HomeMy WebLinkAboutSubmittal-DREAM-Miami Outboard Club Special Purpose Property Appraisal ReportMiami Outboard Club
1099 MacArthur Cswy
Miami, Miami Dade County,
Florida 33132
Prepared for:
Igor Tsigelman,
Property Management Representative
Department of Real Estate & Asset
Management, City of Miami
444 SW 2 Avenue, 3rd Floor
Miami, Florida 33130
Submitted into the public
record ft;r ite (s) V 3
on jq . City Clerk
Special Purpose Property
Appraisal Report —17-0180
Market Rent
Armada Appraisal &
• Consulting Company
Submitted into the pub Uc
recoi'd fo tell711
($) �.
on
City Clerk
Armada Appraisal & Consulting Company
PO Box 1247
South Miami, FL 33243
Telephone: 305-266-3930
Fax: 305-266-3935
July 24, 2017
Igor Tsigelman,
Property Management Representative
Department of Real Estate & Asset Management
City of Miami
444 SW 2 Avenue, 3rd Floor
Miami, FLorida 33130
RE: Appraisal Report of the Miami Outboard Club located at 1099 MacArthur Cswy, Miami,
Miami Dade County, Florida 33132
Dear Mr. Tsigelma:
As requested, the above referenced property has been examined for factors deemed pertinent in
arriving at market rent pursuant to its current and existing "As Is" use; the purpose of this appraisal.
In order to carry out this assignment, a market study of real estate activity in the vicinity of the
subject property has been conducted. This investigation included the collection and analysis of
available economic data pertaining to similar and comparable developments and/or operations as
of the recent past. The sources of this data included county deed records, our own data bank,
other real estate brokers, appraisers, and knowledgeable individuals active in the area.
Based upon our investigation, the following market rent emanates from those uses currently
permitted and in existence within the premises which constitute the subject property, based on
comparable developments and/or operations derived from the open market. These uses include
operations such as a dry storage, special events, boat rentals and sales of Olympic and sailing
merchandise. All concluded to be the subject property's "As Is" existing uses.
ARKET RENT CONCLUSIONS
cillhe Date
May 5, 2017
Market Rent
$13,000
Market Rent
FAverage
$156,000
ross Sales -2016
$1,454,280
ctive Rate
10.73%
oss Profits - 2016
$1,180,579
Effective Rate
13.21%
submitted into the pu li C
record fo•, it"11(s)
on _V _ City Clerk
The opinions of value stated above, as well as every other element of this appraisal, are qualified
in their entirety by the Contingent and Limiting Conditions set forth in another part of this report
which is an integral part of the appraisal. As part of the Contingent and Limiting Conditions, the
value conclusion is subject to completion of an Americans with Disabilities Act (ADA) compliance
survey of the property. It is possible that a compliance survey with a detailed analysis of the
provisions associated with ADA could reveal that the property is not in compliance with one or
more stipulations. If so, this fact could have an effect upon the value of the property. Since I have
no direct evidence relating to the issue, I did not consider possible noncompliance with the
requirements of ADA in estimating the value of the property.
Exposure Time — Is not considered applicable for this valuation assignment.
The appraiser(s) certify and agree that:
1. The appraiser(s) have no present or contemplated interest in the property appraised and
that neither the employment to make this appraisal nor the compensation for it is contingent
upon the appraised value of the property.
2. The appraiser(s) 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.
3. He has performed no services, as an appraiser or in any other capacity, regarding the
property that is the subject of this report within the three-year period immediately preceding
acceptance of this assignment.
4. Albert J. Armada, MAI, SRA has personally inspected the subject property.
5. According to the best of my knowledge and belief, all statements and information in this
report are true and correct; and the appraiser(s) have not knowingly withheld any
information.
6. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
7. The analyses, opinions, and conclusions were developed, and this report has been
prepared in conformity with the Uniform Standards of Professional Appraisal Practice
(USPAP).
8. 1 certify that to the best of my knowledge and belief, 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 the Standards of Professional
Appraisal Practice of the Appraisal Institute. I certify that the use of this report is subject to
the requirements of the Appraisal Institute relating to review by its duly authorized
representatives.
Submitted into the public
record fol- ite S l 1�-,
on /LTJ City Clerk
9. As of the date of this report, Albert J. Armada has completed the requirements of the
continuing education program of the Appraisal Institute.
10. No one provided significant professional assistance to the person signing this report Albert
J. Armada, MAI, SRA has prepared all conclusions and opinions concerning the real estate
that are set forth in the appraisal.
11. My compensation for completing this assignment was not contingent upon the development
of reporting of a predetermined value or direction of value that favors the cause of the
client, the amount of the value opinion, the attainment of a stipulated result, or occurrence
of a subsequent event directly related to the intended use of this appraisal.
12. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
13. Based on my experience, it is my opinion that I meet the qualifications to provide the
following opinion of the subject property's value.
14. 1 have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
No changes of any item of the appraisal report shall be made by anyone other than the
appraiser(s), and the appraiser(s) shall have no responsibility for any such unauthorized changes.
This letter of transmittal and the pages that follow constitute my report, including the data and
analyses utilized in forming an opinion of value. Should you have any questions concerning this
report, please do not hesitate to call my office.
Respectfully submitted,
z
Albert J. Armada, MAI, SRA, CCIM
State Certified General
Real Estate Appraiser No. RZ 397
Submitted into the public _
record fo/,%te.� :(: s)
CONTINGENT AND LIMITING CONDITIONS on -- iq/-1�—. City Clerk
The certification of the appraisers appearing in this appraisal report is subject to the following
conditions and to such other specific conditions as are set forth by the appraisers in the report.
1. The appraisers assume no responsibility for matters of a legal nature affecting the property
appraised or the title thereto, nor do the appraisers render any opinion as to the title, which
is assumed to be marketable. The property is appraised as though under responsible
ownership.
2. Any sketch in this report may show approximate dimensions and is included to assist the
reader in visualizing the property. The appraisers have made no survey of the property.
3. The appraisers are not required to give testimony or appear in court because of having
made this appraisal with reference to the property in question unless arrangements have
been made therefore.
4. The distribution of the total valuation in this report between land and improvements applies
only under the existing program of utilization. The separate valuations for land and building
must not be used in conjunction with any other appraisal and are invalid if so used.
5. The appraisers assume that there are no hidden or unapparent conditions of the property,
subsoil, or structures which would render it more or less valuable. The appraisers assume
no responsibility for such conditions or for engineering which might be required to discover
the factors.
6. Information, estimates, and opinions furnished to the appraisers and contained in this report
were obtained from sources considered reliable and believed to be true and correct.
However, no responsibility for accuracy of such items furnished the appraisers can be
assumed by the appraisers.
7. Disclosure of the contents of this appraisal is governed by the by-laws and regulations of the
professional appraisal organizations with which the appraisers are affiliated.
8. Neither all nor any part of the contents of this report or copy thereof (including conclusions
as to property value, the identity of the appraisers, professional designations, reference to
any professional appraisal organizations, or the firm with which the appraisers are
connected) shall be used for any purposes by anyone but the client or his assigns without
the previous written consent of the appraisers, nor shall it be conveyed by anyone to the
public through advertising, public relations, news, sales, or other media without the written
consent and approval of the appraisers.
9. On all appraisals involving proposed construction, the appraisal report and value conclusions
are contingent upon completion of the proposed improvements, if any, in accordance with
the plans and specifications.
10. Unless otherwise stated in this report, the existence of hazardous material, including, but
Submitter) into the public
record qhto1V('1�)�
on X /J- City Clerk
not limited to, asbestos, polychlorinated biphenyls, petroleum leakage or agricultural
chemicals, which may or may not be present on the property, were not called to the
attention of, nor were they observed by the appraisers. The appraisers have no knowledge
of the existence of such materials on or in the property. The appraisers, however, are not
qualified to detect such substances. The presence of substances as listed above, or
substances such as asbestos, urea -formaldehyde foam insulation, chemical or toxic waste,
or other potentially hazardous materials may affect the value of the property. The value
opinion is predicted on the assumption that there is no such material on or in the property,
or on or in adjoining properties that would cause a loss in value to the property being
appraised. No responsibility is assumed for any such conditions or for any expertise or
engineering knowledge required discovering them. The client is urged to retain an expert in
this field, if desired. In the event that a conclusion is reached whereby corrective action will
be required to clean up any environmental contamination, the appraisers will at that time
retain the right to modify and/or change the value conclusions presented herein.
11. The values as concluded herein are entirely contingent upon the subject property not being
within or subject to a federally designated potential Endangered Species area as defined by
the U.S. Fish and Wildlife Service, which, as a result might otherwise limit, restrict, and/or
prevent development of the subject to its highest and best use.
12. The property is appraised free and clear of any or all liens or encumbrances unless
otherwise stated.
13. Responsible ownership and competent property management are assumed.
14. All engineering information, if any, is assumed to be correct.
15. It is assumed that there is full compliance with all applicable federal, state, and local
environmental regulations and laws unless noncompliance is stated, defined, and
considered in the appraisal report.
16. It is assumed that all applicable zoning and use regulations and restrictions have been
complied with, unless nonconformity has been stated, defined, and considered in the
appraisal report.
17. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state, or national government or private
entity or organization have been or can be obtained or renewed for any use on which the
value opinion contained in this report is based.
18. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described and that there is no encroachment or trespass
unless noted in the report.
19. The forecasts, projections, or operating estimates contained herein are based upon current
market conditions, anticipated short-term supply and demand factors, and a continued stable
Submitted into the publi _
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economy. These forecasts are, therefore, subject to change as a result of variations in the
market.
20. The construction and condition of the improvements mentioned in the body of this report are
based on observations. No engineering study has been provided which would assist in the
discovery of any latent defects. No certification as to any of the physical aspects could be
given unless a proper engineering study was made.
21. Possession of this report or a copy thereof does not carry with it the right of publication. It
may not be used for any purpose by anyone other than the addressee or the Appraisal
Institute without the previous written consent of the appraisers.
TABLE OF CONTENTS
Letter of Transmittal
Title Page
Submitted into the publ*
record ft it -
on City Clerk
Paqe
INTRODUCTION.............................................................................................................................1
PREAMBLE.................................................................................................................................2
SUMMARY OF SALIENT FACTS AND CONCLUSIONS..............................................................2
EFFECTIVE DATE OF THE APPRAISAL/DATE OF THE REPORT.............................................3
PURPOSE OF THE APPRAISAL.................................................................................................3
INTENDED USE OF THE APPRAISAL........................................................................................3
MARKET VALUE DEFINED.........................................................................................................3
MARKET RENT DEFINED...........................................................................................................3
PERCENTAGE LEASE, RENT & OVERAGE DEFINED...............................................................4
PROPERTY INTERESTS APPRAISED.......................................................................................4
PROPERTY IDENTIFICATION....................................................................................................4
EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS................................5
SCOPEOF THE APPRAISAL......................................................................................................5
FACTUALDESCRIPTIONS............................................................................................................8
MARKET DESCRIPTION AND ANALYSIS..................................................................................8
SITEANALYSIS........................................................................................................................10
ZONING...... .................... ............................. ............................................. - .............................
12
ZONINGMAP............................................................................................................................12
AERIALPHOTO........................................................................................................................13
SITEMAP..... ...................... ...................... .................................................. .....
- ...... .......... 14
FLOODMAP..............................................................................................................................15
REAL ESTATE TAX INFORMATION.........................................................................................16
IMPROVEMENTS DESCRIPTION.............................................................................................17
ANALYSIS OF DATA AND OPINIONS OF THE APPRAISER.......................................................20
HIGHEST AND BEST USE ANALYSIS......................................................................................20
SALES COMPARISON APPROACH — COMPONENTS.................................................................21
INCOME APPROACH - COMPONENTS........................................................................................24
FINAL MARKET RENT ESTIMATE............................................................................................43
ADDENDA.....................................................................................................................................
46
SUBJECTPHOTOS..................................................................................................................46
ZONINGDATA ADDENDA........................................................................................................60
LEASED PREMISES EXHIBIT...................................................................................................64
REGIONALANALYSIS..............................................................................................................70
PURCHASEORDER.................................................................................................................78
APPRAISERS QUALIFICATIONS..............................................................................................79
Submitted into the public
record for item V
^
on f 12_. City Clerk
INTRODUCTION
PREAMBLE
Considerable attention, analysis and research has been undertaken to address the appraisal problem;
estimating market rent for the subject property. As a result of various irrefutable facts about the
subject property and its operation, it is considered almost unique. Thus, in terms of the appraisal
problem at hand, it is considered a limited market property.
The subject property has an incomparable, superior waterfront location in Watson Island; a manmade
island situated in Biscayne Bay between mainland Miami and the island of Miami Beach. It is within
the jurisdiction of the City of Miami and it is owned by the municipality. Watson Island is crisscrossed
by the MacArthur Causeway, a major thoroughfare in the area which connects the City of Miami with
the City of Miami Beach. There are two similar not-for-profit operations in Watson Island; the Miami
Yacht Club and the Miami Outboard Club. The subject property is operated by the Miami Outboard
Club. As a not-for-profit, nevertheless, it is able to generate gross sales (gross revenues) from its
various uses and activities, limited by its physical characteristics; the demised premises.
There are many known waterfront marina operations for profit throughout South Florida, as well as a
few not-for-profit operations similar to the subject property. The activities present in all operations are
somewhat similar and include various combinations of marine storage and services as well as food,
beverage and entertainment. Few operate and are regulated via contractual agreements like the
Miami Outboard Club. In fact, the most similar, competitive locations and operations exist within the
incorporated area which is the City of Miami. As such, the City of Miami creates the limited market
within which the subject property can be said to belong and compete.
This type of operation renders an invaluable service to the community at large. It extends the greater
good offered and made available by governmental efforts for open spaces. Nevertheless, it is to be
expected that a fair return to the landlord (City of Miami) is a necessary, integral component of the
relationship.
The appraisal assignment consists of addressing the existing (permitted) uses; there was no
contemplation of a zoning change allowing higher intensity and density development. As such we
have considered the highest possible return to the landlord in view of the existing uses, historical
payments to the City by the Miami Outboard Club and competitive revenue streams provided by the
comparables analyzed. Furthermore, as a result of our analysis of various competitive income
streams compared with the existing uses, we recommend that the Miami Outboard Club be assisted
and encouraged to increase its sales volumes (gross revenues) as suggested by market evidence
from other not-for-profit operations on public lands.
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Client:
Property Owner:
Intended User:
Property Address:
Property Type:
Inspection Date:
Effective Date of Appraisal:
Report Date:
Property Rights Appraised:
Classification of Report and Appraisal
Land Size:
Dry Land:
Submerged Land
Building Size A/C:
Building Size Open/Utility:
Highest and Best Use as Vacant:
Highest and Best Use as Improved
Submitted into the public _
record fa ite)1_1
() � 1, , J�
on . City Clerk
City of Miami
City of Miami
Miami Outboard Club
1099 MacArthur Cswy, Miami, Miami Dade County,
Florida, 33132
Civic Space/Public Parks/Special Purpose
May 05, 2017
May 06, 2017
July 24, 2017
Leased fee estate as to Market Rent
Appraisal Report
9.81 Acres
6.88 Acres or 299,693 SF
2.93 Acres or 127,630 SF
9,347 SF
1,527 SF
Civic Space/Parks/Open Space — Marina Operations
(Maximize Services)
Civic Space/Parks/Open Space — Marina Operations
(Maximize Services)
MARKET RENT CONCLUSIONS
EffeciNe Date
May 5, 2017
Monthly Market Rent
$13,000
Annual Market Rent
$156,000
Aaerage Gross Sales -2016
$1,454,280
Effecti\e Rate
10.73%
A\erage Gross Profits - 2016
$1,180,579
Effectioe Rate 1
13.21%
Exposure Time — Is not considered
applicable for this valuation assignment
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record for it
on em ;) City
EFFECTIVE DATE OF THE APPRAISAUDATE OF THE REPORT
INSPECTION DATE: May 05, 2017
EFFECTIVE DATE: May 06, 2017
DATE OF THE REPORT: July 24, 2017
PURPOSE OF THE APPRAISAL
The purpose of this appraisal is to estimate the market rent for the property, as of the appraisal
date.
INTENDED USE OF THE APPRAISAL
The intended use of this appraisal is to assist the City of Miami in making a business decision on the
subject property.
MARKET VALUE DEFINED
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, knowledgeably and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of
a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
(1) Buyer and seller are typically motivated;
(2) Both parties are well informed or well advised, and acting in what they consider their
own best interests;
(3) A reasonable time is allowed for exposure in the open market;
(4) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
(5) The price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated with
the sale.
The foregoing definition of and the conclusions as to market value in this report refer to gross
nominal values rather than net present values to the current owner and are based on market
occupancy levels at the time of the appraisal. There are no discounts for the cost of selling the
property, for the time to sell, or for carrying costs during marketing periods.
MARKET RENT DEFINED
"Market Rent" according to the 14th Edition of The Appraisal of Real Estate, a publication
sponsored by the Appraisal Institute, is defined as:
"Market rent is the rental income a property would probably command in the open
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market. It is indicated by the current rents that are either paid or asked for
comparable space with the same division of expenses as of the date of the
appraisal. Market rent is sometimes referred to as economic rent." And further:
"The amount of data needed to support a market rent estimate for a subject property
depends on the complexity of the appraisal problem, the availability of directly
comparable rents, and the extent to which the pattern of adjusted rent indications
derived from the comparables differs from the income pattern of the subject property.
When sufficient, closely comparable rental data is not available, the appraiser should
include other data, preferably data that can be adjusted. If an appraiser uses proper
judgment in making adjustments, a reasonably clear pattern of market rents should
emerge."
PERCENTAGE LEASE, PERCENTAGE RENT & OVERAGE RENT DEFINED
According to the 4"' Edition of The Dictionary of Real Estate Appraisal, a publication sponsored
by the Appraisal Institute, the following relevant terms are defined as:
Percentage Lease. A lease in which the rent or some portion of the rent represents a specific
percentage of the volume of business, productivity, or use achieved by the tenants.
Percentage Rent. Rental income received in accordance with the terms of a percentage
lease; typically derived from retail store and restaurant tenants and based on a percentage of
their gross sales.
Overage Rent. I The percentage of rent paid over and above the guaranteed minimum rent or
base rent; calculated as a percentage of a sales in excess of a specified breakeven sales
volume.
PROPERTY INTERESTS APPRAISED
Leased fee estate as to Market Rent
PROPERTY IDENTIFICATION
Folio Number: 01-3231-000-0013
Legal Description: Please see attached survey.
SALES HISTORY
No transfers of title are known to have occurred over the past three years.
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EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS
Extraordinary Assumption:
This report does not rely on any extraordinary assumption.
For clarification, Extraordinary Assumption is defined as "An assumption, directly related to a specific
assignment, which, if found to be false, could alter the appraiser's opinions or conclusions.
Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or
economic characteristics of the subject property; or about conditions external to the property such as
market conditions or trends; or about the integrity of data used in an analysis. An extraordinary
assumption may be used in an assignment only if:
• It is required to properly develop credible opinions and conclusions;
• The appraiser has a reasonable basis for the extraordinary assumption;
• Use of the extraordinary assumption results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for
extraordinary assumptions. (USPAP, 2002 ed.)
Hypothetical Condition
This report does not rely on any hypothetical condition.
Hypothetical conditions are contrary to what exists, but the conditions are asserted by the appraiser
for the purpose of analysis. Hypothetical conditions assume conditions 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. A
hypothetical condition may be used in an assignment only if:
• Use of the hypothetical condition is clearly required for legal purposes, for purposes of
reasonable analysis, or for purposes of comparison;
• Use of the hypothetical condition results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for
hypothetical conditions.(USPAP, 2002 ed.)
