2003-25105 Reso
RESOLUTION NO.
2003-25105
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, FOLLOWING A DULY NOTICED PUBLIC
HEARING TO OBTAIN CITIZEN INPUT ON SAME, AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE A LEASE AGREEMENT
BETWEEN THE CITY OF MIAMI BEACH AND JACQUES AUGER DESIGN
ASSOCIATES, INC., FOR USE OF APPROXIMATELY 1585 SQUARE
FEET OF CITY-OWNED OFFICE SPACE ON THE 6TH FLOOR OF
HISTORIC CITY HALL, LOCATED AT 1130 WASHINGTON AVENUE,
MIAMI BEACH, FLORIDA, FOR A THREE YEAR TERM, COMMENCING
ON MAY 1,2003, AND ENDING ON APRIL 30, 2006; FURTHER WAIVING,
BY 5nTHS VOTE, THE COMPETITIVE BIDDING REQUIREMENT; AS
REQUIRED BY SECTION 82-39 OF THE MIAMI BEACH CITY CODE,
FINDING SUCH WAIVER TO BE IN THE BEST INTEREST OF THE CITY
WHEREAS, on April 8, 1993, the Mayor and City Commission adopted Resolution No. 93-
20757, approving a Lease Agreement (Lease) between the City of Miami Beach (City) and
Jacques Auger Design Associates, Inc. (Jacques Auger) for approximately 1585 square
feet of office on the 6th floor of Historic City Hall, located at 1130 Washington Avenue,
Miami Beach, Florida; and
WHEREAS, the initial term of the Lease was for five (5) years, commencing May 1, 1993,
and ending on April 30, 1998; and
WHEREAS, the Lease also provided Jacques Auger, at its discretion, an option to renew
the Lease for an additional five (5) year term; and
WHEREAS, in March 1997, the City was notified by Jacques Auger of its intent to exercise
its option to renew, commencing May 1, 1998, and ending on April 30, 2003; and
WHEREAS, Jacques Auger has expressed interest in renewing its Lease and maintaining
its offices at Historic City Hall; and
WHEREAS, the Administration has determined that its use of the sixth floor of Historic City
Hall is not required at this time and does not adversely affect the City's office relocation
plan, thus continuing to lease same to Jaques Auger Design Associates, Inc. would provide
a continued revenue source and be in the best interest of the City of Miami Beach; and
WHEREAS, Section 82-39 of the Miami Beach City Code, governing the sale/lease of
public property, requires a competitive bidding process; a Planning Department analysis;
and an independent appraisal to determine the value of the leasehold interest; as well as a
public hearing to obtain citizen input; and
WHEREAS, Section 82-39 further provides for the waiver of the competitive bidding
requirement, by 5/7ths vote of the Mayor and City Commission, for leases of City land of
five (5) years or less, upon a finding by the Mayor and City Commission that the public
interest would be served by waiving such conditions; and
WHEREAS, on December 11, 2002, the Mayor and City Commission adopted
Resolution No. 2002-25079 setting a Public Hearing on January 8, 2003, to hear public
comment regarding the proposed lease agreement.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City
Commission of the City of Miami Beach, Florida, following a duly noticed Public Hearing to
obtain citizen input on same, authorize the Mayor and City Clerk to execute a lease
agreement between the City of Miami Beach and Jacques Auger Design Associates, Inc.,
for use of approximately 1585 square feet of City-owned office space on the 6th floor of
Historic City Hall, located at 1130 Washington Avenue, Miami Beach, Florida, for a three
year term, commencing on May 1, 2003, and ending on April 30, 2006; further waiving, by
5/7ths vote, the competitive bidding requirement; as required by Section 82-39 of the Miami
Beach City Code, finding such waiver to be in the best interest of the City.
PASSED and ADOPTED this 8th
A~ PlM-~-
CITY CLERK
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APPROVED AS TO
FORM & LANGUAGE
'FOR EXECUTION
.. I ?- - (9...rJl-
~ Date
CI1Y OF MIAMI BEACH
COMMISSION ITEM SUMMARY
m
Condensed Title:
A Resolution Authorizing The Mayor And City Clerk To Execute A Lease Agreement With
Jacques Auger Design Associates, Inc., For Use Of Approximately 1585 Square Feet of Office
Space On The 6th Floor Of Historic City Hall, For A Three Year Term, Commencing On May 1,
2003, And Ending On April 30, 2006; Further Waiving, By 517ths Vote, the Competitive Bidding
Requirement; Required By Section 82-39 Of The City Code, Finding Such Waiver To Be In The
Best Interest Of The City.
