Miami Marine Stadium & Park: Operations, Development and Finance

MIAMI MARINE STADIUM & PARK
Operations, Development and Finance
Friends of Miami Marine Stadium, Inc.

Page 1
HISTORY OF THE MIAMI MARINE STADIUM

In 1962 the City of Miami commissioned the creation of the Miami Marine Stadium, a grand stand structure and water
basin in the shape of an aquatic Circus Maximus. In order to accomplish the construction of the Stadium, Miami Dade County
conveyed the property to the City of Miami with the following deed restriction:
This deed of conveyance is made upon the express condition that the land hereby conveyed shall be
perpetually used and maintained for the operation of a marine stadium and allied purposes only; and in the
event that the use of said land for such purposes shall be abandoned, then and in such event the title to said land
shall revert to the grantor herein.
Page 2
Twenty seven year-old, Hilario Candela, at the time a young local architect recently arrived from Cuba, was given the task
of designing the Stadium and fashioned a "giant work of origami in concrete" with 6,500 seats and a majestic view of the grow ing
metropolis. The structure has become an iconic place that has captivated global attention and support from the National Trust for
Historic Preservation, the Worlds Monuments Fund and the Getty Foundation.
The Miami Marine Stadium was regularly filled to capacity from its early days in the 1960s to the beginning of the 1990s.
The Stadium was the epicenter of boat racing. It also hosted a wide array of other events touching the lives of Miamians and
visitors from all over the world. From boat races and music concerts to beauty pageants, rowing regattas, triathlons, political
rallies, religious services, operas and movies the Stadium was a place of community interaction. The Stadium's life came to a
sudden halt in 1992 when City officials closed the Stadium, claiming that Hurricane Andrew had damaged the structure.
In 2008, Hilario Candela and a group of concerned citizens founded Friends of Miami Marine Stadium, (FMMS or
Friends). These citizens were concerned that the Stadium would be demolished and lost forever. They launched a great public
campaign seeking funds to save and protect the Stadium. The City declared the Stadium a historical landmark in 2008.
On May 15, 2012, FMMS entered into a Memorandum of Understanding (MOU) with the City of Miami. The MOU
created the Miami Marine Stadium Steering Committee, presided by City of Miami Planning Department Director, Francisco
Garcia. The Steering Committees mission was to identify funding sources for the renovation and operation of the Stadium
premises and to identify and evaluate renovation and operations options. The Committees purpose was to assure that a viable
operating plan was put in place before the lands were turned over to FMMS.
On November 13, 2014, Friends announced its partnership with the National Marine Manufacturers Association
(NMMA) to return the Miami International Boat Show (MIBS) to the City of Miami, its original home. For the l ast 74 years, the
MIBS has attracted visitors from around the world and has generated billions of dollars in economic activity for our region. The
next day, The Miami Herald highlights the expected $600 million economic impact of the Boat Shows commitment to the City of
Miami.
Page 3
PRESERVING A HISTORIC LEGEND, CREATING A PUBLIC WATERFRONT LANDMARK
Today: The Miami Marine Stadium Property Existing Condition
Tomorrow: Rendering of the Proposed Miami Marine Stadium and Park

Page 4
FRIENDS OF MIAMI MARINE STADIUM, A STEWARDSHIP JOURNEY

1962: Hilario Candela designs the Miami Marine Stadium.
December 27, 1963: Opening Night.
September 1992: The Marine Stadium is declared unsafe and permanently closed.
February, 2008: Friends of Miami Marine Stadium, a not-for-profit corporation seeking to save
the Marine Stadium is formed (under the auspices of the Dade Heritage Trust).
October, 2008: The City of Miami designates the Marine Stadium and the Basin area as a
historic site.
April, 2009: The Miami Marine Stadium is named to the National Trust for Historic Preservations
11 Most Endangered Historic Places, (also on the list, Unity Temple, designed by Frank Lloyd
Wright in Oak Park, Illinois, 1909).
October, 2009: The World Monument Fund names the Marine Stadium to its 2010 Watch List,
(also on the list, Machu Picchu, the Historic Center of Buenos Aires, and the Walled City of Old
Jerusalem)
July, 2010: Miami City Commission approves the Virginia Key Consensus Master Plan.
March, 2012: The Miami Marine Stadium is declared a National Treasure by the National Trust
for Historic Preservation.
December, 2012: The City Managers Steering Committee unanimously approves the Site Plan
for the Miami Marine Park, as recommended by Friends of Miami Marine Stadium.
May, 2013: Gloria Estefan, Trustee of the National Trust for Historic Preservation is introduced
as the voice of the Miami Marine Stadium.
July, 2013: The Miami City Commission approved the recommendation of the Steering
Committee and defined the site plan of the Miami Marine Stadium and Park.
Page 5
September 18, 2014: The Getty Foundation awards its Keeping it Modern conservation grant to Friends of
Miami Marine Stadium. The foundation also awarded grants to the Sydney Opera House, Salk Institute for
Biological Studies, La Jolla, California, Frank Lloyd Wrights Prairie-style Robie House and Le Corbusiers
apartment and studio in Paris, France.
November 13, 2014: The National Marine Manufacturers Association announces that the Miami Marine
Stadium will host the 2016 Miami International Boat Show
Page 6
FRIENDS - FUNDRAISING SOURCES COMMITTED TO DATE

During the last six years, FMMS has been intensely engaged in creating a plan to rescue of the
Stadium and developing the operational and financial strategies necessary to restore and operate the
Stadium and doing widespread fundraising. The following funds have been raised to date.
$
50,000 ........... Dade Heritage Trust, National Trust for Historic Preservation, Villagers, and W orld
Monument Fund for structural testing of the Miami Marine Stadium by Simpson, Gumpertz, &
Heger (secured)
$ 3,000,000 ........... Miami-Dade County General Obligation Bond in place for Historic Preservation
(approved by County Commission)
$ 3,000,000 ........... Florida Navigation District Grants ($175,000 secured) a revolving grant cycle source over
multiple years.
$ 5,000,000 ........... Historic Preservation Tax Credits by the National Trust Community Investment Corporation
(pending City of Miami approval of project)
$ 6,000,000 ........... National Grass Roots Adopt-A-Seat Campaign spear headed by the National Trust for
Historic Preservation (pending City of Miami approval of project)
$ 75,000 ............ National Trust for Historic Preservation Grant (secured)
$ 80,000 ............ American Express (AMEX) Foundation (secured)
$ 1,000,000 ........... State of Fl. Special Legislative Appropriation (approved)
$ 500,000 ........... Gloria Estefan Foundation (secured)
$ 210,000 ........... R. Kirk Landon Foundation (secured)
$ 180,000 ........... The Getty Foundation (secured)
TOTAL OF $19,095,000
Page 7
OVERVIEW: OPERATING AND FINANCING

