions — We have assumed that the property will be constructed and operated in a manner evidenced to us by development proposals publicly available and owner supplied data from February and March of 2026. Our firm appreciates the opportunity to have performed this appraisal assignment on your behalf. Respectfully submitted, Mick Stiksma, MAI, MRICS Cert Gen RZ2990 CRE Valuation Services Managing Partner CRE Valuation Services Page 2 642530571A TABLE OF CONTENTS SUBJECT PROPERTY AT A GLANCE 4 SUMMARY OF SALIENT FACTS 5 ASSUMPTIONS AND LIMITING CONDITIONS 6 CERTIFICATION 10 INTRODUCTION 11 MARKET ANALYSIS 14 PRIMARY MARKET ANALYSIS 20 MIAMI RETAIL MARKET ANALYSIS 21 MIAMI OFFFICE MARKET ANALYSIS 23 SITE ANALYSIS 25 HIGHEST AND BEST USE ANALYSIS 30 APPRAISAL PROCESS 32 BASE RENT 34 INCOME APPROACH - PERCENTAGE RENT 36 FINAL VALUE CONCLUSION 39 CRE Valuation Services Page 3 642530571A SUBJECT PROPERTY AT A GLANCE Aerial View of the Subject Virginia Key CRE Valuation Services Page 4 642530571A SUMMARY OF SALIENT FACTS Property Date of Viewing Date of Report Fair Market Rent of Virginia Key Marina 3501 Rickenbacker Causeway et al Miami, FL 33149 February 3, 2026 March 25, 2026 Physical Data Land Area 27.50Acres (1,197,990 Gross Land SF) Submerged 17.00 Acres (740,520 Submerged Land SF) Uplands 10.50 Acres (457,470 Upland SF) Zoning Classification CS Civic Space Zone Highest and Best Use "As Vacant" Waterfront Development "As if Improved" Waterfront Development CRE Valuation Services Page 5 642530571A ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report has been made with the following general assumptions: 1. Any legal description or plats reported herein are assumed to be accurate. Any sketches, surveys, plats, photographs, drawings or other exhibits are included only to assist the intended user to better understand and visualize the subject property, the environs, and the competitive data. We have made no survey of the property and assume no responsibility in connection with such matters. 2. The appraiser has not conducted any engineering or architectural surveys in connection with this appraisal assignment. Information reported pertaining to dimensions, sizes, and areas is either based on measurements taken by the appraiser or the appraiser's staff or was obtained or taken from referenced sources and is considered reliable. No responsibility is assumed for the costs of preparation or for arranging geotechnical engineering, architectural, or other types of studies, surveys, or inspections that require the expertise of a qualified professional. 3. No responsibility is assumed for matters legal in nature. Title is assumed to be good and marketable and in leased fee unless otherwise stated in the report. The property is considered to be free and clear of existing liens, easements, restrictions, and encumbrances, except as stated. 4. Unless otherwise stated herein, it is assumed there are no encroachments or violations of any zoning or other regulations affecting the subject property and the utilization of the land and improvements is within the boundaries or property lines of the property described and that there are no trespasses or encroachments. 5. CRE Valuation Services assumes there are no private deed restrictions affecting the property which would limit the use of the subject property in any way. 6. It is assumed the subject property is not adversely affected by the potential of floods; unless otherwise stated herein. 7. It is assumed all water and sewer facilities (existing and proposed) are or will be in good working order and are or will be of sufficient size to adequately serve any proposed buildings. 8. Unless otherwise stated within the report, the depiction of the physical condition of the improvements described herein is based on visual inspection. No liability is assumed for the soundness of structural members since no engineering tests were conducted. No liability is assumed for the condition of mechanical equipment, plumbing, or electrical components, as complete tests were not made. No responsibility is assumed for hidden, unapparent or masked property conditions or characteristics that were not clearly apparent during our inspection. 9. If building improvements are present on the site, no considerable evidence of termite damage or infestation was observed during our physical inspection, unless so stated in the report. No termite inspection report was available, unless so stated in the report. No responsibility is assumed for hidden damages or infestation. 10. Any proposed or incomplete improvements included in this report are assumed to be satisfactorily completed in a workmanlike manner or will be thus completed within a reasonable length of time according to plans and specifications submitted. 11. No responsibility is assumed for hidden defects or for conformity to specific governmental requirements, such as fire, building, safety, earthquake, or occupancy codes, except where specific professional or governmental inspections have been completed and reported in the appraisal report. CRE Valuation Services Page 6 642530571A 12. Responsible ownership and competent property management are assumed. 13. The appraisers assume no responsibility for any changes in economic or physical conditions which occur following the effective date of value within this report that would influence or potentially affect the analyses, opinions, or conclusions in the report. Any subsequent changes are beyond the scope of the report. 14. The value estimates reported herein apply to the entire property. Any proration or division of the total into fractional interests will invalidate the value estimates, unless such proration or division of interests is set forth in the report. 15. Any division of the land and improvement values estimated herein is applicable only under the program of utilization shown. These separate valuations are invalidated by any other application. 16. Unless otherwise stated in the report, only the real property is considered, so no consideration is given to the value of personal property or equipment located on the premises or the costs of moving or relocating such personal property or equipment. 17. Unless otherwise stated, it is assumed that there are no subsurface oil, gas or other mineral deposits or subsurface rights of value involved in this appraisal, whether they are gas, liquid, or solid. Nor are the rights associated with extraction or exploration of such elements considered; unless otherwise stated. Unless otherwise stated it is also assumed that there are no air or development rights of value that may be transferred. 18. Any projections of income and expenses, including the reversion at time of resale, are not predictions of the future. Rather, they are our best estimate of current market thinking of what future trends will be. No warranty or representation is made that these projections will materialize The real estate market is constantly fluctuating and changing. It is not the task of an appraiser to estimate the conditions of a future real estate market, but rather to reflect what the investment community envisions for the future in terms of expectations of growth in rental rates, expenses, and supply and demand. The forecasts, projections, or operating estimates contained herein are based on current market conditions, anticipated short-term supply and demand factors, and a continued stable economy. These forecasts are, therefore, subject to changes with future conditions. 19. Unless subsoil opinions based upon engineering core borings were furnished, it is assumed there are no subsoil defects present, which would impair development of the land to its maximum permitted use or would render it more or less valuable. No responsibility is assumed for such conditions or for engineering which may be required to discover them. 20. CRE Valuation Services representatives are not experts in determining the presence or absence of hazardous substances, defined as all hazardous or toxic materials, wastes, pollutants or contaminants (including, but not limited to, asbestos, PCB, UFFI, or other raw materials or chemicals) used in construction or otherwise present on the property. We assume no responsibility for the studies or analyses which would be required to determine the presence or absence of such substances or for loss as a result of the presence of such substances. Appraisers are not qualified to detect such substances. The client is urged to retain an expert in this field. 21. We are not experts in determining the habitat for protected or endangered species, including, but not limited to, animal or plant life that may be present on the property. We assume no responsibility for the studies or analyses which would be required to determine the presence or absence of such species or for loss as a result of the presence of such species. The appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent endangered species impact studies, research, and investigation that may be provided. CRE Valuation Services Page 7 642530571A 22. No environmental impact studies were either requested or made in conjunction with this analysis. The appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent environmental impact studies, research, and investigation that may be provided. 