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Submittal-DREAM-Joseph Blake and Associates Appraisal
APPRAISAL REPORT (MARKET RENT STUDY) Bayshore Landing Marina 2550 South Bayshore Drive Miami, Miami -Dade County, FL 33133 PREPARED FOR Ms. Jacqueline Lorenzo Property Management Representative City of Miami -Department of Real Estate & Asset Management 444 SW 2nd Avenue, 3rd Floor Miami, Florida 33130 PREPARED BY Joseph J. Blake and Associates, Inc. 4000 Ponce De Leon Boulevard Suite 410 Miami, FL 33146 i 2 5- DeGAT) ---TD uc�i IR1,4 k e AJ 49=4VV 4caAW JOSEPH J. BLAKE AND ASSOCIATES, INC. BLEREAL ESTATE VALUATION AND CONSULTINO /Ali 4000 Ponce De Leon Boulevard, Suite 410 1 Miami, FL 33146 1 Phone: (305) 448-1663 1 Fax: (305) 448-7077 1 www.josephiblake.com July 24, 2017 Ms. Jacqueline Lorenzo Property Management Representative City of Miami -Department of Real Estate & Asset Management 444 SW 2nd Avenue, 3rd Floor Miami, Florida 33130 Re: Bayshore Landing Marina 2550 South Bayshore Drive Miami, FL 33133 Dear Ms. Lorenzo: As requested, we have prepared an appraisal of the property referenced above presented in the attached Appraisal Report (Market Rent Study). The purpose of the appraisal is to develop an opinion of the fair market rent of the subject for the proposed Fifth Amendment to the Lease Agreement between the City of Miami and Aligned Bayshore Marina as of July 16, 2017. Briefly described, the subject consists of a marina with on-site restaurant (Monty's Raw Bar) and retail/office building known as Bayshore Landing Marina located in the Coconut Grove neighborhood of the City of Miami that contains upland and submerged land areas. The marina is a privately -operated marina under an existing ground lease from the City of Miami and a submerged land lease from the State of Florida. The restaurant consists of 10,362± SF of interior area. The restaurant also includes 14,047± SF of outdoor Chickee Hut covered patio area that sits adjacent to the marina. The subject's total restaurant area is 24,409± SF. The retail/office building currently contains 28,467± SF of usable SF and 29,319± SF of net rentable area with the remaining 1,200± SF area allocated to the property's maintenance shop. The former dock master's office on site containing 916± SF will be demolished. The submerged portion of the property consists of 96 wet slips, including 27 boat lifts, consisting of 4,734± LF of dock space ranging in size from 22± LF to 88± LF. Upon renovation, the subject's marina will contain 118 wet slips, including 32 boat lifts, consisting of 5,411± LF of dock space ranging in size from 22± LF to 88± LF. The marina offers wet slips, boat lifts, fuel station, dock master's office, ship's store, restrooms/showers, laundry facilities, and on-site restaurant (Monty's Raw Bar) and retail/office building. The subject's site consists of approximately 291,199 SF or approximately 6.69 acres of land, of which 2.14± acres are uplands and 4.55± acres are submerged. The portion of submerged land leased from the City of Miami consists of 1.87± acres. The site is irregular in shape and the uplands are level and at street grade. The site is zoned "CS," Civic Space, under the jurisdiction of City of Miami. Corporate Headquarters: 425 Broad Hollow Road, Suite 429 1 Melville, New York 11747 1 (516) 827-0222 Regional Offices: Atlanta I Boston I Chicago I Dallas I Los Angeles I Miami I New York City I San Francisco I Washington D.C. Blake & sanyu Alliance: Tokyo I Osaka I Nagoya I Sendai July 24, 2017 Ms. Jacqueline Lorenzo, Property Manager Representative Page 2 of 4 The current ownership is renovating the property. The retail/office building renovation includes updating the exterior facade, reducing the common area lobby, interior common areas and storage, updating the interior finishes, demolition and relocation of dock master building, and parking lot improvements. The marina renovations include installation of 32 mechanical boat lifts, dredging, new fire line, new piles, dock repairs, and adding 22 slips along the south dock of the marina. There is a proposed Fifth Amendment to the lease agreement between the City of Miami and Aligned Bayshore Marina, LLC. The lease will be amended as follows: A. New Section 1C will be added. No Liability for Submerged Lands Lease and State Waiver of Deed Restrictions. B. New Section 2A will be added. Lease Extension Term: The term of the lease agreement shall be extended for a period of thirty-two (32) years, commencing on June 1, 2035 (which is the day following the current expiration date of the lease agreement) and ending on May 13, 2067. C. New Section 2A will be added. Renewal Options: The Company shall have the option to renew the lease Agreement for two (2) additional terms of ten (10) years each. D. Section 6 will be amended. Redevelopment Plans: The company shall be solely responsible for construction and cost of all improvements to the marina, building and restaurant located at the property, including but not limited to labor, supplies, materials, equipment, professional services, any surrounding or adjacent municipal, governmental, regulatory requirements, land development, building, electrical, marine related or similar permits, consents, and approvals or any utility and telecommunications or computer hook-ups. E. Section 13 (IV) will be amended to include for clarification that any pass-through charges such as but not limited to electricity charges or common area maintenance fees collected by the Company or sublessees are included in the definition of Gross Sales and/or Gross Receipts. F. New section 13 (VI) and 13 (VII) will be added. Section 13 (VI) Additional Rent: The Company agrees to pay the City a minimum of the greater of Two Hundred Thousand Dollars ($200,000) per lease year, or 1.75% of Gross Receipts derived from the property as Additional Rent. Section 13 (VII) Along with the payment of the Additional Rent, the Company shall provide the city with a statement of Gross Sales specifically detailing the Gross Sales received for the immediately preceding Lease Year audited by a Certified Public Accountant. G. Section 21 will be amended. Insurance: The company shall maintain during the term of the Lease Agreement the following insurance subject to the approval of the City of Miami, Department of Risk Management (a) Property Insurance (b) Business Interruption Insurance (c) Equipment Breakdown (d) Commercial General Liability Insurance (e) Marine Operators Legal Liability (f) Property Coverage Docks and Piers (g) Automobile Liability (h) Workers Compensation (i) Umbrella 0) Liquor (k) Required Policy Provisions (1) Delivery (m) Right to Amend Insurance Requirements. H. Section 22 will be amended. Indemnification. I. New Section 25A will be added. Capital Improvements: The company will set aside funds to complete major capital improvements and property improvements above and beyond any repairs and maintenance. The company shall set aside at least an amount equal to amount specified or 10% per year of Average Repair Costs into a separate reserve account unit 100% of Average Repair Costs is deposited in order to fund capital improvements for the Property. The amounts required to be set aside and years in which they must be spent are as follows: Lease Year Annual Amount — greater ogCosIts Total To Be Spent in Lease Year 6-15 $100,000 10% of Average Repa$1,000,000 16 26-35 $100,000 10% of Average Repa$1,000,000 36 51-58 $125,000 10% of Average Repa$1,000,000 59 61-68 $125,000 10% of Average Repair Costs $1,000,000 69 Total 1 1 $,000,000 July 24, 2017 Ms. Jacqueline Lorenzo, Property Manager Representative Page 3 of 4 J. New Section 31A will be added. Transfer Fee: Should the City consent to any transfer, the City shall be entitled to 1.00% of the Gross Sales Amount, if the Lease Agreement is assigned or otherwise transferred or sold within Lease Years 1 through 5 and the City shall receive 1.50% of the Gross Sales Amount if transferred or sold with Lease Years 6 through 10, and the City shall receive 2.00% of the Gross Sales Amount if transferred or sold within Lease Years 11 through 15, and the City shall receive 3.00% of the Gross Sales Amount is transferred or sold within Lease Year 16 though the end of the Lease Term. The same transfer allocation of 3.00% of the Gross Sales Amount shall apply to the first and second renewal term. K. New Section 31B will be added. Refinancing Fee. If the Company engages in any refinancing with respect to the property, then the City shall have the right to participate in such refinancing in an amount equal to 1% of the Loan Proceeds. The report contains 94 pages plus related exhibits. The appraisal and the attached Appraisal Report (Market Rent Study) 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. After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the fair market rent of the subject for the proposed Fifth Amendment to the Lease Agreement between the City of Miami and Aligned Bayshore Marina as of July 16, 2017, is: $1,500,000 ONE MILLION FIVE HUNDRED THOUSAND DOLLARS The market rent estimate for the subject is calculated as follows: Projected Annual Revenue Revenue Percentage Rent Factor Estimated Rent Rental Dockage Restaurant Upland Rents $2,400,610 $7,566,790 $1,780,942 15% 10% 10% $360,092 $756,679 $178,094 Total (All Revenues) $11,748,342 $1,294,865 Additional Rent $11,748,342 1.75% $205,596 Estimated Fair Market Rent $1,500,461 Rounded $1,500,000 Based on our fair market rent conclusion, the minimum base rental rate for the subject should be $1,500,000, with annual CPI escalations. The annual rental rate due to the City of Miami is the greater of the minimum base rent or percentage rent. 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. The subject is proposed for renovation of its marina and upland improvements. Therefore, this appraisal is based on the extraordinary assumption the construction will be performed in a workmanlike manner. This appraisal is not based on any hypothetical conditions. July 24, 2017 Ms. Jacqueline Lorenzo, Property Manager Representative Page 4 of 4 The opinion(s) of value are based on reasonably achievable marketing times of 6 to 12 months and exposure times of 6 to 12 months, assuming the property is properly priced and actively marketed. The attached Appraisal Report (Market Rent Study) summarizes the documentation and analysis in support of our conclusions. If you have any questions, please contact the undersigned. We thank you for retaining the services of our firm. Respectfully submitted, JOSEPH J. BLAKE AND ASSOCIATES, INC. Ted Allen, MAI, MRICS Managing Partner Florida -State -Certified General Real Estate Appraiser No. RZ426 Expires: November 30, 2018 Matthew Roach, MAI Director Florida -State -Certified General Real Estate Appraiser No. RZ3189 Expires: November 30, 2018 Bayshore Landing Marina 16-091-02 TITLE PAGE TRANSMITTAL LETTER EXECUTIVE SUMMARY.................................................................................. PHOTOGRAPHS OF THE SUBJECT.................................................................. CERTIFICATION............................................................................................. GENERAL ASSUMPTIONS & LIMITING CONDITIONS ..................................... PURPOSE OF THE APPRAISAL........................................................................ INTENDED USER AND USE OF THE APPRAISAL ............................................. PERTINENT DATES OF INSPECTION, Market Rent AND REPORT .................. EXPOSURETIME............................................................................................ SCOPE OF THE APPRAISAL............................................................................ IDENTIFICATION OF THE PROPERTY............................................................. CURRENT USE OF THE SUBJECT.................................................................... HISTORY OF THE SUBJECT............................................................................. AREAANALYSIS............................................................................................. NEIGHBORHOOD ANALYSIS.......................................................................... DESCRIPTION OF THE SITE............................................................................ DESCRIPTION OF THE IMPROVEMENTS........................................................ ZONING......................................................................................................... TAXES............................................................................................................ HIGHEST AND BEST USE................................................................................ MARKET RENT STUDY................................................................................... RECONCILIATION AND FINAL VALUE............................................................ ADDENDA Most Recent Deed Legal Description Zoning Information Flood Map Tax Information Site Plan Proposed 5th Lease Amendment Appraisal Engagement Contract Replacement Cost New Glossary of Terms Qualifications of the Appraisers JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING TABLE OF CONTENTS .....................................................1 ..................................................... 3 ..................................................... 7 .....................................................9 ...................................................11 ...................................................11 ...................................................11 ...................................................11 ...................................................11 ...................................................13 ...................................................13 ...................................................13 ...................................................16 ................................................... 21 ................................................... 28 ................................................... 30 ................................................... 33 ................................................... 34 ................................................... 35 ................................................... 37 ................................................... 94 Bayshore Landing Marina 16-091-02 EXECUTIVE SUMMARY PROPERTY SUMMARY PROPERTY APPRAISED Bayshore Landing Marina PROPERTY ADDRESS 2550 South Bayshore Drive, Miami, FL 33133 PARCEL/TAX ID 01-4122-001-1631 PROPERTY LOCATION The subject is located on the south side of Bayshore Landing Drive within the Coconut Grove area of Miami, FL. PURPOSE OF THE APPRAISAL The purpose of the appraisal is to develop an opinion of the fair market rent of the subject for the proposed Fifth Amendment to the Lease Agreement between the City of Miami and Aligned Bayshore Marina as of July 16, 2017. PERTINENT DATES DATE OF INSPECTION June 19, 2017 DATE OF REPORT July 24, 2017 DATE OF "AS IS" VALUE June 19, 2017 HIGHEST AND BEST USE AS IMPROVED Renovation of the current improvements similar to the proposed construction plans AS IF VACANT A marina with onsite restaurant and retail/office building PROPERTY DATA IMPROVEMENT DATA Briefly described, the subject consists of a marina with on-site restaurant (Monty's Raw Bar) and retail/office building known as Bayshore Landing Marina located in the Coconut Grove neighborhood of the City of Miami that contains upland and submerged land areas. The marina is a privately - operated marina under an existing ground lease from the City of Miami and a submerged land lease from the State of Florida. The restaurant consists of 10,362± SF of interior area. The restaurant also includes 14,047± SF of outdoor Chickee Hut covered patio area that sits adjacent to the marina. The subject's total restaurant area is 24,409± SF. The retail/office building currently contains 28,467± SF of usable SF and 29,319± SF of net rentable area with the remaining 1,200± SF area allocated to the property's maintenance shop. The former dock master's office on site containing 916± SF will be demolished. The submerged portion of the property consists of 96 wet slips, including 27 boat lifts, consisting of 4,734± LF of dock space ranging in size from 22± LF to 88± LF. Upon renovation, the subject's marina will contain 118 wet slips, including 32 boat lifts, consisting of 5,411± LF of dock space ranging in size from 22± LF to 88± LF. The marina offers wet slips, boat lifts, fuel station, dock master's office, ship's store, restrooms/showers, laundry facilities, and on-site restaurant (Monty's Raw Bar) and retail/office building. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING I Bayshore Landing Marina EXECUTIVE SUMMARY 16-091-02 SITE DESCRIPTION The subject's site consists of approximately 291,199 SF or approximately 6.69 acres of land, of which 2.14± acres are uplands and 4.55± acres are submerged. The portion of submerged land leased from the City of Miami consists of 1.87± acres. The site is irregular in shape and the uplands are level and at street grade. The site is zoned "CS," Civic Space, under the jurisdiction of City of Miami. CURRENT USE As of the date of the value opinion(s), the subject was being used as a marina with onsite restaurant and retail/office building. For the purposes of this report, the subject is valued as a marina with onsite restaurant and retail/office building. ZONING "CS," Civic Space, under the jurisdiction of City of Miami. OCCUPANCY The retail/office building is 97.5% occupied. The restaurant is 100% owner -occupied. The marina is 100% occupied, not including slips under renovation with boat lifts. CENSUS TRACT 12.086.0068.01 After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the fair market rent of the subject for the proposed Fifth Amendment to the Lease Agreement between the City of Miami and Aligned Bayshore Marina as of July 16, 2017, is: $1,500,000 ONE MILLION FIVE HUNDRED THOUSAND DOLLARS The market rent estimate for the subject is calculated as follows: Projected Annual Revenue Revenue Percentage Rent Factor Estimated Rent Rental Dockage Restaurant Upland Rents $2,400,610 $7,566,790 $1,780,942 15% 10% 10% $360,092 $756,679 $178,094 Total (All Revenues) $11,748,342 $1,294,865 Additional Rent $11,748,342 1.75% $205,596 Estimated Fair Market Rent $1,500,461 Rounded $1,500,000 Based on our fair market rent conclusion, the minimum base rental rate for the subject should be $1,500,000, with annual CPI escalations. The annual rental rate due to the City of Miami is the greater of the minimum base rent or percentage rent. 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. The subject is proposed for renovation of its marina and upland improvements. Therefore, this appraisal is based on the extraordinary assumption the construction will be performed in a workmanlike manner. This appraisal is not based on any hypothetical conditions. The opinion(s) of value are based on reasonably achievable exposure times of 6 to 12 months, assuming the property is properly priced and actively marketed. JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING 2 Bayshore Landing Marina 16-091-02 RETAIL/OFFICE BUILDING FACING EAST MONTY'S RESTAURANT FORMER DOCKMASTER'S OFFICE (TO BE DEMOLISHED) PHOTOGRAPHS OF THE SUBJECT RETAIL/OFFICE BUILDING FACING WEST MONTY'S RESTAURANT CHICKEE HUT LOADING DOCK JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 3 Bayshore Landing Marina 16-091-02 MONTV'S RESTAURANT SUSHI MAKI RESTAURANT PHOTOGRAPHS OF THE SUBJECT MONTY'S RESTAURANT SUSHI MAKI OUTDOOR COMPASS TENANT JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING COMPASS TENANT Bayshore Landing Marina 16-091-02 i lu NEW DOCKMASTER'S OFFICE OFFICE ELEVATOR LOBBY TYPICAL OFFICE SPACE PHOTOGRAPHS OF THE SUBJECT ® m NEW DOCKMASTER'S OFFICE TYPICAL OFFICE CORRIDOR OFFICE SPACE UNDER CONSTRUCTION JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING E Bayshore Landing Marina 16-091-02 WOOD DOCK PHOTOGRAPHS OF THE SUBJECT NORTH DOCK SOUTH DOCK PARKING LOT BAYSHORE DRIVE FACING SOUTH JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Bayshore Landing Marina 16-091-02 CERTIFICATION We, the undersigned, certify that, to the best of our knowledge and belief: • Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. Matthew Roach, MAI, has made a personal inspection of the property that is the subject of this report. • As of the date of this report, Ted Allen, MAI, MRICS has completed the continuing education program for Designated Members of the Appraisal Institute and Matthew Roach, MAI has completed the continuing education program for Designated Members of the Appraisal Institute. • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. • We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. • We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. • Our engagement in this assignment was not contingent upon developing or reporting predetermined results. • Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • The Appraisal Report (Market Rent Study) is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. In addition, our engagement was not contingent upon the appraisal producing a specific value and neither engagement, nor employment, nor compensation, is based upon approval of any related loan application. • Our analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. • No one provided significant real property appraisal assistance to the persons signing this certificate. • The use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • The appraisers have performed services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the date of acceptance of this assignment. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 7 Bayshore Landing Marina 16-091-02 CERTIFICATION After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the fair market rent of the subject for the proposed Fifth Amendment to the Lease Agreement between the City of Miami and Aligned Bayshore Marina as of July 16, 2017, is: $1,500,000 ONE MILLION FIVE HUNDRED THOUSAND DOLLARS The market rent estimate for the subject is calculated as follows: Projected Annual Revenue Revenue Percentage Rent Factor Estimated Rent Rental Dockage Restaurant Upland Rents $2,400,610 $7,566,790 $1,780,942 15% 10% 10% $360,092 $756,679 $178,094 Total (AIL Revenues) $11,748,342 $1,294,865 Additional Rent $11,748,342 1.75% $205,596 Estimated Fair Market Rent $1,500,461 Rounded $1,500,000 Based on our fair market rent conclusion, the minimum base rental rate for the subject should be $1,500,000, with annual CPI escalations. The annual rental rate due to the City of Miami is the greater of the minimum base rent or percentage rent. 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. The subject is proposed for renovation of its marina and upland improvements. Therefore, this appraisal is based on the extraordinary assumption the construction will be performed in a workmanlike manner. This appraisal is not based on any hypothetical conditions. The opinion(s) of value are based on reasonably achievable exposure times of 6 to 12 months, assuming the property is properly priced and actively marketed. Respectfully submitted, JOSEPH J. BLAKE AND ASSOCIATES, INC. Ted Allen, MAI, MRICS Managing Partner Florida -State -Certified General Real Estate Appraiser No. RZ426 Expires: November 30, 2018 Matthew Roach, MAI Director Florida -State -Certified General Real Estate Appraiser No. RZ3189 Expires: November 30, 2018 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 8 Bayshore Landing Marina GENERAL ASSUMPTIONS & LIMITING CONDITIONS 16-091-02 This Appraisal Report (Market Rent Study) is subject to underlying assumptions and limiting conditions qualifying the information contained in the Report as follows: The valuation opinions(s) apply only to the property specifically identified and described in the ensuing Report. Information and data contained in the report, although obtained from public record and other reliable sources and, where possible, carefully checked by us, is accepted as satisfactory evidence upon which rests the final opinion(s) of property value. We have made no legal survey, nor have we commissioned one to be prepared, and therefore, reference to a sketch, plat, diagram or previous survey appearing in the report is only for the purpose of assisting the reader to visualize the property. It is assumed that all information known to the client and/or the property contact and relative to the valuation has been accurately furnished and that there are no undisclosed leases, agreements, liens or other encumbrances affecting the use of the property, unless otherwise noted in this report. Ownership and management are assumed to be competent and in responsible hands. No responsibility beyond reasonableness is assumed for matters of a legal nature, whether existing or pending. We, by reason of this appraisal, shall not be required to give testimony as expert witness in any legal hearing or before any Court of Law unless justly and fairly compensated for such services. By reason of the Purpose of the Appraisal and the Intended User and Use of the Report herein set forth, the value opinion(s) reported are only applicable to the Property Rights Appraised, and the Appraisal Report (Market Rent Study) should not be used for any other purpose. Disclosure of the contents of this Appraisal Report (Market Rent Study) is governed by the By -Laws and Regulations of the Appraisal Institute. Neither all nor any part of the contents of this report (especially any opinions as to value, our identity, or the firm with which we are connected, or any reference to the Appraisal Institute or to the MAI Designation) shall be reproduced for dissemination to the public through advertising media, public relations media, news media, sales media or any other public means of communication without our prior consent and written approval. We have not been furnished with soil or subsoil tests, unless otherwise noted in this report. In the absence of soil boring tests, it is assumed that there are no unusual subsoil conditions or, if any do exist, they can be or have been corrected at a reasonable cost through the use of modern construction techniques. This appraisal is based on the conditions of local and national economies, purchasing power of money, and financing rates prevailing at the effective date(s) of value. We are not engineers and any references to physical property characteristics in terms of quality, condition, cost, suitability, soil conditions, flood risk, obsolescence, etc., are strictly related to their economic impact on the property. No liability is assumed for any engineering -related issues. Unless otherwise stated in this report, we did not observe the existence of hazardous materials, which may or may not be present on or in the property. The presence of substances such as asbestos, urea - formaldehyde foam insulation, or other potentially hazardous materials, may affect the value of the property. The value opinion is predicated on the assumption that there is no such material on or in the property that would cause a loss in value or extend their marketing time. No responsibility is assumed for any such conditions, or for the expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 9 Bayshore Landing Marina GENERAL ASSUMPTIONS & LIMITING CONDITIONS 16-091-02 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 (Market Rent Study). 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 The subject is proposed for renovation of its marina and upland improvements. Therefore, this appraisal is based on the extraordinary assumption the construction will be performed in a workmanlike manner. HYPOTHETICAL CONDITIONS This appraisal is not based on any hypothetical conditions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 10 Bayshore Landing Marina 16-091-02 INTRODUCTION PURPOSE OF THE APPRAISAL The purpose of the appraisal is to develop an opinion of the fair market rent of the subject for the proposed Fifth Amendment to the Lease Agreement between the City of Miami and Aligned Bayshore Marina as of July 16, 2017. INTENDED USER AND USE OF THE APPRAISAL The intended user of this appraisal is the client, City of Miami -Department of Real Estate & Asset Management. The intended use of this appraisal is to assist the client with loan underwriting purposes. This appraisal is not intended to be used by any other parties, for any other reasons, other than those which are stated here. PERTINENT DATES OF INSPECTION, MARKET RENT AND REPORT This Appraisal Report (Market Rent Study), with its analyses, conclusions and final opinions of market value, is specifically applicable to the following pertinent dates: DATE OF INSPECTION June 19, 2017 DATE OF REPORT July 24, 2017 DATE OF "AS IS" VALUE June 19, 2017 DEFINITION OF FAIR MARKET RENT The most probable rent that a property should bring in a competitive and open market reflecting the conditions and restrictions of a specified lease agreement, including the rental adjustment and revaluation, permitted uses, use restrictions, expense obligations, term, concessions, renewal and purchase options, and tenant improvements (Tis). .SOUlCe: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 1015) EXPOSURE TIME To form an opinion of exposure time, we considered the exposure times of properties similar to the subject in the same or similar sub -markets that have recently sold and/or conversations with local market participants. Based on our research, we are of the opinion that 6 to 12 months is a reasonable exposure time, assuming that the property was reasonably priced and actively marketed. PROPERTY RIGHTS APPRAISED The subject is appraised on the basis of a leased fee interest of the upland improvements and the leasehold interest of the submerged land . SCOPE OF THE APPRAISAL The scope of an appraisal assignment is relative to the intended use of the appraisal. The following outlines the extent of property inspection, market data collection, verification and analysis performed for this assignment. Inspection Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. Matthew Roach, MAI, has made a personal inspection of the property that is the subject of this report. This inspection included the interior and exterior of the subject. The inspection was visual in nature, to assess the economic condition of the property, in order to effectively compare it to other properties in the market. We are not engineers, and we did not assess the property from the standpoint of its structural integrity, or to determine whether any latent defects (water leaks, plumbing or electrical problems, etc.) were present. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING >> Bayshore Landing Marina INTRODUCTION 16-091-02 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 Total Gross BuiIdingArea Yes Owner Most Recent Deed Yes County Legal Description Yes County Zoning Information Yes City Flood Map Yes Public Records Tax Information Yes County Site Plan Yes Owner Proposed 5th Lease Amendment Yes Owner Type of Analysis Applied The client has requested a market rent study be performed on the property for the proposed Fifth Amendment to the Lease Agreement between the City of Miami and Aligned Bayshore Marina. 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 rent roll, income and expenses, building and site dimensions, subject history and legal description—was provided by the client, owner, and/or representatives of the owner, and is assumed to be correct. Other information, such as zoning and tax records, was obtained from governmental sources. Specific estimates concerning market rent, expenses, vacancy, etc., reflect our judgment based on interpretation of the market data. The reasoning behind such estimates is illustrated throughout each of the approaches to value. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 12 Bayshore Landing Marina 16-091-02 IDENTIFICATION OF THE PROPERTY INTRODUCTION The property is commonly known as: Bayshore Landing Marina 2550 South Bayshore Drive Miami, FL 33133 The property is also identified by the Miami -Dade County Tax Assessor's Office as tax parcel number(s) 01- 4122-001-1631. The legal description of the property is assumed to be correct. We have not commissioned a survey, nor have we had one verified by legal counsel. Therefore, we suggest a title company, legal counsel, or other qualified expert verify this legal description before it is used for any purpose. CURRENT USE OF THE SUBJECT As of the date of the value opinion(s), the subject was being used as a marina with onsite restaurant and retail/office building. For the purposes of this report, the subject is valued as a marina with onsite restaurant and retail/office building. HISTORY OF THE SUBJECT The subject was leased by Bayshore Properties from the City of Miami in 1985. The lease was later assigned to Grove Marina Market, LTD, with this company subleasing the property to Marina Restaurant, Ltd in March 1986. Marina Restaurant assigned its lease to Bayshore Restaurant Management Corp. in March 1991. Bayshore Restaurant Management then subleased a portion of its space to Terremark Stone Crab, Inc. The lease agreement was further assigned to Bayshore Landing, LLC in August 2004 and then to Aligned Bayshore Marina, LLC in April 2015. The terms of the original lease state a 50 -year term commencing from September 30, 1985 and expiring on May 31, 2035. Lease payments are required at 10% on all gross receipts for raw bar sales, 10% of all upland rents (excluding the restaurant) and 15% of gross receipts from rental dockage. There is a proposed Fifth Amendment to the lease agreement between the City of Miami and Aligned Bayshore Marina, LLC. The lease will be amended as follows: A. New Section 1C will be added. No Liability for Submerged Lands Lease and State Waiver of Deed Restrictions. B. New Section 2A will be added. Lease Extension Term: The term of the lease agreement shall be extended for a period of thirty-two (32) years, commencing on June 1, 2035 (which is the day following the current expiration date of the lease agreement) and ending on May 13, 2067. C. New Section 2A will be added. Renewal Options: The Company shall have the option to renew the lease Agreement for two (2) additional terms of ten (10) years each. D. Section 6 will be amended. Redevelopment Plans: The company shall be solely responsible for construction and cost of all improvements to the marina, building and restaurant located at the property, including but not limited to labor, supplies, materials, equipment, professional services, any surrounding or adjacent municipal, governmental, regulatory requirements, land development, building, electrical, marine related or similar permits, consents, and approvals or any utility and telecommunications or computer hook-ups. E. Section 13 (IV) will be amended to include for clarification that any pass-through charges such as but not limited to electricity charges or common area maintenance fees collected by the Company or sublessees are included in the definition of Gross Sales and/or Gross Receipts. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 13 Bayshore Landing Marina 16-091-02 INTRODUCTION F. New section 13 (VI) and 13 (VII) will be added. Section 13 (VI) Additional Rent: The Company agrees to pay the City a minimum of the greater of Two Hundred Thousand Dollars ($200,000) per lease year, or 1.75% of Gross Receipts derived from the property as Additional Rent. Section 13 (VII) Along with the payment of the Additional Rent, the Company shall provide the city with a statement of Gross Sales specifically detailing the Gross Sales received for the immediately preceding Lease Year audited by a Certified Public Accountant. G. Section 21 will be amended. Insurance: The company shall maintain during the term of the Lease Agreement the following insurance subject to the approval of the City of Miami, Department of Risk Management (a) Property Insurance (b) Business Interruption Insurance (c) Equipment Breakdown (d) Commercial General Liability Insurance (e) Marine Operators Legal Liability (f) Property Coverage Docks and Piers (g) Automobile Liability (h) Workers Compensation (i) Umbrella (j) Liquor (k) Required Policy Provisions (1) Delivery (m) Right to Amend Insurance Requirements. H. Section 22 will be amended. Indemnification. I. New Section 25A will be added. Capital Improvements: The company will set aside funds to complete major capital improvements and property improvements above and beyond any repairs and maintenance. The company shall set aside at least an amount equal to amount specified or 10% per year of Average Repair Costs into a separate reserve account unit 100% of Average Repair Costs is deposited in order to fund capital improvements for the Property. The amounts required to be set aside and years in which they must be spent are as follows: Lease Year Annual Amount — greater of Total To Be Spent in Lease Year 6-15 $100,000 10% of Average Repair Costs $1,000,000 16 26-35 $100,000 10% of Average Repair Costs $1,000,000 36 51-58 $125,000 10% of Average Repair Costs $1,000,000 59 61-68 $125,000 10% of Average Repair Costs $1,000,000 69 Total $4,000,000 J. New Section 31A will be added. Transfer Fee: Should the City consent to any transfer, the City shall be entitled to 1.00% of the Gross Sales Amount, if the Lease Agreement is assigned or otherwise transferred or sold within Lease Years 1 through 5 and the City shall receive 1.50% of the Gross Sales Amount if transferred or sold with Lease Years 6 through 10, and the City shall receive 2.00% of the Gross Sales Amount if transferred or sold within Lease Years 11 through 15, and the City shall receive 3.00% of the Gross Sales Amount is transferred or sold within Lease Year 16 though the end of the Lease Term. The same transfer allocation of 3.00% of the Gross Sales Amount shall apply to the first and second renewal term. K. New Section 31B will be added. Refinancing Fee. If the Company engages in any refinancing with respect to the property, then the City shall have the right to participate in such refinancing in an amount equal to 1% of the Loan Proceeds. It is noted that the City of Miami leases a portion of the submerged land area associated with the subject from the State of Florida. The lease terms for this portion of the property stipulate an annual rent of $2,487.18, increasing by CPI annually (considered to be included within the subtenant's base rental rate). The lease term is from July 1, 2014 to July 1, 2024 with the lease being renewable. The Lessee is authorized to construct and operate a 34 -slip commercial docking facility to be used exclusively for mooring of commercial and recreational vehicles in conjunction with an upland commercial marina and restaurant with fueling facilities, with a sewage pumpout facility. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 14 Bayshore Landing Marina 16-091-02 INTRODUCTION There is a proposed new lease agreement between the State of Florida and the City of Miami. The new lease terms for this portion of the property stipulate an annual rent of $2,602.12, increasing by CPI annually (considered to be included within the subtenant's base rental rate). The lease term is from March 28, 2017 to July 1, 2024 with the lease being renewable. The Lessee is authorized to construct and operate a 31 -slip commercial docking facility to be used exclusively for mooring of commercial and recreational vehicles in conjunction with an upland commercial marina and restaurant with fueling facilities, with a sewage pumpout facility. The subject's upland improvements were originally constructed as a 2 -story, steel -framed warehouse hanger with aluminum siding. The improvements were completely renovated in 1989 with the main structure transformed into a restaurant with banquet facilities and retail stores. The subject's docks were renovated and upgraded in 2005, with wooden docks re -planked, garbage bins installed, dock boxes added and the slips' electrical systems replaced. Other improvements that were made at the property included upgrading exterior lighting, as well as the resurfacing of the property's surface parking lot, new electrical wiring installed throughout the majority of the structure, new roof installed, new air-conditioning systems, new Chickee huts, and new interior building surfaces, including all restrooms and common areas. The leasehold position of the property was sold to RCI Marine Inc. for $13,500,000, cash to seller. The Miami -Dade County Property Appraiser's Office Appraiser reports a $3,000,000 transfer in August of 2004 between Grove Marina Market Ltd. and Bayshore Landing LLC (c/o RCI Group). This is recorded in OR Book 22606, Page 2412. The leasehold position of the subject is currently owned by Aligned Bayshore Marina, LLC, who purchased the subject from Bayshore Landing, LLC, on May 21, 2015. The Miami -Dade County Property Appraiser's Office shows the transaction to be a partial interest transfer with a purchase price of $6,950,000, as was recorded in Miami -Dade County property records book 29630-2569. According to the property owner, the total purchase price was $26,150,000, cash to seller, of which $150,000 was a contract extension payment. The current ownership is renovating the property. The retail/office building renovation includes updating the exterior facade, reducing the common area lobby, interior common areas and storage, updating the interior finishes, demolition and relocation of dock master building, and parking lot improvements. The marina renovations include installation of 32 mechanical boat lifts, dredging, new fire line, new piles, dock repairs, and adding 22 slips along the south dock of the marina. We are not aware of any listings, real property transactions, or ownership transfers pertaining to the subject in the three years prior to the date of the "as is" value opinion, other than that which is reported here. JOSEPu 1. BAKE ANO ASSOCIAI ES, INC. REAL ESTATE VALUATION AND CONSULTING 15 Bayshore Landing Marina 16-091-02 AREA MAP AREA ANALYSIS INTRODUCTION The Miami -Fort Lauderdale -West Palm Beach Metropolitan Statistical Area (MSA) encompasses Broward, Miami -Dade, Monroe and Palm Beach counties. The subject is located in Miami -Dade County, Florida. Miami -Dade County is located in the southeast portion of Florida's east coast and is the southernmost county situated on Florida's mainland. Miami is the county seat of Miami -Dade County, which includes many other incorporated areas such as Miami Beach, Key Biscayne, Coral Gables, South Miami, Pinecrest, Aventura, Hialeah and Homestead. Miami -Dade County boasts an excellent geographic location, allowing it to serve as a gateway to the Caribbean and Latin America. A tourist destination in itself, it is also within a day's drive to some of Florida's major tourist destination cities. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 16 Bayshore Landing Marina 16-091-02 AREA ANALYSIS Development and growth in Miami -Dade County are often attributed to the climate, which draws the northern United States tourist trade during the winter months. Miami -Dade County is a recognized banking and finance center, with over 120 financial institutions featuring a growing community of international banks serving Latin America. This international activity has emerged due to the more than 150 multi- national firms that have established their offices in Miami -Dade in order to direct their Latin American, Caribbean and in some cases, worldwide operations. The growth in business relations between Latin America and Miami -Dade County has been accompanied by ongoing growth in tourism from Latin America. Latin American tourists who enjoy shopping in the United States represent a major demand segment in Miami -Dade County's lodging and retail markets. The concurrency provision in the 1985 Growth Management Act requires that all water, sewer, roads, schools, parks and storm water facilities necessary to support existing improvements be in place before new construction is permitted. Thus, if a location is deficient in one or more categories, the affected infrastructure component must be expanded to support any new construction. A developer may choose to provide the various facilities and/or services necessary to support their project. However, in some cases the expense associated with offsite improvements may render a project economically unfeasible. Transportation Miami International Airport is the largest gateway between the United States and Latin America, and is one of the largest airline hubs in the United States, owing to its proximity to tourist attractions, local economic growth, large local Latin American and European populations, and strategic location to handle connecting traffic between North America, Latin America, and Europe. The Port of Miami is a leader in the maritime industry and home to nearly a dozen of the world's most distinguished cruise lines. The port offers more cargo sailings to more destinations in the Western hemisphere than any other port, and offers access to virtually every port in the world. Metrorail is a 21 -mile rapid transit system on an elevated railway providing access to Downtown Miami from portions of both south and north Miami -Dade County. It connects with Metromover, a 30 -station, five -mile system, that loops through the center of Downtown Miami's CBD. Metrobus provides the feeder system to Metrorail and bus service to all other parts of Miami -Dade County. A network of 5,640 miles of roadway serves Miami -Dade County, of which 1-95,1-75, Florida's Turnpike, and the Palmetto Expressway (SR -826) are the most utilized north/south highways, while SR -112, SR -826 and SR -836 are the most utilized east/west expressways. US -1 and SR -AIA are also components of this network. Other primary thoroughfares include 1-395 (east/west), 1-195 (east/west), SR -9, SR -94, SR -874, US -27, US -41 and US -441. Education Miami -Dade County is served by more than 900 public and private secondary and elementary schools. Seven colleges and universities are located in the county. Miami -Dade College currently offers more than 175 programs and 1,500 courses, with enrollment of over 160,000 students. The University of Miami in Coral Gables has more than 15,000 degree -seeking students and offers 150 undergraduate and 192 graduate degree programs. Florida International University, with two campuses, 36,000 students and more than 800 full-time faculty, received the nation's fifth largest philanthropic gift in the history of public higher education—the Wolfsonian Museum on Miami Beach, with 70,000 artifacts worth an estimated $75 million. It was donated to the college in 1997 and features a wide array of objects ranging from high art to pop culture. Four-year degree programs are also available at Barry University, St. Thomas University, Florida Memorial College and Miami Christian College. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 17 Bayshore Landing Marina AREA ANALYSIS 16-091-02 Tourism/Recreation ---- -------------------------------- ---------- - ------ Known mainly for its trendy nightclubs and oceanfront resorts, Miami -Dade County is also a recognized center for the fine arts and the performing arts, offering an array of enriching cultural activities. These include the Miami Art Museum, Museum of Contemporary Art, Miami Art Central, Wolfsonian-FIU, and the Lowe Art Museum, which are filled with collections and exhibitions from all parts of the world. Broadway plays, the Repertory Theater, the Philharmonic, the Opera Guild, and a large number of historical attractions and exhibits are also favorites. Every year, numerous art festivals make their homes in Miami, including the world-renowned Coconut Grove Arts Festival and Art Basel. The Miami Beach Symphony Orchestra and the Greater Miami Opera Association both offer top-notch performances throughout the year. In addition, the Coconut Grove Playhouse, the Actor's Playhouse and the Gusman Center features a variety of plays and dance pieces from local, regional and national troupes. Medical According to the Greater Miami Chamber of Commerce, Miami -Dade County boasts two major medical networks: the Jackson Health System and Baptist Health South Florida. Jackson Health System, the largest group of medical services in the Southeastern United States, is assembled in a medical complex just west of Downtown Miami. At its hub is the University of Miami School of Medicine/Jackson Memorial Medical Center, ranked in the top 10 of more than 8,000 hospitals in the nation and situated in the city limits of Miami. In Miami -Dade County alone, there are more than 29,000 health care professionals and 28 hospitals. The extensive network of community hospitals includes: Mount Sinai Medical Center, Columbia Cedars Medical Center, Hialeah Hospital, Baptist Hospital, Jackson Memorial Hospital, Mercy Hospital and Miami Children's Hospital. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 18 AREA DEMOGRAPHIC AND INCOME DATA The following data was obtained from MOODY'S ANALYTICS Precis® U.S. Metro South, 2017. The full report is located in the Addenda, and contains additional information about the social, economic, governmental and environmental forces that influence value. Miami -Miami Beach -Kendall, FL 2009 2010 2011 2012 2013 2014 INDICATORS 2015 2016 2017 2018 2019 2020 104.8 104.2 104.5 106.6 108.4 111.1 Gross metro product (C$B) 114.4 119.3 124.4 129.2 132.9 136.0 -6.0 -0.5 0.2 2.0 1.7 2.5 % change 2.9 4.3 4.3 3.8 2.9 2.3 988.6 985.1 1,007.3 1,031.3 1,056.7 1,087.7 Total employment (ths) 1,114.6 1,139.3 1,170.1 1,199.5 1,218.6 1,225.1 -5.6 -0.3 2.3 2.4 2.5 2.9 % change 2.5 2.2 2.7 2.5 1.6 0.5 10.4 11.1 9.5 8.4 7.6 6.8 Unemployment rate (°/) 5.9 5.2 4.8 4.3 4.1 4.2 -4.0 5.7 7.4 3.8 1.3 6.2 Personal income growth (%) 5.7 6.4 7.6 7.9 6.0 4.7 42.1 41.5 41.3 41.7 42.6 42.9 Median household income ($ ths) 44.6 46.1 48.2 50.5 52.4 53.8 2,464 2,509 2,580 2,611 2,642 2,663 Population (ths) 2,697 2,734 2,773 2,814 2,855 2,897 1.1 1.8 2.8 1.2 1.2 0.8 % change 1.3 1.4 1.4 1.5 1.5 1.5 13.4 31.1 58.1 17.8 17.8 11.6 Net migration (000) 23.9 26.7 29.4 31.0 31.7 31.9 624 941 962 1,819 2,266 2,077 Single-family permits 2,967 4,613 6,584 7,326 7,329 7,243 771.0 2,262.0 1,656.0 3,250.0 8,050.0 5,654.0 Multifamily permits 8,606.4 7,725.4 10,720.4 8,818.6 7,640.6 8,238.3 211 196 184 187 208 234 FFFA house price (1995011=100) 256 266 270 269 268 271 Source: MOODY'S ANALYTICS Precis® U.S. Metro South, 2017 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 18 Bayshore Landing Marina 16-091-02 1,400 1,200 1,000 800 600 400 200 0 Total Employment (ths) rFi ,10 ", '-, ,", ,10` ,1� ,10 ,11 ,14 ,1Di ,10 ,ti ,ti0 ,ti0 ,ti0 ,ti0 ,tip ,ti0 ,ti0 ,tip ,ti0 ,ti0 ,ti0 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% $60 $50 $40 $30 $20 $10 $0 Unemployment Rate ,A ,yCb ,Ci ,ti0 ,ti ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 Median Household Income (ths) ,,p� ,10 ,y'1* 11 ti� ,1Oa by ,1<0 1 ,14 ., ,tip ,tiCT' ,ti0 ,LO ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 4.00% 2.00% 0.00% -2.00% -4.00% -6.00% -8.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% -2.00% -4.00% -6.00% $300 $250 $200 $150 $100 $50 $0 AREA ANALYSIS % Change in Employment ,A ,10 ,ti ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 Personal Income Growth le -C. 0 40 ' 40' 1 41 0�,00 Existing Home Price (ths) �p ,1'1 ,tiCT' ,ti0 ,ti0 40 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 19 Bayshore Landing Marina 16-091-02 2,700 2,650 2,600 2,550 2,500 2,450 2,400 2,350 Historic Population Growth (ths) ti� ti ti ti ti ti Single -Family Permits 2,950 2,900 2,850 2,800 2,750 2,700 2,650 2,600 2,550 AREA ANALYSIS Projected Population Growth (ths) '41 411 O,^ O,� O,� 01O ti ' ti ti ti ti Multi -Family Permits 8,000 - __ - - 12,000 7,000 __....-- --.._. 10,000 6,000 5,000 8,000 4,000 6,000 3,000 4,000 2,000 1,000 2,000 0 0 , p� ,� tib by ,O ,^ ,� ,� 'tiO CY0,O ,� ,~ , ,y ,O ,^ 00 ,y ,y0 ,ti0 ,ti0 ,ti0 ,y0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti ,ti0 ,ti0 ,ti0 3� b ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 ,ti0 CONCLUSION An analysis of South Florida and more specifically, Miami -Dade County, demonstrates that the area has historically been on a path of growth. Previous population growth is primarily due to in -migration, with the majority of the migrants coming from within the state, as well as New York, Georgia and international sources. With the recession receding, the values of the County's office, industrial, commercial and residential properties have recovered substantially, with decreased vacancies appearing in office complexes, industrial neighborhoods, and shopping centers, and homes increasing in value. Despite the effects of the recent recession, many of the factors that led to Miami -Dade County's historical success remain in place. Therefore, the county will likely continue to grow. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 20 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS NEIGHBORHOOD MAP NW tial s< z NmW 7th St Marling Perk li AQAMI R � W Fisons St ` DOWNTOWN AQAIyI 41 - - O Miami IL a �COVAL WAS' Way JairVizcayaMuseum �c1 �e \' tem Bird Ave �q g r;r�eru� Blue Rd , grand Ave Coral Gables a � lniversity of Miami � J4 SW 72nd St sw and st SW 88th s,.- .. - i Map data 62016 Google JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING 21 Bayshore Landing Marina 16-091-02 INTRODUCTION MARKET ANALYSIS A property is an integral part of its surroundings and must not be treated as an entity separate and apart from its surroundings. The value of a property is not found exclusively in its physical characteristics; physical, economic, political and sociological forces in the area interact to give value to a property. In order to determine the degree of influence extended by these forces on a property, their past and probable future trends are analyzed. Therefore, in order to form an opinion of the value of a property, an analysis is made of the area in which the property under study is found. This area is referred to as a neighborhood. A neighborhood can be a portion of a city, a community or an entire town. It is usually an area which exhibits a fairly high degree of homogeneity as to use, tenancy and certain other characteristics. Homogeneity is a state of uniform structure or composition throughout. Therefore, in real estate terminology, a homogeneous neighborhood is one in which the property types and uses are similar. A neighborhood is more or less a unified area with somewhat definite boundaries. As a neighborhood's boundaries serve to limit the physical area that exerts germane influences on a property's value, the boundaries may indeed run concurrent with variations in prevailing land uses or physical characteristics. LOCATION The subject is located on the south side of Bayshore Landing Drive within the Coconut Grove area of Miami, FL. We defined the neighborhood based on the prevailing land uses in the area. Generally, the subject's neighborhood is bordered by South Dixie Highway and Rickenbacker Causeway to the north, Le Jeune Road to the west and Biscayne Bay to the south and east. The neighborhood is easily accessible from all parts of Miami -Dade County through an extensive highway network. US -1, located several blocks north of the subject, is a major north/south thoroughfare through the area and connects with Interstate -95, approximately 2 miles west of the subject and the Palmetto Expressway approximately 6 miles west of the subject. ACCESSIBILITY 1-95 is a major interstate highway that runs along the entire east coast of the United States and provides access to all parts of northern Miami -Dade, Broward, and Palm Beach counties, as well as the entire state through extensive connecting highways. 1-95 also provides access to 1-395, located approximately 4 miles north and 1-195, located approximately 6 miles north of the subject. These thoroughfares provide access to the western portions of Miami -Dade County as well as the area's beaches. The Palmetto Expressway provides accessibility to northern Miami -Dade County as well as 1-75, 1-95 and the Dolphin Expressway. Southern Miami -Dade County is accessible via US -1. US 1 travels along the east coast of Florida, beginning at 490 Whitehead St. in Key West and passing through Miami, Hollywood, Fort Lauderdale, West Palm Beach, Fort Pierce, Melbourne, Cocoa, Titusville, Daytona Beach, Palm Coast, St. Augustine, and Jacksonville. US 1 in Florida is generally a four -lane divided highway. The subject site has access from Bayshore Landing Drive. DEVELOPMENT The Coconut Grove area is primarily an upper-class residential area that is known for its festivals, as well as its art galleries, nightclubs, sports bars, shopping, and wide variety of restaurants. The Coconut Grove Arts Festival is a nationally recognized, juried art show that attracts internationally known artists. Other amenities in the area include: the Wyndham Grand Bay Hotel (a four-star hotel), Cocowalk (a 143,000 SF shopping facility), Mayfair (a hotel and 204,000 SF of shopping), the Coconut Grove Convention Center, the Coconut Grove Playhouse, and the Dinner Key Marina. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 22 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Coconut Grove has numerous restaurants, open air and streetside cafes, and several waterfront restaurants and bars. By night, the Grove becomes a center of nightlife frequented by locals, young professionals, students from the -nearby University of Miami and Florida International University, and tourists. Shopping is abundant in the Grove, with two open-air malls, CocoWalk, the Streets of Mayfair, and many other street shops and boutiques. The Village Center, the three blocks radiating from and focusing on the intersection of Main, McFarland, and Grand Avenues, home to the majority of the retail and restaurant business in the Grove, is also home to three gyms, a multiplex movie house in CocoWalk, several parking garages, a state historic site, an elementary school, a City of Miami fire station, several large condos and residential rental towers, the Coconut Grove Post Office, and two sizable parks. Development and redevelopment continue to redefine and transform the area. The 250 -room Ritz Carlton Hotel located at SW 27th Avenue, Tigertail Avenue and Cornilia Drive is one of the newest developments within the neighborhood. This five-star hotel occupies 11 floors of a 20 -story building, with the top floors containing luxury condominiums. Grovenor House, located at 2627 South Bayshore Drive, is another new project within the neighborhood. This is a 32 -story, luxury high-rise condominium building that was built by the developer of the Santa Maria and Bristol Tower. This project was completed in 2006. The eastern border of Coconut Grove is Biscayne Bay, which lends itself to the local boating and sailing communities. The area features the Coconut Grove Sailing Club, Coral Reef Yacht Club, and a sizable municipal marina, Dinner Key Marina. The US Sailing Center is on the Bay between Kennedy Park and the Coral Reef Yacht Club. Pan Am's seaplane operations were based at Dinner Key, and the Miami City Hall is based in the old Pan Am terminal building. Some of the new government-sponsored projects that, taken together, could reframe the central Grove include: • A new, seven -acre, lawn -like Regatta Park on the bayfront site of the demolished Coconut Grove Convention Center oriented to sailing and paddling. The city is now taking bids for construction. • An ongoing reconstruction of Southwest 27th Avenue, the Grove's principal entrance that will add trees, sidewalks and bike lanes. Buckling, narrow sidewalks on Main Highway will be rebuilt and expanded at the intersection with Grand Avenue and McFarlane Road. Sidewalks on Commodore Plaza have already been rebuilt and widened and new street trees planted. • A planned expansion, revamping or reconstruction of the historic Coconut Grove Playhouse, a village lodestar whose abrupt demise seven years ago produced a string of vacant storefronts next door on Main Highway. Miami -Dade County is about to announce selection of architects to develop a plan. • A planned new restaurant, by the chef at Coral Gables' Eating House, in one half of the Glass House in underused Peacock Park, once the Grove's central gathering spot, and a new community center in the other half. • The planned replacement of the aging Scotty's Landing and Chart House restaurants with three new waterfront dining spots and a refurbishing of the adjacent marina, though the project has been held up by litigation. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 23 Bayshore Landing Marina MARKET ANALYSIS 16-091-02 The redevelopment binge extends to the long -neglected, West Coconut Grove, a historic Bahamian community that extends west from the village center along Grand. The nonprofit Coconut Grove Collaborative Development Corporation and affordable -housing developer Pinnacle Housing Group are building a 56 -unit apartment complex for people 55 and older, the first new housing on the avenue in decades. Its developers hope Gibson Plaza signals a new start for the West Grove, helping stabilize a community that has been steadily losing population, including much of its middle class. They say the $22 million project ought to persuade Grove business people to invest in the West Grove in a way that ensures its residents participate in the rest of the village's prosperity. Development in the subject's neighborhood consists of high rise office and condominium buildings facing the water, with smaller office, retail, hotel and residential buildings stepping back from the water. Most improvements are well maintained. The improvements in the neighborhood vary widely in age, some were built in the early 1990s and others are brand new. The overall quality and condition of the improvements are considered to be average to good. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 24 Bayshore Landing Marina 16-091-02 DEMOGRAPHICS MARKET ANALYSIS 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. Source: Site To Do Business JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 25 Demographics 2017 2022 1 mile 3 mile 5 mile 1 mile 3 mile 5 mile Summary 18,272 171,293 438,243 19,397 180,350 466,130 Population Households 8,360 69,480 175,339 8,824 72,901 187,125 Fa mi I i es 4,362 40,984 100,353 4,600 42,960 106,128 Average Household Size 2.18 2.44 2.44 2.19 2.45 2.43 Owner Occupied Housing Units 3,995 25,707 59,517 4,204 26,781 62,282 Renter Occupied Housing Units 4,365 43,773 115,821 4,619 46,121 124,843 Median Age 41.5 42.4 40.6 42.4 43.4 41.4 Population by Age 1 mile 3 mile 5 mile 1 mile 3 mile 5 mile 5.1% 5.0% 5.0% 5.0% 4.9% 5.0% 0 - 4 5 - 9 4.5% 5.0% 5.0% 4.7% 4.8% 4.7% 10-14 4.0% 4.8% 4.7% 4.5% 5.0% 4.9% 15-19 3.7% 4.7% 5.0% 3.9% 4.9% 5.1% 20-24 5.4% 5.9% 6.7% 4.8% 5.3% 6.3% 25 -34 16.8% 14.2% 15.6% 15.3% 13.2% 15.0% 35-44 15.4% 14.0% 14.0% 15.6% 14.0% 14.0% 45-54 13.3% 14.1% 13.7% 13.0% 13.2% 12.9% 55-64 13.1% 12.7% 12.0% 12.2% 13.1% 12.5% 65-74 10.7% 10.3% 9.6% 11.8% 11.3% 10.5% 75-84 5.5% 6.4% 5.9% 6.6% 7.1% 6.5% 85+ 2.5% 3.1% 2.7% 2.6% 3.1% 2.7% Households by Income 1 mile 3 mile 5 mile 1 mile 3 mile 5 mile 11.40% 19.10% 20.10% 10.00% 17.60% 18.40% <$15,000 $15,000 - $24,999 8.90% 13.10% 13.40% 7.60% 11.60% 11.80% $25,000 - $34,999 9.40% 11.10% 10.80% 7.60% 9.60% 9.30% $35,000 - $49,999 13.50% 12.40% 12.40% 11.20% 10.90% 10.80% $50,000 - $74,999 15.10% 14.00% 14.30% 15.00% 14.40% 14.60% $75,000 - $99,999 9.40% 7.70% 8.30% 11.10% 9.70% 10.60% $100,000 - $149,999 12.40% 9.80% 9.70% 14.40% 11.70% 11.90% $150,000 - $199,999 6.60% 4.90% 4.30% 7.60% 5.50% 4.90% $200,000+ 13.40% 7.90% 6.90% 15.50% 8.90% 7.70% Median Household Income $59,185 $42,011 $40,933 $71,867 $50,338 $49,565 Average Household Income $103,278 $78,807 $74,300 $120,100 $90,426 $85,790 Per Ca pita Income $47,246 $32,215 $30,220 1 $54,615 $36,794 $34,904 Source: Site To Do Business JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 25 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Trends: 2017 - 2022 Annual Rate 1 mile Radius Area State National Population 1.20% 1.36% 0.83% Households 1.09% 1.30% 0.79% Families 1.07% 1.25% 0.71% Owner HI -Is 1.03% 1.19% 0.72% Median Household Income 3.96% 2.13% 2.12% 3 mile Radius Area State National Population 1.04% 1.36% 0.83% Households 0.97% 1.30% 0.79% Families 0.95% 1.25% 0.71% Owner HI -Is 0.82% 1.19% 0.72% Median Household Income 3.68% 2.13% 2.12% 5 mile Radius Area State National Population 1.24% 1.36% 0.83% Households 1.31% 1.30% 0.79% Families 1.13% 1.25% 0.71% Owner HHs 0.91% 1.19% 0.72% Median Household Income 3.90% 2.13% 2.12% Source: Site To Do Business Source: Site To Do Business JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINO 26 Bayshore Landing Marina 16-091-02 LIFE CYCLE A neighborhood's life cycle usually consists of four stages: MARKET ANALYSIS • Growth - a period during which the neighborhood gains public favor and acceptance • Stability - a period of equilibrium without marked gains or losses • Decline - a period of diminishing demand • Revitalization - a period of renewal, redevelopment, modernization, and increasing demand Source: The Appraisal of Real Estate, 14th Edition The neighborhood is currently in its stability stage, a period known as equilibrium without marked gains or losses. This is evidenced by the lack of land available for new development, as the subject's neighborhood is approximately 98% developed with very little vacant land available. CONCLUSION We researched germane influences that could possibly affect the value of the property in the area. This research did not produce any factors that could be negative or undesirable. In fact, just the opposite was found. The subject and the surrounding neighborhood appear to be operating in a stabilized environment with no rapid changes currently taking place. Several factors have combined for the success of the district, of which accessibility and location have had the most positive influence. Finally, we are of the opinion that the neighborhood should experience continued stability building upon the solid foundation it has established as a commercial and residential district. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 27 Bayshore Landing Marina 16-091-02 DESCRIPTION OF THE SITE PARCEL ADDRESS 2550 South Bayshore Drive, Miami, Miami -Dade County, FL 33133 PARCEL NUMBER 01-4122-001-1631 LOCATION The subject is located on the south side of Bayshore Landing Drive within the Coconut Grove area of Miami, FL. SIZE 291,199 SF or 6.69 acres UPLAND 93,218 SF or 2.14 acres SUBMERGED LAND 197,981 SF or 4.55 acres ZONING The parcel is zoned "CS," under the jurisdiction of City of Miami. ADJACENT PROPERTIES - NORTH Condominium ADJACENT PROPERTIES - SOUTH Condominium ADJACENT PROPERTIES - WEST Parking lot ADJACENT PROPERTIES - EAST Marina TRAFFIC COUNT 18,300 TRAFFIC COUNT YEAR 2016 LEGAL DESCRIPTION See Addenda MAP LATITUDE/LONGITUDE 25.732157/-80.232371 PRIMARY FRONTAGE STREET Bayshore Landing Drive PRIMARY FRONTAGE STREET LENGTH 242 feet VIEW Good ACCESS The subject site has access from Bayshore Landing Drive. INGRESS/EGRESS The subject site has ingress/egress from Bayshore Landing Drive. SITE VISIBILITY Good STREET LIGHTING Good STREET CONDITION Paved with asphalt SIDEWALKS Good CURBS AND GUTTERS Good 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 in shape. 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 V. This information was obtained from the National Flood Insurance Rate Map Number 12086CO746L dated September 11, 2009. FLOOD ZONE DEFINITION Coastal areas with a 1% or greater chance of flooding and an additional hazard associated with storm waves. These areas have a 26% chance of flooding over the life of a 30 -year mortgage. No base flood elevations are shown within these zones. In communities that participate in the NFIP, mandatory flood insurance purchase requirements apply to this zone. OTHER HAZARDS None ENCUMBRANCES AND EASEMENTS There are no known adverse encumbrances or easements. Please reference Limiting Conditions and Assumptions. 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 ocean frontage and submerged land in Biscayne JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 28 Bayshore Landing Marina 16-091-02 ADEQUACY OF UTILITIES PUBLIC ELECTRICITY WATER SUPPLY TYPE SEWER TYPE NATURALGAS UNDERGROUND UTILITIES POLICE AND FIRE PROTECTION RAIL SPUR/ACCESS SITE IMPROVEMENTS CONCLUSION DESCRIPTION OF THE SITE Bay. The subject's utilities are typical and adequate for the market area. Florida Power and Light City water City sewer City gas Yes City of Miami No Site improvements include asphalt paving, exterior building and concrete pole lighting, landscaping, canopy covered entrance, concrete decking, and marina wet slips. The subject site is considered well-suited to functionally support its current use. AERIAL PHOTOGRAPH e JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 29 Bayshore Landing Marina 16-091-02 DESCRIPTION OF THE IMPROVEMENTS Building Summary Number of Gross Building Net Rentable Number of Building Name/ID Year Built Condition Floors/Stories Area Area Slips Bayshore Landing Marina 1989 Good 2 54,928 53,728 96 GENERAL DETAILS DESCRIPTION Briefly described, the subject consists of a marina with on-site restaurant (Monty's Raw Bar) and retail/office building known as Bayshore Landing Marina located in the Coconut Grove neighborhood of the City of Miami that contains upland and submerged land areas. The marina is a privately -operated marina under an existing ground lease from the City of Miami and a submerged land lease from the State of Florida. The restaurant consists of 10,362± SF of interior area. The restaurant also includes 14,047± SF of outdoor Chickee Hut covered patio area that sits adjacent to the marina. The subject's total restaurant area is 24,409± SF. The retail/office building currently contains 28,467± SF of usable SF and 29,319± SF of net rentable area with the remaining 1,200± SF area allocated to the property's maintenance shop. The former dock master's office on site containing 916± SF will be demolished. The submerged portion of the property consists of 96 wet slips, including 27 boat lifts, consisting of 4,734± LF of dock space ranging in size from 22± LF to 88± LF. Upon renovation, the subject's marina will contain 118 wet slips, including 32 boat lifts, consisting of 5,411± LF of dock space ranging in size from 22± LF to 88± LF. The marina offers wet slips, boat lifts, fuel station, dock master's office, ship's store, rest room s/showers, laundry facilities, and on-site restaurant (Monty's Raw Bar) and retail/office building. LAND TO BUILDING RATIO 5.42 to 1 FLOOR AREA RATIO 0.18 PARKING TYPE Parking structure PARKING SPACES 47 CONDITION OF PARKING LOT Good PARKING RATIO 0.87 spaces per 1,000 SF PARKING DESCRIPTION There is a pay parking lot owned by the City of Miami located across the street from the subject that is commonly used by the subject's patrons. TENANT TYPE Multi -Tenant DEFERRED MAINTENANCE From an inspection of the property, no visible items of deferred maintenance were noted. DESIGN AND FUNCTIONAL UTILITY The overall layout of the improvements on the parcel is considered to be average. PLANNED CAPITAL IMPROVEMENTS The current ownership is renovating the property. The retail/office building renovation includes updating the exterior facade, reducing the common area lobby, interior common areas and storage, updating the interior finishes, demolition and relocation of dock master building, and parking lot improvements. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 30 Bayshore Landing Marina 16-091-02 DESCRIPTION OF THE IMPROVEMENTS The marina renovations include installation of 32 mechanical boat lifts, dredging, new fire line, new piles, dock repairs, and adding 22 slips along the south dock of the marina. UPILAND BUILDING DETAILS BUILDING NAME Bayshore Landing Marina BUILDING DESCRIPTION Restaurant/retail/office MARSHALL VALUATION SERVICE C CLASS CONSTRUCTION TYPE Concrete Block with Stucco MARSHALL VALUATION SERVICE Average QUALITY YEAR BUILT 1989 RENOVATIONS 2005, 2017 EFFECTIVE AGE 15 TOTAL ECONOMIC LIFE 45 REMAINING ECONOMIC LIFE 30 CONDITION Good APPEAL AND APPEARANCE Good NUMBER OF BUILDINGS 3 NUMBER OF STORIES 2 GROSS BUILDING AREA 54,928 NET RENTABLE AREA 53,728 CURRENT OCCUPANCY 97.5% CURRENT VACANCY 2.5% STABILIZED OCCUPANCY 95% STABILIZED VACANCY 5% BUILDING EFFICIENCY RATIO 97.82% UPLAND CONSTRUCTION DETAILS CONSTRUCTION TYPE FOUNDATION FRAME EXTERIOR WALLS/FINISH WINDOWS ROOF TYPE ROOF COVER FLOOR PLAN LAYOUT FLOOR COVERING INTERIOR WALLS CEILING COVER INTERIOR LIGHTING RESTROOMS HVAC UTILITIES ELECTRICAL PLUMBING Concrete Block with Stucco Poured concrete slab Masonry Frame Concrete Block Aluminum -framed plate glass Flat Tar and gravel Average Carpet, Linoleum, Tile Painted drywall Suspended Fluorescent fixtures 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, and telephone. Assumed to be in compliance with prevailing code requirements. Assumed to be in compliance with prevailing code requirements. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 31 Bayshore Landing Marina 16-091-02 DESCRIPTION OF THE IMPROVEMENTS FIRE SPRINKLER Yes NUMBER OF ELEVATORS One passenger elevator and one freight elevator. ENTRANCES AND EXITS Entrances and exits consist of commercial glass panel doors. LOBBY DESCRIPTION The lobby and common hallways have ceramic tile and hardwood flooring. The walls are painted drywall. The ceilings are suspended with acoustical ceiling tiles. BUILDING COMMENTS The subject improvements are considered well-suited to functionally support its current use. MARINA DOCKS DETAIL The submerged portion of the property consists of 96 wet slips, including 27 boat lifts, consisting of 4,734± LF of dock space ranging in size from 22± LF to 88± LF. Upon renovation, the subject's marina will contain 118 wet slips, including 32 boat lifts, consisting of 5,411± LF of dock space ranging in size from 22± LF to 88± LF. The marina offers wet slips, boat lifts, fuel station, dock master's office, ship's store, restrooms/showers, laundry facilities, and on-site restaurant (Monty's Raw Bar) and retail/office building. The marina consists of two concrete docks with concrete and wood piles and wooden finger piers and a wood dock with wood piles. The docks were renovated and upgraded in 2005, with wooden docks re - planked, garbage bins installed, dock boxes added and the slips' electrical systems replaced. The current ownership plans to renovate the property. The marina renovation includes installation of 32 mechanical boat lifts, dredging, new fire line, new piles, dock repairs, and adding 22 slips along the south dock of the marina. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 32 Bayshore Landing Marina 16-091-02 ZONING ZONING The subject is zoned "CS," Civic Space, under the jurisdiction of City of Miami. The civic zone consists of public use space and facilities that may contrast in use to their surroundings while reflecting adjacent setbacks and landscape. Permitted uses include public and private parks, recreational facilities, educational and cultural facilities, marine and marina facilities, entertainment facilities, social and health related service facilities, public safety, and City of Miami administrative facilities, parkways and scenic corridors. 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. PERMITS The subject property has a permit from the Florida Department of Environmental Protection, Permit No. 13 -0315232 -006 -EM. The permit authorizes the reconfiguration of an existing docking facility by removing existing finger piers and mooring piles installing four 9.5 -foot by 2 -foot finger piers. The activities also include the installation of five boatlifts and 40 mooring piles. The docking facility within the marina basin shall accommodate a maximum of 118 vessels. This permit authorizes approximately 25,000 feet (0.57 acres) of impacts to surface waters. The subject also has a permit from the City of Miami Building department, Permit No. BD16-017115-001- B001. The permit authorizes construction of new wet slips along the south dock of the marina. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 33 Bayshore Landing Marina 16-091-02 TAXES The subject is assessed by the Miami -Dade County property appraiser's office, and is taxed by the City of Miami and Miami -Dade County. According to public records, it appears there are no unpaid taxes as of the date of this report. The following table summarizes the subject's assessment and taxes: Folio Number 01-4122-001-1631 2015 Tota I Ma rket Va I ue $6,200,000 Total Assessed Value $6,200,000 Assessed Value Millage Rate $14.5036 Taxes (Assessed Value Millage Rate) $89,922 Total Tax Rate $21.8256 Ad Valorem Taxes $135,319 Non Ad Va I orem Taxes $0 Total Taxes $135,319 Taxes with 4% Discount $129,906 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 34 Bayshore Landing Marina 16-091-02 HIGHEST AND BEST USE In determining the highest and best use of the property, consideration was given to the economic, legal, and social factors that motivate investors to develop, own, buy and sell, manage, and lease real estate. In forming an opinion of the highest and best use of a vacant parcel of land, there are essentially four stages of analysis: • Physically Possible Use: What uses of the site in question are physically possible? • Legally Permissible Use: What uses are permitted by zoning and deed restrictions on the site in question? • Financially Feasible Use: Which possible and permissible uses will produce a gross return to the owner of the site? • Maximally Productive: Among the feasible uses, which will produce the highest return or highest present worth of the site in question? The following tests must be met in estimating the highest and best use of a vacant parcel: the potential use must be physically possible and legally permissible, there must be a profitable demand for such a use, and it must return to the land the highest net return for the longest period of time. These tests have been applied to the subject's site and are discussed as follows: PHYSICALLY POSSIBLE The site is on Bayshore Landing Drive, within Miami -Dade County, FL. The underlying site consists of approximately 291,199 SF or approximately 6.69 acres. The subject's topography is level and at street grade. As noted in the Assumptions and Limiting Conditions, we know of no environmental or engineering study that has been conducted on the site to determine subsoil conditions. Upon analysis of all physical aspects, space, size, shape, terrain, location and others the most supportable highest and best use of the site, as it relates to physical properties, is a marina with onsite restaurant and retail/office building. LEGALLY PERMISSIBLE The subject's site is zoned "CS," Civic Space, under the jurisdiction of City of Miami, FL. Reference is made to both the Zoning and Addenda section of this report. Permitted uses include public and private parks, recreational facilities, educational and cultural facilities, marine and marina facilities, entertainment facilities, social and health related service facilities, public safety, and City of Miami administrative facilities, parkways and scenic corridors. Upon analysis of the permitted uses, the most supportable highest and best use of the site, as it relates to what is legally permissible, is a marina with onsite restaurant and retail/office building. FINANCIALLY FEASIBLE Analysis for financially feasible uses for the site, as if vacant, involves consideration of several criteria. Unlike the physically possible and legally permissible aspects of the highest and best use analysis, many external economic factors serve to prove or disprove financial feasibility. The cost of acquisition, sources of capital, forecast of potential revenue/expenses, reversionary price forecast, property tax implications and measures of risk and yield are all determinant to this analysis. The above financial measures serve to eliminate the uses that would not provide a reasonable return to the land based on an investor's expectations. The cost of land and its development limits the highest and best use of the site, generally to only those uses that are financially feasible. We conclude that the most financially feasible uses of the site that are physically possible and legally permissible are a marina with onsite restaurant and retail/office building. