2017-30050 Resolution RESOLUTION NO. 2017-30050
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, AFFIRMING THE CITY MANAGER'S CONSENT TO A
CHANGE OF OPERATOR OF THE MIAMI BEACH MARINA FROM RCI MARINE,
INC. AND ROBERT CHRISTOPH ("CURRENT OPERATORS") TO MBM MARINA
MANAGER, LLC AND SMI CONCIERGE SERVICES, LTD. ("PROPOSED
OPERATORS"), AS REQUIRED UNDER SECTION 2.27 OF THE LEASE
AGREEMENT, DATED JUNE 24, 1983, BETWEEN THE CITY AND MIAMI
BEACH MARINA ASSOCIATES, LTD. ("LESSEE").
WHEREAS, on June 15, 1983, the Mayor and City Commission passed Resolution No. 83-
17385, approving and authorizing the execution of a lease agreement (the "Marina Lease") with
Carner-Mason Associates, Ltd. for the construction and management of a marina and dry storage
facility (the "Marina") in the South Shore development area (generally lying south of 6th Street)
and the Marina Lease was subsequently signed on June 24, 1983; and
WHEREAS, on October 17, 1989, pursuant to a judgment of foreclosure of the Marina
leasehold interest, Tallahassee Building Corporation, a Delaware corporation, a wholly owned
subsidiary of Heller Financial, Inc., acquired the interest of Carner-Mason in the Marina Lease;
and
WHEREAS, thereafter, the Marina Lease was amended four times, as follows: 1) First
Amendment, which consisted of the parties' agreement to a "Modified Lease", dated October 23,
1991; 2) Second Amendment, dated August 11, 1994; 3) Third Amendment, dated May 27, 1997,
which also included the adoption of Resolution No. 97-22398, where the City consented to the
assignment of the Lease from Tallahassee Building Corporation to the current lessee, the Miami
Beach Marina Associates, Ltd., a Florida Limited Partnership (Lessee); and 4) Fourth Amendment
(and most recent), dated April 15, 1998; and
WHEREAS, the Miami Beach Marina Associates, Ltd ("Lessee") met with the
Administration to discuss a change of operator of the Marina and, as required under Section 2.27
of the First Amendment, subsequently submitted a formal request for approval letter dated
October 9, 2017; and
WHEREAS, as stated in the request letter, in reviewing the Marina operations, and as part
of the Christoph family's estate planning, the Lessee determined it would be in the best interest of
the Lessee, the Christoph family and the City to re-establish a single purpose entity as the
manager of the Miami Beach Marina; and
WHEREAS, the Lessee has created a new entity, MBM Marina Manager, LLC, a Florida
limited liability company, for that purpose; and
WHEREAS, since this new entity is a wholly owned subsidiary of RCI Marine, this change
will have no effect on the first class nature of the property or quality of services being provided;
and
WHEREAS, the principals of MBM Marina Manager are Robert Christoph, Sr. and Robert
Christoph, Jr., who have been operating the Marina for the last 23 years, so there will be continuity
of operations; and
WHEREAS, in addition, as required under Section 2.27 of the First Amendment, the
Lessee is also requesting that the City approve SMI Concierge Services, Ltd., a Florida limited
partnership, which is a wholly owned subsidiary of Suntex Marina Investors, LLC ("Suntex"), a
limited liability company also as the operator of the Marina; and
WHEREAS, as represented in the request letter, Suntex currently owns and operates a
total of 45 marinas nationally, 14 of which are in Florida, including Black Point Marina, one of the
largest marinas in Miami Dade County, and Marina Jacks in Sarasota; and
WHEREAS, both Black Point and Marina Jacks are municipally owned facilities that are
leased to Suntex on a long term basis; and
WHEREAS, as part of the request for approval of change of operator letter the Lessee has
submitted Suntex's qualifications; and
WHEREAS, pursuant to Section 2.27 of the Marina Lease, the City Manager has the
authority to consent to a change in the operator of the Miami Beach Marina; and
WHEREAS, the City Manager recommends that the Mayor and City Commission adopt the
Resolution approving the change of operator of the Miami Beach Marina to MBM Marina Manager,
LLC and SMI Concierge Services, Ltd; such change of operator shall in no way be deemed to be a
change in Lessee under the Lease, and the Miami Beach Marina Associates, Ltd. shall continue to
be the Lessee under the Marina Lease.
NOW, THEREFORE, BE IT DULY RESOLVED THAT THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission
hereby affirm the City Manager's consent to a change of operator of the Miami Beach Marina from
RCI Marine, Inc. and Robert Christoph ("Current Operators") to MBM Marina Manager, LLC and
SMI Concierge Services, Ltd. ("Proposed Operators"), as required under Section 2.27 of the Lease
agreement, dated June 24, 1983, between the City and Miami Beach Marina Associates, Ltd.
("Lessee").
PASSED and ADOPTED this /Y day of AG4JP/ 2017.
ATTEST:
SI
L(J3chi
RA AEE. GRANADO, CITY CLERK / ,,i7
PHt1P MAYOR
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City Attorney ii* ir Date
Resolutions - C7 W
MAMI E
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Jimmy L. Morales, City Manager
DATE: October 18, 2017
SUBJECT A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, APPROVING THE CHANGE OF OPERATOR OF THE
MIAMI BEACH MARINA FROM RCI MARINE, INC. AND ROBERT CHRISTOPH
("CURRENT OPERATORS") TO MBM MARINA MANAGER, LLC AND SMI
CONCIERGE SERVICES, LTD. ("PROPOSED OPERATORS"), AS REQUIRED
UNDER THE LEASE AGREEMENT, DATED JUNE 24, 1983, BETWEEN THE CITY
AND MIAMI BEACH MARINA ASSOCIATES, LTD. ("LESSEE"); AND APPROVING
THE PROPOSED TRANSFER OF AN EQUITY INTEREST IN THE LESSEE TO
SUNTEX MARINA INVESTORS, LLC, SUBJECT TO EXECUTION BY THE
REQUIRED PARTIES OF THE CITY'S TRANSFER DOCUMENTS; AND
FURTHER AUTHORIZING THE CITY MANAGER AND CITY CLERK TO EXECUTE
ANYAND ALL TRANSFER DOCUMENTS ON BEHALF OF THE CITY.
(ITEM TO BE SUBMITTED IN SUPPLEMENTAL)
Legislative Tracking
Tourism, Culture, and Economic Development
Page 430 of 1633
Resolutions-C7 W
MIAMI BEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Jimmy L. Morales, City Manager
DATE: October 18, 2017
SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH,
FLORIDA, AFFIRMING THE CITY MANAGER'S CONSENT TO A CHANGE OF OPERATOR OF
THE MIAMI BEACH MARINA FROM RCI MARINE, INC. AND ROBERT CHRISTOPH ("CURRENT
OPERATORS") TO MBM MARINA MANAGER, LLC AND SMI CONCIERGE SERVICES, LTD.