Issue:
Shall the City Commission approve the Lease Agreement with Jaques Auger Design Associates
and Waive the Competitive Bidding Requirement?
Item Summa /Recommendation:
The Administration and Jacques Auger have negotiated a lease agreement for a period of three
(3) years, with an additional two (2) year option (at the City's sole discretion). A negotiated full
service rent rate of twenty-two dollars ($22.00) per square foot, is in keeping with the high end of
the range provided in the certified appraisal procured by the City.
Administration recommends approval of the Lease Agreement and waiver of the competitive
biddin re uirement.
Advisory Board Recommendation:
I N/A
Financial Information:
Source of
Funds:
D
Finance Dept.
Ci Clerk's Office Le islative Trackin
Christina M. Cuervo/Jose Damien
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AGENDA ITEM
DATE
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CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
www.ci.miami-beach.fl.us
To:
From:
Subject:
COMMISSION MEMORANDUM
Date: January 8, 2003
Mayor David Dermer and
Members of the City Commission
Jorge M. Gonzalez J.' .,/
City Manager tF'O
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA, FOLLOWING A DULY
NOTICED PUBLIC HEARING TO OBTAIN CITIZEN INPUT ON
SAME, AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE A LEASE AGREEMENT BETWEEN THE CITY OF
MIAMI BEACH AND JACQUES AUGER DESIGN ASSOCIATES,
INC., FOR USE OF APPROXIMATELY 1585 SQUARE FEET OF
CITY-OWNED OFFICE SPACE ON THE 6TH FLOOR OF
HISTORIC CITY HALL, LOCATED AT 1130 WASHINGTON
AVENUE, MIAMI BEACH, FLORIDA, FOR A THREE YEAR
TERM, COMMENCING ON MAY 1, 2003, AND ENDING ON
APRIL 30, 2006; FURTHER WAIVING, BY 5nTHS VOTE, THE
COMPETITIVE BIDDING REQUIREMENT; AS REQUIRED BY
SECTION 82-39 OF THE MIAMI BEACH CITY CODE, FINDING
SUCH WAIVER TO BE IN THE BEST INTEREST OF THE CITY
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
ANALYSIS
On April 8, 1993, the Mayor and City Commission adopted Resolution No. 93-20757,
approving a Lease Agreement (Lease) between the City of Miami Beach (City) and
Jacques Auger Design Associates, Inc. (Jacques Auger) for approximately 1585 square
feet of office space on the 6th floor of Historic City Hall.
The initial term of the Lease was for five (5) years, commencing May 1, 1993, and ending
on April 30, 1998. The Lease also provided Jacques Auger, at its discretion, an option to
renew the Lease for an additional five (5) year term. In March 1997, the City was notified
by Jacques Auger of its intent to exercise said option. The option was exercised
accordingly with an extended term commencing May 1, 1998 and ending on April 30, 2003.
In light of the pending expiration of the current term, Jacques Auger has expressed interest
in renewing its Lease and maintaining its offices at Historic City Hall. Since the acquisition
of the 1701 Meridian Avenue property (alk/a 777 1 ih Street/Equity One building) as the
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City Hall annex, the City's Administrative office space needs have been accommodated by
the vacant space in the 1701 building. At this time, the City has not identified a need for
the space Jacque Auger occupies, and therefore it is recommended that we continue to
lease it for private use and derive revenue from said use. Additionally, another leased
space (entire 4th Floor) in the building that is currently occupied by Affordable Landmarks
will be vacated on August 31, 2003, and then be available for City use.
The Administration and Jacques Auger have negotiated and agreed to the terms of a new
lease agreement for a period of three (3) years, with an additional two (2) year option,
which may be exercised at the City's sole discretion. A full service rent rate of twenty-two
dollars ($22.00) per square foot has been agreed to by the parties, which is in keeping with
the high end of the range provided in the appraisal procured by the City from Integra Realty
Resources/Appraisal and Real Estate Economics Associates (attached hereto).