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 35 Bayshore Landing Marina 16-091-02 MAXIMALLY PRODUCTIVE HIGHEST AND BEST USE We considered those uses, as aforementioned, to meet the physically possible, legally permissible and financially feasible tenets of the highest and best use definition. The final criteria for full compliance within the highest and best use of the subject, as vacant, is that of a maximally productive use. We conclude the maximally productive use of the site is to maximize the utility of the site in relation to the zoning. HIGHEST AND BEST USE, AS IF VACANT A final reconciliation of the analysis leads to the conclusion that the highest and best use of the site, as if vacant, is a marina with onsite restaurant and retail/office building. HIGHEST AND BEST USE, AS IMPROVED We must also determine the highest and best use of the subject, as improved, by analyzing occupancy levels of various surrounding improvements, as well as the general needs within the area. The current ownership is renovating the property. The retail/office building renovation includes updating the exterior facade, reducing the common area lobby, interior common areas and storage, updating the interior finishes, demolition and relocation of dock master building, and parking lot improvements. The marina renovations include installation of 32 mechanical boat lifts, dredging, new fire line, new piles, dock repairs, and adding 22 slips along the south dock of the marina. Based on the current conditions of the subject's market, the highest and best use of the subject, as improved, is renovation of the current improvements similar to the proposed construction plans. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 36 Sayshore Landing Marina 16-091-02 MARINA MARKET ANALYSIS MARKET ANALYSIS The purpose of this discussion is to provide an overview of the economic vitality of the recreational marina marketplace influencing the subject. The industry will be briefly considered on a national basis before detailing the subject's local, competitive market. In the course of the research of the recreational marina marketplace, we interviewed a variety of industry experts, including real estate professionals, marina developers, owners of marinas and local officials. We also consulted with the industry's trade associates and trade publications, including the International Marina Institute, the National Marine Manufacturers Association, and the Boating Industry Magazine. Interviews were conducted and factual material was gathered to ascertain historical, current and projected market conditions. Data includes industry revenue figures, slip occupancy and rental rates, availability of financing and environmental concerns. Industry Snapshot The U.S. marina industry includes about 3,800 establishments (single -location companies and units of multi - location companies) with combined annual revenue of about $4 billion. Demand is driven by ownership rates for power boats and sailboats. The profitability of an individual marina depends on location and good marketing. Large companies have the resources to advertise and negotiate better prices with suppliers, builders, and maintenance firms. Small companies can compete by offering customized services or preferred locations. The US industry is highly fragmented: the top 50 companies account for about 15% of industry revenue. More than 90% of US marina operators have only one location. According to FirstResearch the primary driver of revenue at nearly every marina is the slip rentals. The main business of marinas is renting slips (dockside spaces) and moorings (anchored buoys). Marinas also sell fuel and other items and provide maintenance services. About 40% of industry revenue comes from slip and storage fees, 15% from maintenance, and 10% from fuel sales. Other sources of revenue include sales of food (5%) and marine equipment (5%). Revenue by Product - US Census Bureau Slip & storage fees, 401A Other. 35X Maintenance, 154A - Fuel. 10% Source: FirstResearch JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING 37 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS A typical marina has 50 to 150 slips, but some very large marinas, such as Dana Point Marina in Orange County, California, can have more than 1,000 slips. The major operating activities of a marina are similar to those of a hotel, and revolve around managing rentals, managing personnel, maintaining the property, and supplying services. Occupancy rates and rental rates are a constant source of attention for managers. Many marinas use specialized computer programs to manage reservations and billings. Marinas increasingly use websites as marketing and booking tools. According to the 2014 Recreational Boating Statistical Abstract, published by the National Marine Manufacturers Association in 2015, recreational boating continues to be an important factor to the U.S. economy, contributing $35.4 billion in direct sales of products and services in 2014, a 3.5% decrease from 2013. • Of the 242.5 million adults living in the United States in 2014, 35.7% or 87.3 million people participated in recreational boating at least once during the year, relatively unchanged from 2013. Since 2011, boating participation has ranged from 34.8% to 37.8% of the population. • Annual retail sales of new boats, engines & marine accessories in the U.S. totaled $16.4 billion in 2014. • New boat sales were up 0.5% to 534,500 units in 2014. • New traditional powerboat sales increased 6.4% to 171,500 units in 2014. • New sailboats sold at retail increased 33.9% to 7,500 units. • New personal watercraft sales increased 21.6% to 47,900 units. • New boat imports totaled $2.3 billion, up 7.2% in 2014; units were up 17.7% to 794,174. • New boat exports totaled $2.1 billion, down 0.6% in 2014; units were down 6.7% to 208,532. • Total engine sales, including topline, outboard, inboard and sterndrive engines, were 243,200 units, up 3.4% in 2014. • Outboard engines sales were up 4.5% to 218,400 units; retail sales reached $2.5 billion, up 8.6%. • Aftermarket accessory sales totaled $5.6 billion in 2014, an increase of 14.7%. • Americans are taking to the water: 35.7% of the U.S. adult population -87.3 million Americans - participated in recreational boating at least once in 2014. • Boats are uniquely made in America: 94.9% of powerboats sold in the U.S. are made in the U.S. • There were an estimated 12 million registered boats in the U.S. in 2014. • 95% of boats on the water (powerboats, personal watercraft, and sailboats) in the U.S. are less than 26 feet. • An estimated 940,500 pre -owned boats (powerboats, personal watercraft, and sailboats) were sold in 2014. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 38 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Boating Demographics and Participation Boating is primarily a middle-class lifestyle as 71.5% of American boat owners have a household income less than $100,000. Of the 242.5 million adults living in the United States in 2014, 35.7% or 87.3 million people participated in recreational boating at least once during the year, relatively unchanged from 2013. Since 2011, boating participation has ranged from 34.8% to 37.8% of the population. NO. OF ADULTS GOING % OF 18+ WHO YEAR BOATW (MILLIONS) WENT BOATING 1990 67.4 365% 1991 67.2 36-3% 1992 67.9 36-1% 1993 68.7 36.2% 1994 69.6 362% 19% 70.0 35.6% 1996 70.7 36.0% 1997 71.3 35.8% 1998 68.0 33.6% 1999 68.2 33.4% 2000 67.5 32.3% 2001 62.1 292% 2002 65.5 30.4% 2003 63.0 28-9% 2004 63.4 28.8% 2005 57.9 26.0% 2006 60.2 26.6% 2007 66.4 29.2% 2008 70.1 30.5% 2009 65.9 28.3% 2010 75.0 32.4% 2011 82.7 34.8% 2012 87.8 37.8% 88.5 36.6% 2014 87.3 35.7% Source: National Marine Manufacturers Association, Market Statistics Department, 2015 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINO 39 Sayshore Landing Marina 16-091-02 MARKET ANALYSIS The following chart summarizes the number of adults in the US involved in boating activities: 100 90 80 70 : 60 a 50 ,s 40 30 10 0 40% 35% B 20% a '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 100 '01 '02 '03 '04 '05 '06 '07 'OB '09 '10 '11 '12 '13 '14 ■ % OF 18+ WHO WENT BOATING E NO OF ADIATS GONG BOATING WDONS) Source: National Marine Manufacturers Association, Market Statistics Department, 2015 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 5% 0% 40 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Boating Registrations Boat registrations were up 1.65% in 2014, rising to a total of 12.3 million, compared to 12.1 million the previous year. However, the total number of recreational boats in use during 2014 declined 0.6% to 15.8 million. The following charts summarize the number of registered and non -registered boats: Source: National Marine Manufacturers Association, Market Statistics Department, 2014 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 REGISTERED/DOCUMENTED NON -REGISTERED TOTAL YEAR BOATS (MILLIONS) BOATS (MILLIONS) (MILLIONS) 1989 �G 49 1990 11.0 5.0 16.0 1991 111 5.2 16.3 1992 11 1 5.1 16.3 1993 11.3 4.9 16.2 1994 114 4.8 16.2 1995 117 3.6 154 1996 121 3.8 15.8 1997 12.4 3.8 16.2 1998 12.7 3.7 16.4 1999 12.8 3.6 16.5 2000 12.9 4.0 16.8 2001 13.0 4.0 170 2002 12.9 4.2 172 2003 12.9 4.3 172 2004 12.9 4.5 17.4 2005 130 4.6 17.7 2006 128 4.0 168 2007 130 4.0 16.9 2008 12.8 3.7 16.5 2009 128 3.8 16.6 2010 12.5 3.7 16.2 2011 12.3 3.7 16.0 2012 122 3.8 16.0 2013 121 3.8 159 2014 est 123 3.6 15.6 Source: National Marine Manufacturers Association, Market Statistics Department, 2014 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 Bayshore Landing Marina 16-091-02 18 16 14 12 10 8 6 MARKET ANALYSIS ■ NDN REG STEf1ED BRATS ■ RE BOATS '93 '95 '97 199 '01 '03 105 '07 '09 '11 '13 Source: National Marine Manufacturers Association, Market Statistics Department, 2014 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 42 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Sales by State Consumers spent $16.4 billion on new powerboats, outboard engines, boat trailers and aftermarket accessories collectively in 2014, up 12.3% from 2013. Florida again ranked first in total expenditures for new powerboats, outboard engines, trailers and aftermarket accessories. Spending in Florida increased 22.5% in 2014 compared to 2013. The distribution of new powerboat, engine, trailer and accessory purchases by state are shown on the following chart: SWK64eltd0r6MWtrd.t13j1pmmfdh rhowAw"bmp=Pr Source: National Marine Manufacturers Association, Market Statistics Department, 2014 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 43 2014 2017 7012 2011 EN OU1601vt0 BOOT AFrENNUH TOTAL TOTAL TOTAL TOTAL STATE rAW /00BrIMTs BMS MUMS AOC EA[WtIMES %GIME 54011198 Ellt 4 EX}tOM% AL 11 1 ,A91 AK 34 154.111397 34&211.410 312401)16 37721].1)11 IWOMS17 119% =178,409.516 Sim A763N S134NAM A7 37 SMAD1279 311169371 37b 4:669 361,925,416 p27MA19 79.9% 1102020,717 397.01420 300.014307 AR 22 3109,788161 1635176912 16$1,771) 3119.947,981 S714A7%04 17.8% 3762579.019 3779.317.069 3197.1)81427 CA a377405.477 300319,954 $441a4b5 3171,50.769 IM774d79 20.8% 307.107.464 3176246x71 184773390 M 39 366008710 314454.700 WJWh 0 M.771,687 8/73:1%317 22.4% 301,102,761 $97IX992 315ANDAn 0 N 376,978501 316267,60 W 424169 314 M'= 8179,21228715% 3174,448,919 S12LOW79 $11709.326 9 9 34A37Lb77 311277,416 W23b6= 38D WON S61%7A7 47% 1616527,915 16473141)1 307612.756 0C 51312389% $1,151,01 371696 3118,991M M 3 79.2% 35378,036 36016,078 319012217 R 1 31376.114318 371601,71! =40916 300090,787 12x3%01.72 725% SIJW.93,® 31.768164.116 31,4V,%KI4b GA 12 3196.347754 316203,963 16,70084 317b MA46 $44LA 18 11.4% 307.701.321 1674374502 3312,B7d.769 M 0 $10.721147 38914,983 3761,478 38.14430 327501An -03% 377,120,560 87AM94i 324.08776 O 8 310,Fi14,575 316.157.812 31J7.170 =04,bbl SISA N 71.1% 31372x11049 3123571212 3102AW214 l 16 3147.747424 SMA3107 MAK392 $171 f 3128611,742 4.0% 3318023236 8575161,7E 3761.812.714 N 25 3811451436 84.88350 34 747,206 38l„: 827i,21%7M 7.0% $77650,40 3737,10.717 3186586908 N 3D 372,46134 VSWA4 31.010@ S173AMAW 153 3176,101,471 3161.817316 514128536 a 43 334,1123.678 531A4740 31,114065 374710.616 377,99,577 2B.3% 167,536246 367287,712 35971a2?? KT 29 570 130b 33054188 51708078 373970,954 8n AwAn lift 8167567.347 317510.132 8142.890.717 LA 10 319/888616 3112JW.419 313390.01 3104716,354 30.8019 11.0% 547TAM M 1611516.816 304713516 E 32 383.751716 S19331,4z 32.534779 16116,374 SMA12LIO 172% 5140270516 3164564867 3119AWM W 78 51112.11 .191 $99395720 14.0®1981 SM706x75 SM>AK M 18.0% 3724426.44 3747597.654 WMJW86 114 26 3174191467 $37526075 14.641.160 166.808ZO 327117%82 3.4% 3719.857.967 3208717.276 8175.876.3:18 07 39??.092.B6B 3116 ,4n 316M9,978 304971,907 3 ,81720 111% 3674,152,559 30189,® 300,50.408 W 4 8711A1S394 3120.694121 312374,938 3154045.166 3M ARIA4 192 1674063.12D 1690074,754 SMAM736 16 77 874,1231111 33851103/ 3421471E 376.017,415 S/9153%731 17.41, 8183515,450 $176=914 3134762 13 NO 18 $147747450 161b10141 37277,100 3143519,514 8741=207 44% 5579.74047 3338994567 37/4,58.07 11r 3B 371.858869 316.170.40 37.87420 334963941 SIVAM122 16.5% 11101771.156 3165NAW 30,08.078 tE 47 88.831376 314161375 31.855361 9NA72M 0%73LL34 1.7% 364291,271 388506.663 371,416.812 114 46 378,348778 3813046 1867,831 116.9671,875 NOW" 31 A% 841539258 SOMW 540An574 191 31 47215396 S7544301 31.192,774 816221).544 8/73777.1 148E 530301,1920 813889.40 3.047.517 t! 20 3166511096 SM423NA 14904670 398816,40 810.79710 14.5% 376651535/ 320.654416 3710.988376 114 50 swim 353712x7 8601.40 539Aa7,N4 323076A19 19.8E 31%902,113 P4 MAN 325.779,476 W 5 3107AMMS 336224561 30.685,03 37 OAR425 SW.7743W 7.3% 3667,706.735 1641 744704 $08267211 1C 6 SMX2407 354800,00 391,'107577 0.8168147 40,20,70 148E 548401.167 16071.762 142.951.500 ID 35 WSW 489 330567578 310/4309 380.296,327 314A7561 162% 312430 r3i 3124,720%576 374.974254 OH 19 8144386.619 164511,06 3801 ON 312140,675 MOM= 9.73 32983/090 3704141,767 3216,874766 CK 24 31!8,188150 371500153 34594148 881591,198 3277A"An 118% 3209.8146! W24AWS?l 3706.482-M M 26 354,797,361 318522.467 37554,396 357154,717 8161,116977 52% 517487AA 314M1.40 8137,011.0123 PA 21 3178311461 16127410 38631580 3187Ti,906 OCi 834,03.129 1M 170.771,971 WWW2,08b 64467610 N N $46563.406 1647130 3774341 313.612374 WA27528 25.3% 164,132.779 84567.041 344.854961 SC 14 3191581473 376501,467 182161 3116,181.601) 54f7MXA 79.4% 3361,196,430 3358764,80 8778394098 SD 0 3.9.802588 314714910 11.97097 339.21O.7M 071119964 68% 81.377519 3955792M 3544M" TN 15 3168.3194M 16420,14 37041655 314090504 SMAIIAW 182% 1104979,124 3128®4729 37.85147.187 TX 2 3587201096 1171017,1® S24,71Z1)19 SM471014 81380882.84 11.9% SI.M.52,350 $121444187 S1A74,74UN UT 41 10247671 30544774 51594971 319.420371) 2u6u0 11.11 811,70 3n565>Q 548586.5!6 1n a 820.15856? 81974061) 8A,5B1 112,M7.167 $15w 7s 19.71 574687210 01470.545 $29.352.154 9A 17 S197A64173 =62"t2 36.161,606 3114114426 82806": 0.D% 1117x71147 8317A x97 $70284408 1111 13 3736354401 81514,371 $7234212 SIO82X= 544.71117 159L 33BGAG ZB 3977574779 5790.118203 W 45 374A0A71 310.416,179 51147107 372.781.829 49,63:79 42% $67.395.795 $121497+ 169.474,530 0 7 6111,154300 5100.371100 111737.191 SMA&n7 491771237 2.9L WON= SWAM= 8365582.6'37 W 47 516.471761 34627367 305.211 $12.70,676 9101517 27.5% 12%974,506 334964511 324,96"M low 3KODANRN 3R5nuft09 3111JO oS SUNIAR8M 010WARM was SuAnW.7M 369A*A3,s $nA* *Am SWK64eltd0r6MWtrd.t13j1pmmfdh rhowAw"bmp=Pr Source: National Marine Manufacturers Association, Market Statistics Department, 2014 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 43 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Local Marina Market The State of Florida had a total of 793,113 registered boats as of February 2015. Miami -Dade County had the most registered vessels in the state with 48,754, Monroe County had 22,877, while Broward County had 41,722. The large number of registered vessels provides the basis for the area's marina industry. Boats registered in other states and foreign countries in the winter months join these vessels. However, the total number of vessels has declined over the last few years. In order to determine an appropriate slip value and absorption rate to apply to the subject's slips, we surveyed the following comparables in the subject's market. SUBJECT Name: Bayshore Landing Marina Location: 2550 Bay Shore Landing Drive, Miami, Florida Slip Rates: YIF Wet Slips - $30/LF/Month - $54/LF/Month Transient - $3.00/LF/Day - $5.00/LF/Day Additional Live Aboard - None Lift Rates $1,600 to $2,200 Flat Rate Month Occupancy: 100% Average Boat Length: 56' Maximum Boat Length: 85' Maximum Boat Draft: 9' Dock Style: Concrete and wood Fuel: Yes Gas and Diesel Repair Facilities: No Amenities: Fuel station, dock master's office, ship's store, restrooms/showers, laundry facilities, and on-site restaurant (Monty's Raw Bar) and retail/office building, located in Coconut Grove Comments: Electric for power boats range from $90.00 for 30 amps to $950.00 for 100 amps triple. Electric for sail boats range from $90.00 for 30 amps to $900.00 for 100 amps triple. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 44 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Marina Comparable 1 Name: Grove Harbor Marina Location: 2640 South Bayshore Drive, Miami, Florida r Slip Rates: Wet Slips - $35/LF/Month Outside Racks - $27.84/LF/Month - $30.73/LF/Month Transient - $4.50/LF/Day Occupancy: 100% Average Boat Length: 53' Maximum Boat Length: 150' Maximum Boat Draft: NA Dock Style: Wood and Concrete Fuel: Gas and Diesel Repair Facilities: Yes Amenities: On-site Fresh Market, security, ship's store, showers, laundry facilities, Internet access, located in Coconut Grove Comments: Rates incorporate haul out services. The upland area is improved with a 276 -dry slip storage facility (200 outdoor racks and 76 indoor racks), a commercial building with a Fresh Market and retail/office bays. The submerged land area consists of a 58 -wet slip marina with concrete docks and concrete pilings. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 45 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS (Marina Comparable 2 Name: Dinner Key Marina Location: 3400 Pan American Drive, Miami, Florida Slip Rates: Wet Slips - $19.00/LF/Month Moorings - $23.36/Day to $322.43/Month Transient - $3.00/LF/Day - $36.00/LF/Month Additional Live Aboard - $22.70/LF/Month Occupancy: 100% Average Boat Length: NA Maximum Boat Length: 175' Maximum Boat Draft: 7' Dock Style: Wood and Concrete Fuel: Gas and Diesel Repair Facilities: Yes Amenities: Security, ship's store, showers, laundry facilities, Internet access, US Customs clearing, located in Coconut Grove Comments: Dinner Key Marina is the flagship marina of the City of Miami located in Coconut Grove. Dinner Key originally served as base of operations for Pan American Airway's famed flying boats, the Clippers. The original Pan Am terminal building (next door to Dinner Key Marina) now serves as Miami City Hall. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 46 Bayshore Landing Marina 16-091-02 Name: Location: Slip Rates: Wet Slips - Transient - Occupancy: Average Boat Length: Maximum Boat Length: Maximum Boat Draft: Dock Style: Fuel: Repair Facilities: Amenities: Comments: MARKET ANALYSIS Marina Comparable 3 MiaMarina at Bayside Marina 401 Biscayne Boulevard, Miami, Florida $19/LF/Month $3.00/LF/Day - $36.00/LF/Month 100% NA 150' 7' Wood and Concrete Gas and Diesel Yes Security, ship's store, showers, laundry facilities, Internet access, US Customs clearing, located in Bayside Marketplace Miamarina is situated within the Bayside Marketplace, a festival mall of over 100 stores, shops, restaurants, and cafes. The marina is located next door to the American Airlines Arena, home of the NBA's Miami Heat. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 47 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Marina Comparable 4 Name: Rickenbacker Marina Location: 3301 Rickenbacker Causeway, Miami, Florida Slip Rates: 0n1. Wet Slips - $35.00/LF/Month - $40/LF/Month Outside Racks - $30/LF/Month Pods - $960/Month Jet Ski Storage - $380/Month - $450/Month Transient - $5.00/LF/Day - $8.00/LF/Day Additional Live Aboard - $145/Month - $545/Month Occupancy: 100% Average Boat Length: 45' Maximum Boat Length: 100, Maximum Boat Draft: 9' Dock Style: Wood and Concrete Fuel: Gas, No Diesel Repair Facilities: No Amenities: Restaurant, security, ship's store, showers, laundry facilities, Internet access, located on Virginia Key Comments: Rates incorporate haul out services. This property is located on Virginia Key near the upscale residential community of Key Biscayne. The property contains Whiskey Joe's restaurant and is adjacent to the Rusty Pelican restaurant. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINO 48 Sayshore Landing Marina 16-091-02 MARKET ANALYSIS Marina Comparable 5 Name: Miami Beach Marina Location: 300 Alton Road, Miami Beach, Florida Slip Rates: Wet Slips - $32.00/LF/Month - $70.00/LF/Month Transient - $6.00/LF/Day - $10.00/LF/Day Boat Lifts - $40/LF/Month - 40 -foot min. Occupancy: 100% Average Boat Length: 42' Maximum Boat Length: 250' Maximum Boat Draft: 12' Dock Style: Wood and Concrete Fuel: Yes Gas and Diesel Repair Facilities: No Amenities: Security, comfort stations with laundry and shower facilities, 24-hour dock attendants and pump -out services, restaurant, marine store, dive shop, grocery store, charters, rentals and brokerage services, US Customs clearing, cable and internet access, swimming pool, located in Miami Beach Comments: The property is located in Miami Beach. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 49 Bayshore Landing Marina 16-091-02 SUMMARY The comparable marinas are summarized on the following chart. MARKET ANALYSIS The comparables give a good estimate of the rates that are achievable in the market. All the comparables offer similar amenities, with variances from one development to the next. All of the comparables are located in Miami with some of the properties located adjacent to hotels, which adds to their appeal. Adjustmerft The comparable slips have a wide rental rate range. In order to better determine the rates at which the subject's slips would lease, we adjusted the comparables for the following factors: Location Quality and Condition Draft and Maximum Boat Length Amenities Location The adjustment for location realizes that areas of active growth and development, as well as those easily accessible and well protected from weather and tidal elements usually rent for more per LF than properties in areas that do not offer these attributes, with all other factors held constant. As stated, the subject is located on the south side of South Bayshore Drive, in the Coconut Grove area of Miami. The subject has unobstructed access to Biscayne Bay and the Atlantic Ocean and is in a tourist location with hotels, restaurants and night life. All of the comparables are located within Miami -Dade County and their locations are summarized in the following chart: Comparable Annual Rate/LF/Mo. Seasonal Rate/LF/Mo. Monthly Rate/LF/Mo. Transient Rate/LF/Day Subject $30.00 - $40.00 $36.00 - $50.00 $46.00 - $54.00 $3.00 - $5.00 1 $35.00 $35.00 $35.00 $4.50 2 $19.00 $19.00 $19.00 $3.00 3 $19.00 $19.00 $19.00 $3.00 4 $35.00 - $40.00 $35.00 - $40.00 $35.00 - $40.00 $5.00 - $8.00 5 $32.00 $65.00 $70.00 $6.00 - $10.00 The comparables give a good estimate of the rates that are achievable in the market. All the comparables offer similar amenities, with variances from one development to the next. All of the comparables are located in Miami with some of the properties located adjacent to hotels, which adds to their appeal. Adjustmerft The comparable slips have a wide rental rate range. In order to better determine the rates at which the subject's slips would lease, we adjusted the comparables for the following factors: Location Quality and Condition Draft and Maximum Boat Length Amenities Location The adjustment for location realizes that areas of active growth and development, as well as those easily accessible and well protected from weather and tidal elements usually rent for more per LF than properties in areas that do not offer these attributes, with all other factors held constant. As stated, the subject is located on the south side of South Bayshore Drive, in the Coconut Grove area of Miami. The subject has unobstructed access to Biscayne Bay and the Atlantic Ocean and is in a tourist location with hotels, restaurants and night life. All of the comparables are located within Miami -Dade County and their locations are summarized in the following chart: Comparable Location Access Protection Development Overall Adjustment 1 Coconut Grove Similar Similar Similar Similar None 2 Coconut Grove Similar Similar Similar Similar None 3 Bayside Marketplace Similar Similar Similar Similar None 4 Virginia Key/Key Biscayne Similar Similar Inferior Inferior Upward 5 Miami Beach Similar Similar Similar Similar None In terms of location, Comparable 4 is adjusted upward as it is inferior to the subject in terms of surrounding development. No other adjustments are made to the comparables in terms of location. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 50 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Quality and Condition The subject's submerged improvements are of good quality construction and are in good condition. Each comparable's quality and condition is listed below. Comparable Quality Condition Overall Adjustment Subject Good Good Good None 1 Good Good Good None 2 Good Good Good None 3 Good Good Good None 4 Good Good Good None 5 Good Good Good None Draft and Maximum Boat Length The draft and maximum boat length of each of the comparables is listed below. Comparable Draft Max. Boat Length Overall Adjustment Subject 9' 88' 2 Similar 1 6' 150' Superior Downward 2 7' 175' Superior Downward 3 7' 150' Superior Downward 4 9' 100' Superior Downward 5 12' 250' Superior Downward Amenities The number and quality of available amenities at a marina tend to make it more or less desirable to slip patrons. In terms of an amenities adjustment, it is typically found that marinas with higher quality and a greater number of amenities typically rent for more per LF than those which do not offer these features, with all other factors held constant. The subject's amenities include fuel station, dock master's office, ship's store, restrooms/showers, laundry facilities, and on-site restaurant (Monty's Raw Bar) and retail/office building. The comparables' dock and upland amenities were listed in each marina write-up. The chart depicts how each comparable's amenities compare to the subject's. Comparable Dock Amenities Upland Amenities Adjustment 1 Similar Similar None 2 Similar Inferior Upward 3 Similar Superior Downward 4 Similar Similar None 5 Similar Similar None JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 51 Bayshore Landing Marina 16-091-02 MARINA RENT COMPARABLE CONCLUSION MARKET ANALYSIS The comparables are adjusted to reflect overall slip rental rates in comparison to the subject. Marina Rent Comparable Adjustment Grid 1 2 3 4 5 Location = _ _ + _ Quality & Condition Draft/Max. Boat Length - - - - - Amenities = + Overall Adjustment The subject's slip rates are within the range of the comparables' rates. Based on the subject's history, and rates that fall in line with the comparables, we conclude the subject's current rates are reasonable for the current market. Based on the comparables, we conclude to the following average slip fees for the subject, which are the current asking rates: Rate/LF/Mo. Annual Rates $30.00 - $40.00 Seasonal Rates $36.00 - $50.00 Monthly Rates $46.00 - $54.00 Daily Rates $3.00 — $5.00 We only found one comparable, Miami Beach Marina, that offers boat lifts. This comparable is asking similar rates as the subject. Based on the subject's history, and rates that fall in line with the comparables, we conclude the subject's current rates are reasonable for the current market. Based on the comparables, we conclude to the following slip fees for the subject, which are the current asking rates: Rate/LF/Mo. 28K $1,600 32K $1,800 40K $2,200 Occupancy/Business Mix Conclusions The subject's slip occupancy has typically averaged 90% to 100%. The marina is currently 100% occupied, not including slips under renovation with boat lifts. We estimate that the subject's stabilized occupancy should be within the 90% to 100% percentile range based on the historical performance and the comparables in the market. The marina business is very sensitive to the national economy, and typically, when the economy is doing well, marinas also do very well. Currently, the national economy is considered to be stable. However, despite this factor occupancy level amongst marinas is strong. This is the result of the lack of new marina construction within the South Florida area. The permitting process associated with the construction of new marinas is virtually impossible as a result of environmental issues. As such, there is a limited supply of slips available within the area with a continued strong demand for slips as population within the area continues to increase. In consideration of the aforementioned, we have assumed an overall occupancy rate of 95.00% for the entire cash flow. JOSEPH J. BLAKE AND ASSOCIATES INC. REAL ESTATE VALUATION AND CONSULTING 52 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS In order to derive an appropriate business mix of annual, seasonal, monthly and daily fees, we analyzed the subject's performance. The subject's rent roll has 83 annual slips, 3 monthly and seasonal slips and no daily slips. Annual Seasonal/Monthly Daily Subject Current Rent Roll 96.55% 3.45% 0% The subject's business mix was relatively consistent over the last several years, especially in terms of annual mix, although some of the other categories showed more volatility. Therefore, in determining an appropriate business mix for the subject, we have placed most reliance on the subject's historical levels. We have concluded to 97% as the annual business mix, 3.00% as the combined seasonal and monthly mix, and 0% as the daily business mix. Annual $35.00 97.00% $33.95 Seasonal $43.00 1.50% $0.65 Monthly $50.00 1.50% $0.75 $35.35 Daily $4.00 0.00% $0.00 The average annual/seasonal/monthly rate is calculated to be $35.35/month. Daily dockage is assumed at $4.00/LF/day. A total of 100% of the slip rental revenue is generated from annual/seasonal and monthly dockage, and 0% from daily dockage. Slips are rented at a minimum of 90% of the length of the slip, or the vessel length, whichever is greater. Typically, the total charge is 90% to 100% of the maximum. Currently, the slips are rented at 97% of the length of the slip. We assume that 95% slip length is charged. As mentioned, occupancy of the marina is projected to be 95%. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 53 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Upon renovation, the subject's marina will contain 118 wet slips, including 32 boat lifts, consisting of 5,411± LF of dock space ranging in size from 22± LF to 88± LF. The slips and their projected revenue for 2017 are summarized below. The slip rental rates are assumed to grow at 3% per year. Piers Slips Max Length Lift Max Weight South Dock 104 58 $4.12 105 60 $26,267 109 50 $75,190 110 97 $37,212 117 85 $117,296 118 78 $27,143 123 70 $108,274 124 62 $38,526 125 72 $117,296 126 80 $32,397 127 88 $91,732 128 78 $31,521 129 63 $103,762 130 74 $23,203 131 61 $99,251 132 64 $28,894 133 72 134 69 $19,776 135 60 136 53 $19,776 137 66 138 63 $19,776 139 66 200 40 28K 201 40 28K 202 40 28K 203 40 28K 204 40 28K 205 40 28K 206 40 28K 207 40 28K 208 40 28K 209 40 28K 210 40 28K 211 40 28K 212 40 28K T1 -A 85 T1 -B 70 T1 -C 70 T1 -D 85 Subtota I 2419 Annual/Seasonal/ Daily Monthly Dockage Dockage Rate: $36.48 $4.12 $25,392 $87,220 $26,267 $90,228 $21,890 $75,190 $42,466 $145,869 $37,212 $127,823 $34,148 $117,296 $30,645 $105,266 $27,143 $93,236 $31,521 $108,274 $35,023 $120,304 $38,526 $132,334 $34,148 $117,296 $27,581 $94,739 $32,397 $111,281 $26,705 $91,732 $28,019 $96,243 $31,521 $108,274 $30,208 $103,762 $26,267 $90,228 $23,203 $79,701 $28,894 $99,251 $27,581 $94,739 $28,894 $99,251 $19,776 $19,776 $19,776 $19,776 $19,776 $19,776 $19,776 $19,776 $19,776 $19,776 $19,776 $19,776 $19,776 $37,212 $127,823 $30,645 $105,266 $30,645 $105,266 $37,212 $127,823 Subtotal $1,088,453 $2,855,716 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 54 Bayshore Landing Marina 16-091-02 Piers Slips Max Length New South Dock 1 50 2 50 3 50 4 50 5 50 6 50 7 50 8 50 9 50 10 50 11 50 12 50 13 50 14 50 15 50 16 50 17 50 18 50 19 50 20 50 21 50 22 50 Subtotal 1100 Piers Slips Max Length Middle Dock 301 45 302 40 303 35 304 35 305 31 306 32 307 43 308 45 309 43 310 40 311 60 Subtotal 449 MARKET ANALYSIS Annual/Seasonal/ Daily Monthly Dockage Dockage Rate: $36.48 $4.12 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 $21,890 $75,190 Subtotal $481,570 $1,654,180 Annual/Seasonal/ Daily Monthly Dockage Dockage Rate: $36.48 $4.12 $19,701 $67,671 $17,512 $60,152 $15,323 $52,633 $15,323 $52,633 $13,572 $46,618 $14,009 $48,122 $18,825 $64,663 $19,701 $67,671 $18,825 $64,663 $17,512 $60,152 $26,267 $90,228 Subtotal $196,568 $675,206 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 55 Bayshore Landing Marina 16-091-02 Piers Slips Max Length Lift Max Weight North Dock 401 40 $4.12 402 50 $21,890 403 53 $79,701 404 58 $21,890 405 50 $81,205 406 54 $19,776 407 Space Removed 408 40 28K 409 40 28K 410 40 28K 411 40 28K 412 40 28K 413 70 500 40 $22,248 501 45 40K 502 45 40K 503 45 40K 504 45 40K 505 45 32K 506 45 32K 507 45 32K 508 45 32K 509 40 28K 510 40 28K 511 40 28K 512 40 28K 513 40 28K 514 40 28K 601 Dead Space $105,266 602 26 Subtotal $893,364 603 25 604 22 605 30 606 30 607 38 608 40 609 40 610 34 611 33 612 41 613 40 T2 -A 70 T2 -B 58 T2 -C 70 T2 -D 80 Subtotal 1892 MARKET ANALYSIS Annual/Seasonz Daily Monthly Docka Dockage Rate: $36.48 $4.12 $17,512 $60,152 $21,890 $75,190 $23,203 $79,701 $25,392 $87,220 $21,890 $75,190 $23,641 $81,205 $19,776 $19,776 $19,776 $19,776 $19,776 $30,645 $105,266 $17,512 $60,152 $27,192 $27,192 $27,192 $27,192 $22,248 $22,248 $22,248 $22,248 $19,776 $19,776 $19,776 $19,776 $19,776 $19,776 $11,383 $39,099 $10,945 $37,595 $9,631 $33,084 $13,134 $45,114 $13,134 $45,114 $16,636 $57,144 $17,512 $60,152 $17,512 $60,152 $14,885 $51,129 $14,447 $49,625 $17,949 $61,656 $17,512 $60,152 $30,645 $105,266 $25,392 $87,220 $30,645 $105,266 $35,023 $120,304 Subtotal $893,364 $1,642,150 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 56 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Upon completion of the renovations, the subject will have 22 additional docks of 50' each located on the south dock. With the addition of these docks, the subject is projected to generate $2,274,262 in revenue from the marina operation in the second year of the income projection. The slip rental rates are assumed to grow at 3% per year. As Complete Annual/Seasonal/ Daily Monthly Dockage Dockage Potential Revenue $2,659,956 $6,827,252 Percentage Boat Length 95.00% 95.00% Occupancy 95.00% 95.00% $2,400,610 $6,161,595 Business Mix 100% 0% $2,400,610 $0 Marina Landing/Miscellaneous Fees Revenue Dockage Revenue $ 2,400,610 The subject contains some docks for persons to visit the marina, the stores and the restaurant. A landing fee is charged to boaters for use of the docks. Marina landing/miscellaneous fees at the subject were $63,033.54 in 2014/2015, $51,140.69 in 2015/2016 and $65,748.51 annualized based on the eight months from 10/16 to 5/17. Based on the historical revenue, we conclude to $60,000 in annual revenue from Marina Landing/Miscellaneous Fees for the subject. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 57 Bayshore Landing Marina 16-091-02 NATIONAL STRIP SHOPPING CENTER MARKET - PWC According to the PwC Real Estate Investor Survey, 2nd Quarter 2017: MARKET ANALYSIS For the second half of 2017, the primary investment goals of our Survey participants vary greatly in the national strip shopping center market. "We are looking to sell weaker assets and hold our best assets," shares an investor. "We continue to seek off -market opportunities in more urban settings," says another. Clearly, the desire to own strip shopping centers remains strong, which should keep the best assets aggressively priced. In a recent grocery -anchored sale, New Market Properties acquired Castleberry -Southard, an 80,018-squarefoot shopping center anchored by a 45,600 -square -foot Publix. Another recent trade included the Promenade Shopping Plaza, a 202,696-squarefoot center anchored by Publix. Investors are also developing new grocery -anchored centers, such as Landstar Marketplace, a 62,222 -square -foot shopping center planned in Orlando. This property will be anchored by a 43,865 -square -foot Walmart Neighborhood Market. While strip shopping centers without grocery store anchors are also being looked at by investors, many are concerned about the "risk associated with too much in-line space." In such centers, investors are looking for established service-oriented tenants, like dry cleaners and barbers, as well as dining establishments. (pg. 24) Key Survey Stats National Strip Shopping Center Market Second Quarter 2017 Current Quarter Last Quarter Tenant Retention Rate 50.0%-100.0% 50.0%-100.0% Average 72.00% 72.00% Months of Free Rent (10 -yr lease) 0-6 0-6 Average 2.00 2.00 %of participants using 44.00% 55.00% Market Conditions Favor Buyers 11.00% 11.00% Sellers 44.00% 44.00% Neither 45.00% 45.00% Source: PwC Real Estate Investor Survey, 2nd Quarter 2017 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANO CONSULTING 58 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS National Market Yield Rates for Real Estate Investments National Strip Shopping Center Market Second Quarter 2017 Current Quarter Last Quarter Year Ago Discount Rate (IRR) 5.00%-10.50% 5.00%-10.50% 6.00%-10.75% Average 7.32% 7.39% 7.54% Overall Cap Rate (OAR) 4.00%-9.50% 4.00%-9.50% 4.50%-9.50% Average 6.26% 6.32% 6.26% Residual Cap Rate 4.75%-9.75% 4.75%-9.75% 4.75%-9.75% Average 6.50% 6.56% 6.50% Market Rent Change Rate 0.00%-3.00% 0.00%-3.00% 0.00%-3.00% Average 1.72% 1.83% 1.89% Expense Change Rate 0.00%-3.00% 0.00%-3.00% 0.00%-3.00% Average 2.69% 2.69% 2.69% Ma rketi ng Ti me Range 2-18 months 2-12 months 2-12 months Average 6.2 6.3 5.8 Source: PwC Real Estate Investor Survey, 2nd Quarter 2017 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 59 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS NATIONAL STRIP SHOPPING CENTER MARKET - REALTYRATES.COM According to the RealtyRates.com Investor Survey, 1st Quarter 2017, the following tables summarize prevailing mortgage terms and resulting built-up overall capitalization rates (OAR's) via debt coverage ratio and band of investment techniques, together with CIAR's from consummated transactions as reported by survey respondents based on actual net operating income (NOI) exclusive of reserves and actual sales price exclusive of deferred maintenance. These data are for Class A and B properties nationwide. Mortgage terms and equity dividend rates are likewise national rates as reported by survey respondents. RealtyRates.com Investor Survey Retail - All Types First Quarter 2017 Rem Input OAR Minimum Spread Over 10 -Year Treasury 0.75% DCR Technique 1.05 x 0.043583 x 0.90 = 4.12% Debt Coverage Ratio 1.05 Band of Investment Technique Interest Rate 3.09% Amortization 40 Mortgage 90% x 0.043583 = 0.039225 Mortgage Constant 0.043583 Equity 10% x 0.079841 = 0.007984 Loan -to -Value Ratio 90% OAR 0.039225 + 0.007984 = 4.72°% Surveyed Rates 4.48% Equity Dividend Rate 7.98% Maximum Spread Over 10 -Year Treasury 8.30°% DCR Technique 2.15 x 0.133691 x 0.50 = 14.37% Debt Coverage Ratio 2.15 Band of Investment Technique Interest Rate 10.64°% Amortization 15 Mortgage 50% x 0.133691 = 0.066846 Mortgage Constant 0.133691 Equity 50% x 0.180497 = 0.090249 Loa n-to-Va I ue Rati o 50% OAR 0.066846 + 0.090249 = 15.71% Surveyed Rates 14.92°% Equity Dividend Rate 18.05°% Average Spread Over 10 -Year Treasury 3.29°% DCR Technique 1.40 x 0.075028 x 71% = 7.41% Debt Coverage Ratio 1.40 Band of Investment Technique Interest Rate 5.63% Amortization 25 Mortgage 71% x 0.075028 = 0.052904 Mortgage Constant 0.075028 Equity 29% x 0.135202 = 0.039867 Loan -to -Value Ratio 70.50°% OAR 0.052904 + 0.039867 = 9.28% Surveved Rates 10.22% Eauitv Dividend Rate 13.50% Source: RealtyRates.com Investor Survey, 1st Quarter 2017 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 60 Bayshore Landing Marina 16-091-02 RealtyRates.com Investor Survey Retail - Anchored Centers First Quarter 2017 MARKET ANALYSIS Item Input I OAR Minimum Spread Over 10 -Year Treasury 0.75% DCR Technique 1.05 x 0.043583 x 0.90 = 4.12% Debt Coverage Ra ti o 1.05 Band of Investment Technique Interest Rate 3.09% Amortization 40 Mortgage 90% x 0.043583 = 0.039225 Mortgage Constant 0.043583 Equity 10% x 0.079841 = 0.007984 Loan -to -Value Ratio 90% OAR 0.039225 + 0.007984 = 4.72% Surveyed Rates 4.48% Equity Dividend Rate 7.98% Maximum Spread Over 10 -Year Treasury 7.15% DCR Technique 1.90 x 0.125235 x 0.60 = 14.28% Debt Coverage Ratio 1.90 Band of Investment Technique Interest Rate 9.49% Amortization 15 Mortgage 60% x 0.125235 = 0.075141 Mortgage Constant 0.125235 Equity 40% x 0.1685 = 0.067399 Loa n-to-Va I ue Ratio 60% OAR 0.075141 + 0.067399 = 14.25% Surveyed Rates 13.54% Equity Dividend Rate 16.85% Average Spread Over 10 -Year Treasury 3.95% DCR Technique 1.48 x 0.076533 x 75% = 8.47% Debt Cover age Ra do 1.48 Band of Investment Technique Interest Rate 6.29% Amortization 28 Mortgage 75% x 0.076533 = 0.057400 Mortgage Constant 0.076533 Equity 25% x 0.119736 = 0.029934 Loan -to -Value Ratio 75.00% OAR 0.057400 + 0.029934 = 8.73% Surveyed Rates 10.39% Equity Dividend Rate 11.97% 1 Source: Rea ItyRates.com Investor Survey, 1st Quarter 2017 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 61 Bayshore Landing Marina 16-091-02 RealtyRates.com Investor Survey Retail - Un -Anchored Centers First Quarter 2017 MARKET ANALYSIS OAR Minimum Spread Over 10 -Year Treasury 95.00% DCR Technique 1.30 x 0.048146 x 0.75 = 4.69% Debt Coverage Ratio 1.30 Band of Investment Technique Interest Rate 3.29% Amortization 35 Mortgage 75% x 0.048146 = 0.036109 Mortgage Constant 0.048146 Equity 25% x 0.081841 = 0.020460 Loan -to -Value Ratio 75% OAR 0.036109 + 0.020460 = 5.66% Surveyed Rates 5.37% Equity Dividend Rate 8.18% Maximum Spread Over 10 -Year Treasury 8.30% DCR Technique 2.15 x 0.133691 x 0.50 = 14.37% Debt Coverage Ratio 2.15 Band of Investment Technique Interest Rate 10.64% Amortization 15 Mortgage 50% x 0.133691 = 0.066846 Mortgage Constant 0.133691 Equity 50% x 0.180497 = 0.090249 Loan -to -Value Ratio 50% OAR 0.066846 + 0.090249 = 15.71% Surveyed Rates 14.92% Equity Dividend Rate 18.05% Average Spread Over 10 -Year Treasury 4.63% DCR Technique 1.73 x 0.084546 x 63% = 9.12% Debt Coverage Ratio 1.73 Band of Investment Technique Interest Rate 6.97% Amortization 25 Mortgage 63% x 0.084546 = 0.052841 Mortgage Constant 0.084546 Equity 38% x 0.126236 = 0.047339 Loan -to -Value Ratio 62.50% OAR 0.052841 + 0.047339 = 10.02% ISurveyed Rates 11.19% Equity Dividend Rate 12.62% Source: Rea ItyRates.com Investor Survey,1st Quarter 2017 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 62 Bayshore Landing Marina 16-091-02 RealtyRates.com Investor Survey Retail - Free -Standing First Quarter 2017 MARKET ANALYSIS Item Input I OAR Minimum Spread Over 10 -Year Treasury 0.75% DCR Technique 1.18 x 0.043792 x 0.90 = 4.63% Debt Coverage Ratio 1.18 Band of Investment Technique Interest Rate 3.12% Amortization 40 Mortgage 90% x 0.043792 = 0.039413 Mortgage Constant 0.043792 Equity 10% x 0.079341 = 0.007934 Loan -to -Value Ratio 90% OAR 0.039413 + 0.007934 = 4.73% Surveyed Rates 4.93% Equity Dividend Rate 7.93% Maximum Spread Over 10 -Year Treasury 6.38% DCR Technique 1.73 x 0.134129 x 0.60 = 13.88% Debt Coverage Ratio 1.73 Band of Investment Technique Interest Rate 10.70% Amortization 15 Mortgage 60% x 0.134129 = 0.080477 Mortgage Constant 0.134129 Equity 40% x 0.172997 = 0.069199 Loan -to -Value Ratio 60% OAR 0.080477 + 0.069199 = 14.97% Surveyed Rates 14.23% Equity Dividend Rate 17.30% Average Spread Over 10 -Year Treasury 3.58% DCR Technique 1.45 x 0.073715 x 75% = 7.99% Debt Coverage Ratio 1.45 Band of Investment Technique Interest Rate 5.92% Amortization 28 Mortgage 75% x 0.073715 = 0.055286 Mortgage Constant 0.073715 Equity 25% x 0.121486 = 0.030372 Loan -to -Value Ratio 75.00% OAR 0.055286 + 0.030372 = 8.57% Surveyed Rates 10.79% Equity Dividend Rate 12.15% Source: Rea ItyRates.com Investor Survey, 1st Quarter 2017 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 63 Bayshore Landing Marina 16-091-02 RealtyRates.com Investor Survey Retail - Convenience Stores/Gas Stations First Quarter 2017 MARKET ANALYSIS Rem Input I OAR Minimum New Development Acquisitions Spread Over 10 -Year Treasury 0.85% Min. Max. Avg. DCR Technique 1.25 x 0.051830 x 0.75 = 4.86% Debt Coverage Ratio 1.25 Band of Investment Technique Retail Interest Rate 3.19% Amortization 30 Mortgage 75% x 0.051830 = 0.038873 10.92% Mortgage Constant 0.051830 Equity 25% x 0.080841 = 0.020210 6.45% Loan -to -Value Ratio 75% OAR 0.038873 + 0.020210 = 5.91% Surveyed Rates 15.69% 5.61% Equity Dividend Rate 8.08% 17.35% 13.49% 6.21% Maximum Spread Over 10 -Year Treasury 7.73% 17.01% 13.22% Convenience/Gas DCR Technique 1.50 x 0.129430 x 0.50 = 9.67% Debt Coverage Ratio 1.50 Band of Investment Technique 7.39% Interest Rate 10.07% Amortization 15 Mortgage 50% x 0.129430 = 0.064715 13.30% Mortgage Constant 0.129430 Equity 50% x 0.174497 = 0.087249 16.64% Loa n-to-Va I ue Rati o 50% OAR 0.064715 + 0.087249 = 15.20% Surveyed Rates 14.44% Equity Dividend Rate 17.45% Average Spread Over 10 -Year Treasury 4.29% DCR Technique 1.32 x 0.085630 x 63% = 7.08% Debt Coverage Ratio 1.32 Band of Investment Technique Interest Rate 6.63% Amortization 23 Mortgage 63% x 0.085630 = 0.053519 Mortgage Constant 0.085630 Equity 38% x 0.122986 = 0.046120 Loan -to -Value Ratio 62.50% OAR 0.053519 + 0.046120 = 9.96% Surveyed Rates 8.83% Equity Dividend Rate 12.30% Source: RealtyRates.com Investor Survey, 1st Quarter 2017 The following tables summarize discount and equity dividend rates reported by survey respondents. In all cases, rates were derived from Class A and B properties nationwide and are exclusive of reserves. Note that "Recapitalizations" refers to re -financing under current use. RealtyRates.com Investor Survey Retail - Discount Rates First Quarter 2017 Source: Rea ItyRates.com Investor Survey, 1st Quarter 2017 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 64 New Development Acquisitions Recapitalizations Property Type Min. Max. Avg. Min. Max. Avg. Min. Max. Avg. Retail 6.45% 17.35% 12.69% 5.54% 14.92% 10.92% 6.32% 17.01% 12.44% Anchored 6.45% 16.01% 12.81% 5.54% 13.77% 11.02% 6.32% 15.69% 12.56% Un -Anchored 7.22% 17.35% 13.49% 6.21% 14.92% 11.60% 7.08% 17.01% 13.22% Convenience/Gas 7.54% 17.45% 11.17% 6.49% 15.00% 9.61% 7.39% 17.10% 10.95% Free Standing 6.83% 16.98% 13.30% 5.88% 14.60% 11.44% 6.70% 16.64% 13.04% Source: Rea ItyRates.com Investor Survey, 1st Quarter 2017 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 64 Bayshore Landing Marina 16-091-02 RealtyRates.com Investor Survey $93 Retail - Equity Dividend Rates $94 First Quarter 2017 -0.7% Property Type Min. Max. Avg. Reta i 1 7.98% 18.05% 13.52% Anchored 7.98% 16.85% 11.97% Un -Anchored 8.18% 18.05% 12.62% Convenience/Gas 8.08% 17.45% 12.30% Free Sta ndi ng 7.93% 17.30% 12.15% Source: RealtyRates.com Investor Survey, 1st Quarter 2017 MARKET ANALYSIS The following table summarizes sales, income, occupancy, and operating expense data, as well as relevant rates and ratios, for class A and B retail properties in the continental U.S. Retail properties are multi -tenant only. Operating expenses do not include reserves for repairs and replacement. Note that the cap rates provided are based solely on average market -wide operating fundamentals and sales prices. As such, while they are analogous to "as is" rates, they should be used with caution. In addition, due to rounding, "% Change" may be slightly positive or negative although no change is indicated. RealtyRates.com Market Survey Nationwide - Class A & B Neighborhood, Community & Strip Retail Centers First Quarter 2017 4Q2016 3Q2016 %Change Anch Un-Anch Anch Un-Anch Anch Un-Anch Operating Data $93 $95 $94 $95 -0.7% -0.5% Income 8.0% 8.1% 7.9% 8.0% 1.2% 1.1% Asking Rent $18.83 $18.31 $18.75 $18.23 0.4% 0.4% Effective Rent $16.88 $16.48 $16.81 $16.41 0.4% 0.4% Other Income $0.84 $0.82 $0.84 $0.82 0.4% 0.4% Total Income $17.73 $17.31 $17.65 $17.23 0.4% 0.4% Vacancy Rate 6.9% 6.6% 7.0% 6.7% -1.3% -1.4% Effective Gross Income (EGI) $16.50 $16.16 $16.42 $16.08 0.5% 0.5% Expenses Total Expenses $9.03 $8.51 $8.98 $8.47 0.5% 0.5% Expense Ratio 54.70% 52.67% 54.69% 52.66% 0.0% 0.0% Net Operating Income (NOI) $7.48 $7.65 $7.44 $7.61 0.5% 0.5% Investment Data Avera ge Sa I e Pri ce $93 $95 $94 $95 -0.7% -0.5% Overall Cap Rate (OAR) 8.0% 8.1% 7.9% 8.0% 1.2% 1.1% Gross Rent Multi plier(GRM) 5.52 5.74 5.58 5.8 -1.1% -1.0% Effective Gross Income Multiplier (EGI M) 5.65 5.86 5.72. 5.92 -1.2% -1.1% Source: RealtyRates.com InvestorSurvey, 1st Quarter 2017 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 65 Bayshore Landing Marina 16-091-02 MIAMI RETAIL MARKET ANALYSIS MARKET ANALYSIS According to the CoStor Retail Market Analysis and Forecast, 2nd quarter 2017, while the Miami retail market is close to its recovery peak, strong demand should help the market weather a wave of supply incoming in early 2017. In a market with low vacancies well below the national average, developers are busy bringing new product to key locations within the metro, focusing principally on downtown submarkets as well as high-income northern and southernmost suburban submarkets. The highest -end luxury retail receives a lot of investor attention, particularly in Miami Beach and the new Design District, but assets here are pricey and may carry risk due to competition for a small share of retail tenants and an outsized portion of demand stemming from foreign countries experiencing economic volatility. Overall, demographic trends are solid, particularly in high-income urban and suburban areas, and returns should outpace the national average. KEY INDICATORS Currant Qwrter RBA (000) Vacancy Rate Aal ng ReN Availabilky Rafe Not Absorption (000 Mal 17,124 5.7% $51.42 10.2% {20) Power Center 3,364 1.7% $34.38 2.7% a "hhori<rood Center 19.447 3.5% $31.48 4.4% 4 Ilsrket 118,164 3.E% $35.29 6.1% 15 Annual Trends 121& 11 Change Mot. Avg. FcaL Av& A & IlrMle HADeliveries (000) Under Court. (000) 0 510 0 () 12 70 39 1,286 Trough Ullon YerWX7 1 0.7% 4.3% 3.5% 5.2% 2006 03 2.8% 2007 04 NatAbsorptmM00) 1,014 1,544 1,431 3,969 200703 (199) 200903 Nat Deliveries (000) 1,510 1,519 1,418 3,518 200101 412 201103 Rent Growth 3.9% 2.8% 1.1% 7.9% 2006 Q4 ( -5_3% 200904 Sales ($ mons) 5753 $723 1I WA $2,029 201504 $170 2009 Q4 Source: Costar Fundamentals The influence of wealthy foreign shoppers has helped to fuel retail spending and employment growth, underpinning the uptick in demand seen since 2014. Employment growth in the leisure and hospitality sector has resulted from the increase in tourists and shoppers, but more recent growth in higher -income sectors such as professional and business services should improve the outlook in demand from local residents as well. Increasing deliveries over the next few years, particularly those in the new Design District, Brickell, and Downtown Miami, may cause fundamentals to soften a bit, but longer-term demographic trends should keep this market healthy. In fact, Miami boasts some of the lowest historical vacancies in the country. So, even with an uptick due to large-scale speculative deliveries, the terminal rate here is still well under both market and national historical averages. Retail space in Miami tends to be productive and high end. In fact, the Shops at Bal Harbour are consistently among the most productive luxury retail spaces in the country. In an effort to capitalize on strong fundamentals and to compete with the developing luxury shops at the Design District, Whitman Family Development (the Bal Harbour owner group) is submitting $400 million expansion plans, although these have yet to be approved by the Bal Harbour Village Council. And as the economic recovery becomes broader based (growth in white-collar industries has just recently picked up), consumption and retail employment are expected to continue to expand, underpinning an improving demand outlook that should drive retail sales in the near term. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 66 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Brickell and Downtown Miami are the primary urban shopping districts that will capture increased demand from white-collar employment growth and high-income tourist spending. Brickell, the epicenter of an emerging live/work/play environment, is brimming with construction of luxury condo and apartment towers. In both Brickell and Downtown Miami, new mixed-use developments are incorporating large quantities of high-end retail space into their plans, including Brickell City Centre, with over 500,000 SF of retail space which delivered in late 2016, and Miami WorldCenter, set to bring 450,000 SF of retail space to the area by the end of 2017. By constructing mixed-use projects in primary business districts, developers seek to target a share of the dense population of high-income spenders while also providing residential opportunities that can create demand within their own space. Retailers have noticed this trend and are moving to be part of the fastest-growing urban neighborhoods in the metro, highlighted by the recent leases of more than 80 retailers and eateries set to open in the new Brickell City Centre. On the other end of the spectrum, the Miami, Miami Lakes, and South Dade submarkets are paving new paths of growth. The Miami Submarket is home to the Design District, where tenants are willing to sign leases for more than four times the metro average rents. Newly developing suburban districts are attracting high-income residents to larger malls and outlet centers. And tenants have noticed, because vacant space in these assets is almost nonexistent in South Dade. NET ABSORPTION, NET DELIVERIES AND VACANCY RATE 2,269 1,816 1,364 912 460 2011 2012 2013 2014 iForotatt �0- 8 = Delroenes = Net i oiption -- VacanCy — Nahonal v&(;aiii;y Source: CoStar 6.06,, 5.0% JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINO 67 Bayshore Landing Marina MARKET ANALYSIS 16-091-02 Supply Developers are targeting primary submarkets for major mixed-use deliveries. Annual deliveries have been below the metro average since 2008, and while that is expected to continue deliveries are on the rise thanks to the growing focus on creating live/work/play environments in primary submarkets. The Brickell, Miami Airport, and Downtown Miami areas will see the Iionl3s share of this growth, including the large- scale, mixed-use project Miami WorldCenter is a mixed-use development with 450,000 SF of retail space as well as office space, convention space, and an 1,800 -room hotel. CityPlace Doral is an example of the mixed-use developments becoming more prevalent in the Miami Airport Submarket. By the end of 2017, CityPlace Doral will comprise 250,000 SF of retail space as well as over 300 residential units. Mixed-use projects continue to be a major driver of construction in this cycle, as developers seek to capitalize on strong demographic trends in high-income, primary submarkets and are helping their own cause of attracting retail demand by combining shopping with residential development. Construction will also bring space to developing submarkets. Drawing interest from national tenants and investors alike is the $312 million redevelopment of the Design District in the Miami Submarket, scheduled to finalize the 1.1 million SF of retail space across 51 parcels and about 20 acres over the next few years with phase III. This shopping district will bring a second luxury shopping destination to the metro (after the Shops at Bal Harbour). Looming in the outer years, American Dream Miami, a 200 -acre $4 billion shopping mall, has been called one of the most ambitious projects in the world. Now that developer Triple Five has closed on the land, construction may soon begin in the Northeast Dade Submarket. The Miami Lakes and South Dade submarkets are also well positioned to host a large share of new construction, because they are expected to experience outsized median household income growth over the next five years. NET DELIVERIES 2,500 2,000 1,500 1,000 500 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Costar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 68 Bayshore Landing Marina 16-091-02 Ulff CONSTRUCTION PROJECTS Tuttle Street Biscayne Corridor DOW, Yr 1800 Ahon Rd Novi Beach 72% 14501 W Dime Hwy Norlheast Dade t 0% 66 NE 39th St Karn (Submarket) 34�% Panorama Tower Retail Briekell 8% Miami Worldcenter DO*MtDwn Miami 3% Siverspot Ckreme Downtown Miami 0% 17650 NW 2nd Ave Northeast Dade 0% 230 Lincoln Rd Mian -d Beach 64% Publix Northeast Dade 0% Building 1 Miami Acott 88% SW 147th Ave South Dade 98% Shoppes at Hidden Lake Kendal 38% UNDER P43MATNM PROJECTS Property Naso Art Center Of South Flo... PROPOSED PROJECTS MARKET ANALYSIS GLA sort Yt. DOW, Yr Cearw Type 30,0007 2016 2018 General Retail 32,491_-t 2017 2018 Retail SW 3rd Ave Bnckell 4941' Ponce De Leon Blv. �-Coral Gables 1641 NW 13th Court, Mia_. 26,000 2017 2018 General Retail 65,000 - 2016 2018 General Retail 25,000 2015 2018 General Retail 450,000 2016 2017 Mail 113,508 2015 2017 General Retail 65,000 2017 _ 2017 ( read Retail 59,990 2015 2017 Mall 41,740 ZU16 2017 ComxnityCrmter 32,500 2016 2017 General Retail 70,020 2016 2017 Neighborhood Center 25200 2016 2017 General Retail Source: Costar Srbrnrket % Loomed GLA Start Yr. Ddiv. Yr Cerrtr Type Mianr Beach 20% 42,044 2017 Mall Property Nome 1429 S Miarra Ave Submarket _Brickell American Dream Miami Miarni Lakes Edge at Doral Miami Airport .South Shoppes of Homestead Dade Plaza Coral Gables Coral Gables SW 3rd Ave Bnckell 4941' Ponce De Leon Blv. �-Coral Gables 1641 NW 13th Court, Mia_. Miami (Submarket) River Landing Shops Miami (Submarket) 3050 Biscayne Blvd Biscayne Corridor Gardens Promenade Hialeah Gardens Brickell World Plaza Ph... Bnckel Walmart Miami (Submarket) Uptown 163 Avent ra Downtown Dadelarrd Proje... Kendal West Dade Marketplace OuUyirg Miami -Dade CMy Ter" �Otttlyirr9 Miami Dade Cnty NEC Kendall Dr & SW 167... Kendal The Place At Hialeah { Miami Lakes - SoLe Mia Mainstreet i Norte Q 14401 7th St d__. :Pasco County - 5611 Skytop Dr Eastern Outlying Source: Costar % Loomed GLA Start Yr. Delty. Yr Center Type 0% 600,000 WA General Retail 0% 3,500,000 WA Mall 0% 253,887 WA General Retail 0% 157,500 WA - Cgmtu illy Center 0% 137,000 WA -i Saip Cenbr 0% 133,000 +- NIA General Retail 0% 90,000 WA tGener_al Retail 0% 80,000 NIA General Retail 0% 426,000 WA General Retail 0% 343,000 WA General Retail 0% 300,000 NIA General Retail 0% 283,868 WA General Retail 0% 203,000 WA General Retail 0% 200,000 WA General Retail 0% 186,925 NIA General Retail 0% 107,703 WA Retail 0% 100,000 WA �Germal General Retail 0% 90,000 WA General Retail 0% _. 575 WA ---�P.Center 0% 500,000 WA 1 General Retail 3 36,000 WA - 1 36,000 WA Source: Costar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 69 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Rents Rent growth slowed significantly in 2016, with growth of about 3% over the course of the year. This figure marks the slowest rent growth since 2010, when rents in Miami declined significantly. The Brickell and Miami Beach Submarkets maintained the highest asking rents in the metro over the course of 2016, but several secondary Submarkets carried the bulk of the rents growth. Top submarkets for rent growth over the past year included Biscayne Corridor, Downtown Miami, and Northeast Dade. ASKING RENT LEVELS AND ANNUAL GROWTH $36.25 $31.60 $26.84 $22.28 $17,62 IForecast F 6.6% t M Rent Growth YN — Asking Rent — National Asking Rent Source: Costar Sales 0% 0% 0% Sales volume in Miami was lower in 2016 compared to the previous year. Total volume was around $1 billion, compared to about double that number in 2015. Average pricing, however, continued to climb, reaching the highest levels of the cycle. One of the largest transactions of the past year was sale of a TIAA portfolio of retail properties to Weingarten Realty advisors. The transaction, which closed in July 2016, included 13 properties across Miami and Kendall which totaled $133 million. The largest individual transaction of the year was the sale of the Suniland Shopping Center in May. The 4 Star, 82,000 SF shopping center was purchased by Dividend Capital Diversified Property Fund for $66.5 million. The property was 96% leased at the time of sale and generated a 5.2% cap rate. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 70 Sayshore Landing Marina 16-091-02 SALES VOLUME AND MEDIAN PRICE $350 $3 $2 $2 $1 $11 s� MARKET ANALYSIS $2,500 ,,000 ,500 ,000 00 cvur cavo cvua cuiu Lv11 LULL dura ZU14 ¢Ula degrIt zv1r M Volume - Price Per SF - National Price Per SF Source: CoStar MARKET STATISTICS SUBMARKET INVENTORIES JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 71 11wer" 12 Month Deliveries Under Construction tit: -- is t Bklps SF (000) % Metro Rank Bk1ps SF (000) Parr" Rank Skips SF (000) Percent Rank 1 Avetriira 118 6,388 5.4% 9 2 0 0.0% 0 0 0.0% 2 Biscayne Corridor 211 2,177 1.8% 15 0 0 0.0% 2 42 1.9% 3 3 Brickel 72 1,466 12% 17 1 505 334.4% 1 3 50 3.4% 2 4 * Coconut Grove 147 1,6 0 1.4% 16 2 23 1.4% 4 1 7 0.4% 11 5 Coxal Gables 355 3.296 28% 11 0 0 0.0% 2 34 1.0% 6 6 Casal tiA`zw 287 2,243 r 1.9% 14 3 24 1.1% 7 1 19 0.8% 8 7 Downtown Miami 149 1 2,798 2.5% 12 1 u 0.0% 3 573% 8 Hialeah Gardens 341 2,744 2.3% 13 3 16 0.6% 9 2 19 �0.7% 10 9 Kendal 703 17,019 14.3% 1 4 61 0.4% 11 2 34 0.2% 13 10 Medleyftaleah 791 12.214 10.5% 4 10 35 0.3% 12 1 20 02% 14 11 Miami (Submarket) 2,034 12,956 10.9% 3 11 220 1.7% 3 4 120 0.9% 7 12 Mani Airport 548 14,587 12.4% 2 13 364 2.5% 2 4 50� 0.3% 12 13 Maim Beach 609 7,315 6.2% 7 5 83 1.1% 5 3 108 1.5% 4 14 r Miami Lakes 153 4,173 3.5% 10 4 36 0.9% 8 0 0 0- 15 Northeast Dade 950 10,005 8.4% 6 4 43 0.4% 10 5 137 1.4% 5 16 Outlying Mami-Dade C... 21 240 02% 18 0 0 0.0% 0 0 0.0% 17 South Dade 656 10,145_ 8.5% 5 5 26 0.3% 13 3 74 0.7% 9 18 West ABa6 566 6,777 5.7% 1 5 75 1.1% 6 S 0 0 0.0% Source: CoStar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 71 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS SUBMARKET RENTS No, M~ Per SF ROO hurl Ydwc Yr Growth Rant 1 Aventura $63.67 2 642 4.0% 8 2 Biscayne Corridor $33.06 8 332 2.7% 17 3 Brickell $41.73 5 41.7 2.6% 18 4 Coconut Grove $46.83 3 47.0 4.3% 4 5 Coral Gables $42.09 4 42.3 3A% 13 6 Coral Way $33.92 7 34.0 3.1% 15 --- 7 Downtown Miami 12 30.7 4.5% 3 8 Hialeah Gardens _$30.53 $21.07 18 21.0 3.6% 11 9 Kendal $41.41 6 41.6! 4.2% 5 10 MedleyMWeah $27.68 14 27.8 4.0% 7 11 Miami (Suhnukel) $31.76 10 31.9 4.0% 9 12 Miami Airport $30.82 11 30.9 4.0% 6 13 Miami Beach $71.31 1 71.6 3.7% 10 14 Miami Lakes $26.17 15 26.1 3.1% 14 15 Northeast Dade $25.00 16 25.0 4.7% 2 16 Chrtlying Miami -Dade C... $32.15 9 322 2.9% 16 17 South Dade $23.58 17 23.5 3.4% 12 18 West Miami $29.20 13 292 5.2% Source: Costar SUBMARKET VACANCY AND NET ABSORPTION vacancy 12 Month Absorption No. Market SF f000) Percent Rent* SF (000) Percent Share or Moho Rad* Constret RaYo 1 Aventura 70 1.1% 1 8 0.1% -0.9% 16 0.0 2 Biscayne Corridor 1 109 5.0% 14 33 1.5% 0.4% 10 0.0 3 Bridal 317 21.6% 18 199 13.6% 19.6% 1 2.5 4 Coconut Grove 1 75 4.6% 13 17 1.1% 0.8% 14 1.3 5 Coral Gables 53 1.6% 2 24 0.7% -1.1% 12 0D 6 Coral Way 61 2.7% 6 12 0.5% -0.7% 15 2.1 7 Downtown Miami 277 9.9% 17 -127 -4.5% -1.8% 18 0.0 8 Hialeah Gardens 74 2.7% 7 66 2.4% 1.1% 8 02 9 Kendall 511 3.0% 9 64 0.4% -0.9% 9 0.9 10 Meday"abah 257 2.1X 4 27 02% 1.0% 11 1.3 11 Miami (Submarket) 868 6.7% 16 23 02% -0.8% 13 9A 12 111" Airport 598 4.1% 11 93 0.6% 02% 6 3.9 13 Miami Beach 380 52% 15 106 1.5% 07% 4 0.8 14 Miami Lakes 88 2.i% 5 108 2�fiX 1076 1 3 0.3 15 Northeast Dade 280 2.8% 8 187 1.9% 0.1% 2 02 16 Ot*ying MWni Dade C.. 11 4.5% � 12 5 � 22% ~ 8.3% 17 (LD 17 South Dade 335 3.3% 10 99 1.0% -0.8% 5 * 09 18 West Miami 142 2.1% 3 69 1.0% -0.3% 7 1.1 Source: Costar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 72 Bayshore Landing Marina 16-091-02 MARKET FUNDAMENTALS HISTORY AND FORECAST MARKET ANALYSIS Source: Costar MARKET RENT HISTORY AND FORECAST Mentary Grass Asking Rent Net Absorption kwe. VaewicY Ve Fist Peak Yew SF 10001 Growth % Growth SF (0001 % Growth ConstrcL Ratio SF (000) Percent Ppb Chp 2021 124,766 1,416. 1.1% 1237 1.0% 1.1 4,258 3.4% 0.1 0.0% 2017 $35.36 121 0.7% -0.1% 2016 $35.12 120 52% 2020 123,3511 1,335 1.1% 1,292 1.1% 1.0 4,080 3.3% 0.0 2019 122,016 1207 1.0% 1,375 12% 0.9 4,036 3.3% (0.2) 2018 120,809 8377 0.7% 1,466 1.3% 0.6 4,205 3.5% (0.5) 2017 191 .sn 2 3 2.1% 1.7n 1.6% 1.4 4,833 4.0% 0.5 2016 117,498 987 0.8% 899 0.8% 1.1 4,149 3.5% 0.0 2015 116,511 1,113 1.0% 1,339 12% 0.8 4,060 3.5% (02) 2014 115,399 1,282 1.1% 1,632 1.5% 0.8 4,287 3.7% (0.3) 2013 114,116 526 0.5% 511 0.5% 1.0 4,636 4.1% 0.0 2012 113,590 617 0.5% 668 0.6% 0.9 4,621 4.1% (0.1) 2011 112,972 626 0.6% 1,240 12% 0.5 4,671 4.1% (0.6) 2010 112,347 1,480 1.3% 1,689 1.6% 0.9 5285 4.7% (0.3) 2009 110,867 1,005 0.9% (5i) 0.0% - 5,494 5.0% 0.9 2008 109,862 2,819 2.6% 1,425 1.4% 2.0 4,436 4.0% 12 2007 1 107,043 2,089` 2.0% 3,714 37% 0.6 3,043 2.8% (1.6) 2006 I 104,955 1,640 1.6% 1,467 1.5% 1.1 4,668 4.4% 0.1 2005 jt 103,315 1,679 1.7% ` 1,908 2. _#4 0.9 4,496 4.4% (0.33 Source: Costar MARKET RENT HISTORY AND FORECAST JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINO 73 Grass Asking Rent Yea' Per SF kwe. % Growth Ve Fist Peak 2021 137.19 127 1.8% 5.0% 2020 S36b5 125 1.8%, 32% 2019 $35.91 122 1.5% 1 A% 2018 $35.39 121 0.1% 0.0% 2017 $35.36 121 0.7% -0.1% 2016 $35.12 120 52% -0.8% 2D15 $33.39 114 5.5% -5.7% 2014 $31.66 108 5.3% -10.6%- 2013 $30.08 103 4.3% -15.0% 2012 $28.84 98 4.1% -18.5% 2011 $27.72 94 I A% -21.7% 2010 $27.34 93 -1.6% -22.8% 2009 $27.78 95 -5.3% -21.5% 2008 $29.34 100 -2.0% -17.1% 2007 $29.92 102 5.0% -15.5% 2006 $28.50 97 7.9% -19.5% _ 2005 526.43 90 4.5% -25.3% Source:CoStar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINO 73 Bayshore Landing Marina 16-091-02 MARKET SALES HISTORY MARKET ANALYSIS Source: Costar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 74 VoMare prim A Jnr" _I Year Sales SF Volare Tunover Peden Per SF Avg Moe trmdex Ore. 2017 99 2,842,338 5185,911 2.4% $308.69 $4,041,549 150 5.6% 2016 24001 3,165,432 51,143,461 2.7% $307.69 $4,824,687' 148 55% 2015 392 5,005057 $2,028,993 4.3% $252.49 $5,353,543 145 5.3% 2014 362 3,455,9151 51,5 2166 3.0% $283.37 $4,687,435 136 5.3% 2013 264 4280,340 $861,903 3.8% $231.41 $3,606.289 125 55% 2012 268 4,204,654 $1,009,987 3.7% 5205.36 $4,741,724 116 5.7% 2011 209 2,582,941 $632,438 2.3% $25257 $3,513,542 102 6.3% 2010 150 2,898,161 1 2.6% 5197.22 $4,91 ,3957 3957 87 7.3% 2009 133 1,297,581 $169,736 1.2% 5206.43 $1,571,627 84 7.0% 2008 lib 2,183,228 $442,155 2.0% !x37.30 $2,679,726 100 6.3% 2007 232 3,581,035 $815,308 3.3% $271.56 53544,818 119 5A% 2006 182' 3,705,837 $562,542 3.5% $227.94 $3,328,650 114 5.7% 2005 199 2,490,765 $469,008 2.% $194.4 52,244,056 102 6.1% Source: Costar MALL SUPPLY AND DEMAND HISTORY AND FORECAST kwentory Nat Absorption Year SF (000) Growth r % Growth SF (000) % Growth aConstrtafior mebo 2021 19,927 391 2.0% 361 1.9% 1.1 2020 19,535 3_91 2.0% 411 2.3% 1.0 2019 j 19,144 400 2.1% 489 2.8%% 0.8 2018 18,744 483 2.6% 631 3.7% 0.8 2017 1061 1448 8 fD% 880 1 5.4% 1.6 2016 16.8131"505 31% 182 1.1% 28 2015 16,308 -- 286 1.8% 271 1 1.7% 1.1 2014 16,022 24 0.1% _ 56, 0.4% 0.4 2013 15,999 3502%� 73, 0.5% , 0.5 2012 15,964 55 0.3% 126 0.8% 0. 2011 15,910 -81 0.2% 83 0.5%, 0.3 2010 15,881 6t- 0.0% 9) -0.6% - 2009 15,876 1841 1.2% 137 0.9% 1.3 2008 15,692 89 r 0.6% - 971 0.6% 0.9 2007 15,603 97 0.1% ---67-01 4.6% 0.0 2006 15,594 0 0.0% (518) - - 2005 15.594 234 1.5% - - - Source: Costar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 74 Sayshore Landing Marina 16-091-02 MARKET ANALYSIS MALL VACANCY AND RENT HISTORY AND FORECAST Vscency Asking Ren[ Yew SFPM Pwoent Ppte Cho Per SF laic 1►`rmvA D 2021 950 4.8% 0.1 $56.30, 126 2.3% 2020 920 4.7% (0.2) S5S.05 123 2.3% _ 2019 94_0 4.W (0.6) $53.81 121 20% 2018 1,028 5.5% (1.0) $52.75'- - 118 1.3% 2017 1,177 - 6.4% 2.6 _ u $52.04 117 1.7% 608 3.6% 1.9 $51.1 115 4.9% _2016 2015_ 286 1.8%1 0.1-- - $48.78 109 4.S% 271 1.7% (0.2) _ 546 105 _ 4.3% 2013 1.9% (0.2) 544.74 100 3.4% 2012 -304 3421 _ 2.1% (0.5) $4329 972.7% _ 2011 414 2.6% (0.3) $42.14 ^- - - - W- _ 05% 2010 - 4661 2.9% 0.6 541.90 941 -1.1% 2009 373 2.4% 0.3 $42.40 95 -5.0% _ 2008 326 i 2.1% (0.1) $44.61 - 100 _ -2.4% _ 2007 334 2.1% (42) $45.73 103 5.9% 2006 9%6.4% 0.0 543.17 97 -- 2005 0�_ - 0 0 - - -- - - - _ Source:CoStar MALL SALES HISTORY Vowne Price Yew Saks SF Vowne TYInoYer PerSF Avg Pike YTD 0 4 12 0 5 _ 6 0 30 481,047 $205,343,689 874,804 $375,710,480 _ 0_ $0 167,701 56,323,E 482,202 $119,127,144 0.0% 2.9% _ 5.4% 0.0% 1.0% 3.0% - $425.55 $1,874.08 $500.39 $287.66 - $51,335,920 $31,309208 - _ SZ661,779 $19,854,524 2016 2015 2014 2013 _ 2012 2011 _ 71 _^ 5 0 1 2 367,675 $63,404,961 561,535 $18,000,000 0 $0 14,815 _ SO 10,702 $0 2.3% 3.5% 0.0% 0.1% 0.1% $173.01 $42.38 - - - $10,567,493 $4,500,000 -_ - - 2010 2009 2008 2007 _ 2116 4 0 818,959 $0 0 $0 Source:CoStar _ 5.3% 0.0% -� - - - 2005 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 75 Bayshore Landing Marina 16-091-02 POWER CENTER SUPPLY AND DEMAND HISTORY AND FORECAST Yew SF (000) 2021 3,369 -_ 2020 3,368 20193,366 0.0% _ 2016 - 3,365 inventory Growth % Growth 1 0.0% _ - � u 1 0.0% - 1 ---- 00% LV I I 2016 J,JV1 3,364 0 _ 2015 -- -- - 3,364 -- 0 -- 2014 - -3-.-364 3364 � -- 3,360 0 - 4 0 2013 - - 2012 2011 - 3,360 - 3� 2010 _ 3,356 3.343 13 180 2009 - 2008 - 3.163 380 2007_ 2.784 0 _ 2006 - 2,784 5 2005 - 2.779 0 MARKET ANALYSIS Net Abeaptkm SF (0001 % Growth Construction Pabo (5) -0-2% - 4 4 0.1%, 0.6 0.1% A 0.3 0.1% 0.3 -0 %- -- - 0.0% (22) -0-7% - 0.0% - -- - - --- 5 02% i- ---- 0.0 0.1% - 1) 0.0%, 20 0.6% 551 1.7%1 - _ 0.0 0.1 0.0% 0.1% 0.4% _ _ 1.8% F 147 4-8% 02 12 5.7% 13.6% 32912-1%' 4.2 0.0% -&7%1- 2W' - - -00 - -02% 0.0% Source: CoStar POWER CENTER VACANCY AND RENT HISTORY AND FORECAST Year 2021 2020 2019 2016 2017 2016 2015 2014 2013 wl'� 2010 2009 2008 2007 2006 V-7 Askbv mart SF (000) PercerR Ppb Cht Per SF lwbx %Growth 61 18%� 02 $36.41 -_ 126 1-8% 55 1.6% 0.0 535-75 124 _ 1-8% 56 1.7% (0 1) 53f5-11 -- 122 L4% 591 1.7% (a 1) ,53 63 - - - 120 05% 62 1.8% 0.2 04-47 120 1.1% 56 1..6% 0.7 534.10 118 4-7% 33 1.0% (02) $32.56 113 5.3% 381 11L' - 0.1 $30.91 - 107 5.0% 35 1.0_% - 02 $29-43 102 5.1% 301 _ 0.9%� (0.6) J - $28.01 - - - - 97� 4.1% 50 1-5% (1.5) 526.92 93 1.1% 102 3 0 - (1.4) SZ6 6Z _ - 92 -1.9% 147 4.4% _ 0.8 r $27.14 94 -0-8% 114 3AMI 1.3 - $28.83 --- - - 100 -1.3% 631 2.3% 0_7 $29-22 i 101 5.0% 45 1.6% 0.0 $27 8282 _ 97 - -Or_ - -0.0 - -1 - Source: CoStar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 76 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS 16-091 POWER CENTER SALES HISTORY Yew Saks SF Vokme Tu over Per SF Arg Price YTD 0d i0 0.0%- 2016 _ - 0 --R-L 0 i0 0.0% - - 2015 1 7,956 $5,675,000 02% $713.30 $5,675,000 2014 0� 0 i0 0.0% - 2013 2 297,072 $92,000,000 8.8% _- 5381.31 $92,000,000 2012 1 180,0 $0 ' 5.4% - - 2011 0 0 i0 0.0% - - 2010 0 0 SO 0.0% - - 20D9 0 0 i0 0.0% - - 2008 1 7,956 $4,850,000 0.3% $609 6060 $4,850,000 2007 1 80,315 $15,900,000 2.9% $197.97 $15,900,000 2006 0 0 50 0.0% �-~ --- - 20D5 0 0 50 0.0% - - Source: CoStar NEIGHBORHOOD CENTER SUPPLY AND DEMAND HISTORY AND FORECAST Y Net AbwrDtion Year SF (000) Growlh % Groalh 5F f0" % Growlh foneirrodon Pwoo 2W 24,343 193 1.0% 168 0.9% 1.1 2m -At 149 193 1.0% 167 09% 12 2019 19,956 194 1.0% 165 0.9% 12 2+218 19,762 196 1.0% 219 12% 0.9 2017 19,556 171 0 175 G9% 11.1 2{i16 19.395 102 0 S% 179 1.0%0.6 ?Ti1s 19,291 225 12%1 T 2.1% -_._... 0.6 2,014 _ 19,068 163 0.9%, 309 1.7% 0.5 2013 18,905 57 0.3% (27) -0.2% - 2012 18,848 128 0.7% 248 1.4% 0.5 Z01 ` 18,720 53 0.3% 266 1.5% 0. 1010 18,667 179, 1.0% 205 1.2%1 0.9 2009 18,488 140 0.8% (142) - -0.8% - 2008 18,348 461 2.6% 61 0.4% _ 7.6 2007 17,888 424 2.4% j _ 321 1.9% 1.3 2006 17,464 262 '1.5%1 157 - 1.7 2005 17,202 555 3.3% - - - Source: Costar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 77 Bayshore Landing Marina 16-091-02 NEIGHBORHOOD CENTER VACANCY AND RENT HISTORY AND FORECAST MARKET ANALYSIS SUBMARKET ANALYSIS In analyzing metropolitan areas, Costar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group. For Costar analysis, the subject is located within the Coconut Grove submarket. Key indicators and annual trends for the submarket are shown on the following tables. JOSEPH J. BLAKE AND ASSOCIATES, INC, REAL ESTATE VALUATION AND CONSULTING 78 volwne AeYV � 4 Year 5F (0001 Percent SF Ppla CIV Per W is 11 % 2021 7T' , 3.8% 0.1 $312.981 126 1.7% 2020 7473.7% 662,589 0.1 532,44 124 1.6% 2019 _tm- 3.6%' 0.1 $31.92 122 ` 1.1% 2018 592 35% (0-1)' 531.57 121 $8,427,883 2017 714 36% (0.1x _ $3151 121E 1.7'14 2016 7t8 3.7% 4 $31.16 11956% 58,279,791 ibis _^I 4.1% (0 6) 329.52 113, 5.6% 2014 943 -- 4.9% (0 8) 327.96 107 SA% _ 2013 h 1,086 5.8% 0.4 $26.53 101 5.1% 2D12_ -11 1,005 5.3% 3317)_ $25.26 97 _ 3.3% 2011 1,125 0% f1 2j 52A.45 94 1.3% _ 2010 1,338 72% 30.2) $24.15 92 2.3% 2009 1,364 7.4% 1.5 $24.71 95 -5.5% 2008 1,083 5.9% 2.1 $26.15 100 -1.4% 2007 683 3.8% 0.5 $26.51 101 4.6% 2006 581 3.3% 0.0 $25.35 97 - 2005 - 0.0 - - Source: CoStar NEIGHBORHOOD CENTER SALES HISTORY SUBMARKET ANALYSIS In analyzing metropolitan areas, Costar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group. For Costar analysis, the subject is located within the Coconut Grove submarket. Key indicators and annual trends for the submarket are shown on the following tables. JOSEPH J. BLAKE AND ASSOCIATES, INC, REAL ESTATE VALUATION AND CONSULTING 78 volwne Price Yew Saba SF VoUrne Tumover Per SF Avg Price YTD 2D 920_,418 $90,592,400 4.7% $399.68 $10,065,822 2016 14 662,589 $144,921,600 3.4% 5723.71 $11,147,816 2015 31 878,704 5196,837.479 4.6% $245.65 $6,561,250 2014 27 803.155 5202,269096., 42% $320.44 $8,427,883 2013 35 1,168.214 $178,069,153 6.2% $20028 $7,419,548 2012 29. 982,025 5165,595,810 5.2% $251.57 58,279,791 2011 19 378 586 $74,947,411 2.0% 5313.73 $5,363,387 2010 15 548,457 $119,247,215 2.9% 5178.18 $9,172,863 2009 6 199,734 $34,785,553 1.1% $206.62 $5,797,592 2008 12 272,586 566,1 29566,1 574 1.5% $286.47 , $6,619,257 2007 9 826,608 570,318,398 4.6% $162 75 56,392,582 2006 22 _843,026 $170,809,006 4.81 $268.15 $7,117,042 2005 14 429,529 5103,094,704 2.5% $304:2 $5,426,037 Source: CoStar SUBMARKET ANALYSIS In analyzing metropolitan areas, Costar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group. For Costar analysis, the subject is located within the Coconut Grove submarket. Key indicators and annual trends for the submarket are shown on the following tables. JOSEPH J. BLAKE AND ASSOCIATES, INC, REAL ESTATE VALUATION AND CONSULTING 78 Bayshore Landing Marina MARKET ANALYSIS 16-091-02 KEY INDICATORS Current Owner RBA (000) Vacancy Rate Cross Availability Rate Not Net Deliveries Under Const seAsking (es) (000) (am) 4 & 5 Star 621 18.1% $40.91 21.3% 5 — 0 3 Star 1,268 6.1% $39.20 10.0% (5) _ 0 1 & 2 Star 337 2.5% $34.26 9.2% 1 0 SUBMARKET 2,227 8.90/0 $38.75 13.1% 1 — 0 Annual Trends 12 Month Change Hist Avg. Fat Avg. Peak When Trough When Vacancy 1.6% 8.9% 8.7% 14.7% 201001 1.1% 2000 Q2 Net Absorption (000) 63 2 11 104 201101 '-12S)y 2007 Q2 Net Deliveries (000) 106 9 16 106 201701 0 2007 03 Rent Growth 3.8°x6 3.1% 1.8% 8.9% 200703 -5.7% 2009 04 Sales ($ millions) $2 $41 N/A $146 2006 Q2 $1 200103 Source: Costar Historical and forecast net absorption, net deliveries and vacancy rates are shown on the following chart. NET ABSORPTION, NET DELIVERIES AND VACANCY RATE 117 r Frverxl 15.7% 92 68 44 20 11.6% 9.6% 7.5% f.5,11 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 5,5°t Deliveries r Net Absorption — Vacancy — Market Vacancy Source: Costar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 79 Bayshore Landing Marina 16-091-02 BULfDOW BY VACANCY 2lan t mi Bumps by Varmwy Rate • 0%-5% • 5%-10% -� 10%-15% • 15%-20% 02D%.100% Source: Costar Historical and forecast net deliveries are shown on the following chart. MARKET ANALYSIS JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING so Bayshore Landing Marina 16-091-02 NET DELIVERIES 120 c..M..* 10 8 6 4 2 MARKET ANALYSIS 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Costar C0115TRUCWH ACTIVITY Cortes Status and Sae in SF P. Ij Recently De vered $ lhder Rwmabon O 2200 - 42,000 Q 42,000 - 75,000 O 75,000 -110,000 Source: Costar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 81 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS tlIIDER 1143MAT101 PROJECTS No. property Sr- Stert yr. Dow. Yr Orrlf A)erelopw —� A & M GbW Solutions - 7 GL Tower 2900 SW 21181 Ter 7 3Z= 2016 TermGmW 5 Coconut Grove Bank 27018 Boysi a Or 7 70,000 2016 DEUVERED PROJECTS Address SF Stan Yr. Dew. Yr Owrrermevelopr Stories No. Property Nerve HCA Martagement Service... 1 Mercy Medical Arts Building 3683 S Miami Ave 4 106,000 2015 2017 St Stepherm Epis Chum... 8 3439 Main Hwy 3439 Main Hwy 2 2200 2009 2010 6 Key Biscayne Medical 580 Crandon Blvd 4 52,000 2009 2010 SR Douglas LLC PROPOSED Building PROJECTS No. Property News Address Stories SF Strt Yr. DOW. Yr OwnerMemloper 3 One Cocowalk 3001 Virginia St 5 77,850 WA 4 27@1-incoln 3151 SW 27th Ave 73,000 WA LarrlterHorne Terra Group 2 Mary St. 3310 Mary St 7 95,000 WA Source: Costar Rents Historical and forecast rent levels and annual growth are shown on the following chart. ASKING RENT LEVELS AND ANNUAL GROWTH $45.91 $41.52 $37.12 $32.73 Forecast 1 A r 6.0% 4.0% 2.0% $28.33 0.0% i i l $23.93 -2 0°` 2011 2012 2013 2014 2015 2016 2017 201E 2019 7020 2021 M Rent Growth Y/Y — Asking Rent — Market Asking Rent Source: Costar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINO 82 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Sales Historical and forecast sales volume and median price are shown on the following chart. SALES VOLUME AND MEDIAN PRICE $500 $400 $300 $200 $100 S0 ZU07 2003 2005 ;U1U 2011 Z41Z 2913 2014 2014 Z111b ZUAT $400 = Volume - Price Per SF - Metro Price Per SF Source: Costar 0 0 0 0 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 83 SUBMARKET STATISTICS SUBMARKET SUPPLY AND DEMAND HISTORY AND FORECAST trwendory Nat Absorption Yew SF (000) omwel "M % Growth SF PM % Growth C 90 ruction pUft 2021 2,251 10 0.4% 4 0.2% 2.5 2020 2.241 8 0.4% 5 0.2% 1.7 2019 2,233 6 0.3% 13 0.7% 0.5 2018 2,227 0 0.0% 18 0.9% 0.0 2017 2,227 106 5.0% 29 1.4% 3.7 2016 2,121 0 0.0% (4) -0.2% - 2015 2,121 0 0.0% 11 0.5% 0.0 2014 2,121 0 0.0% 33 1.7% 0.0 2013 2,121 0 0.0% 21 1.1% 0.0 2012 2,121 0 0.0% 55 2.9% 0.0 2011 2,121 0 0.0% 46 2.5% 0.0 2010 2,121 54 2.6% 55 3.1% 1.0 2009 2,066 0 0.0% (77) -4.2% - 2008 2,066 0 0.0% 2 0.1% 0.0 2007 2,066 0 0.0% (12) -0.6% - 2006 2,066 0 0.0% (51) -2.7% - 2005 2,066 5 0.2% 26 1.4% 02 Source: Costar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 83 Bayshore Landing marina MARKET ANALYSIS 26.091-02 SUBMARKET VACANCY AND RENT HISTORY AND FORECAST Year No. of Saba Vacancy Groat AW ft Rut Turnover Year SF (000) Arg Prion Percent Pptm Clig Per sf lilliex 2,500 % Comilli 2021 195 8.7% 0.2 $41.74 121 1.0% 2020 190 8.5% 0.1 $41.31 120 1.6% 2019 186 8.3% (0.3) $40.64 118 22% 2018 193 8.7% (0.8) $39.76 115 1.7% 2017 211 9.5% 32 $39.12 114 2.4% 2016 134 6.3% 02 $38.20 111 4.0% 2015 130 6.1% (0.5) $36.73 107 6.4%_. 