("PROPOSED OPERATORS"), AS REQUIRED UNDER SECTION 2.27 OF THE LEASE
AGREEMENT, DATED JUNE 24, 1983, BETWEEN THE CITY AND MIAMI BEACH MARINA
ASSOCIATES, LTD. ("LESSEE").
RECOMMENDATION
Adopt the Resolution.
BACKGROUND
. The Miami Beach Marina ("Marina") is located adjacent to Government Cut and offers dockage and other marina related
services for the use and benefit of the public. With 400 boat slips, the marina can accommodate vessels up to 250 feet in
length. Also available on site are general retail and office uses such as casual and formal dining facilities, marine hardware
retailers,dive charters and boat sales.
On June 15, 1983,after reviewing the proposals submitted for the Marina, pursuant to Bid No.54-83 for the lease of the Marina,
the Mayor and City Commission passed Resolution No. 83-17385, approving and authorizing the execution of a lease
agreement with Carner-Mason Associates, Ltd.for the construction and management of a marina and dry storage facility in the
South Shore development area (generally lying south of 6th Street). The Marina Lease was subsequently signed on June 24,
1983.
On October 17, 1989, pursuant to a judgment of foreclosure of the Marina leasehold interest,Tallahassee Building Corporation,
a Delaware corporation,a wholly owned subsidiary of Heller Financial, Inc.,acquired the interest of Carner-Mason in the Marina
Lease.
Thereafter, the Marina Lease was amended four times, as follows: 1) First Amendment, which consisted of the parties'
agreement to a"Modified Lease",dated October 23, 1991;2)Second Amendment,dated August 11, 1994;3)Third Amendment,
dated May 27, 1997,which also included the adoption of Resolution No.97-22398,where the City consented to the assignment
of the Lease from Tallahassee Building Corporation to the current lessee,the Miami Beach Marina Associates, Ltd., a Florida
Limited Partnership(Lessee);and 4)Fourth Amendment(and most recent),dated April 15,1998.
Basic Lease Terms
Lessee: Miami Beach Marina Associates,Ltd,a Florida limited partnership
Operator: RCI Marine, Inc.and Robert Christoph
Property Location:344 Alton Road,Miami Beach,Florida
Use: Lessee shall use the Marina Site solely as a boat port, boat rentals, charter boat, boat repair
facilities, sale of fuel, showers, restrooms, sale of new and used boats, sale of bait and marine
accessories, marina and recreation facility offering dockage, mooring and other marina related
services for the use of and by the general public.
Execution Date:June 24, 1983
Initial Term:Thirty(30)full years,commencing on January 1, 1992 and ending on January 1,2022
Renewal Options:Three(3)Ten(10)year options,exercised at Lessee's sole discretion.
Rent Amount:Percentage Rent: Lessee shall pay Annual Percentage Rent equal to:
• Minimum Guarantee of$320,000 annually
• Two cents($0.02)per gallon from the sale of gasoline and diesel fuel
• Ten percent(10%)of Gross Receipts
• In the event the Marina charges fees for parking the City would be entitled to
receive 35%of the gross parking fee revenues.
Parking: City is obligated to provide not less than 715 spaces, reserved for use by the Marina
facilities. For parking spaces in the condominium garages, City does not pay for parking spaces, but
paid for initial capital cost,and also pays for the electric utility costs of the garage spaces, real estate
taxes, special assessment or other similar charges, and any pass through fees or costs or insurance
pursuant to the leases between the City and the Landlord/Condominium Associations.
Maintenance/Operation: The Marina maintains in good repair: slips, buildings, structures, facilities,
improvements (inside and out), including, w/o limitation, roof, foundation, wall, floors, sidewalks,
baywalks, curbs, landscaping, parking lots/areas, parking garage entrance/exits (resurfacing/paint
etc.),signage,water and sewer connections,windows,plumbing,utility fixtures,pipes,wires,conduits,
elevators,escalators,machines and fixtures and appliances in good,clean healthy and safe condition;
maintain parking areas well lighted; maintain lighting fixtures, security,water,telephone, maintenance
of revenue and/or security control equipment and systems; employ patrol for adequate security; and
insurance for the operation of the Marina.
Dockage Rules/Rates: The Marina establishes and enforces reasonable rules and regulations and
establishes dockage rates and other fees,all of which are subject to the approval of the City Manager.
Following is a summary of the annual rent payments from 2008-2016.
2008-2016
Rent
Payment
Summary
Year Total
2008 $481,559
2009 $459,505
2010 $610,307
2011 $744,625
•
2012 $908,734
2013 ._.............x...-$1,013,453
2014 ' $1,137,170
2015 $1,298,631
2016 $1,340,763
$7,994,747
ANALYSIS
The Miami Beach Marina Associates, Ltd("Lessee")met with the Administration to discuss a change of operator of the Marina
and, as required under Section 2.27 of the First Amendment, subsequently submitted a formal request for approval letter dated
October 9,2017,attached hereto as Exhibit A(Request for Approval of Change of Operator). As stated in the request letter, in
reviewing the marina operations,and as part of the Christoph family's estate planning,the Lessee determined it would be in the
best interest of the Lessee,the Christoph family and the City to re-establish a single purpose entity as the manager of the Miami
Beach Marina. As such,the Lessee has created a new entity, MBM Marina Manager, LLC, a Florida limited liability company,
for that purpose. Per the Lessee,as this new entity is a wholly owned subsidiary of RCI Marine,this change will have no effect
on the first class nature of the property or quality of services being provided. The principals of MBM Marina Manager are
Robert Christoph, Sr. and Robert Christoph, Jr., who have been operating the marina for the last 23 years, so there will be
continuity of operations.
In addition, as required under Section 2.27 of the First Amendment, the Lessee is also requesting the City approve SMI
Concierge Services, Ltd., a Florida limited partnership, which is a wholly owned subsidiary of Suntex Marina Investors, LLC
1"Suntex'1 a Delaware limited liability cmmnanv also as an nneratnr of the Marina As cnntained in the renuest letter Suntex
currently owns and operates a total of 45 marinas nationally, 14 of which are in Florida,including Black Point Marina,one of the
largest marinas in Miami Dade County, and Marina Jacks in Sarasota. Both Black Point and Marina Jacks are municipally
owned facilities that are leased to Suntex on a long term basis. As part of the Request for Approval of Change of Operator letter
(attached hereto as Exhibit A) the Lessee has submitted Suntex's qualifications. Additionally, Suntex has provided financial
statements, attached hereto as Exhibit B (Financial Statements), including a Consolidated Balance Sheet as of June 30, 2017
and a Consolidated Income Statement for the six month period ending June 30, 2017. Lessee has represented that due to
various business relationships between RCI Marine and Suntex,and Suntex's anticipated acquisition of an equity interest in the
Lessee,the Marina will be co-managed by both companies.
Pursuant to Section 2.27 of the Marina Lease,the City Manager has the authority to consent to a change in the operator of the
Miami Beach Marina.