SCOPE OF THE APPRAISAL
In preparing this appraisal, the appraiser inspected the subject property and reviewed the Miami
Outboard Club, Inc. Lease Agreement dated June 14, 1996; with an expiration date of March 31, 2016
containing two (2) subsequent and additional five (5) year periods. In addition we have reviewed
Amendment No. 1 dated December 51h, 2000, Amendment No. 2 dated June 61h, 2005, Amendment
No. 3 dated May 24`h, 2011 and Amendment No. 4 dated June 41h, 2011
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on ��Z_• City Clerk
The appraiser researched, confirmed, and analyzed data in defining the subject product -type,
competitive product types, subject market including competitive uses and operations, as well as
physical characteristics. As a part of the valuation process, the appraiser performed an appraisal
process, as defined by the Uniform Standards of Professional Appraisal Practice, and consisting of a
comprehensive description of the subject property and the specific and relevant market data,
analyses, and conclusions necessary to arrive at an estimate of market rent for the subject property.
The subject property is being analyzed on an "As Is" basis based on its current and existing use, not
at its highest and best use.
Appraisal Problem Defined and Addressed
The property that is the subject of this report consists of an incomparable, superior waterfront site in
Watson Island. The subject property is operated by the Miami Outboard Club, under lease agreement
with the City of Miami, the lessor. The lessee — Miami Outboard Club — is a not-for-profit.
Nevertheless, it is able to generate gross sales (gross revenues) from its various marine related uses
and activities, limited by its physical characteristics; the demised premises. For over 70 years the
Miami Outboard Club has operated from Watson Island.
As of the time of inspection the Miami Outboard Club operated like most marina operations
throughout South Florida, either for profit or non-profit, although there are vastly more of the former
than the latter. The activities present in all operations are somewhat similar and include various
combinations of marine storage and services as well as food, beverage and entertainment.
In addition, the Miami Outboard Club as a not-for-profit lessee is required to enhance the public
purpose and the benefit to residents in the water sport recreation facilities afforded under the use of
the demised premises. More specifically, it must make the facilities available at least for six (6) events
per year to provided recreational and educational activities with priority to inner city children of the City
of Miami on three (3) occasions, and three (3) others for public events as designated by the Miami
City Commission, upon available dates. Making the facilities available for at least six (6) events per
year permits the Miami Outboard Club to receive Community Service Credits, at $5,000 per event.
The value of the six Community Service Credits shall be totaled and averaged over a period of one
Lease Year to arrive at an "Average Monthly Community Service Credit", which amount is to be
deducted from the Base Monthly Rent.
The appraisal assignment is to estimate market rent pursuant to the current and existing uses present
in the Miami Outboard Club operation. Given the context within which the current and existing uses
are present within the demised premises, the Miami Outboard Club's operation is surmised to be a
marina operation, in that it has components like marine storage and services as well as food,
beverage and entertainment. The categorization of the Miami Outboard Club operation as a marina —
notwithstanding its not-for-profit standing - is critical to the solution of the appraisal problem. It defines
the subject product -type. And as a result, this categorization further defines the market to which the
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subject product -type belongs. Thus the subject market can be defined by its use — utility — and to a
lesser degree also by geography, given its characteristic waterfront exposure.
There are various examples of waterfront marina operations for profit throughout South Florida, as
well as a few not-for-profit operations similar to the subject property. A thorough research and
analysis of marina operations was undertaken, that can be considered to somewhat competitive with
the subject product -type.
The subject property is described in detail in the following text. The market surveys performed are
discussed and analyzed, and an estimate of market rent for the property is concluded, as of the
appraisal date.
Estimating Market Rent
The appraiser researched, confirmed, and analyzed data in defining the subject product -type,
competitive product types, subject market and related supply and demand trends, physical
characteristics, intangible characteristics, units of measurements and comparison, rental rates,
leasing terms and applicable methodologies. Application of portions or components of both the sales
comparison and income approaches were undertaken in order to arrive at a determination of market
rent for the subject property. Broad descriptions of the applications follow.
The Sales Comparison Approach relies heavily upon the principle of substitution. The most relevant
and recent sales and current listings of competitive properties at the time of appraisal are identified.
Then, a comparative analysis between the sales and listings, and the subject involves consideration
for differences in time, terms of sale, location and physical characteristics. The reliability of the Sales
Comparison Approach depends, to a large extent, upon the degree of comparability between the
sales and the subject. The major strengths of this approach include the reflection of actual market
transactions and the fact that common denominators are fairly easily determined. The potential
weaknesses of this approach arise from the fact that the data is historical and ideal comparables are
usually very difficult to obtain.
The Income Capitalization Approach to value is predicated upon the relationship between income and
value. Although all of the appraisal principles are involved in this approach, the principle of
anticipation is particularly applicable. This appraisal technique converts anticipated annual net
income into an indication of value. This process is called capitalization, and it involves multiplying the
annual net income by a factor or dividing it by a rate that weighs such considerations as risk, time,
return on investment, and return of investment. The appropriateness of this rate or factor is critical,
and there are a number of techniques by which it may be developed. The rate (or factor) is applied
when using the direct capitalization approach to arrive at market rent.
The applicability and reliability of each approach, or component thereof, is considered in the
determination of the final opinion of value. This process is discussed in the reconciliation and final
value conclusion.
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FACTUAL DESCRIPTIONS
MARKET DESCRIPTION AND ANALYSIS
Defining the market area was considered of primary importance, in order to subsequently identify
similar and competitive product types to assist in the solution of the appraisal problem.
Considerable investigation and analysis was undertaken in defining the subject property's market
area. It was concluded that the subject property's market area can be defined both by -geography and
most importantly by use.
"Market analysis examines the productive attributes of a property; the relationship of
supply and demand, thereby delineating the market in which the property competes."
"Market analysis makes it possible to identify the effective demand for and competitive
supply of a particular property type (use) in a specific location (geoqraqhv) at a specific
time. "
Source: Market Analysis of Real Estate, Appraisal Institute, 2005
The above descriptions, or definitions, regarding market analysis, in practical terms, point towards two
specific areas of concentration; geography and use. As such a market analysis must focus on both
use and geography, which can operate as if synonymous of one another, they can overlap in part or
entirely, or they can be separate and distinct from one another. In the case of the subject the market
area is geographically defined by water frontage. And its terms of use those activities currently
present in the subject property are classified as a marina.
The subject property is located within the incorporated area of the city of Miami, in Miami Dade
County. The subject property is categorized as a marina. This product type categorization of the
subject property is significant, especially in identifying similar and competitive product types. Similar
and competitive product types — marina - were identified throughout South Florida and in Miami Dade
County as well, and serve to define the subject market. These product types have certain specific
characteristics in common. The shared characteristics consist of physical exposure, visibility, access
to waterfronts. Additionally marinas have specific sources of revenue, such as marine storage — wet
and/or dry — boat services — repairs, gasoline dispensing, launching — entertainment — food and
beverages, fishing related shops and facilities, membership.
These physical characteristics and uses advertise to the customers, and attract and invite them to the
premises. As such, the subject market area is defined as an expanded area that geographically
includes, in this case, Miami Dade County and South Florida. Participants in this market are not
defined by geographic proximity but primarily by utility.
There are many known waterfront marina operations for profit throughout South Florida, as well as a
few not-for-profit operations somewhat similar to the subject property. The activities present in all
operations are somewhat similar and include various combinations of marine storage and services as
Page 18
recordi t item" S I LTJ. -)__
on City Clerk
well as food, beverage and entertainment. Few operate and are regulated via contractual agreements
in government owned lands as not-for-profit. In fact, the most similar, competitive locations and
operations exist within the incorporated area which is the City of Miami. As such, the City of Miami
creates the limited market within which the subject property can be said to belong and compete.
The results of our investigation in the whole of Miami Dade County are reported in the following
schedule. We have been able through our efforts to identify most major marina operations in Miami
Dade County.
Marina Operations in Miami Dade County
Name
Address
Folio
Wet Slips Dry Slips Moorings
___ Amenities
,,, Location
Operator
L.o88erhear Marina Aventura
3601 NE 207 Street
28.1235-035-0040
100
0
Aventura
Loggerhead kMna
...._.... Mranerire at Bayside
.... _.....401 8ysceyre Bhd ....
_01-0100-000-0520„
156
0 ........_ .._...-_...
.......
:. Part of Bayfront Park
Rase Company
_. _.. Pelican Harbour Marina
126575 NE 79 Street
Ot-3208-031-0070
139
0
Pelican Harbor Perk
. Miami Dade County
Miami Yacht Club
-____ ......... ___..
1001 MaArthlr Cs"
____.._........ ..
- 01-3231-000-0011
40
_...
172
Watson Island
:....._ Miami Yacht Club
Miami Outboard Club
_._._ ........... ..........
1098 MacArthur Cs"
....._..... ............ _.
01-3231-000-0013
....
59 _
.. ...._.
140 _
........._......_
........
........
Watson Island
_.......... ............... ..
- Muni Oitboerd Club
Island Garden, Deep Harbour
838 MacArthur Cswy
_.._
01-3231-000-0030
...............
50
_...............
0
_
Restaurant
....
Watson Island
__.._. _.. .. ... ....
Island Garden Deep Harbour
Brikcell Place Marina
1909 Bricked Amo
01-4112-000-0010M
70
0
: Leased Submerged
Brickell Place Cando
„Coconut Gras Selling Club
- - .2990_S bayshore Oxime,..
.. 01-4121-040-0012 i
247...-
31
Leased Sudnerged
Coconut Grae Sating Club
US Sailing Club
.24,716 S Bayshore Dnw
01-4122-001-1591
11
44
Leased Upland
......... LIS Sailing Club,_
Coral Reef Yacht Club
2484 S Bayshore Dnve
01-122-001-1605
103
66
Leased Stbmerged
Coral Reef Yactt Club
......,._Bisceyr* Bay Yacht Club . _
2540 S Bayshom Done
01-4122-000-0010
76
47 _ Ton, _
-. �. - _ _
Leased Submerged
_.. Biscayne Bay Yacht Club
Prime Marina _ _ ..
2546 S Bayshore Dme
01-4122-001-1630
149
04
M«aY
Leased S
... ubrner9ea
Rime Manna
Dinner Key
3500 Pan American Dr
01-4122-002-0010
a06
0 225
........
Dimer Key
City Hell
.. __.
City of Muni
Glow Harbour Manna2640
S Bayshone Dr
01-4122-002-0011
57
250
Dian Key
Leased UpSub
Gras Harbor Manna
..
_. _.. Gras Key Manan. ry wy
y _3385 Pan American Dr
01-4122-002-0040
3
325 .......
.... Dimer Key
Leased_ Up -Sub
Gras Key Marire
Marine Stadium Mama
3501 Mcke nbecker Cswy
01-4217-000-OD30
22
296
Virginia Key
Leased Upland
Manne Stadium Marina
.mRickenbecker Moire
3301 Rxkanbecker Cswy
:... 01-4217400-0020.._..
Virginia Key
Leased Up -Sub
:.. Mcken backer Marine
Miens Beach Marine
_.... _._ .
344 Alton toad
:. 02-0203-009-9210
416
0
MB Redemelopnnent
• Leased. Upland
...... City of Miami Beech
Matheson Hammock Manna
WA
035105-0000010
259
71
Restaurant
Coral Gables
city of Coral Gables
___,.....Snapper Creek Manan
11190. Snapper Creek Lakes Rd
035107-004-0290
38
31
Fuel
Coral Gables
,Snapper Creek Lakes Club
Key Biscayne Yacht Club
180 Harbor Dme
24-0232406-0021
100
40
- Key Biscayne
Key Biscayne Yacht Club
8ta Bird Memo at Haub— Pak
15600 Collins Ame
30-22144080010 -.
152
_311
0
Haulomer Park
Miami Dade Canty
Crerdon Perk Marne
.. ..7200 Cra16m BIW
30-4232-M-0010
130 - yes
Restauatt
Key Bisrayre
Muni Dade Canty
Black Pant Manre
_.._.. _....
....... 24775 SW 87 Annerune
! 30fi022-0W-W30
_......
196
__ ....
.....173
300 .........
__......__. ............._.._....
...
Harestead
.... _ Loggerhead Htire
.....
Homestead BaAham Park Maine
9698 SW 328 Street
-: 30-7021-001-0010
60
Homestead
Miami Dade cou tv
Page 19
SITE ANALYSIS
Address:
Folio Number:
Land Area:
Dry Land Area:
Submerged Land Area:
Total Land Area:
Primary Road Frontage:
Access:
Shape:
Corner Lot:
Visibility:
Paved Street:
Sidewalk:
Curb And Gutter:
Storm Sewer:
Utilities
Public Electricity:
Water Supply:
Public Sewer:
Natural Gas:
Underground Utilities:
Adequacy of Utilities:
Street Lighting:
Traffic Count:
Landscaping:
Topography:
Flood Plain:
Submitted into the public
record r ite t s 1 . _. ..
on 1 . City Clerk
1099 MacArthur Cswy
Miami, Miami Dade, Florida, 33132
01-3231-000-0013 (Dry)
299,693 SF 6.88 Acres
127,630 SF 2.93 Acres
427,323 SF 9.81 Acres
MacArthur Cswy
MacArthur Cswy.
Irregular
No
MacArthur Cswy & Biscayne Bay.
Yes
No
No
Yes
Yes
Municipal Public
Yes
No
Yes
Average
Yes
17,000 daily cars - 2016
Average
Basically Level
The Flood Insurance Rate Maps, published by
the Federal Emergency Management Agency
panel number 12086CO316L dated September
11, 2009 , indicate the following: Zone AE.
Special Flood Hazard areas subject to
inundation by the 1% annual chance flood.
The 1% annual flood (100 -year food), also
known as the base flood, is the flood that has
a 1% chance of being equaled or exceeded in
any given year. Areas of Special Flood
Hazard include zone AE. Zone AE is
described as Base Flood Elevations
determined.
Page 110
record to - it2_1 I(s) rN U , J
ongh% J_ City Clerk
Earthquake Zone: No
Irrigation Water: No
Easements/Encumbrances: No
Environmental Issues: U/K While it is beyond the appraiser's
expertise to determine the presence or extent
of any environmental contamination within the
site, it is incumbent upon us to comment as to
any visible evidence of contamination or any
apparent source of potential contamination.
Upon the normal course of inspection of the
subject site the appraisers found no readily
visible evidence of contamination. The
inspection performed by the appraiser is
limited to visible and accessible areas of the
site only. This appraisal is subject to the
extraordinary assumption that the subject site
is free and clear of potential hazardous
contamination. Should contamination be
discovered in the future, such discovery could
materially affect the value of the subject
property and the undersign reserve the right to
reconsider their value conclusion.
Topographical and Soil Conditions: Basically Level. A topographical survey was
not provided; however, the land appeared to
be relatively level and at grade with the
adjoining public right-of-ways. We have no
data on subsurface conditions, but due to
improvements on this and adjoining parcels, it
is apparent that the load bearing capacity of
the site is sufficient to support improvements
to the site.
Functional Utility: All utilities were present at the subject site.
Electricity is provided by Florida Power and
Light. Telephone service is provided by AT&T.
Water and sewer services are provided by the
Miami -Dade Water and Sewer Department.
Site Improvements: Site improvements, in addition to the structural
footprints, include asphalt areas for vehicular
maneuverability.
Comments: The land(s) as reported herein are considered
the correct figures, and emanate from the
areas defined under Amendment No. 3, dated
May 24th, 2011.
Page 111
Submitted into the public K
record foxite s)
on City Clerk
ZONING
Zoning: CS, Civic Space Parks
Legally Conforming: Yes
Zoninq Change
Requested: No
Likely: No
The Civic Space/Parks (CS) zoning class is designated for public, philanthropic, educational and other
institutional uses. Civic Spaces should be at the ground level, landscaped and/or paved, open to the
sky and shall be open to the public. Please see addenda for additional information on zoning.
Zoning Map
CS
Page 112
Submitted into the public
record fob iter (s)
on n City Clerk
Aerial Photo — Partial
- _ a
I
AIA
he area depicted above is pursuant to the public records of the Miami Dade County PropertyA raiser'
Office, not as described in Amendment No. 3, dated May 24 2011.
Page 13
Submitted into the public
record f r ite (s)
on 1 City Clerk
Site Map — Partial
+ vi
0013 ,
4 t
he area depicted above is pursuant to the public records of the Miami Dade County PropertyA raiser'
ffice, not as described in Amendment No. 3, dated May 24 2011.
Page 114
Submitted into the public
record f r iter (s}
on 17 I� . City Clerk
Flood Map
F -WL Ulu
FIRM
KOM 0441?WE RATE WP
NUAMI-RADE CM'!V'[l'.
Fi.bltiDA
hl9rwcYMkM�It,�tB® aW-w
I PA#EY. 318 OF 1031
IkYPpAk74x HY4 /®+il lNeR lJ�J4iTt
I htcio& -,,A& slim
3
i ��w easpr �. tlir a�Nr�rrt BMllw�NYyl a®
3
;
MRP WAWFt
129E1C# ISL
- MAp �rnsEo
SEPwfO" 11, MW
Page 115
REAL ESTATE TAX INFORMATION
Submitted into the public
record fo ite (S� _,1
on ' City Clerk
A summary of the assessment of the subject is provided in the following tables.
he area described in the table is pursuant to the public records of the Miami Dade County Property A raiser'
office, not as described in Amendment No. 3, dated Ma 24 2011.
Page 116
Submitted into the public _
record for ite (s)
on City Clerk
GENERAL IMPROVEMENTS DESCRIPTION
Property Type
No. of Buildings
Gross Building Area
General Property Class
Land to Building Ratio
Effective Age
Economic Life
Depreciation
Parking Type
Condition of Parking
Bldg/Component Desc
Special Purpose
1
9,347
B
22.23:1
10
60
16.70%
Surface
Average
Bldg/Com ponent 1
Year Built
1958
Effective Age
10
Total Economic Life
50
Remaining Economic
40
Building Type
Single Story
Building Description
CBS
Stories
1
Building Area SF
9.347
Floor Coverings
VynilfCrmc
Ceiling Height
12
Basement Use
None
Appeal and Appearance
Average
Condition
Good
Construction Detail
Construction Class
B
Construction Quality
Average
Frame Type
Masonry Frame
Roof Type
Flat
Roof Cover
Tar and Gravel
E>Qerior Walls
Concrete Block
Mechanical Detail
Plumbing
Average
Heating Type
Electric
Cooling Type
Package Units
Electrical
Average
The subject property consists of one principal structure, which details are reported above, containing
9,347 square feet of gross building area (GBA) based on our measurements taken at the time of
inspection. According to the records of the Miami -Dade County's Property Appraiser's Office, the
subject property has a total of 9,530 adjusted square feet (ASF) of building area and is situated on
207,781 square feet of net land area, or 4.77 acres. The land as reported in the public records we know
to be incorrect pursuant to Amendment No. 3, dated May 24th, 2011.
There were other structures on the premises, including a utility building containing bathrooms, as well as
a repair shop and storage. There were assortments of covered open buildings like a fish cleaning
station, cheekke huts, and dining areas. All together there was an additional 1,527 square feet of
ancillary structures. In addition the subject property has a wood deck marina containing 50 wet slips for
boat dockage on the submerged land which is under its lease agreement and amendments.
Considerable sections of the dry land governed by the lease agreements is used and occupied for the
purposes of dry storage, particularly the land mass that extends along and fronts the MacArthur Cswy.
Page 117
Sketch of Building Improvements
E
E-1
it
O
Page 1$Z-
Submitted into the public -
�record fo ite (s) �� .
Ori l City Clerk
Calculation of Building Improvements
First Fkw Total Area w
40.7 x 27
First Fk*r Total Area 144
12 x 12
First Fkw Total Area = 33. 18
s
Open Porch Total Area = 62.
