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Submittal-DREAM-Blake Appraisal Report for Miami Outboard Club
Submitted into the public record fo ite s (, on �Z� City Clerk APPRAISAL REPORT Miami Outboard Club 1099 MacArthur Causeway Miami, Miami -Dade County, FL 33132 PREPARED FOR Mr. Igor Tsigelman Property Management Representative City of Miami, Department of Real Estate & Asset Management 444 SW 2nd Avenue, Third Floor Miami, FL 33130 PREPARED BY Joseph J. Blake and Associates, Inc. 4000 Ponce De Leon Boulevard Suite 410 Miami, FL 33146 L4`I�-Sob+n�o�- �FLAM- 01n1te Qvwasm� �evor\ �OM,aw;Mi�Oourd C�u� JOSEPH J. BLAKE AND ASSOCIATES. INC. BE REAL ESTATE VALUATION AND CANSULTI1116 4000 Ponce De Leon Boulevard, Suite 410 Miami, FL 33146 1 Phone: (305) 448-1663 1 Fax: (305) 448-7077 ! wwwJosephiblake.com June 12, 2017 Mr. Igor Tsigelman Property Management Representative City of Miami, Department of Real Estate & Asset Management 444 SW 2nd Avenue, Third Floor Miami, FL 33130 Re: Miami Outboard Club 1099 MacArthur Causeway Miami, FL 33132 Dear Mr. Tsigelman: Srtbnnittcd into the public on �9l I). City Clerk As requested, we have prepared an appraisal of the property referenced above presented in the attached Appraisal Report Th W ose oft isal is to develop at.. , 0�tnton of—the-,q '� ts' market rent of the ., ., � . subject as of June 5, a `. Briefly described, the tubject c nsls ar# a v&frina vO,th &n site,r tt know as the Miami Outboard Club. The site contair upland and siibmergi landi 4t, `h ami Outboard (5 b is a privately operated marina under an exlsf r ' d le from,* Otey of Miat tie marina offer ',59 wet slips and 130 dry storage slips. There is a boat ramp and freestanding building containing 9,530 SF, which houses the dock master's office, as well as a restaurant. The subject's site consists of approximately 427,324 SF or approximately 9.81 acres of land, of which 207,781 SF is uplands and 219,543 SF is submerged land. The site is irregular in shape. The report contains 52 pages plus related exhibits. The appraisal and the attached Appraisal Report have been prepared in conformity with and are subject to the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (USPAP). in preparing this appraisal, we considered the use of the three most widely recognized approaches to value: the Cost, Income Capitalization and Sales Comparison Approaches. The appraisal is subject to the attached Assumptions and Limiting Conditions and Definition of Market Value. Corporate Headquarters Regional Offices: Blake & Sanyu Alliance. June 12, 2017 Mr. Igor Tsigelman Page 2 of 2 Submitted into the public � r record fry itel (S) V� , sin -- ��( �. Cit.= Clcrl< After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the 'as is' market rent of the subject, as of June 5, 2017, is: Projected Annual Projected Percentage Rent Estimated Rent Revenue Revenue Factor Base Rent $113,897 N/A $113,897 Wet Slips $1,361,984 15% $204,298 Dry Slips $143,893 15% $21,584 Restaurant $300,000 10% $30,000 Total (All Revenues) $1,805,876 $255,881 FINAL MARKET RENT CONCLUSION - THE GREATER OF: Base Rent Percentage Rent $113,897 $255,881 The majority of the comparables surveyed have a rental rate that is the greater of percentage rent or base rent. Once a natural breakpoint in base rent is surpassed, the subject is projected to pay a market rent equivalent to the percentage rent indicated in the chart above. Should revenues from slip rental and restaurant operations fall below the natural breakpoint, base rent is applied. This appraisal is not b any ex`: a� I'-4 ry assAt6t . �. This appraisal is not based on )k by sthetica, on The opinion(s) of val Lie are based exr�?�ur•^ t mL2 mars*h.:;, a,,.r ,, 7ta t1,.; property was properly priced and actively rnliket,d The attached a+p rdi�,al R pDrr summarizes the a. -,t., analysis in support of our conclusions. If you have any questions, please contact the undersigned. We thank you for retaining the services of our firm. Respectfully submitted, JOSEPH J. BLAKE AND ASSOCIATES, INC. DRAFT DRAFT Maria Arroyave Ted Allen, MAI, MRICS Associate Managing Partner Florida -State -Registered Assistant Trainee Real Florida -State -Certified General Real Estate Appraiser Estate Appraiser No. RI23474 No. RZ426 Expires: November 30, 2018 Expires: November 30, 2018 Miami outboard club TABLE OF CONTENTS 1v-180-02 TITLE PAGE Submitted into the public TRANSMITTAL LETTER record fo iter (s) on ��» City Clerk EXECUTIVE SUMMARY................................................................................................................... ......1 ............... PHOTOGRAPHS OF THE SUBJECT........................................................................................................................3 CERTIFICATION................................................................................................. ............5 ...................................... GENERAL ASSUMPTIONS & LIMITING CONDITIONS...........................................................................................7 PURPOSEOF THE APPRAISAL..............................................................................................................................9 INTENDED USER AND USE OF THE APPRAISAL...................................................................................................9 PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT...............................................................9 EXPOSURETIME..................................................................................................................................................9 SCOPEOF THE APPRAISAL................................................................................................................................10 IDENTIFICATION OF THE PROPERTY.................................................................................................................11 CURRENT USE OF THE SUBJECT........................................................................................................................11 HISTORYOF THE SUBJECT.................................................................................................................................11 AREAANALYSIS.................................................................................................................................................12 NEIGHBORHOOD ANALYSIS..............................................................................................................................17 DESCRIPTION OF THE SITE................................................................................................................................23 DESCRIPTION OF THE IMPROVEMENTS............................................................................................................25 ZONING.............................................................................................................................................................26 TAXES................................................................................................................................................................27 MARINA MARKET ANALY51' AFT........29 RECONCILIATION AN0 FR INAL V E 52 ADDENDA Zoning Information Flood Map Tax Information Site Plan Operating Statements Appraisal Engagement Contract Glossary of Terms Qualifications of the Appraisers JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Stibmitted into the public record for ite (s) . Miami Outboard Club ('p �Z— � � City Clerk 17-18"2 EXECUTIVE SUMMARY PROPERTY SUMMARY PROPERTY APPRAISED Miami Outboard Club PROPERTY ADDRESS 1099 MacArthur Causeway Miami, FL 33132 PARCEL/TAX ID 01-3231-000-0013 PROPERTY LOCATION The subject is located along the northeastern side of the MacArthur Causeway ramp, south of Ichimura Road. PURPOSE OF THE APPRAISAL The purpose of the appraisal is to develop an opinion of the 'as is' market rent of the subject as of June 5, 2017. PERTINENT DATES....._.. DATE OF INSPECTION June 5, 2017 DATE OF REPORT June 12, 2017 DATE OF "AS IS" VALUE June 5, 2017 HIGHEST AND BEST USE AS IMPROVED The current improvements AS IF VACANT A marina facility PROPERTY DATA _. IMPROVEMENT DATA Briefly described, the subject consists of a marina with on-site restaurant known as the Miami Outboard Club. The site UP ., •: :inn 5uom,rged lana areas. The Miami CIL,b is a privately c:,;: r: ': ' marina under an e�tta.�,ig artwnc :Lase ifoon the City of Miami. The marina o=#.4rs 59 wet s p; or 130 dry st:zra slips. There is a boat rar,,p z�r d building cw )n%i , r L: 9,530 SF, which office, as -.vifl as a restaurant. SITE DESCRIPTION The subject's site contains approximately 427,324 SF or approximately 9.81 acres of land, of which 207,781 SF is uplands and 219,543 SF is submerged land CURRENT USE As of the date of the value opinion(s), the subject was being used as a marina with on-site restaurant. For the purposes of this report, the subject's market rent is estimated. ZONING The subject's upland area is zoned "CS," Civic Space under the jurisdiction of the City of Miami. The subject's submerged land does not have a zoning designation. OCCUPANCY 100.00% CENSUS TRACT 12-086-9810.00 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CDNSULTINI T Submitted into the public record f r ite n(s) �s Miami Outboard Club on iL 17-180-02 I1 , Cite Clerk EXECUTIVE SUMMARY MARKET RENT SUMMARY Projected Annual Projected Percentage Rent Estimated Rent Revenue Revenue Factor Base Rent $113,897 N/A $113,897 Wet Slips $1,361,984 15% $204,298 Dry Slips $143,893 15% $21,584 Restaurant $300,000 10% $30,000 Total (All Revenues) $1,805,876 $255,881 FINAL MARKET RENT CONCLUSION - THE GREATER OF: Base Rent Percentage Rent $113,897 $255,881 The majority of the comparables surveyed have a rental rate that is the greater of percentage rent or base rent. Once a natural breakpoint in base rent is surpassed, the subject is projected to pay a market rent equivalent to the percentage rent indicated in the chart above. Should revenues from slip rental and restaurant operations fall below the natural breakpoint, base rent is applied. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 2 Submitted into the public l J recordnf9r itei Sys on 11 I� Ciiy Miami Outboard Club 17-180-02 PHOTOGRAPHS OF THE SUBJECT 37-18 SUBJECT RESTAURANT SUBJECT KITCHEN SUBJECT RESTAURANT DRY SLIPS DRY SLIPS JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND C®NSYLTINI 3 Submitter] into the public ?ccorJ for iters (s)_ Miami Outboard Club on �� 1 City Clerk 17-180-02 PHOTOGRAPHS OF THE SUBJECT DRY SLIPS 41 Ur VEHICLE PARKING RESTROOMS BOAT RAMP w T WET SLIPS JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING WET SLIPS 4 Submitted into the public record for iter (S)_- - MiamiOutboardClub 011City Cc.k —�– CERTIFICATION 17-180-02 We, the undersigned, certify that, to the best of our knowledge and belief: • Maria Arroyave has not made a personal inspection of the property that is the subject of this report. Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. • As of the date of this report, Ted Allen, MAI has completed the continuing education program for Designated Members of the Appraisal Institute. • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. • We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. • We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. • Our engagement in this assignment was not contingent upon developing or reporting predetermined results. • Our compensation for completing this assignment is not contingent upon the development or reporting of a p-edeter"f-,ed v7!!12e direction in -w--i ue that farr;,rs the cause of the client, the amount of the value o3, nio i. the airimeT1i t; -r a rCS4.I , or the occurrence of a subsequent --vert di--tly r;21ated tdWe ir+tev".., usi :-:} thisaPwai, . • The Appraisal Re Por is bz�}ra ort R r uestec mirronum valuation, a i' : valuation, or the approval of a'c-nr. In our en2106rit was nw r.ontingent upon t appraisal producing a specific value and neither engagement, nor employment, nor compensation, is based upon approval of any related loan application. • Our analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. • No one provided significant real property appraisal assistance to the persons signing this certificate. • The use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • The appraisers have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the date of acceptance of this assignment. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 5 Submitted into the public Miami Outboard Club recoid fol' itch S 1 17-180-02 on City Clerk CERTIFICATION • I, Ted Allen, MAI, MRICS, the supervisory appraiser of a registered appraiser trainee who contributed to the development or communication of this appraisal, hereby accept full and complete responsibility for any work performed by the registered appraiser trainee named in this report as if it were my own work. The work performed includes: neighborhood, subject and comparable data research and analysis; market rent analysis; and final market rent conclusion. The time claimed in the registered appraiser trainee's log is 40 hours. After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the 'as is' market rent of the subject, as of lune 5, 2017, is: Projected Annual Projected Percentage Rent Estimated Rent Revenue Revenue Factor Base Rent $113,897 N/A $113,897 Wet Slips $1,361,984 15% $204,298 Dry Slips $143,893 15% $21,584 Restaurant $300,000 10% $30,000 Total (All Revenues) $1,805,876 $255,881 FINAL MARKET RENT CONCLUSION - THE GREATER OF: Base Rent Percentage Rent $113,897 $255,881 The majority of the carve 7Ln?les--rvt:°rd -:ve a rcit ,l rats= t',at is the greater of percentage rent or base rent. Once a natural breaks, cui°,t 'r base rent is s - rpt - d, the subject is p o,Lcted to pay a market rent equivalent to the uere'r;tjg;r- rt:,„ ird;c.irnd in the 7h3rt ai�U•�e. Should rev,,nues from slip rental and restaurant op_ -rat .ins fail bei °. tio n4Mo a °;rea'kpc nt, 3s;2 rert i5 applied. This appraisal is not based on any extraordinary assumptions. This appraisal is not based on any hypothetical conditions. The opinion(s) of value are based on exposure times of 6 to 12 months, assuming the property was properly priced and actively marketed. Respectfully submitted, JOSEPH J. BLAKE AND ASSOCIATES, INC. DRAFT Maria Arroyave Associate Florida -State -Registered Assistant Trainee Real Estate Appraiser No. RI23474 Expires: November 30, 2018 DRAFT Ted Allen, MAI, MRICS Managing Partner Florida -State -Certified General Real Estate Appraiser No. RZ426 Expires: November 30, 2018 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND 6ONSULTINA 6 Submitted into the public record fr ite i(s) Miami outboard Uub Get V _ , l . City Clerk 27-180-02 GENERAL ASSUMPTIONS & LIMITING CONDITIONS This Appraisal Report is subject to underlying assumptions and limiting conditions qualifying the information contained in the Report as follows: The valuation opinions(s) apply only to the property specifically identified and described in the ensuing Report. Information and data contained in the report, although obtained from public record and other reliable sources and, where possible, carefully checked by us, is accepted as satisfactory evidence upon which rests the final opinion(s) of property value. We have made no legal survey, nor have we commissioned one to be prepared, and therefore, reference to a sketch, plat, diagram or previous survey appearing in the report is only for the purpose of assisting the reader to visualize the property. It is assumed that all information known to the client and/or the property contact and relative to the valuation has been accurately furnished and that there are no undisclosed leases, agreements, liens or other encumbrances affecting the use of the property, unless otherwise noted in this report. Ownership and management are assumed to be competent and in responsible hands. No responsibility beyond reasonableness is assumed for matters of a legal nature, whether existing or pending. We, by reason of this appraisal, shall not be required to give testimony as expert witness in any legal hearing or before any Court of Law unless justly and fairly compensated for such services. By reason of the ^ .ro� 'f the _,r;raisa' and the Intrrdel tas�r arif c++ n t°ir set forth, the f value opinion(s) are un •1 app!,cable to the P,oper4y Rights Appraised, ,ar d the Appraisal Report should not be used':ir.w cot:h; r purpose. Disclosure of the :qtr nt; of tI'is AppraisaXRe-or°. is go—)err ed 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 CONSULTINI 7 Submitted into the public {l record foritei i(s) `'� ;�n I C;tv Clerk Miami Outboard Club 27-280-02 GENERAL ASSUMPTIONS & LIMITING CONDITIONS Toxic and hazardous substances, if present within a facility, can introduce an actual or potential liability that may adversely affect marketability and value. Such effects may be in the form of immediate clean-up expense or future liability of clean-up costs (stigma). In the development of our opinion(s) of value, no consideration was given to such liabilities or their impact on value. The client and all intended users release Joseph J. Blake and Associates, Inc., from any and all liability related in any way to environmental matters. Possession of this report or a copy thereof does not imply right of publication, nor use for any purpose by any other than the client to whom it is addressed, without our written consent. Cash flow projections are forecasts of estimated future operating characteristics and are based on the information and assumptions contained within the Appraisal Report. The achievement of the financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured. Actual results may well vary from the projections contained herein. We do not warrant that these forecasts will occur. Projections may be affected by circumstances beyond our current realm of knowledge or control. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements for the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Unless otherwise stated in this report, we have no direct evidence relating to this issue and we did not consider possible non-compliance with the requirements of the ADA in forming the opinion of the value of the p-operty. EXTRAORDINARY ASSUMPTIONS This appraisal is not based on any txtr,aorc"snary 3:�<_umptions, HYPOTHETICAL CONDITIONS This appraisal is not based on any hypothetical conditions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATIGN AND CONSILTINI 8 Submitted into the public record for its s) , Miami Outboard Club oil --.__ J�4_L +_ City Clerk 17-1so-02 INTRODUCTION PURPOSE OF THE APPRAISAL The purpose of the appraisal is to develop an opinion of the 'as is' market rent of the subject as of June 5, 2017. INTENDED USER AND USE OF THE APPRAISAL The intended user of this appraisal is the client, City of Miami, Department of Real Estate & Asset Management. We assume any affiliates, successors and assigns noted herein have the same intended use, knowledge and understanding as the original named client. The intended use of this appraisal is to assist the client with financial reporting purposes. This appraisal is not intended to be used by any other parties, for any other reasons, other than those which are stated here. Non -identified parties are not intended users of this report. PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT This Appraisal Report, with its analyses, conclusions and final opinions of market value, is specifically applicable to the following pertinent dates: DATE OF INSPECTION June 5, 2017 DATE OF REPORT June 12, 2017 DATE OF "AS 15" VALUE June 5, 2017 DEFINITION OF MARKET VALUE Market value means the most probable a -",,e which a property should bring in a competitive and open market under all tc,ndlf )ns to:F3�'ra, a bu I 3tting prudently and knowledgeably, and a5,i.ir-ing the Price is not af'2cted and stimulus. Imp] r in this definition is the consummation of a sale as of a specified date a -,c tris ri' , ag o sellei�u buyer under conditions whereby: 1. Buyer and seller pically motivates; " 2. Both parties are well informed or well advised, and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.' Source: 11 C.F.R. § 34.41, 215.61, 313.1, 564.1, 711.2 EXPOSURE TIME To form an opinion of exposure time, we considered the exposure times of properties similar to the subject in the same or similar sub -markets that have recently sold and/or conversations with local market participants. Based on our research, we are of the opinion that 6 to 12 months is a reasonable exposure time, assuming that the property was reasonably priced and actively marketed. PROPERTY RIGHTS APPRAISED The subject is appraised on the basis of a leased fee estate. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINI 9 Submitted into the public � r CCOHI for Miami Outboard Club �itv Clerk 17_lso-02 — INTRODUCTION SCOPE OF THE APPRAISAL The scope of an appraisal assignment is relative to the intended use of the appraisal. The following outlines the extent of property inspection, market data collection, verification and analysis performed for this assignment. Inspection Maria Arroyave has not made a personal inspection of the property that is the subject of this report. Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. This inspection included the interior and exterior of the subject. The inspection was visual in nature, to assess the economic condition of the property, in order to effectively compare it to other properties in the market. We are not engineers, and we did not assess the property from the standpoint of its structural integrity, or to determine whether any latent defects (water leaks, plumbing or electrical problems, etc.) were present. Subject Physical and Economic Characteristics The types of information obtained and the sources providing such information are detailed in the following table. Information Sources Information Type Received? ......... Source Zoning Information Yes City Flood Map Yes FEMA Tax I ,'r-JLiur, yzs Site Plan Yt . Repress ative of Owner Operating Sta"; i- ns;. Yf:s Repres ative of Owner Most Rar_ent RL nt Rol I 'des Rep res ative of Owner Detailed Lrast °•1, tr. CLS i +sit=gins l l � r�pkion s Repres ativeof Owner -OF ki Type of Analysis Applied The Income Capitalization Approach was applied in this valuation analysis. Extent of Data Research General economic data and market data were reviewed. Market data compiled for this report include a variety of rent comparables. These data are a result of research specific to the market and pertinent to the subject. The data were verified by buyers, sellers, brokers, managers, government officials or other sources regarded as knowledgeable and reliable. A rental survey of competing properties was conducted, and we provide photographs of all the comparable sales and rentals, where available. Information specific to the subject was provided by the client, owner, and/or representatives of the owner, and is assumed to be correct. Other information, such as zoning and tax records, was obtained from governmental sources. Specific estimates concerning market rent, expenses, vacancy, etc., reflect our judgment based on interpretation of the market data. The reasoning behind such estimates is illustrated throughout each of the approaches to value. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CORSULTIRI 10 Submitted into the public recorclppf��r iter(s) _ Il, 3Miami Outboard Club on__.� City Clerk INTRODUCTION 17-180-02 IDENTIFICATION OF THE PROPERTY The property is commonly known as: Miami Outboard Club 1099 MacArthur Causeway Miami, FL 33132 The property is also identified by the Miami -Dade County Tax Assessor's Office as tax parcel number 01- 3231-000-0013. The legal description of the property is assumed to be correct. We have not commissioned a survey, nor have we had one verified by legal counsel. Therefore, we suggest a title company, legal counsel, or other qualified expert verify this legal description before it is used for any purpose. CURRENT USE OF THE SUBJECT As of the date of the value opinion(s), the subject was being used as a marina with on-site restaurant. For the purposes of this report, the subject is valued as a marina with on-site restaurant. HISTORY OF THE SUBJECT The subject is currently owned by the City of Miami Outboard Asset Management Division. There is no deed recorded for the subject property. We are not aware of any listings, real property transactions, or ownership transfers pertaining to the subject in the three years priL- to he Gate o, the "-,i, qs value opinion, of ger than tnr ` which is reported here. JOSEPH J. BLAME AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING >> Miami Outboard Club 17==-i2 Miramar T Country. Cid Pakr Springat tyex1M ,ami Cakes 8# Submitted into the public � r record fir ite] s) _ ��r, 3 on _�/ t�fll�_ City Clerk AREA ANALYSIS AREA MAP Beach" Noq;1 Wo Beach 9tS (l+ioYtly MirF1I ��I �-��,�r�4� ur"-,i jc kiiaieah Gedit Hialeah V g � Doral Miami Springs 441 ersity, ark endaII South Miami pirwrest PAirm Beach w6rni Beach 1a JMi KL -r ISI gin ebyFT K e V *Ow— Palmettotto � 3y a " Mw data W017• Google ......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 6ONSULTINI 12 Submitted into the public _i� ileo {�) _ESL Miami Outboard Clubr L City Clerk 17-180-07 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' U'C2—_ The Port of Miami a it tine ma -.`-.--ie -,e a°,c �=r~rne to nearly a do -e- of the world's most distinguished cruise lines. the port o:fe._s rrur_, ca°,;O s3i -rgs t3 yore de lr 3t c in the Western hemisphere than any rather port, .inn offers access to virtually every pc r 1rj the woric- Metrorail is a 71 -mile rapid tr-i ,i° sy:,tr.-m ori 6-1 r., .,v:_:r,,! ra wa-r providing .3,-cc:s to Downtown Miami from portions of both south and north Miami -Dade County. It connects with Metromover, a 30 -station, five -mile system, that loops through the center of Downtown Miami's CBD. Metrobus provides the feeder system to Metrorail and bus service to all other parts of Miami -Dade County. A network of 5,640 miles of roadway serves Miami -Dade County, of which 1-95,1-75, Florida's Turnpike, and the Palmetto Expressway (SR -826) are the most utilized north/south highways, while SR -112, SR -826 and SR -836 are the most utilized east/west expressways. US -1 and SR-A1A are also components of this network. Other primary thoroughfares include 1-395 (east/west), 1-195 (east/west), SR -9, SR -94, SR -874, US -27, US -41 and US -441. Education Miami -Dade County is served by more than 900 public and private secondary and elementary schools. Seven colleges and universities are located in the county. Miami -Dade College currently offers more than 175 programs and 1,500 courses, with enrollment of over 160,000 students. The University of Miami in Coral Gables has more than 15,000 degree -seeking students and offers 150 undergraduate and 192 graduate degree programs. Florida International University, with two campuses, 36,000 students and more than 800 full-time faculty, received the nation's fifth largest philanthropic gift in the history of public higher education—the Wolfsonian Museum on Miami Beach, with 70,000 artifacts worth an estimated $75 million. It was donated to the college in 1997 and features a wide array of objects ranging from high art to pop culture. Four-year degree programs are also available at Barry University, St. Thomas University, Florida Memorial College and Miami Christian College. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTIN9 13 Submitted into the public Miami Outboard Club re -o 1 f0it (S) 17.18"2 on 0 , Cita Clerl, AREA ANALYSIS Tourism/Recreation Known mainly for its trendy nightclubs and oceanfront resorts, Miami -Dade County is also a recognized center for the fine arts and the performing arts, offering an array of enriching cultural activities. These include the Miami Art Museum, Museum of Contemporary Art, Miami Art Central, Wolfsonian-FIU, and the Lowe Art Museum, which are filled with collections and exhibitions from all parts of the world. Broadway plays, the Repertory Theater, the Philharmonic, the Opera Guild, and a large number of historical attractions and exhibits are also favorites. Every year, numerous art festivals make their homes in Miami, including the world-renowned Coconut Grove Arts Festival and Art Basel. The Miami Beach Symphony Orchestra and the Greater Miami Opera Association both offer top-notch performances throughout the year. In addition, the Coconut Grove Playhouse, the Actor's Playhouse and the Gusman Center features a variety of plays and dance pieces from local, regional and national troupes. Medical According to the Greater Miami Chamber of Commerce, Miami -Dade County boasts two major medical networks: the Jackson Health System and Baptist Health South Florida. Jackson Health System, the largest group of medical services in the Southeastern United States, is assembled in a medical complex just west of Downtown Miami. At its hub is the University of Miami School of Medicine/Jackson Memorial Medical Center, ranked in the top 10 of more than 8,000 hospitals in the nation and situated in the city limits of Miami. In Miami -Dade County alone, there are more than 29,000 health care professionals and 28 hospitals. The exterls work of ity hospa s includ air t,l ��� ° _1 Center, Columbia Cedars Medical Cent la Ho d r t Hos lacks FT771ria ` lia1, Mercy Hospital and Miami Children's Hos al. AREA DEMOGRAPHIC AND INCOME DATA The following data °..,;-as obtaiTi�.-3 fr m MOOVW&4WALYTCS Pr.. -;s U.S. Metro Soy". November 2016. The full report is located in the Addenda, and contains additional information about the social, economic, governmental and environmental forces that influence value. M004y'x'ti grke Nr Charts _2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 ..... _.... _......_................_................._.._._......................_......._.2.0.1.0 ................... ._......................................................................................................................................................................................................................................................._...._.......... Gross metro product (C$8) 104.1 104.4 106.3 108.4 111.1 113.8 115.9 121.3 127.0 132.3 136.8 141.4 %change (0.53%) 0.24% 1.85% 1.96% 2.47% 2.42% 1.91% 4.63% 4.71% 4.14% 3.43% 3.39% Total employment (ths) 985.1 1,007.3 1,031.3 1,056.7 1,089.4 1.123.4 1,142.2 1,166.4 1,189b 1,212.8 1,228b 1,235.3 %change (0.35%) 2.25% 2.38% 2.46% 3.10% 3.12% 1.68% 2.12% 2.01% 1.93% 1.32% 0.53% Unemployment rate(%) 11.10% 9.40% 8.35% 7.60% 6.94% 6.14% 5.31% 4.55% 3.87% 3.46% 3.36% 3.71% Personal income growth (%) 8.88% 4.59% 3.17% (0.42%) 6.78% 6.22% 4.87% 5.96% 7.30% 7.15% 5.99% 5.39% Median household income($ ths) 42.0 41.7 42.0 42.4 42.9 43.8 45.3 47.0 49.2 51.3 53.0 54.6 Population (ths) 2,508.2 2,580.1 2,611.2 2,641.9 2,668.9 2,693.1 2,728.7 2,767.0 2,806.8 2,847.1 2,887.4 2,926.5 %change 1.80% 2.87% 1.21% 1.18% 1.02% 0.91% 1.32% 1.41% 1.44% L43% 1.42% 1.35% Single-family permits 941.0 962.0 1,819.0 2,266.0 2,077.0 2,800.0 3,344.6 5,557.1 7,033.1 7,630.5 7,182.7 6,978.3 Multifamily permits 2,262.0 1,656.0 3,250.0 8,050.0 5,654.0 9,817.0 5,6715 7,408.9 7,924.9 7,079.7 6,000.2 6,330.0 FHFAhouseprice(1995Q1=100) .$195.70__$182.97 .$185.95 .$207.70,$233.55 $257.42 $282.04 $296.31 $300.32 $292.65 $284.74 $281.83 Source: MOODY'S ANALYTICS Precis' U.S. Metro South, November 2016 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSILTINO 14 Submitted into the public Miami Outboard Club record for ite (S) t1 17-180-02 ' � City Clea AREA ANALYSIS on -- 1,400 1,200 1,000 800 600 400 200 0 Total Employment (ths) ,0 L'tiL^,' � h b % 0 N 10 O 0 0ti.0D0tiOti,0l,Oti'ti.0tiO Unemployment Rate 12.00%� 10.00% 8.00% 6.00% ., 4.00% 2.00% �� ,LO ,L0 ,LO „,.� 'LO r ' - X Median Household Income Ohs) $60 $50 $40 $30 $20 $10 $0 do ,titi ,titi ,ti3 tia ti`' ti`° ti^ ti� ti°' ,yo ,yti ,yo ,yo 'yo ,yo ,yo ,yo 'yo ,yo ,yo ,yo ,yo 'yo 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% (0.50%) (1.00%) 10.00% 8.00% 6.00% 4.00% 2.00% $350 $300 $250 $200 $150 $100 $50 $0 %Change in Employment 'ti0 'til' `ti' ti� tiA ,tih ti� ti1 ti% 'ti° ,LO 'LN ,LO 'LO ,LO ,LO ,LO ,LO 'LO 'LO 'LO ,LO 'LO 'LO Personal Income Growth (ths) ,ti0 'y1' ,tiy ,tip, ,tip ,tiy 'tir° ti� ti� 'ti°� ,LO ,yw ,yo ,yo ,yo ,yo ,yo ,yo 'yo ,yo 'yo ,yo ,yo ,yo JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINI 15 Submitted into the public record for itc S _ �/- Zl_� + Miami Outboard Club on _ City Clerk AREA ANALYSIS 17-i8Q-02 2,750 2,700 2,650 2,600 2,550 2,500 2,450 2,400 Historic Population Growth (ths) Projected Population Growth (ths) ,tiO,O 'L011 '$" ,ti01� ,y0,b 'L01h Single -Family Permits 2,950 2,900 2,850 2,800 2,750 2,700 2,650 2,600 ti ti ti ti ti ti Multi -Family Permits 10,000 12,000 8,000 - 10,000 >.<... �. - 6,000 8,000 s 6,000 4,000 4,000 2,000 2,000 0 l: O.�O,ti'L O,tibb 01h -, 10 'L 'L 'L 'L 'L 'L O 141 O 10 Oti ti 10 O,tih O ; 11 01� 01�i O,yO O,ti1 L.. L 'L L : 'L 'L 'L 'L Yg� � � �"""x v • - iL^ An analysis of South Florida and more specifically, Miami -Dade County, demonstrates that the area has historically been on a path of growth. Previous population growth is primarily due to in -migration, with the majority of the migrants coming from within the state, as well as New York, Georgia and international sources. With the recession receding, the values of the County's office, industrial, commercial and residential properties have recovered substantially, with decreased vacancies appearing in office complexes, industrial neighborhoods, and shopping centers, and homes increasing in value. Despite the effects of the recent recession, many of the factors that led to Miami -Dade County's historical success remain in place. Therefore, the county will likely continue to grow. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 16 Submitted into the public cc(Ntl fo it; ,1](s) _ � E , MiamiAutboard Club CIO 19 City Clerk 17-180-02 NEIGHBORHOOD ANALYSIS NEIGHBORHOOD MAP TERRACE OD EDGEWATER P Z iso P8c; Park D )WN SQUARE a `T. 0i le Island , hj5eum Park w z � m w Z Z r"o Imi Dad rylRA Ifs n c p A.M INTRODUCTION N ASL,AN is , F T, -Ai Dodge island : - data ' - Goode A property is an integral part of its surroundings and must not be treated as an entity separate and apart from its surroundings. The value of a property is not found exclusively in its physical characteristics; physical, economic, political and sociological forces in the area interact to give value to a property. In order to determine the degree of influence extended by these forces on a property, their past and probable future trends are analyzed. Therefore, in order to form an opinion of the value of a property, an analysis is made of the area in which the property under study is found. This area is referred to as a neighborhood. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINII 17 Submitted into the public 1' r record fo ite (S) Miami Outboard Club on__. City Clerk 17-!80-02 NEIGHBORHOOD ANALYSIS A neighborhood can be a portion of a city, a community or an entire town. It is usually an area which exhibits a fairly high degree of homogeneity as to use, tenancy and certain other characteristics. Homogeneity is a state of uniform structure or composition throughout. Therefore, in real estate terminology, a homogeneous neighborhood is one in which the property types and uses are similar. A neighborhood is more or less a unified area with somewhat definite boundaries. As a neighborhood's boundaries serve to limit the physical area that exerts germane influences on a property's value, the boundaries may indeed run concurrent with variations in prevailing land uses or physical characteristics. LOCATION The subject is located along the northeastern side of the MacArthur Causeway ramp, south of Ichimura Road. The subject is located on Watson Island, a man-made island in Biscayne Bay. Immediately east of the CBD and Omni neighborhoods of Greater Downtown Miami, it is connected to the mainland and South Beach, Miami by the MacArthur Causeway. ACCESSIBILITY The subject is accessible via the MacArthur Causeway Ramp, which-connects-to-Ichimura Road, along which the subject's entrance is located. The General Douglas MacArthur Causeway is a six -lane causeway which connects Downtown, Miami, Florida and South Beach, Miami Beach via Biscayne Bay. The highway is the singular roadway connecting the mainland and beaches to Watson Island and the bay neighborhoods of Palm Island, Hibiscus Island, and Star Island. The MacArthur Causeway carries State Road 836 and State Road AlA over the Biscayne Bay. Interstate 395 ends at Fountain Street, the entrance to Palm Island Park which has a traffic light as well as bus s:cus. The MacArthur Ca isewa a s prov s acce T' o xh rvliam unnel. The Po iami Tunnel (also State Road 887; formerly Por of iai T 200 et red, tunne t consists of two parallel tunnels (one in each dirf c:riCI at ave. neat Ba ce�nnect:ng th MacArthur Causeway on Watson Island with POrrMi:imii 0-) :.Jori Ps' nd I as bui uoiic—private rtnership between three government o_i.: 3—tiy F"r;rir_:? nr , �� _z t a " Trar.spo ti , Miami -Dad ounty, and the City of Miami—and the private entity MAT Concessionaire LLC, which was in charge of designing, building, and financing the project and holds a 31 -year concession to operate the tunnel. The tunnel was first conceived in the 1980s as a way to remove traffic to PortMiami that was congesting downtown Miami streets. Prior to the tunnel's opening, the only route for PortMiami traffic was through the streets of downtown Miami; that traffic, especially trucks, was considered detrimental to the economic growth of downtown and a planned project to expand the port's capacity would increase the volume of trucks through downtown. Those issues would be remedied by the construction of the tunnel, allowing traffic to move between PortMiami and the MacArthur Causeway (which connects to Interstate 95 via 1- 395) without traveling through downtown. In the first month after opening, the tunnel averaged 7,000 vehicles per day; nearly 16,000 vehicles travel to the port each weekday. DEVELOPMENT Development surrounding the subject includes a number of attractions, despite the small size of Watson Island. The Ichimura Miami - Japanese Garden grew out of the efforts of Kiyoshi Ichimura, who sent objects, materials and artisans from Tokyo to Miami in the 1950s to construct the San -Ai -An Japanese Garden on Watson Island. The garden opened in 1961. Jungle Island opened its new facility on Watson Island in 2003. Originally named Parrot Jungle, the popular tourist attraction first opened in the Pinecrest neighborhood of Miami in 1936. Over the years, the attraction came to be a popular attraction for Miami residents and tourists, but that trend reversed once it moved to the smaller and less natural setting of Watson Island. Jungle Island hosts a popular event venue with its Treetop Ballroom. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CDNSULTINI 18 Submitted into the public record �fljitcn (s_ Miami Outboard Club on � City Clerk NEIGHBORHOOD ANALYSIS 17-180-U2 The Miami Children's Museum opened a new 56,500 SF facility on Watson Island in 2003. It has ten galleries, classrooms, birthday party rooms, a parent/teacher resource center, an educational gift shop, a 200 -seat auditorium and a dining area. The Miami Yacht Club has been located on Watson Island since the late 1940s. It offers youth and adult sailing programs, and sponsors races, regattas and a Sea Scout ship. The club has boat slips, dry storage, and a lounge, bar and restaurant. There is a public boat ramp with 50 oversized parking spaces for vehicles with boat trailers. J RAF8L- I JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINI 19 Submitted into the public record fn iter >{S Miami Outboard Club nn 1 City Clerk 17-180-02 - T NEIGHBORHOOD ANALYSIS DEMOGRAPHICS The Site To Do Business is a service that provides demographic data, including historical, current and forecasted population estimates for a specified region. Patterns of development, density and migration are reflected in the population estimates. A survey of the subject area's population and growth rate is summarized in the following charts, followed by a map of the surveyed area. Demographics 2016 2021 Summary 1 mile 2 mile 3 mile 1 mile 2 mile 3 mile _. _._ ....... .... Population 3,070 82,683 192,664 3,168 93,552 209,873 Households 1,583 44,889 95,108 1,629 50,913 103,929 Families 691 15,606 38,171 710 17,646 41,453 Average Household Size 1.94 1.78 1.97 1.94 1.78 1.97 Owner Occupied Housing Units 939 9,940 21,400 946 10,802 22,754 Renter Occupied Housing Units 644 34,950 73,708 683 40,110 81,175 6 Median Age 46.0 34.9 37.1 46.5 35.0 37.6 Population by ASe 1 mile 2 mile 3 mile 1 mile 2 mile 3 mile .__ ____...._ _ _._._._ ... .__._.. 0-4 4.2% 4.7% 5.1% 4.1% 4.7% 5.1% 5-9 3.8°x6 3.7°x6 4.2% 3.9% 3.7% 4.2% 10-14 3.6% 2.7% 3.5% 3.4% 2.9% 3.7% 15-19 3.0% 2.9% 3.5% 2.9% 2.8% 3.5% 20-24 4.1% 8.1% 7.1% 3.9% 7.6% 6.6% 25-34 1A 2W. 28.2 22. 22.4% 35-44 15.4° 18. 17. 15.5% 18.3% 16.8% 45-54 16.7° 1 /0 12. 4.6°x6 12.4% 12.4% 55-64 10. 6.5°x6 9.1% 10.3% 65-74 11.9 .7% 7. 13.4% 6.2°� 8.4°� 75-84 5.1% .7% 6.1% 2.9°.4 4.8°� 85+ 1.6% 1.0% 1.9% 1.7°x6 1.0% 1.9% _ ... _ .... Households by Income 1 mile 2 mile 3 mile 1 mile 2 mile 3 mile _.. -- .. - ..... _ _ _ ..... ... <$15,000 11.90% 16.60% 22.70% 10.30% 15.40% 21.80% $15,000 - $24,999 4.40% 9.30% 12.00% 4.70% 10.50% 13.40% $25,000 - $34,999 3.60% 8.80°x6 10.10% 2.10% 5.90% 6.70% $35,000 - $49,999 11.80% 11.50% 11.90% 6.70% 8.60°x6 9.40% $50,000 - $74,999 7.60% 17.00% 14.30% 8.00% 18.90% 15.80% $75,000 - $99,999 15.00% 10.60% 8.70% 16.60% 11.20% 9.50% $100,000 - $149,999 18.90% 14.10°x6 10.70% 22.40% 16.20°x6 12.60% $150,000 - $199,999 9.80% 5.20% 4.10°x6 11.50% 6.10% 4.90% $200,000+ 16.90% 6.90% 5.70% 17.60% 7.30% 6.00% Median Household Income $91,107 $54,073 $40,544 $102,171 $60,329 $47,694 Average Household I ncome $129,073 $82,040 $69,481 $140,944 $89,103 $76,235 Per Capita Incomex$66,247 _$45,117 $35,095 $72,155 $48,981 $38,486 Source: Site To Do Business JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND GONSOLTINO 20 Submitted into the public record for ii.c (s) .- _ Miami outboard Club on City Clerk 17.180-02 NEIGHBORHOOD ANALYSIS Trends: 2016 - 2021 Annual Rate 1 mile Radius Area State National Population 0.63% 1.29% 0.84% Households 0.57% 1.21% 0.79% Families 0.54% 1.13% 0.72% Owner HI -Is 0.15% 1.09% 0.73% Median Household Income 2.32% 2.52% 1.89% 2 mile Radius Area State National Population 2.50% 1.29% 0.84% Households 2.55% 1.21% 0.79% Families 2.49% 1.13% 0.72% Owner HI -Is 1.68% 1.09% 0.73% Median Household Income 2.21% 2.52% 1.89% 3 mile Radius Area State National Population 1.73% 1.29% 0.84% Households 1.79% 1.21% 0.79% Families 1.66% 1,13% 0.72% Owner HI -Is 1.23% 1.09% 0.73% Median Household Income 3.30% 2.52% 1.89% Source: Site To Do Business Source: Site To Do Business JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 21 Submitted into the public record or iter {S Miami Outboard Club on 1/�Q�_1_! 7 City Cleric 17-18"2 NEIGHBORHOOD ANALYSIS LIFE CYCLE A neighborhood's life cycle usually consists of four stages: • Growth - a period during which the neighborhood gains public favor and acceptance • Stability - a period of equilibrium without marked gains or losses • Decline - a period of diminishing demand • Revitalization - a period of renewal, redevelopment, modernization, and increasing demand Source: The Appraisal of Real Estate, 14th Edition From a general examination, it appears that the neighborhood is in the stability stage of the life cycle. A number of new developments have been proposed for the remaining vacant tracts on Watson Island, however these projects have been put on hold due to the previous recession, as well as hold-ups with municipal approvals for large scale projects. NEIGHBORHOOD ANALYSIS CONCLUSION We researched all germane influences that could possibly affect the value of the property in the area. This research did not produce any factors that could be negative or undesirable. In fact, just the opposite was found. The subject and the surrounding neighborhood, as delineated by boundaries, is a well-established residential community. Several factors have combined for the success of the neighborhood of which location and exclusivity have been positive influences. Finally, we are of the opinion that the subject's neighborhood should experience continued stability, building upon the solid foundation it has established. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINI 22 Submitted into the public LL record fof iter (s) Miami Outboard Club on p � �� CItV Clerk 1v-180-02 DESCRIPTION OF THE SITE JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSOLTINO 23 SITE DETAILS ADDRESS 1099 MacArthur Causeway, Miami, Miami -Dade County, FL 33132 PARCEL NUMBER 01-3231-000-0013 LOCATION The subject is located along the northeastern side of the MacArthur Causeway ramp, south of Ichimura Road. LOCATION TYPE Suburban MAP LATITUDE/LONGITUDE 25.7822581/-80.1725439 CENSUS TRACT 12-086-9810.00 SIZE 427,324 SF or 9.81 acres 207,781 SF is uplands and 219,543 SF is submerged land UPLANDS 207,781 SF or 4.77 acres SUBMERGED LAND 219,543 SF or 5.04 acres ZONING The upland parcel is zoned "CS," under the jurisdiction of the City of Miami. The subject's submerged land does not have a zoning designation. PRIMARY FRONTAGE STREET MacArthur Causeway Ramp ADJACENT PROPERTIES - NORTH Parrot Jungle/Venetian Islands ADJACENT PROPERTIES - SOUTH Port of Miami/Industrial ADJACENT PROPERTIES - WEST Watson Island Park ADJACENT PROPERTIES - EAST Biscayne Bay/Residential WATER FRONTAGE The subject has approximately 650' of frontage along Biscayne Bav, ACCESS The SL.P.Iti :t L., r.r_c' :,i lzz via the Causeway Ramp, wnicF ;:nnmr'r. " to I[-hirnUra IF,(].'G, forsrs , which the subject's SHAPE k -.e- su[,•; O site is irrvEUIar in shape. SOIL CONDITIONS AND DRAINAGE The �o l conditions abserved at the suoject appear to be typical of the region and adequate to support development. FLOOD ZONE The site lies within Zone AE. This information was obtained from the National Flood Insurance Rate Map Number 12086CO316L dated September 11, 2009. FLOOD ZONE DEFINITION The base floodplain where base flood elevations are provided. AE Zones are now used on new format FIRMS instead of Al -A30 Zones. In communities that participate in the NFIP, mandatory flood insurance purchase requirements apply to this zone. OTHER HAZARDS None known. 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. ADEQUACY OF UTILITIES Public utilities are available to the site. PUBLIC ELECTRICITY Public WATER SUPPLY TYPE City water SEWER TYPE City sewer POLICE AND FIRE PROTECTION City of Miami CONCLUSION The subject site is considered well-suited to functionally support its current use. JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSOLTINO 23 MUMIOUtboard dub 17-18"2 TOPOGRAPHIC SURVEY _........._..._,.___....._......................._..._......... .... ..........__...._.._..__....... -_.... .... .................................. _................. _ ....... ......_...__...__.. _.__...........__,. Submitted into the public 2 record for it m(s) � E J DESCRIPTION OF THE SITE on /W I� City Clerk JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINI 24 t, 1z .tax,: �f JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINI 24 Miami Outboard Club v-2WO2 Submitted into the public record fr ite *s) __ _� 0-1 o City Clerk DESCRIPTION OF THE IMPROVEMENTS GENERAL DETAILS DESCRIPTION Briefly described, the subject consists of a marina with on-site restaurant known as the Miami Outboard Club. The site contains upland and submerged land areas. The Miami Outboard Club is a privately operated marina under an existing ground lease from the City of Miami. The marina offers 59 wet slips and 130 dry storage slips. There is a boat ramp and freestanding building containing 9,530 SF, which houses the dock master's office, as well as a restaurant. MARSHALL VALUATION SERVICE C CLASS MARSHALL VALUATION SERVICE QUALITY CONDITION YEAR BUILT EFFECTIVE AGE TOTAL ECONOMIC LIFE REMAINING ECONOMIC LIFE CONSTRUCTION TYPE CURRENT OCCUPANCY LAND TO BUILDING RATIO FLOOR AREA RATIO} PARKING TYPE PARKING SPACES ET SLIPS DRQ` SLIPS Average Average 1958 35 50 15 Concrete Block with Stucco 100 21.80 (Based on uplands and upland improvements) 0.05 { ;i:,i" On 4plard:, and ulnlar:i impr€ vemt v _r` ace Par!: ng 4Lia,:es .i; t S 1 _ _� d r y S1i+-I JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINI 25 Miami Outboard Club 17-18"2 Submitted into the public record fo iter (s)� �3__. . �. City Clel ZONING The upland parcel is zoned "CS," under the jurisdiction of the City of Miami. The subject's submerged land does not have a zoning designation. ZONE DETAILS ZONING AUTHORITY City of Miami m~ ZONING CODE CS ZONING DESCRIPTION Civic Space PERMITTED USES Marinas, by right. Uses permitted by warrant include: food service establishments; open air retail; community, recreational, and religious facilities; infrastructure and utilities. Uses permitted by exception include: general commercial; marine - related commercial establishments; childcare and learning centers. ZONED DENSITY/FAR .3 MAXIMUM LOT COVERAGE 25% COMMENTS The Civic Zone consists of public use space and facilities that may contrast in use to their surroundings while reflecting adjacent setbacks and landscape. Development in a Civic Space Zone should have a minimum of fifty percent (50%) of its perimeter enfronting a thoroughfare. Civic Space sites shall be entered directly from a Thoroughfare. In Civic Spaces, buildings shall c4� : to rgulad .,o-.; Qa abutting Transect ,IonC d .K:, it atshowilly City of Mi ml',, parks and Public Spaces J�:ast;Pian GtF�r ,tdiu:Amonts to th , regulations shall be ,-3pprc-,od by praceas of exception. Based on a review A Ibjea in relation to the CS zoning d rict, it appear ile subject is a legal and conforming use. However, we are not experts in determining if a property is fully in compliance with all aspects of the zoning code. We suggest interested parties obtain a letter of zoning compliance from the City of Miami to determine if the subject is zoning compliant. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINI 26 Submitted into the public record Qfo iterp(s) Miami Outboard Club0M1��K / I t _ city Cieri 17-180-02 TAXES The subject is assessed by the Miami -Dade County property appraiser's office, and is taxed by the City of Miami, Miami -Dade County, and the Miami -Dade County school district. According to public records, it appears there are no unpaid taxes as of the date of this report. Assessments in the county are done by the Miami -Dade County Property Appraiser's offices. The tax bills are sent in October, and paid by March of the following year. A 4% discount is given to bills paid in November, 3% to those paid in December, 2% if paid in January, and 1% if paid in February. Taxes paid after March are considered delinquent. Since assessments are completed annually, trends in assessed values have generally been increasing, as property values have increased. School taxes are based on "market value." Non -school taxes are based on "assessed value." These values may be equal or may be different amounts, depending on the property. The "market value" used to calculate school taxes can be increased with no cap, and is intended to be synonymous with the property's actual market value if it were to sell in the open market. The "assessed value" used to calculate non -school taxes can be adjusted upward, but has a maximum cap. According to Florida law: "Constitutional Amendment 1, approved by voters on January 29, 2008, was a provision to limit increases in the annual assessment of Non -Homestead properties to ten percent (10%). The base - year for implementing this change was 2008 and assessments were capped beginning in 2009. • There is no application for the Non Homestead Cap as it applies automatically. • Changed )[Tsown2rsh ly Lnd_ use reset the ikon aia year following the change Ful. ear 7;1° f I .lv j tin ad a rnp ,��E scat':.• removes the Non Heestrad Cap, k • The Nen Home; d Cap 11117;ts in as thssse,! vi ue t 10%, excluding School EL,-j,d fly.: essrr fMI S.,e w Therefore, in times of increashg v�lu .%, the val-le (used to calculate non -school taxes) can fall below the "market value" (used to calculate school taxes). The "market value" is multiplied by the millage rate(s) associated with the school district. The "assessed value" is multiplied by the millage rate associated with any non -school taxes. The two amounts are added together to arrive at the total ad valorem taxes. Any non -ad valorem taxes are then added to that amount to arrive at the total tax liability. According to Florida law, if a property sells, then the "assessed value" will increase to the "market value." JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINH 27 Miami Outboard Club 17-180-02 Submitted into the public record fofiter (s) / � `� City Clerk TAXES The following table summarizes the subject's assessment and taxes: Parcel ID 01-3231-000-0013 Assessment Year 2016 Tax Authority Land Value $1,246,686 Tax Authority Improvements Value $253,314 Tax Authority Other Value $0 School Board Assessment $1,500,000 Municipal Assessment $268,357 School Board Millage Rate $7.3220 Municipal Millage Rate $14.5036 Total Tax Rate $21.8256 Tax Rate Per $1,000.00 Taxes $14,875 Special Assessments $0 Taxes with Special Assessments $14,875 Early Payment Discount Percentage 4% Total Taxes $14,280 Assessed value on properties with homestead exemption is the base year market value, adjusted for annual percentage factor (3% or Consumer Price Index (CPI), whichever is less), plus new construction. • Assessed value cannot exceed market value. • On propertoes that do nc4 h_7'fe liorresread 'w lue a ii. market value are synonymous. Florida law requires th-ip the Pro-)f.rty Aoprni c- asses :ill of ertae at marke Glue as of January 1, of every year. To aocompli d ri,i, U.:<, S�;If =j 'rr)rra rr prior yccar--, aye used in ':al,,i,g ;}roper -ties- For example, January 1, 2015 property assegf mc-nts are on -,-ales activrt e fr: rr 2014. In arriving at just valuation as required under section 4, Art. VII of the State Constitution, the property appraiser shall take into consideration eight criteria. The eight criteria states as follows: "The net proceeds of the sale of the property, as received by the seller, after deduction of all of the usual and reasonable fees and costs of the sale, including the costs and expenses of financing, and allowance for unconventional or atypical terms of financing arrangements. When the net proceeds of the sale of any property are utilized, directly or indirectly, in the determination of just valuation of realty of the sold parcel or any other parcel under the provisions of this section, the property appraiser, for the purposes of such determination, shall exclude any portion of such net proceeds attributable to payments for household furnishings or other items of personal property." As previously noted, within the State of Florida, assessments are supposed to approximate 100% of market value; however, in many instances, upon a sale of a property the assessed values equate to only 75% to 95% of market value. We therefore discussed the topic of assessments with the Miami -Dade County Property Appraiser's office. They concurred that an assessment will typically fall at less than 100% of a property's market value when values are rising, but could not comment on a specific percent of value. In times when property values are falling, the actual assessed value will likely be at or close to 100% of the market value. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINU 28 Submitted into the public record fo ite (s) �, Miami outboard club on City Clerk 17-180-02 MARKET ANALYSIS MARINA MARKET ANALYSIS The purpose of this discussion is to provide an overview of the economic vitality of the recreational marina marketplace influencing the subject. The industry will be briefly considered on a national basis before detailing the subject's local, competitive market. In the course of the research of the recreational marina marketplace, we interviewed a variety of industry experts, including real estate professionals, marina developers, owners of marinas and local officials. We also consulted with the industry's trade associates and trade publications, including the International Marina Institute, the National Marine Manufacturers Association, and the Boating Industry Magazine. Interviews were conducted and factual material was gathered to ascertain historical, current and projected market conditions. Data includes industry revenue figures, slip occupancy and rental rates, availability of financing and environmental concerns. Industry Snapshot The U.S. marina industry includes about 3,800 establishments (single -location companies and units of multi - location companies) with combined annual revenue of about $4 billion. Demand is driven by ownership rates for power boats and sailboats. The profitability of an individual marina depends on location and good marketing. Large companies have the resources to advertise and negotiate better prices with suppliers, builders, and maintenance firms. Small companies can compete by offering customized services or preferred locations. The US industry is highly fragmented: the top 50 companies account for about 15% of industry revenue. More than 90% of US marina operators have only one location. According to I i,tR searvh, the pr w3ry ;ger of near .E+ er rtiarirlai0kys). he slip rentals. The main business of marinas is ri nting ship, (dr cks"+e spz..r a) ar-d IT ODr ored b Marinas also sell fuel and other items and pr!�vide. mint&,.- ce toervices. ALL i*. 40 o' industry re- nut comes from slip and storage fees, 15% from and 10% fr6rn fuel sales Czzher sources clorevenue include sales of food (5%) and marine equipment (5%). Revenue by Product - US Census Bureau Slip & storaq* fees, 40% - ®tire r. 35 % Maintenance. 13*4 - Fust. 10% Source: FirstResearch JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTIRA 29 Submitted into the public rCcOr'd t r ne (S� Miami Outboard Club on City Clerk 17-18d-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 expur`, + }6.1 - l w . down L'.' in 2014; j.;ts aN r.2 i:Ow �... to 208,532. • Total engin ales: inc, _dingy -iboard Zi,d s*_,rr:hve e'i : }==. were 243,200 units, up 3.4 in 20-'4 • Outboard a nes sa,e ,Yre uP 4.5 �. to ' 18,4J[� un o,s. r ta;1 sales rc4ic: ted $2.5 billion, up 8.6%. • Af-e-ma-ket eese0ale 0taled 5,E, ill ion in 20,1, n increase of .i4 • Americans awe #, Fh a#r r: Sof the U au!t populatiti - '.3 million Americans - participated in recreational boating at least once in 2014. • Boats are uniquely made in America: 94.9% of powerboats sold in the U.S. are made in the U.S. • There were an estimated 12 million registered boats in the U.S. in 2014. • 95% of boats on the water (powerboats, personal watercraft, and sailboats) in the U.S. are less than 26 feet. • An estimated 940,500 pre -owned boats (powerboats, personal watercraft, and sailboats) were sold in 2014. Boating Demographics and Participation Boating is primarily a middle-class lifestyle as 71.5% of American boat owners have a household income less than $100,000. Of the 242.5 million adults living in the United States in 2014, 35.7% or 87.3 million people participated in recreational boating at least once during the year, relatively unchanged from 2013. Since 2011, boating participation has ranged from 34.8% to 37.8% of the population. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 30 Submitted into the public record f* r ite (s) _ City Clerk Miami outboard Club MARKET ANALYSIS 17-180-02 The following chart ,ummari-r, : the rtt,- fadul*s in the 115 1avelved in boatireactivitles, JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 31 NO. OF ADULTS GOING % OF 18+ WHO YEAR BOATING 1MIXOM WENT BOATING 19W 67.4 36-5% 1991 672 36.3% 1992 67.9 36.1% 1993 68.7 362% 1954 69.6 362% 1995 70.0 35.6% 1996 70.7 36-0% 1997 71-3 35.E 1998 69.0 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 2811% 2DO6 57.9 26-0% 20O6 60.2 26,6% 2007 65.4 292% 2019 70.1 30.5% 2009 65.9 28.3% 2010 75.0 32.4% 2011 82.7 34.8% now 2014 97.1 355,7% ."re i ." ,, , I ,; ,c `. .r,. =sct , , .—U5fWM§4"arljF Statistics Deaarr nt, 2015 The following chart ,ummari-r, : the rtt,- fadul*s in the 115 1avelved in boatireactivitles, JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 31 Submitted into the public Miami ` ��,, Miami Outboard Club record ib ite (s> �,L..._ MARKET ANALYSIS 17-18aoz (1: 11 �. Citv Clerk too 90 T. T' X GO s a so ■ 1S 40 fi 30 20 10 y W '91 '92 M '94 M '% '97 '96 '99 `00 '01 '02 W W '05 `€l6 °07 'M '09 '10 '11 '12 '13 '14 ® % OF 18+ WHO WFW RATS ® 40 OF ADULTS GOW BTW . 0 e 25% 3 e 19L 1016 8 5% C+1 i,lrCe,111mPoNj i:,. if-ftff_ 15 °ii:; (.I':, Pr�rlf _ i�-'*10" 1.! 111e.1!.?�'Y: _ BaMing 94, istratIon Boat registrations werti. up ].a5 , iij..10L4, rj5ing Ud a tat-4..Of .3 miWon, coaced to 12.1 million the previous year. However, Me tptal n b, . of trecr*ntioriai -'ts r, use during i -I declined 0.6% to 15.8 million. - JOSEPH J. BLAKE AN ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 32 Submitted into the public record f ilei (S) on G j� _. City Clerk Miami Outboard Club 17-180-02 MARKET ANALYSIS The following charts summarize the number of registered and non -registered boats: REWTEIKUnWUNOMD fO!-REQS' OED TOTAL YEAR BOATS (111R.W BOATS (iNILOR (#N11011111% 1989 10.8 4.9 15-7 1990 11.0 5.0 1S0 1991 11.1 5,2 163 1992 11.1 5.1 16.3 1993 11.3 4.9 162 1994 11.4 4.8 16.2 1995 1 f.7 3.& 154 19% 121 3.8 15.8 1997 12.4 3.8 16.2 190 127 3.7 16.4 1999 128 3.6 16.5 2000 12.9 4.0 16.8 2001 13.0 4.0 17.0 20M 129 4.2 172 20M 12.9 4,3 172 2004 129 4.5 17.4 2005 13.0 4.6 17.7 2006 12.8 4�0 16.8 27 13.0 4.0 18.9 12.8 • •.. ; 1 12-8 ,.. rtr. fl 12 1k q 21f't4 est 12.3 16 Source: National Marine Manufacturers Association, Market Statistics Department, 2014 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 33 Submitted into the public reco;'dfo Bite (s) Miami Outboard Club (tn _�{ City Cierl, MARKET ANALYSIS 17-180-02 21) 18 16 14 12 10 a 6 A4 1 aLe 2 ]] �NDF-iEG%S�13OAT5 D tats '89 '91 '93 i 437 '99 '01 M '05 '07 '09 '11 '13 !1ATt 'i ail. U em di35 e Ill.. Mar r ".1:1 lees 5 Consumers spent $ 4 blllloo ren ew erb aaar' engines , boa -railer: and aftermarket accessories cn11ective _ wp 3% frq DS Florida again ranked first in total expenditures for new powerboats, outboard engines, trailers and aftermarket accessories. Spending in Florida increased 22.5% in 2014 compared to 2013. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE MALUATIUN AND CUNSULTINH 34 Submitted into the public record fof iter (s)� 1 Miami Outboard Club on g/_� �. City Clerk MARKET ANALYSIS 17-180-02 The distribution of new powerboat, engine, trailer and accessory purchases by state are shown on the following chart: MA 2M2 2W 7011 sm OuiBomo BOAT AFTIMAIWT TOTAL TOTAL TWAt Tti9il 9rME 1iU0t PONS BIS S TFARUP01009M tib URN= UrBOUNM Eta EIlHQitNM AL 11 $1W'3W499 5U.w S S1aGe ,90$: 14 ST82;M1248 S416,5 .981 S342,M131 Alf 34 594,111,297 $9,231.411 %IMM i77XWVD sollipw tin 5139.4885( SIXAM.7% Si34,MOM Al. 37 SQ3,a0UM $14,158.772 52.50,E WJW5,41& StUA27,0f0 29.9% S1f$.fl3'9,712 577 M4.7* S$0,$14 9F AR 72 71(79399,861 9T2 S{+9a1,7719 5110947,581 ,�g024 170% 37521573,016 S771Ts,M7,M8 S197,OM307 CA 8 5770,W9Fi,47F .3191804 Sb "%ft5 $171.W70 SM774 M 2(&914 W52,1D7,A4 S3T9,.N9.371 5399,373„999 M 39 356,AB$,71O 514 4,799 S2Al,596 5 2.59[3, 14"AtW7 22.4% SBC IM163 397.1M&992 575,900.7'72 CT 39 VB.8R 01 415,75 S& 52.4X9M 399103,90&5130,2tt7.207 95% V24A411AM 7124,925,579 ST/7,117003 DE 9 SM272.572 SlIA77,401 =05,332 58't,t54,S68' St.4'dIAW 477% 55964577,918 SW221911 sm7,88b.750 DC 51 11,239,906 $1,151,441 32Z%* 3E1f7�.9A991 W'iO3.012 -232% 13J711= 35Alib(3M $3,9W,212 R 1 51,278,144218 5'3 ,493,718 =4M9Gfs a- W,799 SZ34Aa1.m 2277% S1.B92;903,1t10 $1,75%104,198 $1.447,39065 GA 12 51910UJ54 961 357%964 $175, 190 Si 0810 11.E S J7 K!124 5374.9T4.5V =,8z9,70 1# 49 Si0,771.1Q WE114,80 5291,479 SB.i4d.7A7, 127MAN 49.7% 37712US0 $25,593,m V*0399t5 D M 5199538575 3161672,817 51,7177,170 S39,424.5bt 5100911109 21.1% St9F +1.946 5123-531.2W V ,997214 L 18 5143,RZ09 $63G0$GEt7 4L054,392 S121,41t,311k S t.742 4.8% 5319 3,E 53711181.790 :2A1.91Z714 M 25 WIAK4M WGGkM W4UDS 594351, 5227,2M700 2014 52200,417 $=W.723 S18G,511E, M IA 30 S71,408,W 17,B47 53, 1,942 S7QB'i0231 S17Ti,4M4 W 1.9% 517&MI,471 S1B19t2799 SUIARux /S 49 594.1119$'29 511AMIL49 5131501 S28.7f0,6T5 srJAKM 9.� S13"AWM 5176,WM S KY 29 2G0. 371377 santZ85.2fsi X899 53.708,979 373 9 ONO" tA 10 7794,780.0% 11i2=,479 S13-V0,W 32(Wa7Ffe,3W $6ZMH e1lW 11.DL 547TA19.%M 451 $x,713,315 W 32 593,753,395 519 ,435 W S3D,77B 861 $WAZ%162 172% 1149=515 S160ew 5119,940.975 K1 23 7152. 4, 1 SW=225 S[,OWSW S21111k;0M.M 1&0% 5279.429;444 5247.5671WMA41JI56 MA 29 $728,193.477 S3752b,575 54611,970 S�aS<83D72 Sm1n262 14% ;.�19sW,J9F M712.i 9175,9ALM Lt 3 X12'd,09�c M S11MU,481 S15. MNS 5300.971 ov", " 13.1% W4JSZ5W =45013319M 74W,572.109 4 =11.9144'M 11'7'15.610,124 512,8890 Wufi,41ESE' TOB; 5001.401902 19% SS "WWD i60ft.S74,704 5429,793 735 My 27 574931111 318513,9;94 $4919,192 S75.W,416.' St0i9997751 17.4% 5103,5157, $1MX62 9T4 5730,790,&13 Mc 14 3147,147AO JbI W .943 S7A27,10D S1Q51&614' 8304"Aff 44% 59Z0;749W 3 999,59 =7453XW MT 38 S71.59,m rm. Ia7 W033ST78 It 42 598,934117a S ``, <-�c 721 m 31D-KE.G1 $71,410,1112 Wv 4G 39,34Urn SG 139 G g 31.9% 3341.5 5�7 MAW $0,041974 Ati 31 i87,91'a.1136 57,947,3011 V # S1 S1 9r6 1!4830 $'130.948 5,9Q517 w 20 1159,6110% 3,C8.4r9 me IA - 4c, iM ll $78DA&406 X10,91931.129 W 59 59<841,848 S1,371,2q 41u 4` Y...G 19:944 r'9; SKv6,9b9 725,729,429 W 5 =:777,0"a 72229; 19 € L. 56� 7.3% $k+3J $7417497,784 546821RM1 9D 8 1280.3141,4M S! 3 t&9% V se FE' 302'M' a7 14r1,951606 No 35 %b4'32T'4W7. 'a S AZX' V 222 1' $,pAW 15:716 S`'�!y� 5124719.5i9B 574974 1 C" 19 S144.21KA19 $< 1,4% 58,1117,329 5121 , $im US 9790{30,902 =&141.7W 3246,976:750 C4( 24 5790,179,150 5315W153 X149 193,181,199: S73T,061940 13.9% sm9.t9 aim szxsxlw $WWAG OR 29 SO4 M -'%rt SWXZ497 X-56,,398 2"712a 5105 "Allu 52% St78WAM 71491491,497 5[77,011,903 PA 21 $129.219.454 $61. 1411 XMI,59D 1103 ,99, $281,601,121 35% 5M.772,93t $29607' 5 AMta9 8 44 548,5654DG 58971.799 5738341 11302274, 507,027970 25.5% 554.13239 564.567,041 544,8,50,951 SC 14 51941194,473 57B4t1,407 S11s"$F978 3165`101830',+ Nffj2b721 234% 5961,19 73K;%4,a90 $278234,1196 SD 40 SN'su-M S10v7T0,BW1 51.97097 7 .2X1.244,' 07.08640 9.9% W -7;G16 SW3376.229 W 191 16 5159,319,111x1 SKM't47 i7.W.( 5140997.um 5701911902 19.2% 330&J9,124 S3N)W5.2X $2711,002.107 TX 2 3WASCM 3171,547,190 324.7TZD!t9 5499.421.014; S1j2MWW12jW 11.9% 31.150=310 11=443,1117 51.924,749,718 UT 41 S49,W571 SRM274 i1 , ? 539.4291W :17004,196 11.916 SKM'7W 577 $G,5%..931 VT 40 3241158562 3z97G mo 3117 W 112=157,11,420907126 t9x 391$007210 331. V%=194 WA 17 5142,956173 =23AQ 75.WWG 5110.1 M421r, 040,669.719 WYL 5317=147 3917 3789,2 .46 WA 19 1294,757 AM $"4,3M X=217 7108207.3; 5447 211.96 16.9716 531%�N719 S37F.8MTA X99.1213,293 Wv 45 W*W,821 SIQAW123 512M197 $72,904.829' 560,462079 43.7% 54?9957 "1216" $58;4745;30 WA 7 31113578100 S1M.1 'De 511,713,1811 7233,AWn2:, 5609,175,217 29L $67W, 6G,MD 3=40.3M (390587.832 W f 41 $18,42!,7191 ss,621m7 S615,271 512,790,i6i SWPW 73.6% SM974,50G $37,960,51t x+4,911094 Source: National Marine Manufacturers Association, Market Statistics Department, 2014 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND OONSULTINO 35 Source: Florida Department of Highway Safety and Motor Vehicle The total number of vessels in Miami -Dade has increased over the last few years. Local Marina Market The State of Florida had a total of 931,450 registered boats as of 2016 (year for which most recent data is available). Of these approximately 97% were pleasure craft. Within Miami -Dade County, there are 66,422 registered vessels. The large number of registered vessels provides the basis for the area's marina industry. Boats registered in other states and foreign countries in the winter months join these vessels. Registered boats in Miami -Dade County has steadily increased since 2012. Over the period 2015 through 2016, Miami - Dade County's count of registered recreational vessels increased by 1,025 vessels. This increase in the number of registered vessels, especially recreational vessels, helps explain the high levels of occupancy in the area. Watson Island, Miami Flagstone Development had its own mega yadfit marina as part ct a two -hose' project on Watson Island, which stalled dti,irg -he ano." is d; nturn. Fla .stone vv: i-, to create th.:: marina first, hoping it would help generate re+, , , .e and crive finanCl4g for th ::fir ";r: 0tQject The $1 billion knti7-ew as v.and GardIs reps ;, its a -),:artnership betwetr the Flagstone Property Group and the City of Miami, 7- developmI include a full-service superb W°r harbor, two hotels, more than 220,000 square feet of retail and dining space, and expansive gardens. The Deep Harbour at Island Gardens marina is designed to hold 50 yachts up to 550 feet long, according to the developer, Flagstone Property Group. North Palm Beach -based Technomarine Group recently constructed the marina slips; when completed the marina will include its own customs and immigration office. Due to the scale of this marina, and the proposed quality and condition of the improvements, it is unlikely that the subject will be considerably affected by its construction. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINO 36 Submitted into the public Miami Outboard Club rcco,,d f, r ite n(s) +� MARKET ANALYSIS 17-180-02 on City Clerk Florida Overview The following chart shows the number of boat registrations in the State of Florida and Miami -Dade County in terms of vessel registrations. Recreational Total Recreational Total Recreational Total Recreational Total County Vessels 2016 Vessels 2016 Vessels 2015 Vessels 2015 Vessels 2014 Vessels 2014 Vessels 2013 Vessels 2013 Miami -Dade 63,670 66,422 62,645 65,322 60,713 63,319 59,031 61,537 Entire State 899,285 931,450 883,332 915,713 867,463 899,635 864,673 896,632 Source: Florida Department of Highway Safety and Motor Vehicle The total number of vessels in Miami -Dade has increased over the last few years. Local Marina Market The State of Florida had a total of 931,450 registered boats as of 2016 (year for which most recent data is available). Of these approximately 97% were pleasure craft. Within Miami -Dade County, there are 66,422 registered vessels. The large number of registered vessels provides the basis for the area's marina industry. Boats registered in other states and foreign countries in the winter months join these vessels. Registered boats in Miami -Dade County has steadily increased since 2012. Over the period 2015 through 2016, Miami - Dade County's count of registered recreational vessels increased by 1,025 vessels. This increase in the number of registered vessels, especially recreational vessels, helps explain the high levels of occupancy in the area. Watson Island, Miami Flagstone Development had its own mega yadfit marina as part ct a two -hose' project on Watson Island, which stalled dti,irg -he ano." is d; nturn. Fla .stone vv: i-, to create th.:: marina first, hoping it would help generate re+, , , .e and crive finanCl4g for th ::fir ";r: 0tQject The $1 billion knti7-ew as v.and GardIs reps ;, its a -),:artnership betwetr the Flagstone Property Group and the City of Miami, 7- developmI include a full-service superb W°r harbor, two hotels, more than 220,000 square feet of retail and dining space, and expansive gardens. The Deep Harbour at Island Gardens marina is designed to hold 50 yachts up to 550 feet long, according to the developer, Flagstone Property Group. North Palm Beach -based Technomarine Group recently constructed the marina slips; when completed the marina will include its own customs and immigration office. Due to the scale of this marina, and the proposed quality and condition of the improvements, it is unlikely that the subject will be considerably affected by its construction. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINO 36 Submitted into the public Miami Outboard Club retort: I r 1te (S) v-18"2 on City Clerk MARKET ANALYSIS Port of Miami In 2011, a 2035 master plan to build a super yacht marina at the Port of Miami was unveiled. The super yacht marina proposed for the southwestern corner of the Port of Miami property would be built adjacent to an eventual waterfront promenade with shops and restaurants. The super yacht marina is just one aspect of the Master Plan, which takes in expansion of the Port's cruise ship berths — proposed to increase to hold nine of the world's largest cruise ships — and the re -introduction of rail service at the Port, all geared to ensure future growth of the marine industry in Florida. The marina, the cruise ship hub and the leisure areas are expected to provide more jobs for the area. The developer has stressed super yacht marina plans are as yet only concepts, a point underlined by the 2035 timeline. Port of Miami would also have to address environmental concerns, already causing protest in the region. Fisher Island condo associations had filed petitions with the state's Department of Environmental Protection to challenge the dredge permit. Objections are to 'unavoidable' removal of sea grass, the staple food of the endangered West Indian manatee, and other concerns. The consensus in the industry is that the demand for yacht dockage space at the Port would be great due to the clear channel depths, which are deep enough to accommodate the cruise ships and the lack of fixed bridges into the area which would allow the large sailing yachts to dock here. Many parts of Biscayne Bay are shallow which limits large boat access to most of the area's marinas. There are no immediate plans for the commencement of this project. -40 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINI 37 Submitted into the public record fib ite s) V. Miami Outboard Club on --� City Clcrk 17-180-02 MARKET ANALYSIS LOCAL MARINA MARKET In order to determine an appropriate market rent to apply to the subject's slips, we surveyed the following comparables in the subject's market. Marina Comparable 1 Name: Bayshore Landing Marina Location: 2550 Bay Shore Landing Drive, Miami, Florida En Slip Rates: 0 Wet Slips- S?R,`LF.-,PAo-: -' -ionth Transient - S 3 00JLf0'Da- - 4-50.,I-F./Day Additional Live Aboa-al - Nanc. Lift Rates S1.St)O to SZ.200 Flat Rate Mont 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 CONSILTINI 38 Submitted into the public recordgCf r it7711 ) _ Miami Outboard Club '� ..____L L _ City Cleric 17-180-02 MARKET ANALYSIS Marina Cconparable Z Name: Grove Harbor Marina Location: 2640 South Bayshore Drive, Miami, Florida Slip Rates: Wet Slips - $35/LF/Month Outside Racks - $27.84/LF/Month - $30.73/LF/Month Transient - ::l Occupancy: Average Boat Length. 53' Maximum Boat Maximum Boat 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 AN ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 39 Submitted into the public record for ite (S) , Miami Outboard Club on City Clerk 17-180-02 MARKET ANALYSIS marina"parable parable 3 Name: Dinner Key Marina Location: 3400 Pan American Drive, Miami, Florida Slip Rates: Wet Slips - Moorings - Transient - Additional Live j Occupancy: Average Boat Length Maximum Boat 1.'� k Maximum Boat Draft: Dock Style: Fuel: Repair Facilities: Amenities: Comments: $17.70/LF/Month $23.36/Day to $322.43/Month $22.70/LF+`N'aa mh 10 N 7' Wood and Concrete Gas and Diesel Yes Security, ship's store, showers, laundry facilities, Internet access, US Customs clearing, located in Coconut Grove Dinner Key Marina is the flagship marina of the City of Miami located in Coconut Grove. Dinner Key originally served as base of operations for Pan American Airway's famed flying boats, the Clippers. The original Pan Am terminal building (next door to Dinner Key Marina) now serves as Miami City Hall. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINI 40 5uhmitted into the public Vrecord frr,ite �s�— _ Miami Outboard Club 11 C tfiy Clerk 17-18f) 2 MARKET ANALYSIS Name: Location: Slip Rates: Wet Slips - Transient - Occupancy: Average Boat Length Maximum Boat Maximum Boat D -'.If-- Dock Style: Fuel: Repair Facilities: Amenities: Comments: Marina Comparable 4 MiaMarina at Bayside Marina 401 Biscayne Boulevard, Miami, Florida $17.70/LF/Month $2.85/LF/Day - $34.00/LF/Month 100% - NA - . 150' 7' wda :,-i and [_oncretc- 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 CUNSULTINA 41 Miami Outboard Club 17-180-02 Name: Location: Slip Rates: Wet Slips - Outside Racks - Pods - Jet Ski Storage - Transient - Additional Live % - Occupancy: Average Boat Length: Maximum Boat Length: Maximum Boat Draft: Dock Style: Fuel: Repair Facilities: Amenities: Comments: -itfod into the public ?c (s) —_�� City Clerk MARKET ANALYSIS Marina Comparable 5 Rickenbacker Marina 3301 Rickenbacker Causeway, Miami, Florida $35.00/LF/Month - $40/LF/Month FRS-30/!-F,/Month - 5960/Mo n I$14�11,'Pviorlh - ;S54S/Month $5.00/Lf/Day - X8.004 LF/Darr 100% ' 45' 100' 9' Wood and Concrete Gas, No Diesel No Restaurant, security, ship's store, showers, laundry facilities, Internet access, located on Virginia Key Rates incorporate haul out services. This property is located on Virginia Key near the upscale residential community of Key Biscayne. The property contains Whiskey Joe's restaurant and is adjacent to the Rusty Pelican restaurant. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINI 42 Submitted into the public record f9-1- ite 1f s? _ --IL— Miami Outboard Club on ("itv Clerk 17-180-02 MARKET ANALYSIS Name: Location: Slip Rates: Wet Slips - Transient - Boat Lifts - Occupancy: Average Boat Length: Maximum Boat Lengt'r, Maximum Boat Draft: Dock Style: Fuel: Repair Facilities: Amenities: Comments: Marina Comparable 6 Miami Beach Marina 300 Alton Road, Miami Beach, Florida The property is located in Miami Beach. $31.00/LF/Month - $60.00/LF/Month Flu.�y r 4.' 'LF/Ma::• ,i.`' - 40 foot min. OMEN 1L1 4 AN 12' Wood and Concrete Yes Gas and Diesel No Security, comfort stations with laundry and shower facilities, 24-hour dock attendants and pump -out services, restaurant, marine store, dive shop, grocery store, charters, rentals and brokerage services, US Customs clearing, cable and internet access, swimming pool, located in Miami Beach JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 43 Submitted into the public record fo ite (s) On City Clerk Miami outboard Club MARKET ANALYSIS v-ssn-oz SUMMARY The comparable marinas are summarized on the following chart. The comparables give a good estimate of the rates that are achievable in the market. All the comparables offer similar amenities, with variances from one development to the next. All of the comparables are located in Miami with some of the properties located adjacent to hotels, which adds to their appeal. Adjustments The comparable slips have a wide rental rate range. In order to better determine the rates at which the subject's slips would lease, we adjusted the comparables for the following factors: Location Quality and Condition Draft and Maximum Boat Length Amenities 3h' LocationThe adjustment for �oct7;i ,, a_ali_r1tot1her wt rid de�+eloprr7enr.. as well as those easily accessible and well prcr-2v t -a -L from tm ally rent for mor per LF than properties in areas that do not .,,fsn, t,t=:�`t, f o held COntn'. As stated, the subject is located on the northwest side of the MacArthur Causeway on Watson Island. The subject is also within close proximity to Miami Beach. All of the comparables are located within Miami -Dade County and their locations are summarized in the following chart: Comparable Annual Rate/LF/Mo. Seasonal Rate/LF/Mo. Monthly Rate/LF/Mo. Transient Rate/LF/Day 1 $28.00 - $35.00 $36.00 - $43.00 $46.00 - $50.00 $3.00 - $4.50 2 $35.00 $35.00 $35.00 $4.50 3 $17.70 $17.70 $17.70 $2.85 4 $17.70 $17.70 $17.70 $2.85 5 $35.00 - $40.00 $35.00 - $40.00 $35.00 - $40.00 $5.00 - $8.00 6 $31.00.00 $50.00 $60.00 $5.00 - $8.00 The comparables give a good estimate of the rates that are achievable in the market. All the comparables offer similar amenities, with variances from one development to the next. All of the comparables are located in Miami with some of the properties located adjacent to hotels, which adds to their appeal. Adjustments The comparable slips have a wide rental rate range. In order to better determine the rates at which the subject's slips would lease, we adjusted the comparables for the following factors: Location Quality and Condition Draft and Maximum Boat Length Amenities 3h' LocationThe adjustment for �oct7;i ,, a_ali_r1tot1her wt rid de�+eloprr7enr.. as well as those easily accessible and well prcr-2v t -a -L from tm ally rent for mor per LF than properties in areas that do not .,,fsn, t,t=:�`t, f o held COntn'. As stated, the subject is located on the northwest side of the MacArthur Causeway on Watson Island. The subject is also within close proximity to Miami Beach. All of the comparables are located within Miami -Dade County and their locations are summarized in the following chart: Comparable Location Access Protection Development Overall Adjustment 1 Coconut Grove Superior Similar Superior Superior Downward 2 Coconut Grove Superior Similar Superior Superior Downward 3 Coconut Grove Superior Similar Superior Superior Downward 4 Bayside Marketplace Similar Similar Superior Superior Downward 5 Virginia Key/Key Biscayne Superior Similar Superior Superior Downward 6 Miami Beach Superior Similar Superior Superior Downward With the exception of Comparable 5, all of the sales are located on mainland portions of Coconut Grove, Downtown Miami, or Miami Beach, Comparables 1, 2, 3, 4, and 6 are all within walking distance of restaurants, attractions, and nightlife and are considered superior in terms of surrounding development. Comparable 5 is located on Virginia Key, which is just west of Key Biscayne. Within walking distance from this marina are two popular restaurants, as well as multiple public beaches. Therefore, this comparable is considered superior to the subject in terms of surrounding development. All of the marinas offer similar protection. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 44 Submitted into the public record fi ite f s _ _ �! � / �� City Miami Outboard Club On Clerk MARKET ANALYSIS 17 -18a -oz In terms of access, the subject has access to Biscayne Bay and the Atlantic Ocean, however boats must pass underneath automated bridges for access to the main waterways. Comparables 1, 2, and 3 have unhindered access to Biscayne Bay and the Atlantic Ocean, and are therefore considered superior in terms of access. Comparable 4 is located adjacent to the Bayside Marketplace, which is accessed from the north traveling through an automated bridge, and from the south by traveling through a wake restricted channel. Therefore, this comparable is considered similar in terms of access. Quality and Condition I" The subject's submerged improvements are of average quality construction and are in average condition. Each comparable's quality and condition is listed below. Comparable Quality Condition Overall Adjustment 1 Good Good Good Downward 2 Good Good Good Downward 3 Average Average Average None 4 Good Good Good Downward 5 Good Good Good Downward 6 Good Good Good Downward Maximum Boat Length The maximum boat length of each of the comparables is listed below. The subject's maximum boat length is 40'. According to the dockmaster, approximately 50% of the 59 wet slips can accommodate a maximum length of 30', while Llle remaining v B° ea+n accor, rr ovate 35'. Only "a cauv eR slips can accommodate a 40' vessel. Co mpar&nle MaX, Beat Length Overall Adjustmont L 88' Superit.r Downwar 2 150' SL: c'`c Downwari 3 175' Superior Downward 4 150' Superior Downward 5 100' Superior Downward 6 250' Superior Downward Amenities The number and quality of available amenities at a marina tend to make it more or less desirable to slip patrons. In terms of an amenities adjustment, it is typically found that marinas with higher quality and a greater number of amenities typically rent for more per LF than those which do not offer these features, with all other factors held constant. The subject's amenities include a dock master's office, and on site restaurant. The comparables' dock and upland amenities were listed in each marina write-up. The chart depicts how each comparable's amenities compare to the subject's. Comparable Dock Amenities Upland Amenities Adjustment 1 Superior Superior Downward 2 Superior Superior Downward 3 Superior Superior Downward 4 Superior Superior Downward 5 Superior Superior Downward 6 Superior Superior Downward JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSOLTINO 45 Submitted into the public record Ifo itet�(s� _ , on � `� C. C iellk Miami Outboard club 17-18o-02 MARKET ANALYSIS MARINA RENT COMPARABLE CONCLUSION The comparables are adjusted to reflect overall slip rental rates in comparison to the subject. Marina Rent Comparable Adjustment Grid 1 2 3 4 5 6 Location - - - - - - Quality & Condition - -- Draft/Max. Boat Length - - - - - - Amenities - - - - - - Overall Adjustment - - - - - - According to the dockmaster, the current rates being charged for the subject's wet slips is $9.00/LF/Month with a minimum boat length of 30'. The current rates bring charged for the subject's dry slips is $4.50/LF/Month with a minimum boat length of 25'. Slips are rented to members, and rates are kept fixed for transient, monthly, and seasonal renters. The subject is currently operated as a non-profit, the goal of which is to operate on a break-even profit margin. Therefore, if the subject's operations were assumed by a for-profit occupant, the market rental rates for the boat slips would be more akin to those indicated by the comparables. As indicated by all of the marina comparables, slips are rented on an annual, seasonal, monthly, and transient basis. The subject offers sparse marina amenities and upland amenities, and has r,• .j -,r waterway access that is hindered by .i tDM ubj t wet slip,, are .jVell n►�tected: and arC: situated in close proximity to Miami ch, NaBo he comps l ;t, !.s, .Vet :,r iuc:: to the fol ,;wiry_, average wet slip fees for the subject: Ante/LF/Mk_ (W et5lips) Anal Rates 520.00 Seasonal Rates $30.00 Monthly Rates $20.00 C+ a Rates T.4 5.0 The subject's dry slips are situated in an asphalt paved parking lot, a portion of which abuts an off -ramp to the MacArthur Causeway. Therefore, we have applied the lower end of the range indicated by the comparables for the subject's dry slips. The following chart details the dry slips/lifts offered by the comparables: Monthly 1 $1,600 - $2,000 (Flat) 2 $27.84 - $30.73 3 NA 4 NA 5 $ 30.00 6 $40.00 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINA 46 Submitted into the public rp record To C�1 - City Clei l . Miami! Outboard Club MARKET ANALYSIS 17-180-02 All of the comparables offer dry rack storage, whereas the subject offers trailer boat storage more similar to parking spaces. Members can self -tow or have their boats towed to the marina ramp via one of two travel lifts. The subject's monthly rates are currently $4.50/LF for the dry slips. The lower end of the range of transient rentals for the comparable wet slips is $2.85/1.F, which are typically more desirable on a transient basis. Therefore, we have applied this rate to the subject's dry slips on a transient/daily rental basis. For the monthly, seasonal, and annual rental scenario, we have applied the lower end of the range indicated by the comparables. We conclude to the following average dry slip fees for the subject: Rate/LF/Mo. (Dry Slips) Annual Rates $17.70 Seasonal Rates $30.00 Monthly Rates $17.70 Daily Rates $2.85 Occupancy/Business Mix Conclusions We were not provided with the subject's historical occupancy rates. According to the dock master, the wet slips are currently 100% occupied, and the dry slips are currently 92% occupied. We estimate that the subject's occupancy should be within the 90% to 100% percentile range based on the comparables in the The marina business 15 very to the naL,,.:-r a e�ur. , ar-d typically, whe: the economy is doing well, marinas also do tho ei_o-roPM ,s consider to be weak. However, despite this factor occtio r.t,,• evcl ari,on�st .,. ` =as is str€ i- . This is a possibl esu ' of the lack of new marina construction wit! . tie 5oijth Florida area,,Tric Perm iv rqLprocess assoc er with the construction of new marinas is virti,,i lly i-7bits as a result of envi -o im vnta issues. As sub, there is a limited supply of slips available within the area with a continued strong demand for slips as population within the area continues to increase. Therefore, we have applied an overall occupancy rate of 95%. In order to derive an appropriate business mix of annual, seasonal, monthly and daily fees, we analyzed the performance of comparable marinas. According to the comparables surveyed, daily slip rental comprises the lowest percentage occupancy within a marina, typically between 2% to 5%. We have applied the lower end of this range to the subject. The majority of occupancy within the marinas surveyed is generated by annual occupants, with the additional slips filled by seasonal/monthly renters. Therefore, in determining an appropriate business mix for the subject, we have concluded to 70% as the annual business mix, and 30% as the combined seasonal and monthly mix, and 2% as the daily business mix. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CDNSULTINI 47 Wet Slips Annual $20.00 70.00% $14.00 Seasonal $30.00 15.00% $4.50 Monthly $20.00 13.00% $2.60 $21.10 Daily $4.50 2.00% JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CDNSULTINI 47 Miami Outboard Gub 27-280-02 Submitted into the public record for iter s) �City Clerk MARKET ANALYSIS The average annual/seasonal/monthly rate is calculated to be $21.10/month for the subject's wet slips and $19.19/SF for the subject's dry slips. Daily dockage is assumed at $4.50/LF/day for wet slips, and $2.85/1-F for dry slips. The total revenue that is projected to be generated by the marina is shown on the charts that follow: Annual/Seasonal/ Daily Dockage Monthly Dockage Potential Revenue $1,462,926 $7,573,294 Occupancy 95% 95% $1,389,779 $7,194,629 Comparable Dry Slips % Rent Annual $17.70 70.00% $12.39 Seasonal $30.00 15.00% $4.50 Monthly $17.70 13.00% $2.30 Coconut Grove Sail Club $30,000 or $19.19 Daily $2.85 2.00% 15% of gross revenue for marina MARKET ANALYSIS The average annual/seasonal/monthly rate is calculated to be $21.10/month for the subject's wet slips and $19.19/SF for the subject's dry slips. Daily dockage is assumed at $4.50/LF/day for wet slips, and $2.85/1-F for dry slips. The total revenue that is projected to be generated by the marina is shown on the charts that follow: Annual/Seasonal/ Daily Dockage Monthly Dockage Potential Revenue $1,462,926 $7,573,294 Occupancy 95% 95% $1,389,779 $7,194,629 Comparable Base Rent % Rent Confidential $320,000 10% of gross receipts Bayshore — Monty's $277,586 15% of gross receipts Miami Yacht Club $49,080 9.0% of gross revenue in excess of $380,000 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 Increasine by 1% after 4.5 vears JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CDNSILTINI 48 Submitted into the public Miami Outboard Club �' r i7-isa-oz -�- - MARKET ANALYSIS For many of the comparables, the natural breakpoint has been passed and they are paying a percentage of revenues to the city. The subject's current lease agreement with the City stipulates a base rent amount plus a percentage rent defined as 10% of the gross food and non-alcoholic beverage revenues associated with the restaurant in excess of $10,000. For the year ended March 31, 2016 (most recent information provided), the base rental amount was $9,215/month, or $110,580/year. The following chart details the subject's historical base rental rate: Base Rental Subject Subject Subject Rate 2014 2015 2016 Amount $108,840 $110,580 $110,580 According to financial statements provided by the client, the lease provides for annual increases to the base rent based on CPI, which typically ranges from 3% to 5%. We have applied a 3% increase in the subject's based rental rate for 2017. Therefore, the base rental rate is estimated to be $113,897. The following chart details the current percentage rent amounts applied to each category under a current confidential lease for a marina located in Coconut Grove: Category ° RerLt e'ryt-)rib- Fuc. Doc c 5% t , Ix -,,_ ue 5% JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND GONSOLTINII 49 Submitted into the public_ r record fcltepi S)Miami _ 1718o -oz 3 Outboard Club on � //��• C'ity Clerk MARKET ANALYSIS i�-is We have detailed several comparables below that indicate that the rental revenue at a marina is tied into the base rental rate unless sales at the facility reach a natural breakpoint in which case percentage rent takes effect. Detailed below are the percentage amounts which would take affect for the ancillary revenue components at comparable facilities: Comparable A Category Boatyard: > of Base Rent @ $320,000 or % rent @ 10% of Gross Receipts Marina Service: > of Base Rent @ $320,000 or % rent @ 10% of Gross Receipts Marine Fueling: $0.02/Gallon on Fuel Comparable B Category Boatyard: N/A Marina Service: > of Base Rent @$277,586 or % rent @10%-15%of Gross Receipts Marine Fueling: N/A Comparable C Category Boatyard: 9% of Gross revenues in Excess of $380,000 Marina Service: 9%--f C;ress `(,veri.1t,,, .n Excess u S380,000 Marine Fueling: 9%of 6r:7,s., rev;-m.,s Fn Exr_&ss of 5380,000 Comparable D Category 14 - Boatyard: > of Base Rent @ $360,000 or 97o rent @ 10% of Gross Receipts Marina Service: > of Base Rent @ $360,000 or % rent @ 5% of Gross Receipts Marine Fueling: > of Base Rent @ $360,000 or % rent @ 5% of Gross Receipts For many of the comparables, the natural breakpoint has been passed and they are paying a percentage of revenues to the city. With consideration to the comparables a base rental rate for the facility should be set such that a rental rate for revenue from a boatyard or marina service facility is the greater of the base rent or percentage rent at a rate of 5.00% to 15.00% of gross receipts for revenue for these categories. Given the subject's location, available land area and amount of income -generation, we believe a 15% percentage rent factor for the subject's wet slips and dry slips is appropriate. JOSEPH J. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATION AND CONSULTING 50 Submitted into the public record nor item(s), 3 Miami Outboard Club on! �� City Clerk 17-180-02 MARKET ANALYSIS In terms of food and non-alcoholic beverage revenues associated with the restaurant, the subject's current lease requires the payment of 10% of revenues in excess of $10,000, which is considered reasonable based on the comparables. The following chart details the subject's historical revenues associated with its restaurant operations: Food & N.A. Beverage Subject Subject Subject Sales 2014 2015 2016 Sales $421,858 $388,377 $411,725 Sales Subject to % Rent $301,858 $268,377 $291,725 % Rent Incurred $30,186 $26,838 $29,173 The subject's food and non-alcoholic beverage sales have fluctuated slightly over the past three years. We estimate that, due to the community presence of the Outboard Club, as well as its ability to maintain its membership revenues, the restaurant revenues subject to percentage rent are likely to maintain current levels. CONCLUSION The Miami Outboard Club's market rent estimate is calculated as follows: Projected Annual Revenue Percentage Rent R,�°,�°rt;f� L3; -r7 --:r'. .:i Rent 1=,Ictor Base s �113,r3w N%A $113,897 Wet Slips ' $1,36 6984 15`'. $204,298 Dry Slips moo*3 14 3.99 3 15`', I $21,584 Restaurant $300,000 10% $30,000 Total (All Revenues) $1,805,876 $255,881 FINAL MARKET RENT CONCLUSION - THE GREATER OF: Base Rent Percentage Rent $113,897 $755,861 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CDRSYLTIRI 51 Submitted into the public record y ite s) _ I Miami Outboard Club on , ►!_ L1 Clerk 17-180-02 RECONCILIATION AND FINAL VALUE After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the 'as is' market rent of the subject, as of lune 5, 2017, is: Projected Annual Projected Percentage Rent Estimated Rent Revenue Revenue Factor Base Rent $113,897 N/A $113,897 Wet Slips $1,361,984 15% $204,298 Dry Slips $143,893 15% $21,584 Restaurant $300,000 10% $30,000 Total (All Revenues) $1,805,876 $255,881 FINAL MARKET RENT CONCLUSION - THE GREATER OF: Base Rent Percentage Rent $113,897 $255,881 The majority of the comparables surveyed have a rental rate that is the greater of percentage rent or base rent. Once a natural breakpoint in base rent is surpassed, the subject is projected to pay a market rent equivalent to the percentage rent indicated in the chart above. Should revenues from slip rental and restaurant operations fall below the natural breakpoint, base rent is applied. This appraisal is not based on any extraordinary assumptions. This appraisal is not based ? y hypnth-! cal condi0ons_ JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINB 52 Submitted into the public r I f Miami Outboard Club I,�, i7-isaoi - ADDENDA . � 1 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CDNSULTINO Submitted into the public recol-d fo ite (S on City Clerk MIAMI 21 ARTICLE 4. TABLE 4 DENSITY, I>vT PARKING (CONTINUED) AS ADOPTED - MAY 2010 IV.16 MOW MW WA DENSITY OF ABUlTING ZONE 159 t, m PRACRt RESIDENTIAL All intensity, parking and loading regulations to match that Uses are permissible as listed in Table 3, limited by • Minimum of 1 parking space for every 600 square feet of the most restrictive Abutting zone compliance with: of Residenba) Use. Parking requirement may be reduced according to the • Density and all intensity, parking and loading regulations • Loading - See Article 4, Table 5 Shared Parking Standard, Article 4, Table 5. to match that of the most restrictive Abutting zone. • Minimum of 1 Bicycle Rack Space for every 20 vehicular spaces required. LODrANG Minimum of 1 parking space for every 800 square feet of Residential Use. • Lux!4l - See Article i, Table 5 OFFICE C1tice Uses are permissible as listed in Table 3. Minimum of 1 parking space for every 800 square feet Minimum of 3 parking spaces for every 1,000 square of Office Use. feet of Office Use. Loading - See Article 4, Table 5 Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). Parking ratio may be reduced according to the shared parking standard. Parking may be provided offsite in Cl, D, T5 or T6 within 500 feet through a parking management planIzone. COMMERCIAL Commercial Uses are permissible as listed in Table 3. Commercal Uses are permissible as listed in Table 3, • Minimum of 1 parking space for every 800 square feet Minimum of 3 parking spaces for every 1,000 sf of com- limited by compliance with: of Commercial Use. mercial space. • Building area allowed for Commercial Use on each •: • Loading - See Article 4, Table 5 • Minimum of one Bike space for every 20 vehicular spaces shall be less than 25% Budding floor area total. required (before any reductions). Minimum of 3 parking spaces for every 1,000 sf of com- Parking ratio may be reduced according to the shared mercial space parking standard. Minimum of 1 parking space for every 7 seats in a Major Loading - See Article 4, Table 5. Sports Facility r f, 5; •Loading ads mr�urtr+q wc.. ,_ 3, I f>s �rcd,r.. , : _ .... cpi ''ripi modated i sr'- required any r. i1cti • _ arury lye uJur iii to the shared �QPL • gar rctiut ail# Facility ren rrorcr station, or mass Ir.= ra:jlily by N Loading needs, including maneuvering, shall be accom- irc CM OR CMC Civic Uses are permissible as listed in Table 3. Civic Uses are permissible as listed in Table 3. Minimum of 1 parking space for every 800 square feet Minimumof I parking space for every 5seats of assembly • MinimumofIparking spaceforevery5seatso(assembly of Civic Use. uses. uses, • Loading - See Article 4, Table 5 MinimumofIparking spaceforeveryl.DD0sfofexhibibon • Minimumoftparkingspacetorevery1,000sfofexhibition or recreation space, and parking spaces for other Uses or recreation space, and parking spaces for other Uses as required. as required. • Minimum of 1 parking space for every staff member for • Minimum of 1 parking space for every staff member for recreational uses. recreational uses. Minimum of 1 parking space for every 500 sf of Budding • Minimum of 1 parking space for every 500 sf of Building area for recreational uses. area for recreational uses. Minimum atone Bike space forevery 20 vehicularspaces • Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). required (before any reductions). Parking may be provided offsite in Cl, D, T5 or T6 within • Parking may be provided offsite in Cl, D. T5 or T6 within 500 feet through a parking management planIzone. 500 feet through a parking management an/zone. CML SUPPORT Civil Support Uses are permissible as listed in Table 3. Civil Support Uses are permissible as listed in Table 3, • Minimum of 1 parking space for every 800 square feet limited by compliance with: limited by compliance with. of Civil Support Use. For Civil Support, a minimum of i parking space for every • For Civil Support, a minimum of i parking space for every • Loading - See Article 4, Table 5 1,000 sf. 1,000 sf. For Marine Uses, aminimum of i parking space for every • For Assembly uses, a minimum of 1 parking space for 5 slips every 5 seats. For Marine Uses, a minimum of 1 parking space for every 5 slips. • Adult Daycare - Minimum of i space per staff member and 1 space for owner. EDUCATIONAL Educational Uses are permissible as listed in Table 3. Educational Uses are permissible as listed in Table 3, • Minimum of 1 parking space for every 800 square feet limited by compliance with: limited by compliance with. of Educational Use. • Minimum of 2 parking spaces for every 1,000 st of • Minimum of 2 parking spaces for every 1,000 sf of • Loading - See Article 4, Table 5 educational space educational space •Minimum of one Bike space for every 20 vehicular spaces •Childcare Facilities - Minimum of1space perstaffmember required (before any reductions). and 1 space for owner. Minimum atone Bike space forevery20veb Werspaces required (before any roductions). 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W0 -6t pMd111t ;",fcmnatinn about rJatmnai Road Ini;urancc tn,� I'f-MA 1"1 "d Ma ':t—, mit --,, t.,rna go, Paid By plicate public—User 06/1212017 Miami -Dade County, Florida Paid 11/28/2016 Receipt # LBX4-17-090231 $14,280.14 2016 Real Estate Property Taxes Notice of Ad Valorem Tax and Non -Ad Valorem Assessments SEE REVERSE SIDE FOR IMPORTANT INFORMATION 01-3231-000-0013 1 MIAMI 1 0100 CITY OF MIAMI -OUT BOARD Property Address Exemptions: ASSET MANAGEMENT DIVISION 1099 MACARTHUR CSWY 444 SW 2 AVE STE 9325 MIAMI, FL 33130-1910 Submitted i�tZ�to the public �� on on f r IJ �� Y Cit Clerk Save Time. Pay Online. www.miamidade.gov Combined taxes and assessments $14,875.15 t RETAIN FOR YOUR RECORDS t ......................i.... ........................................................ ............................................................................................................................................................................................................................ 2016 Real Estate Property a DETACH HERE AND RETURN THIS PORTION WITH YOUR PAYMENT a Du licate ublic user060212017 oFOLIO NUMER az3, ao�o 00,3 Taxes PAY ONLY ONE AMOUNT III il�::�llll,11I� ±i(iIiliIf Paid By Please Pay * 1+ 0 1 3 2 3 1 0 0 0 0 0'1 3+ 2 0 1 6 *® PROPERTY ADDRESS Make checks payable to: ,099 MACARTHUR CSWY Miami -Dade Tax Collector NOV 30, 2016 $0.00 LEGAL DESCRIPTION (in U.S. funds drawn on U.S. banks) 3,-32 53 42 4.77 Ac PORTION OF CAUSEWAY FILL KNOWN Amount due May be Subject to Change Without Notice AS WATSON PARK & CAUSEWAY DOCK Mail payments to: LYG ELY 200 NW 2nd Avenue, Miami, FL. 33128 CITY OF MIAMI -OUT BOARD ASSET MANAGEMENT DIVISION 444 SW 2 AVE STE #325 MIAMI, FL 33130-1910 1000000000000000000132310000013201600000000000000000000004 Miami -Dade School Board School Board Operating 1,500;000 7.13800 1,500,000 10,707.00 School Board Debt Service 1,500,000 0.18400 1,500,000 276.00 State and Other Florida Inland Navigation Dist 268,357 0.03200 268,357 8.59 South Florida Water Mgmt Dist 268.357 0.13590 268,357 36.47 Okeechobee Basin 268,357 0.14770 268,357 39.64 Everglades Construction Proj 268,357 0.04710 268,357 12.64 Childrens Trust Authority 268.357 0.50000 268,357 134.18 Miami -Dade County County Wide Operating 268,357 4.66690 268,357 1,252.40 County Wide Debt Service 268,357 0.40000 268,357 107.34 Library District 268,357 0.28400 268,357 76.21 Municipal Governing Board - Miami Operating 268,357 ` 7.64550 268,357 2,051.99 Miami Debt Service 268.357' 0A4350 268,357 172.69 3 z g NON-ADVAL • Save Time. Pay Online. www.miamidade.gov Combined taxes and assessments $14,875.15 t RETAIN FOR YOUR RECORDS t ......................i.... ........................................................ ............................................................................................................................................................................................................................ 2016 Real Estate Property a DETACH HERE AND RETURN THIS PORTION WITH YOUR PAYMENT a Du licate ublic user060212017 oFOLIO NUMER az3, ao�o 00,3 Taxes PAY ONLY ONE AMOUNT III il�::�llll,11I� ±i(iIiliIf Paid By Please Pay * 1+ 0 1 3 2 3 1 0 0 0 0 0'1 3+ 2 0 1 6 *® PROPERTY ADDRESS Make checks payable to: ,099 MACARTHUR CSWY Miami -Dade Tax Collector NOV 30, 2016 $0.00 LEGAL DESCRIPTION (in U.S. funds drawn on U.S. banks) 3,-32 53 42 4.77 Ac PORTION OF CAUSEWAY FILL KNOWN Amount due May be Subject to Change Without Notice AS WATSON PARK & CAUSEWAY DOCK Mail payments to: LYG ELY 200 NW 2nd Avenue, Miami, FL. 33128 CITY OF MIAMI -OUT BOARD ASSET MANAGEMENT DIVISION 444 SW 2 AVE STE #325 MIAMI, FL 33130-1910 1000000000000000000132310000013201600000000000000000000004 Submitted into the public M record foritei (s) on � City Clerk MIAMI OUTBOARD CLUB, INC. FINANCIAL STATEMENTS MARCH 31, 201 DR,,=rFT Submitted into the public (� r record f r iter(s) 1 C 3 on 1 City Clerk MIAMI OUTBOARD CLUB, INC. TABLE OF CONTENTS INDEPENDENT AUDITORS` REPORT.. — . ......................................... 1 FINANCIAL STATEMENTS: STATEMENT OF FINANCIAL POSITION .................................. 2 STATEMENT OF ACTIVITIES ................................................. 3 STATEMENT OF CHANGES IN MEMBERSHIP EQUITY ................ 4 STATEMENT OF CASH FLOWS .............................................. 5 NOTES TO FIN�N.,L ST.�, a L141E1.'T_ ...... . ...... 9 R _ SUPPLEMENTr-,RY IN R INOEn-NDENIT AU E) L�CFi° ON SUPPLEMENTARY INFORMATION ......................................... 10 SCHEDULE OF PERCENTAGE RENT ....................................... 11 SCHEDULE OF ACTIVITIES BY FUNCTION ............................ 12-13 937 Fleming Street, pribramsky 81990 Overseas Highway, Suite 202 Key West, FL 33040 Islamorada, FL 33036 P: (305) 294-8137 P;305-735-4325 F:(305)294-1872 company Omany F: 866-463-0819 Certified Public Accountants Submitted into the public record f r ite n s) INDEPENDENT AUDITORS' REPORT on City Clerk To the Board of Governors of the Miami Outboard Club, Inc. 1099 MacArthur Causeway Miami, Florida 33132 We have audited the accompanying statement of financial positlon of the Miami Outboard Club, Inc. (the "Club"), a non-profit organization, as of March 31, 2016 and the related statements of activities, changes in membership equity, and cash flows for the year then ended. These financial statements are the responsibility of the organization's management. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes ing, c alis, evi em_-,= su ;n.,s g t~,o arr c� �.*;ts and disclosures in the financials n u clud sass a ,:f ,��r `irt 7 r r;ry y; used and significant ��st-mat made 'nage t, a s av titin the ov II financial statement presentation. We believe t t rovi son :s for opinion.. In our opinion, th ? fFeaan stalerrts d to ab went fairly, all all material respects, the financial position of the Club as of March 31, 2016 and the changes in its membership equity and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Pribramsky & Associates February 23, 2017 pribramskycpaxom Submitted into the public record �fo��i�) �� MIAMI OUTBOARD CLUB, INC. on l ``�� City Clerk STATEMENT OF FINANCIAL POSITION MARCH 31, 2016 ASSETS CURRENT ASSETS: Cash Unrestricted $ 25,470 Temporarily restricted 105,417 Accounts receivable 27,293 Inventory 43,355 Propald expenses 23,226 Total current assets 224,761 PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1,362,667 1,226,384 OTHER ASSETS 8,894 TOTAL d', _ 1,4604029 L'tABILITI AN . MEMBER 5r -tib' EQUITY CURRENT LIABILITIES: Accounts payable $ 48,296 Accrued expenses 58,733 Uneai net; income . 68,492 Other payables 2,100 TOTAL LIABILITIES 177,621 MEMBERSHIP EQUITY: Unrestricted 1,177,001 Temporarily restricted 105,417 Total membership equity 11282,418 ..___- _ h lTtES.AND MEtuMRRRSHW--EQULTY ................. $ 1,460,039 Tho accompanying notes are an integral part of €;iese financial statements... 2 . MIAM OUTBOARD CLUB, INC. STATEMENT OF ACTIVITIES FOR THE YEAR ENDED MARCH 31.2016 SUPPORT AND REVENUES: Membership Restaurant Bar Rental income Parties and events Community service credits Contributions Interest income Total support and revenues Net:Assets Released from Restrictions: Annual appr} priatkAj of reserve far ipital improvements EXPENSES: Program services: Food Bar Storage and leasing Special events Tntal program services Support ser4ces: Management and general Total expenses Submitted into the public record fo 'te{s) °p 7� -� I � City Clerk Temporarily Total Unrestricted Restricted $ 369,482 $ 47,040 $ 416,522 339,433 - 339,433 237,763 - 237,763 361,202 - 361,202 99,330 - 99,330 47,693 - 47,693 63,606 42,400 106,006 - 1,003 1,003 1,518,509. 90,443 1,608,952 560,547 - 560,547 325,663 - 325,663 260,459 260,459 178,717 - 178,717 1,325,386 - 1,325,386 376,488 376,488 1,701,814 - 1,701,874 CHANGE IN MEMBERSHIP EQUITY $ J1131,136} $ 38,214 The accompanying notes am an integral part of these financial statements. 3 Submitted into the public record fo Item(s) M . 3 MIAMI OUTBOARE" CLUBS INC, on �' City Clerk STATEMENT OF CHANGES IN MEMBERSHIP EQUITY FOR THE YEAR ENDED MARCH 31, 2016 TEMPORARILY UNRESTRICTED RESTRICTED RESERVE FOR CONTRIBUTED ; GENERAL TOTAL CAPITAL CAPITAL IMPROVEMENTS Balance, beginning of year $ 498,344 $ 809,793 $ 1,308,137 $ 67,203 Change in membersh;p equity - (131,136) (131,136) 38,214 Balance, end of yet $ 498,344 $ 678,657 $ 1,177,001 $ 105,417 The accompanying notes are an integral part of these financial statements. 4 Submitted into the public p record forite (s) _ MIAMI O;JTBOARD CLUB, INC. on I/ N City Clerk STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2016 CASH FLOWS FROM OPERATING ACTIVITIES: Change in membership equity Adjustments to reconcile change in membership equity to net cash provided by operating activities: Depreciation (Increase) decrease in: Accounts receivable Inventory Prepaid expenses Increase (decrease) in: Accounts payable Unearned income Accrued expenses Other payables Net cash °r,.°° °'_ 174 ocergt.rig acovxies CASH FLOWS 'I; w Es- Purchaso of PfopwLy and f'o,+lip° rlc?r't Net cash used by investing activities NET INCREASE IN CASH CASH, BEGINNING OF YEAR CASH, END OF YEAR $ (92,922) 101,360 26,257 10,140 12,218 1,152 1,069 38,739 981013 (52,229) (52,229) 45,784 85,103 $ 130,887 The accompanying notes are an integral part of these financial staternants. 