CONCLUSION
The Administration recommends that the Mayor and City Commission adopt the Resolution approving the change of operator of
the Miami Beach Marina to MBM Marina Manager, LLC and SMI Concierge Services, Ltd., provided that the change of
operators shall not be deemed to be a change in Lessee under the Lease and that the Miami Beach Marina Associates, Ltd.
continues to be the Lessee under the Marina Lease.
Legislative Tracking
Tourism,Culture,and Economic Development
ATTACHMENTS:
Description
❑ Exhibit A-Request for Approval of Change of Operator
u Exhibit B-Financial Statements
o Exhibit C-Reaffirmation by Lessee
o Resolution
pi1t
MIAMI BEACH MARINA
October 9, 2017
Mr. Jimmy Morales
City Manager
City of Miami Beach
1700 Convention Center Drive
Miami Beach, FL 33139
Re: Submission of the qualifications of the operator of the Miami Beach Marina
Dear Mr. Morales:
As the City is aware, pursuant to Section 2.27 of the First Amendment of the Marina
Lease and several previous estoppel letters issued by the City, the operator of the Miami Beach
Marina has been Robert W. Christoph and RCI Marine, Inc., a Florida corporation ("RCI")
working for the marina lessee Miami Beach Marina Associates, Ltd. ("Marina Lessee"), since
1993. Its principals responsible for the day-to-day management of the marina are and continue to
be Robert W. Christoph, Sr., President and Robert W. Christoph,Jr., Vice President.
Over the years, RCI has also become the manager of other marinas outside of Miami
Beach. In reviewing the marina operations and as part of the family's estate planning we have
determined that it would be in the best interest of the Marina Lessee, the City and the Christoph
family to re-establish a single purpose entity as the manager of the Miami Beach Marina and we
have created a new entity MBM Marina Manager, LLC, a Florida limited liability company for
that purpose. As this new entity is a wholly subsidiary of RCI, this change will have no effect on
the first class nature of the property quality of services currently being provided.
Pursuant to Section 2.27 of the First Amendment to the Marina Lease,the Marina Lessee
is hereby submitting evidence of the qualifications of MBM Marina Manager, LLC, as the
operator of the marina. The principals of the MBM Marina Manager, LLC are the same two
individuals, Robert Sr. and Robert, Jr, who have been operating the marina for the last 23 years
so the City is assured of that the qualifications and experience of the marina manger are the same
as it has been for the last two decades and there is a continuity of operations. Marina Lessee is
also providing copies of the 2011 and 2017 estoppel letters issued by the City confirming RCI as
an approved manager of the marina. RCI will assign its management responsibilities to MBM
Marina Manager, LLC as soon as you confirm this request.
In addition, Marina Lessee is requesting that in accordance with Section 2.27 of the First
Amendment to Marina Lease that the City approves SMI Concierge Services, Ltd. a wholly
owned subsidiary of Suntex Marina Investors, LLC, ("Suntex") as an "acceptable marina
300 Alton Road, Suite 303, Miami Beach, Florida 33139, (305) 672-5588 • FAX (305) 673-5995
www.miami beachmarina.com
operator" for Miami Beach Marina and confirming that its marina management and operating
experience reasonably acceptable to the City. Suntex currently owns and operates a total of 45
marinas nationally-- 14 of which are located in the State of Florida. The Florida facilities alone
total over 3,000 boat slips (wet and dry) including the Black Point Marina, one of the largest
marinas in Miami Dade County, and Marina Jacks in Sarasota. Both Black Point and Marina
Jacks are municipally owned facilities that are leased on a long term basis to Suntex in a similar
public private partnership as Miami Beach Marina. Enclosed is information regarding Suntex for
your review. Due to various business relationships between RCI and Suntex and Suntex's
anticipated acquisition of an equity interest in Marina Lessee, both companies will co-manage
the Marina providing an unmatched level of marine industry knowledge and experience.
I look forward to continuing the successful first class operations of the marina for the Marina
Lessee and the City. If you have any questions or need any additional information,please feel
free to contact us.
Miami Beach Marina Associates,Ltd., a Florida limited partnership
By: SoBe Marina Inc., a Florida corporation,
its Gene 1 $er
By: ,
Robert W. • staph, Sr.
President
cc: Raul Aguila, Esq, City Attorney
Mark Milisits, Leasing Specialist
Carter N McDowell, Esq
Suzanne Amaducci-Adams, Esq.
300 Alton Road, Suite 303, Miami Beach, Florida 33139, (305) 672-5588 • FAX (305) 673-5995
4 •
MIAMI BEACH
City of Miami Beach, 1700 Convention Center Drive,Miami Beach,Florida 33139,www.miamibeachfl.gov
OFFICE OF THE CITY MANAGER
Tel:305.6737010,Fax:305.673.7782
November 17,2011
GREAT AMERICAN
LIFE INSURANCE COMPANY
c/o American Real Estate Capital
Two Alhambra Plaza, Suite 1280
Coral Gables,Florida 33134
Re: Lease Agreement between the City of Miami Beach (the "City") and the Miami Beach
Redevelopment Agency(the"Agency"), as Lessor, and Miami Beach Marina Associates,
Ltd., a Florida limited partnership, as lessee(referred to herein as"Marina Associates"or
"Lessee"),which Lease Agreement is more particularly described in Exhibit"A",attached
hereto and incorporated herein(as amended, the"Lease"),relating to premises commonly
known as Miami Beach Marina,300 Alton Road,Miami Beach,Florida 33139,including the
right to use certain submerged lands pursuant to that certain"Submerged Land Lease",
more particularly described in Exhibit "B" attached hereto and incorporated herein
(collectively,the"Marina")
Ladies and Gentleman:
The City and the Agency have been informed that Great American Life Insurance Company
("Lender" which term shall include Lender's successors and assigns) intends to make a loan to
Marina Associates in the principal amount of forty-five million and no/100 dollars ($45,000,000)
(the"Loan"),which Loan is to be secured,in part,by a mortgage encumbering Marina Associates'
interest in the Lease (the "Mortgage"). Certain capitalized terms used herein are defined in the
Exhibits attached hereto.
In connection therewith,the City and the Agency hereby acknowledge and agree,as of the
date hereof,as follows:
1. The City and the Agency are the owners and holders of the interest of the"landlord"
under the Lease. The City and the Agency(to the extent of its interest in the Lease)are hereinafter
- sometimes referred to as the"Lessor",
Great American Life Insurance Company
November 17,2011
Page 2
2. The Lease is current and in good standing and in full force and effect,and the Lease
has not been amended or modified except as described in Exhibit"A".To the best actual knowledge
of the City and the Agency(but without further or independent inquiry), there exist no defaults or
events which, with the passage of time or the giving of notice or both,would constitute a default
under the Lease as of the date hereof.Notwithstanding the foregoing,the City and the Agency do not
waive any default not currently known to the City and/or the Agency, or one which arises after the
date hereof,or the right to enforce any term,covenant or provision of the Lease with respect to any
such unknown or future default.