2014 140 6.6% (1.6) $34.51 100 4.8% 2013 174 82% (1.0)3293 96 4.09E 2012 194 92% (2.6) $3167 92 3.4% 2011 249 11.7% (2.2) $30:6 89 -1.9% 2010 295 13.9% (0.4) $3123 91 -3.9% 2009 296 14.3% 3.7 $32.49 94 -5.7% 2008 219 10.6% $34.46 100 2.0% _ 2007 221 10.7% 0.6 $33.79 98 8.6% 2006 i209 10.1% 2.5 $31.12 90 7.1% 2005 15B 7.6% _- (1-0) $29.07 84 52% Source: Costar SUBMARKET SALES HISTORY Volume Price Year No. of Saba SF Volume Turnover Medan Per SF Arg Prion YTD 1 2,500 $1,000,000 0.1% $400.00 $1,000,000 2016 6 28,376 $10,680,000 1.3% $376.17 $1,780,000 2015 I 14 297,132 $86,120,300 14.0%' $370.64 $6,624,639 2014 8� 326,449 $40,330,002 15.4% $311.73 $6,721,667 2013 7 97,330 $59,8872% 4.6% $256.19 $8,555,329 2012 6 180,192 $30,046,484 8.5% $146.96 $6,009297 2011 6 129,490 $28,425,100 6.1% 5209.84 $4,737,517 2010 7 329,654 $5,574,000 15.5% $17620 $2,787,000 2009 7 127,796 $69,553,001 62% $365.22 $7,728,111 2008 3 13,721 $2,965,998 0.7% $398.78 $494,333 2007 8 179,069 $61259,323 8.7% $446.06 $4,375,666 2006 5 278,388 $88,591,301 13.5% 5382.64 $7,382,609 -2005- --jl 11 482,222 $73,239,998 23.3% $266.17 $8,137,778 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 84 Bayshore Landing Marina 16-091-02 Conclusion MARKET ANALYSIS Miami, one of the nation's more active markets for retail development, bears watching for the several major mixed-use projects moving forward. The community neighborhood center market should continue to tighten. Year-end 2016 vacancy for the submarket was 6.3%. Year-end 2016 rental rate for the submarket was $38.20 NNN. Rent growth in 2016 for the submarket was 4.0%. Increases in vacancy and lower rates of rent growth are expected for 2017. The subject consists of a good quality marina with on-site restaurant and retail/office building located in the Coconut Grove neighborhood of the Coconut Grove submarket. The area is expected to see continued interest due to the recent and ongoing construction of rental apartment and condominium units nearby. RESTAURANT RENT COMPARABLES The subject has a restaurant tenant, in addition to retail/office space on both the first and second floor. The subject's restaurant is on a waterfront location, adjacent to a popular marina, and within walking distance of high end condominium units, office buildings, luxury residences, and open park space. The neighborhood is considered to be one of the more popular in Miami, and is very popular with locals and tourists alike. We searched for restaurant rent comparables within the subject's immediate neighborhood, but we were only able to find a few spaces available for rent. Therefore, we searched within a comparable neighborhood that is also popular with tourists. We found several restaurant spaces in Miami Beach. Like Coconut Grove, Miami Beach is popular with tourists, has a significant number of luxury condominiums, has a waterfront location, and is popular with restaurants and other lifestyle type businesses. Information on the following pages summarizes our findings. Restaurant Rent Comparable 1 Location: 3120 Commodore Plaza, Coconut Grove, Florida Net Rentable Area - 4,242± SF Available Asking Rental Rate/SF - $45.00 Lease Structure - Net Comments - Restaurant/Bar space Restaurant Rent Comparable 2i Location: 2982 Grand Avenue, Coconut Grove, Florida Net Rentable Area - 2,475± SF Available Asking Rental Rate/SF - $50.00 Lease Structure - Net Expenses/SF - $12.82 Comments - Restaurant/Bar space Restaurant Rent Comparable 3 Location: 81 Washington Avenue, Miami Beach, Florida Net Rentable Area - 5,000± SF Available Asking Rental Rate/SF - $85.68 Lease Structure - Net Comments - Restaurant space JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 85 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Restaurant Rent Comparable 4 Location: 835 Alton Road, Miami Beach, Florida Net Rentable Area - 9,900± SF Available Asking Rental Rate/SF - $75.00 Lease Structure - Net Comments - Restaurant space The properties were indicating an asking rental rate range of $45.00/SF to $85.68/SF for restaurant space, with the low end of the market in the Coconut Grove area. However, these are not waterfront restaurants like the subject. The higher end of the rental range ($85.68/SF) is represented by a restaurant located in South Beach. Considering the asking rental rates at competing properties within the area we conclude to a rental rate range of $40.00/SF to $60.00/SF for the subject on a net basis. Considering the subject's waterfront location, in an area that is popular with tourists and locals alike, as well as the size, age and condition of the space, as well as the outdoor patio area, we have concluded to a rental rate of $55.00/SF for the subject's restaurants. We have concluded to the lower end of the range due to the subject's larger size than the comparables. This rate is assumed to be on a net basis with a full pass through of expenses. Restaurant Gross Sales Revenue Illustrated below are the average restaurant sales figures for 14 full-service sit-down facilities as detailed within by the Franchise Finance Corporation of America. These restaurants represent chains that increased their presence within the marketplace by adding new restaurants. The presented restaurants reflect casual dining facilities, as well as several fine dining establishments. Current figures are not available as this publication is no longer active. Expansion Restaurants Approx. Size -SF Sales/SF Expansion Restaurants Approx. Size -SF Sales/SF PF Changs 7,300 $726.03 Roadhouse Grill 6,500 $384.62 Morton's 8,000 $500.00 Red Robin 6,750 $380.00 TGI Friday's 6,800 $507.35 Casa Ole 4,500 $288.89 Logan's Roadhouse 6,500 $507.69 Hops 6,125 $408.16 Chili's 5,600 $464.29 Texas Steakhouse 6,200 $362.90 Applebee's 5,000 $443.00 Ground Round 5,400 $388.89 Texas Roadhouse 6,600 $477.27 Famous Dave 5,000 $363.00 Monty's Raw Bar Gross Sales Revenue Typically, the Miami MSA tends to have retail sales above national averages due to the influx of revenue from tourists. We were not provided with the sales revenue at the subject's existing restaurants. Monty's Raw Bar has achieved gross sales of $314.88/SF in 2014/2015, $311.28/SF in 2015/2016, and $348.60/SF in annualized based on the eight months from 10/16 to 5/17. Based on the restaurant comparables, we estimate that the subject's restaurants would achieve sales of $310 per SF. Monty's Raw Bar contains approximately 24,409 SF. Therefore, gross sales for Monty's Raw Bar is projected to be $310.00/SF, or $7,566,790 per year. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINO 86 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS RETAIL/OFFICE RENT COMPARABLES The subject's upland building contains the restaurant, with indoor and waterfront dining. The remainder of the building is finished as retail/office space. Current tenants include Starbucks while the remainder consists of a restaurant, a real estate brokerage office, boat brokerage offices, a law office and a yoga studio. The building has two floors, with an elevator allowing for access to the second floor. The lease stipulates the use of the building must be for an "essential service" to encourage public enjoyment, use and participation of the facility. Essential services are defined as: Restaurant, retail facilities, a marina, as well as refreshment stand, boat rentals, bait and tackle shop, convenience food store for the benefit of the marina tenants, marine supply store, outboard motor sale and service, marine clothing sales, marine furniture sales, boat tours, fishing areas, sporting goods stores, antique store, art galleries, book stores, bakery, bicycle sales and repair, china and crockery, confectionery or ice cream store, clothing, photographic sales, gift shop, hobby shop, jewelry and watch sales, leather goods, lounges, news stand or sundry, travel agency, sail maker, arts and crafts, office for management of the property, marine fuel pumps, and any related or allied use if approved by the City Manager. The rental rates charged at the subject's upland building would be most similar to other retail/office buildings within the subject's neighborhood. We researched the asking rates at retail and office facilities in the subject's Coconut Grove neighborhood. These retail and office rental comparables are shown below: Name: Location: Net Rentable Area - Year Built - Rental Terms: Rental Rate/SF - Lease Terms - Lease Structure - Tenant Finish - Rent Escalation - Concessions - Comments: Name: Location: Net Rentable Area - Year Built - Rental Terms: Rental Rate/SF - Lease Terms - Lease Structure - Tenant Finish - Rent Escalation - Concessions - Comments: Subject Retail Bayshore Landing 2550 S Bayshore Drive, Coconut Grove, Florida 915± SF 1989 $35.00 3 to 5 years Net As Is CPI or Steps Negotiable Street frontage on Bayshore Drive Subject Office Bayshore Landing 2550 S Bayshore Drive, Coconut Grove, Florida 1,685± SF 1989 $35.00 - $40.00 3 to 5 years Net As Is CPI or Steps Negotiable Street frontage on Bayshore Drive JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 87 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Name: Location: Net Rentable Area - Year Built - Rental Terms: Rental Rate/SF - Lease Terms - Lease Structure - Tenant Finish - Rent Escalation - Concessions - Comments: Name: Location: Net Rentable Area - Year Built - Rental Terms: Rental Rate/SF - Lease Terms - Lease Structure - Tenant Finish - Rent Escalation - Concessions - Comments: Retail Rent Comparable 2 Oak Avenue Plaza Retail 2800-2860 Oak Avenue, Coconut Grove, Florida 2,317± SF Available 1981 $60.00 3 to 5 years Net As Is CPI or Steps Negotiable Street frontage on Crandon Boulevard Retail Rent Comparable 3 Harbor Plaza 51-99 Harbor Drive, Key Biscayne, Florida 3,000± SF 1957 $60.00 3 to 5 years Net As Is CPI or Steps Negotiable Street frontage on Harbor Drive JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 88 Retail Rent Comparable 1 Name: Commodore Plaza Location: 3162 Commodore Plaza, Coconut Grove, Florida Net Rentable Area - 1,391± SF Year Built - 1985 Rental Terms: Rental Rate/SF - $44.85 - $56.07 Lease Terms - 3 to 5 years Lease Structure - Net Tenant Finish - As Is Rent Escalation - CPI or Steps Concessions - Negotiable Comments: Street frontage on Commodore Plaza Name: Location: Net Rentable Area - Year Built - Rental Terms: Rental Rate/SF - Lease Terms - Lease Structure - Tenant Finish - Rent Escalation - Concessions - Comments: Name: Location: Net Rentable Area - Year Built - Rental Terms: Rental Rate/SF - Lease Terms - Lease Structure - Tenant Finish - Rent Escalation - Concessions - Comments: Retail Rent Comparable 2 Oak Avenue Plaza Retail 2800-2860 Oak Avenue, Coconut Grove, Florida 2,317± SF Available 1981 $60.00 3 to 5 years Net As Is CPI or Steps Negotiable Street frontage on Crandon Boulevard Retail Rent Comparable 3 Harbor Plaza 51-99 Harbor Drive, Key Biscayne, Florida 3,000± SF 1957 $60.00 3 to 5 years Net As Is CPI or Steps Negotiable Street frontage on Harbor Drive JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 88 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Office Rent Comparable 3 Name: Office Rent Comparable 1 Name: One Cocowalk - Proposed Location: 3001 Virginia Street, Coconut Grove, Florida Net Rentable Area - 77,851± SF Available Year Built - 2019 Rental Terms: $38.00 Rental Rate/SF - $38.00 - $40.00 Lease Terms - 3 to 5 years Lease Structure - Net Tenant Finish - As Is Rent Escalation - CPI or Steps Concessions - Negotiable Comments: Street frontage on Virginia Street Office Rent Comparable 3 Name: Office Rent Comparable 2 Name: Mary Street - Proposed Location: 3310 Mary Street, Coconut Grove, Florida Net Rentable Area - 28,000± SF Available Year Built - 2018 Rental Terms: $38.00 Rental Rate/SF - $38.00 Lease Terms - 3 to 5 years Lease Structure - Net Tenant Finish - As Is Rent Escalation - CPI or Steps Concessions - Negotiable Comments: Street frontage on Mary Street Office Rent Comparable 3 Name: Mayfair in the Grove Location: 3390 Mary Street, Coconut Grove, Florida Net Rentable Area - 7,784± SF Available Year Built - 1977 Rental Terms: Rental Rate/SF - $38.00 Lease Terms - 3 to 5 years Lease Structure - Modified Gross Tenant Finish - As Is Rent Escalation - CPI or Steps Concessions - Negotiable Comments: Street frontage on Mary Street JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 89 Bayshore Landing Marina MARKET ANALYSIS 16-091-02 Rental rates for retail space within the subject's immediate neighborhood range from $44.85/SF to $60.00/SF. Rental rates for office space within the subject's immediate neighborhood range from $38.00/SF to $40.00/SF. Although the rental rates for similar properties are important variables in the determination of market rental rates, the subject's actual leases have also been taken into account. The subject is judged to be under good management and the recent leases which currently encumber the subject are considered to be reflective of actual market rents. The terms of the subject's leases reflect actual negotiated rental rates which in turn reflect the specific trend of the property, (i.e. location, finish -out, tenant mix). As a result, the terms of the recent lease agreements within the subject have been given some weight in estimating the level of market rent which will likely be achieved by the property. The subject's current office/retail leases were analyzed as illustrated in the following chart. The lease details of each tenant are confidential. Therefore, the leases have been summarized as follows. Lease Lease Start Expiration Base Rental Base Rental Tenant Name Suite NRA Date Date Revenue Revenue /SF CAM CAWSF T0.1 da Yacht International i Maki i Maki Outdoor Vacant by Elevators Office IAo# Comparable 4 Name: 2486 SW 27a' Terrace Location: 2486 SW 27th Terrace, Coconut Grove, Florida Net Rentable Area - 3,045± SF Available Year Built - 1999 Rental Terms: Rental Rate/SF - $38.50 Lease Terms - 3 to 5 years Lease Structure - Modified Gross Tenant Finish - As Is Rent Escalation - CPI or Steps Concessions - Negotiable Comments: Street frontage on SW 27th Terrace Rental rates for retail space within the subject's immediate neighborhood range from $44.85/SF to $60.00/SF. Rental rates for office space within the subject's immediate neighborhood range from $38.00/SF to $40.00/SF. Although the rental rates for similar properties are important variables in the determination of market rental rates, the subject's actual leases have also been taken into account. The subject is judged to be under good management and the recent leases which currently encumber the subject are considered to be reflective of actual market rents. The terms of the subject's leases reflect actual negotiated rental rates which in turn reflect the specific trend of the property, (i.e. location, finish -out, tenant mix). As a result, the terms of the recent lease agreements within the subject have been given some weight in estimating the level of market rent which will likely be achieved by the property. The subject's current office/retail leases were analyzed as illustrated in the following chart. The lease details of each tenant are confidential. Therefore, the leases have been summarized as follows. Lease Lease Start Expiration Base Rental Base Rental Tenant Name Suite NRA Date Date Revenue Revenue /SF CAM CAWSF T0.1 da Yacht International i Maki i Maki Outdoor Vacant by Elevators Southern Apex Marine o n• e n t• a Body Belly Baby Citi marl ne Grande Yachts International Hatteras Latin America Prime Marina Group David Avellar Neblett Performance Yacht Sales 53,729 $2,078,369 $768,719 $2,847,068 The rental rates of the subject's 1st floor leases have an average of $42.68/SF, on a triple net basis. The rental rates of the subject's 2nd floor leases range have an average of $31.85/SF, on a triple net basis. The subject is currently asking $35.00/SF for vacant retail and office space. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINO 90 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS 16-091 Based on the subject's location, adjacent to a marina, and parking availability, we conclude the market rent for the subject's space is in the range of $30.00/SF to $45.00/SF net. Based on the comparables, as well as the location, visibility, and occupancy restrictions, we conclude the subject's market rent would be approximately $42.00/SF net for first floor space and $32.00/SF net for second floor space. UPLAND EXPENSE REIMBURSEMENT REVENUE Upland expense reimbursement revenue incorporates upland CAM and tax reimbursements. The total historical upland revenue for the subject is shown on the chart below, along with our projections: Expense Reimbursement Revenue Subject - 2012 Subject - 2013 Subject - 2014 Subject - 2015 Subject - July 2017 Rent Roll Amount: $203,677 $258,734 $310,078 $440,680 $768,719 Per SF: $3.79 $4.82 $5.77 $8.20 $14.31 The subject's ownership is currently charging $14.50/SF for expense reimbursement revenue. Therefore, we concluded to upland expense reimbursement revenue of $14.50/SF. Upland Vacancy and Collection loss Vacancy and collection loss reflects the fact that most income-producing properties have a certain amount of vacancy and rental income loss. The vacancy factor is determined primarily by current market. The subject's retail/office building is currently 97.50% occupied. The subject's retail submarket has a current vacancy rate of 6.3% for non -anchored retail. We estimate a 5.00% stabilized vacancy and collection loss for the subject's retail/office building. Upland Revenue Pro Forma The pro forma for the upland revenue is shown below. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 91 SF Rent/SF Base Rent Restaurant Revenue (Sushi Maki) 3,240 $55.00 $178,200 Retail Revenue 9,758 $42.00 $409,836 Office Revenue 15,862 $32.00 $507,584 Expense Reimbursement 53,728 $14.50 $779,056 Potential Gross Revenue $1,874,676 General Vacancy - 5% ($93,734) Effective Gross Revenue $1,780,942 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 91 Bayshore Landing Marina 16-091-02 MARKET ANALYSIS Percentage Rent With regards to the rental rate for the subject's restaurants, it is noted that a number of marina and restaurant facilities in Miami -Dade County are leased with the property's rental rate stipulated on a base amount, base amount plus percentage rent, percentage rent or the greater of percentage rent or base rent. Detailed below is information regarding several marina/restaurant comparables within the market: Comparable Base Rent % Rent Confidential $320,000 10% of gross receipts Miami Yacht Club $49,080 9.0% of gross revenue in excess of $380,000 Miami Outboard Club $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 $550,000 or 15% of gross revenue for marina 10% of gross revenue for boatyard 10% of gross revenue for restaurants 5% of gross revenue for service/fuel Rickenbacker $360,000 15.00% of gross revenues for wet slips 12.00% of gross revenues for dry slips Bayside Marketplace $1,540,000 NA Subject — Monty's 10% of gross receipts for raw bar sales 10% of all upland rents (excluding raw bar) 15% of gross receipts from rental dockage In addition, the Rusty Pelican's lease stipulates that it will pay rent of $360,000/year plus a variable percentage rate, starting at 2.5% and rising to a maximum of 8% of gross revenues over sales of $12,000,000. The subject's original lease state lease payments are required at 10% on all gross receipts for raw bar sales, 10% of all upland rents (excluding the restaurant) and 15% of gross receipts from rental dockage. The subject's original lease percentage rent structure appears market oriented based on the comparable lease structures and has been utilized in this analysis. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINO 92 Bayshore Landing Marina 16-091-02 CONCLUSION Bayshore Landings market rent estimate is calculated as follows: MARKET ANALYSIS Projected Annual Revenue Revenue Percentage Rent Factor Estimated Rent Rental Dockage $2,400,610 15% $360,092 Monty's Raw Bar $7,566,790 10% $756,679 Upland Rents $1,780,942 10% $178,094 Total (All Revenues) $11,748,342 $1,294,865 Additional Rent There is a proposed Fifth Amendment to the lease agreement between the City of Miami and Aligned Bayshore Marina, LLC. The portion of the proposed lease that mentions Additional Rent is shown below. F. New section 13 (VI) and 13 (VII) will be added. Section 13 (VI) Additional Rent: The Company agrees to pay the City a minimum of the greater of Two Hundred Thousand Dollars ($200,000) per lease year, or 1.75% of Gross Receipts derived from the property as Additional Rent. Section 13 (VII) Along with the payment of the Additional Rent, the Company shall provide the city with a statement of Gross Sales specifically detailing the Gross Sales received for the immediately preceding Lease Year audited by a Certified Public Accountant. The Additional Rent percentage rent of 1.75% of gross revenues equates to $205,596 based on our projected gross revenue estimate of $11,748,342. This is above the minimum additional rent threshold of $200,000 per lease year. Therefore, the additional rent to the city is $205,596. CONCLUSION The market rent estimate for the subject is calculated as follows:i Projected Annual Revenue Revenue Percentage Rent Factor Estimated Rent Rental Dockage Restaurant Upland Rents $2,400,610 $7,566,790 $1,780,942 15% 10% 10% $360,092 $756,679 $178,094 Total (All Revenues) $11,748,342 $1,294,865 Additional Rent $11,748,342 1.75% $205,596 Estimated Fair Market Rent $1,500,461 Rounded $1,500,000 Based on our fair market rent conclusion, the minimum base rental rate for the subject should be $1,500,000, with annual CPI escalations. The annual rental rate due to the City of Miami is the greater of the minimum base rent or percentage rent. 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. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 93 Bayshore Landing Marina RECONCILIATION AND FINAL VALUE 16-091-02 After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the fair market rent of the subject for the proposed Fifth Amendment to the Lease Agreement between the City of Miami and Aligned Bayshore Marina as of July 16, 2017, is: $1,500,000 ONE MILLION FIVE HUNDRED THOUSAND DOLLARS The market rent estimate for the subject is calculated as follows: Projected Annual Revenue Revenue Percentage Rent Factor Estimated Rent Rental Dockage Restaurant Upland Rents $2,400,610 $7,566,790 $1,780,942 15% 10% 10% $360,092 $756,679 $178,094 Total (All Revenues) $11,748,342 $1,294,865 Additional Rent $11,748,342 1.75% $205,596 Estimated Fair Market Rent $1,500,461 Rounded $1,500,000 Based on our fair market rent conclusion, the minimum base rental rate for the subject should be $1,500,000, with annual CPI escalations. The annual rental rate due to the City of Miami is the greater of the minimum base rent or percentage rent. 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. The subject is proposed for renovation of its marina and upland improvements. Therefore, this appraisal is based on the extraordinary assumption the construction will be performed in a workmanlike manner. This appraisal is not based on any hypothetical conditions. The opinion(s) of value are based on reasonably achievable exposure times of 6 to 12 months, assuming the property is properly priced and actively marketed. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 94 Bayshore Landing Marina 16-091-02 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING ADDENDA This Instrument prepared by and after recording return to: Suzanne Amaducci-Adams, P.A. Bilzin Sumberg Baena Price & Axelrod LLP 1450 Brickell Avenue. 23rd Floor Miami. Florida 33131 Tax Parcel I.D. No. 01-4122-001-1631 CFN: 20150335262 BOOK 29630 PAGE 2569 DATE:05/27/2015 09:06:27 AM DEED DOC 41,700.00 SURTAX 31,275.00 HARVEY RUVIN, CLERK OF COURT, MIA-DADE CTY (For Recorder's Use Only) SPECIAL WARRANTY DEED THIS SPECIAL WARRANTY DEED, is made effective as of May 21, 2015, by BAYSHORE LANDING, LLC, a Florida limited liability company with an address at c/o RCI Group, 300 Alton Road, Suite 303, Miami Beach, Florida 33139, Attention: Robert W. Christoph, Jr. ("Grantor") in favor of ALIGNED BAYSHORE MARINA LLC, a Florida limited liability company, with an address at 2550 South Bayshore Drive, Suite 204A, Miami, Florida 33133. Attention: Jose Hevia and Stefan Johansson ("Grantee"). Grantor, for and in consideration of the sum of $10.00 and other good and valuable consideration paid by Grantee, receipt of which is acknowledged, grants. bargains, sells, remises, releases, conveys and confirms unto Grantee and its successors and assigns forever, all of the improvements located on the parcel of land, situate, lying and being in the County of Miami - Dade, State of Florida, and more particularly described on the attached Exhibit A (the "Property") which improvements include but are not limited to all buildings, awnings, docks, dock lifts, moorings, piers, fences, chickee huts, signage, light fixtures, parking areas, walkways. or paved pedestrian and vehicular accessways and all other improvements now or hereafter located on the Property, whether below or above grade level, as well as all the fixtures and appurtenances thereto (collectively the "Improvements"). TO HAVE AND TO HOLD, the Improvements herein granted unto the Grantee, the heirs or successors, and assigns of the Grantee, subject to the terms and provisions of that certain Lease Agreement between the City of Miami ("Landlord") and Bayshore Properties, Inc. ("BPI") dated September 20, 1985, as (i) assigned to Grove Marina Market, Ltd. ("GMM') by virtue of that certain Assignment of Lease dated March 16, 1986, that certain Acceptance of Assignment of Lease dated March 14, 1986, and that certain Consent by and between Landlord and BPI dated March 13, 1986; (ii) as amended by that certain Memorandum of Understanding dated August 30, 1991. that certain Memorandum of Understanding dated September 10. 1993. as modified by Correction of Scrivener's Error, recorded on February 24, 1994, in Official Records Book 16258, at Page 494 of the Public Records of Miami -Dade NOTE TO RECORDER: DEED IS ONLY FOR IMPROVEMENTS WHICH ARE VALUED AT $6,950,000.00; FEE IS NOT OWNED BY GRANTOR OR GRANTEE; FEE SUBJECT TO LEASE REFERENCED IN DEED. MIAMI 4453508.3 76565/43914 CFN: 20150335262 BOOK 29630 PAGE 2570 County, Florida and that certain Amendment to Lease Agreement dated November 14, 2001; (iii) as further assigned b y G M M to Bayshore Landing, LLC ("Landing') by that certain Assignment and Assumption of Master Lease dated August 20, 2004 and that certain Consent to Assignment dated August 23, 2004; (iv) as further amended by that certain Second Amendment to Lease Agreement between the Landlord and Landing, dated August 20, 2004, that certain Memorandum of Lease dated August 20, 2004 recorded in Official Records Book 22606 at Page 2426 of the Public Records of Miami -Dade County, Florida, that certain Third Amendment to Lease between Landlord and Landing dated December 27, 2004 and that certain Fourth Amendment to Lease between Landlord and Landing dated as of February 26, 2015; and (v) as further assigned by Grantor to Grantee of even date herewith (herein called the "Master Lease"). SUBJECT TO any and all easements, covenants and restrictions of public record without reimposing the same. AND Grantor covenants with Grantee that: (i) Grantor is lawfully seized of a leasehold interest in and the owner of the Improvements on the Property; (ii) that Grantor has good right and lawful authority to sell and convey the Improvements pursuant to the terms and conditions of the Master Lease; (iii) Grantor warrants the title to the Improvements that there are no liens against any of the Improvements arising by or through Grantor; and (iv) Grantor will defend the same against all persons who make a claim by or through Grantor. SIGNATURE PAGE FOLLOWS MIAMI 4453508.3 76565/43914 CFN: 20150335262 BOOK 29630 PAGE 2571 Grantor has executed this Special Warranty Deed as of the date indicated above. GRANTOR: BAYSHORE LANDING, LLC, a Florida limited liability company B to Grantor ] Robert W. Christop , Jr., Manager ame of Witness to Print Name of Witness STATE OF FLORIDA COUNTY OF MIAMI-DADE The foregoing instrument was acknowledged 1 Robert W. Christoph, Jr., Manager of BAYSHORE L, company, on behalf of the limited liability company, produced a Florida driver's license as identification. My Commission Expires: • "'kt, +c,�:••,. SUZ�IYIE ADAl13 WY (XI USSIO # FF 160106 ' * S EXPIRES: October V.201 'ry"p9� 6,*dThNBYOgl1NQbryW:!! me this 1�{ d yy of May, 2015, by JG, LLC, a da limited liability is nersonafly knhwn to—I% or who [EXECUTION PAGE TO SPECIAL WARRANTY DEED] MIAMI 4453508.3 76565/43914 CFN: 20150335262 BOOK 29630 PAGE 2572 EXHIBIT A PROPERTY The land referred to herein below is situated in the County of Miami -Dade, State of Florida, and is described as follows: PARCEL 1: Lots 20, 21 and 22 and the Northeasterly half of Lot 23, Block 43, of "SAMUEL RHODES PLAT OF NEW BISCAYNE", according to the plat thereof, as recorded in Plat Book "B", at Page 16, of the Public Records of Miami -Dade County, Florida; LESS the Northwesterly 4 feet thereof, as right-of-way dedicated to The City of Miami. PARCEL 2: A parcel of submerged land being more particularly described as follows: Commence at the Northerly corner of Lot 20, Block 43, of " SAMUEL RHODES PLAT OF NEW BISCAYNE according to the plat thereof, recorded in Plat Book "B", at Page 16, of the Public Records of Miami -Dade County, Florida; thence South 40°23'32" East along the Northerly line of said Lot 20 and its Southeasterly prolongation thereof for 691.46 feet, more or less, to a point of intersection with the Miami -Dade County bulkhead line (U.S. Harbor line) as recorded in Plat Book 74, at Page 3 (sheet 5), of the Public Records of Miami -Dade County, Florida, said point being the Point of Beginning of the following described parcel of submerged land; thence continue South 40°23'32" East along the said Southeasterly prolongation of the Northeasterly line of Lot 20 for 270.0 feet; thence South 49°33'29" West for 166.94 feet, more or less, to the point of intersection with the Southeasterly prolongation of the Southwesterly line of the Northeasterly 1/2 of said Lot 23, Block 43; thence North 40°23'32" West along the Southeasterly prolongation of the Southwesterly line of the Northeasterly 1/2 of said Lot 23 for 183.76 feet, more or less, to a point of intersection with the said Miami -Dade County bulkhead line; thence North 21'41'5 1 " East along said Miami -Dade County bulkhead line (U.S. Harbor line) for 184.53 feet, more or less; thence North 49°33'29" East along said Miami -Dade County bulkhead line for 3.87 feet, more or less, to the Point of Beginning. PARCEL 3: Lot 24 and the Southwesterly half of Lot 23, Block 43, of "SAMUEL RHODES PLAT OF NEW BISCAYNE", according to the plat thereof, recorded in Plat Book "B", at Page 16, of the Public Records of Miami -Dade County, Florida; LESS the Northwesterly 4 feet thereof, as right-of-way dedicated to The City of Miami. PARCEL 4: MIAMI 4453508.6 76565/43914 CFN: 20150335262 BOOK 29630 PAGE 2573 A parcel of submerged land in Biscayne Bay in Section 22, Township 54 South, Range 41 East, Miami -Dade County, Florida, lying Southeasterly of and abutting Lot 24 and the Southwesterly one-half of Lot 23 (LESS the Northerly 4 feet thereof) of Block 43, of "SAMUEL RHODES AMENDED MAP OF NEW BISCAYNE", as recorded in Plat Book "B", Page 16, of the Public Records of Miami -Dade County, Florida, being more particularly described as follows: Begin at the Southwesterly corner of said Lot 24, said corner being in the mean high water line of Biscayne Bay; thence South 40°23'32" East along the Southeasterly extension of the Southwesterly line of said Lot 24, a distance of 538.57 feet to a point in the bulkhead line established for this area as shown on map in Plat Book 74, Page 3 (sheet 5), of the Public Records of Miami -Dade County, Florida; thence North 21'41'51" East along said bulkhead line a distance of 84.87 feet to the intersection with the Southeasterly extension of Northeasterly line of the said Southwesterly one-half of Lot 23; thence North 40°23'32" West along said Southeasterly extension a distance of 497.47 feet to the mean high water line of Biscayne Bay; thence Southwesterly along said mean high water line boundary of said Southwesterly one-half of Lot 23 and of said Lot 24, a distance of 75.00 feet, more or less, to the Point of Beginning. PARCEL 5: A parcel of submerged land more particularly described as follows: Beginning at the intersection of the Southeasterly extension of the Southwesterly line of Lot 24, Block 43, of the plat of "NEW BISCAYNE AMENDED", as shown in Plat Book "B", at Page 16, of the Public Records of Miami -Dade County, Florida, with the Miami -Dade County bulkhead line as shown in Plat Book 74, at Page 3, (sheet 5), of the Public Records of Miami -Dade County, Florida; thence run North 21°41'51"East along said bulkhead line for a distance of 84.87 feet, to its intersection with the Southeasterly extension of the Northeasterly line of the Southwesterly 1/2 of Lot 23, Block 43, of the aforesaid plat of "NEW BISCAYNE AMENDED"; thence run South 40°23'32" East along the Southeasterly extension of said Northeasterly line of the Southeasterly 1/2 of Lot 23 for a distance of 283.73 feet (285.72 feet calculated) to a point; thence run South 49°36'28" West for a distance of 115.68 feet (114.64 feet calculated) to a point; thence run North 40°23'32" West for a distance of 225.0 feet to a point on the Miami -Dade County bulkhead line; thence North 21 °41' 51" East along said bulkhead line for a distance of 44.86 feet to the Point of Beginning of the herein described tract of submerged land. (See Deed 19448, recorded in Deed Book 3130, Page 260). PARCEL 6: A parcel of submerged land in Biscayne Bay in Section 22, Township 54 South, Range 41 East, Miami -Dade County, Florida, lying Southeasterly of Lots 20, 21, 22 and the Northeasterly half of Lot 23, Block 43, "RHODES NEW BISCAYNE AMENDED", according to the plat thereof, recorded in Plat Book "B", at Page 16, of the Public Records of Miami -Dade County, Florida, more particularly described as follows: Commence at the Southwest corner of the Southeast 1/4 of Section 15, Township 54 South, Range 41 East, Miami -Dade County, Florida; thence North 87°30'21" East, along the South line of the Southeast 1/4 of said Section 15, for a distance of 34.46 feet to a point on the monument \74183\20912\ H 682252 v 3 CFN: 20150335262 BOOK 29630 PAGE 2574 line of Kirk Street, as established by the City of Miami, Florida; thence South 38°09'56" East, along the said monument line of Kirk Street, for a distance of 128.73 feet to a point on the monument line of South Bayshore Drive, as established by the City of Miami, Florida; thence South 51°56'48" West, along the said monument line of South Bayshore Drive, for a distance of 1,528.96 feet to the intersection thereof with the prolongation Northwesterly of the Northeasterly line of Lot 20, Block 43 of "RHODES NEW BISCAYNE AMENDED", Plat Book "B", at Page 16, of the Public Records of Miami -Dade County, Florida; thence South 40°23'32" East, along the prolongation Northwesterly of the Northeasterly line of the said Lot 20 and along the Northeasterly line of the said Lot 20 for a distance of 724.46 feet to the intersection thereof with the Miami -Dade County bulkhead line, as established by the Board of County Commissioners of Miami -Dade County, Florida (Point of Beginning); thence South 49°33'29" West, along the said Miami -Dade County bulkhead line for a distance of 3.97 feet; thence South 21°41'51" West, along the said Miami -Dade County bulkhead line, for a distance of 184.49 feet to the intersection with the prolongation Southeasterly of the Southwesterly line of the Northeasterly half of Lot 23 of said Block 43; thence North 40°28'32" West, along the prolongation Southeasterly of the Southwesterly line of the Northeasterly half of the said Lot 23 for a distance of 497.6 feet, more or less, to the face of an existing concrete bulkhead; thence Northeasterly along the face of an existing concrete bulkhead line, for a distance of 10 feet more or less; thence Southeasterly, along the face of an existing bulkhead for a distance of 82 feet, more or less; thence Northeasterly along the face of an existing bulkhead for a distance of 53.9 feet, more or less; thence Southeasterly along the face of an existing bulkhead for a distance of 74.3 feet, more or less; thence Northeasterly along the face of an existing bulkhead for a distance of 12 feet, more or less; thence Northwesterly, along the face of an existing bulkhead for a distance of 52 feet, more or less; thence Northeasterly, along the face of an existing bulkhead, for a distance of 17 feet, more or less; thence Southeasterly, along the face of an existing bulkhead, for a distance of 156.75 feet, more or less; thence Northeasterly, along the face of an existing bulkhead, for a distance of 31 feet, more or less; thence Northwesterly, along the face of an existing bulkhead, for a distance of 19 feet, more or less; thence Northeasterly for a distance of 33 feet, more or less, to a point in the prolongation Southeasterly of the Northeasterly line of the said Lot 20; thence South 40°23'32" East, along the prolongation Southeasterly on the Northeasterly line of the said Lot 20 for a distance of 164.4 feet, more or less, to the Point of Beginning. PARCEL 7: A parcel of sovereignty land, now filled, lying in Biscayne Bay in Section 22, Township 54 South, Range 41 East, Miami -Dade County, Florida, being more particularly described as follows: Commence at the Southwest corner of the Southeast 1/4 of Section 15, Township 54 South, Range 41 East, Miami -Dade County, Florida; thence North 87°30'21" East, along the South line of the Southeast 1/4 of the said Section 15, for a distance of 34.46 feet to a point on the monument line of Kirk Street, as established by the City of Miami, Florida; thence South 38°09'56" East, along the said monument line of Kirk Street, for a distance of 128.73 feet to a point on the monument line of South Bayshore Drive, as established by the City of Miami, Florida; thence South 51 °56'48" West, along the said monument line of South Bayshore Drive, for a distance of 1,528.96 feet to the intersection thereof with the prolongation Northwesterly of \74183\20912\ # 682252 v 3 CFN: 20150335262 BOOK 29630 PAGE 2575 the Northeasterly line of Lot 20, Block 43, of "RHODES NEW BISCAYNE AMENDED", Plat Book "B", at Page 16, of the Public Records of Miami -Dade County, Florida; thence South 40°23'32" East, along the prolongation Northwesterly of the Northeasterly line of the said Lot 20 and along the Northeasterly line of the said Lot 20 for a distance of 323 feet more or less to a point on the original high tide line of Biscayne Bay as said high tide line is shown on the said plat of "RHODES NEW BISCAYNE AMENDED", (Point of Beginning); thence continue South 40°23'32" East along the prolongation Southeasterly of the Northeasterly line of the said Lot 20, for a distance of 237 feet, more or less, to the existing high tide line of Biscayne Bay; thence Southwesterly, meandering the high tide line of Biscayne Bay for a distance of 33 feet, more or less, to a point on the face of an existing bulkhead; thence Southeasterly along the face of an existing bulkhead for a distance of 19 feet, more or less; thence Southwesterly along the face of an existing bulkhead for a distance of 31 feet, more or less; thence Northwesterly, along the face of an existing bulkhead for a distance of 156.75 feet, more or less; thence Southwesterly along the face of an existing bulkhead for a distance of 17 feet, more or less; thence Southeasterly along the face of an existing bulkhead for a distance of 52 feet, more or less; thence Southwesterly along the face of an existing bulkhead for a distance of 12 feet, more or less; thence Northwesterly along the face of an existing bulkhead for a distance of 74.3 feet, more or less; thence Southwesterly along the face of an existing bulkhead for a distance of 53.9 feet, more or less; thence Northwesterly along the face of an existing bulkhead for a distance of 82 feet more or less to a point on the original high tide line of Biscayne Bay as shown on the said plat of "NEW BISCAYNE AMENDED"; thence Northeasterly meandering the said original high tide line of Biscayne Bay for a distance of 157 feet, more or less, to the Point of Beginning. AND all lands also described in Warranty Deed dated April 17, 1968 and Filed in Official Records Book 5913, at Pages 253 and 254 of the Public Records of Miami -Dade County, Florida. The aforesaid parcels are to be used as an easement for ingress egress for the following parcels of submerged land: PARCEL A2: A parcel of submerged land in Biscayne Bay being in Section 22, Township 54 South, Range 41 East, Miami -Dade County, Florida, being more particularly described as follows: Commence at the Northerly corner of Lot 20, Block 43, "RHODES AMENDED PLAT OF NEW BISCAYNE", according to the plat thereof, as recorded in Plat Book `B", at Page 16, of the Public Records of Miami -Dade County, Florida; thence South 40°23132" East along the Northerly line of said Lot 20 and its Southeasterly prolongation thereof for 691.46 feet, more or less, to a point of intersection with the Miami -Dade County bulkhead line (U.S. Harbor line) as recorded in Plat Book 74, at Page 3 (sheet 5), of the Public Records of Miami -Dade County, Florida; thence continue South 40°23'32" East along the said Southeasterly prolongation of the Northeasterly line of Lot 20 for 270.0 feet; thence South 49°33'29" West for 41.09 feet, more or less to the Point of Beginning of the herein described submerged parcel of land; thence South 39°25'15" East, 90.15 feet; thence South 50°34'45" West, 92.00 feet; thence North 39°25'15" West, 88.51 feet; thence North 49°33'29" East, 92.01 feet to the Point of Beginning. PARCEL 132: \74183\20912\ # 682252 v 3 CFN: 20150335262 BOOK 29630 PAGE 2576 A parcel of submerged land in Biscayne Bay being in Section 22, Township 54 South, Range 41 East, Miami -Dade County, Florida, more particularly described as follows: Commencing at the intersection of the Southeasterly extension of the Southwesterly line of Lot 24, Block 43, of the plat of "NEW BISCAYNE AMENDED", as shown in Plat Book "B", at Page 16, of the Public Records of Miami -Dade County, Florida, with the Miami -Dade County bulkhead line as shown in Plat Book 74, at Page 3 (Sheet 5), of the Public Records of Miami -Dade County, Florida; thence run South 21 °41'51" West along said bulkhead line for a distance of 44.86 feet to the Point of Beginning of the herein described parcel of submerged land; thence South 40°23'32" East, 225.00 feet; thence North 49°36'28" East, 92.14 feet; thence South 40°23'32" East, 63.39 feet; thence South 49°36'28" West, 120.25 feet; thence North 40°23'32" West, 273.50 feet to a point on the aforesaid Miami -Dade County bulkhead line; thence North 21 °41'51" East on said bulkhead line, 31.81 feet to the Point of Beginning. PARCEL C2: A parcel of submerged land in Biscayne Bay being in Section 22, Township 54 South, Range 41 East, Miami -Dade County, Florida, lying Southeasterly of Lot 24, Block 43, of "SAMUEL RHODES PLAT OF NEW BISCAYNE", as recorded in Plat Book "B", Page 16, of the Public Records of Miami -Dade County, Florida, being more particularly described as follows: Begin at the Southwesterly corner of said Lot 24, said corner being the mean high water line of Biscayne Bay; thence South 40°23'32" East along the Southeasterly extension of the Southwesterly line of said Lot 24, for 538.57 feet to a point in the Miami -Dade County bulkhead line established for this area as shown on map in Plat Book 74, Page 3 (Sheet 5), of the Public Records of Miami -Dade County, Florida; thence South 21'41'51" West along said bulkhead line, 67.75 feet to a point on the Southeasterly line extension of the Southwesterly right-of-way line of Aviation Avenue; thence North 40°23'32" West, along said Southeasterly extension line of said Southwesterly right-of-way line, 88.93 feet; thence North 499618" East, 25.98 feet; thence North 40°23'32" West, 460.24 feet; thence South 57°28'54" West, 26.23 feet to a point on the aforementioned Southeasterly extension of the Southwesterly right-of-way line of Aviation Avenue; thence North 40°23'32 West on the aforementioned extension of the aforesaid right-of- way line, 25.24 feet to the face of an existing concrete bulkhead; thence North 57°28'54" East along the face of an existing concrete bulkhead for a distance of 60.57 feet to the Point of Beginning. \74183\20912\ # 682252 v 3 City of Miami Zoning Information Civic Space Zone CS Miami 21 Zoning Code Notice: This is a reference manual only. For official information, please refer to the Miami 21 Code, as amended, the Zoning Ordinance of the City of Miami. Additional regulations may be applicable. All applications require zoning review and referral prior to commencement. Revised April 2013 MIAMI 21 AS ADOPTED - APRIL 2013 ARTICLE 3. GENERAL TO ZONES j. 22nd Avenue 1. Boundary: 22nd Avenue from NW 1st Street to SW 8th Street. 