23. The appraisal is based on the premise that there is full compliance with all applicable environmental regulations and laws unless otherwise stated in the report; further, that all applicable zoning, building, and use regulations and restrictions of all types have been complied with unless otherwise stated in the report; further, it is assumed that all required licenses, consents, permits, or other legislative or administrative authority, local, state, federal and/or private entity or organization have been or can be obtained or renewed for any use considered in the value estimate. 24. Neither all nor any part of the contents of this report or copy thereof, shall be conveyed to the public through advertising, public relations, news, sales, or any other media, without the prior written consent and approval of the appraisers. This limitation pertains to any valuation conclusions, the identity of the analyst or the firm and any reference to the professional organization of which the appraiser is affiliated or to the designations thereof, except in the case of a lawful proceeding. 25. Although the appraiser has made, insofar as is practical, every effort to verify as factual and true all information and data set forth in this report, no responsibility is assumed for the accuracy of any information furnished the appraiser either by the client or others. If for any reason, future investigations should prove any data to be in substantial variance with that presented in this report, the appraiser reserves the right to alter or change any or all analyses, opinions, or conclusions and/or estimates of value. 26. Often real estate sales prices and other data, such as rents, prices, and financing, are not a matter of public record. If this is such, although extensive effort has been expended to verify pertinent data with buyers, sellers, brokers, lenders, lessors, lessees, and other sources considered reliable, it has not always been possible to independently verify all significant facts. In these instances, the appraiser may have relied on verification obtained and reported by appraisers outside of our office. Also, as necessary, assumptions and adjustments have been made based on comparisons and analyses using data in the report and on interviews with market participants. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. 27. The appraiser has not made a specific compliance survey or analysis of the property to determine whether or not it is in conformity with various disability requirements. Since the appraiser has no direct evidence relating to this issue, possible noncompliance with the requirements was not considered in estimating the value of the property. 28. This appraisal report has been prepared for the exclusive benefit of the client, which is inclusive of the attorney(s) or court staff as it pertains to the litigation. It may not be used or relied upon by any other party. Any other party who is not the identified client within this report who uses or relies upon any information in this report does so at their own risk and may be subject to legal action. Written consent must be obtained prior to any third -party use. 29. The dollar amount of any value opinion herein rendered is based upon the purchasing power and price of the US Dollar as of the effective date of value. This appraisal is based on market conditions existing as of the date of this appraisal. 30. The right is reserved by the appraiser to make adjustments to the analyses, opinions, and conclusions set forth in this report as may be required by consideration of additional or more reliable data that may become available. No change of this report shall be made by anyone other than the appraiser or appraisers. The appraiser(s) shall have no responsibility for any unauthorized change(s) to the report. CRE Valuation Services Page 8 642530571A 31. If the client instructions to the appraiser were to inspect only the exterior of the improvements in the appraisal process, the physical attributes of the property were observed from the street(s) as of the inspection date of the appraisal. Physical characteristics of the property were obtained from tax assessment records, available plans, if any, descriptive information, and interviewing the client and other knowledgeable persons. It is assumed the interior of the subject property is consistent with the exterior conditions as observed and that other information relied upon is accurate. 32. The submission of this report constitutes completion of the services authorized. It is submitted on the condition the client will provide reasonable notice and customary compensation, including expert witness fees, relating to any subsequent required attendance at conferences, depositions, and judicial or administrative proceedings. In the event the appraiser is subpoenaed for either an appearance or a request to produce documents, a best effort will be made to notify the client immediately. The client has the sole responsibility for obtaining a protective order, providing legal instruction not to appear with the appraisal report and related work files and will answer all questions pertaining to the assignment, the preparation of the report, and the reasoning used to formulate the estimate of value. Unless paid in whole or in part by the party issuing the subpoena or by another party of interest in the matter, the client is responsible for all unpaid fees resulting from the appearance or production of documents regardless of who orders the work. 33. Use of this appraisal report constitutes acknowledgement and acceptance of the general assumptions and limiting conditions, special assumptions (if any), on which this estimate of market value is based. Hypothetical Conditions and Extraordinary Assumptions — We have assumed that the property will be in constructed and operated in the manner evidenced to us by publicly available and owner supplied data from February and March 2026. CRE Valuation Services Page 9 642530571A CERTIFICATION We certify that, to the best of our knowledge and belief: - The statements of fact contained in this report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and our personal, impartial, and unbiased professional analyses, opinions, and conclusions. - We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - Our engagement in this assignment was not contingent upon developing or reporting predetermined results. - Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Appraisal Institute and USPAP. - A viewing of the subject site, the improvements and market area was conducted on February 3, 2026 by the appraiser. - Tristan Stiksma, Trainee RI24514 and Stephanie Hernandez provided real property appraisal assistance to the person signing this certification. - The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. - The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. - As of the date of this report the undersigned has completed the requirements of the continuing education program of the Appraisal Institute for members. Mick Stiksma, MAI, MRICS Cert Gen RZ2990 CRE Valuation Services Managing Partner CRE Valuation Services Page 10 642530571A INTRODUCTION Property Appraised Virginia Key Marina 3501 Rickenbacker Causeway et al Miami, FL 33149 • - _. Concept Image of Proposed Marina Property Identification The subject property has a site area of 27.50 acres or 1,197,990 SF (Gross Land Area) which serves as a Marina that is proposed to undergo a significant upgrade and renovation. The subject property is in southeastern Miami, FL, approximately two miles east of Interstate 95 (Exit #1A — Rickenbacker Causeway, Key Biscayne) in the northwest section of the historic Miami Marina Stadium on Virginia Key. It is important to note that the subject property actually consists of six separately titled parcels, however we have chosen 3501 Rickenbacker Causeway et al as the location descriptor throughout the report for simplicity. ADVANTAGES: • Subject is conveniently located in the city of Miami, just South of the Port of Miami and near the Cultural and Business District. • In 2025, Miami welcomed 28.2 million tourists and the number is expected to grow in 2026. CHALLENGES: • Global economic uncertainty is causing potential buyers to be cautious regarding discretionary spending on real estate. • Real Estate prices have recovered since covid however there is still some tentativeness. CRE Valuation Services Page 11 642530571A INTRODUCTION Type of Value, Intended Use & User of Appraisal The type of value sought in our appraisal of the subject was an opinion of the prospective "as if stabilized" Fair Market Value Rent for the Lease of the subject Property as of, February 3, 2026 and subject to the general assumptions and limiting conditions cited herein. It is our understanding that this appraisal will be used by our client, City of Miami: Department of Real Estate & Asset Management for asset valuation purposes. Property Rights Appraised The subject property is owned Fee Simple by the City of Miami There is a referendum planned in for the proposed redevelopment of the "Virginia Key Harbour and Marine Center". The applicant for the redevelopment will have a Leased -Fee interest in the subject property, if approved. Scope of Appraisal/Extent of the Data Collection Process This appraisal considered all three approaches to value, (1) Sales Comparison Approach, (2) Income Capitalization Approach and the (3) Cost Approach. The procedures and methodologies employed in these approaches are outlined in the Appraisal Process section of this report. However, as we have only been requested to provide a Fair Market Rent we have focused solely on market rent data typically as part of the Income Approach. Following is a summary of steps completed by the appraisers in this assignment. 