Auger has requested that the City also approve renewal, on a month-to-month basis, of a
sublease for approximately 80 square feet of the office space it currently leases from the
City, to Legal Research Network, Inc. (LRN), which was approved by the Mayor and City
Commission on December 20, 2002. The offi'ce space is used by LRN's Regional Director
of Customer Relations to establish business relationships with corporate law departments
and law firms to use LRN's legal research, on-line knowledge management and on-line
legal compliance training products and services. No retail sales are involved, and no
client/customer traffic is anticipated by LRN. Said sublease was set to expire on December
31, 2001, but contained a provision to continue on a month-to-month basis which would
terminate concurrently with Auger's existing Lease Agreement on April 30, 2003.
Auger proposes to continue subleasing the space to LRN, at a rate of $6,000 a year ($500
per month) for the 80 square feet being subleased, which includes the use of its
conference room, telecommunications equipment, computers and other office equipment
and amenities. This equates to a rate of approximately $75.00 per square foot. Under the
proposed Lease Agreement Auger and the City would split the revenue that Auger would
be receiving on the 80 square feet, over and above the rate it is to pay the City on said
space, on a 50/50 basis. As such, the City would be receiving approximately $2,1201 in
additional rent yearly, in accordance with the aforementioned revenue sharing formula.
It has been the City's position, not to support sublease arrangements in our effort to
accommodate City office expansion needs. However, said request is for such a
significantly minor amount of space that will not address any of the City's independent
needs and Auger has agreed to a revenue sharing arrangement; therefore, a favorable
recommendation to approve said sublease is not adverse to the City's interest.
Section 82-39 of the Miami Beach City Code, governing the sale/lease of public property,
requires a competitive bidding process, a Planning Department analysis, and an
Auger's sublease rate of $75.00 per square foot (PSF) to LRN, less the $22.00 PSF rate proposed to be
paid by Auger to the City, results in a $53.00 PSF difference. The City's proposed fifty percent (50%)
share of said differences equal to $26.50 PSF. Said $26.50 PSF rate times the 80 square feet being
leased to LRN would result in a yearly increased amount to the City of $2,120.
independent appraisal to determine the value of the leasehold interest; as well as a public
hearing to obtain citizen input. Section 82-39 further provides for the waiver of the
competitive bidding requirement, by 5/7ths vote of the Mayor and City Commission, for
leases of City land of five (5) years or less, upon a finding by the Mayor and City
Commission that the public interest would be served by waiving such conditions.
On December 11, 2002, the Mayor and City Commission adopted Resolution No. 2002-
25079 setting a Public Hearing on January 8, 2003, to hear public comment regarding the
proposed lease agreement.
Historically, Jacques Auger has been a cooperative tenant, has been responsive to the
City's requests, and has a history of prompt and timely payments to the City. Therefore,
the Administration recommends that the Mayor and City Commission, following a duly
noticed Public Hearing to obtain citizen input on same, authorize the Mayor and City Clerk
to execute a lease agreement between the City of Miami Beach and Jacques Auger Design
Associates, Inc., forthe use of approximately 1585 square feet of City-owned office space
on the 6th floor of Historic City Hall, located at 1130 Washington Avenue, Miami Beach,
Florida, for a three year term, commencing on May 1, 2003, and ending on April 30, 2006;
further waiving, by 5/7ths vote, the competitive bidding requirement; as required by Section
82-39 of the Miami Beach City Code, finding such waiver to be in the best interest of the
City.
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CITY OF MIAMI BEACH
Planning Department
Interoffice Memorandum
m
To:
Cristina M. Cuervo
Jorge G. Gomez ~
Planning Director"<<J -
Date: December 9, 2002
From:
Subject:
PLANNING ANALYSIS PURSUANT TO SHAPIRO ORDINANCE
The following is the Planning analysis pursuant to Section 82-38 of the City Code for the use of
office space on the Sixth Floor of Historic City Hall, which is owned by the City. This analysis is for
the lease with Jacques Auger Design Associates, Inc.
1. Whether or not the proposed ordinance Is in keeping with City Goals and objectives
and conforms to the Comprehensive Plan.
The use contemplated in the above mentioned lease is not inconsistent with the
Comprehensive Plan.