22nd Ave Setback: Zero (0 ) feet with Arcade k. Central Coconut Grove 1. Boundary: • All properties Adjacent to Grand Avenue between Margaret Street and Mary Street. • All properties Adjacent to Commodore Plaza between Grand Avenue and Main Highway • All properties Adjacent to Fuller Street between Grand Avenue and Main Highway. • All properties Adjacent to Main Highway between Charles Avenue to Grand Avenue. • All properties Adjacent to McFarlane Road between Grand Avenue and South Bayshore Drive. • All properties Adjacent to Virginia Street between Oak Avenue and Grand Avenue. • All properties Adjacent to Florida Avenue between Virginia Street and Mary Street. • All properties Adjacent to Rice Street between Oak Avenue and Florida Avenue. • All properties on the west side of Mary Street between Oak Avenue and Grand Avenue. • All properties on the south side of Oak Avenue between Matilda Street and Tigertail Avenue. Central Coconut Grove Setback (on the streets listed above): Five (5) feet. 3.4 DENSITY AND INTENSITY CALCULATIONS 3.4.1 Lot Area, inclusive of any dedications, is used for purposes of Density and Intensity calculation. 3.4.2 Density shall be calculated in terms of units as specified by Article 4, Tables 3 and 4. The referenced tables provide the maximum allowable Densities. Intensity shall be calculated in terms of Floor Lot Ratio. The buildable Density or Intensity on any particular site will be affected by other regulations in this Code and thus the stated maximums of this Miami 21 Code may exceed the actual Capacity that a site can sustain when other regulations of this Code are applied to the site. The inability to reach the maximum Density or Intensity because of the necessity to conform to the other regulations of this Code shall not constitute hardship for purposes of a Variance. 3.4.3 Lodging Units shall be considered as equivalent to one-half (0.50) of a Dwelling Unit. 3.4.4 The allowable Transect Zone Density may be increased as provided by the Future Land Use Element of the Miami Comprehensive Plan (Residential Density Increase Areas), as illustrated in Article 4, Diagram 9. 3.5 MEASUREMENT OF HEIGHT 3.5.1 Unless otherwise specified herein, the Height of Buildings shall be measured in Stories. The height of Fences and walls shall be measured in feet. The Height of Buildings, Fences and walls shall be measured from the Average Sidewalk Elevation or, where no sidewalk exists, the average of the MIAMI 21 AS ADOPTED - APRIL 2013 ARTICLE 3. GENERAL TO ZONES record profile grade elevation of the street Abutting the Principal Frontage of the Building, as date mined by the Public Works Department. In the event that the base flood elevation, as established by FEMA, is higher than the sidewalk or grade elevations, the Height of the first Story but not the height of Fences and walls shall be measured from the base flood elevation. 3.5.2 A Story is a Habitable level within a Building of a maximum fourteen (14) feet in Height from finished floor to finished floor. Basements are not considered Stories for the purposes of determining Building Height. A ground level retail Story may exceed this limit up to a total height of twenty-five (25) feet. A single floor level exceeding fourteen (14) feet, or twenty-five (25) feet at ground level retail, shall be counted as two (2) Stories; except for T6-36, T6-48, T6-60, T6-80, and D1, where a single floor level exceeding fourteen (14) feet may count as one (1) story if the building height does not exceed the maximum height, including all applicable bonuses, allowed by the transect at fourteen (14) feet per floor. Where the first two stories are retail, their total combined Height shall not exceed thirty-nine (39) feet and the first floor shall be a minimum of fourteen (14) feet in Height. Mezzanines may not exceed thirty-three percent (33%) of the Habitable Space Floor Area, except for D1, where mezza- nines may not exceed fifty percent (50%) of the Habitable Space Floor Area. Mezzanines extending beyond thirty-three percent (33%) of the Floor Area, or fifty percent (50%) of the Floor Area in D1, shall be counted as an additional floor. The Height of a Parking Structure concealed by a Liner may be equal to the Height of the Liner; this may result in a Liner Story concealing more than one level of Parking. 3.5.3 Except as specifically provided herein, the Height limitations of this Code shall not apply to any roof Structures for housing elevators, stairways, tanks, ventilating fans, solar energy collectors, or similar equipment required to operate and maintain the Building (provided that such Structures shall ni cover more than twenty percent (20%) of roof area for T4 and T5); nor to church spires, steeple belfries, monuments, water towers, flagpoles, vents, or similar Structures, which may be allowed to exceed the maximum Height by Waiver; nor to fire or parapet walls, which shall not extend more than five (5) feet above the maximum Height in T4 and T5 and ten (10) feet in T6 and Districts. 3.5.4 No Building or other Structure shall be located in a manner or built to a Height which constitutes a hazard to aviation or creates hazards to persons or property by reason of unusual exposure to avia- tion hazards. In addition to Height limitations established by this Code, limitations established by the Miami -Dade County Height Zoning Ordinance as stated in Article 37 of the Code of Miami -Dade County (Miami International Airport) shall apply to Heights of Buildings and Structures. A letter authorizing clearance from the Miami -Dade Aviation Department or the Federal Aviation Administration (FAA) may be required by the Zoning Administrator prior to the issuance of any Building permit. Construction of an Educational facility within the delineated Miami International Airport Critical Ap- proach Area as defined by the Miami -Dade County Code shall only be granted by Exception. Con- struction of such facility is subject to the approval by the Miami -Dade County Aviation Department or any other agencies authorized by law to approve the construction. 3.5.5 Height limitations for Properties Abutting and in Proximity to National Historic Landmarks a. All properties designated a National Historic Landmark (NHL) which include a Designed Land- scape that is an integral part of the documented significance supporting the NHL designation sh, be protected by height limitations throughout the entire Civic Institution zoned property of whic.. the NHL is a part, so as to protect the Designed Landscape from the potentially adverse effects MIAM! 21 AS ADOPTED - APRIL 2013 ARTICLE 3. GENERAL TO ZONES of an undertaking that may diminish the integrity of the NHL property's location, design, setting, materials, workmanship, association or qualities that qualified it for NHL designation. Examples of adverse effects which diminish the integrity of the NHL property include those which: cause physical destruction of or damage to all or part of the NHL property; or change the character of the NHL property's use or physical features within the NHL property's setting that contribute to its historic significance; or introduce visual, atmospheric or audible elements that diminish the integrity of the NHL property's significant historic features; or alter the NHL property in a way that is not consistent with the federal standards for the treatment of historic properties and applicable guidelines, as published by the United States Department of the Interior. b. The height of structures throughout the entire Civic Institution zoned property of which the NHL is a part shall not exceed that established by a six (6) degree vertical plane which is measured beginning from the ground floor elevation of the principal historic building at the facade that over- looks the Designed Landscape, which plane shall extend in a one hundred eighty (180) degree arc facing the Designed Landscape and measured at grade from the midpoint of the building facade. The ground floor elevation shall be measured according to the 1929 N.G.V.D. of Mean Sea Level supplied by the City of Miami. Structures existing on affected properties at the time of the effective date of this Miami 21 Code shall not be considered nonconforming structures. c. Should the height limitations for structures located in such Civic Institution zoned property as of the effective date of this Miami 21 Code be more restrictive than that created by this section, the most restrictive height shall apply. In the event of a rezoning of all or part of the Civic Institution property, either by successional zoning or by Special Area Plan, the height limitations specified in this Section 3.5.5 shall be incorporated in all subsequent rezonings. d. For purposes of this Section 3.5.5., the following definitions shall apply: Designed Landscape is one or more of the following: • a landscape that has significance as a design or work of art; • a landscape consciously designed and laid out by a master gardener, landscape archi- tect, architect, or horticulturalist to a design principle, or an owner or other amateur using a recognized style or tradition in response or reaction to a recognized style or tradition; • a landscape having a historical association with a significant person, trend, event, etc. in landscape gardening or landscape architecture; or • a landscape having a significant relationship to the theory or practice of landscape ar- chitecture. 2. National Historic Landmark is a nationally significant historic place designated by the Secretary of the Interior because it possesses exceptional value or quality in illustrating or interpreting the heritage of the United States, and defined in Title 36, Section 65.3 of the Code of Federal Regulations. 3.5.6 See Chapter 23 of the City Code, titled Historic Preservation, for regulations and additional height requirements. 111.10 MIAMI 21 AS ADOPTED - APRIL 2013 ARTICLE 3. GENERAL TO ZONES 2. Portions of SD -2, originally adopted by Ord. No. 12651, January 27, 2005; and 3. SD 18, originally adopted by Ord. No. 10863, March 28,1991; and 4. SD 18.1, originally adopted by Ord. No. 11240, March 27, 1995. The Coconut Grove NCD is hereby adopted and codified in Appendix A.3 to this Code. 3.13 SUSTAINABILITY 3.13.1 General a. Landscape requirements are as required in Article 9 of this Code and the City of Miami Tree Protection regulations of Chapter 17 of the City Code, except that where this Code is more re- strictive than the Tree Protection regulations, this Code shall apply. b. All new Buildings of more than 50,000 square feet of Habitable Rooms and Habitable Space in the T5, T6, Cl and CS zones shall be at a minimum certified as Silver by the United States Green Building Council (USGBC) Leadership in Energy and Environmental Design (LEED) standards or equivalent standards adopted or approved by the City. 1. At the time of Building Permit application, the owner shall submit: c. Proof of registration with the Green Building Certification Institute, or equivalent agency; d. A signed and sealed affidavit from a LEED Accredited Professional, or applicable designation, stating that the proposed Building is designed to achieve the required certification; and e. A LEED Scorecard, or equivalent document, identifying anticipated credits to be achieved. 2. At the time of Certificate of Occupancy application, the owner shall submit: f. Proof of certification by the Green Building Certification Institute, or equivalent agency; g. A bond posted in a form acceptable to the City, in the amount indicated below; L Two percent (2%) of the total cost of construction for a 50,000 -100,000 square feet Building; Three percent (3%) of the total cost of construction for a 100,001 - 200,000 square feet Build- ing; iii. Four percent (4%) of the total cost of construction for any Building greater than 200,000 square feet; or h. Proof of partial compliance from the Green Building Certification Institute, or applicable agenc - which demonstrates the credits presently achieved. In addition, a prorated portion of the fL bond amount, as indicated in subsection 2(b) above, shall be posted based on the number uT 111.25 MIAMI 21 AS ADOPTED - APRIL 2013 ARTICLE 3. GENERAL TO ZONES remaining credits needed to meet minimum certification requirements. The bond amount to be posted shall be calculated as follows: (credits remaining for certification / credits required for certification) x full bond amount = prorated bond amount 3. Forfeiture of Bond A bond under this Section 3.13.1 shall be forfeited to the City in the event that the Building does not meet the for LEED Silver certification or applicable certification. The City will draw down on the bond funds upon failure of the owner to submit proof of LEED Silver certification in a form acceptable to the City within one (1) year of the City's issuance of the Certificate of Occupancy for the Building. If required certification is not achieved but a majority of the credits have been verified, the owner shall forfeit a portion of the bond based on any outstanding credits which shall be calculated as follows: (credits remaining for certification / credits required for certification) x full bond amount = bond amount forfeited If the amount to be forfeited is greater than fifty percent (50%) of the full bond amount, the bond shall be forfeited in its entirety. Funds that become available to the City from the for- feiture of the bond shall be placed in the Miami 21 Public Benefits Trust Fund established by this Code. L Affordable Housing Developments that qualify under Section 3.15, may elect to comply with the sustainability requirements promulgated by the Florida Housing Finance Corporation, or its suc- cessor agency, in lieu of the requirements set forth in Section 3.13.1.b above. j. The preservation of Natural Features of land such as trees, vegetation, geological, and other characteristics and the preservation of features of archaeological significance are declared to be in the public interest. Said preservation may justify the relaxation of Setbacks or required Off-street Parking by Waiver. The Zoning Administrator shall determine that the trees, vegetation, geological and other natural characteristic, or archaeological features are in the Buildable Area of the Site and not in Setback areas required for the development of the site. 3.13.2 Heat Island Effect The intent of this section is to reduce the heat island effect in the City of Miami and to consequently reduce energy consumption and bills for buildings within the City. a. Applicability In all Transect Zones, except T3, the provisions of this section are applicable to all new construc- tion and to repair or replacement greater than fifty percent (50%) by area of existing roofs or site Hardscape. All repairs or replacement of existing roofing or Hardscape shall be reviewed by the Zoning Department for compliance with this section. The following portions of new or existing roofs are exempted from the requirements of section 3.13.2: 1. The portion of the roof acting as a substructure for and covered by a rooftop deck, vegetation associated with an extensive or intensive green roof as defined by the U.S. Environmental 111.26 MIAMI 21 AS ADOPTED - APRIL 2013 ARTICLE 3. GENERAL TO ZONES Protection Agency, or any area of a roof utilized by photovoltaic and solar equipment. 2. A rooftop deck covering a maximum of 1/3 of the rooftop total gross area. 3. Existing roofs where less than fifty percent (50%) of existing roof area is repaired or replaced are exempt from the requirements of 3.13.2.c. 4. Existing Hardscapes where less than fifty percent (50%) of existing Hardscape area is being repaired or replaced are exempt from the requirements of 3.13.2.d. b. Solar Reflectance For roofing materials, all roof exterior surfaces and building materials used to comply with this section, shall have a minimum Solar Reflectance as specified in sections 3.13.2.c and 3.13.2.d when (i) tested in accordance with ASTM E903 or ASTM E1918, (ii) tested with a portable reflectometer at near ambient conditions, (iii) labeled by the Cool Roof Rating Council, or (iv) labeled as an Energy Star qualified roof product. Any product that has been rated by the Cool Roof Rating Council or by Energy Star shall display a label verifying the rating of the product. 2. For paving materials, all paving materials used to comply with this section shall have a mini- mum solar reflectance as specified in sections 3.13.2.d when (i) tested in accordance with ASTM E903 orASTM E1918, (ii) tested with a portable reflectometer at near ambient condi- tions, or (iii) default values of Solar Reflectance for listed materials may be used as follow Material Solar Reflectance Typical new gray concrete 0.35 Typical weathered gray concrete 0.20 Typical new white concrete 0.40 Typical weathered white concrete 0.40 New asphalt 0.05 Weathered asphalt 0.10 c. Roof 1. Requirements for Low Sloped Roofs Roofing materials used in roofs with slopes of a rise of zero (0) units in a horizontal length (0:12 pitch) up to and including roofs with slopes of a rise of two (2) units in a horizontal length of 12 units (2:12 units) ("low -sloped") shall meet the following requirements: a. Low -sloped roofs constructed as part of a new building shall utilize roofing products that meet or exceed an initial reflectance value of 0.72 or a three-year installed reflectance value of 0.5 as determined by the Cool Roof Rating Council or by Energy Star. b. Exception. Where more than 50% of the total gross area of the low -sloped roof is covered with vegetation associated with an extensive or intensive green roof as defined by the US EPA, tt remainder of the roof shall have a reflectance value of a minimum of 0.30 and the rooftop dei - 111.27 MIAMI 21 ARTICLE 3, GENERAL TO Z014ES AS ADOPTED - APRIL 2013 exception in section 3.13.2.a.1 applies. c. Exception. Ballasted roofs with a minimum of 15 lbs/sq. ft. or ballast over the entire roof surface may have a reflectance value of a minimum of 0.30. For the purposes of this section, "ballast" shall mean river rock aggregate or larger, pavers or other means of weighing down a roofing membrane over a substrate to resist wind uplift. 2. Requirements for Steep Sloped Roofs Roofing materials used in roofs with slopes of a rise greater than two (2) units in a horizontal length (2:12 pitch) ("steep -sloped") shall meet the following requirements: (a) Steep sloped roofs shall have an initial Solar Reflectance of 0.15 or greater. 3. Requirements for Roofs with Multiple Slopes Roofs with multiple slopes shall be subject to those requirements applicable to the slope which covers the largest area of the building footprint. d. Non -roof Requirements 1. Provide any combination of the following strategies for fifty percent (50%) of the site Hard- scape: (a) Shade from solar panels or roofing materials with a Solar Reflectance of at least 0.30. (b) Shade from trees within five (5) years of occupancy. (c) Paving materials with a Solar Reflectance of at least 0.30. (d) Pervious Pavement System. AW 2. Place a minimum of fifty -percent (50%) of parking spaces under cover (defined as under- ground, under deck, under roof, or under building). Any roof used to shade or cover parking must have a Solar Reflectance of at least 0.30. 3.14 PUBLIC BENEFITS PROGRAM The intent of the Public Benefits Program established in this section is to allow bonus Building Height and FLR in T6 Zones and bonus Building Height in D1 Zones in exchange for the developer's con- tribution to specified programs that provide benefits to the public. 3.14.1 The bonus Height and FLR shall be permitted if the proposed Development contributes toward the specified public benefits, above that which is otherwise required by this Code, in the amount and in the manner as set forth herein. The bonus shall not be available to properties in a T6 Zone if the property abuts a T3 Zone or in a T6-8 Zone if the property abuts a CS Zone. 111.28 MIAMI 21 ARTICLE 4. TABLE 1 TRANSECT ZONE DESCRIPTIONS AS ADOPTED - APRIL 2013 THE NATURAL ZONE consists of lands approximat- ing a wilderness condition, permanently set aside for conservation in an essentially natural state. THE RURAL ZONE consists of lands in open orcultivated state or sparsely settled. These include woodland, grassland and agricultural land. THE SUB -URBAN ZONE consists of tow -Density areas, primarily comprised of Single -Family and Two Family residential units with relatively deep Setbacks, Streetscapes with swales, and with or without Side- walks. Blocks may be large and the roads may be of irregular geometry to accommodate natural and historic conditions. THE GENERAL URBAN ZONE consists of a Mixed -Use but primarily residential urban fabric with a range of Budding types including rowhouses, small apartment Buildings, and bungalow courts. Setbacks are short with an urban Streetscape of wide Sidewalks and trees in planters. Thoroughfares typically define medium- sized blocks. THE URBAN CENTERZONE consists of higher Density Moved -Use Building types that accommodate retail and office Uses, rowhouses and apartments. A network of small blocks has Thoroughfares with wide Sidewalks, steady street tree planting and Buildings set dose to the Frontages with frequent doors and windows. THE URBAN CORE ZONE consists of the highest Density and greatest variety of Uses, including Civic Buildings of regional importance. A network of small blocks has Thoroughfares with wide Sidewalks, with steady tree planting and Buildings set close to the Frontage with frequent doors and windows. THE CIVIC ZONE consists of pubic use space and faciities tlW may cont aM n use Io t w sufrourdings while reflecting adjacent Setbacks and landscape. THE DISTRICT ZONE consists of the least regulated Building and accommodates commercial and industrial Uses of a scale and with a Streetscape that facilitate vehicular access. �17 rl r� • • Pr �. • 1 :< E. i POR— ` • }rt o- m i_ m Ali �x OL A [ > s ita as �ff a , -. iTTiTi_is'. r� • • Pr �. • 1 :< E. i POR— ` • }rt o- m r� • • r'n4d,� W (40 IIS IM • }rt o- m i_ m Ali r� • • r'n4d,� W (40 IIS IM • 401 r� • • r'n4d,� W (40 IIS IM 401 • fir JAI! 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T• iii iii iii iii iii iii .. iQQ iQQ mmQ i©© QQQ • QQQ QQQ QQQ QQQ aiQQ QQQ • • iii iii iii iii iQQ Q©© QQQ QQQ ODD mQi QQQ mm Q QQ® QQ© mm Q QQQ • .. iii iii iii iii iQQ QQQ • iii iQQ QQQ QQQ iQQ QQQ • iii iii iii iiiii iii • iii QQQ QQQ QQ© QQ •• r iii iii iQQ iQQ iQQ - _ •• QQQ Q©© QQQ QQQ iQQ iQQ iQQ CJQQ ©ii r •• Q©© O©© QQQ • •• Q©© Q©© Q©® Q©© iQQ • ' • iii ii© mmiQQ iQQ QQQ iii iii iii iii ii • ': • :• • . iii iii iii iii iii Q iii iii QQQ :• • ...:.: iii iii iii iii iii Q©© • ` iii iii iii iii iii ©QQ • - _ ` iii iii iii ii iii Q I MIM MIAMI 21 ARTICLE 4. TABLE 4 DENSITY INTENSITY AND PARKING CONTINUED AS ADOPTED - APRIL 2013 C - CNBC CS - CIVIC SPACE Cl - CIVIC INSTITUTION Cl -HD - CIVIC INSTITUTION HEALTH DISTRICT (Ui wA OiNWY OF ABUT M Z= IN tlf�fs PERAt�IE RESIDENTIAL /rlfiMtfy j-ilp bad Uses are pa►► as listed in Table 3, limted by -M *mrnd1 pmrWaspeosformary 8009** aftmd oarplia mwft dRaadential lba ' Pa" re%*enm m3lbemdAcw i mi I nbilt • Density andallirtermly,par"andloedr>AregLMcns •Laedrg-SbeArtide4,Table 5 Slated Pdfdrg Slandad, A r1de4. Table 5. to match that d the nod restric ive Abutting ace. - Mtrfrlmdl3�lRaTes�r2llvdfaM' LOf>GING a • Mrimm d 1 paidrg $Lace far &every 800quae ted d fiagdenial lba • Loeb - SeePrtde 4, TaUle 5 OFFICE Ofdx Was are pemismW m listed in Table 3. • Mrwmrn of 1 palang space for wery 800 square feet • M. tin of 3 perldnp apexes for every 1.000 sgme dOfdz lba feet of Oftpe Use. • Loadirg - See A *b 4, Table 5 •M nundoneBkespeoeforevery2Dve xUarspecs re4ir, Malbreany nod ur>ions). • Parldrg ratio may be redhead aomting to the shared perking Ste, dent • Pafvg nay be provided cftte in CI, D, T5 orTBvithin 500 bet tvaigh a ace. COMMERCIAL (b11s1l "dumiOlBptlll u§Win iW 3. Camercial Uses are pa mssble, as listed in Table 3, • Niimmof 1 pwidV space for day 800 agree led •Miirrunof3paWagspacesfrteveryll�IfQaom inhledbyompkiinewith dCamedelllea rreClo space • Bildirg am do.ved for 00n. i m at Use on each tet • Leadrg - SeeArtde 4, Table 5 •h4nvralarcmI�brcalymre.. 1, 1.oa>i1 shallbelesstm29"ABildngh=aeatofal. re¢aed (bAae ay redrdiorhs� • M. iii of 3 parlarg spaces fa every 1,000 sf d oxrh - F9rltg talo m/ be mmdLeed axandirg b the A■edl mag `. paprg sfadad • Mrimm of 1 paNrg spacefix every 7 segs in a Major • Lt7Big- See Art* A Tables Sports; Fedily • g1`1109di kX:IA*g g "beamorTM•MrimmdoneBls:speoeforevery2ovehialasperEs . nodded on site ra4 Mdae any reduciQs). • Palarg ratio may be mck aomcb to to sl a perking standard. • ParFvg ratio may be reek for Major Spats Fedily v fn1rdledaMetrahail,MstromoverSlaiah,ormess Yahed facility bi hp to 10% • Lowing- SeeArtide4, Table 5 ' Loaing reeds, ndLdng nwremrirg, shall be amrrh- modated on site. CMC act: Uses ere pertrisebtie a; load inTable 3. Civic Uses ere per., de as listad in Table 3. • Mnirrm of 1 parlarg space for every 800 square Ied -MlinamflpNOWIpmoebwMySembefasrdntly•Miinumof1pwidngapaefdrevey5sestsdamendY ofCMc:Use uses Lasts • Loading-SeePrtde4, Table5 • MmvndlpaghingtpaceforereyIfflDsiafe"Am • Mrimmaflpala speceforeveryl,000sfdeidhbrum or recfealon q)ae, aid perking iQ other Uses err remelt n apace; and per" spaces fix ether Uses as -Q1* Ftl asreghfed • Mrrnirn of 1 par" speceficr every gaff., tx, be for • Mrirrmd 1 parharg space for every self amber for rem al" Lees. reaeatahg Lases -MMmatdlpMggmefQemy5makfElA g•Miimmdlparking farevey500sfdWh*V i aee bre use6 arae far naaeetiord uses ipwte evey2Ohhdfdla'epe:es•MrimmdoneBla:sphacekxevey20vehiala�e�s •IAflfnalO onLMW br f re*ied (sloe ay rediiors} ragLired Makre any nick ons). s • PBMfpfraytopraI I d1lsbIna 4T5rr76olM • Paldrgmay beprovidedthistlenCi, D, T5 or TBvANn 51111111seltmoalmml011e1tl 1pw"e 500 feet a ace. CML SUPPORT Ovl Support lbs ere pearlsbEle as baled in Table 3, avis 944 and Was are permssible as fisted in Table 3, • lv i of 1 perlarg space for every 800 sgLere fed I mitad Dar a rroww wk to, by oon pianos vita of Civil &g3at lime - 4;x Q;4 SLppw anvwun IpalwUspmeluemu • ForClviI3Lgxrtarririmmd1paddrgspaoeforevery •Loading - See Article 4,Table 5 1 BCCI S 1,000 sr. • For Mote e Lls s, oft - For Asserrtily Lases, a nirimm of 1 paldn9 space for 5 sips "Y,5 --m • FrrhAw hellsekanirimmdlperinspamkrway S sips. • AdA e - Mr1 space per staff rrharber �imm d and 1 spaceforowm.. EDUCATIONAL Educatiorel Um ae peaberab as toed In Take 3, Ed tumoral Uses are pan, ble as bred in Tables 3, • Mninm of 1 pm Ii spacefor nary 800 square fad WIN baremolaiceMit In by conpiahcevita dEdcetionallbs. • Mfimm of 2 par" spaces; for every 1,000 sf tx • Mrimrn d 2 pakng spaces for every 1,000 at of • Loading-SmArtde4, Tables ed calQehopme educebong space « tll•hi}�9roelttre)itr� •SchoeLs�Mnimmdl perldrgapeeefaea7hfaalyer f hey sta f nerrbe 1 vigtr pertarg space per100 sL dsnI%, • Oddare Fadltes - Mim m CC 1 space per OW 1 paling space per 5 skdaris in grades 11 and 12 or ma,be. 1 spare for owu and 1 dapd space IlIq CdfegAh%hr:3Kr. every 10ClerrscaedifQ • Oilcbm Facilibes - Mnirtim of 1 space per sle f nerrber, 1 space for anner and 1 dopdf space for every 10 clients cared for. • Main r oneBwspecebrwery27vsKmilaspeo3s regired 0elbre any reductas . IV.18 MIAMI 21 ARTICLE 4. TABLE 5 BUILDING FUNCTION: PARKING AND LOADING AS ADOPTED - APRIL 2013 amwo MWww"Min The shored Paling StandardsTable provides the method for calaterfing shared parking for bLildings with more that One Use type. It rders tote parldrig reqLhenet that appear inTable4. Ftmi0on With Function The parldrig reclLired for any two FLrEtions on a Lot is calulaled 4( dMng the nuiniber of spaces RESIDENTIAL RESIDENTIAL reoed by the lesser of the two Lses by the app op aW, factor from this Table and adding the resLit to LODGING 6 0 61 thegeeiteruseparldrigrecijitner LODGING L D ING I OFFICE] 1 OFFICE For instanm for a building with a Residential Use rep iring 100 and a Camorial Use reqLir- Ing 20the 20 C14dedbytesha"factor afl.2voAreduoetetoUrecoielie to COMMERCIAL 14 1 14 COMMERCIAL 100plus l7spaoss For uses not indicated in this chart on anted use lot a sharing factor of 1.1 shelf 12 1. 12 be allowed. Additional sharing is alluAed by VVYrant. LOADING BERTH STANDARDS T5, T6, O&IC1,HD & Cl shall h%e a rrininmof 10feet of pmoed Wc1h of a oneveydrhe and et Mefor a Movay ANGLE OF ACCESS AISLE WWH�Div"ways PARKING KIN drhe for parldrig area pwdrig 10 or rnme stalls. ONE WAY ONE WAY Two WAY TRAFFIC TRAFFIC TRAFFIC • Podeshim entrances shall be at lad 3 feet from stall, ddy&Aey or access aisle. Berth size Loading Berths SINGLE LOADED DOUBLE LOADED DOUBLE LOADED Allowbie, sicim, paving, and draineW as per Florida Bulding CocleL Pasidenfial*: 200sf=10ftx20#x12ft 42D sf I per Jot 100 Lrds 90 2311t 23 ft 23 ft Off-sbeet Parldrig facilities shall have a rnninm vertical clearance of 7 feet. VVm such a facility is to be used by trixis or loading Uses, the rnninun clearance shall be 12 feet Residential and 15 feet Go 128 ft 11.8 ft 19.3 it Coni wdal and Irdistrial. 45 10.8ft 9.5 ft 18.5ft fraction -Ingiress%dicularconli devices shall be located so asio provide a rrinnun driveway of 20 feet in length between the Base Bulding Line and clispenser • For reqUranents of parldrig lots, refer to Article 9 and the City of Mani Oft street Parking GLicles, and Standards. %raild loft loft 20 ft o ShEd stall: 115 it x 18 it n**njm LOADING BERTH STANDARDS T5, T6, O&IC1,HD & Cl DISTRICT w= RESIDEmnAL* From 25,000 sf to 500,000 sf 1- ... . ............. Berth Types Berth size Loading Berths Pasidenfial*: 200sf=10ftx20#x12ft 42D sf I per Jot 100 Lrds CwTnercial-: 420 sf =12 ft x 35 ft x 15 111 200 sf 1 per each adMonal 100 units 1. dusb ar-: 661D sf-- 12 ft x 55 it x 15 ft fraction ..... ......... Greater then 500,000 sf ............ - Residential loading berths shall beset back Berth Size Loading Berths a distance equal to their her 690 sf I per dst 100 units — I CanTuciall berth may be slislikied by 200 sf 1 per each addicnei 100 units Or 2 Residential berths fraction of 100. 1 Industrial berth nvy be abstWed by 2 Carrnercial berths. LODGING From 25,000 of to 51141,000 at From 25,000 sf to 500,000 sf Berth Size Loading Berths Berth Size Loading Berths 42D sf I per 300 rarrs 42D sf I per 300 rmms A reWred Industrial or CWTnercial loading 200 sf 1 per 100rarns 200 sf I per 100 mum berth may be absfitAod by a CWTnercial Greater than 500,000 of Greater than 5041,000 sf or Residential loading berth, by VWver, if ....... . ......... ...... .... ..... the size, character, ad operation of the Berth Sin Loading Berths Berth Sin Loading Berths Use is tLrd to not veclLiire the cliffiensions 690 sf 1 per 300 rmrys 690 sf 1 per 3W spedeed and the required loading berth 200 sf 1 per 100 morm 200 sf 1 per 100 clirrension ooLid not OthervAse be prumcled aocortiing to the MgLftCrIS Of this CO( -- OFFICE From 25,000 of to 500,000 sf From 25,000 sf to 500,000 of COMMERCIAL" .......... - .. ............... . . . I I - --- ------- Berth Size Loading Baths --------- . Area .......... Berth Shas Loading Berths Area IMIDUSTRLAL" 420 sf 1st 25Ksf- 501(st 420 sf 1st 2EI<sf-5DKsf 42D sf 2nd XKsf- 1OCKsf 420 sf lid 5D<sf-10OKsf 42D sf 3rd 100KsI`-251KsI` 420 sf 3rd 100KsI`-25D<sf 420 sf 4th 250*<sI`-50CKsI` 420 sf 4th 250Ksf-5001<sf .......... --- ..... ........................ Greater than 500,000 sf - ......... ........ -- -1- -- Gmater than -----.-_........I.. ............ 500,000 sf Berth size Loading Berths Area Berth Size Loading Berths Area 680 Sf 1 / 500Ksf 680 sf I / 5001<sf IV22 MIAMI 21 ARTICLE 4. TABLE 6 FRONTAGES AS ADOPTED - APRIL 2013 SECTION PLAN LOT I R.O.W. Lo R O.W. PRIVATE 1-.4 PUBLIC PRIVATE ► .4 PUBLIC Frontage Frontage Front. Frontage a. Common Lawn: a Frontage wherein the Fade is set back sUr sta tally iron the Frontage Line. The front yard awl ed reri>ains ulm)Bdarcaismsualyoorvimmawitha4aomtyards,sLr "rig a common landscape. The Setback can bedensely landscaped to butler from higher speed Thoroughfares. b. Porch & Fence: a Frontage wherein the Fagade is set back from the Frontage Lime with an attached Porch permitted toercxoach. A i fence at the Frontage Line maintains the derrouation ofthe yard i Wile not bloddng view into the fort yard i c. Terrace or Light Court: a FrortageWweinthe Fagade islet balk from the Frontage Line by an elevated terrace or a swim light court This type buffers residential use from urban sidewalks and �I wroves the private yard from public erwoacFrrm t The rased tenaoe is suitable for outdoor cafes. d. Forecourt: a Frontagewherein a portion ofthe Fagade isdam to the Frontage Line with a portion set back The forecourt with a large tree dfars visual and envi,ai i ei al variety to the urban Stronlscape. The Faecourt may accommodate a vehiaiar drop olf. I ? I i, e. Stoop: a Frontage wherein the Fagade is aligned dose to the Frontage Line wdth the Jst Story elevated from the sidewalki stf�yii * to secure pmecy for the windaA& The entrance is i usually an aderior stair and landing This type is recwr nendBcI -i for grourx m Residential Use. I It L Shopfront:aFrotageWwdntheFagadeisaligreddosetothe Frontage Line with the Building a twoe at sidewalk Bade. This type is cornrentional for retail Use. It has substantial glazing at the sidewalk level and an Awning that may over hang the sideAk k i g. Granary: a Frontage wherein the Fagade is aligned dose to thei i Frontage Line with an attached cantilewered or a lightweight i i Colonnade overlapping the sidewalk This type is conventional for retail Use. The Galleryshall be no less than 15 feet wide and aw overlap thewhdewidh of the sidewalk to Whn 2 feet ofthe alb. i %Tntl ed by Spedal Area Plan. I . h. Arcade: a Frontagewherein the Fa;ade irdudes a cdornacethrat overlaps the sidewalk, while the Facade at sidw-ek level rernains at the Frontage Line. This type isconventional for retail eke The arcade shall be no less than 15 feet wide and may overlap the i whde width of the sidewalk to within 2 feet of the alb. Permitted i by Special Area Plan. I IV.23 MIAMI 21 ARTICLE 4. TABLE 7 CIVIC SPACE MES AS ADOPTED - APRIL 2013 This table describes the standards for areas zoned as ChtG Buda (CS) and for Public Paris and Open Space provided by the Public Beneijs Program Civic Space Types should beat the grand level, landscaped and/or pared, open to the sky and shall be open to the public Civic Space Types may be pbNdy or privately awned. Open Space r aciaremen s for each zone are described in Article 5. a. Park: A i k teal pnesen a available for unsftxU ed and struck red recreation poga , A Park may be irrdependerrt of sun ou ng BLildng Frortages. Its larxisaape maybe, ofti istic and consist of pats and trails rneadouus, woods cl, sports Cft and open shelters. Parks may be Corservation Areas, preserving natural dorrdtions and their size may vary. b. Green: An Open Space, available for ustruotued recreation pagans. A Creen may be spatially defined by landscaping rathethan BLikiing Frontages. its landscape shall consist of lain and trees, natiralisticalty disposed. The minimrn size shall be one ale and the ma6mun shall be 4 acres. c.Sgaare: MOpenSpaoeavailablefixuxbuduedneaeatimpmgamsaidclvicpuposm Asquare is spatially de,� by Buildng Frontages with streets on at least one Frontage. Its landscape shall consist of pauernent, lawns and trees, formally deposed. Squares shall be located at the intersection of irrpoitartThoroughlbr s. The minimum size shall be 1f3 are and the m3dmm shall be 2 acres. d. Plaza: An Open Spaoe available for civic purposes and programmed activities. A Plaza shall be spatialtydVW by Bidding Fronthgesand may include shed Frontages. Its landscape shall oorsist prirrEdyafpavermentandbees.Plazasshallbela hedatthe iIars actimafinpatart M wa,jtares. The minimm size shall be 1/8 ale and the mmdmrn shall be 2 acres. e. Courtyard I Garden: An Open Space spatially defined by BLildngs and street walls, and visually accessible on one side to the street f. Playground: An Open Space designed and equipped fur the recreation of children. A Playground shall befeioedand may indudeandpensltetter. Playga&shallbeiriespesedwithinresiderrtial areas and may be paced within a Block Playgourncis may be included within Paris and (beers. There shall be no minimum or madmen size. g. Pedestrian Passage: An Open Space connecting other public spaces, that is restricted to pedes- trian Lee and limited vehicular , of a minimum width of 20 feet Buildup walls enfronting a Pedestrian Passage shall have frequent doors and windma In T&W, TB -48, T6W and T8.80, a Pedestrian Passage may be roofed IN. Communfly Garden: A gaping of garden plats available for srriall-scale cdtivabcR generally to madei5 of apatmenls and dher dAdling types without prrAte ganders Commundy gardens IV.24 MIAMI 21 ARTICLE 4. TABLE 8 DEFINITIONS ILLUSTRATED AS ADOPTED - APRIL 2013 a. THOROUGHFARE &FRONTAGES Private Lot Thoroughfare (R.O.W.) Private Lot b. TURNING RADIUS c. BUILDING DISPOSITION d. LOT LAYERS m Im Ep 1 mus at the C rb 243fective Turing Padls 3rd Layer E 2nd Layer 1st Layrer 3��aal � aya Ir � f. SETBACK DESIGNATIONS r_._._.L ._._. — — — T — — — , lfrort Setback i 3 i 2 i 2-Sde Setback 3 -Rear Setback i ot2 i i I ii i 21.4 e i 1 i 1 i L._._. .------- ._._._. ._._.J IV.25 e. FRONTAGE & LOT LINES g. VISIBILITY TRIANGLE M 1- Nndpal Biking 2- Bacftidng 3- 0 dh I ing 1-Fmrbge Line 24-ot Line 3-Fagedes 4Bevations 5Stree(sa-een 2w -V - TO Fig 1. Fig Fig Atliraaxjhfaeiier- At intersections of At limugtfare in- secborsvWh Biking ddveme s with Thor- tersections with no setbacks oughfare with no Biking Sedmds Biiirg Setbacks MIAMI 21 AS ADOPTED - APRIL 2013 Aff CLE 5. SPEaFIC TO WINES 5.7 CIVIC SPACE ZONES (CS)AND CIVIC INSTITUTION ZONES (CI) 5.7.1 Civic Space Zones (CS) 5.7.1.1 Development in a Civic Space Zone should have a minimum of fifty percent (50%) of its perimeter enfronting a Thoroughfare. Civic Space sites shall be entered directly from a Thoroughfare. 5.7.1.2 Development in Civic Space Zones shall be consistent with the standards in Article 4, Tables 3, 4, and 7. 5.7.1.3 One or more Buildings may be built in each Civic Space. Building floor area shall not exceed twenty- five percent (25%) of the lot area of the Civic Space, and shall support the principal use of the Civic Space. 