1. The subject was viewed on February 3, 2026. The surrounding area and influences were also viewed at this time. Specific information relative to the subject property was provided by representatives of the owners. 2. Gathered information from various secondary data sources regarding regional and local economic and data specifically relating to rental analyses. 3. Analyzed that data as it pertains to the estimated rental rates and applied those estimates to the various characteristics of the subject property. 4. Reviewed various proposals, plans and sketches involving the subject property. 5. Analyzed the highest and best use of the site "as vacant" and "as if improved". 6. Analyzed the data to arrive at rental rate conclusions. 7. Reconciled the results of these analyses into an indication of the fair market rent of the ground lease rent, as of February 3, 2026. 8. Prepared a Narrative Report. CRE Valuation Services Page 12 642530571A INTRODUCTION History of the Subject Property In 1896, the City of Miami was founded, giving the City oversight and control over Virginia Key which remains in their capacity to this day. Over the course of its history, Virginia Key experienced several moments of jubilance and tribulation, later recognizing Virginia Key Beach Park, in August of 2002, onto the National Register of Historic Places. Already, with an attraction towards Virginia Key, on July of 2010, the City of Miami completed a comprehensive master planning process of Virginia Key that will serve as a guiding tool to transform this maritime habitat into a civic space center, inviting guests from abroad and domestically. The planned "Virginia Key Harbour & Marine Center," proposed by Suntex Marinas, is a 75-year ground lease, expected to have a direct financial benefit to the City of Miami by the time of the lease expiration date. The proposed development will include: 750 dry slips, 162 wet slips, two - restaurants, a dock master's office, a ship's store, fuel stations and approximately 30,000 SF of small scale marine -related retail/commercial spaces. The subject property has a site area of approximately 27.50 acres or 1,197,990 SF (Gross Land Area) which serves as a Marina that is proposed to undergo a significant upgrade and renovation. The subject property is in southeastern Miami, FL, approximately two miles east of Interstate 95 (Exit #1A — Rickenbacker Causeway, Key Biscayne) in the northwest section of the historic Miami Marina Stadium on Virginia Key. There are existing improvements that are currently leased, however these will be re -incorporated into the newly proposed redevelopment. To the best of our knowledge, no other real estate transaction has occurred with regard to the subject property in the past three years. We have not undertaken any assignment with regard to the subject property in the past three years. Competency The appraisers involved in this assignment have, collectively, considerable experience in appraising commercial properties within the region. The appraisers have historically been engaged in appraisal work in the geographical area of the subject property. The company maintains a database on this area for similar properties. Further, we are versed in the analytical methods typically employed in appraising this property type. In summary, we believe we have adequate knowledge of the property type, geographical location and analytical methods necessary to comply with the competency requirements of USPAP. CRE Valuation Services Page 13 642530571A MARKET ANALYSIS Introduction The subject property is located in the City of Miami in Miami Dade County, Florida, within the Miami Statistical Area (MSA). Nalianddle`Beach ,vetit.1a MIaraai.Gardens iiiitii rip 11 p.Tri 111Nor4hrM�am� Div „xeiii‘Aimplaiort tasn.ebleau PPI 12 The 11- Hammocks endalC r a Ani Pa metro Bay Miami Beach Miami vs501 Rickenbacker Cswy Key Bl 1ayne each m m 1 eV • Biscayne National Park Figure 1: Submarket Map CoStar The subject site is located in an area which is included within the Miami Metropolitan Statistical Area (MSA). The following pages are taken from the CoStar report for Miami MSA. CRE Valuation Services Page 14 642530571A Overview Population Rank 23rd Metro GDP Rank 27th Population Growth Rank 3l st Located along Honda's southeastern coast, Miami anchors one of the nation's most dynamic and globally connected metros. The region is home to 2.85 million residents, which ranks 23i° nationally. Miami's economy is supported by international trade, finance, and tourism. Real GDP growth was 3.3% over the past year, ranking Miami fifth among the 54 largest metros. Meanwhile, employment growth of 1.3% ranks tenth nationally, underscoring its strong performance in the post -pandemic era. Population growth has moderated from pandemic -era highs but remains positive. driven by domestic migration and the influx of retirees. MAP About the Market - Miami Job Growth Rank lOth GDP Growth Rank 5th The metro's population grew by 5.6% since 2020, fueled by an influx of high -income households and corporate relocations_ Miami's economic drivers remain resilient. Trade and logistics thrive on the strength of PortMiami and Miami International Airport, the nation's top gateway for international air freight. Finance and technology firms continue to expand, reinforcing Miami's status as a hub for high -paying fobs_ Combined with its global tourism appeal and lifestyle amenities, these factors position Miami for steady long -terns growth despite near -term headwinds from rising living costs. 171 n CRE Valuation Services Page 15 64253O571A Commercial Real Estate Inventory Mix Office Square Industrial Footage Square Footage 117M 280M Retail Square Footage About the Market - Miami Multifamily Square Footage 140M 225M Bound by the Atlantic coast to the east and the Florida Everglades to the west, Miami's commercial realestate inventory is heavily concentrated along the region's primary transportation corridors_ Industrial properties account for a sizable portion of Miami's commercial inventory with 280 million SF (34%), reflecting the metro's role as a logistics hub tor Latin American trade. Miami International Airport and PortMiami drive demand for warehouse and distribution space, though industrial's share is slightly below the national average. Multifamily accounts for 27% of inventory and is Hospitality Square Footage 69M overrepresented compared to the nation, underscoring the breadth of Miami's ongoing urban multifamily construction boom_ Office space totals 117 million SF, ranking 29th nationally, which is slightly underrepresented by square footage. Retail, at 140 million SF, is about 15% underrepresented compared to the nation_ While hospitality accounts for only 8.3 of Miami's commercial space, the metro's 69 million SF ranks 10th nationally and has a location quotient 76 above the national average, representative of the region's global tourism appeal. MIAMI COMMERCIAL REAL ESTATE INVENTORY MIX • Office (14.1%) • Industrial (33.7%) • Retail (16.9%) • Multifamily (27.1 %) • Hospitality (8.3%) CRE Valuation Services Page 16 642530571A Population Annual Total Population Population Growth 2.85M 0.6% Net Annual Migration About the Market - Miami Population with Bachelor's Degree Median Household Income 1 K 35.9% $76.7K Miami is home to 2.85 million residents and has experienced a net influx of wealth in recent years, fueled by strong international immigration and affluent individuals relocating from the Northeast and West. The population has grown by 5.6% since 2020, outpacing the national population growth rate for much of the last five years. However, Miami's population growth has slowed considerably from the mid-2024 