Tasked with the stewardship of the site and as per the provisions of the MOU, FMMS hereby presents its
financial and operating plan to the Miami City Commission for the purposes of approval to enter into a Lease and
Public Work Agreement for the Miami Marine Stadium Property, in order to commence the restoration of the
Stadium and the development of the Miami Marine Stadium and Park Project.
The Stadium provide the public, once again, access to Biscayne Bay, waterfront parklands, boat racing, leisure
boating, sporting events, entertainment activities and community function. With commitments from the National
Trust for Historic Preservation, American Express, the World Monuments Fund, the Getty Foundation and others,
FMMS, an IRS qualified, 501(c)(3) and a Florida not-for-profit corporation, has undertaken the task of developing this
Operating Plan for the restoration and rehabilitation of the Miami Marine Stadium, and fulfill the goal of bringing it
back to its original grandeur for the publics use.
This proposal sets forth Friends operational and financial plan for the development of the Miami Marine
Stadium and Park Project. The Project proposes the restoration of the Miami Marine Stadium and the development of
new commercial components that will generate the necessary revenue stream to maintain and preserve the Miami
Marine Stadium. The rehabilitation and preservation of the historic Miami Marine Stadium will create a modern
cultural, sports and entertainment marine stadium facility that will be the center of the Miami Marine Stadium and
Park Project. Friends will work directly with the City to document and preserve the street art culture that has become
an integral chapter of the Stadiums history. Through FMMSs partnerships with experienced arena operators such as
the Heat Group, the Stadium will once again attract visitors and provide the public with access to the arts, music and
culture. With its legacy of historical architecture and social significance, the restoration of the Marine Stadium will
renew national and hemispheric links with boat racing, other sporting events and entertainment spectacles.
The proposal also provides for acres of new parkland. The plan proposes the conversion of a decrepit aging
surface parking lot and surrounding vacant lands into a public Green Flex Park for the enjoyment of the public,
construction of a Maritime Exhibition Center with exhibition and meeting space and retail and restaurant uses and a
Dry Boat Storage facility. The dry boat storage facility will have capacity to store 180 boats and 100 jet skis; it will also
Page 8
have a water room, a demonstration pool and a tackle and bait shop. The property will also provide both large and
small private special events in a unique setting. With the commitment from the National Marine Manufacturers
Association (NMMA) the property will host the annual Miami International Boat Show and be home to the NNMAs
boating exhibition center. A new dry dock storage facility will provide boat and recreational watercraft dry stack
storage, creating additional streams of revenue.
These and other elements, detailed herein, will generate the recurring revenue necessary to operate the
Stadium in perpetuity without financial support or subsidy from the City, while creating a public waterfront
destination that is second to none. The project and proposed partnership with NMMA will provide a direct benefit to
the Citys economy, creating jobs and additional revenue opportunities for the City of Miami.
Friends has engaged the services of the Certified Public Accountant firm of Kaufman Rossin & Co., to provide a
third-party independent assessment and report of the financial feasibility of the proposed operating and financing
plan for the Miami Marine Stadium and Park Project.
Rendering of Proposed Marine Exhibition Center

Page 9
DESCRIPTION AND OPERATION OF PUBLIC FACILITIES

Friends of the Miami Marine Stadium planned and developed the transformation and rehabilitation of this
unique and historic public property. The Miami Marine Stadium and Park Project consists of four major components:
(1) an extensively renovated and preserved Marine Stadium, (2) a Flex Green Park, (3) a new Maritime Exhibition
Center and (4) a new dry boat storage facility with capacity to store 180 boats. Each component has been carefully
designed and situated to ensure that the Stadium will be the centerpiece of a public park surrounded by elements
that provide the Stadium with the financial support necessary to operate soundly in the future. The entire project was
designed and planned as the major component of the Virginia Key Master Plan. The following describes each
component of the project and sets forth the sources of revenue for the operation of the project.
Page 10
RENDERING OF MIAMI MARINE STADIUM PARK DESIGN
MIAMI MARINE STADIUM

The Miami Marine Stadium is an internationally recognized work of
environmental architectural sculpture. The Stadium has 6,500 seats and was
originally designed and planned for speed boat races. In a short period of time
the Stadium became not only the epicenter of boat racing but was adopted by
the community to serve as the venue for diverse community celebrations which
mirrored the pulse, color and energy of Miami as the capital city of the
Americas. The Marine Stadium will continue to serve the general public.
Revenue Generator: The rehabilitated Marine Stadium will be a premier
venue for sports exhibitions, music concerts, festivals, cultural and special events. The renovated stadium will feature new
concession areas. All revenues to be generated from ticket, concession and event sales and rentals will be invested in the
preservation and maintenance of the historical structure.
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GREEN FLEX PARK

The Green Flex Park area will be a natural grass surface park fronting the
water basin. The Green Flex Park is open space intended for vigorous public
use. Family beach outings and picnics, casual sporting activities, community
festivals, informal gatherings and other uses associated with green spaces will
be at the heart of this Green Flex Park. The Park will bring life to the waterfront.
It will act as the threshold to the Marine Stadium water basin.
Revenue Generator: This green space will also serve as an event and staging area and will support the Marine Stadium for
larger programmed events. It will be designed to also accommodate an overflow parking. Most importantly, the Green Flex Park will
be the main exhibition space for the Miami International Boat Show. The Parks perimeter also features a softly sloping green berm.
Besides providing casual seating and enhancing the publics visual connection to the water, the berm will feature a parking facility
with 400 parking spaces. This portion of the Park at the tip of the basin is an unstructured green space cleared of all invasive species
and offered to the community for play. This space will also be programmed for use by the Miami International Boat Show. This
component of the plan serves the general boating public and provides revenue to FMMS for the construction, operation and
maintenance of the Stadium.
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MARITIME EXHIBITION CENTER

The Maritime Exhibition Center, (MEC), will provide 125,000 sq. ft. of
net leasable space including maritime showrooms, display areas, conference
space, educational facilities and museum space featuring a collection of historic
and maritime artifacts. These spaces will provide educational areas for citizens
to learn about the unique marine environment of South Florida and the social
responsibility of environmental stewardship and safe boating. The MEC will also
feature an Island Welcome Center, greeting visitors to Virginia Key. In accordance with the Virginia Key Master Plan, the MEC will
feature a vast covered and open public space identified as the Great Porch. The Great Porch will provide retail and commercial
uses including restaurants, cafes, kiosks and open areas with unobstructed views of the waterfront and the Miami Marine Stadium
Park. The rooftop is an open habitable green roof with incomparable views of the urbanized and natural faces of Biscayne Bay
Aquatic preserve and Biscayne Bay National Park.
Revenue Generator: This component of the plan will serve the general public and provide revenue to FMMS for the
construction, operation and maintenance of the Stadium. The MECs main attraction will be the permanent exhibition space and
marine trade center that will provide the marine industry leasable space to exhibit boats and marine accessories. This exhibition
space will be occupied by the National Marine Manufacturers Association and other marine related tenants. The proposed
restaurant spaces will provide casual and formal dining options to visitors in an unparalleled setting, complementing the Miami
Marine Stadium and Green Flex Park event and exhibition areas. The MECs dining areas complete the Miami Marine Stadium and
Park projects waterfront experience. The MECs restaurants and retail facilities will also serve the public visiting the various event,
entertainment, and attractions featured at the property. This completes the Miami Marine Stadium and Park project as a destination
attraction.
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DRY BOAT STORAGE

The restoration of Miami Marine Stadium and Park will include a 180 rack
dry boat storage facility and storage racks for 100 jet skis to be leased to the
general boating public. The premises will also feature a small ice, tackle and bait
retail store serving leisure boaters and visitors. The immediate premises of the
Dry Boat Storage will feature a water room, a body of water that will serve as a
water feature and presentation space for the public unveiling of innovative
marine industry products.
Revenue Generator: This component of the plan serves the general boating public and will provide revenue to FMMS for the
construction, operation and maintenance of the Stadium. The dry boat storage facility will provide leasable spaces and racks, a
service that is in constant demand in South Florida. Coupled with a convenience store, the Dry Boat Storage premises will provide
boaters with the basic needs required for a leisurely ride or fishing trip.
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ANCHOR TENANT: NATIONAL MARINE MANUFACTURERS ASSOCIATION