5.7.1.4 In Civic Spaces, Buildings, Fences and walls shall conform to regulations of the most restrictive Abutting Transect Zone, except as shown by City of Miami's Parks and Public Spaces Master Plan. Other adjustments to the regulations shall be approved by process of Exception. 5.7.1.5 All Community facility and Recreational Facility Uses shall be government owned or operated only. 5.7.2 Civic Institution Zones (CI) 5.7.2.1 Development in a Civic Institution Zone shall have a minimum of one (1) Frontage enfronting a Thoroughfare and should have its primary entrance from a Thoroughfare. 5.7.2.2 Development in Civic Institution Zones shall be consistent with the standards in Article 4, Tables 3 and 4. 5.7.2.3 A Civic Institution Lot may have one (1) or more Buildings. 5.7.2.4 Civic Institution Development shall be permitted by process of Exception and shall conform to the following regulations: a. Any property located within a Cl Zone may be developed according to the regulations of the most restrictive Abutting Transect Zone with all Frontage Setbacks considered a minimum. b. Development in a Cl Zone shall follow the regulations of the Abutting Transect Zone, except that Height restrictions shall be as follows: 1. A Cl Zone entirely Abutting T3 shall be developed to no more than the maximum Height al- lowed by T4. 2. A Cl Zone predominantly Abutting T3 or T4, shall be developed to no more than the maximum Height allowed by T5. 3. A Cl Zone predominantly Abutting T5, T6-8, D1, D2 or D3, shall be developed to no more than the maximum Height of T6-8. 4. ACI Zone entirely Abutting T6-8 or higher, may conform to the maximum Height of any higher Abutting Transect Zone. V.43 MIAMI 21 AS ADOPTED - APRIL 2013 ARTICLE 5. SPECI R C TO ZONES c. A Cl Zone may seek higher than Abutting successional Transect Zoning through the process of Special Area Plan. d. Adjustments to Building Disposition Requirements, with the exception of Setbacks, shall be al- lowed by process of Waiver. 5.7.2.5 The expansion of any existing Civic Institution Use by less than twenty percent (20%) may be per- mitted By Right. 5.7.2.6 In the event that a Civic Institution Zone ceases to be used for Civic Institution Uses, it shall be de- veloped either in accordance with the regulations of the most restrictive Abutting Transect Zone or by process of rezoning, subject to the limitations of the Comprehensive Plan. 5.8 CIVIC INSTITUTION ZONES — HEALTH DISTRICT (CI -HD) a. All Development in the CI -HD zone for a structure that exceeds ten thousand dollars ($10,000.00) in cost and affects the Scale of the street or block front, or that affects the location, relocation or enlargement of vehicular ways or parking areas outside public Rights -of -Way shall be approved by Warrant except that any Development exceeding the following thresholds shall be approved by Exception. 1. Development involving in excess of five hundred thousand (500,000) square feet of Floor Area excluding parking and loading. 2. For hospital buildings, any development in excess of eight hundred thousand (800,000) square feet of Floor Area excluding parking and loading. 3. Any single use or combination of uses requiring or proposing to provide in excess of a net increase of one thousand (1,000) off-street parking spaces. 5.8.1 Building Disposition (CI -HD) a. Newly platted Lots shall be dimensioned according to Illustration 5.8. b. Lot coverage by any Building shall not exceed that shown in Illustration 5.8. c. Buildings shall be disposed in relation to the boundaries of their Lots according to Illustration 5.8. A CI -HD lot may have more than one building. d. Principal pedestrian entrances shall generally be along Principal Frontages and vehicular en- trances on streets of less intensity. e. It is recommended that Facades be built parallel to the Principal Frontage Line. It is recommended at the first Story, Facades along a Frontage Line have frequent doors and windows. g. Setbacks for Buildings shall be as shown in Illustration 5.8. Frontage Setbacks may be adjustev V.44 MIAMI 21 ARTICLE 6. TABLE 13 SUPPLEMENTAL REGULATIONS (CONTINUED) AS ADOPTED - APRIL 2013 C - Cmc CS- °fsr,SoLrE CI - CiVICINSTiTUTION CI.HD- CiVICINSTiTUTIONHEALTHDISTRICT BOATS OMpr cy of privaile pleam a Crafts ad hmba t, Oaapaxy of pneie plemm ads and hnrsebaafs Ova perry d pive6e plem a QaRs and hnotedroefs HOUSEBOAT a hmw � sltMi not be alaAed acep fcrlm crhorse Merges steel not be albNed eaomp far tltose or horse barges shisll not he alined eraoept fa those SM064N gnaWghaed and rtaOMO by speciesi0y i ar>dfdtered and regtiabed by Ordrerne spade* 9uldbil Bred aid reafaled by Ordrwm HOUSE BARGE vim &, adepletlOcbber 24. ism, #10932, adopted October 24, 1M. #10932, a opad October 24, 1961. DOCKS EA616M of docks and Plebs triD Bisraiae BlW aie Bde sw of docs and Res inb Lisrayre �i are Bdermon d cods and Res into fsCayrae Bal are PIERS tented to 35 feel Fbwever, bi Fxel/m a rM bd limited b 35 feet Howaer, by a 600 feet luded tD 35 Tad However, by Eaaoeption a 600 feet ffg*n.m edeneiun of obda and Piers filo Btsctyre mmdmm eadensm of docs and pers i 1D ffmcsyne mmdmm edesion of dodos and pas rM ffacaym Bay may beabm d. Bar may be alcmed Bal my be albned OPEN AIR RETAIL ADULT DAYCARE COMMUNITY SUPPORT FACILITY EAerdm of docks and Piers irto dher vrdeweys is Imbed b 10fed or 1OKdthevrlclihdthev"Wary, WOCrev°er IS less Fbweser, by 6sep M WW elltebtmtybeapprove4 stijectbatppratA lornaB Sttjed b lhef ft" addlortal tBgtNErrnanl5 Access b slle rrtst be tuna mepr Tttomori e. E)desw d Bods and Revs iib ofha vAi rways is united b 10 feet or 10%d the YAO of the waterway, vvhk hmw is less However, by Exoepbm f rdw edersiw may beappoAg srbjedtoaFpm%d fin applicable apmes Stbiedbthefalowirgaddanal re0ein ris AoDessbsite mist befrorna aW TharndIftaa CMww seperallm of airy open a mtd shall be a Dstarne seperahm d any Open Air Retail steel be mYlbw d 75 bol ttemmd tom ay pmpaty Wth mirimm of 75 feet m 2smcl frcmay property with TZ T*R 75•R or l6-RZbm T3, T4-, T5 -P, or T6•R lime Op -Am Imte7 to weekends ad leg31(n1 "to a Cperation limled to melcexis and 40 WKlays for n *Tun of 3 carsecttve days belimm the hmn d m umm of 3 mrsemive days bAmeen the hums r Trp AM and Tin PM TODAMad 7:00 PATI PrOwmm of par V Str"M far stab and par" Provision of paw ng striping for stalls and pa dr PoWbtdwmwfemwl-fa war Prwbsion dcn4la msboonnfacilities For 6 to 9 adlis: Mrinun d 350 sgraefeet of indoor adivilyaea For 10 a rmre ami is Extension of Bods and Res in1D other v&63v els is united b 10 feet or 10%d the vvblr d the vnatermay, Widimw is less However, by Baception fwlhe eoersion may be app v.% snored tD app m d from all BA*CE le a0eraes. &hiedtDtteregtAw, ei dSecficn6.3.4 For 6 to 9 adills: Mnimm of 350 sgrare feet of inch acii* area For 10 or ironer ad &. Mnff md35scarefeetdindocractivitya®perI Mnimmd35scumTaatdindomacb*aea per dit ealit Assisted I. wg Facilities: Albwed ty Eaoeptio n and aesu4ecttDftfola4rgaddim reg*uTenls: Mnimmdistarnaemgxa nmtofZSDDfeetbAween proposed facility and arndtw erdstirg failily. Mnmm dstarm mq wit of 1000 feet between PEifbONAL titRlCLEES Slbiedtothereo msrbdSachm6.4 StbiedtofteregdWel sdSK5m6.4. tIERNGE FACLIIY HELICOPTER LANDING SITE CHILDCARE Helcgliwtm6ngsiiesasregUaledbytKiwAandstaie I- Ielmoerlacirgsilesasmogedbyleeoral bwmaybepwr iedb1V19maYsIWClottefdbvwrg IarvmeybepemittadbyVlHrartsuIjedtDihe additional mWmrranb: aditiorel regirerais MWort°betnadtof bn*gandtaiecrtdhdimplers =Avg olf and pftg ►P pigs and -UD, and may not inch fuer, �, o long Iermpaling or storage or helicopters U*w used br emagerdy operalions (poise de. and rosptd) laKh and taledls stet be restricted to MxdayOtotgWridapfnam9OD Wib5PMonpaacels Abillrg Ta T4 T5R end T6RWm a'�pudlevels�Siel bebcaladavneytanBtildnps, trees, or sigv6at kman teak es b acid posst* air Uftknce dapping c/f and p ckirg up k and cavW, and may not include Ttefing, repo% or lag tem paimV or l sicrage d helicop0a' lhk m used for a mrgenry operations (police, cm and hospital) larcfrgs and Taledfs shat be restided b Mxx*tror r� Ri*fran900AMto5PMmparcels, Abutting T3, T4, T5•R, and T6•R Zees Grand Imos! sites stel be located away frem&itdrM trees, or silpe at terrain fatties b acid possible) airtutulaxa Heimpterlandrgstesasnegrtatedby%claal ardstale kw msy be permitted by Vtnant s Aect tothefdloWrg aditimal reg.nire e, In113jo lybetaedforlheladrngandtalasdtdhal'iooptas dopprg df and poking Lp passages and rag4 and, may not include hiding, repair, or lag tem parking or' S. gedhelicopBa' Lkiess used far anergerol opeatios (pd'toG Elle, and hospital) larndrgs and talaedfs shell be mstrkded to: Mxdwf rotO Ridayftvn900AMto5 PMm parts Abutting T3, T4, TSR, and T&R Zees GrOUnd L-A sites shal I be located away fran Brik bW trees, or sigioat terrain Teatires to avad pias ole airtublerm Rwalcp sites 9w be given priudy over ground leve Rodbp sites stall be gven Ply ae fwd level i Rmflop sites stall be gram priority we grand level sltesin sites in ooxjasted areas j sites in arnge.4ed areas. pertlilt]Rbdw ltnYnit►dl5tptlllelddiRlllCot�tdaotplay am perclK Antninmaldmr plat aea sial beprnaldld br are le(d Iber9ecWKItf+. h ro gent Sera any oAdoo play aesi be less# t 45D 9*m1m1 The mni rum 5land31d0f M1Wor pay area does rd appy for cI dWat voter tneyear loge Mnimm of 35 sciLm feat of usable irndocrAccr space per drld on foaae ktwnmd45 sclLm feet of usable coirlDQ play area per ctild A mimnun abdcacr play area shall be provided far an hdfd fossecWs*. Inmanalstrap myaidocr pay am be less ttan 450 scree fed The awwrun starndad d aAdoor play aea does not appy fir chkiren urdameyeerdage Mrnimmd 35 scare feet of taatie irdoorP= space pedild on licese Mnimmd45scarefeet dnaableoulclo rplayarea padnid I A mn rrL m aioba' play area steel be pwided for on, half of boase capacity. In m evert strap ay co pay area be less than 450 sgr,are feel The nwwnm stadard d aAioor pay aea does rnd apply far chkfren under one year d age I Vehakra*moematbewithin300festdarUielroad I ikiiaiaetraoenndbewilhin300reddarinairced MAJOR SPORTS ModgabasinSelbac sdptoan®dmrrnaf*PEIoat FACILITY (500/a) of the regrired Seibadcs may be approved by Vnnw when Lire Uses ere pwded abV paiarg Stnidues CArnnadal L—may—eedtwenty-evepeCent(25%) d the Building area by Vidrrat VI.T f MIAMI 21 ARTICLE 6. TABLE 13 SUPPLEMENTAL REGULATIONS (CONTINUED) AS ADOPTED - APRIL 2013 C - CIVIC CS - CIVIC SPACE Cl - CIVIC INSTITUTION CI.HD -CIVIC INSTITUTION HEALTH DISTRICT DENSITY (UPA) N'A DENSITY OF ABUTTING ZONE 150 UNITS PER ACRE REGIONAL ACTIVITY Regional Activity Conploc Allayed by E>moon Regional Activity Complex Ahmed by Exo"on COMPLEX with City Corrrrission approval and are steed to the with Cily Corrrrission aplxwal and are "ect to the follomrg adchonal mwirerrerrts: fdlamrig adcitimal mWremxts: MrnmmdearoerecFAene. of 1,000 feet belvam Mni.distancereg0.,9rtd?,0DDfeetb0,. poposed facility and any T3 or T4 Zorrs. proposed facility and any T3 or T4 Zays. VI.18 MIAMI 21 ARTICLE 7. PROCEDIFESAND NONCONFOFM-nES AS ADOPTED - APRIL 2013 DIAGRAM 14 PERMITTING PROCESS PERMITTING PROCESS DIAGRAM Appkent PD Planning Department CRC Coordinated Review CommEllee PZAB Planning Zoning and Appeals Board Zoning Office Referral By Right Waiver Warrant Exospton Variance Zoning Change (Us" Orgy) Preapplication Preappiketion Preappication Preappltcation Preappication Submit to Submit to Submit b suw* m Submit m Zoning Oflke' Planning Department' Planning DeWw wt' Planning Departnenr Planing Department' PD CRC CRC Planning Department Planning Deparbrrent Plarnfng Department Planing Department Zoning Office Decilon melon Certification Certlfcatlan Certification Fie with Hearing File with Hearing Fla with 0 k. Boards' ids. Boards' PZAB PZAB PZAB Appeal PZAB Appeal PZAB AppealI Appeal City Commission GIiy ;7,y,j ; Ctty Comm - 1141 -1-1. Comm lding Building ing Building Pemot I I permit I I PemoR I I P Building Builde"`f Pence I I Bad V11.5 STDB You are currently logged in as: (CUSTID_44905) on 11aYlar-2016 2550 South Bayshore Drive, Miami, Fl - 2550 L2550 S BAYSHORE DR, MIAMI, FL Subject 121 MAP DATA k r,.tr,r,..riv A911 Map Number 12086CO476L Census Tract 0068.01 x or c zone Panel Date September Geo Result S8 (Most Accurate) - ❑ "` 11,2009 single valid address match, point FIPS Code 12086 located at a single known address vzone ❑ D zone point candidate (Parcel) ❑ Area Not Mapped © 2015 - STDB. All rights reserved This Report is for the sole benefit of the Customer that ordered and paid for the Report and is based on the property information provided by that Customer. That Customer's use of this Report is subject to the terms agreed to by that Customer when accessing this product. No third party is authorized to use or rely on this Report for any purpose. 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The seller of this Report shall not have any liability to any third party for any use or misuse of this Report. plicate public—user 03/11/2016 Miami -Dade County, Florida 2015 Real Estate Property Taxes Notice of Ad Valorem Tax and Non -Ad Valorem Assessments SEE REVERSE SIDE FOR IMPORTANT IN FORMATION 01-4122-001-1631 CITY OF MIAMI (LESSOR) ALIGNED BAYSHORE MARINA LLC 2550 S BAYSHORE DR STE 204 A MIAMI, FL 33133 MIAMI Property Address 2550 S BAYSHORE DR Exemptions: 2015 Real Estate Property Taxes FOLIO NUMBER 01-4122-001-1831 PROPERTY ADDRESS 2550 S BAYSHORE DR LEGAL DEScRIPTTON THE FOLLOWING DESC PARCEL ON A LEASE AGREEMENT BETW CRY OF MIAMI d BAYSHORE PROPERTIES IN * RETAIN FOR YOUR RECORDS t DETACH HERE AND RETURN THIS PORTION WITH YOUR PAYMENT 4 bu licate Qublic user 03/11 2016 ONLY ONE AMOUNT ILII II �I II � /III �II,I� I II�III If Paid By Please Pay I I w 7+ O 1 4 1 2 2 0 0 1 1 6 3 i+ 2 0 1 5 Make checks payable to: Miami -Dade Tax Collector Nov 30, 2015 $102,297.36 (in U.S. funds drawn on U.S. banks) Amount due May be Subject to Change Without Notice Mail payments to: Dec 31, 2015 $103,362.96 200 NW 2nd Avenue, Miami, FL 33128 CITY OF MIAMI (LESSOR) ALIGNED BAYSHORE MARINA LLC 2550 S BAYSHORE DR STE 204 A MIAMI, FL 33133 Jan 31, 2016 $104,428.55 Feb 29, 2016 $105,494.15 Mar 31, 2016 $106,559.75 1000000000000000000141220011631201500010655975000000000009 VALOREMAD Miami -Dade School Board School Board Operating 6,200,000 7.41300 6,200,000 45,960.60 School Board Debt Service 6,200,000 0.19900 6,200,000 1,233.80 State and Other Florida Inland Navigation Dist 4,059,696 0.03200 4,059,696 129.91 South Florida Water Mgmt Dist 4,059,696 0.14590 4,059,696 592.31 Okeechobee Basin 4,059,696 0.15860 4,059,696 643.87 Everglades Construction Proj Childrens Trust Authority 4,059,696 4,059,696 0.05060 0.50000 4,059,696 4,059,696 205.42 2,029.85 Miami -Dade County County Wide Operating County Wide Debt Service Library District 4,059,696 4,059,696 4,059,696 4.66690 0.45000 0.28400 4,059,696 4,059,696 4,059,696 18,94620 1,826.86 1,152.95 Municipal Governing Board Miami Operating Miami Debt Service 4,059,696 4,059,696 7.64650 0.68860 4,059,696 4,059,696 31,042.47 2,795.51 NON -AD VALOREM Sava Timp_ Pav Onlina www _miamiriadp_anv Combined taxes and assessments $106,559.75 2015 Real Estate Property Taxes FOLIO NUMBER 01-4122-001-1831 PROPERTY ADDRESS 2550 S BAYSHORE DR LEGAL DEScRIPTTON THE FOLLOWING DESC PARCEL ON A LEASE AGREEMENT BETW CRY OF MIAMI d BAYSHORE PROPERTIES IN * RETAIN FOR YOUR RECORDS t DETACH HERE AND RETURN THIS PORTION WITH YOUR PAYMENT 4 bu licate Qublic user 03/11 2016 ONLY ONE AMOUNT ILII II �I II � /III �II,I� I II�III If Paid By Please Pay I I w 7+ O 1 4 1 2 2 0 0 1 1 6 3 i+ 2 0 1 5 Make checks payable to: Miami -Dade Tax Collector Nov 30, 2015 $102,297.36 (in U.S. funds drawn on U.S. banks) Amount due May be Subject to Change Without Notice Mail payments to: Dec 31, 2015 $103,362.96 200 NW 2nd Avenue, Miami, FL 33128 CITY OF MIAMI (LESSOR) ALIGNED BAYSHORE MARINA LLC 2550 S BAYSHORE DR STE 204 A MIAMI, FL 33133 Jan 31, 2016 $104,428.55 Feb 29, 2016 $105,494.15 Mar 31, 2016 $106,559.75 1000000000000000000141220011631201500010655975000000000009 11 INNIIII!, 1,1111,lfmm� SC/LLE I- - 10 R r r R o GRAPHIC SCALE r sn WMIMM.r_.._rr . _._..._.. 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("BPI"), on September 20, 1985, and authorized by City Commission Resolution No. 85-717, adopted July 18, 1985, with related ballot language approved by referendum of voters on August 13, 1985; and WHEREAS, that certain Lease Agreement was assigned to Grove Marina Market, Ltd. ("GMM") by virtue of that certain Assignment of Lease dated March 16, 1986, that certain Acceptance of Assignment of Lease dated March 14, 1986, and that certain Consent by and between Landlord and BPI dated March 13, 1986; and WHEREAS, that certain Lease Agreement was amended by that certain Memorandum of Understanding dated August 30, 1991, that certain Memorandum of Understanding dated September 10, 1993, as modified by Correction of Scrivener's Error, recorded on February 24, 1994, in Official Records Book 16258, at Page 494 of the Public Records of Miami -Dade County, Florida and that certain Amendment to Lease Agreement dated November 14, 2001; and WHEREAS, that certain Lease Agreement was further assigned by GMM to Bayshore Landing, LLC ("Landing") by that certain Assignment and Assumption of Master Lease dated August 20, 2004 and that certain Consent to Assignment dated August 23, 2004; and WHEREAS, that certain Lease Agreement was further amended by that certain Second Amendment to Lease Agreement between the Landlord and Landing, dated August 20, 2004; that certain Memorandum of Lease dated August 20, 2004 recorded in Official Records Book 22606 at Page 2426 of the Public Records of Miami -Dade County, Florida; that certain Third Amendment to Lease between Landlord and Landing dated December 27, 2004; and that certain Fourth Amendment to Lease between Landlord and Landing dated as of February 26, 2015; and Page I of 18 WHEREAS, that certain Lease Agreement was further assigned by Landing to the Company by that certain Assignment and Assumption of Master Lease dated April 8, 2015 and that certain Consent to Assignment dated April 15, 2015. NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and in consideration of other valuable consideration, the parties covenant and agree as follows: Incorporation of Recitals: The recitals and findings set forth above are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Amendment. 2. Amendment Effective Date: The effective date of this Amendment shall be the first day of the first full calendar month following the date upon which the last of all the conditions precedent to the Amendment Effective Date in Section 5 of this Amendment have occurred (the "Amendment Effective Date"). The date the Amendment Effective Date is achieved shall be memorialized in the form attached as Exhibit A-1. 3. The Lease Agreement is hereby amended as follows: A. A new Section 1 C is hereby added to the Lease Agreement as follows: Section 1 C. No Liability for Submerged Lands Lease and State Waiver of Deed Restrictions: Pursuant to the Lease Agreement, the City has leased part of the Property's submerged land ("Submerged Lands Lease") from the State of Florida (the "'State") and subleased such land to the Company with the State's approval ("Submerged Lands Sublease"). Additionally. the City acquired the other parcel of the Property's submerged lands pursuant to a deed which carries a Waiver of Deed Restriction from the State relating to the Company's uses of such submerged City parcel ("Waiver of Deed Restriction'"). The State may renew the Submerged Lands Lease and Waiver of Deed Restriction at its sole option. furthermore. the State may consent to and approve the Submerged Lands Sublease at its option. Should the State opt to not renew the Submerged Lands Lease and Waiver of Deed Restrictions, or not consent to and approve renewal of the Submerged Lands Sublease, or otherwise cancel such Submerged Lands Lease and Waiver of Deed Restrictions, or otherwise cancel such consent to and approval of the Submerged Lands Sublease, then the City shall not be liable to the Company for any losses, liabilities, costs, expenses, or damages which may occur as a result thereto unless the State cancels the Submerged Lands Lease and the Waiver of Deed Restrictions as a result of a default thereunder by the City which is not caused by a default by the Company under the Lease Agreement. The Company shall be responsible for securing all submerged lands fees, costs, permits, consents and approvals from the State. Notwithstanding the foregoing, the City shall use best efforts to assist the Company in pursuing the Submerged Lands Lease, Waiver of Deed Restrictions, and Submerged Lands Sublease provided the City shall not be Page 2 of'] 8 deemed a guarantor of the Company in any liabilities and costs related to the Submerged Lands Lease. Waiver of Deed Restrictions, or Submerged Lands Sublease. B. A new Section 2A is hereby added to the Lease Agreement as follows: Section 2A. Lease Extension Term: The term of this Lease Agreement shall be extended for a period of thirty-two (32) years, commencing on June 1, 2035 (which is the day following the current expiration date of the Lease Agreement: May 31, 2035) and ending on May 31, 2067. C. A new Section 2B is hereby added to the Lease Agreement as follows: Section 2B. Renewal Options: Subject to approval of this Amendment by a majority of the voters of the City in the Referendum set forth in Section 4 below, and further provided the Company is not in Default of the Lease as amended or any other Agreement with the City or indebted to the City for moneys, the Company shall have the option to renew the Lease Agreement for two (2) additional terms of ten (10) years each. Each renewal term shall be subject to the same terms and conditions as provided for during the initial term of the Lease Agreement, except that no additional referendum shall be required for the exercise of the renewal terms. The Company shall provide written notification to the City, no less than six (6) months prior to the commencement of either of the two (2) renewal terms and failure to timely provide such written notification shall effectuate an automatic waiver of such renewal. D. Section 6 is hereby amended and restated as follows: Section 6. Redevelopment Plans: The Company shall be solely responsible for the construction and cost of all improvements to the marina, building, and restaurant located at the Property, including but not limited to labor, supplies, materials, equipment, professional services, any surrounding or adjacent municipal, governmental, regulator}, requirements, land development, building, electrical, marine related or similar permits. consents, and approvals or any utility and telecommunications or computer hook-ups. The improvements are more particularly described in Exhibit A-3, attached hereto. All improvements described in Exhibit A-3 shall be performed at the Company's sole cost, expense, and risk. E. Section 13(IV) is amended to include for, clarification, that any pass through charges such as but not limited to electricity charges or common area maintenance fees collected by the Company or sublessees are included in the definition of Gross Sales and/or Gross Receipts. F. New Section 13(VI) and 13(VII) are hereby added to the Lease Agreement as follows: Page 3of18 Section 13(V1). Additional Rent: Notwithstanding the Consideration detailed in paragraphs I — III, above, the Company also agrees to pay the City a minimum of the greater of Two Hundred Thousand Dollars ($200,000) per Lease Year, or one and three quarters percent (1.75%) of Gross Receipts derived from the Property as Additional Rent due to the City. Additional Rent shall not be subordinated by, pledged, or encumbered by any other fees or expenses related to the Property or Lease Agreement. Additional Rent shall be paid first, prior to those rents detailed in paragraphs I — III, above. The Company shall commence with Additional Rent on the one year anniversary of the Amendment Effective Date. Section 13(VII). Additional Rent Report. Along with the payment of the Additional Rent, the Company shall provide the City with a statement of Gross Sales specifically detailing the Gross Sales received for the immediately preceding Lease Year audited by a Certified Public Accountant. G. Section 21 of the Lease is hereby amended to read as follows: Section 21. Insurance: The Company shall maintain during the term of this Lease Agreement the following insurance subject to the approval of the City of Miami, Department of Risk Management: (a) Property Insurance: "Special Form" property insurance form with extended coverage against loss or damage by earth movement. named storm, windstorm, hail, and flood. Amounts: Such coverage shall be in the following amounts: Replacement cost on the building, leasehold improvements (exclusive of foundation and excavation costs), lessee's alterations, improvements, fixtures, equipment, trade fixtures and floor coverings, including the expense of removal of debris as a result of damage by an insured peril (collectively. the "insured property") on the property with a maximum deductible of one percent (I%) of the insured value on all perils other than windstorm and five percent (5%) of the insured value for the peril of windstorm and hail, earth movement, flood and named storm, and other sub limits or coverage enhancements as applicable. Such perils, including windstorm and flood insurance, is to be provided to the extent commercially available. Notwithstanding the foregoing, the parties acknowledge and agree that coastal properties are often precluded from being insured by private insurers and that any casualty and windstorm insurance may have to be written through the Florida Joint UnderwTiters Association and/or other governmental or other insurance pool which may include certain prohibitions such as no replacement cost coverage. Page 4 of 18 (b) Business Interruption Insurance: "Special Form" coverage with limits not less than the minimum annual rent, remuneration or ordinary payroll and the debt service payments with 180 days extended period of indemnity. City shall be listed as loss payee on this coverage. (c) Equipment Breakdown (Boiler and .Machinery): Insurance covering repair and replacement of all boilers and machinery serving or benefiting the leasehold improvements. The policies of insurance shall be endorsed to provide use and occupancy coverage for the leasehold improvements in such amount as may be reasonably acceptable to the City. The City shall be listed as loss payee on this coverage. (d) Commercial General Liability Insurance: Commercial General Liability insurance on a commercial general liability coverage form with "broad form" coverage, or its equivalent, including contingent and contractual liability, products and completed operations, personal and advertising injury, and premises/operations coverage, including parking lot coverage against sums adjudicated to be payable by the insured on account of bodily injury, death or property damage occurring in or about the property. This coverage should be written on a primary and non- contributory basis. Amounts: The limits of such coverage shall not be less than One Million Dollars ($1,000,000) per occurrence and Two Million Dollars ($2,000,000) aggregate single limit for bodily injury and property damage. The City must be listed as an additional insured on this coverage. (e) Marine Operators Legal Liability: Insurance with limits not less than One Million Dollars (1,000,000). The City must be included as an additional insured and loss payee. (f) Property Coverage Docks and Piers: All Risk including Windstorm, bail, and Flood subject to replacement cost with a maximum deductible of five percent (5%) on all perils to the extent and as commercially available. Notwithstanding the foregoing, the parties acknowledge and agree that coastal properties are often precluded from being insured by private insurers and that any casualty and windstorm insurance may have to be written through the Florida Joint Underwriters Association and/or other insurance markets. City should be listed as loss payee on this coverage. (g) Automobile Liability: Automobile Liability insurance covering all owned automobiles, including hired and non -owned auto exposures used in connection with operations covered by this lease. The policy or policies of insurance shall contain limits not less than Five Hundred Thousand ($500.000) combined single limit for bodily injury and property damage. Page 5 of 18 The City shall be named as an additional insured on this coverage. The requirements of this provision in terms of owned autos will be waived upon submission of a written statement from the Company that no automobiles are used to conduct business. (h) Worker's Compensation: Statutory Worker's Compensation and occupational disease coverage in the amounts and types required by Chapter 440, of the Florida Statutes. (i) Umbrella: The Company shall further maintain an umbrella policy with limits of Three Million Dollars ($3,000,000) per occurrence and policy aggregate. This coverage should be in excess over all applicable liability policies contained herein, including liquor. 0) Liquor: The Company shall further maintain liquor liability coverage with limits of $1,000,000 per occurrence. The City shall be listed as an additional insured on this Coverage. (k) Required Policy Provisions: All policies of insurance required to be provided and obtained may not be amended, cancelled, or materially changed, unless such actions shall be required by the insurance carrier, without thirty (30) days written notice to the City of Miami. Said notice should be delivered to the City of Miami, Division of Risk Management, Attention: Director, 444 S.W. 2nd Avenue, 91h Floor, Miami, Florida 33130, with a copy to City of Miami, Department of Real Estate and Asset Management, 444 S.W. 2nd Avenue, Miami, Florida 33130, or such address that may be designated from time to time. (1) Delivery: Current evidence of insurance coverage shall be supplied to the City of Miami Department of Risk Management with a copy to City of Miami Department of Real Estate and Asset Management at the commencement of this Agreement, and a new evidence of insurance coverage shall be supplied at least twenty (20) days prior to the expiration of each such policy. Insurance policies required above shall be issued by companies authorized to do business under the laws of the State of Florida, with the following qualifications as to management and financial strength: the company should be rated "A" as to management and no less than class "V" as to financial strength, in accordance with the latest edition of Best's Key Rating Guide, or the company holds a valid Florida Certificate of Authority issued by the State of Florida, Department of Insurance, and be a member of the Florida Guarantee Fund. Receipt of any documentation of insurance by the City or by its representatives, which indicates less coverage than required, does not constitute a w=aiver of the Company's obligation to fulfill the insurance requirements hereof. The insurance coverage required shall include those classifications as listed in standard liability insurance manuals which most nearly reflect the operations of the Company. Page 6 of 18 (m) Right to Amend Insurance Requirements: The City reserves the right to reasonably amend the insurance requirements according to usual and customary standards in the insurance industry as circumstances dictate in order to protect the interest of the City in this Lease Agreement, provided that such requirements are uniformly imposed on comparable City -owned waterfront properties. H. Section 22 is hereby amended and restated as follows: Section 22. Indemnification: The Company shall indemnify, defend (at the Company's sole cost and expense), save and hold harmless the City, its officials, employees, instrumentalities, agencies and agents, from and against any and all claims, actions. causes of action. protests, proceedings, damages, liabilities, expenses or proceedings of any nature arising by virtue of this Fifth Amendment; in connection with the approval, granting or recommendation for approval of the Fifth Amendment; in connection with compliance with any applicable laws, codes, ordinances, rules or regulations, in connection with the loss of life, personal injury or damage, loss to or destruction of property arising from or out of any occurrence in, upon or at the Property, or the occupancy or use by the Company, its agents, servants, representatives, and concessionaires and subtenants of the Property, or any part thereof. in connection with any claims related to equipment. material, supplies, services, furnishings, labor, services, or materials for any improvements or modifications to the Property made by the Company or its agents, contractors, servants and representatives: in connection with any ad valorem, income, sales, use, or any other tax, other governmental levy, or imposition made by virtue of occupancy of the Company; in connection with any occurrence in, upon or at the Property by virtue of the occupancy of the Company; or by virtue of any workers compensation, labor, employment, wage, benefit, payroll, or similar claims made by any employee of the Company; or any claim relating to any environmental violation, hazardous or toxic materials attributable to the Company or for any violation of any law, codes, rules, regulations, resolutions or order attributable to the Company, its representatives. agents or employees, excluding only claims, actions, damages, liability or expenses arising solely and exclusively from the gross negligence or willful misconduct of the City, its officials, or employees. Each party shall pay all costs. expenses and bear their own reasonable attorneys' fees that may be incurred or paid by each part in any action between them to enforce these provisions, providing, however that the court may award court costs to the prevailing party. The indemnification shall commence from the time the Company is recommended for award and shall continue to through the entire term of the Lease, as amended, and shall survive the cancellation or expiration of the Lease. This indemnification is inclusive of administrative. quasi-judicial, regulatory, litigation, bankruptcy and appellate proceedings. Page 7 of 18 I. A new Section 25A is hereby added to the Lease Agreement as follows: Section 25A. Capital Improvements: The Company shall set aside funds to complete major capital improvements and property improvements above and beyond any repairs and maintenance as more specifically described in Section 25. As the Lease is on municipal property all improvements shall be bonded as required by section 255.05, Florida Statutes and the City Code, as amended. The City shall be named an additional obligee on all such bonds which shall always be maintained on file and be subject to the review and approval of the City Risk Management Director and City Attorney as to legal form. The amounts required to be set aside and the years in which they must be spent are as follows: Lease Year Annual Amount - greater Total To Be Spent In of: Lease Year 6 through 15 $100,000 104 o of Average $1,000,000 16 Repair Costs 26 through $100,000 10°,o of Average $1,000,000 36 35 Repair Costs 51 through $125,000 10°/o of Average $1,000.000 59 58 Repair Costs 61 through $125,000 100 o of Average $1,000,000 69 68 Repair Costs Total $4,000,000 The Company shall set aside, at least, an amount equal to amount specified above or ten percent (10%) per year of Average Repair Costs into a separate reserve account (until 100% of Average Repair Costs is deposited), in order to fund capital expenditures for the Property ("CapEx Fund"), which is required to be capitalized as an improvement to the Property. The CapEx Fund shall be applied toward major repairs and improvements to both upland components and submerged land marina components, including but not limited to: substantial mechanical and structural repairs, "Average Repair Costs" shall mean the average of the previous five (5) years' "repair and maintenance" line -item costs. Average Repair Costs shall be calculated in order to determine the annual amount due to the CapEx Fund. The Average Repair Cost is subject to being reviewed, inspected, and audited by the City, its agents or representatives as requested, but in no event shall the total amount of CapEx reinvested in the Property in each of the Lease Years sixteen ( 16), thirty-six (36). fifty-nine (59), and sixty-nine (69) be less than $1.000,000. Page 8 of 18 "Transfer" means: structural improvements, purchases, upgrades, and commercially standard general improvements, and/or repairs. The CapEx Fund shall not be applied to minor repairs due to regular wear and tear. The CapEx Fund for each period specified above must be spent in the manner required in the preceding paragraph during the specified Lease Year. The CapEx Fund for Lease Years 51 through 58 and 61 through 68 are subject to the Company exercise of its First and Second Renewal Terms, respectively. From and after the Amendment Effective Date, each "Lease Year" shall be deemed to commence on the Amendment Effective Date and on each anniversary thereof. The Company shall maintain financial accounting and "scope of work - records together with any corresponding documentation of amounts placed and amounts used from the CapEx Fund, which shall be subject to review by the City. The Company agrees to maintain the Property in a "best -in -class" condition as compared to comparable marina properties in the City of Miami, Florida, and to consider capital improvements to the Property on a regular basis, but no less than the manner specified herein. A new Section 3 ] A is hereby added to the Lease Agreement as follows: Section 31 A. Transfer Fee: Should the City consent to an), Transfer, the City shall be entitled to one percent (1.00%) of the Gross Sale Amount (as hereinafter defined), if the Lease Agreement is assigned or otherwise transferred or sold within Lease Years one (1) through five (5). and, the City shall receive one and one half percent (1.50%) of the Gross Sale Amount if Transferred or sold within Lease Years six (6) through ten (10); and the City shall receive two percent (2.00%) of the Gross Sale Amount if Transferred or sold within Lease Years eleven (] 1) through fifteen (15), and the City shall receive three percent (3.00%) of the Gross Sale Amount if Transferred or sold within Lease Year sixteen through the end of the Lease Term ("Transfer Fee'-). The same Transfer Fee allocation of three precent Any total or partial sale, or assignment of the Company's business or leasehold estate or any contract. including by entering into a sublease, assignment, transfer agreement, concession agreement, etc. Any transfer of more than forty-nine percent (49%) of the stock of the Company or of the stock of any owner, other than an owner whose shares are publicly traded, if the transfer results in a transfer of more than forty-nine percent (49%) of the beneficial ownership of the Company. Transfers by non -sponsor investors shall be excluded. Any merger, consolidation or sale or lease of all or substantially all of the assets of the Company or of any owner, other than an owner whose shares are publicly traded. Page 9 oC I8 (3.00%) of the Gross Sale Amount shall apply to the First Renewal Term and the Second Renewal Term. The Transfer Fee shall apply to all transfers other than those made to affiliated or subsidiary business entities. For purposes hereof, and as is provided in the City's other waterfront leases, the Gross Sale Amount shall mean the gross sale proceeds actually received by the Company upon the consummation of any Transfer. The Company shall furnish to the City a copy of a financial statement, a closing statement, a Transfer document, or other similar documentation in connection therewith as shall reasonably demonstrate the Gross Sale Amount. The City reserves the right to examine the Company's books and records in connection with determining the Transfer Fee. The Company additionally agrees to the applicability of the audit, inspection and resolution of contract dispute provisions set forth in Sections 18-101, 18-102, and 18-105 of the City Code, as amended, which are deemed as supplemental provisions to this Section and as being incorporated by reference herein. The Transfer Fee shall be perpetual and shall apply to any successive Transfer procured by the terms of the Lease Agreement for as long as the Lease Agreement is active, including modifications and extensions, if any. K. A new Section 31 B is hereby added to the Lease Agreement as follows: Section 31 B. Refinancing Fee: if the Company engages in any refinancing with respect to the Property, then the City shall have the right to participate in such refinancing in an amount equal to one percent (1%) of the Loan Proceeds (as hereinafter defined). For purposes of this Section 3113. the "Loan Proceeds" shall mean the net proceeds available to the Company from any refinancing after deduction of (i) all third party costs and expenses incurred by the Company in connection with the refinancing transaction, including, without limitation, all fees. costs and expenses imposed by the Company's lender and any rating agencies, as well as title and survey costs, escrow fees, appraisal costs, consultant costs and attorneys' fees and costs and (ii) all amounts required to repay then -existing debt being refinanced. The Company shall furnish to the City a copy of a closing statement or other similar documentation in connection therewith as shall reasonably demonstrate the amount of the Loan Proceeds. The refinancing fee shall be perpetual and shall apply to all refinancings consummated for as long as the Lease Agreement is active, including, modifications and extensions, if any. Notwithstanding contrary provisions, this Section 31B shall not apply to the Company's first refinancing following the Amendment Effective Date. 4. Grants of mortgage liens and security interests or any transfer by foreclosure or in lieu of foreclosure are excluded. Page 10 of 18 4. Referendum: Pursuant to Sections 29-B and 3(f)(iii) of the City Charter, this Amendment requires approval by a majority of the voters of the City and the written finding by the City Manager dispensing with the competitive bidding requirement pursuant to Section 18-179 of the City Code. If the Amendment is rejected or the proposed transaction does not satisfy the requirements set forth in Section 29-13, and/or 3(f)(iii), this Amendment shall be automatically terminated without the requirements of any further action. In the event of such a termination, the Company shall not have any vested, legal, property, commercial, contractual, or equitable rights, or title or interest or claims in the Property - other than those conferred by the existing Lease - or a claim or recourse upon the City, its officials, or employees for any expenses, costs, fees, or other liabilities or debts incurred in this process. The Company hereby covenants not to sue the City and releases the City, its agencies, instrumentalities, officials and employees from any such claims or actions. 