5 MIAMI OUTBOARD CLUB, I Ic NOTES TO FINANCIAL STATEMENTS MARCH 31, 2016 Submitted into the public record fo itei on VL �City Clerk NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Activities Miami Outboard Club, Inc. (the "Club"), a Florida corporation founded in April 1938, is a non-profit organization established for the furtherance of boating activities in the Miami -Florida community. The Club offers its members marine related facilities, services and activities such as boat and craft storage, vessel hoists, fishing tournaments and instrictional boating information. The Club also provides restaurant and bar facilities enabling its members to promote various social,, charitable and educational functions. A 15 member Board of Governors ;the "Board"), whose members are elected on M, a yearly basis, oversees the operations of the Club. As of March 31, 2016, the i . Club had approximately 600 members. Th u�er s r a pri thr , rnemt sr9 �aea, storage fees h=jr and r�L:ra..-ttrant H, asis or rr rµseniatie, The Club's financial statement presentation is in accordance with Statement of r Financial Accounting Standards ("SFAS") No. 117, "Financial Statements of Not - for -Profit Organizations". Under SFAS No. 117, the Club is required to report information regarding its financial position and activities according to three classes of membership -,equity: unrestricted membership equity, temporarily restricted membership equity and permanently restricted membership equity. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts or revenue and Expenses during the reported period. Accordingly, actual results could differ from those Estimates. (continued) 6 Submitted into the public record f r ite s) MIAMI OUTBOARD CLUB, INC, on 9 5 I City Clerk NOTES TO FINANCIAL STATEMENTS MARCH 31, 2016 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Income Taxes The Club qualifies as a tax-exempt organization under Section 501 (c) (7) of the Internal Revenue Code except for amounts representing unrelated business income. The Club has determined that there was no unrelated business income during the year ended March 31, 2016. Propertyand nd Enuiument Property and equipment are recorded at cost and are depreciated over their estimated useful lives utilizing the straight-line method. The Club. follows the practice of capitalizing all expenditures for property and equipment in excess of t $1.000. ,gin, f) r,., allc ]¢jollf' aiA ncrL-alcoi-ioDcheverages are stated at the lower of c, or , ket 5.ai� "!. -C'cst . &.-4frnifld by the +:wren; cost and market ,rwe- of rc-placer-t r ;;,t c es'imated net req°izable value. Membership Dues and Initiation Fees Membership dues, are recognized as revenue in the applicable membership period , Any unearned amounts collccted 'iri advance are included in current liabilities as unearned income and any amounts due are included as receivable, at the end of each accounting period. Initiation fees are recorded as revenue in the period in which membership applications are accepted by the Board. No al.owance has been provided on accounts receivable because uncollectible amounts are not material. Donated Semlices The Pub receives donated services from unpaid volunteers who assist in the various social and community welfare activities. No amounts have been recognized in the accompanying statement of activities because the criteria for recognition of such volunteer effort undar SFAS No. 116, Accounting for Contributions Received and Coniribu dns Made, have not been satisfied. (continued) 7 Submitted into the public record fite71"1 (s} 3 MIA ""I OUTBOARD CLUB, INC. on o City Clerk NOTES TO FINANCIAL STATEMENTS MARCH 31, 2016 NOTE 4 — LEASE COMMITMENTS Effective April 1, 1996, the Club entered into an agreement with the City of Miami (the "OV) for the lease of approximately 4.8 acres of land. The Club has occupied a substantial portion of this land since 1946. The lease agreement provides for a twenty- year term ending March 31, 2016 and extendable for two additional five-year terms. The monthly rental commitment is based on a monthly base rent plus a percentage rent less community service credits. For the lease year ended March 31, 2016, the monthly base rent amounts to $9,215 including sales tax. The percentage rent is defined as ten percent (10%) of the gross food and non-alcoholic beverage revenues in excess of $10,000. The lease provides for annual increases to the base rent and community service credits based on the U.S. Bureau of Labor Statistics Consumer Price Index (the "CPI"). Total rent expense under this lease amounted to $140,804 for the year ended March 31, 2016. � f o .4 credits , _ �r ' to � as .: `F7,949 t ". r rent for the Club's PST, �ir1;2 c i!re (31 r`lrl! _iy� 4�ntnr in r city children of the Iv it f fNiarh e,�d jrA nIs,re rte 'n.atpij by the Citys Co Issfo .A f �!mu se Uw iois al!ot' d' for each event per arts ndir r larc�i i. 2015. As of March 31,: 2016 the Club had performed all six (6) annual events. Community service credits for the current year was $47,693. [hiring the first five years of the lease term, the Club is required to contribute $10,000 per year (the "annual contribution") on or before March 31, to a reserve fund for capital improvements on the property. The annual contribution is to be increased by the CPI index or 5%, whichever is less, subsequent to the fifth year of the lease term. The reserve fund for capital improvements should be maintained in a separate bank account and cannot be less than $50,000 at the end of any lease year. As of, March 31, 2016 the reserve account had $105,417. 9 Subinitted into the public �ccc�rcl rite �) f<<� �_— City Clerk SUPPLEMENTARY INFORMATION 937 Fleming Street, pribramsky 81990 Overseas Highway, Suite 202 Key West, FL 33040 Islamorada, FL 33036 P:(305)294-8137 P:305-735-4325 � � � a � F:(305)294-1872 y F: 866-463-0819 Certified Public Accountants INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION To the Board of Governors of the Miami Outboard Club, Inc. Miami, Florida Submitted into the public record f. r a i(s) M.3 on �. City Cler Our report on our audit of the basic financial statements of the Miami Outboard Club, Inc, as of March 31, 2016 appears on page 1. That audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedule of percentage rent on page 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. The schedule of activities b --Y function on pages 12 and 13 are presented for purposes of additional , ai:,+5 s ar , quire rt of T taternents. Such ow information -ias not s edet the pro dltr apaudit of the basic financial1�'rmentss e Ao o th February 23, 2017 w pribramskyepaxom April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 Fetxuary 2010, March 2016 MIAMI OUTBOARD CLUB, INC SCHEDULE OF PERCENTAGE RENT FOR THE YEAR ENDED MARCH 31, 2016 SALES OF FOOD SALES SUBJECT AND NON-ALCOHOLIC TO PERCENTAGE BEVERAGES RENT $ 36,059 45,821 39,143 36,937 33,996 24,221 29,796 22,586 38,024 36,123 4 l 4 ; 's Pius applicable sales tax Total $ 26,059 35,821 29,143 26,937 23,996 14,221 19,796 12,586 28,024 26,123 L,6r:� f 4{,n 91,125 Suhr-nitted into the public record f r it K� _ on 1Z �� City Clerk PERCENTAGE RENT INCURRED $ 2,606 3,582 2,914 2,694 2,400 1,422 1,980 1,259 2,802 2,612 1,560 3,342 29,173 2,042 $ 31,215 See independent auditors' report on supplementary information. 11 MIAMI OUTBOARD CLUB INC. SCHEDULE OF ACTIVITIES BY FUNCTION FOR THE YEAR ENDED MARCH 31, 2016 Submitted into the public record for ite (s)3 on q �� City Clerk SERVICES SUPPORT SERVICES STORAGE FOOD L'.'.l AND SPECIAL. MANAGEMENT LEASING EVENTS AND GENERAL TOTAL Membership $ - $ - $ - $ - $ 416,522 $ 416,522 Restaurant 339,433 - - - 339,433 Bar - 237,' a - - - 237,763 Rental income - - 361,202 - - 361,202 Parties and 'events 53,950 27,289 - 18,091 - 99,330 Communityservice credits - - 47,693 - 47,693 Contributions - - - 106,006 - 106,006 Interest income - - - - 1,003 1,003 Total support -and revenues 393,383 - 265,tt5 361,202 171,790 417,525 1,608,952 (Continued) 12 Submitted into theP ublic record 114- itejn(s) L3 on OUTBOARD CLUB, INC. 91 / I) . City Clerk SCHEDULE OF ACTIVITIES BY FUNCTION (CONTINUED) FOR THE YEAR ENDED MARCH 31 2016 Total cervi s $ {167,1 $ 60,6112 $$ 100,743 $ (6,927 $ 41,037 $ (92,922) PROGRAM. P SUPPORT SERVICES STORAGE FOOD B AND SPECIAL MANAGEMENT LEASING EVENTS AND GENERAL TOTAL Bank and c�edit card charges 11,758 r ,9:' ' 10,796 - 12,479 42,955 Bad debt - - - - 5,181 5,181 Contract labor 21,816 ��S 2,465 - 11,445 35,726 Cost of goods sold 233,284 - - 1,816 388,758 Depreciation 11,436 1G,'1" 29,616 3,507 40,621 101,360 Entertainment - - - - 20,265 Insurance 12,895 88 11,840 - 13,686 47,109 Landscaping - - - - 16,203 16,203 Licenses and taxes 799 ,2 - 15,446 17,495 Other expenses - - � - - 10,079 10,079 Payroll and related items 188,670 X0.1,2-11 69,789 - 151,134 493,834 Professional fees - - - - 14,400 14,400 Promotion - - - - 10,457 10,457 Rent space 34,310 :x,095 39,614 50,788 12,998 140,805 Repairs and maintenance 5,142 4,525 5,431 - 15,962 31,060 Special events expense - - - 117,575 - 117,575 Supplies and uniforms 1,308 5,237 29,080 - 14,459 50,084 Telephone - - - - 6,096 6,096 Utilities 39,129 20,602 61,828 6,847 24,026 152,432 Total expenses 560,547 325,663 260,459 178,717 376,488 1,701,874 �f�VICLS 13 Submitted into the public record fo ite. (s) on City Clerk MIAMI OUTBOARD CLUB INC. FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION MARCH 31. 2015 Submitted into the public record f r ite (s) on City Clerk MIAMI OUTBOARD CLUB INC. TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT ................................................ 1 FINANCIAL STATEMENTS: STATEMENT OF FINANCIAL POSITION .................................. 2 STATEMENT OF ACTIVITIES ................................................. 3 STATEMENT OF CHANGES IN MEMBERSHIP EQUITY <................ 4 STAE%'I NT -,,F ,:`A'4 H FLS+ ... ............... ... 5 NOTES TO FIN `-INC I.A'.,, STATEW—!!SITS 6 9 SUPPLEMENTARY INFORMATION: INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION ......................................... 10 SCHEDULE OF PERCENTAGE RENT ....................................... 11 SCHEDULE OF ACTIVITIES BY FUNCTION ............................ 12-13 '%`'T1RVETTA-LAPHAM & ASSOCIATES A PROFESSIONAL ASSOCIATION CERTIFIED PUBLIC ACCOUNTANTS submitted into the public r ccoid�i%fir �ite/ I ��l�s) on1u2f City Clerk INDEPENDENT AUDITORS' REPORT To the Board of Governors of the Miami Outboard Club, Inc. 1099 MacArthur Causeway Miami, Florida 33132 We have audited the accompanying statement of financial position of the Miami Outboard Club, Inc. (the "Club"), a non-profit organization, as of March 31, 2015 and the related statements of activities, changes in membership equity, and cash flows for the year then ended. These financial statements are the responsibility of the organization's management. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those s : require that we pion a -,-j vr`o -r `-.e audit to obtain reasonable assurC . het" er t nano tatem I free of aterimisstatement. An audit includes v test is, s sting thea 'ants and disclosures in the financial stn wncl s ss ccoun g principles used and significant estimaage nt, ev sting the -veE a!I financial statement presentation. Wet -Dur audit s a n le basis for nur opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Club as of March 31, 2015 and the changes in its membership equity and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. i�i It 110 11 CERVETTA-LAPHAM & ASSOCIATES February 4, 2016 6609 SW 65"' STREET, SOUTH MIAMI, FL 33143 - TEL 305 669 2701 FAX 305 669 9949 Email anaecervettalapham.com- www.cervettalapham.com MIAMI OUTBOARD CLUB INC. STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED MARCH 31, 2015 ASSETS Submitted into the public recordfQr ite (s) _ ' on "j City Clerk CURRENT ASSETS: $ 47,144 Cash 19,994 Unrestricted $ 17,900 Temporarily restricted 67,203 Accounts receivable 53,550 Inventory 53,495 Prepaid expenses 35,444 Total current assets 227,592 PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1,261,307 1,275,515 OTHER ASSETS 8,894 TOTAL ASSETS 1 001 LIABU IFS AN h%;IEbIRFP3II:'EQU1 Y CURRENT LIABILITIES: Accounts payable $ 47,144 Accrued expenses 19,994 Unearned income 67,423 Other payables 2,100 TOTAL LIABILITIES 136,661 MEMBERSHIP EQUITY: Unrestricted 1,308,137 Temporarily restricted 67,203 Total membership equity 1,375,340 TOTAL LIABILITIES AND MEMBERSHIP EQUITY $ 1,512,001 The accompanying notes are an integral part of these financial statements. 2 MIAMI OUTBOARD CLUB INC. STATEMENT OF ACTIVITIES FOR THE YEAR ENDED MARCH 31 2015 SUPPORT AND REVENUES: Membership Restaurant Bar Rental income Parties and events Community service credits Contributions Interest income Other income Total support and revenues Net Assets Released from Restrictions: Annual appropriation -�f reserve fc,-- capital improvements EXPENSES: Program services: Food Bar Storage and leasing Special events Total program services Support services: Management and general Total expenses Unrestricted ,Subinitted into the public record f9f lfe 11�--. ) on 1 Ll ICity Clerk Temporarily Total Restricted $ 389,899 $ 102,323 $ 492,222 318,571 - 318,571 228,244 - 228,244 383,075 - 383,075 99,935 - 99,935 47,693 - 47,693 50,697 30,900 81,597 - 966 966 18,301 - 18,301 1,536,415 134,189 1,670,604 137,773 0167 773) - 574,485 - 574,485 334,537 - 334,537 247,518 - 247,518 185,255 - 185,255 1,341,796 - 1,341,796 394,662 - 394,662 1,736,458 - 1,736,458 CHANGE IN MEMBERSHIP EQUITY $ (32,270) $ (33,584} $ (65,854) The accompanying notes are an integral part of these financial statements. 3 Submitted into the public record �f9 r iter� (s) MIAMI OUTBOARD CLUB INC. ony �� / I 1 City Clerk STATEMENT OF CHANGES IN MEMBERSHIP EQUITY FOR THE YEAR ENDED MARCH 31 2015 UNRESTRICTED CONTRIBUTED GENERAL TOTAL CAPITAL TEMPORARILY RESTRICTED RESERVE FOR CAPITAL IMPROVEMENTS Balance, beginning of year $ 498,344 $ 842,063 $ 1,340,407 $ 100,787 Change in membership equity - (32,270) (32,270) (33,584) Balance, end of year $ 498,344 $ 809,793 $ 1,308,137 $ 67,203 The accompanying notes are an integral part of these financial statements. 4 Submitted into the public record V ite �(s) MIAMI OUTBOARD CLUB INC. on t_ �i City Clerk STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2015 CASH FLOWS FROM OPERATING ACTIVITIES: Change in membership equity $ (65,854) Adjustments to reconcile change in membership equity to net cash provided by operating activities: Depreciation 102,871 (Increase) decrease in: Accounts receivable (26,159) Inventory 559 Prepaid expenses (24,478) Increase (decrease) in: Accounts payable 23,191 Unearned income 8,012 Accrued expenses 4,368 Other payables (500) Net cash provided by cperating actiui-es E_''�70 CASH FLOWS FROP4 iNVESRIES*.Purchase of oroperi and e (178,211) Net cash used by investing activities (178,211) NET DECREASE IN CASH (156,201) CASH, BEGINNING OF YEAR 241,304 CASH, END OF YEAR $ 85,103 The accompanying notes are an integral part of these financial statements. 5 Submitted into the public record for iffil ts)_ on CityClerk MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2015 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Activities Miami Outboard Club, Inc. (the "Club"), a Florida corporation founded in April 1938, is a non-profit organization established for the furtherance of boating activities in the Miami, Florida community. The Club offers its members marine related facilities, services and activities such as boat and craft storage, vessel hoists, fishing tournaments and instructional boating information. The Club also provides restaurant and bar facilities enabling its members to promote various social, charitable and educational functions. A 15 member Board of Governors (the "Board"), whose members are elected on a yearly basis, oversees the operations of the Club. As of March 31, 2015, the Club had apprQx r"c-i'eIy 600 The Club •crag? reve—Li� F... i-aril,r th[OUg-• n. •, . rs; dE. storage fees and bar and r--sta ---)nt sales. Basis of Fresenl-�' ri The Club's financial statement presentation is in accordance with Statement of Financial Accounting Standards ("SFAS") No. 117, "Financial Statements of Not - for -Profit Organizations". Under SFAS No. 117, the Club is required to report information regarding its financial position and activities according to three classes of membership equity: unrestricted membership equity, temporarily restricted membership equity and permanently restricted membership equity. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts or revenue and expenses during the reported period. Accordingly, actual results could differ from those estimates. (continued) 6 Submitted into the public record f r it( (s) _ _ . _� on City Clerk MIAMI OUTBOARD CLUB INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2015 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Income Taxes The Club qualifies as a tax-exempt organization under Section 501 (c) (7) of the Internal Revenue Code except for amounts representing unrelated business income. The Club has determined that there was no unrelated business income during the year ended March 31, 2015. Property and Equipment Property and equipment are recorded at cost and are depreciated over their estimated useful lives utilizing the straight-line method. The Club follows the practice of capitalizing all expenditures for property and equipment in excess of $1 i;." j _ d Inventory" i Invents sof a holic d aiccr�p9ic beverages aret°?, at the lower of cost et �� ae C determine �{ by the cr�rrer�fi cost and market represents the lower of replacement cost or estimated net realizable value. Membership Dues and Initiation Fees Membership dues are recognized as revenue in the applicable membership period. Any unearned amounts collected in advance are included in current liabilities as unearned income and any amounts due are included as receivable, at the end of each accounting period. Initiation fees are recorded as revenue in the period in which membership applications are accepted by the Board. No allowance has been provided on accounts receivable because uncollectible amounts are not material. Donated Services The Club receives donated services from unpaid volunteers who assist in the various social and community welfare activities. No amounts have been recognized in the accompanying statement of activities because the criteria for recognition of such volunteer effort under SFAS No. 116, Accounting for Contributions Received and Contributions Made, have not been satisfied. (continued) 7 MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2015 NOTE 2 — FUNCTIONAL ALLOCATION OF EXPENSES Submitted into the public record for i�t,e� ( on _. 9/7 �, �L . City Clerk The costs of providing the Club's various programs and activities have been summarized on a functional basis in the schedule of activities. Accordingly, certain costs have been allocated using various methods based on the programs and supporting services benefited. NOTE 3 — PROPERTY AND EQUIPMENT The cost and related accumulated depreciation for the Club's property and equipment consisted of the following at March 31, 2015: ,rilding i is 1 01 d 3 Sar, Uch nt 487,'27 EX cies 8,955 equi ent & ftltture°e 748 Clubhouse 66,853 Office equipment 12,289 Other 28,864 2,536,822 Less accumulated depreciation (1,261,307,) Property and Equipment, net $1,275,515 Depreciation expense for the year ended March 31, 2015 totaled $102,871. (continued) 8 Submitted into the public . record f r��it� n(s) on--q'J.-Li u _• City Clerk MIAMI OUTBOARD CLUB INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2015 NOTE 4 — LEASE COMMITMENTS Effective April 1, 1996, the Club entered into an agreement with the City of Miami (the "City") for the lease of approximately 4.8 acres of land. The Club has occupied a substantial portion of this land since 1946. The lease agreement provides for a twenty- year term ending March 31, 2016 and extendable for two additional five-year terms. The monthly rental commitment is based on a monthly base rent plus a percentage rent less community service credits. For the lease year ended March 31, 2015, the monthly base rent amounts to $9,215 including sales tax. The percentage rent is defined as ten percent (10%) of the gross food and non-alcoholic beverage revenues in excess of $10,000. The lease provides for annual increases to the base rent and community service credits based on the U.S. Bureau of Labor Statistics Consumer Price Index (the "CPI"). Total rent "expense under this lease amounted to $139,474 for the year ended March 3. 2015 Comm. 'ty service :�-et- ire r,---g-tad "n ofsets bas en4 for the Club's perform ce of e 3) muni b '°ting innerT children of the City of iami t e (3 h venI h are designWed by the City's Ccmmi lcm pity s credit o 7, g is a! ok 1 ier each event per lease year ending March 31, 2015. As of March 31, 2015 the Club had performed all six (6) annual events. Community service credits for the current year was $47,693. During the first five years of the lease term, the Club is required to contribute $10,000 per year (the "annual contribution") on or before March 31, to a reserve fund for capital improvements on the property. The annual contribution is to be increased by the CPI index or 5%, whichever is less, subsequent to the fifth year of the lease term. The reserve fund for capital improvements should be maintained in a separate bank account and cannot be less than $50,000 at the end of any lease year. 9 Submitted into the public record fqr ite (s} �L on /)-/ • City Clerk SUPPLEMENTARY INFORMATION CERVETTA-LAPHAM & ASSOCIATES A PROFESSIONAL ASSOCIATION CERTIFIED PUBLIC ACCOUNTANTS Submitted into the public record f r iter s) on City Clerk INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION To the Board of Governors of the Miami Outboard Club, Inc. Miami, Florida Our report on our audit of the basic financial statements of the Miami Outboard Club, Inc. as of March 31, 2015 appears on page 1. That audit was conducted for the purpose of forming an opinion on the bas' al st akKen a N 01 rcentage rent on page 11 is pres+an for c of a icr�ai ysi is not re gyred part of the basic financial sP.==ren Such o stt ale uditln rods applied in the audit of the b is fine al is r rn , is fair[ tate in all material respects in �.� �fio the _� ancia t €:nts t _ n a whole. The schedule of activities by function on pages 12 and 13 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we express no opinion on them. all 1 1,111 f � CERVETTA-LAPHAM & ASSOCIATES February 4, 2016 6609 SW 65" STREET, SOUTH MZAH1, FL 33143 - TEL 305 669 2701 FAX 305 669 9949 Email ana@cervettalapham.com - www.cervettalapham.com Submitted into the public record f r ite (s} MIAMI OUTBOARD CLUB INC on_ � City Clerk SCHEDULE OF PERCENTAGE RENT FOR THE YEAR ENDED MARCH 31 2015 26,838 Plus applicable sales tax 1,879 Total $ 28,716 See independent auditors' report on supplementary information. 11 SALES OF FOOD SALES SUBJECT PERCENTAGE AND NON-ALCOHOLIC TO PERCENTAGE RENT PERIOD BEVERAGES RENT INCURRED April 2014 $ 33,358 $ 23,358 $ 2,336 May 2014 52,737 42,737 4,274 June 2014 36,313 26,313 2,631 July 2014 29,386 19,386 1,939 August 2014 28,328 18,328 1,833 September 2014 20,107 10,107 1,011 October 2014 27,465 17,465 1,747 November 2014 31,661 21,661 2,166 December 2014 35,028 25,028 2,503 January 2015 30,687 20,687 2,069 February 201: n -_�� ..f.;� ' " ` 16 804 1,680 March 2015 35 6G :F 2,650 388,77;° 26,838 Plus applicable sales tax 1,879 Total $ 28,716 See independent auditors' report on supplementary information. 11 Membership Restaurant Bar Rental income Parties and events Community service credits Contributions Interest income Other income Total support and revenues MIAMI OUTBOARD CLUB INC. SCHEDULE OF ACTIVITIES BY FUNCTION FOR THE YEAR ENDED MARCH 31, 2015 FOOD 318,571 49,978 368,549 PRc�A'nA Z:-tI+CES 70RAGl= -- - AND SPECIAL EASING EVENTS $ - $ - $ - ���,4- - 383,075 23,638 - 47,693 - - 81,597 254,563 383 0 r., 152,928 Submitted into the public record Jor it in(s) on -� City Clerk SUPPORT SERVICES MANAGEMENT AND GENERAL $ 492,222 966 18,301 511,489 TOTAL $ 492,222 318,571 228,244 383,075 99,935 47,693 81,597 966 18,301 1,670,604 (Continued) 12 Bank and credit card charges Contract labor Cost of goods sold Depreciation Entertainment Insurance Landscaping Licenses and taxes Other expenses Payroll and related items Postage Professional fees Promotion Rent space Repairs and maintenance Special events expense Supplies and uniforms Telephone Utilities Total expenses MIAMI OUTBOARD CLUB, INC. SCHEDULE OF ACTIVITIES BY FUNCTION (CONTINUED) FOR THE YEAR ENDED MARCH 31 2015 FOOD 9,564 256,405 11,606 10,971 627 206,308 31,860 4,443 423 42,278 574,485 $(205,936) F 5,606 z'1.1F5�7 7,578 I , .! 45 05.978 3,144 {741 10,997 16,947 334,537 $ (79,974) CES ?-littc-d into the public s t r M.1 (s) C City Clerk SUPPORT SERVICES AND SPECIAL MANAGEMENT LEASING EVENTS AND GENERAL 9,941 6,960 30,057 11,403 66,311 40,245 2,135 30,057 50,409 247,518 $ 135,557 3,559 50,837 124,777 6,082 185,255 $ (32,327 13,273 11,899 6,008 41,228 15,226 21,080 13,852 11,860 160,530 1,854 12,950 9,823 13,205 16,712 20,756 4,417 19,988 394,662 $ 116,827 TOTAL 39,384 18,859 411,008 102,871 21,185 45,178 21,080 15,624 11,860 529,127 1,854 12,950 9,823 139,292 29,231 124,777 62,233 4,417 135,705 1,736,458 $ (65,854} 13 Submitted into the public record fof ite {s) _ _� on / City Clerk MIAMI OUTBOARD CLUB, INC. FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION MARCH 31, 2014 DRAFT Submitted into the public n — record f I 't i(s) on 7—city Clerk MIAMI OUTBOARD CLUB, INC. TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT ............................................... I FINANCIAL STATEMENTS: STATEMENT OF FINANCIAL POSITION .................................. 2 STATEMENT OF ACTIVITIES ................................................. 3 STATEMENT OF CHANGES IN MEMBERSHIP EQUITY ................ 4 STATEMENT QF CASH F1 0%-%. . . . . . . . . . . . . . . . . . . . . . . . 5 NOTES TO FINANCIAL STATEMENT . ................. 6 -9 SUPPLEMENTARY INFORMATION: INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION ......................................... 10 SCHEDULE OF PERCENTAGE RENT .... .................................. 11 SCHEDULE OF ACTIVITIES BY FUNCTION ............................ 12-13 CERVETTA-LAPHAM & ASSOCIATES A PROFESSIONAL ASSOCIATION CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT To the Board of Governors of the Miami Outboard Club, Inc. 1099 MacArthur Causeway Miami, Florida 33132 Submitted into the public record f r it °m(s) —M,�— on 9 City Clerk We have audited the accompanying statement of financial position of the Miami Outboard Club, Inc. (the "Club'), a non-profit organization, as of March 31, 2014 and the related statements of activities, changes in membership equity, and cash flows for the year then ended. These financial statements are the responsibility of the organization's management. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of Americ e st equire tot we p p audit .to obtain reasonable assur e a ' wh erinanci ;stem s1re al misstatement. An audit includes aminin o test ` is, a ewe su ortin the a unts and disclosures in the financial sta ents. zn inclu a� ssi count principles used and significant estimat made m agent,Is virel'av sting the ov II financial statement presentation. We fiat o� audit a reale basis fora opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Club as of March 31, 2014 and the changes in its membership equity and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. CERVETTA-LAPHAM & ASSOCIATES October 23, 2014 6609 SW 65" STREET, SOUTH MIAMI, VL 33143 - TEL 305 669 2701 FAX 305 669 9949 Email ana@cervetta, am,com MIAMI OUTBOARD CLUB INC. STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED MARCH 31, 2014 ASSETS CURRENT ASSETS: Cash Unrestricted Temporarily restricted Accounts receivable Inventory Prepaid expenses Total current assets PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1,317,625 OTHER ASSETS TOTAL ASSETS LIABILITIEAND M AR.Hj. 17 CURRENT LIABILITIES: Accounts payable Accrued expenses Unearned income Other payables TOTAL LIABILITIES MEMBERSHIP EQUITY: Unrestricted Temporarily restricted Total membership equity TOTAL LIABILITIES AND MEMBERSHIP EQUITY Submitted into the public record fir itc 1(s)�_ on Z City Clerk $ 140,517 100,787 27,391 54,054 10,966 333,715 1,200,175 8,894 $ 1,542784 $ 23,953 15,626 59,411 2,600 101,590 1,340,407 100,787 1,441,194 $ 1,542,784 The accompanying notes are an integral part of these financial statements. 