3. The City and the Agency have consented to and approved Marina Associates as the
Lessee under the Lease, and have approved Robert W. Christoph and RCI Marine, Inc., as the
Manager of the Marina.
4. As of the date hereof, the amount held by the City as the Security Deposit under
Article VIII of the Lease is$198,537.67.
5. There are no rent or other payments under the Lease that are due and unpaid as of the
date hereof;provided,however,that additional rent may be or become due to Lessor upon submittal
of the annual report by Marina Associates; or upon completion of the annual audit; or upon
completion of any other audit performed or to be performed,by the City and or Agency with respect
,-- to the Marina and/or the Lease including, without limitation, that certain non-final, draft audit
performed by the City's Internal Auditor, with the working title of "Miami Beach Marina Lease
Agreement—Rental Project Compliance." Additional rent may also be or become due to Lessor in
the event of resolution,in the City and Agency's favor,of a rent reduction claimed by Lessor,in the
amount of$53,500.02, as a result of the Marina's allegation of the occurrence of a "Disruption
Event,"as said term is defined in Section 3.2 of the Fourth Amendment to the Lease,for the months
of January,February,and March,2011.
6. Except in the event of a reduction in rent during a Construction Disruption Period,as
provided in Section 3.2 of the Fourth Amendment,the"Minimum Amount Guaranteed Rent"(as
such terms is defined in the Lease)for the year 2000 and all subsequent years is $320,000.Pursuant
to the Marina Associates Parking Agreements (as such term is defined in paragraph 13 below)
Marina Associates is not obligated to pay for parking, but is responsible for the operation and
management of the Parking Facilities.
7. The Initial Term of the Lease shall expire on January 1,2022;and the Lease contains
three (3) ten year options to extend the Initial Term in accordance with the terms, covenants and
conditions set forth therein.
8. The current address for notice to Lessor under Article XXII of the Lease is as follows:
City of Miami Beach
-^� 1700 Convention Center Drive
Miami Beach,Florida 33139
vve o.wring nd sate,),aG ail why live,rv:.?r::,and rioy rr vi (emir. hi ion c conrmi4ni y
Great American Life Insurance Company
November 17,2011
Page 3
Attention: City Manager
with a copy to:
City of Miami Beach
1700 Convention Center Drive
Miami Beach,Florida 33139
Attention: City Attorney
9. Upon consummating the Loan,Lender shall be recognized by Lessor as an"Original
Mortgagee"and a"Leasehold Mortgagee"as defined in the Lease,for all purposes under the Lease.
Lessor recognizes that Lender meets the requirements of net worth set forth in Article IX of the
Lease.Without limiting the generality of the foregoing,Lender is and shall be entitled to the benefits
of Article IX of the Lease, including the right to all notices and opportunities to cure provided
therein. Notices to Lender will be sent to the following:
GREAT AMERICAN
LIFE INSURANCE COMPANY
c/o American Real Estate Capital
Two Alhambra Plaza,Suite 1280
Coral Gables,Florida 33134
In addition to the notice requirement set forth in the Lease,as a courtesy to the Lender,the
City and the Agency will use reasonable efforts (but shall not be obligated)to provide the Lender
with simultaneous copies of any default notice(s) sent to Marina Associates under the Marina
Associates Parking Agreements(as defined below),and any other default notice(s)sent or received
by City and/or the Agency in connection with the "Submerged Land Lease and the City Parking
Agreements (as defined below); however, the City and/or the Agency shall have no liability for
failure to provide the Lender with copies of notices under the Marina Associates Parking
Agreements, Submerged Land Lease and/or City Parking Agreements.
10. The City and the Agency agree that a default under the Mortgage and other documents
evidencing,securing or otherwise related to the Loan(the"Loan Documents")shall not in and of
itself constitute a default under the Lease. Lender's exercise of its rights and remedies under the
Loan Documents,including,but not limited to,a UCC sale,a foreclosure sale,or an assignment or
transfer in lieu thereof(collectively,a"Foreclosure Transfer"),shall not constitute a default under
the Lease, provided the Lender otherwise complies with the applicable terms of the Lease with
respect to its exercise of such rights.
11. The Submerged Land Lease is current and in good standing and in full force and
effect, and there are no defaults thereunder. The City and the Agency acknowledge and agree that
the current term of the Submerged Lands Lease expires on January 21, 2036.
VV'c c zcna dire ;a pi a4ic 5>r✓Fce rc!so:r,'J cif st O,'ivd w .«i d Chaff:r1 vVF F a.'J,;,:)Cr .,a histo,..,v tik irr'
Great American Life Insurance Company
November 17,2011
Page 4
12. Reference is hereby made to those agreements concerning parking and related
facilities which are listed in Exhibit"C",attached hereto and incorporated herein by this reference
(collectively,the"City Parking Agreements").Pursuant to the City Parking Agreements,various
third parties have granted to the City and the Agency certain rights related to parking and related
facilities as described therein,in order to fulfill the obligations of the City and the Agency under the
Lease and under the Parking Facility Agreement to provide Marina Associates with not less than 715
parking spaces for use by Marina Associates in conjunction with the operation of the Marina.To the
best actual knowledge of the City and the Agency(but without further or independent inquiry),each
of the City Parking Agreements is current and in good standing and in full force and effect,and there
are no defaults thereunder on the part of the City and/or the Agency or,to the best actual knowledge
of the City and Agency(but without further or independent inquiry),on the part of any other party
thereto. To the extent Marina Associates has any cure rights under the City Parking Agreements,
Lender shall have the right to exercise such rights on behalf of Marina Associates.
13. Reference is hereby made to the Parking Facility Agreement,the First Amendment to
the Parking Facility Agreement,and the Second Amendment to the Parking Facility Agreement,as
defined in Exhibit "D", attached hereto and incorporated by this reference (collectively, the
"Marina Associates Parking Agreements"). Pursuant to the Marina Associates Parking
Agreements, the City and the Agency have granted to Marina Associates certain rights related to
parking and related facilities derived from the City Parking Agreements, in order to fulfill the
obligations of the City and the Agency under the Lease and under the Parking Facility Agreement to
provide Marina Associates with the exclusive use of not less than 715 parking spaces for use by
Marina Associates in conjunction with the operation of the Marina.To the best actual knowledge of
the City and the Agency(but without further or independent inquiry),each of the Marina Associates
Parking Agreements is current and in good standing and in full force and effect, and there are no
defaults thereunder on the part of the City and/or the Agency or,to the best actual knowledge of the
City and the Agency(but without further or independent inquiry),on the part of Marina Associates.
The City Parking Agreements and the Marina Associates Parking Agreements constitute all of the
agreements relating to parking for the Marina, and there are no other agreements currently in
existence with existence with respect to parking for the Marina.To the extent Marina Associates has
any cure rights under the Marina Associates Parking Agreements, Lender shall have the right to
exercise such rights on behalf of Marina Associates.