THE MIAMI INTERNATIONAL BOAT SHOW RETURNS HOME
The NMMA organizes and operates the annual Miami International Boat Show (MIBS), the largest boat show
in the world. The MIBS has been held in South Florida for the past 74 years. The first boat show was held at the Citys
Diner Key. The show was then relocated to the Miami Beach Convention Center, where it has resided since. The
NMMA has stated its intention to host the MIBS at the Miami Marine Stadium and Park beginning in February 2016
and for a long term period to be negotiated pursuant to a sub-lease agreement.
The first show at the property in 2016, will take place prior to the entire projects completion. Friends, with its
finance team, will provide approximately $15,000,000, representing the initial capital investment required to prepare
the property to host the MIBS in February 2016. The property shall continue to host the annual MIBS and upon the
completion of the Miami Marine Stadium and Park Project, it will become home to the NMMAs boating trade show
to be located within the Marine Exhibition Center, attracting thousands of visitors every year.
Preliminary Layout of 2016 Miami International Boat Show (proposed footprint shown in yellow)
Page 15
NNMAs LETTER OF INTENT FOR MIAMI INTERNATIONAL BOAT SHOW
Page 16
LEASE WITH CITY OF MIAMI - PROPOSED TERMS

Subject to approval of the Miami City Commission, Friends seeks to negotiate a lease agreement with the City for the
Miami Marine Stadium premises, including but not limited to the following proposed terms:
Term of Lease Agreement: Friends will seek Federal Historic Tax Credits for the purposes of funding the Miami Marine
Stadium. Friends proposes an initial lease term of 49 years with a one-time extension for an additional term of 49
years, in accordance with the requirements for eligibility and participation in Federal Historic Tax Credits.
Development and Preservation: In accordance with the terms of the deed, the commercial components of the project
shall fund the rehabilitation and perpetual operation and maintenance of the Miami Marine Stadium.
Costs: The City shall bear no costs in the development and operation of the property.
Operation of Public Facilities: Friends shall enter into agreements with specialized operators for the management of
the property and proposed facilities. The Lessee proposes a management agreement for the Miami Marine Stadium
premises with the Heat Group for the operation of a cultural, sports and entertainment marine stadium. Additionally,
the remaining components including the commercial areas, the Green Flex Park, Maritime Exhibition Center and dry
dock storage facility will be the subject of a sublease agreement between Friends and EXPO/TPA, (the Operators), for
the operation of the premises and facilities. The NNMA and other tenants shall enter into agreements directly with the
Operators.
City of Miami Participation: The proposed lease agreement between Friends and the City and the sublease and/or
agreements between FMMS and EXPO will provide for financial participation and revenue sharing with the City, as
generated from the commercial components of the property. The City shall also be permitted to use the property for
City special events pursuant to the terms of the proposed lease.
Contractors and Job Creation: The project will create thousands of permanent and temporary jobs for our community.
Friends has developed a job creation proposal that is included as Attachment #1. Friends proposal guarantees equal
community participation through Community Business Enterprise (CBE), Community Small Business Enterprise
(CSBE), and Small Business Enterprise (SBE) participation
Page 17
FRIENDS PUBLIC PURPOSE

Friends is committed to the principle that the Stadium and the Park provide the public with direct access to
the water, including access to aquatic activities. The proposed Miami Marine Stadium and Park will also provide the
public with access to sporting, cultural, maritime and entertainment events. The Stadium creates an ideal setting for
the public to enjoy the beauty and character of the Citys natural environment with unique views of the Biscayne Bay
aquatic preserve. The proposed facilities will serve to educate the public on the Citys rich maritime history and other
emerging environmental and climate issues. Through access and education, Friends seeks to enhance and enrich the
publics interactions, awareness and knowledge of the water.
PROPOSED GOVERNANCE AND OVERSIGHT
Friends Board of Directors will exercise oversight of the restoration and rehabilitation of the Miami Marine
Stadium and of the construction of its supporting improvements. The Board will continue to exercise oversight and
management of the Project once construction is completed and operations commence.
The Board will operate pursuant to its mission of preserving, operating and maintaining the historic Miami
Marine Stadium while operating marine based facilities and parkland for the use and enjoyment of the public. Friends
seeks the Citys participation in the governance of the Miami Marine Stadium and Park Project so as to jointly protect
the public lands entrusted to the organization. Pursuant to the lease agreement to be negotiated with the City, the
Board will include participation of City public officials, employees, or designees in the decision making process and
operation of the Miami Marine Stadium.
Friends will work with the City to amend the organizations bylaws to establish a governance structure
including City participation ensuring a transparent and accountable development, operation and management of the
Miami Marine Stadium and Park Project.
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PUBLIC BENEFIT AND ACCOUNTABILITY

The property exists for the benefit of the public. The City shall retain audit authority over Friends and its operations
under the terms of the proposed lease. The proposed lease shall preserve transparency in the development, management
and operation of the Miami Marine Stadium and Park Project by jointly establishing financial and operational reporting
requirements with the City. Friends has taken and will continue to take proactive steps to protect the Citys investment,
including the execution of a construction management at risk contract with SKANSKA USA for the construction of the
improvements. As such, the contractor will remain responsible for cost overruns.
Friends will rehabilitate and restore the Stadium and develop three commercial components on the property for
the support of the operation and maintenance of the Stadium. The proposed commercial components are designed for the
use and enjoyment of the public. Together, the restoration of the Stadium, the redevelopment of the Green Flex Park, the
construction of the MEC and the Dry Boat Storage are the beginning of a transformation that will turn an abandoned
stadium and its surroundings areas into a popular public asset that will become one of the Citys most sought after
destinations. The Miami Marine Stadium and Park Project is expected to create a minimum of 876 new direct jobs and a
total of 2,619 new direct and indirect jobs in our community.
Page 19
MIAMI MARINE STADIUM & PARK PROJECT - DEVELOPMENT & OPERATION TEAM
Page 20
PROFESSSIONAL EXPERTISE/TEAM COMPOSITION

The project team includes leaders in real estate development, stadium management, maritime industry
matters, architecture, historic preservation and construction. In addition to Friends, key team members include:
Stadium Operation and Management:
Heat Group
Marine Exhibition Center/Flex Park/

Dry Stack Operation and Management:
TPA/EXPO
Financing:
TPA Group, LLC

Expo-Miami, Inc.
George Mcardle
Grandbridge Real Estate Capital
Miami Dade County
Gloria Estefan Foundation (donation)
R. Kirk Landon Foundation (donation)
Getty Foundation (grant)
American Express (grant)
Natl.Trust for Historical Preservation (grant)
Dade Heritage Trust (grant)
The Villagers (grant)
Candela Hernandez Architects

Skanska USA
Bellingham Marine
Roof & Rack
Resumes of members of leadership team can be found in Attachment 2 of this presentation.
Construction/Architecture:
Page 21
QUALIFICATIONS - FRIENDS OF MIAMI MARINE STADIUM