peak, as international migration has seen a sharp decline in 2025, and domestic household mobility is lower than it was in the immediate years following the pandemic_ ANNUAL POPULATION GROWTH While this wealth surge and concurrent job growth have spurred consumption, the region has also experienced a sharp rise in living expenses, which will contribute to the market's headwinds going forward. Despite a broader trend of slower international migration and household mobility, Miami's lifestyle amenities and dynamic economic landscape continue to appeal to retirees (65+) and employment -aged cohorts (35-49), which have expanded at above -average rates over the past year compared to the national average_ 2.5 2.O% 1.5©i6 1.0' c5 y 0.5% 0.0' 0 a. - 0.5° - 1.0% - 1.5% 13 14 15 16 17 18 19 20 21 22 —Miami United States 23 24 25 Source: Orford Eccnor- :s CRE Valuation Services Page 17 64253O571A Economy and Employment Total Employment Annual Employment Growth 1.3M 1. % Real GDP ++G rowthrr J.0I0 Miami's economic engine is bolstered by a robust hospitality and tourism industry, a healthy mix of healthcare jobs, and sustained growth in finance, professional services, and logistics employment_ Total employment growth in Miami has outpaced the national average since 2021, while the unemployment rate of 2.7% is the lowest in the state of Florida and well below the US average of 4.3%_ Miami ranks 10th for annual employment growth and 5th for real GDP growth over the past year. Miami emerged as a magnet for new, high - paying firms in the years following the pandemic. Office -using jobs led the metro's growth from 2021 to 2023, with companies like ANNUAL REAL GDP GROWTH About the Market - Miami Unemployment Rate Total People in Labor Force 2.7% 1.44M Citadel, GMC Capital, Melvin Capital, and Andreessen Horowitz establishing a presence in the city. This trend has persisted aver the past few years, though at a slower pace. Notable recent expansions and relocations include Apple, which leased 45,000 SF at The Plaza in Coral Gables, and JPMorgan, which plans to expand its Brickell office. Industrial -using jobs have led Miami's growth over the past two years. Trade and warehousing employment have remained strong in Miami, which diverges from the national average of cooling trade and warehouse growth. 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% a 2.0% 0.0% -2.0% ,4.0% - 6.0% - 8.0% 14 15 16 17 18 16 20 21 Miami United States 22 23 24 25 CRE Valuation Services Page 18 642530571A Major Projects The Miami Seaquarium is set to redevelop the 38-acre waterfront site as it was approved in November of 2025 Miami developer Terra's plans for the aging marine park that sits on one of the largest waterfront parcels owned by Miami -Dade County and includes transforming the site into a marina and dry dock facility, a fisherman's village with retail and food and beverage options, a publicly accessible bay walk with green space and a new aquarium without marine mammals. The Miami Seaquarium at 4400 Rickenbacker Causeway opened in 1955 on the barrier island of Virginia Key. Miami -Dade County is expected to clear the way for transferring the Seaquarium lease to Terra. Lease terms include $1 1 million annual "guaranteed rent" with an increase of up to 3% a year. An additional percentage of the rent will comprise 3% of gross revenue of the redeveloped park and 5% of the revenue earned by marina operations. According to a recent report from the Urban Land Institute, marinas may emerge as "the next big thing" for real estate investors in 2026. "Marinas are limited in supply and increasingly in demand as more affluent individuals take the plunge into boat and yacht ownership," ULI said in its report. "Real estate investors are clipping the coupon on slip rentals." Conclusion Growth in Miami continues as total employment expands further into record territory. As in the rest of the state, a disproportionate share of new hires are in low -paying industrial and hospitality, but the area also enjoyed strong growth in finance and manufacturing jobs over the last year. In the near term, Miami will outpace the nation thanks to strength in industrial, tourism and manufacturing. Over the forecast horizon, an international character and above -average population growth, combined with a high -skilled, bilingual workforce, will enable Miami to outperform the nation. CRE Valuation Services Page 19 642530571A PRIMARY MARKET ANALYSIS Half Moon Underwater Archaeological Preserve General Description: Access: Market Area Map The subject property's market boundaries are generally described as the East Miami District. Primary access to the area is approximately 2.18 miles east of I-95 (Exit #1A-Rickenbacker Causeway/Key Biscayne). Land Use Patterns: Land uses within the market are primarily comprised of marina, commercial, industrial and institutional uses. Life Stages and Trends: The market area is considered to be in the growth stage of its life cycle. New development in the area is moderate as noted earlier in the MSA overview. Public Facilities/Services: The subject is adequately served by public utilities. Conclusion: New development is present within this market area and is considered to remain a viable area into the foreseeable future. CRE Valuation Services Page 20 642530571A MIAMI RETAIL MARKET ANALYSIS Rent Miami Retail MARKET ASKING RENT GROWTH (TOY) 10% 8% 6% 4% 2% 0% Forecast JAsk *8\101T' 2020 2021 2022 2023 2024 2025 2026 2027 2026 2029 ■ Mall • Neighborhood Center • General Retad • Oyler Retail • Mnrim • United States • Power Center Stnp Center MARKET ASKING RENT PER SQUARE FEET $80 $70 $60 $50 $40 $30 $20 Forecast ( 1_ 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 • Man • Neighborhood Center ■ General Real ■ Omer Re1a l • thamm • United States ■ Power Center Stnp Center CRE Valuation Services Page 21 642530571A At $50.00/SF as of the first quarter of 2026, Miami has one of the highest retail rents in the nation, and is the highest across all Florida markets, followed by Palm Beach and Fort Lauderdale, respectively. After several years of above -average rent hikes, rent growth has slowed to 0.9% in the first quarter of 2026, falling below the five-year historical average growth of 4.5%. While Miami continues to see rent growth above the national average of 2.0%, gains now lag all major Florida markets. Still, cumulative rent growth over the last five years is among the nation's top performers. Neighborhood, strip centers, and other retail subtypes have driven this rent growth outperformance, with rent gains exceeding 30% since the end of 2019. That said, annual rent growth for these centers has moderated since 2023. Malls and Power Centers are now seeing stronger annual rent gains, though these now stand at just over 2%. Asking rents for spaces smaller than 10,000 SF average around $48/SF and can range from $20/SF to well over $100/SF, depending on location. Larger spaces are available at asking rents ranging from $20/SF to $150/SF, averaging $60/SF. Tenants looking for large swathes of space face more limited options and asking rents, which range from $30/SF to over $75/SF for spaces greater than 20,000 SF, mainly depending on location. Higher asking rents tend to concentrate in more urban areas such as Wynwood and the Miami Airport Submarket. Rents for smaller spaces vary widely by location, with asking rents in Miami Beach and Wynwood as high as $120/SF to $200/SF, while asking rents in West Miami and South Dade range from $20/SF to $30/SF. The recent expansion into the market by many national players, as well as restaurants and retailers from markets like New York, has driven these high asking rents in select submarkets. For example, New York -based Major Food Group has opened at least five different restaurants in Miami during the pandemic as part of its global expansion. These restaurants are concentrated in the Miami Beach, Coconut Grove, Brickell, and Wynwood-Design District submarkets. Brickell, which has the second -highest asking rents in the market, is leading broader market rent growth, as are Aventura and Miami Beach, which also command some of the highest rents in the market. That said, a recovering consumer outlook, driven by slower yet sustained positive employment growth and continued global tourism appeal, should bode well for these areas as we advance. Miami is increasingly becoming a market for global, national, and luxury brands, while local players continue to get pushed out of the more desirable retail locations. This trend is unlikely to fade anytime soon, as gentrification is taking hold of submarkets East of I-95. CRE Valuation Services Page 22 642530571A MIAMI OFFFICE MARKET ANALYSIS rRent MARKET ASKING RENT GROWTH (YOY) Miami Office 12 , 10% -495j111 2020 1 1 1 2021 I i 1 2022 1 1 1 1 2023 1 I 1 2024 1 I 1 2025 Forecast 1 1 2026 1 I J 2027 1 i Miami 3 Star Mllami 4-5 Star • Mianu Urnted Stales MARKET ASKING RENT PER