14. For purposes hereof, the term "Successor Parties" shall mean: (a) Lender or its
assignee or designee;and(b)any third party acquiring the rights of Lender or its assignee or designee
with respect to the Marina Lease and the leasehold estate and other interests created thereby(whether
in connection with,or after,a Foreclosure Transfer).In the event of any Foreclosure Transfer,the
City and the Agency agree to allow any and all Successor Parties to succeed without the necessity of
any further action to all rights of Marina Associates under the City Parking Agreements and under
the Marina Associates Parking Agreements,except that said Successor Parties must comply with the
applicable provisions of the Lease(i.e.,Article IX, as amended by the First Amendment).
t✓'.r�+ore c0.1vnpie :o 0t0'Kiirg r.c&rf&nr 040:+c s,P^:e 3r„} de4.•o oit wio «e, r%,oro ploy r'n.iur wbron+,;rop=coi,hisionc cernmuninr
Great American Life Insurance Company
November 17, 2011
Page 5
The statements contained herein maybe relied upon by Lender and its successors and assigns,
including any Successor Parties.
Very truly yours,
CITY OF MIAMI BEACH,
a Florida municipal corporation
.4e -4 )
By: "
Name: tlilda Fernandez
Title: Assistant City Manager(authorized
to sign on behalf of City Manager
Jorge M. Gonzalez)
MIAMI BEACH REDEVELOPMENT
AGENCY
By: iLe
Name:Hilda Fernandez
Title: Assistant City Manager(authorized
to sign on behalf of Executive
Director Jorge M. Gonzalez)
APPROVED AS TO
FORM&LANGUAGE
&FOR EXECUTION
opri 111
, Date
We.ore committed to providing excellent public 4eNIC&and sales n oil who live.,work,and ploy in cur vibrant,rropicol, historic community.
Great American Life Insurance Company
November 17, 2011
Page 6
Exhibit"A"
Description of Lease
Lease:
Lease Agreement dated June 24, 1983 between the City of Miami Beach,Florida("City")and joined
in by the Miami Beach Redevelopment Agency("Agency"),and Camer-Mason Associates,Ltd.,as
evidenced by that Short Form Lease dated August 19, 1983,recorded November 9, 1983,in Official
Records Book 11963,Page 1143,as amended by the following documents:(i)First Amendment to
Marina Lease Agreement dated as of October 23, 1991 among the City, Agency and Tallahassee
Building Corp. ("TBC"); (ii)Second Amendment to Marina Lease Agreement dated as of August
11, 1994 between the City and TBC(the"Second Amendment");(iii)Partial Release of Lease dated
December 27, 1995 between the City and TBC, recorded in Official Records Book 17077, Page
1193;(iv)Third Amendment to Marina Lease Agreement dated May 27, 1997,among the City,the
Agency and Marina Associates,recorded in Official Records Book 17673,Page 2846(the"Third
Amendment"); (v) Memorandum of Lease Amendments, filed May 29, 1997, in Official Records
Book 17656,Page 4709;(vi)Fourth Amendment to Marina Lease Agreement dated April 15, 1998,
among the City-the Agency and Marina Associates,recorded in Official Records Book 18391,Page
4862;and(vi)Partial Release of Marina Lease Agreement recorded in Official Records Book 18626,
Page 4354(the"Fourth Amendment"); all of the Public Records of Miami-Dade County,Florida.
We ore commirred la providing e:tcelienr pttbric service and telety o ail who five.work,and play r cr.ir vibforr,tropical,historic:crorriirriify.
Great American Life Insurance Company
November 17,2011
Page 7
Exhibit"B"
Submerged Land Lease
Submerged Land Lease:
Sovereignty Submerged Land Lease Modification to Reflect Current Lease Area Reflect Correct
Number of Slips,and Add Open to the Pubic Special Lease Condition by and between the Trustees
of the Internal Improvement Fund of the State of Florida,as Lessor and the City of Miami Beach and
the Miami Beach Redevelopment Agency, collectively, as Lessee,recorded in
Official Records Book 27519,Page 662,Public Records of Miami-Dade County,Florida.
We de commtneci d pc:riding e•:ceilere puthc'4eivice orki xiery o whoIiv. Mi*,and play in Our viboni,rropci,h+sloac ccrnmunity
Great American Life Insurance Company
November 17, 2011
Page 8
Exhibit"C"
City Parking Agreements
1. Parking Agreement dated January 10, 1996 among the City, the Agency and West Side,
recorded in Official Records Book 17077,Page 1196,of the Public Records ofMiami-Dade
County, Florida.
2. Amended and Restated Parking Agreement dated May 24, 1999 among the City,the Agency
and West Side,recorded in Official Records Book 18626,Page 4822,of the Public Records
of Miami-Dade County,Florida.
3. Unrecorded Lease Agreement dated November 30, 1998 between Yacht Club at Portofino,
Ltd., a Florida limited partnership ("Yacht Club"), as Landlord, and the City and the
Agency, as Tenant, as assigned by Yacht Club to Yacht Club at Portofino Condominium
Association,Inc.
4. Unrecorded Lease Agreement dated April 22, 2002 between TRG-SSDI, Ltd., a Florida
limited partnership("TRG-SSDI"),as Landlord,and the City and the Agency,as Tenant,as
assigned by TRG-SSDI to Murano at Portofino Condominium Association,Inc.
5. Unrecorded Lease Agreement dated April 9th,2003,between Murano Two,Ltd., a Florida
limited partnership, as Landlord,and the City and the Agency, as Tenant.
6. Unrecorded Lease Agreement dated April 9th,2003,between Murano Three,Ltd.,a Florida
limited partnership,as Landlord,and the City and the Agency,as Tenant.
We ore committed iced ro proviclinry excel/en,public service and Seery t oil who five,work old ploy an Out wb onr,tropical,hrsro;rc conxrnwrPy
Great American Life Insurance Company
November 17, 2011
Page 9
Exhibit"D"
Marina Associates Parking Agreements
Parking Facility Management and Operation Agreement for the Miami Beach Marina dated
December 1, 1999 among the City, the Agency and Marina Associates (the "Parking Facility
Agreement"), as amended by First Amendment to Parking Facility Management and Operation
Agreement for the Miami Beach Marina dated October 12, 2002 among the City, the Agency and
Marina Associates (the "First Amendment to Parking Facility Agreement"), as amended by
Second Amendment to Parking Facility Management and Operation Agreement for the Miami Beach
Marina dated April 30, 2003, among the City, the Agency and Marina Associates (the "Second
Amendment to Parking Facility Agreement').