First Floor Total Area 187,86
x"23.6
6747.39
547.58
252
221.34
195.57
118.65
541.25
33.18
Page 119
Submitted into t e public
record fo ite �s�City Clerk
on
ANALYSIS OF DATA AND OPINIONS OF THE APPRAISER
HIGHEST AND BEST USE ANALYSIS
Four criteria are examined in order to determine the highest and best use of the subject property. The
criteria and their applicability to the subject, both "as vacant' and "as improved" are as follows:
Physically Possible: the size, shape and topography affect the uses to which land may be
developed. The utility of a parcel is dependent on its frontage and depth. Sites with irregular
shapes may be more expensive to develop, and topography or subsoil conditions may make
utilization too costly or restrictive. Highest and best use as improved also depends on physical
characteristics such as condition and utility.
Legally Permissible: a legally permissible use is determined primarily by current zoning
regulations. However, other considerations such as long-term leases, deed restrictions, and
environmental regulations may preclude some possible highest and best use.
Financially Feasible: the use of the property is analyzed to make a determination as to the
likelihood that the property is capable of producing a return which is greater than the combined
income needed to satisfy operation expenses, debt service, and capital amortization. Any use that
is expected to produce a positive return is classified as financially feasible.
Maximally Productive: the use that provides the highest rate of return among financially feasible
uses is the highest and best use. The use of the land must yield a profitable net return, and the
quantity of land devoted to any specific use must be limited to that quantity which will yield a
maximum return to each owner.
The assignment consisted of addressing the existing uses to estimate market rent. There was no
attempt to establish the highest and best use of the subject property based on such an extraordinary
assumptions as would, for instances, contemplate the possibility of a zoning change allowing higher
intensity and density development.
It can be said that the highest and best of the property as of the date of inspection, based primarily on
its current zoning - with the open space intent of its zoning class - was for some low density use that
would be compatible with the existing club house building in the upland as well as the existing uses of
the submerged land. Inherent in this conclusion is the greater good that is offered to the community
at large by open spaces made available by governmental efforts. This type of operation — not-for-profit
water oriented club house and related uses - renders an invaluable service to the community at large.
AS VACANT and AS IMPROVED: Civic Space/Parks/Open Space — Restaurant (marine
related food and alcohol service establishment).
Page 120
Submitted into the public
record f r item(s)
_
on _ _V City Clerk
SALES COMPARISON APPROACH TO VALUE
The Sales Comparison Approach draws heavily upon the principle of substitution. In essence, this
principle states that a prudent purchaser will pay no more for any particular property than it would cost
him to acquire an equally desirable alternate property. This approach consists of the comparison of
similar property, which has recently sold or is currently being offered for sale. This comparison
process involves making adjustments between the subject property and the comparable properties on
an item -by -item basis. The factors considered in the comparison include date of sale, conditions of
the sale (including financial terms), and physical characteristics. The subject property is the standard,
and the adjustments are made to the sale price of the comparable property in order to arrive at an
indication of value for the subject.
The weakness of this approach includes the fact that there may be inadequate data in the
marketplace to justify its use,. the fact that it is based upon historical data rather than future
expectations, and the fact that the conditions of comparability may not closely conform to the subject
property. Its strength lies in the fact that it reflects actual market behavior of typical purchasers under
current market conditions. In short, the reliability of this approach depends upon the comparability of
the comparable properties, verification of sales data, the conditions under which the property is sold,
and the date of the sale. This approach is applicable to both vacant and improved properties.
The Miami Dade, Broward and Palm Beach Counties Deed Records were searched for recent
comparable sales. In addition, real estate brokers were consulted for information on properties that
would be in competition with the subject if it were offered for sale on the open market.
The appraisal assignment is to estimate market rent pursuant to the current and existing uses present
in the Miami Outboard Club operation. The Miami Outboard Club is classified to be a marina
operation, given the context within which the current and existing uses are present within the demised
premises. Its operation includes components like marine storage and services as well as food,
beverage and entertainment. As stated earlier, this categorization of the Miami Outboard Club
operation as a marina — notwithstanding its not-for-profit standing - is critical to the solution of the
appraisal problem. It defines the subject product -type and further defines the market to which the
subject product -type belongs. The subject property and its market are defined by its use — utility —
and to a lesser degree also by geography, given its characteristic waterfront exposure.
There were no sales of not-for-profit marina operations to report. However there was one important
transaction of multiple marina operations in South Florida that provides some insight in helping
estimate the market rent for the subject property. Please refer to the following schedules.
Page 121
Submitted into the public
rec:��-
onCity Clerk
Suntex Marina Investors LLC (Suntex), the premier owner and operator of best -in -class marina properties acquired the Loggerhead
Marina portfolio. It is reported that Suntex paid $75 million for the six marinas in acquired in Palm Beach and Broward counties. The
two acquisitions in Miami Dade were respectively for $4,300,000 in Aventura and $15,000,000 for Black Point Marina, which is a
leased fee estate. The transaction is reported to have occurred as of April 1, 2017 pursuant to the recordation documents for some
of the transactions already recorded. The total price was reported to be $131 million and included three other marinas located in
Indian River, Volusia and Pinellas counties respectively. The acquisitions of all of these marina operations were based on a
business consideration for each property and thus the amount allocated for each transaction was based on an estimate of the
business value in addition to the real estate.
We are not suggesting that the sales of these marinas are comparable to the subject property nor can they be considered indicators
of market value for the subject property. All of these marinas are for profit and in that sense are different that the subject property,
although most of the ongoing activities reflect those currently present and in existence in the subject. There is however some very
interesting factors to consider. The sale prices per storage slip ranges between $28,267 and $86,000, with an average of $51,000
per slip. Seven of the marina operations report an OER between 34% and 48%, with an average of 42%, which illustrates the labor
intensive, business nature of the operations. The overall rates (OAR) derived for eight reported sales range from 7.05% to 8.47%
with an average of 7.34%. These figures are considered fairly uniform and represent true consideration for each of the transactions.
Schedule of Marina Sales
Suntex 4/1/2017
Address County Folio Wet Slips fury Slips Land OER SP SP/Slip SF/Acr OAR
1 3601NE 207 Street Miami Dade 28-1235-035-0040 100 0 16,71 18.88% $4,300,01)0 $43,000 $257,331 7.Q9%
2 1400 Marina Drive eroward 5142-23-15-03811 190 0 9.00 40.41% $14,970,000 $78,789 $1,663,333 7.28%
3 3238 Cassee key Island Road Palm Beach 00-43-41-07-01-005-0010(M) 0 352 5.30 .47.92 $9,950,000 $28,267 $1,877,358 7.2096
4 8701V. Dixie Hwy Palm Beach 40-43-44-34-00-003-0080 0 350 5.50 43.98%1$12,800,000 $36,571 $2,327,273 7.21%
5 2700Donald Ross Road Palm Beach 130 0 11.80 43.72% $8,310,000 $63,923 $704,237 8.4796
6 2620 Lake Shore Drive Palm Beach 56-43-42-28-67-001-0010(M) 0 300 6.10 34.04% $25,800,000 $86,000 $4,229,508 7.18%
7 401 Moorings Drive Palm Beach 4443-44-3435-423-00001 80 0 1.20 44.6996 $3,200,000 $40,000 $2,666,667 7.28%
8 24775SW87Avenue Miami Dade 30-6022-000-0030 1% 300 41.46140.67% $15,000,000,$30,242, $361,795 7.05%
Page 122
SAmitted into the public
recors C
on V
/ City Clerk
More significantly, three of the transactions involve land leases, not unlike the subject property; particularly Sale 8 which is a marina
site owned by Miami Dade County. These operations are considered leasehold estates subject to underlying rental agreements.
The following table reports these three operations and notes the yearly payment made to Land Lease, pursuant to individual line
items within detailed operating expenses for each of the marinas and known to the undersigned. As can be seen, the percentage of
rent payments versus gross profits (sales — adjustments) ranges from 4.83% to 8.52%, with an average of 6.98% and midpoint
(median) of 7.6%. As can be noted, the third operation is reported twice. For one (3a) it is reported from the operator's standpoint
where rent payments are made to the landlord for the operation of the marina related permitted uses; it is understood strictly as a
reflection of the minimum rent requirements for the permitted uses allowed and does not entertain revenues due to sub -leasing
operations where ultimately payments to the landlord are pass-throughs. The second (3b) reports both the percentages due from the
marine related operations as previously noted but also other uses permitted such as from the restaurant, and it is reflective of the
landlord's perspective.
Based on the data summarized above and illustrated in the table below, it would not be unreasonable to conclude that marina
operations which include uses and activities presently found in the subject property should pay between 7.5% to 8.5% of their gross
volume, less permitted adjustments (gross sales receipts or profits), as a return to the landlord.
Schedule of Marina Land Payments 1 Leasehold
No.
Address
County
Name
Gross Sales COG Sold Gross Profits Lease Pymnt % LPymnt/Profits
1
3601 NE 207 Street
Miami Dade
Loggerhear Marina Aventura
$376,744
$1,096
$375,648
$28,531
7.60%
2
401 Moorings Drive
Palm Beach
Loggerhear Marina South Lantana
$423,149
$1,875
$421,274
$20,366
4.83%
3a
24775 SW 87 Avenue
Miami Dade
Black Point Marina
$2,339,519
$557,775
$1,781,744
$151,779
8.52%
3b
24775 SW 87 Avenue
Miami Dade
Black Point Marina & Ocean Grill
$6,634,6651
$0
$6,634,6651
$493,776
7.44%
Page 123
submitted into the public
record to ite (s
on
City Clerk
INCOME APPROACH TO VALUE
The Income Approach to value presumes that no prudent buyer will pay more for the right to receive
the future income stream for the subject property than an amount for which he can obtain the rights
to a substitute future income stream, assuming similar quality, quantity, and durability of the income
streams. The quality of the future benefits affects investment risk and the buyer's ability to receive a
return on his initial investment, as well as, a return of his investment. The quantity of the future
benefits reflects the amount of the future income stream plus potential appreciation or depreciation
over the buyer's term of ownership. Durability relates to the amount of time that an investment will
continue to provide positive benefits of ownership adequate to meet the investor's criteria.
There are two accepted forms of the Income Approach, which can be employed for a project similar
to the subject property. These methods are the Direct Capitalization and Discounted Cash Flow
Analysis. The Direct Capitalization Technique is often used when a property is currently operating at
or near a stabilized occupancy level or when a property is projected to have a relatively level income
stream. Alternatively, a Discounted Cash Flow Analysis is used when multiple tenants are in-place
and/or the income stream will vary throughout the holding period.
The income approach incorporates the components an investor would consider when making a
purchase price decision. In order to complete the income approach to value, the following
components are required:
• Income — contract rents and market rental rates
• Vacancy and collection loss estimate
• Projected operating expenses
• Capitalization or Yield rates
Ideally, data is derived from the market for each component and, when available, the operating
history of the property — rents and expenses - is also analyzed. In the case of the subject, within this
application, we have focused on income; contract rents and market rental rates.
The assignment consisted of addressing the existing uses in order to establish market rent. The
Miami Outboard Club is classified as a marina operation. Its operation includes components like
marine storage and services as well as food, beverage and entertainment. As stated earlier, this
categorization of the Miami Outboard Club operation as a marina — notwithstanding its not-for-profit
standing - is critical to the solution of the appraisal problem. It defines the subject product -type and
further defines the market to which the subject product -type belongs. The subject property and its
market are defined by its use — utility — and to a lesser degree also by geography, given its
characteristic waterfront exposure.
Page 124
Submitted into the rnihlir
r______
� S
on S I�. City Clerk
Analysis of Contract Rent — Subject Tenancy - Contract Rent Arrangement and Actual Rents
We have reviewed the Miami Outboard Club, Inc. Lease Agreement dated June 14, 1996; with an
expiration date of March 31, 2016, and containing two (2) subsequent and additional five (5) year
periods. In addition we have reviewed Amendment No. 1 dated December 5'h, 2000, Amendment No.
2 dated June 61h, 2005, Amendment No. 3 dated May 24th, 2011 and Amendment No. 4 dated June
4`h, 2013. In consideration for the permitted uses, pursuant to the compilation of the lease
arrangements (lease agreement and amendments), the Miami Outboard Club, pays the City of Miami
an initial minimum monthly rent payment of $5,417; the base monthly rent. In addition, the Miami
Outboard Club is to pay the City of Miami 10% of the "gross restaurant revenues" in excess of
$10,000 (base restaurant revenues). Gross restaurant revenues are defined in the lease agreement to
mean:
"...the entire amount of the revenues and/or percentages of revenues collected or
accrued, from the sale of all food and beverages (excluding alcoholic beverages),
conducted on the property"
The Miami Outboard Club as a not-for-profit lessee is required to make the facilities available at least
for six (6) events per year to provide recreational and educational activities. As a result of making the
facilities available to the public, the Miami Outboard Club receives Community Service Credits, at
$5,000 per event. The value of the six Community Service Credits totaled and averaged over a
period of one Lease Year is the "Average Monthly Community Service Credit' — presently calculated
at $2,500 per month - which amount is to be deducted from the Base Monthly Rent. Adjustment to
both the base monthly rent and the community service credit were initially entertained to be subject to
annual CPI adjustments, and later on through amendments such requirement was modified.
The Miami Outboard Club provided historic gross revenue information for the last three fiscal years,
commencing in April and ending in March 15 of the ensuing year. Annual gross revenues, as defined,
have generated volumes of sales per line item. We have been provided for our review with actual
monthly payment reports entitled Monthly Rent and also with actual monthly payment reports entitled
Base Restaurant Revenue (% Rent) for the Miami Outboard Club, for the use of the premises based
on the terms of the lease agreement and subsequent modifications, and presumably currently in
operation. A compilation of the payment made to the City of Miami is reported in the following table
with the heading: Compilation of Payments Reported to City of Miami and Due per Independent
Audits.
Accordingly, the Miami Outboard Club has paid the lessor — City of Miami - monthly rent in the amount
of $57,847.08 for the years ending in April 2015 and 2016 and $57,116.52 for the year ending in April
of 2017. In addition, the Miami Outboard Club has paid the lessor based on 10% of the gross sales
from the restaurant and non-alcoholic beverages in excess of $10,000, $23,035*, $26,127.55* and
$27,802.18, respectively for the years ending in April 2015 through 2017 (*partially estimated). This
last income stream has been independently audited, and the results were provided for review via
Financial Statements prepared by Cervetta-Lapham & Associates for the year ending in March 31,
Page 125
record f7r ite (s)_ .
on City Clerk
2015 and Pribramsky & Company for the year ending March 31, 2016. According to the referenced
audits the payments to the city were supposed to be $17,597 and $29,173 for the years ending at the
end of March of 2015 and 2016, respectively. With minor differences, which were likely reconciled at
some point, the audited figures supported those reported by the Miami Outboard Club to the city.
In total the City of Miami, using the reports presented by the Miami Outboard Club for review, has
received rents for the permitted use allowed the tenant within the demised premises in the amount of
$80,882, $83,975 and $84,919, respectively, for the years ending in April 2015 through 2017. This is
illustrated in the following tables, the columns to the left of the solid line are based on the monthly
statements and the columns to the right of the solid line reflect the audited figures for the referenced
years.
Page 126
Subs -fitted into the p
record f r ite 0)
on
Compilation of Payments Reported to City of Miami and Due per Independent Audits
10.00%
■ Months Pvmnt Dt Period K & Non -A Less Base Pvmnt Eff % Pvmnt Dt Mnthly Rnt Rest+Mnthlv1
a iv,vn
Financial
12
3117
$35,000
$25,000
$2,500.00
3/2/2017
$4,729.27
$7,229.27
......
.................
. _...__.._
__..
11
3124/2017
2/17
$32,898.06
$22,898.06
$2,289.81 6.96%
211412017
$4,729.27
$7,019.08
10
2/16/2017
1117
$30,200.84
$20,200.84
$2,020.08 6.69%
1/9/2017
$4,729.27
$6,749.35
9
1/23/2017
12$16
$44,014JOZ
$34,014.70
$3,401.47 7 73%
12/26/2016
$4,729.27
$8,130.74
8 ._.
_ __ 1/23/2017
71/16
$26,582 73
$16,562.73
$1,656.27 6.24 %
11/17/2016
$4,_729.27
$6,385.54
11/28/2016
10/16__
$36,485.21
$26,485.21
$2,648.52 7.26%
10/17/2016
$4 729.27
$7,377.79
_,....._.7
8
10/24/2016
9/16
$27,482.98
$17,482.98
$1,748.30 6.36%1
9/15/2016
$4,729.27
.._.
$6,477.57
....... ...
„.
5
10/17/2016
8/16
$28,883.32
$18,883.32
$1,888.33 6.54%
8/15/2016
$4,729.27
$6,617.60
4
8/15/2016
7/16
$32,832.78-
$22,832.78
$2,283.28 6.95%
7/7/2016
$4,820.59
$7,103.87
3
7/26/2016
6/16
$28,242.62
$18,242.62.
$1,824.26'.6.46%
6/8/2016
$4,820.59
$6,644.85
2
7/26/2016
5116
$37,082.14
$27,082.14
$2,708.21 7.30%
5/101156
$4,820.59
$7,528.80
1
7/21/2016
4/16
$38,336.39
$28,336.39
$2,833.64 7.39%
4/18/2016
$4,820.59
$7,654.23
12 Months 3/17 -4116 Sub -Total Rest $396,021.77 $278,021.77 $27,802.18 6.98% Total $57,116.52 $84,918.70
Averve
Restsurant
$33,168-48
$23,168.48
$2,31e,85 6.99%
$7,0
12 7/2112016 3116 $31,450.20; $21,450.20 $2,145.02 6.82% 3/8/2016 $4,820.59 $6,965.61
$43,420.00.. $33,420.00. $3,342.00,
7.709/6
11
7/2112016
2/16
$27,314.05
$17,314.05
$1,731.41 6.34%
2/3/2016
$4,820.59
$6,552.00
$25,599.00'
$15,599.00-
$1,559.90
6.09%
10
6/22/2016
1/16,.,.
$30,239.50
$20,239.50
$2,023.95 6.69%
1/5/2016 1
$4,820.59
$6,844.54
$36,123.00'
$26,123.00
$2,612.30
7.23%°
9
6/22/2016
12115
$38,024.48
$28,024.48
$2,802.45 7.37%
1212912015.
$4,820.59:
$7,623.04
$38,024.00
$28,024.00
$2,802.40
7.37%
8
6/14/2016
11/15
$22,026.02
$12,026.02
$1,202.60 5.46%
11/9/2015 1
$4,820.59:
$6,023.19
$22,586.00
$12,586.00
$1,258.60
5.57%
7
3/29/2016
10115
$29,795.59
$19,795.59
$1,979.56 6.64%
11/1/2015 €
$4,820.59
$6,800.15
$29,796.00
$19,796.00
$1,979.60
6.64%
6
11/g/2.0,15.'
9/15
$24,221.45_
$14,221.45
$1,422.1515.87%
9/21/2015
$4,820.59
$6,242.74
$24,221.00
$14,221.00
$1,422.10-
5.87%
5
F 10/3012015€
8/15
$32,469.66'
$22,469.66
$2246.976.92%
8/25/20151
$4,820.59
$7,067.56
$33,996.00
$23,996.00
$2,399.60
7.06%
4
8/26/2015
7/15
$36,936.52
$26936.521
$2,691M! T29%
$4,820.59
$7,514.24
$36,937.00
$26,937.00:
$2,693.70
7.29%
3
7/29/2015
6/15
$37,739.44
$27 739.44
$2 773.94' i35%1
6115/2015
$4 , 820 59
$7,594.53
$39,143.00'.