5. Conditions Precedent: Conditions Precedent to the Amendment Effective Date, as such terms are referenced herein shall be (1) the written finding of the City Manager dispensing with the competitive bidding requirement pursuant to Section 18-179 of the City Code, (ii) the prior approval of this Amendment by the City Commission, (iii) the referendum approval by the majority of the electors of the City voting in that election. (iv) the execution of this Amendment by the City and the Company. and (v) the expiration of any appeal period(s) associated with the approval and referendum so that the extension is final and non -appealable. Failure of any Condition Precedent to occur will automatically void and nullify this Amendment without the necessity of further action. The Company shall have no recourse against the City relative to the failure of any Condition Precedent. Approval by the City Commission, including time for signing and implementing the formal agreement, shall be at the discretion of the City Commission. The City Commission may withhold, delay, or condition such approval at its discretion. 6. Cancellation for Convenience: The City Manager may administratively cancel this Amendment prior to the earlier of the City Commission approving this Amendment or approval by a majority of the electors of the City of Miami for any or no cause or for convenience by giving the Company thirty (30) days written notice of its intent to cancel. The Company shall have no recourse as to such cancellation. 7. No Implied Modifications: Except as specifically provided herein, all the terms and provisions of the Lease Agreement, as amended to date, shall remain in effect. Page I1 of 18 IN WITNESS HEREOF, the parties hereto have executed this Fifth Amendment to the Lease Agreement on the day and year first above written. [Remainder of page intentionally left blank, signature page to follow.] Page 12 of 18 ATTEST: 0 Todd B. Hannon City Clerk APPROVED AS TO INSURANCE REQUIREMENTS: CITY OF MIAMI, a municipal corporation of the State of Florida Daniel J. Alfonso City Manager APPROVED AS TO LEGAL FORM & CORRECTNESS: By: By: Ann -Marie Sharpe, Director Risk Management Department Page 13 of 18 Victoria Mendez City Attorney Signature: Name: Signature: Name: Attest: Company Secretary ALIGNED BAYSHORE MARINA LLC, a Florida limited liability company, acting by and through its Manager, to wit: By: ALIGHNED BAYSHORE HOLDINGS LLC, a Florida limited liability company, acting by and through its Manager, to wit: M. Page 14 off8 By: ALIGNED BAYSHORE MANAGING MEMBER LLC, a Florida limited liability company by and through its Manager, to wit: By: HJK FIFTH AVENUE LLC, a Florida limited liability company Jose Hevia. Managing Member EXHIBIT A-3 Improvements. The planned capital improvements and operating improvements totaling minimum of $7,500,000 (seven million and five hundred thousand dollars) are generally categorized to the marina, building and Property, and restaurant. Below is a bullet point summary within each of the three (3) categories. Please note that some of these improvements have already been completed or are currently in progress. Referenced rental rates are not a guarantee of future rental rates. Rental rates vary up or down according to market conditions. I. Marina A. Capital Improvements i. Dredging the westerly portion of the marina to allow for re -activation of wet slips, further expanding the use by transient visitors and customers to the Property it. Demolition of existing marina, not designed, nor equipped to deal with anticipated sea level rise. Demolition will include, but not limited to, removal of antiquated concrete fixed in-place docks, piers, and support piles, obsolete and inefficient metal pedestal units, ridged fixed utilities including water, electrical, and fire suppression distribution, lighting, and dock surfaces iii. Installation of a new "state of the art ' floating concrete dock and pier system that is corrosion resistant, environmentally friendly, engineered for durability and the strength to meet the challenges of stronger king tides and rising water levels. New concrete floating dock and pier system will minimize impact to sensitive bay habitat by allowing the installation of concrete support piles that are shorter in length. and fewer in quantity iv. Installation of new "flexible' utilities infrastructure including water, electrical, and fire suppression distribution systems, utilizing the latest material and technology, allowing utilities to "float' in unison with the new concrete floating dock and pier system v. Installation of new, individually metered power pedistals that are UL Rated and meet ADA. NEC, NFPA and NEMA codes. New power pedestal will be built of non -rusting, non-conductive. UV protected poly -carbonate cases, enhancing safety and efficiency vi. Installation of new "green" renewable energy solar powered dock lighting, efficient gate and security monitoring systems. vii. viii. Installation of 19 new electrical boat lifts of 28,000 lbs., 32,000 lbs., and 40,000 lbs., which will increase specific per -slip income to the City by approximately 20%, offering greater docking choices to marina customers, and proactively enhance water quality by minimizing boat -bottom surface area in contact with water. Installation of 44 new piles to allow for 22 new "stern -to" docking positions. offering greater docking choices to marina customers, and increase dockage income to the City in this area by approximately 40% B. Operating Improvements i. Working with State of Florida to achieve Clean Manna designation in 2017. including implementation of best management practices that address waste management, storm water control, and emergency preparedness Page 16 of 18 ii. Implementation and use of the new innovative and sustainable " Seabiri ' water bom debris removal system ill. Mark to market marina slip rental rates for an overall increase of income to the City of approximately 11% iv. Implement "slip size pricing" versus "length of vessel pricing" discipline (a 36 foot vessel occupying a 40 foot slip will pay based on the slip size rather than the vessel size), to better optimize the potential of every lineal foot of dockage II. Building & Property A. Capital Improvements i. Complete remodeling of building interior common areas ii. Design and reconstruction of new elevator lobby for increased efficiency iii. Demolition of monumental staircase and new construction of first floor and second floor rentable area, which will increase net rentable area approximately 1,500 square feet with no change to the existing building's footprint. iv. Design and construction of new building facade, main building entrance, new building lobby, signage, and lighting v. Design and new construction of new building Paseo Terrace along the southerly facade of the building approximately 25 feet wide, which will activate the 45 foot wide Paseo with uninterruptedviews from South Bayshore Drive to Biscayne Bay vi. Demolition of the existing Dockmaster building in order to provide uninterrupted views of Biscayne Bay. increase public access, and provide for greater waterfront walking area ,ii. Remodeling and reconditioning of parking lot surfaces, lighting, signage and landscape B. Operating Improvements i. Mark to market ground floor rental rates, and second floor new tenancy and renewals to be more in line with market rental rates in the general area ii. Implement discipline of charging common area factor ("CAF') on all building leases of 8% on the ground floor and 15% on the second floor iii. Implement consistency of across the board operating expense charges allocated amongst all tenants iv. Introduce new customer dining options via the introduction of new tenant. Sushi - Maki, which is set to open in April 2017. III. Monty's Restaurant A. Capital Improvements i. Install new Micro&W POS system ii. Remove and replace exterior flooring surfaces iii. Remove and replace new exterior table tops iv. Remodel and reconfigure interior restaurant area to accommodate new catering initiative B. Operating Improvements i. Hire new Purchasing Manager ii. Hire new Director of Restaurant Operations iii. Implementation new cash management systems and procedures iv. Streamline menu and introduce new offerings including "farm to table" items and multiple "health wise" salad choices Page 17 of'] 8 Page 18 of 18 Ted Allen —rom: Lorenzo, Jacqueline ent: Friday, June 16, 2017 12:47 PM o: Ted Allen Cc: Bums, Mark; Rotenberg, Daniel Subject: RE: Aligned Bayshore Marina, LLC / Two (2) Appraisals - Fair Market Value Importance: High Good afternoon Ted Please be advised if you have not already done so that Mark has indicated that J Jthorized to proceed i h appraisal. Please note that any - +isits hould o cur Monday thru Wednesday of next w he tenant will be not be ai al Thursday or Friday The tenant and a City representative would like to be present wing he site visit for the appy As such, please advise oon you n it nc when , intend tc isit he -c t , r b i Regards = Property Management Specialist Department of Real Estate & Asset Management City of Miami 444 SW 2nd Avenue - liami, Florida 33130 (305) 416-1426 F: (305) 400-5197 E: ilorenzo@miamigov.com From: Ted Allen[maifto:tallen@josephjblake.com] Sent: Wednesday, June 14, 201712:12 PM To: Lorenzo, Jacqueline Cc: Bums, Mark Subject: RE: Aligned Bayshore Marina, LLC / Two (2) Appraisals - Fair Market Value Jackie/Mark Before I quote I need to give disclosure that I appraised the facility in March of 2016 for City National Bank. The appraisal was for the construction loan City National was considering providing. I have done no work for Prime Marina Group or any of their affiliated companies and do not believe I have any conflict but wanted to make you aware of my prior work on the facility. The fee would be $4,900 with a normal 3 week delivery. Please let me know if you have any questions. Regards I 1 �- aaa oa Ted Allen, MAI, MRICS State -Certifies Gene t pl , -er N . F Managing Partner BL*E Joseph J. Blake and As - i rtes Inc 4000 Ponce de Leon Blvd , Suite 410 Miami, FL 33146 Office: (305) 448-1663 Direct: (305) 448-1065 Fax: (305) 448 7077 tallen@JosephJBlake.com www.JosephJBiake.com National Valuation ng Serv►ci y ar From: Lorenzo, Jacqueline [mailto: Iloren, J Sent: Wednesday, June 14, 2017 7:43 AM To: Ted Allen Cc: Bums, Mark Subject: FW: Aligned Bayshore Marina, LLC / Two (2) Appraisals - Fair Market Value Importance: High Good morning Ted, When you have a chance, please also provide a quote and estimated time of completion for an appraisal of Aligned Bayshore d/b/a Monty's (2546 S BAYSHORE DRIVE). Please note it is a mixed use development. Additional details may be provided by Mark. Regards, ZOWNP Property Management Specialist Department of Real Estate & Asset Management City of Miami 444 SW 2nd Avenue Miami, Florida 33130 P:(305)416-1426 F: (305) 400-5197 E: ilorenzo@miamieov.com From: Burns, Mark Sent: Tuesday, June 13, 2017 6:54 PM To: Lorenzo, Jacqueline Subject: FW: Aligned Bayshore Marina, LLC / Two (2) Appraisals - Fair Market Value Jackie, 2 As discussed plea r- a rest appraisals for Mor •y s which are to be paid by the , rant Once the tuote � II forw - d , 4 W( r S F r I a it , hank you Aark Burn Lease Manager Dept. of Real Estate and Asset Management 444 SW 2nd Avenue 3rd Fl. Miami, FL 33130 305-416-1471 Mburns mia From: Jose Hevia [ + heviaLwpri ] Sent: Sunday, lune 11, 2017 11:41 AM To: Burns, Mark <t aM . rr1190 > Cc: Rotenberg, Daniel < Roter )er wr >; Melissa Tapanes Llahues < > Subject: Aligned Bayshore Marina, LLC J Two (2) Appraisals - Fair Market Value Mark, As per our discussion, the purpose of the email is to formally request the City to immediately proceed with obtaining Two (2) Appraisals of the proposed Fifth Amendment to the Lease between the City and Aligned Bayshore Marina, LLC in order to determine Fair Market Value. 'rhe primary objective is to complete the Two referenced appraises in time for the current ommission date of June 22, 2017. If not, we will default to the next commission date of July 13, 2017. We stand ready to furnish any required date and or information to the City to facilitate completion of the appraisals. Thank You jh Jose Hevia Principal Aligned Bayshore Marina, LLC 2550 South Bayshore Drive Suite 208 Miami, FL 33133 O: 305-858-9895 C: 305-710-4302 www.PrimeMarina.com Prime Marina Sr oup 3 Ana Moya -Diaz From: Ted Allen Sent: Friday, June 16, 20171:50 PM To: Ana Moya -Diaz Subject: FW: Aligned Bayshore Marina, LLC / Two (2) Appraisals - Fair Market Value Importance: High Ted Allen, MAI, MRICS State -Certified General Real Estate Appraiser No. RZ426 Managing Partner sY%fi Joseph J. Blake and Associates, Inc. 4000 Ponce de Leon Blvd., Suite 410 Miami, FL 33146 Office: (305) 448-1663 Direct: (305) 448-1065 Fax: (305) 448-7077 tallen@JoseahJBlake.com wwwJosephJBiake.com National Valuation and Consulting Services for over 70 years iris a-maii 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 a -moil and destroy all copies of the original message. From: Lorenzo, Jacqueline [mailto:jlorenzo(&miamig�com1 Sent: Friday, June 16, 2017 12:47 PM To: Ted Allen Cc: Bums, Mark; Rotenberg, Daniel Subject: RE: Aligned Bayshore Marina, LLC / Two (2) Appraisals - Fair Market Value Importance: High Good afternoon Ted, Please be advised, if you have not already done so, that Mark has indicated that you are authorized to proceed with the appraisal. Please note that any site visits should occur Monday thru Wednesday of next week as the tenant will be not be available Thursday or Friday. The tenant and a City representative would like to be present during the site visit for the appraisal. As such, please advise as soon as you can if and when you intend to visit the site. Thank youl Regards, Ald"4e m ZM474 Property Management Specialist Department of Real Estate & Asset Management City of Miami 444 SW 2nd Avenue "Miami, Florida 33130 :(305)416-1426 r: (305) 400-5197 E: ilorenzo@miamigov.com From: Ted Allen[mailto:tallen@iosephiblake.com] Sent: Wednesday, June 14,2017 12:12 PM To: Lorenzo, Jacqueline Cc: Burns, Mark Subject: RE: Aligned Bayshore Marina, LLC /Two (2) Appraisals - Fair Market Value Jackie/Mark Before I quote I need to give disclosure that I appraised the facility in March of 2016 for City National Bank. The appraisal was for the construction loan City National was considering providing. I have done no work for Prime Marina Group or any of their affiliated companies and do not believe I have any conflict but wanted to make you aware of my prior work on the facility. The fee would be $4,900 with a normal 3 week delivery. Please let me know if you have any questions. Regards ed Ted Allen, MAI, MRICS State -Certified General Real Estate Appraiser No. RZ426 Managing Partner BLCE Joseph J. Blake and Associates, Inc. 4000 Ponce de Leon Blvd., Suite 410 Miami, FL 33146 Office: (305) 448-1663 Direct: (305) 448-1065 Fax: (305) 448-7077 tallenL9JosephJBlake.com www.JusephJBIake.com National Valuation and Consulting Services for over 70 years This a -moil messoge 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 au copies of the original message. nom: Lorenzo, Jacqueline [mailto:jlorenzo6miamigov.corn mt: Wednesday, June 14, 2017 7:43 AM To: Ted Allen Cc: Burns, Mark Subject: FW: Aligned Bayshore Marina, LLC / Two (2) Appraisals - Fair Market Value Importance: High Good morning Ted, When you have a chance, please also provide a quote and estimated time of completion for an appraisal of Aligned Bayshore d/b/a Monty's (2546 S BAYSHORE DRIVE). Please note it is a mixed use development. Additional details may be provided by Mark. Regards, 946"duc ZOWN 4 Property Management Specialist Department of Real Estate & Asset Management City of Miami 444 SW 2"d Avenue Miami, Florida 33130 P: (305) 416-1426 F: (305) 400-5197 E: ilorenzo@miamieov.com From: Burns, Mark Sent: Tuesday, June 13, 2017 6:54 PM To: Lorenzo, Jacqueline Subject: FW: Aligned Bayshore Marina, LLC / Two (2) Appraisals - Fair Market Value Jackie, As discussed, please request appraisals for Monty's which are to be paid by the tenant. Once the quote is given, I will forward for approval by Aligned. We need this done ASAP to make the July agenda. Thank you, Mark Burns Lease Manager Dept. of Real Estate and Asset Management 444 SW 2nd Avenue, 3rd FI. Miami, FL 33130 305-416-1471 Mburns@miamieov.com From: Jose Hevia [mailto:ihevia@orimemarina.coml Sent: Sunday, June 11, 2017 11:41 AM To: Burns, Mark <MBurns@miamieov.com> Cc: Rotenberg, Daniel <DRotenbergPmiamieov.corn>; Melissa Tapanes Llahues <mtapanes@brzoninelaw.com> Subject: Aligned Bayshore Marina, LLC / Two (2) Appraisals - Fair Market Value Mark, As per our discussion, the purpose of the email is to formally request the City to immediately proceed with obtaining Two (2) Appraisals of the proposed Fifth Amendment tc the Lease between the City and Aligned Bayshore Marina, LLC in order to determine Fair Market Value. The primary objective is to complete the Two referenced appraises in time for the current commission date of June 22, 2017. If not, we will default to the next commission date of July 13, 2017. We stand ready to furnish any required date and or information to the City to facilitate completion of the appraisals. Thank You jh Jose Hevia Principal Aligned Bayshore Marina, LLC 2550 South Bayshore Drive Suite 208 Miami, FL 33133 0: 305-858-9895 C: 305-710-4302 www.PrimeMarina.com Prime Marina Group Bayshore Landing Marina 16-091-02 GLOSSARY OF VALUATION TERMS Term Definition Source Aggregate of Retail The sum of the separate and distinct market value Appraisal Institute, The Values opinions for each of the units in a condominium, Dictionary of Real subdivision, development, or portfolio of properties, as Estate Appraisal, 5th of the date of valuation. The aggregate of retail values Ed. (Chicago: Appraisal does not represent an opinion of value; it is simply the Institute, 2010) total of multiple market value conclusions. Also called the sum of the retail values, aggregate retail value, or aggregate retail selling price. Air Rights The right to undisturbed use and control of designated Appraisal Institute, The air space above a specific land area within stated Dictionary of Real elevations. Such rights may be acquired to construct a Estate Appraisal, 5th building above the land or building of another or to Ed. (Chicago: Appraisal protect the light and air of an existing or proposed Institute, 2010) structure on an adjoining lot. As Complete The value of a property upon its completion. Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th Ed. (Chicago: Appraisal Institute, 2010) As Is The value of specific ownership rights to an identified Appraisal Institute, The parcel of real estate as of the effective date of the Dictionary of Real appraisal; relates to what physically exists and is legally Estate Appraisal, 5th permissible and excludes all assumptions concerning Ed. (Chicago: Appraisal hypothetical market conditions or possible rezoning. Institute, 2010) As Stabilized The value of a property after it reaches a normal Appraisal Institute, The occupancy rate and operating expenses. Dictionary of Real Estate Appraisal, 5th Ed. (Chicago: Appraisal Institute, 2010) Band of A technique in which the capitalization rates attributable Appraisal Institute, The Investment to components of a capital investment are weighted and Dictionary of Real combined to derive a weighted -average rate attributable Estate Appraisal, 5th to the total investment. Ed. (Chicago: Appraisal Institute, 2010) Condominium 1. A form of ownership in which each owner Appraisal Institute, The possesses the exclusive right to use and occupy Dictionary of Real an allotted unit plus an undivided interest in Estate Appraisal, 5th common areas. Ed. (Chicago: Appraisal 2. A multiunit structure, or a unit within such a Institute, 2010) structure, with a condominium form of ownership. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Bayshore Landing Marina 16-091-02 GLOSSARY OF VALUATION TERMS Term Definition Source Debt Coverage The ratio of net operating income to annual debt service Appraisal Institute, The Ratio (DCR) (DCR = WIN), which measures the relative ability of a Dictionary of Real property to meet its debt service out of net operating Estate Appraisal, 5th income; also called debt service coverage ratio (DSCR). A Ed. (Chicago: Appraisal larger DCR indicates a greater ability for a property to Institute, 2010) withstand a downturn in revenue, providing an improved safety margin for a lender. Deferred Depreciation is the difference between the market value Appraisal Institute, The Maintenance of an improvement and its reproduction or replacement Appraisal of Real cost at the time of appraisal. The depreciated cost of the Estate, 14th Ed. improvement can be considered an indication of the (Chicago, Illinois: improvement's contribution to the property's market Appraisal Institute; value. 2010) Effective Gross "The anticipated income from all operations of the real Appraisal Institute, The Income (EGI) property after an allowance is made for vacancy and Dictionary of Real collection losses. Effective gross income includes items Estate Appraisal, 5th Ed. constituting other income, i.e., income generated from (Chicago: Appraisal the operation of the real property that is not derived Institute, 2010) from space rental (e.g., parking rental or income from vending machines)." Effective Gross The ratio between the sale price (or value) of a property Appraisal Institute, The Income Multiplier and its effective gross income; a single year's EGI Dictionary of Real (EGIM) expectancy or an annual average of several years' EGI Estate Appraisal, 5th Ed. expectancies (EGIM = V/EGI). (Chicago: Appraisal Institute, 2010) Entrepreneurial "1) A market -derived figure that represents the amount Appraisal Institute, The Profit an entrepreneur receives for his or her contribution to a Dictionary of Real project and risk; the difference between the total cost of Estate Appraisal, 5th Ed. a property (cost of development) and its market value (Chicago: Appraisal (property value after completion), which represents the Institute, 2010) entrepreneur's compensation for the risk and expertise associated with development." In the cost approach, expected profit is reflected as entrepreneurial profit. "2) In economics, the actual return on successful management practices often identified with coordination, the fourth factor of production following land, labor and capital; also called entrepreneurial return or entrepreneurial reward." Equity An income rate that reflects the relationship between Appraisal Institute, The Capitalization Rate one year's equity cash flow and the equity investment; Dictionary of Real (RE) also called the cash on cash rate, cash flow rate, or Estate Appraisal, 5th equity dividend rate. (RE = Pre -Tax Cash Flow/Equity Ed. (Chicago: Appraisal Invested) Institute, 2010) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Sayshore Landing Marina 16-091-02 GLOSSARY OF VALUATION TERMS Term Definition Source Equity Ratio The ratio between the down payment paid on a property Appraisal Institute, The and its total price; the fraction of the investment that is Dictionary of Real unencumbered by debt. Estate Appraisal, 5th Ed. (Chicago: Appraisal Institute, 2010) Excess Land Land that is not needed to serve or support the existing Appraisal Institute, The improvement. The highest and best use of the excess Dictionary of Real land may or may not be the same as the highest and best Estate Appraisal, 5th use of the improved parcel. Excess land may have the Ed. (Chicago: Appraisal potential to be sold separately and is valued separately. Institute, 2010) Exposure Time The estimated length of time the property interest being Statement on Appraisal appraised would have been offered on the market prior Standards No. 6 (SMT - to the hypothetical consummation of a sale at market 6), Uniform Standards value on the effective date of the appraisal; a of Professional retrospective opinion based upon an analysis of past Appraisal Practice, events assuming a competitive and open market. 2012-2013 Ed. External An element of depreciation; a diminution in value caused Appraisal Institute, The Obsolescence by negative externalities and generally incurable on the Dictionary of Real part of the owner, landlord, or tenant. Estate Appraisal, 5th Ed. (Chicago: Appraisal I nstitute, 2010) Extraordinary An assumption, directly related to a specific assignment, USPAP, 2012-2013 Ed. Assumption which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis. Fee Simple Estate Absolute ownership unencumbered by any other interest Appraisal Institute, The or estate, subject only to the limitations imposed by the Dictionary of Real governmental powers of taxation, eminent domain, Estate Appraisal, 5th police power, and escheat. Ed. (Chicago: Appraisal Institute, 2010) Gross Building Area Total floor area of a building, excluding unenclosed Appraisal Institute, The (GBA) areas, measured from the exterior of the walls of the Dictionary of Real above -grade area. This includes mezzanines and Estate Appraisal, 5th basements if and when typically included in the region. Ed. (Chicago: Appraisal Institute, 2010) Gross Leasable Total floor area designed for the occupancy and Appraisal Institute, The Area (GLA) exclusive use of tenants, including basements and Dictionary of Real mezzanines; measured from the center of joint Estate Appraisal, 5th partitioning to the outside wall surfaces. Ed. (Chicago: Appraisal Institute, 2010) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Bayshore Landing Marina 16-091-02 GLOSSARY OF VALUATION TERMS Term Definition Source Highest and Best The reasonably probable and legal use of vacant land or Appraisal Institute, The Use an improved property, which is physically possible, Dictionary of Real appropriately supported, financially feasible, and that Estate Appraisal, 5th results in the highest value. Ed. (Chicago: Appraisal Institute, 2010) Highest and Best "Among all reasonable, alternative uses, the use that Appraisal Institute, The Use of Land or a yields the highest present land value, after payments are Dictionary of Real Site as though made for labor, capital, and coordination. The use of a Estate Appraisal, 5th Vacant property based on the assumption that the parcel of land Ed. (Chicago: Appraisal is vacant or can be made vacant by demolishing any Institute, 2010) improvements." Highest and Best "The use that should be made of a property as it exists. Appraisal Institute, The Use of Property, as An existing improvement should be renovated or Dictionary of Real Improved retained as is so long as it continues to contribute to the Estate Appraisal, 5th total market value of the property, or until the return Ed. (Chicago: Appraisal from a new improvement would more than offset the Institute, 2010) cost of demolishing the existing building and constructing a new one." Hypothetical A condition, directly related to a specific assignment, USPAP 2012-2013 condition which is contrary to what is known by the appraiser to Edition, The Appraisal exist on the effective date of the assignment results, but Foundation, page U-3 is used for the purpose of analysis. Insurable Value A type of value for insurance purposes. Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th Ed. (Chicago: Appraisal Institute, 2010) Internal Rate of The IRR is the rate of return on invested capital that is The Internal Rate of Return (IRR) generated, or is capable of being generated, in an Return in Real Estate investment during the period of ownership. In other Investments, A.S.R.E.C, words, it is a rate of profit (or loss) or a measure of Chicago, Illinois, 1978 performance. It is literally, an interest rate. The effective interest rate on a real estate investment is the equity investor's IRR. The yield to maturity on a bond is the bond holder's IRR, when the bond is held for its full term. The IRR is the rate of return on capital expressed as a ratio per unit of time; for example, 10 percent per annum. Leased Fee Estate "An ownership interest held by a landlord with the right Appraisal Institute, The of use and occupancy conveyed by lease to ethers. The Dictionary of Real rights of lessor (the leased fee owner) and lessee are Estate Appraisal, 5th specified by contract terms contained within the lease." Ed. (Chicago: Appraisal Institute, 2010) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINO Bayshore Landing Marina 16-091-02 GLOSSARY OF VALUATION TERMS Term Definition Source Leasehold Interest The tenant's possessory interest created by a lease. Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th Ed. (Chicago: Appraisal Institute, 2010) Loan -to -Value The ratio between a mortgage loan and the value of the Appraisal Institute, The Ratio (M) property pledged as security, usually expressed as a Dictionary of Real percentage; also called loan ratio. Estate Appraisal, 5th Ed. (Chicago: Appraisal Institute, 2010) Market Rent "The most probable rent that a property should bring in Appraisal Institute, The a competitive and open market reflecting all conditions Dictionary of Real and restrictions of the specified lease agreement Estate Appraisal, 5`h Ed. including term, rental adjustment and revaluation, (Chicago: Appraisal permitted uses, use restrictions, and expense Institute, 2010) obligations." Marketing Time The reasonable marketing time is an opinion of the Advisory Opinion 7(AO- amount of time it might take to sell a real or personal 7), Uniform Standards property interest at the concluded market value level of Professional during the period immediately after the effective date of Appraisal Practice, an appraisal. 2012-2013 Ed. Mortgage The capitalization rate for debt; the ratio of the annual Appraisal Institute, The Capitalization Rate debt service to the principal amount of the mortgage Dictionary of Real (Rm) loan. The mortgage capitalization rate (RM) is equivalent Estate Appraisal, 5th to the periodic (monthly, quarterly, annually) mortgage Ed. (Chicago: Appraisal constant times the number of payments per year on a Institute, 2010) given loan on the day the loan is initiated. Rm = Annual Debt Service / Mortgage Principal Mortgage Debt The periodic payment for interest on and retirement of Appraisal Institute, The Service (IM) the principal of a mortgage loan; also called total Dictionary of Real mortgage debt service. Estate Appraisal, 5th Ed. (Chicago: Appraisal Institute, 2010) Net Income The relationship between price or value and net Appraisal Institute, The Multiplier (NIM) operating income expressed as a factor; the reciprocal of Dictionary of Real the overall capitalization rate. Estate Appraisal, 5`h Ed. (Chicago: Appraisal Institute, 2010) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANO CONSULTING Bayshore Landing Marina 16-091-02 GLOSSARY OF VALUATION TERMS Term Definition Source Net Operating The actual or anticipated net income that remains after Appraisal Institute, The Income (NOI) all operating expenses are deducted from effective gross Dictionary of Real income but before mortgage debt service and book Estate Appraisal, 5th depreciation are deducted. Note: This definition mirrors Ed. (Chicago: Appraisal the convention used in corporate finance and business Institute, 2010) valuation for EBITDA (earnings before interest, taxes, depreciation, and amortization). Net Rentable Area The floor area of a building that remains after the square Appraisal Institute, The (NRA) footage represented by vertical penetrations, such as Dictionary of Real elevator shafts, etc., has been deducted. Common areas Estate Appraisal, 5th and mechanical rooms are included and there are no Ed. (Chicago: Appraisal deductions made for necessary columns and projections Institute, 2010) of the building. Overall An income rate for a total real property interest that Appraisal Institute, The Capitalization Rate reflects the relationship between a single year's net Dictionary of Real (Ro) operating income expectancy and the total property Estate Appraisal, 5th price or value. Ed. (Chicago: Appraisal Institute, 2010) Prospective Value A value opinion effective as of a specified future date. Appraisal Institute, The The term does not define a type of value. Instead, it Dictionary of Real identifies a value opinion as being effective at some Estate Appraisal, 5th specific future date. An opinion of value as of a Ed. (Chicago: Appraisal prospective date is frequently sought in connection with Institute, 2010) 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. Replacement Cost The estimated cost to construct, at current prices as of Appraisal Institute, The the effective appraisal date, a building with utility Dictionary of Real equivalent to the building being appraised, using modern Estate Appraisal, 5th Ed. materials and current standards, design, and layout. (Chicago: Appraisal Institute, 2010) Reproduction Cost The estimated cost to construct, at current prices as of Appraisal Institute, The the effective date of the appraisal, an exact duplicate or Dictionary of Real replica of the building being appraised, using the same Estate Appraisal, 5th Ed. materials, construction standards, design, layout, and (Chicago: Appraisal quality of workmanship and embodying all the Institute, 2010) deficiencies, superadequacies, and obsolescence of the subject building. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Bayshore Landing Marina 16-091-02 GLOSSARY OF VALUATION TERMS Term Definition Source Retrospective A value opinion effective as of a specified historical date. Appraisal Institute, The Value The term does not define a type of value. Instead, it Dictionary of Real identifies a value opinion as being effective at some Estate Appraisal, 5th specific prior date. Value as of a historical date is Ed. (Chicago: Appraisal frequently sought in connection with property tax Institute, 2010) appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of the type of value with this term is appropriate, e.g., "retrospective market value opinion. Sandwich Lease A lease in which an intermediate, or sandwich, Appraisal Institute, The leaseholder is the lessee of one party and the lessor of Dictionary of Real another. Estate Appraisal, 5th Ed. (Chicago: Appraisal Institute, 2010) Surplus Land Land that is not currently needed to support the existing Appraisal Institute, The improvement but cannot be separated from the Dictionary of Real property and sold off. Surplus land does not have an Estate Appraisal, 5th independent highest and best use and may or may not Ed. (Chicago: Appraisal contribute value to the improved parcel. Institute, 2010) Terminal The rate used to convert income; e.g., NOI, cash flow, The Internal Rate of Capitalization Rate into an indication of the anticipated value of the subject Return in Real Estate (RN) real property at the end of an actual or anticipated Investments, A.S.R.E.C, holding period. The terminal capitalization rate is used to Chicago, Illinois, 1978 estimate the resale value of the property. Also called reversionary capitalization rate or going -out capitalization rate. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANO CONSULTING Bayshore Landing Marina Error! No document variable supplied. QUALIFICATIONS OF THE APPRAISER TED ALLEN, MAI Mr. Allen currently holds the position of Managing Partner with the Miami office of Joseph J. Blake and Associates, Inc., at 4000 Ponce de Leon Boulevard, Suite 410, Miami, Florida. Previous positions include Principal (1986 to 2011), Regional Manager Southeast Region (1984 to 1986), Senior Appraiser (1982 to 1983) and Associate Appraiser (1979 to 1981). FORMAL EDUCATION University of Texas - Austin, Texas Bachelor of Business Administration PROFESSIONAL AFFILIATIONS Affiliation 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, 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. Bayshore Landing Marina Error! No document variable supplied. QUALIFICATIONS OF THE APPRAISER CERTIFICATION RKY( DWM. dmmm ^- - - - - — KEN tANVSoN, SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD , ', RZ426 .r The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED •` Under the provastons of Chapter 475 FS, Explrabon da ft NOV 30.2018 ALLEN, TED EUGENE %I* X000 PONCE DE LEON + �'_410CORAL GABLES ISSUED 10n20018 DISPLAY AS REQUIRED BY LAW Seo s 1.161012000'579 Bayshore Landing Marina Error! No document variable supplied. QUALIFICATIONS OF THE APPRAISER MATTHEW J. ROACH, MAI Mr. Roach holds the position of Director with the Miami office of Joseph J. Blake and Associates, Inc., at 4000 Ponce de Leon Boulevard, Suite 410, Miami, Florida. FORMAL EDUCATION Florida Atlantic University—Boca Raton, Florida Masters in Business Administration/Finance University of Florida —Gainesville, Florida Bachelor of Science in Advertising Minor in Business Administration REAL ESTATE AND APPRAISAL EDUCATION Course Name Provider Real Estate Appraisal I/A.B.I Gold Coast School of Real Estate Finance, Statistics and Valuation Appraisal Institute Basic Income Capitalization Appraisal Institute Advanced Income Capitalization Appraisal Institute General Market Analysis and Highest and Best Use Appraisal Institute Advanced Cost and Sales Comparison Approaches Appraisal Institute Advanced Applications Appraisal Institute Report Writing and Valuation Analysis Appraisal Institute Business Practices and Ethics Appraisal Institute PROFESSIONAL AFFILIATIONS Affiliation Number Florida State -Certified General Real Estate Appraiser No. RZ 3189 Appraisal Institute, Designated Member 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. Bayshore landing Marina QUALIFICATIONS OF THE APPRAISER Errorl No document variable supplied. CERTIFICATION itlCttSCd IT >3vvERrrt3R " _ f"� KEN LA`WXK SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD t RM89 The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED �. Under the provisions of Chapter 475 FS. Expiration date NOV 30, 2018 ROACH, MATTHEW JOSEPH 4000 PONCE DE LEON BARD SUITE 410 ..��- CORAL GABLES .[1„93021 5..,�r. sra"C] ISSUED IOM3=10 DISPLAY AS REQUIRED BY LAW SE -0 a I_tel0"3a IOU