W oe comet-Hoc-of to aro,?ding e4cetterg public nd tcieytc,oil who hv& w.,Dg1,,0.10,okl .11 OUf ytblora, ropIcat historic corhchtinov
4
MIAMI BEACH
City of Miami Beach, 1700 Convention Center Drive,Miami Beach, Florida 33139,
www.miamibeachfLgov
Jimmy L.Morales, City Manager
Tel:305-673-7010,Fax: 305-673-7782
August 24,2017
Great American Life Insurance Company
do American Real Estate Capital
Two Alhambra Plaza,Suite 1280
Coral Gables,Florida 33134
Re: Lease Agreement between the City of Miami Beach (the "City") and the Miami Beach
Redevelopment Agency(the "Agency"),as Lessor, and Miami Beach Marina Associates,
Ltd., a Florida limited partnership, as lessee (referred to herein as "Marina Associates"
or "Lessee"), which Lease Agreement is more particularly described in Exhibit "A"
attached hereto and incorporated herein (as amended, the "Lease"), relating to premises
commonly known as Miami Beach Marina, 300 Alton Road, Miami Beach, Florida
33139, including the right to use certain submerged lands pursuant to that certain
"Submerged Land Lease", more particularly described in Exhibit "B" attached hereto
and incorporated herein(collectively,the"Marina")
Ladies and Gentleman:
The City and the Agency have been informed that Great American Life Insurance
Company("Lender" which term shall include Lender's successors and assigns)intends to make
a future advance loan to Marina Associates in the principal amount of approximately
$47,006,274.83 (the"Future Advance Loan") as a future advance under that certain Amended
and Restated Leasehold Mortgage, Fixture Filing, Assignment of Rents and Security,Agreement
dated November 22, 2011 and recorded November 23, 2011 in Official Records Book 27904,
Page 2671, of the Public Record of Miami-Dade County, Florida, encumbering Marina
Associates' interest in the Lease (as amended, the "Mortgage"), which Future Advance is to be
secured, in part, by the Mortgage. The Mortgage presently secures a loan having an unpaid
principal balance of approximately $46,993,725.17 (the "Existing Loan"). The Future Advance
Loan and the Existing Loan shall be referred to herein collectively, as the"Loan". The City and
the Agency issued those certain letters to Lender dated November 17, 2011 and September 13,
2013 in connection with the Existing Loan(collectively,the"Original Letter").
Certain capitalized terms used herein are defined in the Original Letter and the Exhibits
attached hereto.
In connection therewith, the City and the Agency hereby acknowledge and agree, as of
the date hereof,as follows:
1. The City and the Agency are the owners and holders of the interest of the
"landlord" under the Lease. The City and the Agency (to the extent of its interest in the Lease)
are hereinafter sometimes referred to as the"Lessor".
2. The Lease is current and in good standing and in full force and effect, and the
Lease has not been amended or modified except as described in Exhibit"A". To the best actual
knowledge of the City and the Agency (but without further or independent inquiry), there exist
no defaults or events which, with the passage of time or the giving of notice or both, would
constitute a default under the Lease as of the date hereof. Notwithstanding the foregoing, the
City and the Agency do not waive any default not currently known to the City and/or the
Agency, or one which arises after the date hereof, or the right to enforce any term, covenant or
provision of the Lease with respect to any such unknown or future default.
3. The City and the Agency have consented to and approved Marina Associates as
the Lessee under the Lease, and have approved Robert W. Christoph and RCI Marine, Inc., as
the Manager of the Marina.
4. As of September 30, 2016, the amount held by the City as the Security Deposit
under Article VIII of the Lease is$205,368.90.
5. There are no rent or other payments under the Lease that are due and unpaid as of
the date hereof; provided, however, that additional rent may be or become due to Lessor upon
submittal of the annual report by Marina Associates; or upon completion of any audit performed
or to be performed,by the City and or Agency with respect to the Marina and/or the Lease.
6. The"Minimum Amount Guaranteed Rent"(as such terms is defined in the Lease)
for the year 2000 and all subsequent years is $320,000. Pursuant to the Marina Associates
Parking Agreements (as such term is defined in paragraph 13 below) Marina Associates is not
obligated to pay for parking, but is responsible for the operation and management of the Parking
Facilities.
7. The Initial Term of the Lease shall expire on January 1, 2022; and the Lease
contains three (3) ten year options to extend the Initial Term in accordance with the terms,
covenants and conditions set forth therein.
8. The current address for notice to Lessor under Article SII of the Lease is as follows:
City of Miami Beach and Miami Beach Redevelopment Agency
1700 Convention Center Drive
Miami Beach,Florida 33139
Attention; City Manager
MIAMI 5541125.3 76565/49600 2
with a copy to:
City of Miami Beach and Miami Beach Redevelopment Agency
1700 Convention Center Drive
Miami Beach,Florida 33139
Attention: City Attorney
9. Upon consummating the Future Advance Loan, Lender shall be recognized by
Lessor as an"Original Mortgagee" and a"Leasehold Mortgagee" as defined in the Lease, for
all purposes under the Lease. Lessor recognizes that Lender meets the requirements of net worth
set forth in Article IX of the Lease. Without limiting the generality of the foregoing, Lender
shall be entitled to the benefits of Article IX of the Lease, including the right to all notices and
opportunities to cure provided therein.Notices to Lender will be sent to the following:
GREAT AMERICAN
LIFE INSURANCE COMPANY
do American Real Estate Capital
Two Alhambra Plaza,Suite 1280
Coral Gables, Florida 33134
In addition to the notice requirement set forth in the Lease, as a courtesy to the Lender,
the City and the Agency will use reasonable efforts (but shall not be obligated) to provide the
Lender with simultaneous copies of any default notice(s) sent to Marina Associates under the
Marina Associates Parking Agreements (as defined below), and any other default notice(s) sent
or received by City and/or the Agency in connection with the Submerged Land Lease and the
City Parking Agreements (as defined below);however, the City and/or the Agency shall have no
liability for failure to provide the Lender with copies of notices under the Marina Associates
Parking Agreements, Submerged Land Lease and/or City Parking Agreements.
10. The City and the Agency agree that a default under the Mortgage and other
documents evidencing, securing or otherwise related to the Loan (the "Loan Documents") shall
not in and of itself constitute a default under the Lease. Lender's exercise of its rights and
remedies under the Loan Documents, including, but not limited to, a UCC sale, a foreclosure
sale, or an assignment or transfer in lieu thereof(collectively, a"Foreclosure Transfer"), shall
not constitute a default under the Lease, provided the Lender otherwise complies with the
applicable terms of the Lease with respect to its exercise of such rights.
11. The Submerged Land Lease is current and in good standing and in full force and
effect and has not been amended, and there are no defaults thereunder. The City and the Agency
acknowledge and agree that the current term of the Submerged Lands Lease expires on January
21,2036.