2 I MIAMI OUTBOARD CLUB INC. STATEMENT OF ACTIVITIES FOR THE YEAR ENDED MARCH 31, 2014 Unrestricted SUPPORT AND REVENUES: Submitted into the public record fo 7item s) on City Clerk Temporarily Total Restricted Membership $ 346,248 $ 99,827 $ 446,075 Restaurant 348,625 - 348,625 Bar 260,028 - 260,028 Rental income 391,047 - 391,047 Parties and events 107,254 - 107,254 Community service credits 46,945 - 46,945 Contributions 34,065 29,950 64,015 Interest income 574 760 1,334 Other income 13,497 - 13,497 Total support and revenues Net Assets Released from Restrictions: Annual appropriation mserue capital improvements EXPENSES: Program services: Food Bar Storage and leasing Special events Total program services Support services: Management and general Total expenses CHANGE IN MEMBERSHIP EQUITY 1,548,283 130,537 1,678,820 531,924 - 531,924 328,600 - 328,600 243,509 - 243,509 191,379 - 191,379 1,295,412 - 1,295,412 379,153 - 379,153 1,674,565 - 1,674,565 $ (27,957) $ 32,212 $ 4,255 The accompanying notes are an integral part of these financial statements. 3 MIAMI OUTBOARD CLUB, INC. STATEMENT OF CHANGES IN MEMBERSHIP EQUITY FOR THE YEAR ENDED MARCH 31, 2014 Submitted into the public record f r it ni s) ku— on �� City Clerk e 11MAM01M.Ot UNRESTRICTED RESTRICTED RESERVE FOR CONTRIBUTED GENERAL TOTAL CAPITAL CAPITAL IMPROVEMENTS $ 498,344 $ 870,020 $ 1,368,364 $ 68,575 - (27,957) (27,957) 32,212 $ 498,344 $ 842,063 $ 1,340,447 $ 100,787 The accompanying notes are an integral part of these financial statements. 4 w► r Balance, beginning of year W Change in membership equity i Balance, end of year w 1 f 1 1 Submitted into the public record f r it ni s) ku— on �� City Clerk e 11MAM01M.Ot UNRESTRICTED RESTRICTED RESERVE FOR CONTRIBUTED GENERAL TOTAL CAPITAL CAPITAL IMPROVEMENTS $ 498,344 $ 870,020 $ 1,368,364 $ 68,575 - (27,957) (27,957) 32,212 $ 498,344 $ 842,063 $ 1,340,447 $ 100,787 The accompanying notes are an integral part of these financial statements. 4 MIAMI OUTBOARD CLUB INC. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31 2014 CASH FLOWS FROM OPERATING ACTIVITIES: Change in membership equity Adjustments to reconcile change in membership equity to net cash provided by operating activities: Depreciation (Increase) decrease in. Accounts receivable Inventory Prepaid expenses Increase (decrease) in: Accounts payable Unearned income Accrued expenses Submitted into the public recordftrr it n(s) on / 'l City Clerk $ 4,255 102,612 (108) (2,012) 240 (14,040) (5,144) (7,913) Net cash provided by operating activities 77,890 CASH FLOWS FR0IM I'1\1VE tTIV S. Purchase of properlyand eq#m t (107,281) �u Net cash used by r~v�q ithvibe (107,281) NET DECREASE IN CASH CASH, BEGINNING OF YEAR CASH, END OF YEAR (29, 391) 270,695 $ 241,304 The accompanying notes are an integral part of these financial statements. 6 r r Submitted into the public record fir it�11( ) � � MIAMI OUTBOARD CLUB, INC. on City Clerk a NOTES TO FINANCIAL STATEMENTS MARCH 31, 2014 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Activities t Miami Outboard Club, Inc. (the "Club"), a Florida corporation founded in April 1938, is a non-profit organization established for the furtherance of boating activities in the Miami, Florida community. The Club offers its members marine •- related facilities, services and activities such as boat and craft storage, vessel hoists, fishing tournaments and instructional boating information. The Club also provides restaurant and bar facilities enabling its members to promote various 4 social, charitable and educational functions. A 15 member Board of Governors (the "Board"), whose members are elected on wa yearly basis, oversees the operations of the Club. As of March 31, 2014, the ® Club -ad apprux ina`ely Susi t ` The Cwub generates reaenLa rima ythapgh 9&bership es storage fees and bar and restaurant sales. Basis of Presen`at�un The Club's financial statement presentation is in accordance with Statement of Financial Accounting Standards ("SFAS") No. 117, "Financial Statements of Not - for -Profit Organizations". Under SFAS No. 117, the Club is required to report information regarding its financial position and activities according to three {� classes of membership equity: unrestricted membership equity, temporarily restricted membership equity and permanently restricted membership equity. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts or revenue and expenses during the reported period. Accordingly, actual results could differ from those estimates. (continued) 6 submitted into the public record fqr itc n s)� on if M City Clerk MIAMI OUTBOARD CLUB, INC, NOTES TO FINANCIAL STATEMENTS MARCH 31, 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Income Taxes The Club qualities as a tax-exempt organization under Section 501 (c) (7) of the Internal Revenue Code except for amounts representing unrelated business income. The Club has determined that there was no unrelated business income during the year ended March 31, 2014. Prooertv and Equipment Property and equipment are recorded at cost and are depreciated over their estimated useful lives utilizing the straight-line method. The Club follows the practice of capitalizing all expenditures for property and equipment in excess of $1, 000 -A t_nventor)� Inventorie:5 of L)W. alcoholic and rtqn-alcoho'�c beveragesa.r ated at the lower of cost of, mar+,,_�L value. Cd# it determnej by the currenk s:o t and market represents the lower of replacement cost or estimated net realizable value. Membership Dues and Initiation Fees Membership dues are recognized as revenue in the applicable membership period. Any unearned amounts collected in advance are included in current liabilities as unearned income and any amounts due are included as receivable, at the end of each accounting period. Initiation fees are recorded as revenue in the period in which membership applications are accepted by the Board. No allowance has been provided on accounts receivable because uncollectible amounts are not material. Donated Services The Club receives donated services from unpaid volunteers who assist in the various social and community welfare activities. No amounts have been recognized in the accompanying statement of activities because the criteria for recognition of such volunteer effort under SFAS No. 116, Accounting for Contributions Received and Contributions Made, have not been satisfied. (continued) 7 1 1 1 1 Submitted into the public record f r ite n(s) on City Clerk MIAMI OUTBOARD CLUB, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2014 NOTE 2 — FUNCTIONAL ALLOCATION OF EXPENSES The costs of providing the Club's various programs and activities have been summarized on a functional basis in the schedule of activities. Accordingly, certain costs have been allocated using various methods based on the programs and supporting services benefited. NOTE 3 — PROPERTY AND EQUIPMENT The cost and related accumulated depreciation for the Club's property and equipment consisted of the following at March 31, 2014: Building and imprrjverner4•.5 Sar, kitchen S restau,A3-t Xcks Clubhouse Office equipment Other Less accumulated depreciation Property and Equipment, net $ 531,532 879.435 k.834 121,890 20,632 28,864 2,517,800 (1,317,625) Depreciation expense for the year ended March 31, 2014 totaled $102,612. (continued) 8 ! ! ! y Submitted into the public record fo iter(s 1 ' ,L Z � MIAMI OUTBOARD CLUB, INC. on City Clerk NOTES TO FINANCIAL STATEMENTS MARCH 31, 2014 NOTE 4 — LEASE COMMITMENTS Effective April 1, 1996, the Club entered into an agreement with the City of Miami (the "City") for the lease of approximately 4.8 acres of land. The Club has occupied a substantial portion of this land since 1946. The lease agreement provides for a twenty- year term ending March 31, 2016 and extendable for two additional five-year terms. The monthly rental commitment is based on a monthly base rent plus a percentage rent less community service credits. For the lease year ended March 31, 2014, the monthly base rent amounts to $9,070 including sales tax. The percentage rent is defined as ten percent (10%) of the gross food and non-alcoholic beverage revenues in excess of $10,000. The lease provides for annual increases to the base rent and community service credits based on the U.S. Bureau of Labor Statistics Consumer Price Index (the "CPI"). Total rent expense under this lease amounted to $141,147 for the year ended 1rearo 31 2'D-4. a „r -ern t Y., ;c , �refY is a,a rar a -,eci -3s _ kets:-3ga nst has entfor the Club's F.er- rriz�i-e of three f3' cov-.,rr)u,,1�ty events I�er~?rt rc� inner children of the City c F ,1:,�r �+ an three � 3a other Ey,w ..3, -;��iich are desig ed by the City's Cc a, (comm -Jr -o ---i z�?rvii;e credit of7.8(26- is al'otted fcr each event per lease year ending March 31, 2014. As of March 31, 2014 the Club had performed all six (6) annual events. Community service credits for the current year was $46,953. During the first five years of the lease term, the Club is required to contribute $10,000 per year (the "annual contribution") on or before March 31, to a reserve fund for capital improvements on the property. The annual contribution is to be increased by the CPI index or 5%, whichever is less, subsequent to the fifth year of the lease term. The reserve fund for capital improvements should be maintained in a separate bank account and cannot be less than $50,000 at the end of any lease year. Submitted into the public record fo ite (, —_ �L L!� on City Clerk SUPPLEMENTARY INFORMATION .............. on 1 CERVETTA-LAPHAM & ASSOCIATES A PROFESSIONAL ASSOCIATION CERTIFIED PUBLIC ACCOUNTANTS :emitted iiit© theP ublic '-eco;c] f I it q7{S� en 1__ _ City Clerk INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION To the Board of Governors of the Miami Outboard Club, Inc. Miami, Florida Our report on our audit of the basic financial statements of the Miami Outboard Club, Inc. as of March 31, 2014 appears on page 1. That audit was conducted for the purpose of forming an opinion on the ba aI st .taken whol rcentage rent on page 11 is presen d for""' o s of a iona ysis d is not a re . fired part of the basic financial statements.Such o beef°sucteuditin rocedures applied in the audit of the is fina sal tatentsr niori, is fairs � ` tated in all material respects in relatio tic ancia ttent's t n a whole. The schedule of activities by function on pages 12 and 13 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we express no opinion on them. CERVETTA-LAPHAM & ASSOCIATES October 23, 2014 6609 SW 65TH STREET,' SOUTH MIAMI, FL 33143 - TEL 305 669 2701 FAX 305 669 9949 Email ana4cervettalapham.com - www.cervettalapham.com YIIAMI OUTBOARD CLUB INC SCHEDULE OF PERCENTAGE RENT FOR THE YEAR ENDED MARCH 31, 2014 SALES OF FOOD AND NON-ALCOHOLIC PERIOD BEVERAGES April 2013 $ 34,052 May 2013 42,907 June 2013 39,087 July 2013 37,543 August 2013 37,915 September 2013 30,403 October 2013 29,393 November 2013 34,035 December 2013 34,976 January 2014 30,497 February 2014 33,213 March 2014 3 , �3 42 58 Plus applicable sales tax Total SALES SUBJECT TO PERCENTAGE RENT $ 24,052 32,907 29,087 27,543 27,915 20,403 19,393 24,035 24,976 20,497 22 27 . 7 $ 301 P5 Submitted into the public � z record f0 itC 17(5) VIVO City Clerk PERCENTAGE RENT INCURRED 2,405 3,291 2,909 2,754 2,792 2,040 1,939 2,404 2,498 2,050 2,321 2,784 30,186 2,113 $ 32,299 See independent auditors' report on supplementary information. 11 .. -. ... ... ... ..• ........„s w �.. as.� k.1 t.1 %N `.I %,/�,wV dr kw k./kt�,t k7%/k. IF krkIRl/k.VlVtoQV�#kv W W W W MIAMI OUTBOARD CLUB= INC. c SCHEDULE OF ACTIVITIES BY FUNCTION Submitted into the publircco,-d f r it719- �i(s) on �City Clerk FOR THE YEAR ENDED MARCH 31, 2014 FP-0,,^aRAM SFRVICES - — - 3TORAGE FOOD BAR AND LEASING SUPPORT SERVICES SPECIAL MANAGEMENT EVENTS AND GENERAL Membership $ - $ $ - $ Restaurant 348,625 - - - Bar - 260,023 - - Rental income - - 391,047 - Parties and events 52,060 304.703 - 25,091 Community service credits - - - 46,945 Contributions - - - 64,015 Interest income - - - - C►ther income - - - Total support and revenues 400,685 290,131 391 044 ' 136,051 $ 446,075 1,334 13,497 460,906 TOTAL $ 446,075 348,625 260,028 391,047 107,254 46,945 64,015 1,334 13,497 1,678,820 (Continued) 12 s aw u► k► NW !► kI ti kw i► <► t► kw \► 11.V k• kv %V '.W 1.* %1W `w %IV kV („. `tw k.,W �.V kv kv kv t.• (.. k' `w kw (V k# w 0 w w w Bad debts Bank and credit card charges Cost of goods sold Depreciation Entertainment Insurance Landscaping Licenses and taxes Other expenses Payroll and related items Postage Professional fees Promotion Rent space Repairs and maintenance Special events expense Supplies and uniforms Telephone Utilities Total expenses MIAMI OUTBOARD CLUB INC. SCHEDULE OF ACTIVITIES BY FUNCTION (CONTINUED) FOR THE YEAR ENDED MARCH 31 2014 PROGRAM SERVICES S O AGE FOOD PAR AND LEASING 10,805 233,627 11,577 9,081 615 178,556 35,394 3,114 6,726 42,429 531,924 $ 131,239) 7, L424 158,366 3,095 7,010 '1,779 15,190 328,600 $ 38,469) 10,545 29,982 8,863 67,723 39,618 1,219 40,813 " 44,747 243,509 �$$14 7^538 SPECIAL M/CAITC 3,550 50,040 131,903 5,886 191,379 (55,328) Submitted into the public, record f r ite (s) _ - 3- -on 'I City Clerk SUPPORT SERVICES MANAGEMENT AND GENERAL 4,486 12,429 3,448 41,124 10,446 14,300 9,546 9,158 175,613 4,108 12,850 9,429 13,000 12,901 23,641 4,542 18,133 379,153 $ 81,753 TOTAL 4,486 41,604 395,441 102,612 20,833 34,965 14,300 11,318 9,158 509,282 4,108 12,850 9,429 141,147 24,244 131,903 75,959 4,542 126,384 1,674,565 $ 4,255 13 Submitted into the public record f ite (s) _ I on 9/ LTJ_ _. City Clerk AMENDMENT NO. 3 TO LEASE AGREEMENT BETWEEN THE CITY OF MIAMI AND MIAMI OUTBOARD CLUB, INC. This Amendment is entered into thisle day of A&A , 2011, (the "Amendment") by and between the City of Miami, a municipal corporation of the State of Florida (the "Lessor"), and Miami Outboard Club, Inc. a non-profit corporation (the "Lessee") for the purpose of modifying that certain Lease Agreement between the City and Lessee dated June 14, 1996 (the "Lease"), as amended, as follows: WHEREAS, Lessor leased to Lessee a portion of Watson Island for a term of twenty years commencing on April 1, 1996 and expiring on March 31, 2016 with the option to renew for two (2) additional five (5) year periods; and WHEREAS, Lessee has built wet slip dock faclli#les on City -owned bay bottom lands that have been determined to be outside of the existing Lease Property and requires the City`s approval to opera*e i� *,he add ibonal bay bottom lands; and WHEREAS, Lessor and Lessee agree that it is in the best interest of the parties to modify the legal description of the Lease Property to include the wet slip dock facilities in the additional bay bottom lands that Lessee built outside of its existing Leased Property, subject to. Lessee complying with all applicable laws, ordinances, and codes of federal, state, and local governments; and WHEREAS, a new survey dated November 10, 2010,,was prepared by Lessee's surveyor of the Leased Property, including the additional bay bottom lands and the parties agree to amend the Lease in order to allow said wet slip facilities to become a part of the Lease Property. i Submitted into the public record f r it m(s) t on q City Clerk NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and in consideration of other valuable consideration the parties covenant and agree as follows: 1. Section 1.1 entitled "Description of Lease Property" is hereby amended as follows: The Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor Lease Area 1, Lease Area 2 and Lease Area 3 which includes the additional bay bottom lands, the wet slip dock facilities, and upland improvements of approximately 427,324 square feet or 9.81 acres thereon, within Watson Island Park in the City of Miami, Dade County, Florida, (hereinafter the "Lease Property") as described in Exhibit A and Exhibit B which is attached h -re o and made a pail n?,po . 2. Section 2.3 (iii) 'Ar'diticr al Limy ,,rytlnns and Rei"r;cion ,,s cin Lessee's use of Leased Property 9 + --,,; eby amenbed as fcilows: Only minor repairs and servicing of boats shall be permitted on the Lease Property. The Lease Property shall not be used for the purpose of major maintenance or overhauling of boats or craft. Lessee is hereby permitted to refill propane fuel tanks for cooking purposes, when vended by a licensed company. Lessee shall be permitted to use a licensed mobile fuel delivery company to sell or dispense fuel to boat vessels, provided Lessee maintains accurate and complete monthly records of such sales, such as log and receipts of all fueling activity. 2 Submitted into the public record �fo� i � refs) on / City Clerk Lessee is required ,to collect 10% of monthly gross fuel sales from its licensed mobile fuel delivery company, and submit monthly gross sales reports of all sales of dispensing of fuels to boat vessels on the Leased Property to the City. Lessee shall submit monthly gross fuel sales report along with a payment of 5% of fuel sales to boat vessels to the City of Miami Marinas Manager of the Department of Public Facilities. Said report and payment shall be made by no later than the 15th of each month for the prior month sales. In the event Lessee is in default of the permitted use of selling or dispensing fuel to boat vessels, within thirty (30) days after receipt of written notice from the Lessor of Lessee's failure to cure said c1cfaull, the C ty rdanag,er is awhtorized to terminate- the use and prohibi'° Less -2e Frurn rd-"beling beat ve=sels on tl�e Leased Property. 3. A new Section 4.13 entitled "State Approval" is hereby added as follows: Lessor and Lessee acknowledge that a portion of the Land is subject to certain restrictions contained in Deed No. 19447 made by the Trustees of the Internal Improvement Fund of the State of Florida ("Board") to the City. In the event the Board requires a finding of compliance with the deed. restriction or a waiver of compliance with such deed restriction of the additional bay bottom lands within thirty (30) days after the effective date of this Amendment, Lessee agrees to use its good faith efforts to obtain from the Board a finding of compliance with the deed restriction or a waiver of compliance with such deed restriction ("State 3 Submitted into the public L record f tte 1 s _ on q/ t�/ IV_ City Clerk Approval'). if the Board grants State Approval subject to an assessment of state fees for the right to use the additional bay bottom lands, Lessee agrees to pay the Board the full amount of assessed fees. Should Lessee decide not to pay said assessed state fees, and Lessee provides thirty (30) days prior written notice to City of its intent not to pay the assessed state fees, Section 4.13 shall automatically become null and void and Lessee shall be required to remove all improvements in the additional bay bottom lands by no later than ninety (90) days from the date of the notice. Except as specifically provided herein, all of the terms and provisions of the Lease Agreement shall remain in effect. THIS SPACE INTENTIONALLY LEFT BLANK 4 Submitted into the public record fof ite (s) on I/0111. City Clerk IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Lease Agreement on the day and year first above written. Witness: By: Signature GGA t�1�r1�Tl,'a�•�?.b�,c�, Print Name By: A)�0 Signature Rob eg r H- C°A S �i11 D LESSEE: Miami Outboard Club, Inc. �-1 By: Signat P,e4o � Print Name and Title of I� iami. a municipal corporation Attest e State of Flortoa la BR, I y.N.'-, By: - Priscilla A. Thompson Tony E. Crape, Jr. City Clerk City Manager APPROVED AS TO FORM AND CORRECTNESS APPROVED AS TO I REQUIREMENTS By: By: Julie O. Bru City Attomey�w 5 Risk Management [Department Qxr7 'ke-s�"- 1(L C Ai A rwM sfN+x At rr. sTA n . fa» ON /+¢ tricit. fw w ttcmo a,D s�n7m w A i'f1IId tF ]1tIVN ASOE 03W." AS A PAN w STiS AO,D A -IJ N Ow LtlNfi ROOM AS AROOwD W ACP 100V Y Al /ACC T T iN[ w.aA IM AD vow EOCL'AY. IIM/Ol 510 IVIRf OOA: OS PGNf T fAA1TIL7 T 71S L77fIFR UIS T RIE mm= mCr aw r T.X. Q O_ ~_~_dlAlar IR1rra NMAOfTOar f10A O JPlD4A—r —".A o �.mw 61w0 MD w6Yl. A AWN Or IAIaW A110 A CVM W 01 OF Cr1Y. "on l 1`rjST AOK 1F. 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A MC S T 7T M A UlaWV� sa734T T, A a505if Y IRS77 IrEi: VmlGE sll'SPYTE (W A 1RrA14 T 156aN IrIT amFE SOrDO'dT /iA A ONWA:C T BSOt •QT: VOx£ Dv�•a u tU A f Or a�3a'V fffP W wl� 'V AW A O IWE Or IIJ3S FIVM 1W Mt07 K FEWIWF rxh;bit A •mG iw.D�a,au ww.fl�M Imo:,. � � a.�� ..�• F,v � Ormttcd into the public r record ffoj'itet (S G 13 on.- �' ' City Clerk 1. b itlmwtr aA-rry ROte'0'/ Araaan, fIN r nw .r v m1rw0 .ve e.RAAr[ Y tib y'0r e>wrl ee 'i eOtt as n � M.b r RS'AJ34 t<A W ,ard On h Ib uafa,ta d • 7."BRgt I-EYNMYI dWlp"b M aArfi• OIIROa •1.r,11oh dull IIPNa 1 A,..raw <1•en an IaN w . aA-r A..a>+ •.%A IiY lir MnMn sd w -bl:e b Iet xA'atlf Gr.R IhNex Oren rV7L OFAVAaRr " /AWfa'C IIAR bA fM GeRa11NOG D -r}1 �Ca-�w�Oa00L nt �AaO�AMT3�M9O�w aDn1NG11L"IVIVGLSTF)�LSt�RW�I Cil Ota A. ibbv Rll,r-W rJA awed N A,,,.sr db n b •r„IaVY1 epww.L S ON b-1 RPV -d bS AilRO o P"a R ww-*. Oa aICN wm,.w wa. t Rnei eaapl111 I tN. •at wfstbeef b it raa Rei: IJ I,Ox ...N.RY w nr A -n A,�d,ea >. INr Mn 1A.1 a:.y.Pm a.1 nr .4>•t air Nr r. /Yv6b d --x -+m on moPr. 6 iA W.W.I wfl bra,. r b.P—.;e Atm lt•1 MPIA( a 01 A'aL,b iA a0) -sett b 0.= tae r a. Nnt7 tA.r etn rPbiN/ a rbR1 Int Vwet* Ise btn A•Iw N i..a.Ar r rM Aix Mti.1 ..r -0 AM .ePm1 k aNr dR r +lqt r let bew 10 a. anger.. .W &a d A. p -.O, A, ".I ewe .;-&I wOdil Jr. Im :+w war ftaw .R lu nm7j.-fta eaa.A crab d W ar,q N /A• O.le wdealN aA! M a M n W 1,Owr cMnNI m bbllW� r Nwnl,ae--- 7 b W-2 rNrNu0R111. „„ r/ r..7 resVl4V+v fab- rIRNia . I )IEAFBr C[PfOTI Re.Ui l'O!^�"4i- er tt••II `'wt A-Anb'inlr -f tVP�"?e cuDDuc Aw ani1�L' _ r ec �%s iC'Lli r }�f� � (WvV UZ. a, -R Q W a o 9 2, c� Cdws l Q ig Z J U a IS z 1 a !03 Q J moo !� O 1 C _ I IL In r .. ~ on City Clerk Exhibit B _ LEASE AREA 1 COMMENCE AT A POINT SHOWN AS P. r STA. 47 -A 16.98 ON THE OFFICIAL MAP OF L OCATION AND SURREY OF A PORTION OF SECTION 8706, DESIGNATED AS A PART OF STATE ROAD A-1 A /N DADE COUNTY, , FLORIDA, AS RECORDED IN MAP'BOOK 56 AT PAGE 71 OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA, SAID POINT BEING THE POINT OF TANGENCY OF THE CENTER LINE OF THE MOST SOUTHERLY CURVE OF GENERAL DOUGLAS MCARTHUR CAUSEWAY RUNNING NORTHWESTERLY FROM THE SOUTHEASTERLY CORNER OF WATSON ISLAND AND HAVING A RADIUS OF 1910.08 FEET AND A CENTRAL ANGLE OF 34'47'15", THENCE N25'10'351' ALONG THE RADIAL LINE OF THE ABOVE MENTIONED CURVE FOR A DISTANCE OF 65.00 FEET TO THE POINT OF BEGINNING OF THE FOLLOWING DESCRIBED PARCEL OF .LAND AND ALSO A POINT OF INTERSECTION WITH A NON -TANGENT CURVE, A R4DIAL LINE TO SAID POINT BEARS S25'10'35V SAID CURVE BEING THE NORTHERLY RIGHT-OF-WAY LINE OF SAID GENERAL DOUGLAS MCARTHUR CAUSEWAY THENCE 740.98 FEET ALONG SAID RIGHT-OF-WAY LINE, AN ARC OF A CURVE TO THE RIGHT, SAID CURVE HAVING A RADIUS ..OF 1845.08 FEET AND A CENTRAL ANGLE OF 23'00'.36" TO A POINT OF INTERSECTION WITH A NON -TANGENT LINE, A RADIAL UNE TO SAID POINT BEARS S48' 10'39 "W THENCE N49' 19'02 "E FOR A DISTANCE OF 549.85 FEET, • THENCE S34 29'50'E' FOR A DISTANCE OF 222.4J FEET, THENCE S09 2851 "E FOR A DISTANCE OF' 208.77 fEFr THENCE SD 1'49'04 "E FOR A DISTANCE OF 408.86 FEET 'TO THE POINT OF BEGINNING. CONTAINING . 255,733' SQUARE FEET, 5.87 ACRES, MORE OR LESS, INCLUDING THE SUBMERGED LAND EAST OF THE APPROXIMATE EDGE OF WATER LINE MEASURED IN. AUGUST 16th, 2010 AT 10:00 A.M. BE1N7 MORE PARTICULARLY DESCRIBED AS FOLLOWS: - LEASE AREA 1 SUBMERGED LAND COMMENCE AT A POINT SHOWN AS P.T. STA. 47 +16-98 ON THE OFFICIALMAP OF LOCATION. AND SURVEY OF A PORTION OF SECTION 8706, DESIGNATED AS A PART OF STATE ROAD A-1 A IN .DADE COUNTY, FLORIDA, AS RECORDED IN MAP BOOK 56 AT PAGE 71 OF THE PUBLIC .RECORDS OF DADE COUNTY, FLORIDA, SAID POINT BEING THE POINT OF� TANG 6a E q MWIUVE OF MOS F - GENERAL DOUGLAS MCARTHUR CAUSE Y RUlvfG RTh'W ERLUTHEAS 7 CORNER OF WATSON . ISLAND AND HAVING A RAD/ OF 19 100 , A NTS'_ A 34'47'' ; THENCE 1V25' 10'35 "E ALONG THE RADIAL LINE OF E ABO CU „4 ° i " OF 6 0 FEET, A RADIAL LINE TO SAID POINT BEARS S25-1 , 35 "W TH PO/Hr NING OFA$ HE FOLLOW! DESCRIBED PARCEL OF LAND; THENCE' 151.74 FEET 7EREY ALON NORTHER IGHT=OF-WA LINE OF SAID GENERAL DOUGLAS MACARTHUR CAUSEWAY, SAID LINE BEING THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 1845.06 FEET AND A CENTRAL ANGLE OF 4'4244" TO A POINT OF INTERSECTION ,WITH A NON -TANGENT LINE, A RADIAL LINE TO SAID POINT BEARS S29'53'19 "W,• THENCE THE FOLLOWING TWENTY . (20) COURSES ALONG THE APPROXIMATE" EDGE OF WATER N07'52'53 "W FOR A DISTANCE OF 144.76 FEET; THENCE N78' 14' 13"E FOR A DISTANCE OF 41.73 FEET,• THENCE N0655'20 "W FOR A DISTANCE OF 47.97 FEET,• THENCE S82'51 '18"W FOR A DISTANCE OF 30, 96 FEET THENCE NO3'25'O4 "E FOR A DISTANCE OF 14.98 FEET, THENCE N26'50'24. "W FOR A DISTANCE OF 3.59 FEET, THENCE NO3'15'51 "W FOR A 0/STANCE OF 9.51 FFET, THENCE 'N20'0623"E FOR A DISTANCE OF 12.66 FEET; THENCE N22'29'29 "W FOR A DISTANCE OF 10.75 FEET, THENCE M06'56'02 "W FOR A DISTANCE OF 14.53 FEET THENCE N00'02'521F FOR A DISTANCE OF 68.47FEET,• THENCE N05'47'131W FOR A DISTANCE OF 34.09 FEET, THENCE N22'23'58"W FOR A DISTANCE OF 26.72 FFET; THENCE N33'2O'l 1 "W FOR A DISTANCE OF 46,09 FEET, THENCE N202925 "W FOR A DISTANCE OF 15.97 FEET; THENCE N12'32'53"W FOR A DISTANCE OF 113.64 FEET, THENCE N0575323"W FOR A DISTANCE OF 69.07 FEET; ` THENCE N04'04'48 "E FOR A DISTANCE OF 24.06 FEET; THENCE 133'5544 "E FOR A DISTANCE OF 12.90 FEET, - THENCE N 13'2744 "W FOR A DISTANCE OF 30.07 FEET TO A POINT OF INTERSECTION WITH THE NORTH LINE OF LEASE AREA I, THENCE N49'19102"E ALONG SAID NORTH LINE FOR A "DISTANCE OF 69.03 FEET THENCE THE FOLLOWING THREE (3) COURSES ALONG THE EAST BOUNDARY OF LEASE AREA 1;S34'29'50"E FOR A DISTANCE OF 222,4J FEET, THENCE S09 28'51 "E FOR A DISTANCE OF 208.77 FEET, THENCE SO 1 '49'04'E FOR A DISTANCE OF 408.86 FEET TO THE POINT OF BEGINNING. CONTAINING 103,132 SQUARE FEET, 2.37 ACRES, MORE OR LESS. IPROJ. NO: 2308 01 T I DATE: 1 ' -10--10 I DRAWN: BBL I CHECKED: AS I SCALE: AS NOTED II L-7-11 CONSULTING ENGINEERS, INC. 329 PALERMO AVENUE, CORAL GABLES, FLORIDA 33134 • 306/448-1800 • LS 1012 LEASE AREA 1 LEGAL DESCRIPTION SmE'-, T i 11/1072010 1,23,38 PM CS7 .r recc._�` r ite *s) f Oil I I _ City Clerk Exhibit B LEASE AREA 2 THAT PORTION OF LAND LOCATED ON W,47SON ISLAND, NORTHEASTERLY OF.THE NORTHEASTERLY RIGHT OF WAY LINE OF STATE ROAD A -1-A (MACARTHUR CAUSEWAY) AS SHOWN ON THE STATE OF FLORIDA STATE ROAD DEPARTMENT RIGHT OF WAY MAP FOR SECTION 87060-2117 FILED FOR RECORD UNDER ROAD MAP BOOK 68, AT PAGE 44, OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA. LYING IN SE077ONS 31 AND 32, TOWNSHIP 53 SOUTH, RANGE 42 EAST CITY OF MIAMI, MIAMI-DADE COUNTY, FLORIDA. BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS, COMMENCE AT A POINT SHOWN AS P.T. STA. 47 +16.98 ON THE OFFICIAL MAP OF LOCATION AND SURVEY -OF A PORTION OF SECTION 8706, DESIGNATED AS'A PART OF STATE ROAD A -1 -A -IN• DADE COUNTY, FLORIDA, AS RECORDED IN MAP BOOK 56 AT PAGE 71 OF THE PUBLIC RECORDS OF -LADE COUNTY, FLORIDA, SAID POINT BEING THE POINT OF TANGENCY OF THE CENTER LINE OF THE MOST SOUTHERLY CURVE OF GENERAL DOUGLAS MCARTHUR CAUSEWAY RUNNING NORTHWESTERLY FROM THE SOUINEASTERLY CORNER OF W TSON ISLAND AND HAVING A RADIUS OF 1910.08 FEET AND A CENTRAL ANGLE OF 3447'15 ,' THENCE N25' 10'35'E ALONG .THE RADIAL LINE OF THE ABOVE MENTIONED CUP, VE FOR A DISTANCE OF 65.00 • FEET TO THE POINT. OF INTERSECTION WITH A NON -TANGENT CURVE, A RADIAL. LINE TO SAID PO/NT BEARS "325'10'35V .SAID CURVE BEING THE NORTHERLY RIGHT-OF-WAY LINE OF SAID GENERAL DOUGLAS MC4R7HUR CAUSEWAY, THENCE 740.9.8 FEET ALONG SAID. RIGHT-OF-WAY LINE, AN ARC OF A CURVE TO THE RIGHT, S41D ,CURVE .HAVING A RADIUS OF 1845.08 FEET AND A: CENTRAL ANGLE OF 23'00'36" TO A POINT OF INTERSECTION WITH A NON -TANGENT LINE, A RADIAL LINE TO SAID POINT BEARS S46'10'39 "W,• THENCE N49' 19'02'E FOR A DISTANCE OF 12.41 FEET TO THE POINT OF BEGINNING Or THE FOLLOWING DESCRIBED PARCEL OF LAND, ALSO A POINT OF INTERSECTION WITH A NON -TANGENT. CURVE; A RADIAL LINE TO SAID POINT BEARS S50' 10'40 "W,THENCE 142.49 FEET ALONG THE ARC OF A CURVE TO THE RIGHT, SAID CURVE HAVING A RADIUS OF 120.00 FEET AND A CENTRAL ANGLE OF 68'02'07" TO A POINT OF TANGENCY, • THENCE N28' 12'41 E FOR A DISTANCE OF 52.00 • FEET TO A POINT OF CURVATURE; THENCE. 