$29,143.00-
$2,914.30'
7.45%
2
5115
$35,000
$25,000
$2,500.00
5/11/2015
$4,820.59
$7,320.59
$45,821.00'
$35,821.00
$3,582.10
7.82%
1
6/22/2015
4/15
$36,058.55
$26,058.55
$2,605.86' 7.23%
4/16/2015
$4.820.59
$7,426.45
$36,059,00
$26,059.00
$2,605.90
7,23%
12 Months 3116 -4/1$ Sub -Total -est $381,275.46 $261,275,48 $26,127.55 6.95% Toted $57,847,06 $83,974.63
$411,725.00 $291,725.00 $29,172.50
7,09%
Awraos
Rastaurw
$31,772,96
$21,772,96
$2,177.30 6.85%
$69M
$34,310.42
$24,310,42
$2431,04
7,09%
12 411612015 3/15 $36,502.67'.. $26,502.67 $2,650.27 7.26% 3/10/2015 $4,820.59 $7,470.86
$36,503.00' $26,503.00 $2,650.30.
7.27%.
11
3123/2015
7115
$26,804.45'..
$16,804.45
$1,680.45 6.27%'
2/16/2015
$4,820.59.
$6,501.04
$26,804.00
$16,804.00
$1,680.40!
6.27%
10
3/23/2015
1115
$30,692.53'
$20,692.53
$2,069.25 6.74%
1/15/2016
$4,820.59
$6,889.84
$30,687.00
$20,687.00
$2,068.70
6.74%
9
2/10/2015
12114
$31,897.59.
$21,897.591
$2,189.76 6.86%
12/8/2014
$4,820.59
$7,010.35
$35,028.00
$25,028.00
$2,502.80
7.15%
8
2/10/2015
11/14
$21,254.54
$11,254.54
$1,125.45 5.30%
11/24/2014
$4,820.59
$5,946.04
$31,661.00
$21,661.00
$2,166.10
6.84%
7
1/15/2015
10114
$20,465.21
$10,465.21
$1,046.52 5.11%
$4,820.59
$5,867.11
$27,465.00
$17,465.00
$1,746.50
6.36%
6
1/15/2015
9/14
$20,107.02
$10,107.02
$1,010.70 5.03%
$4,820.59
$5,831.29
$20,107.00
$10,107.00
$1,010.70
5.03%
5
10/31/2014
8/14
$28,238.43
$18,238.43
$1,823,84 6.46%
$4,820.59
$6,644.43
$28,328.00
$18,328.00
$1,832.80
6.47%
4
10/31/2014
7/14
$29,385.67
$19,385.67
$1,93857 6.60%
$4,820.59
$6,759.16
$29,386.00'
$19,386.00'
$1,938.60:
6.60%
3
6/14
$35,000
$25,000
$2,500.00
$4,820.59
$7,320.59
$36,313.00
$26,313.00
$2,631.30
7.25%
2
5/14
$35,000
$25,000
$2,500.00
$4,820.59
$7,320.59
$52,737.00
$42,737.00
$4,273.70
8.10%
1
4/14
$35,000
$25,000
$2,500.00
$4,820.59
$7,320.5
$33,358.00
$23,358.00
$2,335.80
7.00%
Sub -Total -Rest $350,348.11 $230,348.11 $23,034.81 6.57% Total $57,847.08 $80,881.89
9 Months 3115 - 4114
$388,377,00 $175,969.00 $1T q".90
4.53%
Page 127
City
3
Ciihtnittorl Mtn the nAlir
record tctr i S
on 1 City Clerk
One first point to note is that while the Miami Outboard Club pays the city reportedly on the basis of
10% of the gross restaurant revenues, because this applies only to the excess set by a prescribed
threshold (base) of $10,000 per month, the true effective overage percentage rates for the years 2015
through 2017 were 6.57%, 6.85% and 6.99% respectively. For instance, for the year ending in March
of 2017, from the total gross restaurant revenues of $398,022, the lessor received $27,802, or 6.99%.
Details of Calculations (1): $27,802 = $398,022 = 6.99%
This of course is only when considering the sales derived from the kitchen operation and non-
alcoholic beverages. Were we to consider all of the income generated from the operation of food and
beverage on the demised premises, the percentage return is much less.
Another point is that overage percentage rates are applicable only to gross restaurant revenues,
which is defined as "...the sale of all food and beverages (excluding alcoholic beverages),.." Other
sources of revenues for which the lessee is allowed to collect for the use of the premises, does not
entitle the lessor to receive percentages from the volume of sales. This is evident through a review of
the above mentioned Financial Statements, which report income streams to the Miami Outboard Club
for membership, bar, rental income (boat storage), parties & events in addition to restaurant. As can
be seen in the table immediately below, for the years ending in March 2015 and 2016, the Miami
Outboard Club, had sales volumes of $1,522,047 and $1,454,280, with gross revenues of $1,392,757
and $1,300,579, respectively, yielding overall effective rates to the city in rents of 5.81% and 6.46% of
the gross revenues. For instance, for the year ending in March of 2016, from total gross revenues of
$1,300,579, the lessor received $83,975, or 6.46%.
Details of Calculations (2): $83,975 = $1,300,579 = 6.46%
Payments to City versus Revenues per Financial Statements (Statements of Activities)
Income Stream 3/31/2017 3/31/2016 3/31/2015 3/31/2014
Membership $416,552 $492,222 $446,075
Restaurant $339,433 $318,571 $348,625
Bar $237,763 $228,244 $260,028
Rental Income $361,202 $383,075 $391,047
Parties & Eaents $99,330 $99,935 $107,254
Sub -total $1,454,280 $1,522,047 $1,553,029
:;iH£v"✓? �n . , .. a , . ,,y, za,. ... , i.. ..;,, .., _ .....xx4l,_ _ sem._, .a. � ..,:. �_ ... r.,.,'
Comm Sery $47,693 $47,693 $46,945
Contributions $106,008 $81,597 $64,015
Sub -total $153,701 $129,290 $110,960
Gross Re\,enues $1,300,579 $1,392,757 $1,442,069
AM
Rent Payments $84,919 583,975 $80,882
% Rent Payments 6.46% 5.81%
Page 128
pU
record f r itepn(s) U, .3
on City Clerk
The tables presented in the previous pages indicate that rent payments by the Miami Outboard Club to the City, have been about
$7,000 per month, or 6.46% of the total gross revenues from all of the permitted uses and revenues streams in the leased premises.
Details of Calculations (3): $83,975 + 12 = $6,998
The table immediately below is provided only as an accessory to illustrate the different sources of data and how they interrelate. For
instance, for the year 2016, on the table presented on page 34 the total figure reported for the kitchen and non alcoholic beverage is
$381,275. To this figure the allowance of $120,000 has to be deducted resulting in a figure of $261,275, when applying the nominal
percentage rent rate of 10% the rent payment to the landlord — City of Miami — is determined to be $$26,128. In this way we can tie
together the restaurant proceeds (kitchen and non-alcoholic beverages) based on the monthly reports, with the two figures presented
in the financial statements.
Year 1 3/31/2017 1 3/31/2016 1 3/31/2015
Income Stream Monthly Tabulations Monthly Tabulations Income Statements Monthly Tabulations Income Statements
per Reports per Reports I Schedule of % Rent I Statement of Activities per Reports Schedule of % Rent Statement of Actiaties
$350,348 $388,3771 $318,571
Rent Payments
% Rent Payments
f�ay`ii a� rcam Morlihly Reports % 0611y"'ate
$27,802 $26,12 11 8 $23,035
6.99% 6.85% 6.57%
P '}rft * I+fltttt�fAS r:
$84,919 $83,975
6.46%
$80,882
5.81
Page 129
Submitted into the publi
recorIFILL.
( s)
on City Clerk
RA
Analysis of Market Rent
Market rent is defined by The Dictionary of Real Estate Appraisal, 4"' Edition published by the
Appraisal Institute as;
The most probable rent that a property should bring in a competitive and open market reflecting all
conditions and restrictions of the specified lease agreement including term, rental adjustment and
revaluation, permitted uses, use restrictions, and expense obligations; the lessee and lessor each
acting prudently and knowledgeably, and assuming consummation of a lease contract as of a
specified date and the passing of the leasehold from lessor to lessee under conditions whereby.-
1.
hereby.
1. Lessee and lessor are typically motivated.
2. Both parties are well informed or well advised, and acting in what they consider their best
interests.
3. A reasonable time is allowed for exposure in the open market.
4. The rent payment is made in terms of cash in United States dollars, and is expressed as an
amount per time period consistent with the payment schedule of the lease contract.
5. The rental amount represents the normal consideration for the property leased unaffected by
special fees or concessions granted by anyone associated with the transaction.
It has been suggested throughout this report that the uses permitted within the subject property by the
City of Miami, through contractual agreements, is part of a limited market; within which the subject
property can be said to belong and compete. This characterization is critical to the solution of the
appraisal problem. It focuses on utility - uses. It defines the subject product -type. As a result, this
categorization further defines the market to which the subject product -type belongs. The subject
market is not defined by geography as much as it is defined by utility - use.
A survey of market rentals was conducted primarily of club house uses whenever possible, marine
related or water frontage operations, public or private, not-for-profit and for-profit in some cases,
depending on the particular revenue (income) stream desired to be measured. The following are the
most relevant comparable rental information identified in our research. Each comparable reported is
primarily used to reflect market data on at least one of the uses permitted by contractual agreement in
the subject property. As such, we have focused on comparables that offer the following revenue
producing activities: (1) initiation fees and annual membership fees, (2) wet/dry storage and mooring,
and (3) food, beverage and liquor sales.
Page 130
RENTAL COMPARABLES
Rental 1
Property Name - Red Fish Grill / Hammock Marina
Location Data
Location:
9610 Old Cutler Road,
20012015
Coral Gables, FL 33156
County:
Miami Dade
Folio No:
03-5105-000-0010
Physical Data
$55,475.91
Property Type:
Usable Land Area
Rentable Area
Year Built:
No. of Stories:
Property Condition:
Lease Data
Confidential Lease:
Confirmed By:
Confirmed With:
Comments
Special Purpose
N/A
3,375
1930s
One
Good
No
AJA
Miami Dade County
Submitted into the pub 'c
record f r itm(s)
on City Clerk
Red Fish Grill 6% of Receipts
Bait & Tackle Shop 6% of Receipts
B & T Gasoline $0.05 / Gln
Peril Meths
90mle
20012015
M4
9130=13
Red Fish Grill Restaurant
$2,018,216.21 S2,243,088.88 $2,137,086.45 $1,940,597.64
Less Adjustments
$51,536.53
$55,475.91
$60,613.70
$51,179.31
Total Gross Receipts
$1,966,679.68 $2,187,612.97 $2,076,472.75 $1,889,418.33
Lease Percentage %
6.00%
6.00%
6.00%
6.00%
Rent to Mami Dade County
$118,000.78
$131,256.78
$124,588.37
$113,365.10
Bait & Tackle Shop
$85,450.68
$90,000.68
$88,054.28
$79,373.54
Less Adjustments
$18,560.47
$20,365.28
$29,477.14
$28,979.48
Total Gross Receipts
$66,890.21
$69,635.40
$58,577.14
$50,394.06
Lease Percentage %
6.00%
6.00%
6.00%
6.00%
Rent to Mami Dade County
$4,013.41
$4,178.12
$3,514.63
$3,023.64
Bait & Tackle Fuel / Gal.
269078.6
258434.6
251397.3
222474.6
Less Adjustments
11310.8
11476.9
10964.7
8572.83
Total Gallons
257767.8
246957.7
240432.6
213901.77
r Gallos
$0.05
$0.05
$0.05
$0.05
Rent to Mami Dade County
$12,888.39
$12,347.89
$12,021.63
$10,695.09
Total Rent to Mami Dade
$134,903
$147,783
$140,125
$127,084
Total Gross Receipts
$2,033,570
$2,257,248
$2,135,050
$1,939,812
% Rate / Total GR
6.63%
6.55%
6.56%1
6.55%
Page 131
Submitted into the pubt'
record fo ite (h--
` C
Rental 2
on City Clerk
Property Name - Coconut Grove Sailing Club
Location Data
Location: 2990 South Bayshore
Drive, Miami, FL 33133
County: Miami Dade
Folio No: 01-4121-040-0012
Physical Data
Property Type:
Usable Land Area
Rentable Area
Year Built:
No. of Stories:
Property Condition:
Lease Data
Special Purpose
19.55 Acres
9,610 GBA
1981
TWO
Good
Confidential Lease:
No
Confirmed By:
AJA
Confirmed With:
City of Miami
Comments
Membership Dues $348,397
Mooring/Boat Storage $532.5891
Bar $372,440
Kitchen $321.460
Facility Operations (FOM) $362,997
Committees $111.747
Mctxrte
< .,
'dew I Penod' X
Revenue Streams
2013/2014
2014/2015
2015/2016
2016/2017
Dues
$244,180
$265,152
$371,346
$348,397
Facility Operations & Maintenance (FOM)
$236,956
$257,362
$354,607
$362,997
Moorings & Boat Starage
$491,683
$504,258
$552,394
$532,589
Bar
$313,725
$336,574
$374,347
$372,440
Kitchen
$250,581
$284,937
$315,490
$321,460
Gift Shop
$4,961
$6,881
$4,187
$6,169
Committees
$129,849
$120,707
$92,302
$111,747
Gross Revenues - Totals
$1,671,935
$1,775,871
$2,064,673
$2,055,799
Nominal % of Gross Revenues @ 10%
$167,194
$177,587
$206,467
$205.580
Minimum Rent - Less than %
$75,324
$77,584
$79,911
$82,309
Reported Rent Paid to City
$182,935
$204,094
$289,889
$i81,407
Effective Rate
10.94%
11.49%1
14.04%1
8.82%
Data derived from CGSC Revenue Table - Payments based on greater of minimum or percentage rent.
Page 132
Submitted into the public
record fr items)
Rental 3 on City Clerk
Property Name - Miami Yacht Club
Location Data
Location:
1001 MacArthur Cswy,
Confirmed By:
Miami, FL 33132
County:
Miami Dade
Folio No:
01-3231-000-0011
Physical Data
5491.944
Property Type:
Special Purpose
Usable Land Area
2.7 Acres
Rentable Area
7,713 ASF
Year Built:
1947
No. of Stories:
Two
Property Condition: Average
Lease Data
Confidential Lease:
No
Confirmed By:
AJA
Confirmed With:
City of Miami
Comments
Membership Dues
Wet/Dry Boat Storage
Restaurant & Beverages
Meeting Room Rentals
kmme
Yew] POW
Income Stream
3/31/2017
Membership
$220,183
Initiation Fees
526.815
Restaurant & beeera es
5491.944
Rental Income - Dry Slips
$111.675
Rental Income - Wet Slips
$160.347
Rental Transient
$8.576
Metting Room Rentals
510.486
Parking Fees
$7.509
Ship Store Merchandise
$341
Sub -total - Gross Sales
$1,037.876
Pwments 6Dm F
Monthly Tabluations per Reports
$1,037.876
Threshold Allowance
$380.000
Gross Profits
$657,876
Owrage Perctange
9.00%
Owrage Payment
559.209
Effectiie Rate
5.70%
Opera a Pa ment
$59,209
Effectixe Rate
5.70%
twat Rix# P
$48,505
Fes, %,+ Mirft=
Pot F
Total Rent Payments
$107,713
Effect % Total Rents/ Gross Sales
10.38
Effect % Total Rents/ Gross Profits
16.37 /
Figures derived from Financial Statements / Statement of Activities
$2800 & $1200
$13 & $8/mnth/Ft.
$491,944
$10,486
Page 133
Submitted into the public � r _ -
record f r it ni(s)
Rental 4 on ��n City Clerk
Property Name
- U.S. Sailing Center
Location Data
AJA
Location:
2476 S. Bayshore Dr.
SL*isd Rentry
$179,030
Miami, FL 33131
County:
Miami Dade
Folio No:
01-4122-001-1591
Physical Data
Boat Rental
Property Type:
Special Purpose
Dry Land Area
1.76 Acres
Submerged Land
N/A
Rentable Area
5,562 ASF
Year Built:
2002
No. of Stories:
Two
Property Condition:
Good
Lease Data
Threshold
Confidential Lease:
No
Confirmed By:
AJA
Confirmed With:
City of Miami
Comments
Membership Dues
Wet/Dry Boat Storage
Food & Beverage
Program Fees
Summarized Summarized Summarized
Income Stream
9/30/2017 9/30/2016
9/30/2015
9130/2014
kteatrie
Boat Stora;; Fees
SL*isd Rentry
$179,030
$163,800
$155,707
Program Fees
$34,675
533,000
$32,918
Boat Rental
$4,775
$5,750
$3,500
Soda Sales
$2224
$475
$290
Miscellaneous
$8,991
$17,866
$6,177
Sub -total a Gross Sales
$227,695
$220890
$198,593
Threshold
1 -$80,000
-$80,000
-$80,000
Sales Subject to Rent Gross Profits
$147,695
$140,890
$118,593
A licable %
10%
10%
10%
Rent Pa ments - Oeera a
$14,770
$14,089
$11,859
Effect % Rent Pavments
6.49%
6.38°/
5.97°/
Donations
$12,200
$119,8001
$14,506
Di,Adend & Interests
$391
$147
$0
Sub -total
$12,591
$119,947
$14,506
Sales Subject to Rent
$0
$0
$0
Monthly Minimum Rent P mnts
$1,022.84 $1,020.50
$1.007.14
$984
Minimum Rent Payments
$12274 $12,246
$12,086
$11,810
Total Rent Payments
1 $27,0161
$26,175
$23,669
Effect % of Total Rents / Gross Sales
11.860
11.85°/
11.92°/
Effect % of Total Rents / Gross Profits
1 18.24/
18.68%
1996%
.. .. :.
N/A
$4.58 - $10.83
N/A
$34,775
Page 134
Submitted into the public
record fr ite n(S)
Rental 5
on City Clerk
Property Name - Black Point Marina
Location Data
Location: 24775 SW 87 Avenue,
Miami, FL 33032
County: Miami Dade
Folio No: 30-6022-000-0030
Physical Data
Property Type:
Marina
Dry/Submerged
41,46 Acres
Rentable Area
64,296 ASF
Year Built:
1990
No. of Stories:
One
Property Condition:
Average
Lease Data
$4,204,186
Confidential Lease:
Confirmed By:
Confirmed With:
Comments
No
AJA
Miami Dade County
Dry Storage $1,537,897
Restaurant Sales $4,996,010
B & T Gasoline $0.05 / Gln
Ircome
year I P
Revenue Streams
9/30/2014
9/30/2015
9/30/2016
Boat Storage Revenue
$1,374,501
$1,471,678
$1,537,897
Restaurant Sales
$4,204,186
$4,761,458
$4,996,010
Office/Ship Store Revenue
$100,758
Total Gross Receipts
$5,578,687
$6,233,136
$6,634,665
Nominal % of Gross Receipts @ 5%
$278,934
$311,657
$331,733
Gasoline Sales Gallons
152,975.969
172,991.764
177,230.262
Diesl Sales Gallons
22,985.285
19,315.110
27,852.836
Total Fuel Sales in Gallons
175,961.254
192,306.874
205,083.098
d per Gallons
$0.05
$0.05
$0.05
Fuel Sales Payment
$8,798
$9,615
$10,254
Minimum Rent Paid
$140,141
$143,635
$151,779
Total Payment to Miami Dade
$427,873
$464,907
$493,766
Effec Rate / Total Paymets
7.67%
-F A &Oil
7.44%
Figures reported based on financial statements. Rent is based on minimum guarantee plus percentage
rent.