SQUARE FEET 2028 1 2029 $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 1 1 1 I 2020 { 11 1 1 I Y i 1 2021 2022 2023 I { 1 1 1 2024 i I 1 2025 2026 1 2027 • Miami 3 Star • Miami 4-5 Star 1 Morn Urtited Stales I I 1 2028 I I 2029 { CRE Valuation Services Page 23 642530571A SITE ANALYSIS Rent growth continues to moderate from pandemic -era highs, when 4- and 5-star rent growth exceeded 10%, but remains above the national average and among the top performers. Overall, Miami's average asking rent increased by 3.2% year -over -year to approximately $55/SF on a full -service basis as of the first quarter of 2026. Most submarkets maintain asking rents above $40/SF, while Wynwood, Miami Beach, and Brickell have average rents ranging from $70 to $86/SF. Furthermore, 4- & 5-star properties in Brickell and Miami Beach achieve average asking rents of approximately $95 and $100/SF, respectively, highlighting the substantial variation of achievable rent between locations and vintage. While all submarkets experienced positive rent growth over the past year, relatively more affordable submarkets with proximity to Miami's CBD, including Coral Gables, Miami Airport, and Coconut Grove, outperformed. In contrast, Brickell, which commands a substantial premium in the market, saw the lowest rent growth in the metro over the past year. Newer, well -located properties command a significant premium. Properties completed in the last 10 years account for about 13% of the market's total inventory by square footage, and 20% of 4- and 5-star inventory. In fact, properties built in the last 10 years have asking rents that are 44% higher than the overall market, with the premium increasing to 54% in 4- and 5-star properties. Some of the newest deliveries command even higher rent premiums. For example, two leases were signed in August 2025 totaling about 6,500 SF at The Fifth, a 2025-built property in Miami Beach, with rents of $170/SF NNN, while nearly over 10,000 SF was leased in December 2025 at The Office at the Well in Miami Beach for $150/SF NNN, which is among the highest rental rates for a lease above 10,000 SF in the markets history. For comparison, a 24,000 SF space was leased in January 2026 at Wynwood Plaza, a 2025-built 4-star property, with rents of $90/SF NNN, which is the highest rate for a lease above 10,000 SF recorded in the submarket on record. Despite this expansion in asking rents for the highest quality product, average real rent gains across the rest of the market will likely remain muted after factoring in inflation and concessions. Additionally, the rising availability of sublease space, which totals nearly 1.1 million SF as of the first quarter of 2026, over 70% of which is concentrated in 4- and 5-star properties, undercut direct asking rates by 15% on average. Looking ahead, vacancy rates are expected to remain tight compared to the U.S. average, supporting positive rent growth, albeit slower than recent years, in the near term. CRE Valuation Services Page 24 642530571A SITE ANALYSIS 3.5O1 Rick b ckc Figure 2: Aerial View Figure 3: Birdseye Map �IVlfa�i��k�yll CRE Valuation Services Page 25 642530571A SITE ANALYSIS Physical Characteristics General Description The subject site is located at 3501 Rickenbacker Causeway et al in the city of Miami, FL. Access to the site is provided via ingress and egress via its roadway accesses and the Rickenbacker Causeway or Biscayne Bay, which considered average when compared to similar sites. Furthermore, given the nature of the surrounding arterials, the subject is considered to have average exposure characteristics when compared to similar sites within the area. Additionally, the subject property proposal estimates 2,600 lineal feet of continuous landscaped bay walk for pedestrians, runners and bikers. Size/Shape/Dimensions The subject site is actually comprised of six separately titled parcels with an overall 27.50 acres of land (1,197,990 Gross Land Area SF) and is considered to have above average frontage and visibility. The seawall is estimated to have 2,600 lineal square footage. Additionally, the property "as if improved" is capable of containing 162 wet slips, on its 17.00 acres of submerged land and 750 dry slips, on the properties 10.50 acres of uplands. Parcel Identification Numbers for each parcel are: 01-4217-000-0020, 01-4218-000-0010, 01-4217- 000-0110, 01-4218-000-0030, 01-4218-000-0031, 01-4217-000-0030. The entire property consists of 27.50 acres of which an estimated 17 acres is submerged land and 10.50 is uplands. CRE Valuation Services Page 26 642530571A SITE ANALYSIS \c‘ 6 obbn Ili ID V) �!1 NE aN - N Virginia Key Marina I RFP No. 16-17-011 Aerial — "as if improved" CRE Valuation Services Page 27 642530571A SITE ANALYSIS Access/Visibility Again, access was rated as average and exposure/visibility of the site was rated as average. Traffic capacity and volume in the immediate vicinity of the subject is good and adequate for most type of medium industrial type uses with similar site characteristics. Currently, the marina can facilitate 700 dry rack and 190 wet slips, inviting guest from the bay and terrain. Topography/Drainage The site is grade generally level throughout. Drainage is adequate and facilitated by topography and drainage improvements. Soil/Subsoil Conditions A current geotechnical analysis describing the soil and subsoil conditions at the subject was not provided. Soil conditions appear to be conducive to development of the subject to its highest and best use. The appraisers assume there are no hidden or unapparent conditions of the property, soil, subsoil, or structures that would render the subject more or less valuable. Proper design and careful installation are needed to overcome any limitations of this soil. The appraisers assume no responsibility for such conditions, or for engineering which might be required to discover such conditions. The site may have had some contamination in the past based on our research, however we are not experts in this area and suggest that environmental experts be consulted. Utilities/Services All public utilities and services are currently available to the site including city water and sewer, power and other utilities. Manmade Improvements The subject site's existing improvements includes one restaurant, one pump out station, two fuel stations, two ship stores, two dock master's office, a boat launching facility and a shower & laundry facility. Hazards/Nuisances CRE Valuation Services was not provided a current Environmental Site Assessment (ESA) concerning the subject. No apparent hazards or nuisances, such as smoke and hazardous materials, were noted on or near the subject upon inspection. Unless otherwise stated in this report, the existence of hazardous materials, which may or may not be present on the property, was not observed by the appraisers. We have no knowledge of the existence of such materials on or in the property. The appraisers, however, are not qualified to detect such substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation, radon, mold and other potentially hazardous materials may affect the value of the property. The value opined is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No CRE Valuation Services Page 28 642530571A SITE ANALYSIS responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover them. Legal -Government Factors Development Restrictions/Easements We assume there are no easements or encumbrances detrimental to development of the site. Restrictions We are unaware of any restrictions that would preclude development and/or mitigate achievable density of the subject; however, updated title work and a survey are recommended to confirm such. Zoning The subject site falls under the jurisdiction of the city of Miami and is zoned as CS Civic Space Zone; which consists of a public use space and facility that may contrast in use to their surroundings while reflecting adjacent setbacks and landscape. The subject property is considered as a legally conforming use. For the purposes of this analysis we assume that the subject is a legal use and does not have any zoning violations outstanding which would provide a detriment to the overall value. Detailed zoning studies are typically performed by a zoning or land use expert, including attorneys, land use planners, or architects. The depth of our study correlates directly with the scope of this assignment, and it considers all pertinent issues that have been discovered through our due diligence. We note that this appraisal is not intended to be a detailed determination of compliance, as that determination is beyond the scope of this real estate appraisal assignment. We analyzed the zoning requirements in relation to the subject property, and considered the compliance of the existing or proposed use. We are not experts in the interpretation of complex zoning ordinances but based on our review of public information, we assume