Friends of Miami Marine Stadium, Inc., is a Florida not-for-profit corporation dedicated to the restoration and
preservation of the Miami Marine Stadium. Friends was founded in 2008 by architects Hilario Candela, Jorge
Hernandez and a group of concerned citizens.
Mr. Candela is the original architect of the Miami Marine Stadium; Hilario designed the stadium in 1962 while
at the architectural firm Pancoast, Ferendino, Skeels, Grafton and Burnham. He became President of this firm which
evolved into Spillis Candela - at one time the largest Hispanic owned architectural firm in the United States. The firm
was repeatedly included in the list of the largest 50 design firms in the U.S. by ENR. Candela designed many buildings
throughout the United States from New York to California, much of Latin America and the Caribbean as well as Spain
and Saudi Arabia. Spillis Candela designed many buildings in South Florida, including three campuses of Miami Dade
College.
Mr. Hernandez is a Professor of Architecture at the School of Architecture of the University of Miami, he has
been active in historic preservation issues on the local, state and national levels and was Vice Chair of the National
Trust for Historic Preservation, the most important organization dedicated to historic preservation in the United
States. His firm, Jorge L. Hernandez Architect, was established in 1987. His work includes The Brickell Bridge in Miami,
Florida; The Williamsburg James City County Courthouse in Williamsburg, Virginia, both secured by winning entries in
international competitions; and The Coral Gables Museum, a LEED certified renovation and addition to a National
Register 1939 Phineas Paiste building.
Mr. Worth has been involved in a wide variety of preservation issues over the last two decades. Along with his
wife Nina, he produced in 2008 the photography exhibit and book Art Deco in Shanghai and Miami Beach featuring
photographs by Deke Erh, Chinas first freelance photographer. He also was Vice Chairman of the Urban Arts
Committee of Miami Beach, which created the first photography exhibit of Miami Modern (MiMo) architecture which
travelled to the Municipal Art Society in New York City in 2002.
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QUALIFICATIONS AND EXPERIENCE - OPERATIONS/MANAGEMENT TEAM

Master Development, Management and Operation of Miami Marine Stadium and Park Project:
Friends of Miami Marine Stadium Inc.: Stewards and conservators of the Miami Marine Stadium, Friends will act as the
Master non-profit developer of the site. Friends board members, joined by representatives of the National Trust for Historic
Preservation, the Getty Foundation, the Florida Inland Navigation District and the Historic Preservation Officers of the State
of Florida and the City of Miami will jointly collaborate to provide the needed oversight over the entire development
process and will monitor the progress of the project and insure its completion, with transparency and accountability over
the
use
of
funds.
Miami Marine Stadium Operation and Management:
Heat Group: As a result of joint efforts to rehabilitate and restore the Miami Marine Stadium as a world class marine
entertainment facility and destination, FMMS and the Heat Group have been collaborating and working on the restoration
and creation of a world class exhibition and entertainment marine exhibition stadium. A partnership with the Heat Group wil
bring world class entertainment and sporting events to the Miami Marine Stadium. The stadium will also host private and
public functions, all that will generate revenues to preserve and maintain the historic structure.
The Heat Group is the current administrator of the American Airlines Arena and our hometown NBA Miami Heat basketball
team and champions. The Heat Group operates one of the busiest arenas in the world hosting large sports and music
exhibitions. In addition, the Heat Group manages, contracts and operates food and retail services. The Heat Group is
committed to providing five star service to its employees and guests.
Marine Exhibition Center, Flex Park and Dry Boat Storage Operation and Management:
TPA/EXPO: A joint venture of TPA Group, LLC and Expo Miami, Inc. based in Miami, Florida shall operate and manage the
Flex Park, Maritime Exhibition Center and Dry Boat Storage facilities. TPA/EXPO has obtained a commitment from the
Page 23
National Marine Manufacturers Association (NMMA) to serve as the MECs anchor tenant and to host the annual Miami
International Boat Show at the property.
TPA Group, LLC (TPA) was formed in 2013 when principals of two highly respected real estate firms, TPA
Realty Services and Resource Real Estate partners, joined forces to form a new operating company. TPA is a
private real estate development, investment, and acquisition firm whose principals have acquired and developed
in excess of 25 million square feet of real estate and 27,000 acres of land, all valued in excess of $5 billion. Recently,
the TPA Group completed the development of a major sports and entertainment arena, the Verizon Center in
Orlando, Florida.
Expo-Miami, Inc. is a private development company based in Miami, Florida and organized for this project, which
will provide the local presence for TPA/EXPO. The combined experience of the executives of this joint venture span
over 150 years in development experience in construction, real estate leasing, management, operations and
finance. Expo-Miamis principals have acquired or developed projects in excess of $2 billion spanning the
spectrum of real estate development and management for government agencies, Fortune 500 companies, such as
RJR/Nabisco, and other international real estate interests throughout the world.
Finance:
TPA/EXPO: along with their private equity partners, will finance the rehabilitation and restoration of the Marine Stadium and
the accompanying improvements. TPA/EXPO will also be providing the initial capital required to prepare the site for the 2016
Miami International Boat Show.
Grandbridge Real Estate Capital: is a commercial real estate capital lender and subsidiary of BB&T Bank, N.A.
Resumes of members of the leadership team can be found in Attachment 1 of this presentation
Page 24
TPA/EXPO: CORPORATE OWNERSHIP

A listing of the principal owners for TPA Group, LLC and EXPO-Miami, Inc., are reflected in the following charts.
Financial statements and resumes of TPA/EXPOs principals and executives can be found at Attachment 1 of this
presentation.
TPA Group LLC.

Name
Brad Smith
Nathan Pramik
Rick Bradshaw
Jeb Brees
Dave Willey
Other Employees
Address
Atlanta, Georgia
Atlanta, Georgia
Atlanta, Georgia
Atlanta, Georgia
Atlanta, Georgia
Atlanta, Georgia
Ownership
Principal
Principal
Principal
Principal
Principal
%
35.01%
17.33%
11.17%
11.17%
17.33%
8.00%
Company Role
Managing Principal
Acquisitions
President, Development
Asset Management
Accounting
As an operating company, TPA Group, LLC, manages its real estate investment interests which have current
basis in excess of $300 million. This real estate portfolio is held and reported on in separate, individual, limited liability
companies formed to properly reflect each propertys unique investment objectives, capital stock and investor group.
TPA Group, LLC
BALANCE SHEET
Assets
Office & Industrial Buildings $120,179,620
Investment Land
$100,032,201
Residential - Single Family $ 60,467,062
Residential Multi
$ 31,922,000
Totals
$312,600,883
Debt
$117,720,600
$ 76,597,600
$ 26,141,764
$ 21,942,900
$242,402,864
Equity
$ 2,459,020
$23,434,601
$34,325,298
$ 9,979,100
$70,198,019
Page 25
TPA/EXPO: CORPORATE OWNERSHIP
EXPO-Miami Inc.
Name
Rene J. LaComb
Fred S.J. Coupe
Jaime Parlade
Justin Schaefer
George McArdle
Laura Bonich
TPA Group, LLC.
Address
West Palm Beach, Florida
Miami, Florida
Miami, Florida
Miami, Florida
Miami, Florida
Miami, Florida
Atlanta Georgia
Ownership
Principal
Principal
Principal
Principal
Principal
Principal
Principal
%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
4.00%
Company Role
President & CEO
Vice President & CFO
Accounting
Accounting
Investor
Investor
Investor
EXPO-Miami, Inc.
BALANCE SHEET
Assets
$ 3,556,900
Liabilities
$ 106,900
Equity
$ 3,450,000
Page 26
QUALIFICATIONS AND EXPERIENCE - CONSTRUCTION AND DESIGN TEAM