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Market Derived Rental Data Discussions
First and foremost, we have focused on market evidence (comparable rental data) from those
activities permitted through lease/license agreements in similar operations like those found in the
subject property (not-for-profit leasing public land). Namely these are initiation fees and annual
membership fees, wet/dry storage and mooring, food, beverage and liquor sales. Use was the
principal, overall consideration in selecting the rental comparables that would provide indications of
market rent for the subject property.
Typical leasing terms, for these types of operations, were generally defined by a minimum rent
amount or a percentage of gross sales, whichever is greater. Or conversely a minimum rent amount
payable on a monthly basis, plus a percentage of the sales volume of specific permitted uses;
significantly in most instances a high percentage rate but subject to also a high sales threshold — a
base or breakeven point.
In other words, the rents for these types of not-for-profit operations are based on an established
minimum rent amount which can be superseded — and generally is - by an amount that results from a
percentage of the volume of sales (gross revenues) emanating from the permitted uses. Or a
minimum rent figure plus an amount which results from a high percentage of specific permitted uses
after reaching a high dollar threshold. In any case to the owner of record, the landlord — whether the
payments are a minimum rent or percentage of sale whichever is greater or a minimum rent plus
percentage of sales for permitted uses — these payments establish rent levels or parameters on a
triple net basis, since all operating expenses are the sole responsibility of the tenant.
It is to be noted that the minimum rent can be as much as of the overage rent, and in other instances
a fraction, resulting from percentages of actual sales volumes, irrespective of whether the application
is affected when the volume of sales is greater than the minimum or plus the minimum. Also to be
noted is the fact that any improvements are generally the sole responsibility of the lessee/licensee
including development, major maintenance and repair items, as well as operational maintenance -
such as utilities and minor maintenance and repairs, and also insurance. In the case of the subject
property, the demised premises, it furthermore includes real estate taxes.
Secondly, we have also studied other operations, including for-profit enterprises in public owned land
through license/contractual agreements. The focus on these two types of operations again was use.
At least one use found in these operations was comparable to those permitted in the subject property.
Leasing arrangements of for-profit operations using public owned lands also, and similarly, function
under minimum rent requirements or percentages of gross sales, whichever is greater or again
minimum rent plus percentage of gross sales.
The following tables incorporate the comparable rent information obtained from our research of the
market, to which the subject property and operation belong as defined in this report. Each of the
major revenue (income) streams is reported in an individual table for easy comparison. It is to be
Page 136
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on.. _ lL_l�LLL_ City Clerk
noted that the under the current lease terms, the subject property's operator — tenant — is not paying
the City of Miami - landlord — rent on the basis of percentages for some of the noted line items as
comparables. The Miami Outboard Club pays only percentage rents from the gross receipts of the
restaurant and non-alcoholic beverage sales in what appears to be, based on the comparables, an
atypical arrangement; namely 10% of the gross receipts (gross restaurant revenues) in excess of
$10,000 per month, which as noted on various occasions is tantamount to about 7% of the gross
receipts (gross restaurant revenues).
Revenue (income) streams are reported because they emanate from the market and set market
standards. As a result they provide guidance as to the manner of operation that ought to occur in the
subject property; market standards.
Initiation and Annual Membership Fees
Table 1
Name
Miami Outboard Club Miami Yacht Club Cocnut Grove Sailing Club
Coral Reef Yatch Club`
Key Biscayne Yacht Club'
Initiation Fee
52.500 $1,400-52.800 $600
$10,000
$15,000
Annual Membership
$960 $1,200 $350
$2,375
$1.700
Sales Volumes
$416,552 $246,998 $348,397
Unavailable
Unavailable
The Miami Outboard Club initiation and membership fees have been compared with similar
operations, marine related clubs, where initiation and membership fees are assessed to the members
at large. These are outlined in Table 1 above. The Miami Outboard Club has current initiation fees
and annual membership that translates respectively to $2,500 and $960. We have provided the
initiation fees and annual membership fees for four waterfront, not -for profit clubs. Although all four
operate as not-for-profit, two of the clubs are situated on privately held lands, and two are situated on
public lands.
Summary of Findings
The two not-for-profit clubs on private land establish the upper end of the range for initiation and
membership fees; $10,000 and $15,000. 'These two are somewhat dated or historical figures but are
nonetheless reported for comparison purposes.
The two not-for-profit clubs on public land, establish a range of $600 and $2,800 for the initiation fees,
and $350 and $1,200 for the membership fees. The Miami Outboard Club initiation fees as well as
regular monthly fees as noted above are towards the upper end of the fees reported by other similar
operations. In fact if we focus on volume of sales the Miami Outboard Club generates more revenues
per year from this line item - $416,552 - than due the Coconut Grove Sailing Clue or the Miami Yacht
Club, $348,397 and $246,998, respectively. The City of Miami as landlord is not currently entitled to
receive compensation for membership fees due to the Miami Outboard Club from its members.
Notwithstanding, The Miami Outboard Club initiation fees and membership fees reported above are
reasonable based on similarly operated waterfront, non -for-profit clubs occupying public land. The
Miami Outboard Club initiation and membership fees compete with those of the Coconut Grove
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Sailing Club and the Miami Yacht Club. However the Miami Outboard Club does not pay any
percentage on the sales volume for membership fees: the landlord — City of Miami — is not entitled to
any proceeds from this line item.
Storage Fees (Wet/Dry Fees)
Table 2
Name
Miami Outboard Club Coconut Grove Sailing
Miami Yacht Club
US Sailing Club
Pelican Habour Dinner Key Marina Miami Beach Marina
Monthly Wet
$9/mnth;Ft
N/A
5131mnthiFt
N/A
$449.40
S60990
$321mnthrFt-28 It
Specifics
VA
NA
NA
NA
S9-15imnth/Ft
$19:mnth/Ft
533imnthrFt-36 ft
Monthly Dry
S4.5mnth-Ft
550+57-27.10imnth/Ft
$8-12.56imnthi Ft
$4.58-10.83imnth/Ft
NA
NA
NA
Moorings
N;A
$70+$91;mnth;Ft
NSA
NA
WA
WA
N;A
Sales Volume
N;A
Combined mth Wet
5111,675
$179,030
NA
WA
NiA
The Miami Outboard Club rates for wet slips and dry storage have been compared with similar
operations, public marinas operated by local governmental entities or marinas open to the public
operated for-profit on public lands. Three marinas are operated and managed on public land as profit
centers for their respective governmental owners. They provide only wet slips. Overall, wet slips are
rented from as low as $9 per linear foot per month to as high as $33 per linear foot per months for
boats larger than 36 feet. Pelican Harbour rents wet slips for as low as $9 per month per linear foot.
This rate is similar to that achieve at the Miami Outboard Club and represent the bottom of the rental
rate. The best comparable to the Miami Outboard Club is of course the Miami Yacht Club due to
location, which rents their wet slips for $13 per linear foot per month.
For dry storage the Miami Outboard Club rates are $4.5 per linear foot per month. The U.S. Sailing
Center rents dry storage from $4.58 to $10.83 per linear foot per month. The Miami Yacht Club rents
dry storage spaces from $8 to $12.56 per linear foot per month. And the Coconut Grove Sailing Club
rents dry storage from $7 to 27.10 per linear feet per month plus an additional $50.
Summary of Findings
The Miami Outboard Club charges - the actual monthly fees - of course depend on the size of the
boats. Both the wet slips and the dry storage charges by the Miami Outboard Club to its membership
for boat storage are towards the lower end of the markets. The Miami Outboard Club should be
encouraged to increase its fees for both wet and dry storage. Additionally, the landlord should be
entitled to receive compensation from the Miami Outboard Club for charaina its members for both wet
and dry storage. like other similar operations
Food and Beverage Revenues
According to the lease agreement dated June 14, 1996, the Miami Outboard Club is to pay the City of
Miami a minimum rent, payable monthly. In addition, the City of Miami is to receive 10% of the "gross
restaurant revenues" in excess of $10,000 (base restaurant revenues). Gross restaurant revenues
are defined to mean the all food and beverages excluding alcohol. This is significant to note that this
is the only permitted use within the demised premises, among all other permitted uses allowed the
Page 138
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tenant, for which the landlord — City of Miami — is entitled to receive a percentage of the proceeds in
the form of rent. Most marina operations be it for-profit on public land or even not-for-profit have
restaurants (kitchen & bar) facilities and provide, in some instances members only and in others to the
general public, food and beverage. This is one of the most lucrative income streams available in
marinas or marine related operations. This can be easily detected through the table presented
immediately below — Table 3a -, where the volume of sales for food and beverage is noted for both
for-profit enterprises undertaken in public lands as well as not-for-profit endeavors in public lands.
Table 3a
Name
Red Fish Grill Black Point
CGSC
MYC
MOC
Period
9/30/2016 9/30/2016
2016/2017
3/31/2017
3/15/2016
Source
Financial Stmnts Financial Stmnts Revenue Tables
Financial Stmnts Financial Stmnts
Restaurant
$4.996,010
$372,440
$491,944
$339,433
Bar-Alc
$502,430
$321,460
Rents Pyd
$237,763
Events
$80,565
$111,747
$10,486
$99,330
Totals (a)
$1,966,680 $4,996,010
$805,647
$502,430
$676,526
The Miami Outboard Club food and beverage operations have been compared with similar operations
in waterfront, not -for profit clubs on public lands; in particular the Coconut Grove Sailing Club and the
Miami Yacht Club. Also we have compared the Miami Outboard Club food and beverage operation
with the restaurant operations of for-profit entities on public lands; namely The Red Fish Grill
(Hammock Marine Corp) and the Black Point Ocean Grill (Black Point Marina).
Also we wanted to present a schedule — Table 3 b — where we would be able to identify for each of
the not -for -profits as well the two for-profit restaurant operations, the effective percentage rate
resulting from the rent received for said line item and the volume of sales due to activities associated
with a restaurant operation (food and beverages).
Table 3b
Name
Red Fish Grill
Black Point
CGSC
MYC
MOC
Period
9/30/2016
9/30/2016
2016/2017
3/31/2017
3/15/2016
Source
Financial Stmnts Financial Stmnts Revenue Tables
Financial Stmnts Financial Stmnts
Totals (a)
$1,966,680
$4,996,010
$805,647
$502,430
$676,526
Rents Pyd
$118,001
$249,801
$80,565
$28,663
$26,128
Rent Pyd
6.00%
5.00%
10.00%
5.70%
3.86%
Summary of Findings
The annual volume of sales generated and reported for the Black Point Ocean Grill established the
upper end of the range at $4,996,010 followed by the Red Fish Grill with $1,966,680, for the year
ending September 30, 2016. The volume of sales in food and beverage for a for-profit operation is
illustrated to be three to six times above what was reported for any of the three not-for-profit
operations. The point in presenting the volume of sale of these two for-profit restaurant operations on
Page 139
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public land is to illustrate that this activity can yield significant sales volume. This statement can be
qualified by saying that such sales volumes depends on the physical facilities available.
The volume of sales for this line item for not-for-profit operations ranges between $502,430 and
$805,647 annually, reasonably close to one another. The volume of sales for the Miami Outboard
Club is within the range, somewhat towards the upper end at $676,526. Therefore in terms of
volume of sales the Miami Outboard Club is performing adequately.
The effective percentage rate paid for instances for either of the two for-profit restaurant operations is
very straight forward 5% and 6% of all restaurant proceeds for the Black Point Ocean Grill and the
Red Fish Grill, respectively. The Coconut Grove works similarly in that it pays rents on 10% of all
restaurant proceeds. As such: $805,647 X 10% = 80,565. The effective rate is the same as the
nomimal.
In the case of the Miami Yacht Club it is more convoluted, because while a 9% nominal rate is applied
to all revenues — income streams — permitted in the property, it is affected after reaching a threshold
of $380,000. Accordingly, $502,430 is the gross revenues from the restaurant operation and events,
or 48.4% of the total gross revenues of $1,037,876. We similarly prorated the $380,000 by the
48.4% that pertains to the restaurant operation and events resulting in a figure of $183,956. This
figure is then deducted from the gross revenues from the restaurant operations and events - $502,430
— resulting in an amount of $318,510, which is subject to the 9% percentage rent. The rent in dollars
due from the restaurant operation and events is $28,663. The effective percentage rate for the
restaurant operation and events — volume of sales — is 5.7% ($28,663 _ $502,430 = 5.7%).
In the case of the Miami Outboard Club the formula is different but just as convoluted. The only
income stream to which the landlord — City of Miami — is entitled to receive a percentage of the
volume of sales in rent is for food and beverage, excluding alcohol sales. As such from the restaurant
(food and beverages less alcohol) sales volume of $339,433, there is an allowed threshold of
$120,000 ($10,000 per month) deduction, resulting in a figure of $219,443 which is subject to a 10%
nominal rate. The rent in dollars due from the restaurant operations (food and beverage, no alcohol)
is $21,944. We continue this analysis by interchanging this dollar rent amount to match that
calculated percentage rent payment in page 34 of $26,128, because of the different sources of the
gross revenues for this line item: from financial statements or tabulated from monthly reports. The
effective percentage rate for the full restaurant operation (food and beverage, including alcohol, plus
events is 3.86% ($26,128 _ $676,526 = 3.86%). The effective rate for the sales of food and beverage
ranges from the high at 10% (CGSC) to the very lowest at 3.86% attained in the Miami Outboard
Club. Therefore in terms of effective percentage rates from the sales of food and beverage the Miami
Outboard Club reflects the lowest reported rate of return. The Miami Outboard Club should pay the
City of Miami — landlord - percentage rent payments comparable to the market.
In recapping, the volume of sales for the restaurant in the Miami Outboard Club — food and beverage
— is considered reasonable when compared to other volume of sales in not-for-profit marina
operations with permitted uses that allow for restaurant operations. What is not acceptable is the
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effective percentage of the volume of sales of food and beverage that is ultimately paid to the City of
Miami as landlord. The definition of what constitutes restaurant sales has to be expanded to include
the sale of alcohol and events, and the percentage to be applied has to be increase to market
parameters for restaurant operations.
Summary and Conclusions
The question then becomes what is the market rent for the subject property given its permitted uses
and existing improvements? While it is recognized that the subject property has an attractive,
waterfront location in Watson Island of Biscayne Bay, it operates as a not-for-profit; rendering an
invaluable service to the community at large. As a not-for-profit it is able to generate a total of gross
sales volume from its various permitted uses and activities, limited only by those same uses and the
physical characteristics of the demised premises; the current uses and existing improvements.
Generally a minimum rent guarantee is required from these operations. Concurrently and usually, a
percentage of the gross sales volume from the different authorized and permitted uses, in the form of
overage rent, is paid to the landlord. Which overage rents are payable if and when it exceeds
minimum rents demanded by contract. Or conversely overage rents are paid in addition to a minimum
rent guarantee, which could be a fraction of the minimum rent or as much as, if not exceed, the
minimum rent.
More specifically then the question is how does the existing improvements and the permitted uses
compare and compete with purveyors of similar operations? We have thus undertaken a comparison
not only of typical line items – permitted uses – but also volume of sales of those specifically permitted
uses. In addition we have compared the percentage rates – the nominal rates - imbedded in the
respectively lease agreements with the effective rate of return for the revenue source, for the total
gross sales (the sum of sales of all of the permitted uses) as well as the rate emanating from total
gross profits (the sum of the sales of all uses less allowances, breakeven points, thresholds and the
like).
Comparing the achieved sales per line item or income stream (per each permitted use) of comparable
purveyors of similar operations is considered reasonable to determine market rent. We have done
accordingly in our analysis above based on each comparable reported and for each revenue stream.
Differences in elements of comparison may be expressed as percentage adjustments. Isolated
percentage adjustments, if such measurable adjustments can be extracted or derived from differences
in elements of comparison between selected comparables, are made through the use of quantitative
analysis. Whenever differences in elements of comparison between comparables are unable to be
isolated and measured, resulting in a percentage adjustment, qualitative analysis is undertaken. In
comparison to the subject, superior characteristics in the comparable rentals are adjusted downward
and inferior characteristics are adjusted upward.
Page 141
Submitter into the public
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on City Clerk
A quick glance at the tables above regarding the three most lucrative line items permitted in the
product type — Initiation and Membership Fees, Storage Fees, and Food and Beverages — indicates
that the Miami Outboard Club generally attains adequate levels of performance in all of the itemized
permitted uses within the demised premises, with a few exceptions and of course with certain
caveats. This can be observed in reviewing our earlier summaries of findings:
1.) The Miami Outboard Club initiation and membership fees compete with those of the Coconut
Grove Sailing Club and the Miami Yacht Club. However the landlord — City of Miami — is not
entitled to any proceeds from this line item. The landlord should receive compensation for this
line item in the form of a percentage rent.
2.) The Miami Outboard Club should be encouraged to increase its fees for both wet and dry
storage. The landlord should be entitled to receive compensation from the Miami Outboard
Club for charging its members for both wet and dry storage, like other similar operations in the
form of a percentage rent.
3.) In terms of the volume of sales for Food and Beverage the Miami Outboard Club is performing
adequately, especially when adding the sales of alcohol. The Miami Outboard Club should
pay the City of Miami — landlord - percentage rent payments comparable to the market.
Finally, it is recognized that the Miami Outboard Club pays the city rent in the average of $7,000 per
month ($84,919 = 12 = $7,077). This as noted repeatedly in various components of this report is the
result of the minimum rent guarantee currently in place, subject to adjustments for CPI per lease
arrangements, plus a percentage of the sales volume resulting only from food and beverage,
excluding alcohol sales. For the year ending March 31, 2017, it is estimated, that minimum rent was
$57,117. The overage rent is estimated to $27,802. Hence the $84,919, or $7,077 per month, noted
immediately above ($57,117 + $27,802 = $84,919).
More accurate figures are available for the year ending on March 31, 2016, because these emanate
from financial statements provided for review. The minimum rent for this period was $57,847 and the
overage was $26,128, for a total rent for the year of $83,975 ($57,847 + $26,128 = $83,975), or
$6,668 per month.
The nominal rate prescribed in the lease agreement is 10% of the sales volume from the only
permitted use subject to overage rent, namely Food and Beverage, less alcohol. It is affected after
reaching a threshold of $120,000 or $10,000 per month. The effective rate when combining the
minimum rent guarantee and the overage rent, that the Miami Outboard Club paid to the city was
5.77% of the gross sales and 7.11 % of the gross profits for the year ending March 31, 2016, and
5.31 % of the gross sales and 6.35% of the gross profits for the year ending March 31, 2015.
When comparing the Miami Outboard Club to other similar operations, it is evident that it pays the City
as lessor — its landlord — the lowest percentage of their overall revenues than most other comparable
operations. Please refer to the table in the following page.
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Table of Comparison of Sales Volumes per Line Item, Effective Rates of Gross & Profit Sales
Operation
Miami
Outboard
Club
CGSC
2015/2016
CGSC
20162017
Black Point
Marina
Black Point
Marina &
Grill
Red Fish /
Hammock
Marina
U.S.
Sailing
Club
Miami
Yacht Club
Gross Sales
$1.454,280
$2,064,673
$2.055.799
52,339,519
56.634.685
52,117,121
5227,695
$1,037,876
Gross Profits
$1,180.579
$2,064,673
52,055,799
$1,781,744
56,634,685
$2,046,458
5147,695
$657,876
Nominal %
10.00%
10.00%
10.00%
5.00%
6.00%
10.00%
9.00%
Overage Payment
$26,128
5134,903
514,770
559.209
Effective Rate
7.70%
6.59%
6.49%
9.00%
Minimum Rent Payment
$57,847
$12,246
548,505
Total Rent Payments
$83.975
5289,889
5181,407
5151,779
5493.766
$134.903
$27,016
5107,713
Effect Rate /Gross Sales
5.77%
14.04%
8.82%
6.49%
7.44%
6.37%
11.86%
10.38%
Effect Rate/ Gross Profits
7.11 %
14.04%
8.82%
8.52%
7.44%
6.59%
18.29%
16.37%
The Miami Outboard Club in terms of its total volume of sales is competitive to other similar not-for-
profit operations; in performance. Its most recently reported total sales volume is $1,454,280, which
is within the range established by the Miami Yacht Club of $1,037,876 and the Coconut Gove Sailing
Club of $2,064,673. As stated previously, with some exceptions, the Miami Outboard Club
performance is adequate.