12. Reference is hereby made to those agreements concerning parking and related
facilities which are listed in Exhibit "C", attached hereto and incorporated herein by this
reference (collectively, the "City Parking Agreements"). Pursuant to the City Parking
Agreements, various third parties have granted to the City and the Agency certain rights related
NITANII 5541125.3 76565/49600 3
to parking and related facilities as described therein, in order to fulfill the obligations of the City
and the Agency under the Lease and under the Parking Facility Agreement to provide Marina
Associates with not less than 715 parking spaces for use by Marina Associates in conjunction
with the operation of the Marina. The following matters involve one or some of the City's
Parking Agreements ("Pending City Parking Litigation"): Consolidated Case Nos. 2014-
023217CA and 2015-011069 CA 43, styled, Murano Grande at Portofino Condominium
Association, Inc., a Florida not-for-profit corporation v. The City of Miami Beach, Florida, a
municipal corporation and Miami Beach Redevelopment Agency, a Florida.Public Agency; The
City of Miami Beach, Florida, a municipal corporation and Miami Beach Redevelopment
Agency, a Florida Public Agency, Third Party Plaintiffs v. Murano Grande at Portofino Master
Association, Inc.,a Florida not-for-profit corporation and Icon Condominium Association,Inc.,a
Florida not-for-profit corporation, Third Party Defendants; Murano Grande at Portofino
Condominium Association, Inc., a Florida not-for-profit corporation, Icon Condominium
Association, Inc., a Florida not-for profit corporation and Murano Grande at Portofino Master
Association, Inc., a Florida not-for-profit corporation v. The City of Miami Beach, Florida, a
municipal corporation, and Miami Beach Redevelopment Agency, a Florida Public Agency. To
the best actual knowledge of the City and the Agency (but without further or independent
inquiry), the City Parking Agreements are current and in good standing and in full force and
effect, and there are no defaults thereunder on the part of the City and/or the Agency or, to the
best actual knowledge of the City and Agency (but without further or independent inquiry), on
the part of any other party thereto. To the extent Marina Associates has any cure rights under the
City Parking Agreements, Lender shall have the right to exercise such rights on behalf of Marina
Associates.
13. Reference is hereby made to the Parking Facility Agreement, the First
Amendment to the Parking Facility Agreement, and the Second Amendment to the Parking
Facility Agreement,as defined in Exhibit"D", attached hereto and incorporated by this reference
(collectively, the "Marina Associates Parking Agreements"). Pursuant to the Marina
Associates Parking Agreements, the City and the Agency have granted to Marina Associates
certain rights related to parking and related facilities derived from the City Parking Agreements,
in order to fulfill the obligations of the City and the Agency under the Lease and under the
Parking Facility Agreement to provide Marina Associates with the exclusive use of not less than
715 parking spaces for use by Marina Associates in conjunction with the operation of the
Marina. To the best actual knowledge of the City and the Agency (but without further or
independent inquiry), each of the Marina Associates Parking Agreements is current and in good
standing and in full force and effect, and there are no defaults thereunder on the part of the City
and/or the Agency or, to the best actual knowledge of the City and the Agency (but without
further or independent inquiry), on the part of Marina Associates. The City Parking Agreements
and the Marina Associates Parking Agreements constitute all of the agreements relating to
parking for the Marina, and there are no other agreements currently in existence with existence
with respect to parking for the Marina and such agreements have not been amended. To the
extent Marina Associates has any cure rights under the Marina Associates Parking Agreements,
Lender shall have the right to exercise such rights on behalf of Marina Associates.
MIAMI 5541125.3 76565149600 4
14. For purposes hereof, the term "Successor Parties" shall mean: (a) Lender or its
assignee or designee; and (b) any third party acquiring the rights of Lender or its assignee or
designee with respect to the Marina Lease and the leasehold estate and other interests created
thereby (whether in connection with, or after, a Foreclosure Transfer). In the event of any
Foreclosure Transfer, the City and the Agency agree to allow any and all Successor Parties to
succeed without the necessity of any further action to all rights of Marina Associates under the
City Parking Agreements and under the Marina Associates Parking Agreements,except that said
Successor Parties must comply with the applicable provisions of the Lease (i.e., Article IX, as
amended by the First Amendment).
The statements contained herein may be relied upon by Lender and its successors and
assigns, including any Successor Parties.
Very truly yours,
CITY OF IV AMI .BEA! •, a Florida municipal
corporation
APPROVED
FORM& LANGUAGEBy: -.11.11120` .111=11111k
&FOR EXECUTION Name: Jimm L.Mor. es
.Jt.0 . Title: Manag••r
�z� -�? Date: 4'( +-r.
City Attorney ---
‘A-01. Date
MIAMI B ACH r DEVELOPMENT
AGENCY
APPROVED AS TO ij
FORM&LANGUAGE By: qtr... ' '"
&F911EECUTION Name: Jimmy ,Moral-.
C
Vt.(_ p-24-(7 Title: Chairpe on (
Date: ! L Y A?
Redevelopment A
Genera Counseln Date
MIAMI 55411253 76565/49600 5
Exhibit"A"
Description of Lease
Lease:
Lease Agreement dated June 24, 1983 between the City of Miami Beach, Florida ("City") and
joined in by the Miami Beach Redevelopment Agency ("Agency"), and Carver-Mason
Associates, Ltd., as evidenced by that Short Form Lease dated August 19, 1983, recorded
November 9, 1983, in Official Records Book 11963, Page 1143, as amended by the following
documents: (i) First Amendment to Marina Lease Agreement dated as of October 23, 1991
among the City, Agency and Tallahassee Building Corp. ("TBC"); (ii) Second Amendment to
Marina Lease Agreement dated as of August 11, 1994 between the City and IBC (the"Second
Amendment"); (iii) Partial Release of Lease dated December 27, 1995 between the City and
TBC, recorded in Official Records Book 17077, Page 1193; (iv) Third Amendment to Marina
Lease Agreement dated May 27, 1997, among the City, the Agency and Marina Associates,
recorded in Official Records Book 17673, Page 2846 (the "Third Amendment"); (v)
Memorandum of Lease Amendments, tiled May 29, 1997, in Official Records Book 17656, Page
4709; (vi)Fourth Amendment to Marina Lease Agreement dated April 15, 1998, among the City,
the Agency and Marina Associates, recorded in Official Records Book 18391, Page 4862; and
(vi) Partial Release of Marina Lease Agreement recorded in Official Records Book 18626, Page
4354 (the"Fourth Amendment");all of the Public Records of Miami-Dade County,Florida.
MIAMI 5541125.3 76565/49600 6
Exhibit"B"
Submerged Land Lease
Submerged Land Lease:
Sovereignty Submerged Land Lease Modification to Reflect Current Lease Area Reflect Correct
Number of Slips, and Add Open to the Pubic Special Lease Condition by and between the
Trustees of the Internal Improvement Fund of the State of Florida, as Lessor and the City of
Miami Beach and the Miami Beach Redevelopment Agency, collectively,as Lessee,recorded in
Official Records Book 27519,Page 662,Public Records of Miami-Dade County,Florida.
Exhibit"C"
City Parking Agreements
1, Parking Agreement dated January 10, 1996 among the City, the Agency and West Side,
recorded in Official Records Book 17077, Page 1196, of the Public Records of Miami-
Dade County,Florida.
2, Amended and Restated Parking Agreement dated May 24, 1999 among the City, the
Agency and West Side, recorded in Official Records Book 18626, Page 4822, of the
Public Records of Miami-Dade County,Florida.