the subject property to be a complying use. Conclusion The subject property is considered to have average access and average visibility characteristics due to its road frontage and exposure, as well as secondary access through Biscayne Bay. Topographical characteristics are conducive to development and all utilities are available and are of sufficient capacity for most uses. CRE Valuation Services Page 29 642530571A HIGHEST AND BEST USE ANALYSIS Analysis as if Vacant In formulating an opinion of optimum use of a tract of land, it is important that a careful analysis be made of the property, its size, shape and physical characteristics, topography, zoning, market conditions, and demand for the various legally permitted uses, and other economic factors and conditions. Legally Permissible Except for a legally nonconforming property, the first step in determining what is legally permissible is to analyze private restrictions, zoning, building codes, historic district controls and environmental regulations. The subject site is zoned , allowing for public use spaces and facilities that may contrast in use to their surrounding while reflecting adjacent setbacks and landscape, by the local zoning authority. This zoning district is not considered to impact the development potential of the site relative to allowable uses. Therefore, the subject is considered to be largely unrestricted from a legal standpoint with regard to a waterfront development. Physically Possible The physical characteristics of a site can affect the uses. These characteristics include: (1) size; (2) shape; (3) terrain or topography; (4) soil condition; (5) utilities; (6) access characteristics; and (7) surrounding land uses. Each of these site characteristics was described and discussed in the Site Analysis section of this report. A number of uses are physically possible on the subject site. The 1,197,990 SF of Gross Land Area (17 acres submerged and 10.5 acres upland) site size is adequate to support a variety of uses. The site does not suffer from topographical, easement or environmental limitations. Soil and subsoil conditions appear adequate for construction as evidenced by area construction. From a development standpoint, the location offers good exposure and access due to its location. Public utilities are provided and are of adequate capacity for various uses. Surrounding land uses are a mixture of institutional and industrial developments. The site is considered suitable for small to medium sized mixed -uses, and is compatible with many of the surrounding uses which are on similar sized tracts of land. The site is considered largely unrestricted from a physical standpoint and is considered suitable for a variety of industrial marine uses. Financially Feasible In determining which uses are legally permissible and physically possible, an appraiser eliminates some uses from consideration. Then the uses that meet the first two criteria are analyzed further. If the uses are income -producing, the analysis will study which are likely to produce an income, or return equal to or greater than the amount needed to satisfy operating expenses, financial obligations, and capital amortization. All uses that are expected to produce a positive return are regarded as financially feasible and a waterfront development is and can continue to produce a positive return. CRE Valuation Services Page 30 642530571A HIGHEST AND BEST USE ANALYSIS Maximally Productive Among financially feasible uses, the use that provides the highest rate of return or value (given a constant rate of return) is the highest and best use. Given the legally permissible and physically possible discussions set forth above, a waterfront development use is considered most productive in the current market. Conclusion The present use of the subject property as a Marina use is the highest and best use "as vacant" and specifically for the land to be redeveloped with a new marina project. It should be noted that some areas of the subject site are currently in a state of disrepair and any proposed development would require this to be mitigated prior to any construction. Analysis as if Improved Physically Possible The subject property has a site area of 27.50 acres or 1,197,990 SF (Gross Land Area) which serves as a Marina. The subject site's existing improvements includes one restaurant, one pump out station, two fuel stations, two ship stores, two dock master's office, a boat launching facility and a shower & laundry facility. It is proposed to undergo a significant upgrade and renovation. Legally Permissible The subject improvements would need to conform to all zoning requirements under the local zoning authority. The planning department site plan approves any development and the subject is assumed to be legally conforming with regard to the legal development requirements. As such, the improvements would be considered to represent a legally permissible use. Financially Feasible/Maximally Productive Given an occupancy and rental rate commensurate with surrounding waterfront developments, the subject improvements' use as a Virginia Key Marina would be considered to represent a financially feasible use of the improvements. As such, the maximally productive use of the subject improvements is occupancy and operation of the improvements as a Virginia Key Marina. Conclusion The development of the subject property with a marina project is the highest and best use "as if improved". CRE Valuation Services Page 31 642530571A APPRAISAL PROCESS Overview The three traditional approaches to valuing improved properties are: 1. Sales Comparison Approach - a comparison of the property appraised with reasonable similar, recently conveyed properties for which the price, terms and conditions are known. 2. Income Capitalization Approach - the processing of a projected net income into a valuation estimate via one or more capitalization techniques. 3. Cost Approach - an estimate of the replacement cost of all structural improvements as if new, less loss in value attributable to depreciation plus the value of the land as if vacant. The Sales Comparison Approach is founded upon the principle of substitution that holds that the cost to acquire an equally desirable substitute property without undue delay ordinarily sets the upper limit of value. At any given time, prices paid for comparable properties are construed by many to reflect the value of the property appraised. The validity of a value indication derived by this approach is heavily dependent upon the availability of data on recent sales of properties similar in location, size, and utility to the appraised property. The Income Capitalization Approach is based on the principle of anticipation that recognizes the present value of the future income benefits to be derived from ownership in a particular property. The Income Approach is most applicable to properties that are bought and sold for investment purposes, and is considered very reliable when adequate income and expense data are available. Since income producing real estate is most often purchased by investors, this approach is valid and is generally considered the most applicable when the property being appraised was designed for, or is easily capable of producing a rental income. The Cost Approach is based on the premise that the value of a property can be indicated by the current cost to construct a reproduction or replacement for the improvements minus the amount of depreciation evident in the structures from all causes plus the value of the land and entrepreneurial profit. This approach to value is particularly useful for appraising new or nearly new improvements. The Appraisal Process is concluded by a review and re-examination of each of the approaches to value that was employed. Consideration is given to the type and reliability of data used, the applicability of each approach to the type of property being appraised and the definition of value being sought. CRE Valuation Services Page 32 642530571A APPRAISAL PROCESS Subject Specific We established the market value of the ground lease rent by way of the Income Approach by conducting a rent survey of comparable leases at similar marina properties. Many agencies, municipalities and other organizations own land under long-term ground leases which can span 30 to 50 years or even longer. The leases allow for beneficial public use and provide income to the organization. Unlike short-term leases of one to ten years, long-term land leases are usually intended for development. A developer is not likely to build new infrastructure or make expensive building improvements without the opportunity to earn a sufficient return on their investment. Properties like marinas, public airports, ports, parks and even excess land are suitable for long-term land leases. With long-term leases, public agencies need an appropriate way to increase rents over time to reflect market changes, while remaining fair to both the tenant and the public. The first step in completing a market rent analysis is determining which definition of market rent is appropriate. We have chosen the definition below. 