Construction and Design:
SKANSKA USA, Candela Hernandez Architects, Bellingham Marine Industries, Roof & Rack Products, Inc: These team
members tasked with the construction of the various components of the Miami Marine Stadium & Park project. SKANSKA
USA will provide construction management services for the development of the entire project including the restoration of
the Marine Stadium.
SKANSKA USA provides construction management services at risk with a guaranteed maximum price and a
performance bond as a representative of the developer. Skanska USA is one of the largest, most financially sound
construction and development companies in the country with expertise in construction, civil infrastructure, publicprivate partnerships, historic preservation and commercial development initiatives in select U.S. markets.
Candela Hernandez Architects is an architectural firm based in Coral Gables, Florida. Architects Hilario
Candela and Jorge Hernandez are the principals and creative design behind the firm with a particular focus on historic
preservation. Hilario Candela is also the original architect of the historic Miami Marine Stadium.
Bellingham Marine Industries, Inc. is the worlds most comprehensive marina builder. It has been building
marinas around the world for 55 years. The company has installed more than 20 million square feet of concrete
floating docks throughout the world.
Roof & Rack Products Inc. is considered by many the world leader and authority in the marine dry storage
industry. The company has served all facets of the boat storage market for more than 30 years. The company is preeminent in the design, engineering, fabrication and installation of fixed outdoor rack systems.
Resumes of members of the leadership team may be found in Attachment 2 of this document.
Page 27
OVERVIEW OF FINANCIAL FEASIBILITY

TPA/EXPO, with its equity and lending partners will invest $17,500,000, to convert the parking lots into a Green Flex
Park; $68,000,000 to develop the Maritime Exhibition Center; and $7,350,000 to develop an state of the art dry boat
storage facility. These components will generate profits for the long term sustainability of the Stadium. At the end of this
section, you will find correspondence from Grandbridge Real Estate Capital, a subsidiary of BB&T, regarding the financing of
the project.
Through its fundraising initiatives, FMMS will raise $30,000,000 for the restoration of the Stadium. TPA/EXPO will
provide up to $15,000,000 to cover the current gap in funding needed to commence the preparation of the property for the
2016 Miami International Boat Show and the restoration of the Stadium.
RENDERING OF PROPOSED GREEN FLEX PARK

Page 28
CAPITALIZATION, INVESTMENT AND FUNDING SOURCES

The total cost of developing the Miami Marine Stadium and Park Project is $121,017,000. The Chart that follows reflects the
proposed funding sources for the development of the project, including the restoration of the Stadium, the construction of the
Green Flex Park, the Maritime Center and the Dry Boat Storage.
MIAMI MARINE STADIUM PARK

Overall Financial Feasibility
Funding Sources
Sources
1 Private Equity
Private Equity Stock 70% of $110,000,000
$77,000,000
$18,000,000
$53,922,000
Available on or before 12/31/2014

Mezzanine Loan 30% of $110,000,000

$33,000,000
This loan will be a construction loan that will be converted
to a commercial loan from 2017 untill 2021.
$33,000,000
2 Commercial Loan Funds
Subtotal
$104,922,000
3 Fundraising comitments to Friend of Miami Marine Stadium

Miami-Dade General Obligation Bond for Hstoric Preservation
Sale of Federal Historic Tax Credit Through the National Trust Community Inv. Corp.
State of Florida Special Legislative Appropiation 2014
Gloria Estefan Foundation
R Kirik London Foundation
Getty Foundation
American Express
National Trust for Historical Preservation Grant
Dade Heritage Trust, Villagers, World World Monument Fund
Sale of Seats 6,000 seats at $1,000 each
$3,000,000
$5,000,000
$1,000,000
$500,000
$210,000
$180,000
$80,000
$75,000
$50,000
$6,000,000
Subtotal
TOTAL
$16,095,000
$121,017,000
Page 29
The following chart reflects the profit and loss assumptions for all segments of the project.

Overall Financial Feasibility
Estimated Profit & Loss Assumptions
Construction
2016
Operations
2017
2018
2019
2020
2021
$3,923,000
Operating Revenues
Miami Marine Stadium
$3,225,000
$3,503,000
$3,781,000
$3,851,000
$5,056,000
$6,164,000
$6,212,000
$6,237,000
$6,263,000
$6,732,000
$9,202,000
$10,294,000
$10,550,000
$10,814,000
$1,679,000
$2,142,000
$2,196,000
$2,251,000
$2,308,000
$2,365,000
$5,177,000
$17,155,000
$21,065,000
$22,538,000
$22,946,000
$23,365,000
$2,179,500
$2,210,000
$2,244,000
$2,299,000
$2,358,000
$2,587,000
$2,800,000
$2,850,000
$3,094,000
$3,129,000
$4,684,000
$4,130,000
$3,873,000
$3,888,000
$3,983,000
$919,000
$1,041,000
$1,055,000
$965,000
$988,000
$1,013,000
SUBTOTALS
$3,247,000
$10,491,500
$10,195,000
$9,932,000
$10,269,000
$10,483,000
Net Revenue before Return on Investment and Income Tax
$1,930,000
$6,663,500
$10,870,000
$12,606,000
$12,677,000
$12,882,000
$10,230,000
$10,230,000
$10,230,000
$10,230,000
$10,230,000
$640,000
$2,376,000
$2,447,000
$2,652,000
2017
$883,000
$360,000
2018
$996,000
$418,000
2019
$1,004,000
$424,000
2020
$1,016,000
$427,000
2021
$1,028,000
$431,000
$256,000
$467,000
$504,000
$542,000
$658,000
Flex Park
MEC Building
$3,498,000
Dry Stack
SUBTOTALS
Operating Expenses (Includes Rent to Friends of Miami Marine Stadium)

$2,328,000
Flex Park
MEC Building
Dry Stack
Cost of Capital and Debt Service

Net Before Taxes
9.75%
$1,930,000
($3,566,500)
Notes:
2016
Total Funds Payable to Friends of Miami Marine Stadium (Included in Expenses Above)
$434,000
Total Funds Payable to the City of Miami (Included in Expenses Above)
$259,000
Profit Sharing with City of Miami (MEC Building) 10% Gross Revenue caped at 15% of Net Revenue
Profit sharing will fluctuate based on yearly revenues
Page 30
MIAMI MARINE STADIUM & PARK PROJECT - SUMMARY OF PROJECTED COSTS & EXPENSES
SUMMARY OF MIAMI MARINE STADIUM PROJECT COSTS
SUMMARY OF GREEN FLEX PARK COSTS
HARD COSTS
HARD COSTS
$14,004,000
ARCHITECTURE/ENVIRO/SPECIAL TECH CONSULTANTS
$315,000
ENGINEERING FEES
$500,000
MUNICIPAL / ZONING / PERMIT FEES
$181,000
ESTIMATED MAX DEBT RESERVES
$446,000
LEGAL SERVICES
$35,000
CONSTRUCTION; LEASING & GEN ADMIN - OPS START UP
$544,000
PROJECT COSTS
$16,025,000
ARCHITECTURE/ ENVIRO /CONSERVATION/ SPECIAL TECH CONSULT
ENGINEERING FEES
LEGAL SERVICES
PROJECT COSTS
$21,781,000
$2,398,000
$255,000
$440,000
$838,000
$25,000
$453,000
$26,190,000
CAPITAL BUDGET CALCULATIONS

Project Cost
Project Management Fee
Total Project Cost
Equity/Mezz Loan Procurement
All In Project Cost