68.22 FEET' ALONG THE ARC OF A' CURVE TO THE LEFT, SAID CURVE HAVING A RADIUS ' OF 250.00 FEET AND A. CENTRAL ANGLE OF 15'38'04" TO A POINT OF INTERSECTION WITH A REVERSE CURVE, A RADIAL LINE TO SAID POINT -REARS. 37125'17"E THENCE 114 6d � QNG �pF A CO&E TO HAVING A RADIUS OF 60.00 FEET AND A CENTRAL GLE 0r ,10 6'04 " ? A. PJK OF TA ENCY; THT6' 11 'E FOR A DISTANCE OF 120.75 FEET ENCE N. 2 �W A D AN OF EN69'29'18'E FOR A DISTANCE OF 123.83 FEET A PJlN''ON ; HE TERL °` L E AREA 149'19'02"W ALONG SAID WESTERLY LINE FOR A F 7.44 THE T ` BEGINNINING 44,138 SQUARE FEET, 1.013 ACRES, MORE INCLUDING THE SUBMERGED LAND EAST OF THE APPROXIMATE EDGE OF WATER LINE MEASURED IN AUGUST 16th, 2010 AT 10.•00.A.M. BEING MORE.PARTICULARLY DESCRIBED AS' FOLLOWS: LEASE AREA 2 SUBMERGED LAND COMMENCE AT A POINT SHOWN AS. P.T. STA. 47. +16.98 ON . THE OFFICIAL MAP OF LOCATION AND SURVEY OF A PORTION OF SECTION 6706, DESIGNATED AS A PART OF STATE ROAD A=1 -A IN DADE COUNTY, • FLORIDA, AS RECORDED IN MAP BOOK 56 AT PAGE 71 OF THE PUBLIC RECORDS OF DADE' COUNTY, FLORIDA, SAID "POINT BEING THE ' POINT OF TANGENCY OF THE CENTER LINE OF THE MOST ' SOUTHERLY CURVE OF GENERAL DOUGLAS MCARTHUR CAUSEWAY RUNNING NORTHWESTERLY FROM THE SOUTHEASTERLY CORNER OF WATSON ISLAND AND HAVING A RADIUS OF 1910.08 FEET AND A CENTRAL ANGLE OF 34'47'15"1 THENCE N25'10'350E ALONG THE RADIAL* LINE OF THE ABOVE MENTIONED CURVE FOR A DISTANCE OF 65.00 FEET TO THE POINT OF INTERSECTION WITH A <, NON -TANGENT CURVE, A RADIAL LINE TO SAID POINT BEARS S25'1O'35"W'5AID CURVE BEING THE NORTHERLY RIGHT -OF -KAY LINE OF SAID GENERAL DOUGLAS MCARTHUR CAUSEWAY; THENCE 740.98 FEET ALONG SAID . RIGHT-OF-WAY LINE, AN ARC OF A CURVE TO • THE RIGHT, SAID - CURVE HAYING A RADIUS OF 1845.08 FEET AND -A CENTRAL ANGLE OF 23'00'36" TO A POINT OF INTERSECTION WITH A NON -TANGENT LINE, A RADIAL LINE TO 'SAID POINT BEARS S46'10'39"W,• THENCE N49'19'02"E ALONG THE EASIFRLY LINE OF LEASE AREA 2 FOR A DISTANCE OF 480.82 FEET TO THE POINT OF BEGINNING. OF THE FOLLOWING DESCRIBED PARCEL OF LAND, . THENCE N1327'44"W FOR 23.99 FEET ALONG THE APPROXIMATE EDGE OF WATER; THENCE N69129'18"E FOR A DISTANCE OF 61.66 FEET,• THENCE S49'19'02"W FOR 69.03 FEET TO THE POINT OF BEGINNING, CONTAINING 736 SQUARE FEET, 0.017 ACRES MORE OR LESS. PROJ. NO: 2008 01T DATE: 11-10-10 DRAWN: BBL CHECKED: AS SCALE: AS NOT -D L U O OV I C I &. ORANGE! LEASE AREA 2 CONSULTING ENGINEERS, INC. LEGAL I I"DESCRIPTION 329 PALERMO AVENUE, CORAL GABLES, FLORIDA 33134 • 303/448-1800 • LB 1012.S1'E E-7 1 OF 1 SNLETT Submitted_ into the public recnrri fnr itamlc) 0 Exhibit B City Clerk LEASE AREA 3 SUBMERGED, LAND THAT PORTION OF LAND LOCATED ON WATSON ISLAND LYING IN SECTION 32, TOWNSHIP 53 SOUTH, RANGE 42 EAST AND SECTION 5, TOWNSHIP 54 SOUTH, RANGE 42 EAST, CITY OF MIAMI, MIAMI—DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS.• COMMENCE AT A. POINT SHOWN AS P.T. STA. 47 +16.98 ON. THE OFFICIAL MAP OF LOCATION AND SURVEY OF A PORTION OF SECTION 8706, ' DESIGNATED AS A PART OF- STATE ROAD A -1 —A IN DADE COUNTY, F40RIDA, AS° RECORDED IN MAP BOOK 56 AT PAGE 71 OF THE P. UBLIC' RECORDS OF DADE COUNTY, FLORIDA, SAID POINT BEING THE POINT OF TANGENCY OF THE CENTER LINE. OF THE MOST SOUTHERLY CURVE OF GENERAL .DOUGLAS MCARTHUR .. CAUSEWAY RUNNING NORTHWESTERLY FROM THE SOUTHEASTERLY CORNER OF WATSON ]SLAND AND HAVING A RADIUS .OF 1910.08 FEET ANDA CENTRAL ANGLE OF 34'47'15'; THENCE N25'10"351F ALONG THE RADIAL LINE OF THE ABOVE MENTIONED CURVE FORA DISTANCE OF. 65.00 FEET TO THE POINT OF INTERSECTION WITH THE NORTHERLY RIGHT—OF—WAY LINE OF SAID GENERAL DOUGLAS MCARTHUR CAUSEWAY AND ALSO THE POINT ' OF BEGINNING OF 'THE FOLLOWING DESCRIBED PARCEL OF LAND; THENCE THE FOLLOWING THREE (3) COURSES ALONG THE EAST BOUNDARY LINE OF LEASE . AREA l SUBMERGED LAND; THENCE N01 '49'04 "W FOR A - DISTANCE OF 408.86 FEET THENCE N09'28'51 "W FOR A - DISTANCE OF 208.77 FEET, THENCE N34'29'50V FOR A . DISTANCE OF 222.43' FEET,- THENCE. S47'08'32"E FOR .A DISTANCE. OF 196.27 FEET, • THENCE S 11 '52 53 "E FOR A DISTANCE OF 155.49 FEET, THENCE S09700'04'E FORA • DISTANCE OF 1.05.&; S02`.12 1 'E . F08_.A C. OF 299.70 FEET;, THENCE - S 15'38'02 "W LSF A 0 CL : - 7 ? j, 2.3 F E7 TO T � l�T _'�F ' INN{+ +C• CONTAINING 23,696 SO RE FEET, 0.-."' ;;ORFS, t'FE OR LES .0 3ROJ. NO: 2 Ift C 1 T { DATE: 11-10-10 I DRAWN: BBL I Cl IECKED: AS I SCALE: AS NOTED LU 1)0V1 G 1& ORANGE CONSULTING ENGINEERS, INC. 329 PALEPKIO AVENUE, CORAL GABLES, FLORIDA 33134 • 305/448-1800 • LB 1012 LEASE AREA 3 LEGAL DESCRIPTION SHEET 1 0- 1 SHEE P2238 PH EST Submitted into City Clerk SUBMERGED LAND MIAMI OUTBOARD CLUB- LEASEAREA LEGAL DESCRIPTION: SU3MERGED LAND EAST OF 'THE APPROXIMATE EDGE OF WATER UNE MEASURED IN AUGUST 16th, 2010 AT 10.00 A.M.. BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS. - (INCLUDING SUBMERGED LANDS LEASE AREAS -1 AND 3) COMMENCE AT A POINT SHOWN AS AT STA. 47 -t 1.6.98 ON THE OFFICIAL MAP OF LOCATION, AND SURVEY OFA PORTION OF SECTION 8706, DESIGNATED AS A .PART OF STATE -ROAD A - 1-A IN DADE COUN7Y, FLORIDA, 'AS RECORDED IN MAP BOOK .56 AT PAGE -71 OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA, SAID POINT BEING THE POINT OF TANGENCY OF THE CENTER LINE OF THE MOST SOUTHERLY CURVE OF GENERAL. DOUGLAS MCA RTHUR CAUSEWAY RUNNING . NOR THWESTERL Y FROM THE : SOU THEA STERL Y CORNER OF WATSON ISLAND AND HAVING A RADIUS OF 1910.08 FEET AND A - CENTRAL ANGLE OF 34'47'15'; THENCE N25'10'351- ALONG THE RADIAL LINE OF THE ABOVE MENTIONED CURVE FOR A :DISTANCE OF 65.00 FEET, A RADIAL LINE TO SAID POINT BEARS S25' 10'35'11/ TO THE POINT. OF BEGINNING OF THE FOLLOWING DESCRIBED PARCEL* OF LAND; THENCE 151.74 FEET NORTHWESTERLY ALONG THE NORTHERLY RIGHT -OF -WA( LINE OF..SAID GENERAL DOUGLAS MACARTHUR CAUSEWAY, .SAID LINE BEING THE ARC OF A CURVE TO THE RIGHT HAVING'A RADIUS OF 1845.08 FEET AND A CENTRAL ANGLE- OF 4'4244" FOR A DISTANCE OF 151.74 FEET - TO A �?; OF1 /ON WIC. A N RADIAL- LINE TO SAID .POINT BEARS 9'5,. ' 9" THEN; THE OWI , URSES ALONG THE APPROXIMATE ED OF W4#R ,3"W 0 , 1 D/ OF 1 .76 FEET; THENCE N78' 14' 13'E FOR A D ANCE ' ET• NO 0"W FO A DISTANCE OF 47.97 F=,- THENCE W R A T CE 0� A 0 , 6 FEET, • TH CE NO3'25'04 "E FOR A DISTANCE OF 14 98 FEET,1 ENCE I 6' D 24 "W A DISTANC OF 3.59 .FEET, THENCE NO3' 15'51 '1N FOR A DISTANCE OF 9.51 FEET, • THENCE N20'0623 "E FOR A DISTANCE OF 12.66 FEET,• THENCE N22"29'29"W FOR A DISTANCE OF 10.75 FEET; THENCE - N06-58'02 W FOR - A DISTANCE OF 14.53 FEET THENCE N00'02'52 "E FOR A DISTANCE OF 68.47 FEET; THENCE N0547'13"W FOR A DISTANCE OF 34.09 FEET THENCE N22'23'58"W" FOR A DISTANCE OF 25.72 FEET,• THENCE N33'20' 11 "W FOR A DISTANCE OF 46.09 FEET; THENCE N20'2925 "W FOR A DISTANCE OF- 15.97 FEET THENCE N 12'3253 "W FOR A DISTANCE OF 113.64 FEET; THENCE N05'5323'1N FOR A DISTANCE OF 69.07 FEET, • THENCE N04'04'48'E FOR A DISTANCE OF 24.06 FEET THENCE N335544 "E FOR A DISTANCE OF 12.90 FEET, THENCE N 13'2744 "W FOR A DISTANCE OF 30.07 FEET TO A POINT OF INTERSECTION WITH THE NORTH LINE OF LEASE AREA 1; THENCE N 13'2744 "W FOR 23.99 FEET ALONG THE APPROXIMATE EDGE OF WATER, THENCE N69'29'1 B'E FOR A DISTANCE OF 61.86 FEET THENCE S47'08'32 "E FOR A DISTANCE OF .196.27 FEET; THENCE S1 1'52'53"E FOR A DISTANCE OF 155.49 FEET,' THENCE S09'00'04 "E FOR A DISTANCE OF. 105.01 FEET THE .NCE .S02' 12'21 'E FOR A DISTANCE OF 299.70 FEET; THENCE S 15'38'02 "W FOR ' A DISTANCE OF 11.3.23 FEET TO THE POINT OF BEGINNING. CONTAINING 127,565 SQUARE FEE, 2.93 ACRES, MORE - OR LESS. 1IPROv. ND: 2008 017 I DATE: 1 1-10-10 1 DRAWN: BBL CHECKED: AS I SC.A-E:AS NOTED 1 LU CCV! CI & ORANGE CONSULTING ENGINEERS, INC. 329 PALERMO AVENUE, CORAL GABLES, FLORIDA 33134 - 305/448-1800 - L8 1012 LEASE AREAS 1 & 3 >UBMERGED LANDi SHE�7 1 QF U Exhibit B - '4EA&AR AR, 4a Ur LEASE LITI? 152601 .87 RES—t 20 : GRAPMC MALE w d zm tzu 0 2 W > z c C) Z "r.r?�r,�itted into the public 14- ri ItC (S) On .•-__ ��� City Clerk CERTIFIED COPY OF CORPORATE RESOLUTIONS OF THE MIAMI OUTBOARD CLUB, INC. The undersigned, as Commodore of the Miami Outboard Club, Inc., a Florida not for profit corporation, (the "MOC") do hereby certify that the following is a true and correct copy of the resolutions adopted by the Board of Governors of the MOC in accordance with its Charter, By -Laws and Florida Law, at which the following resolutions were unanimously adopted: RESOLVED, that the MOC hereby approves of the terms and conditions as set forth in the Amendment No. 3 to Lease Agreement Between the City of Miami and Miami Outboard Club, Inc.; and be it RESOLVED FURTHER, that the. MOC is hereby authorized to enter into the Amendment No. 3 to Lease Agreement Between the City of Miami and Miami Outboard Club, Inc.; and be it . RESOLVED FURTHER, that Pedro Fernandez, as Commodore of the MOC, is hereby authorized and empowered, in the name of and on behalf of the MOC, to execute and deliver the Amendment No. 3 to Lease Agreement Between the City of Miami and Miami Outboard Club, Inc., such approval to be conclusively evidenced by his execution and delivery thereof; and be it RESOLVED FURTHER, that Pedro Fernandez as Commodore of the MOC is hereby authorized and empowered, in the name and on behalf of the MOC, to r c r r.7, all other acts and things, and to execute and deliver all c _�er dmm4 n as smh oft r, ay c -,:v. -&e—.�! ;a -car d in his discretion, to carry out the foregoing r2solutio:-. . I FURT14ER CEATIFY that the above r s-olij,ior_s were 1uly and that Pedro r Fernandez as C�o=cdr r� of*e, :` h 2.5 full no:' eri: t,i authority rob _i_:: the MOC pursuant thereto; that the resolutions are in full force and effect and have not been altered, modified or rescinded, and that Pedro Fernandez is the duly elected and qualified Commodore of the MOC., IN WITNESS WHEREOF, I have a 2011. STATE OF FLORIDA COUNTY OF MIAMI DADE t �� ay of March, I HEREBY CERTIFY that the foregoing instrument was acknowledged before me this /V 1V of March, 2011 by that Pedro Fernandez, Commodore of the Miami Outboard Club, Inc., who is/are personally known to me and who did take an oath. WITNESS my hand and official seal in the County and State and on the date last aforesaid. My Commission Expires: Notary Public State of Florida NOT AR LIC, State of Florida a4 Robert Brandt a t My Commission DD734832 �4o,�o Expires 1111512011 3/28!2017 REQUEST FOR APPRAISAL QUOTE Subs -pitted into thepub► record fo itel (s) ____-- On % x � 11 - City Clerk City of Miami You are invited to submit a quote to prepare an appraisal report based on the Appraisal Assignment attached herewith as Exhibit "A", Please complete the information requested at the bottom of this page. The quote and below information must be received by the Department of Real Estate and. Asset Management by 3:002.m., Monday. April 03. 2017. You may submit your proposal via email or by mail to: Igor Tsigelman Property Management Representative Department of Real Estate and Asset Management City of Miami 444 SW 2 Avenues. 31 Floor Miami, FL 33130 (305)416-1401 itsiz=IntanCc miamigov.com Ftll al() CSWY ]I- Y "323 Fees: Comprehensive total fee to perform appraisalls: Hourly fee in the event expert testimony is required: Appraisal Company: Josiah J Btake & Assoc. Inc. Telephone/Extension: 305.448.16631110 JOBI 4 -03-17 t 13 $ 8,500 $ 6,500 S. 275 By: �" ` Date: 3/30/2017Sim: _; J,�--� Tod Aft� LW NOTE: When sending a quote, your ;may must comply with the completion due date. If selected, your company must provide a CertiScate of Insurance in the manner prescribed in Exhibit "C" below. Page i of 5 Submitted into the public record f r ite i(s) on �� City Clerk 3128/2017 City of Miami EXHIBIT "A" APPRAISAL ASSIGNMENT Job Number: A-03-17-013 Fiscal Year: 2016-17 Location: 1099 MACARTIItJR CSWY Folio No.: 01-3231-000-0013 Lot Size: 207.781 square feet Adjusted Area: 9.530 square feet Improvements: 1 building Purpose of Appraisal: To determine Fair Market Rent in order to renegotiate a lease agreement. Property R i ght Current loiirll Type of Appra Time to Comp Number of bound copies: City Contact Person: Resolution Reference: Date of the Valuation: Fee: R oder Miami 21 Zo g Code). eport must 4 completed no later than fifteen (15) days after authorization. Four, (signed and certified). Igor Tsigelman, Property Management Representative T:(305) 416-1401 E-mail: itsigelman(ibmiamigpv.com None. Date of the appraisal report. Full payment upon completion of the assignment, subject to revisions by the City of Miami and any other review appraiser should there be any discrepancies in the appraisal reports. THE APPRAISAL REPORT SHOULD INCLUDE THE FOLLOWING: Page 2of5 Submitted into the public record�TLxe'�5 on City Clerk 3/28/2017 City of Miami 1. The appraisal report shall be performed in compliance with the professional services agreement with the City for appraisal services as applicable. 2. The appraisal report must consider all three approaches to value and provide an explanation to the weight given to each approach in arriving at the final reconciliation of value. In the event an approach is not used, please provide justification. Please provide evidence for not using the Cost Approach. 3. In calculating the Market Data, the appraiser should analyze and provide current Iocal market data and submit adjustment tables of comparables. 4. If utilizing a Land Sales Comparable Table to calculate Sales Price per Square Foot, please provide tine item adjustments in a matrix format for a better understanding of the Summary and Land Value Correlation conclusion. 5. Provide source and proof of capitalization rate for the income approach to value in local market versus other market when applicable. 6. Provide Market Data as if taxable property. 7. The appraisal report should be in compliance with the current Uniform Standard of Professional Appraisal Practice (USPAP) according to Section 475, Part 11, of the Florida Statutes. The City of Miami reserves the hgh t ��tt ti the a�+pr �I repoFT i The final report will ays raisal iew�etNote: AllA:,dcu iops mos ow a to �d ars provided. All data in this t mus v fled 9 a nyythis office at 305416-140I.FIN,-t, Page 3 of 5 3/28/2017 EXHIBIT "B" INSURANCE REQUIREMENTS (1) Commercial general Liability (Primary & Non Contributory) A. Limits of Liability Bodily Injury and Property Damage Liability Each Occurrence $1.000,000 General Aggregate Limit $2.000.000 Products/Completed Operations $1.000,000 Personal and Advertising, Injury $1.000.000 B. Endorsements Required City of Miami included as an additional insured Contingent Liability (independent Contractors Coverage) Contractual Liability Premises & Operations Liability Primary Insurance Clause (11) Business Automobile Liability A. Limits of Liability Bodily In'urN a i i I'r Any A 4-Ywne a cl InclUdi Hired. Any 0 Aixide B.n�inrsea�teltits-Fie ttirw (111) Worker's Compensation A. Limits of Liability Statutory -State of Florida Waiver of subrogation (iv) Employer's Liability City of Miami included as an Additional Insured Submitted into the public retort'(., dtcir; �;l _ 13 on _ ^J y`� City Clerk City of Miami FT A. limits of Liabili $100,000 for bodily injury caused by an accident, each accident. $100,000 for bodily injury caused by disease, each employee $500,000 for bodily injury caused by disease, policy limit (V) Professional Liability/Error's & Omissions A. Limits of Liability Combined Single Limit Each Claim $ 1,000,000 General Aggregate Limit $1,000,000 Retro Date Included Page 4 of 5 3/28!2017 BINDERS ARE UNACCEPTABLE. Submitted into the publicp� rr 11 record fo ite (s) __�G, � .- on I%��� City Clerk City of Miami The above policies shall provide the Cityof Miami with written notice of cancellation or material change from the insurer in accordance to policy provisions. Companies authorized to do business in the State of Florida, with the following qualifications, shall issue all insurance policies required above, and must meet the following requirements: The company must be rated no less than "A-" as to management, and no less than -Class V" as to financial Strength, by the latest edition of Best's Insurance Guide, published by A.M. Best Company, Oldwick; New Jersey, or its equivalent. All policies and /or certificates of insurance are subject to review and verification by Risk Management prior to insurance approval. Certificates will indicate no modification or change in insurance shall be made without thirty (30) days written advance notice to the certificate holder. The Bidder shall be responsible for assuring that the insurance certificates required in conjunction with this Section remain in force for the duration of the contractual period; including any and all option terms that may be granted to the Bidder. In the event that expired certificates are not replaced with new or renewed certificates which cover the contractual period, the City shall have the option to: (l) Suspend the contract until such time as the new or re c,ate9%'.F,as( h - tisk to Uk, Request for Appraisals QN or (2 an. rminate this �:+. ., �, for cause and seek re-procur ti+n C ner d Special Terms and Conditierrs the Bid The insurance equifi ions. as listed standard liability insurance manuals. which most nearly reflect the operations of the bidder. Compliance with the foregoing requirements shall not relieve the bidder of his liability and obligation under this section or under any other section of this Agreement. Page 5of5 Client#: 2449 Submitted into the public ecord fgo��ite i(,S) 1 JOSEJBLA ---'� (� City Clerk iYIDYY ACORD.,. CERTIFICATE 4F LIABILITY INSURANCE DATE 02/1312017 MMeOV"YY) THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. ttiAPORTAN i. M the certificate holder is an ADDITIONAL INSURED, the poiley(ies) must be endorsed. H SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder In lieu of such endorsement(s). PRODUCER NFP P & C Services Inc. 45 Executive Drive Plainview, NY 11803 516 327-2700 . ....... _ _ _. _....._... INSURED _... Joseph J. Blake & Associates, Inc 425 Broad Hollow Rd,Ste 429 Melville, NY 11747 PHOME-21.I"..__-.__. ("' Na E,q} 516 32T70Q > (, tePl 516.327-2800 E•NA{L ADDRESS: _. INSURERIS� AFFDRDMIG COVERAGE NAIL ......__ __. I_,. INSURER A Indian Harbor Insurance Company 136940 _ _. .. _ - _ - __ _ ....___._. _ .. � INSURER B wsraesr e : wsut�R o :. ire COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED, NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACTOR OTHER DOCUMENT WITH RESPECT TO WteCH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS, L R AgDI BVBR PO CY EFF TYPE INSURANCE (N POLICY EXP (_ ��S F. _._...__...._____POUCY.NUMBER ,,,_,, ,,,.,,. ............_.�.,._...IMYQ _ . .._....YI . COMMERCIAL GENERAL L"Ie JTY _ _,,. ,„., _. EACH OCCURRENCE i 1 CLAS RADE r OCCUR MED EXP (Any arw person}........ (} _.. S PERSONAL & ADV INJURY S S ........... ....... _._._..._._._..... GEM AGGREGATE LIMIT APPLIES PER' ` GENERAL AGGREGATE .i POIJCY E'er JECT LOCu - 'OAMPIOP AGG ' S .. ....... ..... .�,..,.......� ......D_.._._ _._ .F AUTOMOBILE LNMLITY C €PIED SINGLEi.IhtlT ANY AUTO Y Y (Per personALL D CHEOUL ....... AUTOS NON -OWN AIRED AUTOS AUTOS ; B Y INAIRY Mar amde�t) _..._.i._.... RTY DAMAGE a >; .._.._. ,-_. (3 ........._ ..... ......._._... _ ......._,i .UMBRELLA t _._. ._ } _... ............ _._..... ._.. I" OCCUR .. EACH OCCURRENCE $ I EXCESS LIAB CLAIMS -MADE i E 1 AGGREGATE 8 DED ` PoETENTiONi .... -...._ ` S .._......._. _..._. _..... WORIMRS COMPENSATION j _.__...........,,i...._..... --.V.. PER�OTP+- .. AND BPL.OYERS' IJA9a.rrY Y t N` 1 ATL�iE ANY PRIETOR��D(EkECUTiVE N I A - CEY'Pl 1 R EXCL ? El E.L. EACH ACCIDENT � $ � 0 7In NN) ' E.L. OtSEASE - EA EMPLOYEE f Kyart, OleCaml ruder I ._..,,......_...... 17ESCR1P MN OF OPERATIONS bsiow E.L. DISEASE - POLICY t.AliT Z A Professional MPP2947507 1!0212016 00 11/0212017 $i,000,OQ0 Limit Liability DESCRIPTION OF OPERATIONS I LOCATIONS I VEHiCLM (ACORD 151, AddRlo" RwaarM SehOW4. may ba atadnd it mon spam M requNedl Evidence of insurance CERTIFICATE HOLDER CANCFLLAT10N City Of Miami Public Facilities Dept. SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS, Asset Management AUTHORIZED REPRESENTATIVE 444 SW 2nd Avenue, 3rd Floor Miami, FL 33130 -23- t�-- 4214� 01988-2014 ACORD CORPORATION. All rights reserved. ACORD 25 (2014101) 1 of 1 The ACORD name and logo are registered marks of ACORD #S4308271M398655 JACOH Submittcd into the public R record fq/r iteJ�j? 5) r� ' Client#: 2449 JOSEJBLa, �! - City Clerk DATE (MMMWYYYY) ACORD CERTIFICATE OF LIABILITY INSURANCE 2/13/2017 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT. H the certirlcate holder is an ADDITIONAL INSURED,_theTpalicy4les► must be endorsed. If SUBROGATION IS WAIVED, subject to the terns and conditions of the Policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder In Neu of such endorsement(s). NFP P&C Services, Inc 45 Executive Drive Plainview, NY 11803 516 327-2700 _ .. .................. INSURED Joseph J. Blake & Associates, Inc 425 Broad Hollow Rd,Ste 429 Melville, NY 11747 HONE 516 327-2700 � PAX Ncl. 516-327-2800 E auIL ADDRESS: INSUaERtsl AFFexrowG COVERAtiE Nalc e ISR A. Mitsui Sumitomo Ins. Co. of Ame 20362 INSURER 5 rNr G �NL►uRm D INSURER E #Jm"11RFR r - COVERAGES CERTIFICATE NUMBER: REVISION NUMBER:. THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERF INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACTOR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTWICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES, LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. LTR .ADOLSUBW_-lOLICYF.i:F Po YEXP ,__.... TYPE OF INSURANCE POLICY NUMBER (yNAIDDIYYYY} UM173 A X cENERAt LIABILITY Y Y PKG3126559 10!2017, 021�8f EACH occURR€NCE s f} aENTED CL. s E _ X OCCUR s 1 Q00 Q00 -.... _ ... MED EXP (Affy ve+:w!�}... s 401000 { PERSONAL& ADV IN.RIRY f 1 Q�f} No .... ._.._ GENU AGGREGATE LMT APPLIES PER GR€GAT'E s2,O00,000 � _...... X Pomy l__.7 JPERC()T-- El LOC COM? AGG k f2,000,000 A ; AUroMosRLE LuaRLrrY 'BR l3 110/ 1201 S D SINGLE Larar t1000,04?0 _. _ ANY AUTO Y �� (ft p SMI ± E ALL 04YBED SCtDUL AUTOS J AUTOS B Y IJAIRY (Per aead" f ., _ .A `hX _.RTY DAMAGE s HAD AUTOS X AUTOS iPAr �CA ...._ Q0Q UMBRELLA LFAs LX OCCUR Y : UM657001Q3 2/1Q12017 02NQt201 acHaccuRRt OCCURRENCE $5,000,—EXCESS, I" ,s5,000,000 __ ......._.._,. .„....._ _...t.._....: cLAaAls•rdAD€ AGGREcnTE DED i NTION 1000Q 5 A AM LMPLOVEW L WGP9112775 — Asnrry`: 2110t2016 12/101201 X iPER aTH- $1.0000 1 ' ANY f'ROPRIETORlPARTNE4it£X£CUTIV£ Y 1 N i ( df RARE R EXCx ttDED7 M7'. t1 ! A E.L. EACH ACCIDENT — E.L. DISEASE - EA EMPLOYEE f 1 QQQ:QQQ Iyes, dweYibe untle� DESCRIPTION OF OPERATIONS bio. E.L. DISEASE . POLICY LIW1 $1,00 No E i OEIICRIP M OF OPERAT101118 r LOCATIOW r VE10CLES (ACORD 101. AgOW" Rbawb Sd*dL* igiy be afletW I mon specs is npu9ndi City of Miami is listed as Additional Insured with respect to General Liability and Automobile Liability arising out of the operations of the Named Insured. All coverages 118sted above shall be on a primary and non-contributory basis. CFRTWICATF wnt ni:p rwxtt c, , ATtnM City of Miami SHOULD ANY OF THE ABOVE DESCRIBED POLICES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN Public Facilities Dept; Asset Management ACCORDANCE WITH THE POLICY PROVISIONS. 444 SW 2nd Avenue, 3rd Floor AUTHORIZED REPRESENTATIVE Miami, FL 33130 X11988-2014 ACORD CORPORATION. All rights reserved. ACORD 25 42014101) 1 Of 1 The ACORD name and logo are registered manes of ACORD #S430824/M429674 CABRA ftOwp q i" este prop wW ym fhad0 not aswArm Mm pop" *x" YM nntem In wne M*ar eret two to a n owrwsh p dew IMPORT ANY aasessased .olw ix i4e PVP*M m+7'axes a kA manes rave etw h e*t"d nouk n Ngow Pttp" sixes P%on use our Tar €simtbr to MESSAGE apprua 4ftV "--WIVNews. The Prop" Appy deaf pmt S*W tax bft and down not sM rr 01aaG thea Plass wR" Tax Cofte Wa rebate dWsay tw add*W4 Al"*ss Owner Name Subdmsm Nem* Flo SEARCH: Oi-U3i-OWW3 PROPERTY INFORMATION 0 Fa*: 01 323141060013 pnw* t!Adense loaf 664CARTI" CSWY YAWN. FL 13132.1012 0w CITY OF ►O 4VT 60AR0 AWT Mar4AOEMew o1V1370N umm"aAd4ft" 444 SW 2 AVE VE `- MAbO. PL 321304910 PA Ptiery iae4 6002PARtl9 .••- ,• PAA v Land Owe MA NE Bede( awmw l Ho Or01a P%o t Lweoq U"" 0 ".W Ana Lwft Atew A414sd Ar ll"D$04 Lal SW 207.74184pt Yw a%^ 1930 Now" On** Toot cm""aW►lYte diuway Tae cap~ Tar as"W oa ASSESSMENT INFORMATION O 0 MM.Ad Vwtaem PA Attftmt{ OW4 Tota Pmoeatr Rated Coda P"Vwtr awards t%o Muntwa"f P owif Aft" MPet1 Gwawpausea R4pon NwrmWW F" W TWM Nuke Yaolw A¢aener" Bean BENEFITS INFORMATION 9 Yw 2614 2071 1014 80 -ft Type 2ot0 20ti 1014 lMW VMw $1246A00 s"'ll49 SW,346 N"446—StWd A4a4a41 W4 $1311.64.7 (1.070,430 3014217 awming V" 12$3,214 sm.a l $142Af1 c" Rad.Am E"m Now Vrwe to f0 f'o Nue Nal tl t wwft en wPpwor"de b of TwAb% VMw4 0• Catw f. Sda W 9nad, ab. lm~Y4ow $1.500.000 $1,373,420 ft<110,000 A4wened www MIST 3243.961 m1,Tf3 FULL LEGAL DESCRIPTION @ http://www.miamidade.gov/propertysearch/ 3/30/2017 Property Search Application - Miami -Dade County TAXABLE VALUE INFORMATION O ws 7073 2014 Submitted into the public page 2 of 3 record for it (s) on j'�_. City Clerk »72�Y42ae7Ac PORTION OF CAU6EWAY FILL 9WV#4 AS WATSWN PARK l CAUSEVtAY DOCK COUNTY LY3 ELY MACART161R CAUSEWAY 9Ptlsn VW LESS ROS Taa.OM Vas. 5206 757 SAI 961 =1 787 PER LEASE A44fEMENT SEtriEEN CITY SCHOOL WARD OF ?ALQA 5 THE MVM OUTBOARD EX—*N- V4hw 50 S0 59 CLUB TAXSW VW.. Sf W 0 $1.723420 59140.000 FMn.t07.723t MOM Ott Earnpi w Vsiw 50 SO 50 T. bw V.6w 52M.75' 3243:961 5221 761 tCtiOK"L E"W41b rt V.)o. 50 so 90 T*A" V.Yn uee.7s- U43.991 S221751 SALES INFORMATION 0 PN AN. Sb Pm. OR &k *4- p O.wifics o O*W*4" Pa nlwa W*W..V n sbW Uta Oft-W.Nt cR Rw s UW 0asw"000an Codas 2016 2015 2054 LAND INFORMATION Q The 60VAO Wh" bR the prVats Moa WW mwndtxt PW2W M* * Ow Latl. &A*q WW %F V*m n Ow AWnnWnk SacW n order to Ob- Ow moss WAA*9% "iOw tied UW OWi LOas PA Zoos tArR TV" UrWa Calc VaW. GV45RAL CS SO02 PARKS A RECREATION swA" Pt. 207,70t.00 BUILDING INFORM11ITIRN O ".h is 86R a+4 ir:.*44q RN Oak Vakw 1 .. 1966 a:d' t 1970 1 ] 2WI 5,866 2 1 1979 792 S R 1970 I" EXTRA FEATURES 4 "M cmb* dMrs bR PA. Pop" haw boo wsnNOrt. PWA taw to w Laved, BWWft w4 0 Vainr b w A400"WsA Secow is ordw b cow tt 6» asaR aoe0raw YabA. Oft—A Nsa Ywaum UNw Cok Vabs CMR AC• f:vrmt op" 700 so*T v 20ol 4 C hdR4, t FM 67 R Nph 2001 2w ftv" • 09—we 200t 1,164 Dcd-- Com"tiers at Caves P*W 1992 I" 00dt-Cstatt AsrtOa MPCac w W6 No= Cowl* t975 5,777 PA's• CsawOb SMR RWAAl *v"0, FBRw tm 446 Prig- C4worsw 9Nsb two 1,966 WAN - CBS oftvw Mw 1970 446 Coni MC_ Ch.—(APA 500 MwTeal 1970 30 UPM SWWwd - to -W R No, - L PMa. 1070 T fhsr00-Porte ISM 264 PNIY V -Aape[ t956 41.500 ADDITIONAL INFORMATION • T8Rt4H6rRr6sn 9M.d Aa4. K nor daAlae Som w PmipwW Appows 011e rw om R is panckd tw oawoft u rdsdwww iaa 09th 9txwnmwt aparsasa http://www.miwnidade.gov/propertysearch/ 3/30/2017 Property Search Application - Miami -Dade County LANG UU AND RESTRICTIONS CawawwmY oardop"o DN@HI: NOP$ Ewopen M_M zoo NM)4 CENTRAL ueba 0*V j&pnsM: INSME URBAN DEVELOPMENT 8WHOARY [earemnwM Aqa M uW Cmrmw ty 8e m OTHER GOVERNMENTAL JURMMrOM Submitted i»to the public 7 Page 3 of 3 record f City Clerk on Coawnuasy ReMYAopnwM Ana: NONE E.wfpnaa Zo w CENTRAL Zow"CSN; CS, E:el" LwA Uw 327 • MA7S044 COMPLE%E3 (DQCX$. REAS, MOORINGS. RAMPS BOAT LIFTS AM HOSTS. BOAT MAINTENANCE AND REPAIR BOAT STORAGE. FLWI.M OPERATIONS) POR RECREATIONAL CRAFT LOCATED OTHIN PARIES AND PRESERVES AND OTHER SMALL CWT HARBOR CORK 9XES USED PRMMAfty FOR REC 81O."t. breanbnat Ckwn mw Cwy Of Mwn ErNWO WIto Conod"N" FWAS Dapwwww Of Rnt.." OW40 wWA ftweaw. Defied PA 8.60. Bond Nem.Ad V�oteenAesawnonn: S6.301 Bawd Soar F1on VWW Mp 0SW Tat Ca4oM Tda Offim d Ru PrWO AWPNdoar s m*wal T odwV end VdM)p On to ra Us *daft meq he r~ On mod aana t wdwn"*w as M wd Tho Pmp.