In regards to rent payments, when combining the minimum rent with overage rent, The Miami
Outboard Club pays its landlord - City of Miami - 5.77% of gross revenues (sales) and 7.11 % of gross
profits (gross revenues less adjustments). These rates are at the bottom of the comparable range
presented above, certainly for the gross sales volume. Only the Red Fish Grill which is a for-profit
operation comes near. Compared with other similarly operated facilities, the effective rate for the
gross volume of sales is about half of what others pay the City of Miami - landlord. The Miami Yacht
Club pays 10.38% of its gross volume of sales, the U.S. Sailing Center pays 11.86% and the Coconut
Grove pays, based on the two years reported above, between 8.82% and 14.04%. The situation is
similar when considering gross profits (gross revenues less adjustments). Again, the Miami Yacht
Club pays 16.37% of its gross profits sales, the U.S. Sailing Center pays 18.29% and the Coconut
Grove pays, based on the two years reported above, between 8.82% and 14.04%.
This _very evident differential is attributed to two sources, one slightly below market rates for boat
storage both dry and wet, but more significantly to the fact that overage rents is only received against
the sale of food and beverage, not including alcohol, and all other permitted uses generating revenues
are excluded.
FINAL MARKET RENT ESTIMATE
As such the Miami Outboard Club current rent levels are considered below market, particularly in view
of its sales volumes for all permitted uses within the demised premises. Please refer to the table in
the following page
Page 143
Submitted into the public
recordr f iter l)
on ��� ) I City Clerk
Table of Comparison of Sales Volumes, Gross versus Profits and Effective Rates
Market rent for the Miami Outboard Club is thus concluded to be $13,000 per month or $156,000 per
year, maintaining similar volume of sales for all of the permitted uses as in the past, and generally
derived from the average and median effective rates for both gross sales (11.28 - 11.12%) and gross
profits (14.38 —15.21%). This is illustrated in the following table.
Market Rent Estimate Table
Year Ending March 31, 2016
Entity
Gross Sale
Effective Rt
Cross Profits
Effective Rt
Annual Rent
Monthly Rent
U S.
Sailing
Club
$227,695
11.86%
$147,695
18.29%
$27,016
$2,251
Miami
Yacht Club
$1,037.876
10.38%
$657,876
16.37%
$107,713
$8,976
CGSC
2015/2016
$2064673
14.04%
$2,064,673
14.04%
$289.889
$24,157
CGSC
2016/2017
$2.055799
8.82%
$2,055,799
8.82%
$181,407
$15,117
Average
11.28%
14.38%
Median
11.12%
1521%
Miami
Outboard
Club
$1,454,280
5.77%
$1,180,579
7.11%
$83,975
$6,998
Market rent for the Miami Outboard Club is thus concluded to be $13,000 per month or $156,000 per
year, maintaining similar volume of sales for all of the permitted uses as in the past, and generally
derived from the average and median effective rates for both gross sales (11.28 - 11.12%) and gross
profits (14.38 —15.21%). This is illustrated in the following table.
Market Rent Estimate Table
Year Ending March 31, 2016
Average
Gross Sale
11.28%
Gross Profits
14.38%
Gross
Annual
Monthly
Rent
Profit
Annual
Monthly
Rent
Median
11.12%
15.21%
Miami
Outboard
Club
$1,454,280
10.00%
$1,180,579
14.00%
$145,428
$12,119
$165,281
$13,773
Please note that this estimate of market rent for the Miami Outboard Club is estimated based on the
revenues reported for the year ending March 31, 2016 of $1,454,280 gross and $1,180,579 profit
(gross revenues less allowances), which was a lower figure than in previous years; March 31, 2015 of
$1,522,047 gross and $1,272,757 profit (gross revenues less allowances), and March 31, 2014 of
$1,553,029 gross and $1,322,069 profit (gross revenues less allowances).
The minimum rent could remain the same as present, subject to annual CPI increases, at $4,821, and
the overage rent can increase when allowing for all permitted uses generating revenues to be subject
to percentage rent. The easiest mechanisms is to pay the minimum rent or the percentage rent as
described whichever is greater — this can be in the range of 10% of the gross volume of sales or 14%
of the gross profit (gross sales after deducting threshold or base and other allowances such as credit
for services, etc.) as long as the total rent paid to the City of Miami — landlord — per month is in the
range of $13,000 per month, or $156,000 per year.
Page 144
Submitted into the public
on J/2X/ 1'/ . City Clerk
Also, the minimum rent can be increased to $9,000 per month, which is proportionally what the
minimum rent represented from the total rent paid in the past. For instance for the year beginning
March 2016, the minimum rent was $57,847 or 68% of the total rent paid for the year of $83,975
($57,847 = $83,975 = 69%). The additional $4,000 per month can be received by the City of Miami —
landlord - in the form of an additional percentage rent based on 14% of the gross profits, which can be
defined to allow appropriate discounts (threshold or base and/or credits).
This conclusion emanates from the historic actual rents reported above under Analysis of Contract
Rents - rent payments by the Miami Outboard Club, as well as comparable sales volume levels of
typical permitted uses present in competitive operations. Please review table immediately below
Market Rent Cocnlusion
Gross Sales Gross Profits
Mami
Monthly Rent
Annual Rent
$1,454.280 $1.180,579
10.00% 14.00%
Outboard
Club
$13,000
$156,000
$145,428 $165,281
$12,119 $13,773
Comparable Rent Data
Gross Sales Gross Profits
U.S.
Sailing
$2,251
$27,012
$227,695 $147,695
11.86% 18.29%
Mami
Yacht
SB+978
$107,713
$1,037,876 $657,876
10.38% 16.37%
CGSC
2016/2017
$15,117
$181,407
$2.055.799 $2,055,799
8.82% 8.82%
CGSC
2015/2016
$24,157
$289,869
$2064 673 $2.064,673
14.04% 14.04%
The market rent conclusion would result in an effective rate of return to the landlord or 10% and 14%
based on the average volume of gross sales and gross profits, respectively, based on the revenues
reported for 2016.
;MARKET RlNCONCLtiStC3NS ,
Effedhe Date
May 5, 2017
Monthly Market Rent
$13,000
Annual Market Rent
$156,000
A\erage Gross Sales -2016
$1,454,280
Effective Rate
10.73%
Average Gross Profits - 2016
$1,180,579
Effective Rate
13.21%
Exposure Time — Is not considered applicable for this valuation assignment.
Page 145
Subject Photographs
Submitted into the public
record i'o its: (s)M -,�
on Z 1 . City Clerk
Interior View Banquet Hal
Page 147
I.
J
f
Interior View Banquet Hal
Page 147
Subject Photographs
Submitted into the public
record f r ite (s)
on _ City Clerk
Meeting Room
air
Meeting Room
Page 148
Submitted into the public
record f it i(s) K , �
on `I . City Clerk
Subject Photographs
Page 149
Submitted into the public
record fr ite (s)
on 7 City Clerk
Subject Pnotograpns
iew of Bar with Kitchen in Back roup
iew of Kitchen
Page 150
Submitted into the public
record fo ite (s) C ,
on H City Clerk
Subiect Photographs
Mew of Kitchen
iew of Kitchen
Page 151
Submitted into the public
record fo iter �(s) �� ,
on q Z,�j �T) City Cl
Subject Photographs
iew of Kitchen
lose View of Exterior Covered Terrac
Page 152
Submitted into the public
�r
record fo ittc (s G ,
On— / J City Clerk
Subject Photographs
Bar and Chikee Hu
Page 153
Submitted into the public r
record 1 -Ar ite ri(s) �G .
on City Clerk
Subject Photographs
iew of Exterior Covered Terrac
iew of Tot Lo
Page 154
Submitted into the public
�L-.record fc ite7ks
) 3
on City Clerk
Subject Photographs
[View of Marina
i e w ofMarina
Page 156
Submitted into the public
record to ne (S)
on— q�Z`�1 �`� City Cleric
Subject Photographs
Mew of Marina
Mew of Hoist
Page 157
Submitted into the public 3
record fc; iter (s) _
on �� 1 . City Clerk
Subject Photographs
iew of Fish Cleaning Station
iew of Utility Building and Bathroom
Page 158
Submitted into the public
record fo iteTj�'
,j
on City Clerk
Subject Photographs
iew of Dry Stora
EPA
F 1,
iew of D Stora
Page 159
ZONING CLASS DATA - ADDENDA
a U
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Submitted into the public ,
record for ite7(s) _
on / City Clerk
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Page 160
� brllltted into the public
recordVI
r ite n(s)
on _ _. City Clerk
MIAMI 21 ARTICLE t TABLE 4 DENSITM, INTENSITY AND PARKING fL"CiNT UED)
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Page 161
3unmrttea into the i
record f r ite (s}
onCity Clerk
TMsWAAminOM 1 111111rw amWulaicSpon(Cs)BpdixPANSPeft0dCON SawpwAdmdbVftPW* HaalbPop
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Page 162
to s
on o 1 . City Clerk
S7 CIVIC SPACE ZONES (CS) AND CIVIC INSTITUTION ZONES (C])
SJA Civic Spws Zones (CS)
17.1.1 Development in a Civic Space Zone should have a minimum of My pmt ) of Its Iohnefer
txtb`txyttrtg a ThormViters. Civic Space sites shall be entered dkecdty thorn a Thoroughfare.
17.1.2 Development In Civic Space Zones shall be consiawrt with the standards in Article 4. Tabu A A
and 7.
5;TAI One or more 8uiidngs may be built In each Civic Space. Building floor am shall not exces twenty-
Rm percent (25%) of tie 0 area of the Civic. Spam and shall support to principal use of titre Civic
Space-
5:T.1A In C2aic Spaces, Buildings, Fences and waft shalt corftm to reguiart m of the mast restrituve
Abutting Transect Zana, +a7mW as shorn by City of Wamfs Parks and Public Spacas Master Plan_
Otter sdjustnents to the regLiebans shall be approved by process of emeption,
5.7.1.5 Ai O mtmm" lily and Recredonat Facility Uses shall be goverment owned or opo wW only
5,7.2 Civic Institution Zones (C2)
&T -2 -Il went in a Civic Insimution Zone shall have a minirmatr of one (1) Frontage ent on" a
Thoroughfare and should have its primary entrance than a Thoouglhilmrs.
5.7.22 Development in Ckrtc Inslitudon Zones shall be consistent with the suds In ArIlde 4, Tables 3
NO 4.
5.7.2.3 A Ovic Inion Lot may have one (1) or more Buikkh &
5.7.2.4 Cmc Instil Aan Development 00 be partrutf W by proc em of Excep4on and shall conform to Ire
toflowkrg reg Aatlarrx.
a. Any property kCed WOW a a Zone may be developed aacondng tothe reWattans ofthemog
ne ve Abuting Transect Zone with all Frontage Setbacks considered a min.
b. DrAsopmentin a CI Zone shad follow the res of ftAturtt}ng Tratmad Zana. except that
Haight restrictions shall be as follows
1. A Cl Zone on** Abutting T3 smell be developed to no mora than the maranu m Height al-
lowed by T4
2. A0 Zots predominerrtyAbutling T3 Cir T4, shy be develope d to no mors than tthe macurnxn
Height awed by T5.
3. A d Zone predanirorhty Abutting T5, T&8, 01, 02 or 03, shall be developed to no more
than the rsaa mum Height of T64,
4. AO Zone entirstyr Abeing T" or ttgh. may conflorm to the ma*wn Heigh of any higher
AbuttMhg Transect Zane.
VAI
Page 163
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LEASE AREA 1
COMMENCE AT A POINT SHOWN AS AT STA. 47 +16.98 ON THE OFMCAL MAP OF LOCATION AND SURVEY OF
A PD.R77ON OF SECTION 6706, DESIGNATED AS A PART OF STATE ROAD A -1-A /N DADE COUNT;; FLORIDA, AS
RECORDED IN MAR BOOK 56 AT PAGE 71 OF THE PUBLIC RECORDS OF DADE COUNTY FLORIDA, S41D POINT
BEING 774E 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 HAWN; A RADIUS OF 1910 08 FE.^'T AND A CENTPAL ANGLE OF 3447'15' THENCE N2510:351E
ALONG THE RADIAL LINE OF THE ABOVE MEAR70NED 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
+VON -TANGENT CURVE, A RADIAL LINE TO SAID POINT BEARS S25'10'35"W SAID CURVE BEING THE NORTHERLY
RIGHT-OF-WAY LINE OF SAID GENERAL DOUGLAS MCARTHUR CAUSEWAY' THENCE 740.98 FEF7ALONG SAND
RIGHT-OF-WAY LINE, AN ARC OF A CURVE TO THE RIGHT SAID CURVE HAVING A R4D1US .OF '845.03 FEET
AND A CENTRAL ANGLE OF 23'0^ 36" TO A POINT OF INTERSECTION WITH A NON -TANGENT LINE, A RADIAL
UNE TO SAID POINT BEARS S48' T 0'39 b7• THENCE N49' 19'01 E FOR A DISTANCE OF 543.85 FEET- THENCE
S34'29'50E FOR A DISTANCE OF 222.43 fE-7 THENCE S09'28'51 E FOR A DISTANCE OF 208.77 =,,,
THENCE 50,'4904E FOP, A DISTANCE OF 408.86 FEET TO THE POINT OF BEG;NNING. CONTAINING 255,733
SOUARE FET 5.87 ACRES, MORE OR LESS,
;NCLUD/NG THE SUBMERGED LAND EAST OF THE APPROXIMATE EDGE OF WATER LINE MEASURED IN AUGUST
160,, 2010 AT 10:00 Ak.. BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
LEASE AREA 1 SUBMERGED LAND
COMMENCE AT A POINT SHOWN AS P.T, STA 47 -I-16.98 ON THE OFFICAL .VAR OF LOCs1710N AND SURVEY OF
A PORTION OF SECTION 6706, DESIGNATED AS A PART OF STATE RCAD A -1-A ;N DADE COUNTY, FLORIDA, AS
RECORDED" (N IWAP BOCK 56 AT PAGE 71 OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA, SAID POINT
BEING THE POINT OF TANGENCY OF THE CENTER LINE OF T?iE MOST SOUIHE,RLY CURVE OF SEVERAL
DOUGLAS MCARTHUR CAUSEWAY RUNNING NORTHWESTERLY FROM TTVE SOUTH'EASTRLY CORNER OF WATSON .
ISLAND AND HAVNG A. RADIUS OF 7910.05 FEET AND A CENTRAL ANGLE OF 34'47'15" F"YENCE N25'1035'E
ALONG THE RADIAL LINE OF NE ABOVE MENTIONED CURVE FOR A DISTANCE OF 55.00 FFE7 A RADIAL LINE
TO SAID P01NT BEARS S25'10'35111 TO THE PO/N7 OF BEGIIJNING OF THE FOLLOWING DESCRIBED PARCEL OF
LAND,' THENCE 151.74 FEET NORTHWESTERLY ALONG THE NORT-IEPLY RIGHT-OF-WAY LINE OF SAID GENERAL
DOUGLAS MACARWJR CAUSEWAY, S41D LINE BEING THE ARC OF A CURVE TO THE RIGHT HAVING A RA01US OF
1645.08 FEET A.ND A CENRk ANGLE OF 4'4244' TO A POINT OF INTERSECTION WITH A NON-TAMGEVT LINE,
A RADIAL LINE TO SAID POINT BEARS S29'53'19"W THEN -CE THE FOLLOWING TiyEN;Y (20) COURSES ALONG
THE AP.pRGX1fAATE EDGE OF WATER N0752 53'74 FOR A DISTANCE OF 144.76 F57' THENCE N76 14'13 E FOR
A DISTANCE OF 41.73 FET' THENCE N06'5520 -N FOP, A DISTANCE OF 47.97 FEET THENCE S82'51 ' 18 "W FOR
A DISTANCE OF 30.96 FEET THENCE NO3'25'04 t FOR A DISTANCE OF 14.98 FEET; THENCE N26*5024"W FOR
A DI STANCE OF 3.59 FEET- THENCE NOB' 15 517W FOR A DISTANCE OF 9.51 FEE THENCE N20'06 23E FOR A
D1S7AN'CE OF 12.66 FEET; THENCE N22'2929 "W FDR A DISTANCE OF 10.75 =t ', THENCE N06'56'02'W FOR
A DISTANCE OF* 14.53 FEE'•;• THENCE N00'02521' FOR A DISTANCE OF 68.47 :CEET,• THENCE N05'47'''J W FOR
A DISTANCE OF 34.09 FEET,• THENCE N2272356"W FOR A DISTANCE OF 25.71 FEET; THENCE N33'20'711t'
FOR A D1S?"ANCE OF 46.09 FES- THENCE N20'2925"W FOR A DISTANCE OF 15.97 FEST,• THENCE
N12'32531W FOR A DISTANCE OF 11364 FEE,; THENCE NC5'5323"W FOR A DISTANCE OF 69.07 FEET
THENCE N04'04'48"E FOP, A DISTANCE OF 24.06 FEET; 7TIENCE NJJ'55'44"E FOR A DISTANCE OF 12.90 FEET;
i E'JCE N 13'17 44 `,? FOR A DISTANCE OF 30.07 FEET TO A POINT OF INTERSEC RON WITV THE NC87H LINE
OF LEASE AREA 1; THENCE N49'19'02 E ALONG SAID NORTH L,'NE FOR A DISTANCE OF 69.03 FEET THENCE
THE FOLLOWING 77 -%REE I3) COURSES ALONG THE EAST BOUNDARY OF LEASE AREA 1;S34'29'50 c FOR A
DISTANCE OF 12243 FEET- THENCE S0926 51 "E FOR A DISTANCE OF 108.77 FEET• THENCE SO1'49'04"E FOR
A DISTANCE OF 408.86 FE=? TO THE POINT OF BEGINNING.
CONTAINING 103,132 SOUARE FET, 1.37 ACRES, MORE OR LESS.