4.00%
5.00%
$26,190,000
$1,048,000
$27,238,000
$1,362,000
$28,600,000
SUMMARY OF MEC BUILDING COSTS
$42,874,000
$3,647,000
$637,000
$2,670,000
$3,004,000
$435,000
$1,095,000
$5,943,000
$1,569,000
TOTAL PROJECT COST
$61,874,000
$16,025,000
$641,000
$16,666,000
5.00%
$833,000
$17,499,000
4.00%
SUMMARY OF DRY BOAT STORAGE PROJECT COSTS
HARD CONSTRUCTION COSTS

ENGINEERING FEES
LEGAL SERVICES
MARKETING & ADVERTISING
TENANT IMPROVEMENTS
Project Cost
Total Project Cost
All In Project Cost
Project Cost
Total Project Cost
All In Project Cost
4.00%
5.00%
$61,874,000
$2,475,000
$64,349,000
$3,217,000
$67,566,000
HARD COSTS
ENGINEERING FEES
LEGAL SERVICES
PROJECT COST
$5,831,000
$164,000
$180,000
$133,000
$182,000
$25,000
$218,000
$6,733,000

Project Cost
Total Project Cost
All In Project Cost
$6,733,000
4.00%
5.00%
$269,000
$7,002,000
$350,000
$7,352,000
Page 31
FINANCIAL MODELS - OPERATIONS: REVENUES AND EXPENSES

The following financial charts and models provide the detailed operating budgets, based on expected revenues and expenses
by project component from 2017 through 2021.
MIAMI MARINE STADIUM
FINANCIAL MODEL - OPERATIONS
Inflation Adjustment
Revenues - Source The Heat Group

90001
90002
90003
90004
90005
90006
90007
90008
90009
2017
Boat Racing Events

Water Related Events
Concerts and Entertainement Events
Festivals and Events
Tours -Booked by Cruises lines - Yearly
Filming/Grads/Weddings - Yearly
Sponsorships - Yearly
Naming Rights - Yearly
Gross Revenues
7
5
15
52
25
24
5
1
$90,000
$53,000
$62,000
$8,000
$2,000
$2,500
$50,000
$1,000,000
Expenses
$504,000
$284,000
$744,000
$405,000
$40,000
$48,000
$200,000
$1,000,000
$3,225,000
2017
90010 Payroll
2018
$567,000
$320,000
$837,000
$455,000
$45,000
$54,000
$225,000
$1,000,000
$3,503,000
2018
2.50%
2019
$630,000
$355,000
$930,000
$506,000
$50,000
$60,000
$250,000
$1,000,000
$3,781,000
2019
2020
$646,000
$364,000
$953,000
$519,000
$51,000
$62,000
$256,000
$1,000,000
$3,851,000
2020
2021
$662,000
$374,000
$977,000
$532,000
$52,000
$64,000
$262,000
$1,000,000
$3,923,000
2021
$650,000
$650,000
$650,000
$650,000
$667,000
$684,000
$117,000
$117,000
$117,000
$117,000
$120,000
$123,000
90012 Insurance
$300,000
$300,000
$308,000
$316,000
$324,000
$332,000
90013 Gen Maintenance Materials, Supplies & Landscaping
$148,000
$148,000
$151,000
$155,000
$158,000
$162,000
$27,000
$27,000
$28,000
$28,000
$29,000
$30,000
$6,000
$6,000
$6,000
$6,000
$6,000
$7,000
$38,000
$38,000
$39,000
$40,000
$41,000
$42,000
$250,000
$250,000
$256,000
$262,000
$269,000
$276,000
$80,000
$80,000
$82,000
$84,000
$86,000
$88,000
$120,000
$123,000
$126,000
$129,000
$132,000
$129,000
$24,000
$140,000
$25,000
$151,000
$26,000
$154,000
$27,000
$157,000
$28,000
90011 Payroll Taxes and Benefits
18.00%
90014 Security System

90015 Telphone/Broadband
90016 Housekeeping-Non Events
90017 Utilities Electric & Water/Sewer
90018 Solid Waste Removal
90019 Administration of Operations/Heat
90020 Administration of Operations/FMMS
4.00%
90021 Professional Fees Legal/Accounting
$24,000
90022 Maintenance Reserves
0.50%
$16,000
90023 Operating Expenses
Net Revenues less Total Expenses

Owner Expenses
90024 Depreciation - Property 1.5 Years
90025 Depreciation - Property 2 Years
$444,000
$491,000
$12,841,000
1.5
2
50
90027 Total Property Depreciation

90028 Net Operating Income less Operating & Owner Expenses
90029 Net Operating Income plus depreciation add back
90030 Cost of Capital and Debt Service
100.00%
of all in cost @
Revenues available for distribution to Capital Accts
9.75%
$16,000
$16,000
$17,000
$17,000
$18,000
$1,905,000
$1,941,000
$1,978,000
$2,027,000
$2,079,000
$1,320,000
$1,562,000
$1,803,000
$1,824,000
$1,844,000
2017
2018
2019
2020
2021
$296,000
$246,000
$257,000
$148,000
$246,000
$257,000
$257,000
$257,000
$257,000
$799,000
$651,000
$257,000
$257,000
$257,000
$521,000
$1,320,000
$1,810,000
$911,000
$1,562,000
$1,810,000
$1,546,000
$1,803,000
$1,810,000
$1,567,000
$1,824,000
$1,810,000
$1,587,000
$1,844,000
$1,810,000
($490,000)
($248,000)
($7,000)
$14,000
$34,000
Page 32

FLEX PARK
Revenues
70001
70002
70003
70004
70005
70006
70005
70006
70007
70008
MIBS - Land
MIBS - Water
Other Large Shows
Other Events & Galas
Underground Parking
Parking (80 Events)
Sponsorships
Naming Rights
Parking Surtax to the City
Gross Revenues
1
1
6
8
250
2400
6
1
80
$600,000
$300,000
$400,000
$250,000
$2,800
$20
$10,000
$100,000
15.00%
Expenses
70009
70010
70011
70012
70013
70014
70015
70016
70017
70018
70019
70020
70021
70022
70023
Payment to FMMS (5% of Gross Revenues)

Payment to the City of Miami (5% Gross)
Payroll
Payroll Taxes and Benefits
Ad Valorem Real Estate Taxes
Insurance
Gen Maintenance Materials, Supplies & Landscaping
Security System
Telphone/Broadband
Utilities Electric & Water/Sewer
Solid Waste Removal
Administration of Operations
Professional Fees Legal/Accounting
Maintenance Reserves
Operating Expenses
2016
0
0
0.6
0
0
$390,000
$70,000
$218,000
$150,000
$96,000
$6,000
$6,000
$120,000
$48,000
0
0
$24,000
$25,000
Net Operating Revenues less Total Expenses
70024 Depreciation - Property 1 Year