3. Unrecorded Lease Agreement dated November 30, 1998 between Yacht Club at
Portofino, Ltd., a Florida limited partnership ("Yacht Club"), as Landlord, and the City
and the Agency, as Tenant, as assigned by Yacht Club to Yacht Club at Portofino
Condominium Association, Inc.
4. Unrecorded Lease Agreement dated April 22, 2002 between TRG-SSDI, Ltd., a Florida
limited partnership("TRG-SSDP),as Landlord, and the City and the Agency,as Tenant,
as assigned by TRG-SSDI to Murano at Portofino Condominium Association,Inc.
5. Unrecorded Lease Agreement dated April 9th, 2003, between Murano Two, Ltd., a
Florida limited partnership, as Landlord,and the City and the Agency,as Tenant.
6. Unrecorded Lease Agreement dated April 9th, 2003, between Murano Three, Ltd., a
Florida limited partnership,as Landlord,and the City and the Agency,as Tenant.
Exhibit"D"
Marina Associates Parking Agreements
Parking Facility Management and Operation Agreement for the Miami Beach Marina dated
December 1, 1999 among the City, the Agency and Marina Associates (the "Parking Facility
Agreement"), as amended by First Amendment to Parking Facility Management and Operation
Agreement for the Miami Beach Marina dated October 12,2002 among the City,the Agency and
Marina Associates (the "First Amendment to Parking Facility Agreement"), as amended by
Second Amendment to Parking Facility Management and Operation Agreement for the Miami
Beach Marina dated April 30, 2003, among the City, the Agency and Marina Associates (the
"Second Amendment to Parking Facility Agreement").
MIAMI 5541125.3 76565/49600
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Exhibit B
Suntex Marina Investors, LLC
1. Consolidated Balance Sheet (as of June 30, 2017)
2. Consolidated Income Statement (six months ending June 30, 2017)
Suntex Notes:
The financial statements were internally compiled, are in current draft form and have not been reviewed by
independent third party accountants. Therefore, there may be some modifications to them upon review along with
year-end and other adjustments.
The financial statements have not been completely GAAP adjusted and therefore,some property operating expenses
used to calculate property level EBITDA do not include national and regional expense allocations that are included
in property operating expenses in our GAAP financial statements.
Suntex Marina Investors, LLC
Consolidated Balance Sheet ($ in thousands)
As of June 30,2017
Assets
Investments in real estate:
Land 16,852
Land improvements 20,918
Buildings 49,745
Docks 121,616
Construction in progress 12,518
Boats,furniture,fixtures and equipment 29,193
Acquired assets 175,210
426,052
Accumulated depreciation and amortization (13,941)
412,111
Acquired lease intangibles,net 48,830
Net real estate investments 460,941
Cash 8,091
Investment in unconsolidated entities -
Accounts receivable 3,085
Due from affiliates 42
Inventories 5,394
Notes receivable,net 3,555
Earnest money in escrow 7,900
Prepaid expenses and other assets,net 3,351
Goodwill 9,044
Total Assets 501,403
Liabilities and Equity
Liabilities:
Mortgage and other notes payable 244,067
Subscription line of credit 34,144
Acquisition liabilities 7,108
Accrued expenses and accounts payable 11,719
Acquired below-market lease intangibles,net 2,432
Deferred revenue 12,163
Accrued interest payable 635
Security deposits 3,078
Total Liabilities 315,346
Total Equity 186,057
Total Liabilities and Equity 501,403
Each acquisition requires that we perform a purchase price allocation to record the acquisition.At June 30,2017,we are in the
process of accounting for properties acquired in 2017.Until the allocation is complete these consolidated financial statements are
preliminary in nature and subj ect to adjustment for the impact of the fair value allocation of purchase price at a later date.The cost
of unallocated acquisitions is included in Acquired assets on the Consolidated Balance Sheets as of June 30,2017.
Second Quarter 2017 Financial Information
STRICTLY CONFIDENTIAL
Suntex Marina Investors, LLC
Consolidated Income Statement ($ in thousands)
For the Six Months Ended
June 30,2017
Revenue
Storage 18,001
Leases 2,770
Boat rentals 3,384
Service 6,276
Fuel 5,486
Management fees 414
Food and beverage 10,277
Other 3,323
Total revenue 49,931
Cost of revenue
Storage 411
Boat rental 513
Service 3,217
Fuel 3,944
Food and beverage 2,923
Other 1,676
Total cost of revenue 12,684
Gross profit 37,247
Expenses
Property operating expenses 25,019
Total expenses 25,019
Property Level EBITDA 12,228
Each acquisition requires that we perform a purchase price allocation to record the acquisition.At June 30,2017,we are in the
process of accounting for properties acquired in 2017.Until the allocation is complete these consolidated financial statements are
preliminary in nature and subj ect to adjustment for the impact of the fair value allocation of purchase price at a later date.The cost
of unallocated acquisitions is included in Acquired assets on the Consolidated Balance Sheets as of June 30,2017.
Second Quarter 2017 Financial Information
STRICTLY CONFIDENTIAL
/111
L 1 I MIAMI BEACH MARIM
� R
October 11, 2017
Mr. Jimmy Morales
City Manager
City of Miami Beach
1700 Convention Center Drive
Miami Beach, FL 33139
Re: Request for Approval of new operators for the Miami Beach Marina pursuant to the
Lease (the "Marina Lease") between the City of Miami Beach (the "City") and Miami
Beach Marina Associates, Ltd. (the "Lessee") for the management and operation of
the Miami Beach Marina; Proposed New Operators: MBM Marina Manager, LLC and
SMI Concierge Services, Ltd.
Dear Mr. Morales:
As a follow up to the October 9, 2017 letter sent to you, Miami Beach Marina Associates,
Ltd. hereby confirms the following:
Notwithstanding the City's approval of the above referenced Proposed New Operators
for the Miami Beach Marina, Miami Beach Marina Associates, Ltd. (the "Lessee") shall continue
to be the Lessee under the Marina Lease, as the Lessee entity will not be changing.
Additionally, notwithstanding the possible future acquisition by Suntex Marina Investors,
LLC ("Suntex"), which is the parent company of SMI Concierge Services, Ltd, of an equity
interest in the Lessee (the "Future Transaction"), said Future Transaction will not involve a
merger, consolidation, or dissolution by or of the Lessee as provided in Article IX, Section 2.
Further, the Future Transaction will not violate Section 2.9 of the First Amendment to the Marina
Lease,
Very truly yours,
Miami Beach Marina Associates, Ltd., a Florida limited
partnership
By: SoBe Marina Inc., a Florida corporation,
its Gener-I Partner
By: + w
Robert W. Chnstoph, Jr, Vice President
c: Raul Aguila, Esq, City Attorney
Mark Milisits, Leasing Specialist
Carter N McDowell, Esq
Suzanne Amaducci-Adams, Esq.
300 Alton Road, Suite 303, Miami Beach, Florida 33139, (305) 6?2-5588 FAX (305) 673-5995