* APpa*w and Maw. Web Coen* snw[eo 0 to**, oaa"ftd"w arra Low Awgwr&v ■ mwfls mmmeda SmrAMaMioNrnwAaiP Par -pom aad xi 4p bom ewW M a1 bOP Al rn4medKW aapa Von*&n 201 EXEMONS b REAL ESTATE TAAGOU PERSONAL PUBLIC RECORDS ONLINE TOOLS TAI( ROLL BEN99S PROPERTY UMINVRATION OwbMd V&WY 40 ' ' 9 r - r. i P-PsIv Saardl p APMO&V YON •.; Aaaoalpa�M DWW4 EwffWb as 41 r Salm iPnasb� * Rapaes Hammad A _ TK Estiml*Dr I kwbaaiarsi E C`%w^q+ _ TacComParodn - bTM Swim CA GM FOOD Nwnban Eaw o" R H"Mlaad Dedw"Pn ai @>neO+p4an aIM vwt"" Pra w F*r4 Rabans Ccndaew "" poro6Aly Mad > LIM Man. Mwe MM Mon > tIM era AD& SSE 0 2074 M**0066 County, Al M" nawvad http,//www.miamidade.gov/propertysearch/ 3/3012017 Miami Outboard Club 17-180-02 Submitted into the public record f r it (s) on 9 City Clerk GLOSSARY OF VALUATION TERMS Term Definition Source Air Rights The right to undisturbed use and control of designated Appraisal Institute, The air space above a specific land area within stated Dictionary of Real elevations. Air rights may be acquired to construct a Estate Appraisal, 6th building above the land or building of another or to Ed. (Chicago: Appraisal protect the light and air of an existing or proposed Institute, 2015) structure on an adjoining lot. Air rights do not always include development rights. See also transferable development right (TDR). As Is Market Value The estimate of the market value of real property in its Appraisal Institute, The current physical condition, use, and zoning as of the Dictionary of Real appraisal date. (Interagency Appraisal and Evaluation Estate Appraisal, 6th Guidelines) Note that the use of the "as is" phrase is Ed. (Chicago: Appraisal specific to appraisal regulations pursuant to FIRREA Institute, 2015) applying to appraisals prepared for regulated lenders in the United States. The concept of an "as is" value is not included in the Standards of Valuation Practice of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice, or International Valuation Standards. i Band of A technique in which the capitalization rates attributable Appraisal Institute, The ` InvestmentD;R einvest, t are nary of Real oighte�d-a age r attributable state Appraisal, 6th I(i.e. ., ebt d e d and d. (Chicago: Appraisal n nstitute, 2015) Condominium nit withiVsLffh a structure, Appraisal Institute, The with a condominium form of ownership. Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Debt Coverage The ratio of net operating income to annual debt service Appraisal Institute, The Ratio (DCR) (DCR = NOI/IM), which measures the relative ability of a Dictionary of Real property to meet its debt service out of net operating Estate Appraisal, 6th income; also called debt service coverage ratio (DSCR). A Ed. (Chicago: Appraisal larger DCR typically indicates a greater ability for a Institute, 2015) property to withstand a reduction of income, providing an improved safety margin for a lender. Deferred 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, 14`" Ed. improvement can be considered an indication of the (Chicago, Illinois: improvement's contribution to the property's market Appraisal Institute; value. 2013) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINI Miami Outboard Club v-180-02 Submitted into the public�� � record foriter i(s) `_ � WL—�L-- City Clerk GLOSSARY OF VALUATION TERMS Term Definition Source Effective Gross The anticipated income from all operations of the real Appraisal Institute, The Income (EGI) estate after an allowance is made for vacancy and Dictionary of Real collection losses and an addition is made for any other Estate Appraisal, 6th income. Ed. (Chicago: Appraisal Institute, 2015) I Effective Gross The ratio between the sale price (or value) of a property Appraisal Institute, The Income Multiplier and its effective gross income. Dictionary of Real (EGIM) Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Entrepreneurial 1. A market -derived figure that represents the Appraisal Institute, The Profit amount an entrepreneur receives for his or her Dictionary of Real contribution to a project and risk; the difference Estate Appraisal, 6th between the total cost of a property (cost of Ed. (Chicago: Appraisal development) and its market value (property Institute, 2015) value after completion), which represents the entrepreneur's compensation for the risk and expertise associated with development. An entrepreneur is motivated by the prospect of I,; L.,, value erha.nct ment +'i e , the ens eps r t, Tial in.:ert.iv ' A—, cntrt-prl nc.r who I ;uc.=-�ssfully cl-ca cis 'VIII hrough new ! ! do-clo.pment, . xpari=�er . tion, or an i�rvai�+e chane of us+s ewarded by entrepreneurial profit. Entrepreneurs may also fail and suffer losses. 2. In economics, the actual return on successful management practices, often identified with coordination, the fourth factor of production following land, labor, and capital; also called entrepreneurial return or entrepreneurial reward. See also entrepreneurial incentive. Equity 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, cash Estate Appraisal, 6th throw -off rate, or equity dividend rate. (RE = IFNE, or Pre- Ed. (Chicago: Appraisal Tax Cash Flow/Equity Invested) Institute, 2015) Equity Ratio The ratio between the down payment paid on a property Appraisal Institute, The and its total price; the fraction of the investment that is Dictionary of Real unencumbered by debt. Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINI Miami Outboard Club 17-18"2 Submitted lilt0 the p11bI1C record f0f i�t�er1(s) Clerk GLOSSARY OF VALUATION TERMS Term Definition Source Excess Land Land that is not needed to serve or support the existing Appraisal Institute, The use. The highest and best use of the excess land may or Dictionary of Real may not be the same as the highest and best use of the Estate Appraisal, 6th improved parcel. Excess land has the potential to be sold Ed. (Chicago: Appraisal separately and is valued separately. Institute, 2015) Exposure Time Estimated length of time that the property interest being Uniform Standards of appraised would have been offered on the market prior Professional Appraisal to the hypothetical consummation of a sale at market Practice, 2016-2017 Ed. value on the effective date of the appraisal. External A type of depreciation; a diminution in value caused by Appraisal Institute, The Obsolescence negative external influences and generally incurable on Dictionary of Real the part of the owner, landlord, or tenant. The external Estate Appraisal, 6th influence may be either temporary or permanent. Ed. (Chicago: Appraisal Institute, 2015) Extraordinary An assumption, directly related to a specific assignment, Uniform Standards of Assumption as of the effective date of the assignment results, which, Professional Appraisal if found to be false, could alter the appraiser's opinions Practice, 2016-2017 Ed. or conclusions. Comment: Extraordinary assumptions I pte a as tact otherwise uncertoii°1 'nformation zi)out gal, .- cL,:,7nomic char ictL',,k is e: the subject lhysica roperty; cr about conoitinrs r!xterr<1 to the uch as markr't or trend.,. o+ about the In; %�grity ..' 1 at,: used in a -i ar,al,Ysis Fee Simple Estate Absolute ownership unencumbered by any other interest Appraisal Institute, The or estate, subject only to the limitations imposed by the Dictionary of Real governmental powers of taxation, eminent domain, Estate Appraisal, 6th police power, and escheat. Ed. (Chicago: Appraisal Institute, 2015) Gross Building Area 1. Total floor area of a building, excluding Appraisal Institute, The (GBA) unenclosed areas, measured from the exterior of Dictionary of Real the walls of the above -grade area. This includes Estate Appraisal, 6th mezzanines and basements if and when typically Ed. (Chicago: Appraisal included in the market area of the type of Institute, 2015) property involved. 2. Gross leasable area plus all common areas. 3. For residential space, the total area of all floor levels measured from the exterior of the walls and including the superstructure and substructure basement; typically does not include garage space. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CCN31LTINO Miami Outboard Club 17-180-02 Submitted into the public record f r iter (s) !1 E' v Clerk GLOSSARY OF VALUATION TERMS Term Definition Source 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, 6th partitioning to the outside wall surfaces. Ed. (Chicago: Appraisal Institute, 2015) Highest and Best 1. The reasonably probable use of property that Appraisal Institute, The Use results in the highest value. The four criteria that Dictionary of Real the highest and best use must meet are legal Estate Appraisal, 6th permissibility, physical possibility, financial Ed. (Chicago: Appraisal feasibility, and maximum productivity. Institute, 2015) 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS) 3. [The] highest and most profitable use for which the adaptab nd ne e uture. - ded i the nabl near future.- if if sal n s f I Land qu ion Hypothetical co ition th esume true when it ppraisal Institute, The Condition is known to be false. (SVP) Dictionary of Real 2. A condition, directly related to a specific Estate Appraisal, 6th i assignment, which is contrary to what is known Ed. (Chicago: Appraisal by the appraiser to exist on the effective date of Institute, 2015) the assignment results, but is used for the purpose of analysis. Comment: Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. (USPAP, 2016-2017 ed.) Insurable Value A type of value for insurance purposes. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CON;OLTINI Miami Outboard Club 17-180-02 Submitted into the public record fqr it (s) �_ .�o '9 . ty Clerk GLOSSARY OF VALUATION TERMS Term Definition Source Internal Rate of The annualized yield rate or rate of return on capital that Appraisal Institute, The Return (IRR) is generated within an investment or portfolio over a Dictionary of Real period of ownership. Alternatively, the indicated return Estate Appraisal, 6th on capital associated with a projected or pro forma Ed. (Chicago: Appraisal income stream. Institute, 2015) I Leased Fee Interest The ownership interest held by the lessor, which includes Appraisal Institute, The the right to receive the contract rent specified in the Dictionary of Real lease plus the reversionary right when the lease expires. Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) j Leasehold Interest The right held by the lessee to use and occupy real estate Appraisal Institute, The for a stated term and under the conditions specified in Dictionary of Real the lease. Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Loan -to -Value The ratio between a mortgage loan and the value of the Appraisal Institute, The Ratio (M) ple ecurity, ually ercen e; o Calle an ra LTV. nary of Real state Appraisal, 6th d. (Chicago: Appraisal , nstitute, 2015) Marketing Time"�on o he am time it' take to sella ppraisal Institute, The real or personal property interest at the concluded Dictionary of Real market value level during the period immediately after Estate Appraisal, 6th the effective date of an appraisal. Ed. (Chicago: Appraisal Institute, 2015) Market Rent The most probable rent that a property should bring in a Appraisal Institute, The competitive and open market reflecting the conditions Dictionary of Real and restrictions of a specified lease agreement, including Estate Appraisal, 6th the rental adjustment and revaluation, permitted uses, Ed. (Chicago: Appraisal use restrictions, expense obligations, term, concessions, Institute, 2015) renewal and purchase options, and tenant improvements (Tis). JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CON=OLTIN6 Miami Outboard Club 17-180-02 Submitted into the public record fo'f iter (s) ity Clerk GLOSSARY OF VALUATION TERMS Term Definition Source Market Value "A type of value that is the major focus of most real property Appraisal institute, The appraisal assignments. Both economic and legal definitions of Dictionary of Real market value have been developed and refined, such as the Estate Appraisal, 6th following. 1. The most widely accepted components of market value are incorporated in the following definition: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under duress. 2. Market value is described, not defined, in the Uniform Standards of Professional Appraisal Practice (USPAP) as follows: A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. Comment: Forming an opinion of market value is the purpose of many real property appraisal assignments, particularly when the ue�k4� c•,' i, •i1 t.54 i, lie r , more ;skin one a.��-. Tne Cwrid tic,ns I.. :JCI+.•tl ^r I ark ,'j I ,e Iii 'it ':ir a tai] ,{.h r-,i.,:e?-. persC*ectives ;;r dr'' _<:i ;en�e of e t'� nicn 7',r:se r r .J t :r . may vary frer idoinitirn to .-, fM;n, im r t Se -e illy `all three L40r! tia ipr know�and motivat'u .v'the parties (i.e., seller and buyer); 2. the terms of sale (e.g., cash, cash equivalent, or other terms); and 3. the conditions of sale (e.g., exposure in an competitive market for a reasonable time prior to sale). Appraisers are cautioned to identify the exact definition of market value, and its authority, applicable in each appraisal completed for the purpose of market value. (USPAP, 2016-2017 ed.) USPAP also requires that certain items be included in every appraisal report. Among these items, the following are directly related to the definition of market value: • Identification of the specific property rights to be appraised. • Statement of the effective date of the value opinion. • Specification as to whether cash, terms equivalent to cash, or other precisely described financing terms are assumed as the basis of the appraisal. • If the appraisal is conditioned upon financing or other terms, specification as to whether the financing or terms are at, below, or above market interest rates and/or contain unusual conditions or incentives. The terms of above- or below-market interest rates JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSDLTINI Ed. (Chicago: Appraisal Institute, 2015) Miami Outboard Club 17-1811-02 Submitted into the public record fo iter (s City Clerk GLOSSARY OF VALUATION TERMS Term Definition Source and/or other special incentives must be clearly set forth; their contribution to, or negative influence on, value must be described and estimated; and the market data supporting the opinion of value must be described and explained. 3. The following definition of market value is used by agencies that regulate federally insured financial institutions in the United States: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their own best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and +Thg ick r� nc rrnal i,1i r:itoc n for the -p 6ljoerty 8111€1 un3 ►,a special fftre�ari icrnj or so r, concessions p,rantec by an°y:irae assrach th, -:.ate+, (12 CF.IL Pa.0d 4.42 (gn.,-; 55 Feder 'Re , er 34590 u7; rst 24, emended at 57 ed2r 1st 2202, Aprd 1�'�� 59 ra it, 29499, WT"T, 4) 4. The International Valuation Standards Council defines market value for the purpose of international standards as follows: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. (IVS) 5. The Uniform Standards for Federal Land Acquisitions defines market value as follows: Market value is the amount in cash, or on terms reasonably equivalent to cash, for which in all probability the property would have sold on the effective date of the appraisal, after a reasonable exposure time on the open competitive market, from a willing and reasonably knowledgeable seller to a willing and reasonably knowledgeable buyer, with neither acting under any compulsion to buy or sell, giving due consideration to all available economic uses of the property at the time of the appraisal. (Uniform Appraisal Standards for Federal Land Acquisitions)" JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSOLTINI Miami Outboard Club ii -iso -o2 Submitted into the public K record for ite .(S) on 17 / 9 _. City Clerk GLOSSARY OF VALUATION TERMS Term Definition Source 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, 6th to the periodic (monthly, quarterly, annual) mortgage Ed. (Chicago: Appraisal constant times the number of payments per year on a Institute, 2015) given loan on the day the loan is initiated. RM = Annual Debt Service/Mortgage Principal Mortgage Debt 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. Generally, the abbreviation iM Estate Appraisal, 6th , refers to the total debt service, whereas mortgage debt Ed. (Chicago: Appraisal service can be used to refer to either the periodic Institute, 2015) payment or the total of the payments made in a year. Net Income 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, 6th Ed. (Chicago: Appraisal Institute, 2015) Net Operating o d net i me th isal Institute, The Income (NOI or lo)[13entii g penses a de fro ffective gross ictionary of Real t ortga d se book state Appraisal, 6th n e de ted. d ition mirrors d. (Chicago: Appraisal used orate fi and business nstitute, 2015) valuation for EBITDA (earnings before interest, taxes, depreciation, and amortization). Net Rentable Area For office or retail buildings, the tenant's pro rata portion Appraisal Institute, The (NRA, Rentable of the entire office floor, excluding elements of the Dictionary of Real Area) building that penetrate through the floor to the areas Estate Appraisal, 6th below. The rentable area of a floor is computed by Ed. (Chicago: Appraisal measuring to the inside finished surface of the dominant Institute, 2015) portion of the permanent building walls, excluding any major vertical penetrations of the floor. Alternatively, the amount of space on which the rent is based; calculated according to local practice. Overall The relationship between a single year's net operating Appraisal Institute, The Capitalization Rate income expectancy and the total property price or value Dictionary of Real (Ro) (Ro = to /Vo)• Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CGNSGLTINO Miami Outboard Club 17-180-02 Submitted into the public 1 record fo ite (s) � C . en °1 City Clerk GLOSSARY OF VALUATION TERMS Term Definition Source Prospective A prospective market value may be appropriate for the Appraisal Institute, The Market Value "As valuation of a property interest related to a credit Dictionary of Real Completed" and decision for a proposed development or renovation Estate Appraisal, 6th "As Stabilized" project. According to USPAP, an appraisal with a Ed. (Chicago: Appraisal prospective market value reflects an effective date that institute, 2015) is subsequent to the date of the appraisal report. Prospective value opinions are intended to reflect the current expectations and perceptions of market participants, based on available data. Two prospective value opinions may be required to reflect the time frame during which development, construction, and occupancy will occur. The prospective market value—as completed—reflects the property's market value as of the time that development is expected to be completed. The prospective market value—as stabilized—reflects the property's market value as of the time the property is projected to achieve stabilized occupancy. For an income-producing property, stabilized occupancy is the occupancy level that a property is expected to achieve after the property is exposed to the market for lease s . dAdFr c ditions (See at ay17.) De y prais ndu Prospective in effect% °as of a sp fi future date. Appraisal Institute, The Opinion of 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, 6th specific future date. An opinion of value as of a Ed. (Chicago: Appraisal prospective date is frequently sought in connection with Institute, 2015) 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 a Appraisal Institute, The specific date, a substitute for a building or other Dictionary of Real improvements, using modern materials and current Estate Appraisal, 6th standards, design, and layout. Ed. (Chicago: Appraisal Institute, 2015) Replacement Cost The estimated cost, at current prices as of the effective Appraisal institute, The for Insurance date of valuation, of a substitute for the building being Dictionary of Real Purposes valued, using modern materials and current standards, Estate Appraisal, 6th design, and layout for insurance coverage purposes Ed. (Chicago: Appraisal guaranteeing that damaged property is replaced with Institute, 2015) new property (i.e., depreciation is not deducted). JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONAULTINII Miami Outboard Club v-zaa-o2 Submitted into the public record for/ ite(m,f�s) -- c �,:itv Clerk GLOSSARY OF VALUATION TERMS Term Definition Source Reproduction Cost The estimated cost to construct, at current prices as of Appraisal Institute, The the effective date of the appraisal, an exact duplicate or Dictionary of Real replica of the building being appraised, using the same Estate Appraisal, 6th materials, construction standards, design, layout, and Ed. (Chicago: Appraisal quality of workmanship and embodying all the Institute, 2015) deficiencies, superadequacies, and obsolescence of the subject building. Retrospective A value opinion effective as of a specified historical date. Appraisal Institute, The Value Opinion The term retrospective does not define a type of value. Dictionary of Real Instead, it identifies a value opinion as being effective at Estate Appraisal, 6th some specific prior date. Value as of a historical date is Ed. (Chicago: Appraisal frequently sought in connection with property tax Institute, 2015) appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of the type of value with this term is appropriate, e.g., "retrospective market value opinion." Sandwich Lease A lease in which an intermediate, or sandwich, Appraisal Institute, The leaseholder is the lessee of one party and the lessor of Dictionary of Real another. The owner of the sandwich lease is neither the Estate Appraisal, 6th a n f the Arty; hFondominium, hicago: Appraisal e a chaff f le s;, cludimate nstitute, 2015) Dheof Sum of the Retail he se t nd di` cvalue ppraisal Institute, The Values or ach o units i a Dictionary of Real subdivision development, or portfolio of properties, as of Estate Appraisal, 6th the date of valuation. The aggregate of retail values does Ed. (Chicago: Appraisal not represent the value of all the units as though sold Institute, 2015) together in a single transaction; it is simply the total of the individual market value conclusions. Also called the aggregate of the retail values or aggregate retail selling price. Surplus Land Land that is not currently needed to support the existing Appraisal Institute, The use but cannot be separated from the property and sold Dictionary of Real off for another use. Surplus land does not have an Estate Appraisal, 6th independent highest and best use and may or may not Ed. (Chicago: Appraisal contribute value to the improved parcel. Institute, 2015) Terminal The capitalization rate applied to the expected net Appraisal Institute, The Capitalization Rate income for the year immediately following the end of the Dictionary of Real (RN) projection period to derive the resale price or value of a Estate Appraisal, 6th property. Also called a going -out, exit, residual, or Ed. (Chicago: Appraisal reversionary capitalization rate. Institute, 2015) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CGNSULTIN9 Miami Outboard Club 17-180-02 Submitted into the public recordfol� �il terg(s on _V� _._19 . City Clerk QUALIFICATIONS OF THE APPRAISER MARIA ARROYAVE Ms. Arroyave holds the position of Associate with the Miami office of Joseph J. Blake and Associates, Inc., at 4000 Ponce de Leon Boulevard, Suite 410, Miami, Florida. FORMAL EDUCATION Florida State University—Tallahassee, Florida Bachelor of Arts in English University of Miami — Coral Gables, Florida Master of Arts in Print Journalism REAL ESTATE AND APPRAISAL EDUCATION Course Name . Provider Real Estate Appraisal I/A.B.I Miami -Dade College Real Estate Appraisal II/A.B.II Miami -Dade College General Appraiser Site Valuation & Cost Approach Appraisal Institute General Appraiser Income Approach Part I Appraisal Institute General Appraiser Report Writing and Case Studies Appraisal Institute General Appraiser Market Analysis and Highest & Best Use Appraisal Institute PROFESSIONAL AFFILIATIONS Affiliationyy Number - Florida Stat egister '_ Rt�aI Estate Ass ,tar Tral�lee +=pr, No. RI 21035 APPRAISAL EXPERIENCE Responsibilities include preparation of full narrative appraisal and market study reports for a wide variety of property types and purposes, including but not limited to business parks, office buildings, industrial buildings, shopping centers, multi -family projects, hotels and land. CERTIFICATION RICK SCOTT, GOVERNOR KEN LAWSON. SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD R123474 The REGISTERED TRAINEE APPRAISER Named below HAS REGISTERED Under to provisions of Chapter 475 FS. Expiration date: NOV 30, 2018 AR ROYAVE, MARIA TF RF S.A 4000 PONCE DE LEON 131:,10 SUITE 410 MIAMI FL 3314 ISSUED: 11/20016 $PL PF')11t-QF"' Ry I '?) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANO CONSULTINI SEQ * 11611290002144 Submitted into the public record for ite (s) (,.J City Clerk Miami Outboard Club 17-19"2 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 li% ?rid Stales and the Caribt�_a:., APPRAISAL EXPERIENCE Mr. Allen has prepared and dajfftedipumorois co. ulting assign €s which include mixed- use properties, multifamily !r� ants, pl•po andNlls. i� condominiumand conversions, office h buildings, motels, ot. lls, t�dustr-a propert ,�egiorial shopping cenfcmobile home parks, market studies, feasibility studies, and investment analyses on a variety of institutional and non - institutional grade real property in over 15 states and 10 Caribbean nations. He has appraised and has supervised appraisals, as well as prepared consulting studies of properties for a variety of public pension funds, large institutional investors, pension fund advisors, insurance companies and banks. Mr. Allen has qualified as an expert witness for Federal Bankruptcy Court in the State of Florida and the State of Georgia and has given oral and written testimony in each. He has also been qualified in Florida State and County Courts, LEADERSHIP AND ADDITIONAL EXPERIENCE Mr. Allen is currently one of three executive committee members managing the operations of Joseph J Blake and Associates. This position oversees all aspects of the firms operations throughout the US. His duties including accounting oversight, IT oversight, marketing, short and long range planning, personnel staffing and budgeting. Positions held at the Appraisal Institute include; former service on Chapter Admissions Committee Member, former service on National Admissions Committee, and former service on National Ethics Committee. Additional real estate activities include NCREIF and Mortgage Bankers Association functions and service as Special Magistrate Miami Dade County Value Adjustment Board for the 2014 tax year. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSMLTINA Miami Outboard Club iT-18"2 CERTIFICATION Submitted into the public j record fo itenS) G onCity Clerk QUALIFICATIONS OF THE APPRAISER RICK SCOTt. 00VEKNb0t' KEN LAWSON, SECRETARY STATE OF FLORA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION s FLORIDA REAL ESTATE APPRAISAL 80 RZ428 i t The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED, Under the provisions of Chapter 475 FS. Expiration date NOV 30, 1018 ALLEN, TED EUGENE 4000 PONCE DE LEON 410,E CORAL GABLES L001 IssuEn: ton2n01e DISPLAY AS REQUIRED BY LAW JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTINI SEO of 1.1810120=?9