2016
$979,000
$12,260,000
1
20

70027 Net Operating Income less Operating & Owner Expenses
70028 Net Operating Income plus depreciation add back
100.00% of all in cost @
$350,000
$175,000
$390,000
$70,000
$218,000
$150,000
$96,000
$6,000
$6,000
$120,000
$48,000
$650,000
$24,000
$25,000
$2,328,000
$1,170,000
Owner Expenses
9.75%
2.50%
2016
2017
2018
2019
2020
2021
$600,000
$600,000
$645,000
$677,000
$694,000
$711,000
$300,000
$300,000
$323,000
$339,000
$347,000
$356,000
$1,200,000 $1,920,000 $2,400,000 $2,400,000 $2,400,000 $2,400,000
$1,000,000 $1,600,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000
$350,000
$560,000
$700,000
$700,000
$700,000
$700,000
$24,000
$38,000
$48,000
$48,000
$48,000
$48,000
$30,000
$48,000
$60,000
$60,000
$60,000
$60,000
$50,000
$80,000
$100,000
$100,000
$100,000
$100,000
($56,000)
($90,000) ($112,000) ($112,000) ($112,000) ($112,000)
$3,498,000 $5,056,000 $6,164,000 $6,212,000 $6,237,000 $6,263,000
2017
2018
2019
2020
2021
$506,000
$253,000
$390,000
$70,000
$218,000
$150,000
$96,000
$6,000
$6,000
$120,000
$48,000
$675,000
$24,000
$25,000
$2,587,000
$616,000
$308,000
$390,000
$70,000
$223,000
$154,000
$99,000
$6,000
$6,000
$123,000
$49,000
$700,000
$25,000
$31,000
$2,800,000
$621,000
$311,000
$390,000
$70,000
$229,000
$158,000
$101,000
$6,000
$6,000
$126,000
$50,000
$725,000
$26,000
$31,000
$2,849,000
$624,000
$312,000
$399,000
$72,000
$235,000
$162,000
$104,000
$6,000
$6,000
$129,000
$51,000
$936,000
$27,000
$31,000
$3,092,000
$626,000
$313,000
$408,000
$73,000
$241,000
$166,000
$106,000
$7,000
$7,000
$132,000
$52,000
$939,000
$28,000
$31,000
$3,126,000
$2,469,000
$3,364,000
2018
$3,363,000
2019
$3,145,000
2020
$3,137,000
2017
$979,000
$613,000
2021
$613,000
$613,000
$613,000
$613,000
$1,592,000
$613,000
$613,000
$613,000
$613,000
$1,170,000
$877,000
$1,170,000 $2,469,000
$1,706,000 $1,706,000
$763,000
($536,000)
$2,751,000
$3,364,000
$1,706,000
$2,750,000
$3,363,000
$1,706,000
$2,532,000
$3,145,000
$1,706,000
$2,524,000
$3,137,000
$1,706,000
$1,658,000
$1,657,000
$1,439,000
$1,431,000
Page 33

MARINE EXHIBITION CENTER BUILDING
Revenues
50001
50002
50003
50004
50005
50006
50007
50008
50009
50010
50011
50012
50013
50014
50015
50016
50017
50018
50019
50020
50021
Grand Porch Enclosed Space

Grand Porch Open Space
Grand Porch Berth Space
Mezzanine Enclosed Space
Water Room Berths
Second Level Space
Third Level Space
Museum Space
Roof Top Space
Outdoor Space
Underground Parking
Green Surface Parking
Total Revenue from Leasable SF2 & Parking
Special Events
Gross Revenue
Vacancy Allowance
Parking Surtax to City
Green Surface Parking Surtax to City
Parking Sales Tax to State
Parking Sales Tax to County
Net Revenue
2017
Payroll
Payroll Taxes & Benefits
Insurance
Gen Maintenance, Materials, Supplies & Landscaping
Maintenance, Materials, Supplies & Landscaping
Security System
Telphone/Broadband
Solid Waste Removal
Marketing & Advertising
Museum Operations
Reimburseable Expenses
Net Operating Revenues

2.50%
2019
2020
2021
30,000
29,300
4,000
32,500
4
34,600
40,000
$50
$40
$36
$45
$60,000
$40
$42
$900,000
$703,000
$86,000
$878,000
$144,000
$830,000
$1,008,000
$1,230,000
$961,000
$118,000
$1,199,000
$197,000
$1,135,000
$1,378,000
$1,538,000
$1,201,000
$148,000
$1,499,000
$246,000
$1,419,000
$1,722,000
$1,576,000
$1,231,000
$152,000
$1,536,000
$252,000
$1,454,000
$1,765,000
$1,615,000
$1,262,000
$156,000
$1,574,000
$258,000
$1,490,000
$1,809,000
15,000
30,000
275
500
$40
$35
$2,000
$4,000
$360,000
$630,000
$330,000
$1,200,000
$7,069,000
$492,000
$861,000
$451,000
$1,640,000
$9,662,000
$615,000
$1,076,000
$564,000
$2,050,000
$12,078,000
$630,000
$1,103,000
$578,000
$2,101,000
$12,378,000
$646,000
$1,131,000
$592,000
$2,154,000
$12,687,000
$7,069,000
$9,662,000
($50,000)
($180,000)
($92,000)
($15,000)
$6,732,000
($68,000)
($246,000)
($125,000)
($21,000)
$9,202,000
$12,078,000
($1,208,000)
($85,000)
($308,000)
($157,000)
($26,000)
$10,294,000
$12,378,000
($1,238,000)
($87,000)
($315,000)
($161,000)
($27,000)
$10,550,000
$12,687,000
($1,269,000)
($89,000)
($323,000)
($165,000)
($27,000)
$10,814,000
2017
$632,000
$114,000
$120,000
2018
$632,000
$114,000
$123,000
2019
$632,000
$114,000
$126,000
2020
$647,000
$116,000
$129,000
2021
$662,000
$119,000
$132,000
$96,000
$12,000
$60,000
$600,000
$48,000
$24,000
$395,000
$120,000
$24,000
$34,000
$3,119,000
$99,000
$12,000
$62,000
$615,000
$49,000
$25,000
$395,000
$123,000
$25,000
$46,000
$3,181,000
$103,000
$13,000
$64,000
$630,000
$50,000
$26,000
$395,000
$126,000
$26,000
$51,000
$3,239,000
$106,000
$13,000
$66,000
$646,000
$51,000
$27,000
$317,000
$129,000
$27,000
$53,000
$3,232,000
$109,000
$13,000
$68,000
$662,000
$52,000
$28,000
$324,000
$132,000
$28,000
$54,000
$3,310,000
$6,732,000
$9,202,000
$10,294,000
$10,550,000
$10,814,000
10.00%
15.00%
15.00%
6.00%
1.00%
Common Area Maintenance (CAM) pass-thru to Tenants

50030
50031
50033
50034
50038
50039
50040
50041
50042
50043
50044
50045
50046
50047
50048
2018
18.00%
$632,000
$114,000
$120,000
$96,000
$12,000
$60,000
$600,000
$48,000
$24,000
3.00%
0.50%
$120,000
$24,000
$34,000
Page 34

MARINE EXHIBITION CENTER BUILDING
Owner Expenses
50038 Payment to Friends of Miami Marine Stadium @ 3.00 / SF x 90,000 sf
50039 Owner Pays for share of CAM Pass Thru Expenses
50040
50041
50042
50043
50044
50045
50045
$3.00
Depreciation - Property 2 Years

$4,803,000
$5,118,000
$10,000
$200,000
$2,000,000
$255,000
$41,061,000
90,000
2017
$270,000
$1,248,000
2018
$270,000
$636,000
2019
$270,000
$324,000
2020
$277,000
$323,000
2021
$284,000
$331,000
2
5
6
10
20
30
50
$2,402,000
$1,024,000
$2,000
$20,000
$100,000
$9,000
$821,000
$2,402,000
$1,024,000
$2,000
$20,000
$100,000
$9,000
$821,000
$1,024,000
$2,000
$20,000
$100,000
$9,000
$821,000
$1,024,000
$2,000
$20,000
$100,000
$9,000
$821,000
$1,024,000
$2,000
$20,000
$100,000
$9,000
$821,000
$4,378,000
$4,378,000
$1,976,000
$1,976,000
$1,976,000