LUDOVMC! I& ORANGEJ LEASE AREA 1
ID CONSULTING ENGINEERS, INC. LEGAL
DESCRIPTION
329 PALERMO AVENUE, CORAL GABLES. FLORIDA 33134 • 306!448-1800 • LB 1012 SHEET 1 QE I SHE1
Page 165
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Exhibit B
! LEASE AREA 2
THAT PORTION OF LAND LOCATED ON WATSON ISLAND, NORTHEASTERLY OF THE NORTHEASTERLY RIGHT OF WAY
LINE OF STATE ROAD A -1-A (MACARTHUR CAUSEWAY) AS SHOWN ON THE STATr_ OF FLORIDA STATE ROAD
DEPARTMENT RIGHT OF WAY MAP FOR SECTON 87060-1117 FILED FOR RECORD UNDER ROAD MAP BOOK 68, AT
PAGE 4 OF T4E PUBLIC RECORDS OF DADE COUNTY, FLORIDA. LYING W SEC7IONS 31 AND 32 TOWNSHIP 53
SOUTH, RANGE 42 FAST CITY OF MIAMI, MIAMI-DADE COJNTY, FLORIDA. BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
CORVENCE AT A P01K SHO WY AS P.T STA. 47 +16.96 ON THE OFF/CAL MAP OF LOCATION AND SURVEY OF A
PORTION OF SECTION 8706, DESIGNATED AS A PART OF STATE ROAD A -1-A IN DADE COUNT`; FLORIDA, AS
RECORDED IN MAP 300K 56 AT PAGE 71 OF THE PUBLIC RECORDS OF -DADE COUN7Y. FLORIDA, SAID POINT BEING
THE POINT OF TANGENCY OF THE CENTER LINE OF THE MOST SOUTHERLY CURVE OF GENERAL DOUGLAS MCARTHUR
CAUSEWAY ,RUNNING NORTHWEST ZY FROM THE SOUTHEASTERLY CORNER OF WATSON ISLAND AND HA✓ING A
RADIUS OF 1910.06 FEET AND A CENTRAL ANGLE OF 3447'15' THENCE N2510 35 E ALONG THE RADIAL UNE OF
THE ABOVE MEN701YED CURVE FOR A DISTANCE OF 65.00 FEET TO THE POINT OF INTERSECTION WITH A
NON -TANGENT CURVE, A RADIAL LINE TO SAID POINT BEARS S25'10'35'W S41D CURVE BEING THE NORTHERLY
RiGH'T OF -WAY LINE OF SAID GENERAL DOUGLAS MCARTHUR CAUSEWAY; THENCE 740.98 FEET ALONG SAID
RIGHT -OF -WA" UNE AN ARC OF A CURVE TO THE RIGHT SAID CURVE HAVING A RADIUS OF 1645.08 FEET AVD A
CENTRAL ANGLE OF 2-700'36' TO A POINT OF INTERSECTION WITH A NON -TANGENT LINE, A RADIAL UNE TO SA10
POINT BEARS 548'10 39 "W TI•'ENCE N49'19'02"E FOR A DISTANCE OF 12.41 FEET TO THE POINT OF 3£GINNING OF
Tu£ FOLLOWING DESCRIBED PARCEL OF LAND, ALSO A PDINT OF INTERSECTION WITH A NON -TANGENT CURVE, A
RADIAL LINE TO SAID POINT BEARS S50'10 4C 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' TC A PC/A(7 OF
TANGF_NCY, THENCE N28'1247E FOR A DISTANCE OF 5200 FEET TO A POINT OF CURVATURE; THENCE 68.22 FEET
ALONG THE ARC OF A CURVE TC THE LEr7 SAID CURVE HAVING A RADIUS OF 250.00 FEET AND A CENTRAL
ANGLE OF 15'38'04" TO A POINT OF INTERSECTION W -IH A REVERSE CURVE,, A RADIAL LINE TO SAID POINT BEARS
S77'25`17'E; THENCE 1 /4.60 FEET ALONG THE ARC OF A CURVE TO THE ,R1GHT, SAX CURVE HAVING A RADIUS QF
60.00 FEET ANG A CENTRAL ANGLE OF 109'26'04' TO A ,POINT OF TANGENCY,• THENCE S57'56'11 E FCR A
DISTANCE OF 120.75 FEET; TIiENCE N352742E FOR A DISTANCE OF 110.62 FEET' THENCE N69'?9'18 E FOR A
DISTANCE QF 123.8.1 FEct TO A POINT CN THE WESTERLY LINE OF LEASE AREA 1; THENCE S49'19'02 S ALONG
SAID WESTERLY LINE FOR A DISTANCE OF 53744 FEET TO THE POINT OF BEGINN.!NG. CONTAINING 44,138 SQUARE
FEE', 1.013 ACRES, MORE CR LESS.
INCLUDING THE SUBMERGED LAND FAST OF THE APPROX,'MATE EDGE OF WATER UNE MEASURED IN AUGUST 16LI:,
2010 AT 10:G0 AM, 3EI,NG MORE PARTICULARLY DESCRIBED AS FOLLOWS:
LEASE AREA 2 SUBMERGED LAVD
COMMENCE AT A POINT SHOWN AS P.T STA.. 47 *16..98 ON THE OFrICAL MAP OF LOCATION AND SURVEY OF A
PORT X1N OF SECTION 8706, DESIGNATED AS A PART OF STATE ROAD A -1-A IN DADE COUNTY, FLORIDA, AS
RECORDED IN MAP BOOK 56 AT PAGE 71 OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA, SAID POINT BEING
THE' POINT OF TANGENCY OF I74E CENTER LINE 0, THE MOST SOUTHERLY CURVE OF GENERAL DOUGLAS MCARTHL'R
CAUSEWAY RUNNING NORTHWESTERLY FROM THE SOUTHEASTERLY CORNER OF WATSON ISLAND AND HA'✓ING A
RADIUS OF 1910.08 FEET AND A CENTRAL ANGLE OF 34'47'15', THENCE N2510'5'E ALONG THE RADIAL LINE OF
THE ABOVE MENTIONED CURVE FOR A DISTANCE OF 65.00 FE -7 TO THE POINT OF INTERSECTION WITH A
NON -TANGENT CUR'✓� A RADIAL G'NE TO SAJD POINT BEARS 525' 1 G 35 °'W SAID CURVE BEING THE NORTHERLY
FIGHT -OF -WAY L.'hE OF SAID GENERAL DOUGLAS MGARTHUR CAUSt_WA?;' THENCE 740.98 SET ALONG SAID
RIGHT CF --WAY LINE, AN ARC OF A CURVE TO THE RIGHT, SAID CURVE MV1NG A RADIUS OF 1845.08 FEET AND A.
CENTRAL ANGLE OF 23'00'6" TO A POINT OF INTERSECTION WITH A NON -TANGENT LINE, .4 RADIAL LINE TO SAID
POINT BEARS 548'10'39'14;' THENCE N49'19'02 E ALONG THE EASTERLY LINE OF LEASE AREA 2 FOR A DSTAPlCE
OF 480.82 F£�7 TO THE POINT OF BEGINNING OF THE FOLLOWING DESCRIBED PARCEL OF LAND, THENCE
N13'27'44'W FOR 23,99 F57 ALONG THE APPROXIMATE EDGE OF WATER, ,THENCE V69'29'18"E FOR A DISTANCE
OF 61.86 FEET' THENCE S49'19'02'W FOR 69.03 FEET TO THE POINT OF BEGINNING. CONTAINING 736 SQUARE
FEET 0,G17 A^RES MORE OR LESS.
'ROJ. NO: 2008 0 1 T DATE: '1-14-1Q Dr�AWN:BBL CHECKED:.AS SCALE: AS NOTED
LUOOVICI & ®RANGE LEASEAREA2
LEGAL
10 CONSULTING ENGINEERS, INC. DESCRIPTION
328 PALERMO AVENUE, CORAL GABLES, FLORIDA 33134 • 305/448-1800 • LB 1012 SHEET 1 w 1 SW=7
Page 166
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Exhibit D
LEASE AREA 3 SUBMERGED LAND
THAT PORTION OF LAND LOCATED ON WATSON ISLAND LYING IN SEC77ON 32, TOWNSHIP 53
SOUTH, R4NGE 42 EAST AND SEC77ON 5, TOWNSHIP 54 SOUK RANGE 42 EAST, CITY OF
M/AMI, M14MI-DADE COUNTY, FLORIDA, BEING MORE PAR77CUtARLY DESCRIBED AS FOLLOWS:
COMMENCE ATA POINT SHOWN AS P.T. STA. 47 +16.96 ON. THE OFFICLAL MAP , OF LOC477ON
AND SURVEY OF A PORTION OF SEC77ON 8706, DESIGARTFD AS A PART OF' STATE ROAD •
A-1 A /N QADF COUNTY ptORIDK AS, RECORDED IN MAP BOOK 56 AT PAGE 71 OF THE
PUBLIC' RECORDS OF DADE COUNTY, FLORIDA, •SAID POINT BEING THE POINT OF. TANGE)VCY OF
THE CENTER LINE OF THE MOST SOUTHERLY CURVE OF GENbM,.D000LAS MC07HUR' ..
CAUSEWAY RUNNING NORTHWESTERLY FROM THE SOUTHEASTERLY CORNER OF WATSON. ISLAND
AND HAVING A RADIUS .OF 1910.08 FEET AND A 'CENTRAL ANGLE OF 34'47'151, THENCE
N2"01351E ALONG 7HE R4Dk4L UNE OF THE ABOVE MENTIONED CURVE FOR A DISTANCE OF
65.00 .FEET TO THE POINT OF IN7ERSEC77ON WITH THE NORTHERLY RIGtf%OF--WAY LINE OF
SAID GENERAL DOUGLAS` MCARTHUR CAUSEWAY AND ALSO THE POINT OF BEGINNING OF 7HE
FOLLOWNG DESCRIBED PARCEL OF LAND, • THENCE THE FOLLOWING THREE' (3) COURSES ALONG
7HE EAST BOUNDARY UNE OF LEASE AREA I SUBMERGED LAND, • THDVCE NO1'49'04'W FOR A
DISTANCE OF 408.85 FEET THENCE N09'28'51 V FOR A DISTANCE OF 208.77 FEET, THENCE
N34-29'50 *W FOR A, DISTANCE OF 222.43- FEET' THENCE 547'08'32"E FOR A DISTANCE- OF
19627 FEET THENCE S1152'53'E FOR A DISTANCE OF 155.49 FEET,• THENCE S09'001041E
FOR A'DISTANCE OF 105:01 FEET; THENCE S02'12'21T •FOR A DISTANCE.OF 299.70 FFE7,
THENCE - S15 381021W FOR A DISTANCE OF 113.23 FEET TO THE POINT' OF BEGINNING. .
CONTAINING 246,96 SQUARE FEET, 0.54 ACRES, MORE OR LESS.
PRGJ. NO: 2D08 O'T I DATE: 11 -1Q -1C DRA41N:B9L 3CHECK ED: AS SCALE.AS NOTED
LUDOVICI & ORANGE LEASE AREA 3
LEGAL
CONSULTING ENGINEERS, INC. DESCRIPTION
929 PALERMO AVENUE. CORAL (3ABLH6, FLOPJMA 99134. 308448.1800 • LB 1012 Sf tEEi i OF ' SHEET
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SUBMERGED LAND
MIAMI OUTBOARD CLUB- LEASEAREA
LEGAL DESCRIPTION:
SUBMERGED 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
OLLOWS.(INCLUDING SUBMERGED LANDS LEASE AREAS I AND 3)
COMMENCE AT A POINT SHOWN AS P. T STA. 47 016.98 ON THE OFFICIAL MAP OF
LOCATION AND SURVEY OF A PORTION OF SECTION 8706, DESIGNATED AS A PART OF STATE
ROAD A- !-A /N DADE COUNTY, FLORIDA, AS RECORDED /N MAP BOOK 56 AT PAGE 7/ OF
THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA, SAID PO/NT BEING THE POINT" OF
TANGENCY OF THE CENT? LINE OF THE MOST SOUTHERLY CURVE OF GENERAL. DOUGLAS
MCARTH61R CAUSEWAI r 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 N25'10,15 c ALONG THE RADIAL LINE OF THE, ABOVE MENTIONED CURVE
FOR A DISTANCE OF 65.00 FEET, A RADIAL UNE TO SAID POINT BEARS S25' 10'35'x, TO THE
POINT OF BEGINNING CF T,4E FOLLOWING OESCR/BED PARCEL OF LAND; THENCE 151.74
FEET NORTrIWESTRLY ALONG THE NORTHERLY RIGHT -GF -WAY LINE O SAID GENERAL
DOUGLAS MACARTHUP CAUSEWAY, SAID LINE BEING THE ARC OF A CURVE TO THE RIGHT
HAVING A RAD/US OF 184::.08 FEET AND A CENTALANGLE OF 4"4244" FOR A D/STANCE
OF 151.74 FEc7 TO, A POIAii OF INTERSECTION .WITH A NON-T,4NGENT LINE; A RAD/AL LINE
TO SAID POINT BEARS S29'33'19"W,• THENCE THE FOLLOWING TWENTY (20) COURSES ALONG
THE APPROXIMATE EDGE OF WATER NOT52 53"W FOR A DISTANCE OF 144.76 F6Z i • THENCE
176'14'13 E FDR A DISTANCE OF 41.73 FEET- rrIENCE N0675520"W FOR A. DISTANCE OF
47.97 FEET,- THENCE S82'51'18"N FOR A. DISTANCE OF 30.96 FEET; THENCE N0, 25'04'x`
FDR A DISTANCE OF 14.98 FEET; THENCE 126'5024 W FOR A DISTANCE OF 3.59 FEET,•
THENCE ,NC3' 15 51 "W FOR A DISTANCE OF 9.51 FEET• THENCE N20'06'23 "E FOR A DISTANCE
OF 12.66 FEET; THENCE 122`29 29 W FOR A DISTANCE OF 10.75 FEET- THENCE
106'5,7'02 "W FOR A 06 ANCE OF 14.53 FEET; T?ENCE N00'02 52 E FOR A D/STANCE OF
68.47 FEET; T HENCE ,105'47' 13 "W FOR A DISTANCE OF J4,09 FEET- THENCE N22"23'58 "W "
F✓R A DISTANCE OF 25.72 FEET; 7ENCE A133'20' 11 "& FOR A DISTANCE OF 46.09 FEET;
THENCE N2029 25 °W FOR A 0/STANCE OF 15.97 Ft -T• THENCE N 12'32 53'bd' FOR. A
0 7AAICE OF 113.64 FE • THENCE N'C5'53 23'iN FOR A DISTANCE OF 69. C7 FEET; THENCE
104'94'48"E FOR A DiSTAN'CE OF 24.06 FEET• THENCE N33'5544"E FOR A DISTANCE OF
12.90
FEE 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'13'27'44"W FOR 23.99
FELT ALONG THE APPRCX"M1ATE EDGE OF 14ATER; THENCE N69'29'18"E FOR A DISTANCE OF
61.86 FEF'T,• THENCE 5470P 32 E FOR A DISTANCE OF 196.27 FEET; THENCE S11'52:53 E
FOR A DISTANCE OF 1::5.49 FEET• THENCE S09'00'04 "E FOP A DISTANCE OF 105.01 FEL?'
THENCE S02'12'21 'E FOR A DISTANCE OF 299.70 FEET; THENCE S 1538'02 "W FOR A
0157ANCE OF 113.2 FEET TO THE POINT OF BEGINNING.
CONTA,'N/N'G 127,565 SQUARE FEET, 2.93 ACRES, MORE OR LESS.
IPROJ. NO: 2008 01T IDATE:11-10-13, ILRAWN'BBL (CHECKEMAS ISCALE:AS NOTED 1
14 LUDOV1Cl & ORANGE LEASE AREAS 1 &3
CONSULTING ENGINEERS, INC_ tJBMERGED LAND
326 PALERMO AVENUE, CORAL_ GABLES, FLORICA 33134 • 305/448-1 B00 • LB 1012 _ SHFFT 1 OF 1
Page 168
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Regional Analysis - Economic Overview and Outlook on City Clerk
FLORIDA - GEOGRAPHY
The most southeastern state in the union is Florida; it juts out as a peninsula thus becoming a
noticeable appendage to the United States mainland. Florida sits on the Floridian plateau, a platform
that is 500 miles long and 250 to 400 miles wide. The Floridian Plateau has a core of metamorphic
rocks buried under 4,000 feet of sedimentary rocks. It separates the deep waters of the Atlantic
Ocean from the deep waters of the Gulf of Mexico. The Floridian Plateau has existed for millions of
years where at times it has been either dry land or covered by shallow waters. This platform is
distinguished as one of the most stable areas in the world. Therefore Florida is almost void of seismic
activity.
Florida's state boundaries are Georgia, directly to the north, and Alabama, to the northeast. The
Atlantic Ocean and the Gulf of Mexico serve as natural boundaries to the east and west respectively.
The state of Florida covers an area of 58,677 square miles of which 4,424 are water. Right in the
middle of the state is Lake Okeechobee the largest freshwater lake located entirely in one state in
forty-eight adjoining states. Recently the State Bureau of Geology discovered land elevated over 345
feet in Walton County thus making this the highest known elevation in the state.
Florida is located in the Tropic of Cancer and is thus blessed with a great climate. Because no part of
Florida is located more than 70 miles from salt water it benefits from the ocean breeze. One of these
breezes is the Trade Winds which is swept from the warm Atlantic ocean. The Gulfstream's water is
also a prevailing factor in Florida's climate. The Gulfstream can best be described as an underwater
river that runs from the island of Cuba through the southeastern part of the United States.
Florida's weather, long known as a haven for northerners in those cold winter months, is seldom out
of the seventy to eighty degree range. The warmest months of July and August sometimes make
southern Florida reach the ninety degree mark. Because of the weather, most Florida homes are
equipped with air-conditioning to alleviate the hotter, humid days.
Rain is plentiful in this peninsular state. The rain falls mainly in a four month period from June through
September. These months are referred to as the rainy season. During these months rain can fall at
any time from a previously clear sky. Even though at times days may start cloudy, it is seldom that
Florida has a day without sunny skies. Because of the annual abundance of sunny days, Florida is
known as the "Sunshine State".
Unfortunately Florida is susceptible to some of nature's destructive powers. Florida has sometimes
fallen prey to tornadoes tropical storms. The latter sometimes reaches hurricane proportion.
Although warning of upcoming hurricanes is given with sufficient time to protect human life, it is
sometimes impossible to make structures impervious to the high winds. The last major storm to hit
Florida was Hurricane Andrew. Because of the damaged caused by its nearly 200 mile an hour
winds, building codes were made stricter for family dwellings.
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Florida's topography is uncomplicated. It is mostly a flat state with few variations. For the most part
Florida is all coastal land. It is difficult to ignore the ocean's influence even in the most inland parts of
the state. The many lakes and inlets make the state an ideal water sport state.
In describing Florida's characteristics one cannot ignore its rich marine resources. The coral reefs
that can be seen just minutes off the coast are considered natural wonders unparalleled. The
estuaries that occur when salt water and fresh water meet thus forming a habitat for many creatures
are magnificent. Florida is also home for various species of bird and plant life that are indigenous to
this state. If there is truly a state that is nature friendly, it is Florida.
SOUTHEAST FLORIDA
Southeast Florida can be divided into two district topographical areas: (1) the Atlantic coastal ridge,
and (2) the Everglades. The Atlantic coastal ridge is where Florida's major cities are situated. These
cities include Ft. Lauderdale, West Palm Beach and, its best known city Miami. West of these major
cities are bedroom communities, some of which are incorporated, such as Coral Spring, Weston and
Pembroke Pines in Broward County, and Doral, Hialeah, and Hialeah Gardens, as well as
unincorporated areas such as Kendall, in Miami -Dade County. Further west of these areas, in both
Broward and Miami -Dade, is the Everglades.
The Everglades which is now considered a national park has been the focus of much development in
the past. A considerable amount of Florida's dry -land has been taken away from the swampy
Everglades region. The Everglades has been eroding through many factors but its recession is
predominantly due to human intervention. It has been known, only recently, that the depletion of this
area may turn out to be very harmful to Florida's future. The Everglade's conservation is being very
closely monitored by scientist and politicians alike. Currently great strides are being made to restore
The Everglades. There are majors programs under way to acquired huge swabs of land, as well as
specific engineering projects to increase water flows.
MIAMI-DADE — (Geography — Climate)
Miami Dade County is physically the largest county in the state of Florida. It is situated in the
southeastern -most corner of the state. Its boundaries hold 1,955 square miles of land, and are
bordered to the east by the Atlantic Ocean, to the west by Florida Everglades, to the north by Broward
County and Monroe County to the south. Miami Dade County has 84 miles of Atlantic coastline, sixty-
seven square miles of inland water areas, and nearly 633 thousand acres of protected national, state,
and local community parks. Miami Dade County has a subtropical climate, with an average
temperature of seventy-five degrees, about 60 inches of rainfall annually, relative humidity ranging
from 80% in the morning to 60% in the early afternoon, and annual sunshine probability of 68%.