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. (Source: The Dictionary of Real Estate Appraisal, 6th Edition, Appraisal Institute, 2015) When developing an opinion of market rent, we will not consider the leased fee interest and leasehold interest. Our subject valuation is challenging in that it can prove to be more difficult for larger public properties where there are few comparables. The goal of developing a supported lease rate adjustment is to assist the agency in determining a fair market rental rate that is beneficial to both the public and the tenants that is a reasonable, supportable and well -documented lease rate. We have used the client -provided development scenario and the ground lease document to assist us with identifying the various revenue components within the marina project and have provided the rental rates on that basis. Specifically, the lease provides for two components of revenue; the first component is the Base Rent which is a set dollar amount paid in monthly installments and the second component is a Percentage Rent based on the various mixed -use components contained within the marina project. CRE Valuation Services Page 33 642530571A BASE RENT At the request of the client, we have been asked to conduct a rent survey in order to provide an estimate of the Fair Market Value of the Rent for the subject property. As such, we have done a Market Rent Analysis which is part of an income approach. Contract Rent Analysis Contract rents typically establish income for leased space, while market rent is the basis for estimating income for current vacant space and future speculative re -leasing of space due to expired leases. We were provided a copy of the lease that specifies the following: 4.1.1 Base Rent and Percentage Rent The Base Rent shall be one hundred and eighty-three thousand three hundred and thirty-three dollars and thirty-three cents ($183,333.33) per month and payable as set forth in Section 4.1 above. The Base Rent shall be adjusted and increased annually by the method described in Section 4.1.2 below upon the commencement of the second Lease Year. 4.1.4 Percentage Rent From the Rent Commencement Date and continuing throughout the Lease Term, Lessee shall pay to the City a percentage of Lessee's annual Gross Revenues for Lessee's business operations made from or upon the Premises for that same time period as set forth below (collectively, "Percentage Rent"). Percentage Rent shall be computed on an annual, Lease Year basis ("Percentage Rent Period") beginning with the Rent Commencement Date and continuing throughout the Lease Term. Further, Percentage Rent shall be a percentage of Gross Revenues, as further specified below, and shall not be subject to any breakpoint, whether artificial or natural. The amount of Percentage Rent payable shall be determined as follows: (a) Wet Slips and Dry Boat Storage: six percent (6%) of the Gross Revenues; (b) Commercial Space: six percent (6%) of the Gross Revenues; (c) Restaurant Space: six percent (6%) of the Gross Revenues; (d) Fuel Sales: six percent (6%) of the Gross Revenues; and (e) All other income: six percent (6%) of the Gross Revenues actually received by Lessee from the use of the Premises and not otherwise specified above. CRE Valuation Services Page 34 642530571A As we can see by the lease excerpts above the agreement stipulates that the contract rent for the proposed redevelopment of no less than $2,200,000 as a Base Rent and Percentage Rents that equate to 6.00% of gross revenue. Base Rent Summary We have chosen to analyze the data to derive a fair market rent based on an overall combination of both the base rent and the percentage rent as that is typical for market participants. Given this we will convert the dollar amount of the base rent to a percentage and add that percentage rate to the market derived Percentage rate that is formulated based on the Potential Gross Income. That combined percentage will then be compared to similar marina operations that are leased on a "percentage rent" only basis. We believe that this is the most credible and supportable methodology as data is available and again a manner in which market participants engage in marina based ground lease transactions. CRE Valuation Services Page 35 642530571A INCOME APPROACH - PERCENTAGE RENT Introduction The Income Capitalization Approach is a procedure in appraisal analysis whereby anticipated future economic benefits to be derived from a property are converted into a present value estimate through a capitalization process. This approach is based on the principle of anticipation and value is created by investor's expectations of benefits to be derived in the future. The process of estimating anticipated economic benefits from a property therefore requires estimates of potential income and expenses as well as debt costs (if applicable), and the selection of the most appropriate capitalization method. Relevant to this assignment is the process of estimating the anticipated economic benefits from the proposed marina development. Proforma Rental Rates The rents proposed at the subject were extracted from the proposal and are shown in the following table. For the purposes of analysis, we have divided the potential sources of income into the following categories; Wet Slips, Dry Slips, Fuel - Dry Rack, Fuel — Existing. Commercial Buildings and Restaurants. We have utilized data that is indicative of a stabilized property. It is important to note that we have not factored in the time value of money. Potential Gross Income - Proforma Source of Revenue Description # of Units $1UnitIMo. Market Rent Contract Market Wet Slips 40 LF 28 $1,440 $1,680 $564,480 $564,480 60 LF 66 $2,280 $2,520 $1,995,840 $1,995,840 75 LF 28 $3,150 $3,150 $1,058,400 $1,058,400 Lift 40 LF 40 $1,760 $2,000 $960,000 $960,000 Dry Slips 35 LF 750 $1,470 $1,600 $14,400,000 $14,400,000 Fuel - Dry Rack Diesel 70,000 $4.00 $5.00 $4,200,000 $4,200,000 Fuel - Existing Gas 30,000 $2.80 $3.00 $1,080,000 $1,080,000 Commercial 3 Buildings 30,000 $48.00 $70.00 $2,100,000 $2,100,000 Restaurants 2 Buildings 13,000 7.00% $100.00 $1,300,000 $1,300,000 Potential Gross Income $27,658,720 $27,658,720 Percentage Rent (%) 6.00% 10.00% Percentage Rent ($) $1,659,523 $2,765,872 Summary of Percentage Rent Inclusion of Base Rent Total Potential Revenue in Dollars Total Potential Revenue (Percentage) $1,659,523 $2,200,000 $3,859,523 13.95% $2,765,872 n/a $2,765,872 10.00% As shown in the chart above, on an annualized basis the total revenue provided from the contract with Suntex provides an estimated $3,859,523 which is reflective of a total Percentage Rent of 13.95%, which is higher than the total revenue provided from market rent which was estimated at $2,765,872 which is reflective of a total Percentage Rent of 10.00%. CRE Valuation Services Page 36 642530571A Market Rental Analysis The immediate market area was researched for marina properties that offered similar amenities and boat slip/storage options. Given the unique type of subject property, we expanded our radius to include marinas in the neighboring towns/cities that offered similar options. Details of the data used in this analysis are contained within our job folder and are given a brief summary below. Slip Revenue - The proposed rental rates for the subject slips are in line with those indicated by the comparables on a per slip basis. These comparables have similar locational characteristics to the subject, and are considered to provide good indications of market rent for each type of slip within the proposed development plan. We have included four nearby marinas for our analysis including the Dinner Key Marnia, the Miamarina, the South Dade Marina and the Keystone Point Marina. The subject will offer slips generally ranging from 40 lineal feet to 75 lineal feet. The comparables ranged on a per slip per month basis from approximately $1,600 for smaller slips up to a maximum of $3,150 for larger slips. The various slip sizes vary and an average for each type has been included in the chart above. Fuel Sales Income - Fuel Sales are likely to be prevalent at the subject property and the proposal includes fuel services. We have compared fuel on the basis of potential revenue for gas and diesel. We have included nearby marinas for our analysis including the Matheson Hammock Marina and the Keystone Point Marina. Gas comparables ranged from $2.90 per gallon to $4.28 per gallon, whereas the Diesel comparables ranged from $4.11 per gallon to $6.24 per gallon. We have chosen to use $3.00 and $5.00 respectively. Commercial Income — The proposal has three proposed commercial buildings with each one containing an estimated 10,000 SF totaling 30,000 SF. In our research, we