50047 Net Op Income less Depreciation and FMMS Rent
50048 Net Op Income plus depreciation add back
100.00%
of all in cost @

Profit Sharing with the City of Miami (10% of Gros Revenue with a 15% cap on Net Income)
9.75%
$836,000
$5,214,000
$6,588,000
($1,374,000)
$3,918,000
$8,296,000
$6,588,000
$1,708,000
$7,724,000
$9,700,000
$6,588,000
$3,112,000
$7,974,000
$9,950,000
$6,588,000
$3,362,000
($206,000)
$256,000
$467,000
$504,000
$8,223,000
$10,199,000
$6,588,000
$3,611,000
$542,000
Page 35

180 RACK DRY STORAGE MARINA - PIER 1
2016
2017
Revenues
10001
10002
10003
10004
10005
10006
10007
Dry Stack Rent

Dry Stack Jet Skis
Retail Space
Fuel Dock
Gross Revenue
Vacancy Allowance
Gross Revenue
180
100
5,000
300,000
$7,500
$4,800
$25
$1
5.00%
Expenses
10008
10009
10010
10011
10012
10013
10014
10015
10016
10017
10018
10019
10020
10021
10022
$1,013,000
$360,000
$94,000
$300,000
$1,767,000
($88,000)
$1,679,000
2016
Payment to Friends of Miami Marine Stadium (5% of Gross Revenues)

Payment to the City of Miami (5% of Gross Revenues)
Payroll
Payroll Taxes & Benefits
Insurance
Gen Maintenance Materials, Supplies & Landscaping
Security System
Telphone/Broadband
Solid Waste Removal
Marketing & Advertising
Operating Expenses
5.00%
5.00%
18.00%
$103,000
$103,000
$274,000
$49,000
$50,000
$48,000
$12,000
$5,000
$35,000
$24,000
$36,000
3.00%
$12,000
0.50%
Net Revenues less Operating Expenses

Owner Expenses
-
Property
Property
Property
Property
Property
$84,000
$84,000
$274,000
$49,000
$50,000
Depreciation
Depreciation
Depreciation
Depreciation
Depreciation
1 Year
10 Years
16 Years
20 Years
50 Years
10028
Total Property Depreciation
10029
10030
10031
Net Operating Income less Operating & Owner Expenses

Net Operating Income plus depreciation add back
Cost of Capital and Debt Service
$805,000
$760,000
$1,240,000
$814,000
$3,270,000
100.00% of all in cost @
2018
2019
$1,419,000
$504,000
$131,000
$316,000
$2,370,000
($119,000)
$2,251,000
2019
2020
$1,454,000
$517,000
$134,000
$324,000
$2,429,000
($121,000)
$2,308,000
2020
2021
$1,490,000
$530,000
$137,000
$332,000
$2,489,000
($124,000)
$2,365,000
2021
$12,000
$5,000
$35,000
$24,000
$36,000
$150,000
$12,000
$8,000
$914,000
$110,000
$110,000
$274,000
$49,000
$51,000
$49,000
$12,000
$5,000
$36,000
$25,000
$37,000
$175,000
$12,000
$11,000
$1,050,000
$113,000
$113,000
$274,000
$49,000
$52,000
$51,000
$13,000
$5,000
$37,000
$26,000
$38,000
$68,000
$13,000
$11,000
$960,000
$115,000
$115,000
$281,000
$51,000
$53,000
$52,000
$13,000
$5,000
$38,000
$27,000
$39,000
$69,000
$13,000
$12,000
$983,000
$118,000
$118,000
$288,000
$52,000
$54,000
$53,000
$13,000
$6,000
$39,000
$28,000
$40,000
$71,000
$13,000
$12,000
$1,008,000
$765,000
$1,106,000
$1,146,000
$1,291,000
$1,325,000
$1,357,000
2017
2018
2019
2020
2021
1
10
16
20
50
9.75%
2017
2018
$1,384,000
$492,000
$128,000
$308,000
$2,312,000
($116,000)
$2,196,000
$107,000
$107,000
$274,000
$49,000
$50,000
$48,000
$12,000
$5,000
$35,000
$24,000
$36,000
$175,000
$12,000
$11,000
$1,036,000
2016
10023
10024
10025
10026
10027
$1,350,000
$480,000
$125,000
$300,000
$2,255,000
($113,000)
$2,142,000
2.50%
$805,000
$76,000
$78,000
$41,000
$65,000
$76,000
$78,000
$41,000
$65,000
$76,000
$78,000
$41,000
$65,000
$76,000
$78,000
$41,000
$65,000
$76,000
$78,000
$41,000
$65,000
$1,065,000
$260,000
$260,000
$260,000
$260,000
$765,000
$765,000
$717,000
$41,000
$1,106,000
$717,000
$886,000
$1,146,000
$717,000
$1,031,000
$1,291,000
$717,000
$1,065,000
$1,325,000
$717,000
$1,097,000
$1,357,000
$717,000
$48,000
$389,000
$429,000
$574,000
$608,000
$640,000
Page 36
NEW REVENUES TO THE CITY OF MIAMI AND PRESERVATION OF STADIUM

Friends proposal will provide the City of Miami with a new stream of revenue, both direct and indirect, through
various sources including revenue sharing, financial participation, parking surtax fee collections, taxes and fees. New
revenues to the City are estimated at an average of $1,275,000 per year, as of the third year upon stabilization, and
$150,020,000 over the initial 49 year term of the lease. In addition to providing a new revenue stream to the City of Miami,
the project will guarantee the perpetual preservation, operation and maintenance of the Miami Marine Stadium as required
in the conveying deed. The Flex Park and Dry Rack Storage will pay Friends 5% of gross revenues of each component
respectively on an annual basis to subsidize the public jewel.
Annual Public Contributions

City of Miami
Renovated Stadium
Green Flex Park

Dry Stack
Marine Exhibition
Center
Profit Sharing
Parking Surtax
Indirect Revenues
Total Public
Contributions
Any and all profits from
Net Profit from
the operation of the
operation of sports,
stadium will be
music, exhibition, and
reinvested into the
event marine
Stadium
stadium
5% of gross revenues
10% of gross
revenues
10% of gross
revenues
10% of gross revenues up to a ceiling of 15% of net revenues to City of
Miami
Payment to City of 40% of return on investment over 18%, up to a ceiling of
15% of net operating revenues fluctuating yearly.
15% of gross revenues (underground and surface parking areas)
Include but not limited to new ad-valorem tax base for commercial
components, permit and development fees estimated at $1.9 million, etc.
Page 37
Estimated New Revenues to the City of Miami - Years 2016 to 2021

2016
$575,000
2017
$1,154,000
2018
$1,206,000
2019
$1,275,000
2020
$1,315,000
2021
$1,359,000
Subtotal
$6,884,000
Estimated Permit & Development Fees
$1,922,000
Total New Revenue to City for 2016-2021
$8,806,000
*estimated revenue calculations provided above do not include profit sharing to City, which will increase total net
revenue stream to the City
Page 38
Page 39
MIAMI MARINE STADIUM & PARK PROJECT - A PUBLIC WATERFRONT LANDMARK
Page 40

Miami Marine Stadium & Park: Operations, Development and Finance

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MIAMI MARINE STADIUM & PARK

Operations, Development and Finance

Friends of Miami Marine Stadium, Inc.

HISTORY OF THE MIAMI MARINE STADIUM