OVERVIEW - (Political — Social — Economic)
Miami -Dade County consists of 33 municipalities and a vast unincorporated area. Each municipality
has its own government and provides city services, such as police and zoning protection. The three
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largest cites in Miami -Dade County are Miami (365,204), Hialeah (211,201) and Miami Beach
(94,012).
The county's economy has become increasingly more diversified. The Miami -Dade County economy
has a gross county product exceeding $80 billion. A traditional major economic sector driving the
local economy is the tourism industry.
Another major sector of the area's economic vitality is closely linked to Latin America and the
Caribbean Basin. It is estimated that over 30% of the labor force in the Miami Dade County Area is
directly involved with international trade and commerce. Miami -Dade County is the Business Center of
the Americas, attracting businesses worldwide that choose to open their Latin American headquarters
in South Florida. There are over 1,350 multinational corporations established in South Florida.
Miami Dade County has a disproportional number of Edge Act Banks when compared to the rest of
the country. Florida's increasing trade with Latin America and Europe helps to account for the large
number of Edge Banks in Dade County.
Wholesale and retail trade and services is also one of Miami-Dade's largest business sectors.
Manufacturing is strongly promoted and is another important component of the area's economy. As
Florida's number one manufacturing county, both in employment and number of establishments,
Miami Dade County is home to manufacturers producing a wide array of products. The greatest
concentration is in the apparel, printing and publishing and medical industries.
More than 1.1 million people make up Miami -Dade County's labor force. The employment growth
sectors in Miami -Dade County include professional and business services, health services, wholesale
trade, and construction.
In addition to the tourism industry, another fact that accounts for the local employment picture is the
continued expansion of the Latin American economies is foremost. This has led to record levels of
international trade, fueling the expansion of Miami-Dade's wholesale trade, transportation and
financial activities.
Also, Miami is succeeding in becoming a premiere global leisure travel destination and as the music
and entertainment capital of Latin America. The Miami destination has enjoyed moderate growth with
strong increases in room rates and occupancy levels at hotels and motels. This factor stimulates
retail trade services and other consumer related activities.
Cost of living
The cost of living in Miami -Dade County is below that of many other major cities such as Manhattan,
Boston, Los Angeles, Washington, Philadelphia, and San Jose. Miami's sales tax is below the
national average and there is no state income tax and no local income tax.
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Employment
Miami -Dade County's workforce - its size, diversity and range of skills - is the heartbeat of its
economy. There are several resources for workforce training.
Miami -Dade County Public Schools offer customized training for businesses at minimal cost. Miami -
Dade County has the fourth largest public school district in the United States, with more than 364,000
students. More than 80% of graduating seniors continue their education, and approximately 119,656
residents pursue vocational and adult education studies.
Miami -Dade College (MDC) offers on-site training for businesses in the following areas:
management, supervision, computers, foreign trade, professional development and corporate training,
vocational and occupational training certificate programs and Associate degree programs.
Miami -Dade County has many top private and public universities and the nation's largest community
college. Approximately 113,509 college students are studying at institutions of higher learning.
Currently the unemployment rate stands at 4.8% down from 5% for the month of May 2017. Miami
Dade unemployment rate has fallen for the fifth straight month.
Tourism/Visitor Industry
More than 10 million Europeans, Latin Americans, North Americans, and Asians flock to Miami -Dade
to savor the region's 15 miles of pristine beaches, and vibrant nightlife.
The visitor industry is the county's number one moneymaker, employing approximately 14 percent of
Miami -Dade County's workforce, and injecting $13.5 billion into the local economy each year.
Countering the nationwide trend, Miami-Dade's tourist figures and dollars continue to rise.
Demographic Data
In June 2003 the U.S. Office of Management and Budget (OMB) announced a number of new
metropolitan statistical areas (MSA) and divisions. The new South Florida metropolitan statistical
area includes Broward, Miami -Dade and Palm Beach counties. The name of this new MSA is Miami -
Fort Lauderdale -Miami Beach. The new Miami -Fort Lauderdale -Miami Beach MSA has over 5.2
million people. The Miami -Fort Lauderdale -Miami Beach MSA population ranks as the fifth largest
MSA in the United States, trailing only Los Angeles, New York, Chicago and Philadelphia.
Miami -Dade County is a microcosm of America with a large diversity of languages, accents, foods and
cultures. Miami -Dade has the highest percentage of Hispanics of any large county in the nation,
outstripping even Bexar County, Texas - home to San Antonio - which took the title a decade ago.
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Immigrants, mostly racial and ethnic minorities, have streamed into Miami -Dade over the past 40
years. As of 2010 the total population was reported to be 2,496,435, a growth of nearly 11 % since
2000, or slightly over 1% per year. The County's growth is mostly because of immigration. That
makes Miami -Dade the second-largest county on the East Coast.
The population of this culturally diverse community is 21 percent non -Hispanic white, 21.6 percent
black, and 57 percent Hispanic. While the Hispanic culture in Miami -Dade has traditionally been of
Cuban background, significant changes have occurred. While Cubans remain by far the largest
group, they are increasingly living alongside other Latin Americans. Since 1990, in Miami -Dade,
immigrants from Paraguay increased 161 percent; Venezuelans were up by 119 percent; and
Mexicans 65 percent. By comparison, Miami-Dade's Cuban population grew 15 percent. All told, the
number of non -Cuban Hispanics in Miami -Dade is now roughly equal to the number of those with
Cuban ancestry.
Changes have affected South Florida's coastal retirement communities, turning them into family cities,
as the median age dropped and the number of families with children rose sharply. The push to the
suburbs continues as once isolated edges of Miami -Dade become sprawling suburbs in areas such as
Aventura in the northeast and West Kendall and Doral to the West.
International Trade
Miami -Dade stands at the intersection of the Americas and the world, and is the meeting ground for
more than 1,000 multinational corporations including Apple, Oracle Corp., IBM, Clorox, Burger King
and Porsche. Miami-Dade's enviable proximity to Latin America and the Caribbean has made it the
uncontested center of international trade with those pivotal regions.
High percentages of all U.S. trade with Central America, the Caribbean and South America flowed
through the Miami Customs District. The Miami Customs District is made up of all Florida seaports
and airports south of Tampa. Miami International Airport, the Port of Miami and the city's highways
and railways make up the infrastructure that feeds the region's thriving international trade. The top
exports flowing out of the Miami Customs District were electrical and electronic machinery and
equipment, aircraft parts and medical equipment, bound for Latin American or Caribbean countries.
Top imports include accessories and apparel.
Leisure
Miami -Dade is one of the most multiethnic and multicultural areas in the world, bringing with it the
music of the many languages that are spoken here. This is a melting pot in the truest, most wonderful
sense of the word - no matter where you come from, you will feel not just accepted, but embraced.
Leisure opportunities such as year-round sports, entertainment, cultural activities, and shopping are
often mentioned as key reasons for being based here. The possibilities are endless — sunning on the
white sands along the coast; an airboat ride through the Everglades; taking the kids biking at a
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waterfront park in Coconut Grove; visiting galleries in Coral Gables or Miami Beach; hitting those
unbelievably chic stores in Bal Harbour; a romantic dinner for two; or golfing and fishing. With an
average annual temperature of 75 degrees (23 degrees Celsius), a low cost of living, a diverse and
welcoming population, wonderful neighborhoods, excellent schools, an endless array of leisure and
cultural activities, and easy access to and from Latin America and the Caribbean, it is no surprise that
so many call Miami -Dade home.
Transportation
Miami -Dade County has a comprehensive transportation network, designed to meet the needs of
residents, travelers and area businesses. A public mass transportation system, known as the
Metrorail is a 20.5 mile elevated rapid transit system. Presently, and nearing completion, a new leg to
the Metrorail system is under construction. The Metrorail Extension Project is a 2.4 mile extension
that will run from the exiting Earlington Heights station to the Miami Intermodal Center (MIC). At a
cost of $506 million, this project will provide connections between the Miami International Airport and
rapid transit.
The Metromover is a free and convenient way to get around downtown Miami -Dade County. Riding
on rubber tires, the automated trains cover a 4.4 mile loop around downtown Miami, the Brickell
financial district and Biscayne Bay. Passengers are treated to a scenic view from the elevated height
of the single car train as it winds past the business districts. The Metromover connects with the
Metrorail at two stations, taking passengers on a 21.5 mile aboveground route northwest to Hialeah
and south through Coconout Grove and Coral Gables to Kendall.
The extensive Metrobus network connects all corners of the County. Amtrak trains run out of Miami,
while the 65 mile Tri -Rail connects Miami International Airport to Hollywood, Fort Lauderdale, Boca
Raton and West Palm Beach.
With the third highest international passenger traffic in the United States, Miami International Airport is
commonly known as the "Hub of the Americas," serving as a vital gateway between the United States
and Latin America. More than 100 airlines fly passengers each year. The bustling airport is in the
process of billions of dollars in expansion programs to accommodate more passengers.
Massive cruise ships leisurely make their way out to the sea from Florida's largest port, the Port of
Miami, which saw 3.3 million passengers last year. Approximately 8 million tons of cargo passes
through the busy port each year, and a five-year, $171 million capital improvement program has
resulted in the renovation of existing structures and facilities and the construction of new ones.
Summary and Conclusion
Over the last four decades, Miami Dade County's growth has been explosive in comparison with the
nation as a whole. With time the area has matured, its economy has diversified and gained
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importance as an international trade and finance center. This diversification and increased
independence from tourism is a trend which can be expected to continue in the long term.
The national economy as of late experienced an intense and widely visibly recession. Recovery
began slowly and over time. The residential real estate market suffered significant declines in the
volume of transactions and in many in prices (values). The commercial real estate markets also
experienced a similar slow down in volume and in more isolated cases declines in prices (values) —
albeit at a slower pace than residential product types.
The slowdown, correction and reversion in the real estate markets were widespread, coupled with the
credit crunch. This is was due to the financial credit markets exhibiting a significant decrease in the
amount of capital available for real estate transaction both in the residential and commercial sectors.
In particular Miami Dade County experienced a significant correction in the real estate market for all
product types — but especially for the housing sectors — generally considered more acute than in most
parts of the country. Miami was at one point reported to be the most oversupplied housing market in
the nation, by the National Association of Realtors; most of the vacant inventory consisted of
condominiums. Miami was also reported to suffer from one of the highest foreclosure rates in the
nation.
Miami and Miami Dade County, it must be noted are very resilient. Before the great recession, the
area experience incredible changes, both natural and man-made, but it still continued to thrive. Major
employers in the area such as Eastern Airlines and Pan Am have ceased to exist, yet Miami and
Miami Dade County maintained relative strength. Hurricanes have taken their toll in the past, and yet
the area bounces back.
It is widely recognized that Miami and Miami Dade, ultimately fared better than most national
economic/populations hubs as a result of its ties to the Caribbean and South America. The area will
likely continue to benefit from international trade and tourism. Also, the sustained population growth
over the last four decades can only continue to force economic growth.
Commencing in 2012 the national economy began to experience a period of growth, after the last
national recession. The national economy began to experience notable upticks - even if on an
intermittent basis - via different national measurements, which were in turn reflected in South Florida
as well. Since 2013, especially in South Florida, real estate markets have improved. This was
translated into real estate markets for all product types. Continued reasonable strengthening is
palpable at present and is expected into the foreseeable future. Property values for commercial
properties continue to show signs of movement towards stabilization, with 2012 establishing the
lowest threshold ever reported for the area in terms of average sales prices as well as volume of
transactions.
Today all real estate product types illustrate increased strengths. Property values for commercial
income producing properties are increasing, with the housing market currently experiencing an
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increasing resurgence. The broad strength is palpable in most markets, defined by property types
and geographic areas, with continued reasonable gains into the future expected. With increased
demand, pricing (value) is in the increase. Commercial rental rates for all product types have also
increased but they have been followed with mixed signs on vacancy levels.
Given the economic, social, governmental, environmental and locational influences at play, the
subject property, and the market area, is poised to benefit from potential growth in the future - steady
and continued strength — albeit tempered from the height of the market. Property values for all
commercial properties are expected to remain stable, with upward pressures on prices and values.
All commercial real estate product types are expected to illustrate reasonable strength in the future.
A growing population base, an excellent climate, a diversifying economic base, and an extensive
transportation system all contribute to the desirability of the South Florida area. The desirability of the
broader area coupled with the expectations of continued strength for all commercial real estate
product types, appears to be both the cause and effect, attributed in particular to being the recipient of
the considerable influx of capital flight into South Florida from South America and to a lesser extend
Europe; a phenomenon that has assisted the entire South Florida area in its economic revival since
the last national economic recession; often now referred to as the Great Recession.
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Appraiser's Qualifications Document
Albert J. Armada, MAI, SRA
PO Box 1247
South Miami, Florida 33243
Phone (305) 266-3930 Cell. (786) 208-4983
albert(&armadaappraisal.com
EDUCATION FLORIDA INTERNATIONAL UNIVERSITY
Master of International Business, 1984
UNIVERSITY OF MIAMI
Certificate of Middle Management, 1979
UNIVERSITY OF FLORIDA
Bachelor of Arts, with Honors, 1974
MIAMI DADE JUNIOR COLLEGE
Associate of Arts, 1972
LASALLE HIGH SCHOOL
High School Diploma, 1970
EMPLOYMENT ARMADA APPRAISAL CO. (12-92/Present), Miami, Florida
Position: Principal/Appraiser/Consultant
Established and managed residential (simple to complex) and commercial
(owner occupancy to investment grade) appraisal business. Promoted
and marketed real estate appraisal business to banks, lenders, mortgage
brokers, developers, investors/owners, attorneys and accountants.
Conducted and performed inspections, researched and analyzed (sales,
rents, operating expenses, rates, yields, highest and best use and
feasibility studies), valuations and appraisal reports. Prepared/update
regional and market/neighborhood analysis. Trained, supervised and
reviewed appraisal work of subordinated staff appraisers, including
certified and trainees.
CITY OF MIAMI (5-77/5-93), Miami, Florida
Position: Property & Lease Manager
Property & Lease Management Division
G.S.A. Department, 11/92 — 5/1993
Department of Development, 1990
G.S.A. Department, 1986
Finance Department, 6/84 -1985
Position: Acting Assistant Director
Treasury Management Division
Finance Department, 6/83 — 6/84
Position: Lease Manager
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Property & Lease Management Division
Finance Department, 1982
Position:
Projects Supervisor
APPRAISAL
Administration Division
FINANCIAL
Community Development Dept., 1980
Position:
Administrative Assistant
TRAINING
Administration Division
Community Development Dept., 1979
Position:
Personnel Officer
Employment & Training Division
Human Resources Dept., 1977
DECOR INTERNATIONAL (10-76/9-77)
Miami, Florida
Position:
Sales Representative
MIAMI-DADE COUNTY (10-75/1-77)
Miami, Florida
Position:
Program Director / Unit Supervisor
Department of Health & Human Resources
STATE OF FLORIDA (10-74/10-75)
Miami, Florida
Position:
Youth Counselor
Department of Health & Human Resources
LATERAL VALUE ADJUSTMENT BOARD (2008 to 2014/2016 to Present)
EMPLOYMENT Circuit and County Courts
Miami -Dade County, Florida
Position: Special Magistrate
HEDG-PETH & GALLAHER, INC., (1997/2001)
Miami, Florida
Position: Staff Appraiser
BLAZEJACK & COMPANY (1-88/7/89)
Miami, Florida
Position: Staff Appraiser
THE REPUBLIC APPRAISAL CO. (9-86/12-87)
Miami, Florida
Position: Staff Appraiser
REAL ESTATE
CCIM INSTITUTE
APPRAISAL
Investment Analysis, C-104, 2010
FINANCIAL
User Decision Analysis, C-103, 2008
INVESTMENT
Market Analysis, C-102, 2006
TRAINING
Financial Analysis, C-101, 2006
APPRAISAL INSTITUTE
Advanced Income Capitalization, 2001
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Standard of Professional Practice C, 1999
Report Writing and Valuation Analysis, 1996
Advanced Sales Comparison & Cost Approaches, 1994
(Continued)
Standard of Professional Practice B, 1994
Standard of Professional Practice A, 1994
Case Studies in Real Estate Valuation, 1990
Basic Valuation Procedures, 1989
Capitalization Theory & Technique B, 1987
Capitalization Theory & Technique A, 1986
Real Estate Appraisal Principles, 1986
NATIONAL SOCIETY OF FEE APPRAISERS, 1980
Miami Dade Community College
Residential Appraisal, 1980
BERT ROGERS SCHOOL OF REAL ESTATE
Real Estate Brokers License Course, 1987
Real Estate License Course, 1983
HEAVENER, OGIER SCHOOL OF REAL ESTATE
Principles and Practice of Real Estate, 1982
NORTHWEST CENTER
Leasing Commercial Real Estate, 1986
COMMUNITY US DEPARTMENT OF HUD & FLORIDA COMMUNITY
DEVELOPMENT DEVELOPMENT EDUCATION CONSORTIUM
TRAINING Florida Community Development Administration
Curriculum, 1981
HUMAN INTERNATIONAL PERSONNEL MANAGEMENT ASSOCIATION
RESOURCES Job Analysis, 1984
TRAINING
DUN & BRADSTREET
Effective Supervisors, 1980
Effective Techniques for Personnel, 1978
UNIVERSITY OF MIAMI / NIDA
Training for Trainers, 1976
STATE OF FLORIDA HRS/DYS
Public Relations, 1975
Interviewing Techniques, 1975
REAL ESTATE APPRAISAL INSTITUTE
APPRAISAL Developing a Supportable Work. -file, 2016
SEMINARS Tightening The Appraisal, 2016
USPAP-Florida Law/Update, 2016
Analyzing Operating Expenses, 2014
Fundamentals of Separating Real Property,
Personal Property and Intangible Business Assets, 2012
Valuation for Financial Reporting, 2009
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Real Estate Finance Statistics & Valuation Modeling, 2009
Uniform Appraisal Standards for Federal Acquisitions, 2003
Case Studies in Commercial Highest & Best Use, 2001
Understanding & Testing DCF Valuation Models, 2001
Apartment Buildings, 1999
Small Hotel/Motel Valuation, 1998
Alternative Residential Reporting Forms, 1997
Dynamics of Office Building Valuation, 1995
Understanding Limited Appraisals — General, 1994
Introduction to Revised URAR (FNMA 1004), 1993
Appraisal Reporting of Complex Residential Properties, 1993
Condemnation, Legal Rules and Appraisal Practices, 1991
Rates, Ratios, and Reasonableness, 1990
PROFESSIONAL APPRAISAL INSTITUTE
ASSOCIATIONS Member Appraisal Institute,
MAI, SRA Member No. 11838
AMERICAN SOCIETY OF APPRAISERS,
ASA, Urban, relinquished - 2012
CERTIFIED COMMERCIAL INVESTMENT MEMBER
CCIM, No. 18488, relinquished - 2016.
BUSINESS Miller Ludlam LLC - 2001-2008
VENTURES/ Shopping Center - Partner
EXECUTIVE
POSITIONS 4-B Warehouses, LLC — 2006-2012
Multitenant Warehouse — Managing Partner
Collins Tower Condominium — 2006-2014
President
Appraisal Institute
South Florida Chapter President 2015
Vice President — 2014
Secretary 2012 and 2013
Treasurer 2011
Director — 2009 — 2016
Candidate for Miami Dade County Appraiser
August 26, 2014 - (3rd place)
LICENSES State of Florida
Certified General
Real Estate Appraiser No. RZ — 0000397
State of Florida
Real Estate Broker No. BK — 01411206
State of Florida
General Real Estate
Appraiser Instructor No. GA — 1000073 — (Relinquished 2013)
City Clerk
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