identified three commercial properties reflecting commercial uses including office and retail space. All of the comparables were in reasonable proximity to the subject. We believe the comparables are representative of what the proposed commercial space will offer. The comparable rental rates ranged from $61.20 per SF on an annual basis to $74.00 per SF with an average of $69.07 per SF. We have chosen to use $70.00 per SF for our analysis. Restaurant — Two restaurants are proposed to be developed in this scenario, with one operating as an upper end restaurant and a more midrange restaurant operating on the ground level. Both restaurants are featured to have extensive use of patios. Restaurant rental rates range from approximately $68.00 per SF to $123.00 per SF with an average of $89.00 per SF. Both of the proposed restaurants will fall somewhere in between. Our estimated rental rate for a successful free-standing restaurant is estimated to be approximately $90.00 per SF. The chart above summarizes all of our research and analysis. It should be noted that, in our attempt to research marina based revenue we encountered a reluctance to provide detailed data specific to each scenario. We have also had to make many assumptions as to the various income producing properties. Some estimates were based on extrapolation and conversion to a CRE Valuation Services Page 37 642530571A uniform unit of measurement that was subject to rounding. That being said we believe that our estimates in each category are credible and supportable and based on reasonable assumptions. Summary The first section (Base Rent) was based directly from the lease provisions, whereas the second section (Percentage Rent) was based on market based data that we have used to compare with the estimates provided within the proforma itself. The Potential Gross Income provided by the market based data indicated an estimated sublease income of $27,658,720 on an "as if stabilized" annual basis. Percentage Rent — We researched comparable leases with marina based facilities, where the subject is on a ground lease and the owner has contractually obligated the tenant to provide additional rent by way of a percentage of gross revenue for all sublease activity on the proposed property. We compared leases at Bahai Mar, Haulover, Fort Myers and Miami Beach Marina and reviewed industry surveys that pertain to percentage rents experienced comparable properties with similar characteristics and revenue sources like the proposed subject. Commercial subleases ranged from 4.25% to 10.00% of gross revenue. We have chosen to use 10.00% as the basis for our market derived market rent. Conclusion Fair Market Rent - We have multiplied the PGI of $27,658,720 which is the result of the market derived data by the percentage rent of 10.00% to arrive at the estimated sublease rental income that would be paid to the City of Miami assuming that the property is fully stabilized. The percentage rent for the market derived estimate was $2,765,872 . This results in an effective percentage rent of 10.00%. Proposed Contract Rent - We have multiplied the PGI of $27,658,720 which is the result of the market derived data by the contract percentage rent of 6.00% and added the Base Rent of $2,200,000 to arrive at the estimated sublease rental income that would be paid to the City of Miami assuming that the property is fully stabilized. The percentage rent for the market derived estimate was $3,859,523 . This results in an effective percentage rent of 13.95%. In light of the multiple variables within this forecast we believe that the estimated Proposed Contract Rent is above Fair Market Rent within a reasonable variance and both are credible and supportable estimates of the prospective "as if stabilized" income. It should be noted that as the gross revenue increases it will likely decrease the spread between the two percentage based indications. CRE Valuation Services Page 38 642530571A FINAL VALUE CONCLUSION Reconciliation Reconciliation and correlation of value is performed when more than one approach to value is used to value real property and weighs the relative significance, applicability, and defensibility of each value indication and relies most heavily on the one that is most appropriate to the type and definition of value sought. The conclusion drawn in the reconciliation is based on the appropriateness, accuracy, and quantity of evidence in the entire appraisal. In view of the following facts and data in conjunction with this appraisal, it is the opinion of CRE Valuation Services that the prospective "as if stabilized" Fair Market Value Rent for the Lease of the subject Property as of, February 3, 2026 and subject to the general assumptions and limiting conditions, was: Prospective FMV of the Base Rent for the Ground Lease (Annual) - As if Stabilized $2,200,000 Prospective FMV of the Percentage Rent for the Ground Lease (Annual) - As if Stabilized $1,400,000 Hypothetical Conditions and Extraordinary Assumptions — We have assumed that the property will be constructed and operating in the manner evidenced to us by publicly available and owner supplied data from February and March 2026. Market and Exposure Time Market Time is best defined as a "reasonable marketing time" which is an estimate of the amount of time it might take to sell a property interest at the estimated Market Value during the period immediately after the effective date of the appraisal. It is not intended to be a prediction of a specific date of sale and, therefore, may be expressed as a range. Exposure time is defined as the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a transaction on the effective date of appraisal. Based on market and exposure times of comparable sales and interviews with active participants in the local market, the above Market Value opinion could be achieved with a market time and an equal exposure time of approximately twelve months. This conclusion is predicated on the assumption that the subject is offered at a price near the value opinion set forth herein, and is supported by recent data from similar properties. CRE Valuation Services Page 39 642530571A PROFESSIONAL QUALIFICATIONS CRE Valuation Services Page 40 642530571A Mick Stiksma, M,AII, MRICS Managing Director - Valuation Services Throughout my ca"ccr have held several management and leaders p positions within Nation:: and International Commercial Real Estate Firms, nave been actively engaged in Residential and Commercial real estate including real estate appraisal and valuation, Broker Opinion of Value (BOV's), real estate sales, real estate development, expert witness services and consulting tor over 25 years. Real Estate Appraisal and Valuation: Creation of two real estate appraisal firms with operations in multiple states. Responsibilities include business development, client relations, management and oversight or appraisal operations. Total value of appraised properties in excess of hundreds of millions of dollars with single valuations over $100,000,000, Broker Opinion of Values! Creation of a real estate firer responsible for the implementation, management and systemic design of a nationa program that facilitates Broker Opinion of Values (BOV), also known as Broker Price Opinions (BPO), with the capability ot delivering quality reports in a timely fashion throughout the United States. Real Estate Sales: Residential and commercial sales including business development, purchase and sale transactions that have an aggregate value in excess of $60,000,000, Real Estate Development! Residential development including acquisition, government liaison, design, bidding, budgeting and implementation ot several developments including single family residential and residential subdivisions Specializations: Creation of real estate divisions within our structure and/or integral relationships with firms that provide golf course and tiny share valuation, RED (bank owned)/ Foreclosure work, REIT (Heal Esralo Investment rust) appraisals, Tax Appeal, insurance appraisals, porttollo valuation, market feasibility studies and acquisition/disposition counseling. Recent Corporate Clients • Bank of America • Barnard Law Group • Bayview Financial Services • Biscayne Bank • Carlton Fields • Columbian Consulate • Dupont • Ehrenstein Charbonneau Calderfn • Hall, Lamb and Hall, P.A. • Jordan Burt • Nationwide Insurance • Wendy's International Education • Simon Fraser University, Criminalistics Bachelors Professional Affiliations & Designations • Certified General Real Estate Appraiser in Connecticut, Florida, Georgia, Illinois, Kentucky, Maryland, New Jersey, New York, North Dakota, Oregon, Pennsylvania, Tennessee, Vermont, Virginia, and West Virginia. • Florida Real Estate Realtor • Appraisal Institute Member • The Royal Institution of Chartered Surveyors (RICS) Q+1 (786) 533 1245 0 mstiksma@crevaluationservices,com CRE Valuation Services Page 41 64253O571A