2. The impact on adjacent property, including the potential positive or negative impacts
such as diminution of open space, increased traffic, noise level or enhanced property
values, improved development patterns and provision of necessary services. Based
on the proposed use of the property, the City shall determine the potential impact of
the project on City utilities and other infrastructure needs and the magnitude of the
costs associated with needed infrastructure improvements. Should it become
apparent that further evaluation of traffic impact is needed, the proponent shall be
responsible for obtaining a traffic impact analysis from a reputable traffic engineer.
The proposed use is not expected to have any detrimental impact on any adjacent
properties, as this is an existing office use inside an office building. This office use in a
limited portion of the existing structure is not foreseen to have any increase in traffic or other
infrastructure needs.
3. A determination as to whether or not the proposed use is in keeping with a public
purpose and community needs, such as expanding the City's revenue base, reducing
City costs, creating jobs, creating a significant revenue stream, and improving the
community's overall quality of life.
Yes, it does add funds to the City through the terms of the lease, and provides employment
for the members of the Design firm.
4. Determination as to whether or not the development is in keeping with the
surrounding neighborhood, will block views, or create other environmental
Intrusions, and evaluation of the design and aesthetic considerations of the project.
The lease agreement is for office space within an existing structure and the use is not.
expected to create environmental intrusions into the community.
. Historic City Hall space rental
November 26, 2002
Page 2
5. The impact on adjacent properties, whether or not there is adequate parking, street
and infrastructure-needs.
There are no negative impacts to the criteria items from this project. The lease for an
individual office use within an existing structure do not create any additional impacts, as all
those needs were met or mitigated during construction of the overall building.
6. A determination as to whether or not alternatives are available for the proposed
disposition, Including assembly of adjacent properties, and whether the project could
be accomplished under a private-ownership assembly.
It is possible that the rental of office space could be accomplished in other places within the
City; however that would cause the City to be without tenants in this space, adversely
impacting the financial feasibility of maintaining Historic City Hall.
7. Within the constraints of public objectives, the department should examine financial
issues such as job generation, providing housing opportunities and the return to the
City for Its disposition of property.
The return to the City is the continued income from renting the office space in question.
Other issues not applicable.
8. Such other Issues as the Planning Department may deem appropriate in analysis of
the proposed disposition.
None.
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LEASE AGREEMENT
THIS LEASE AGREEMENT, made this 8th day of January, 2003, by and between
the CITY OF MIAMI BEACH, a Florida municipal corporation, (hereinafter referred to as
"City" or "Landlord"), and JACQUES AUGER DESIGN ASSOCIATES, INC., a Florida
corporation, (hereinafter referred to as "Tenant").
1. Demised Premises.
Landlord, in consideration of the rentals hereinafter reserved to be paid and of the
covenants, conditions and agreements to be kept and performed by the Tenant,
hereby leases, lets and demises to the Tenant, and Tenant hereby leases and hires
from the Landlord, those certain premises hereinafter referred to as the "Demised
Premises", located in the City of Miami Beach, 1130 Washington Avenue, 6th Floor,
(a.k.a. Historic City Hall), Miami Beach, Florida 33139, and more fully described as
follows:
Sixth floor office space: encompassing one thousand five hundred
eighty five square feet (1,585 sq. ft.) on the 6th floor (total leasable
space). Such space on the 6th floor is specified in "Exhibit A", which
is hereby made a part of this Lease Agreement.
2. Term.
2.1. The Tenant shall be entitled to have and to hold the Demised Premises for
an initial term of three (3) years, commencing on the 1st day of May, 2003
(Commencement Date), and ending on the 30th day of April, 2006.
2.2. Landlord, at its sole discretion, may provide Tenant an option to extend the
initial term of this Lease Agreement for one additional two-year term. In the
event Tenant wishes to request said option, Tenant shall communicate said
request, in writing, to Landlord at least 180 days prior to the end of the
current Lease term. Landlord's response to said request will be provided to
Tenant, in writing, no later than sixty (60) days after receipt of said written
request from Tenant.
3. Rent.
3.1 Base Rent: Base Rent for the Demised Premises shall begin to accrue on
May 1, 2003 (the Commencement Date), and shall be based upon a total
leasable space of 1 ,585 square feet.
3.1.1 Base Rent for the Demised Premises shall total seventeen
thousand one hundred eighteen dollars ($17,118.00) per year,
payable in monthly installments of one thousand four hundred
twenty six dollars ($1,426.00).
3.1.2 Base Rent shall be due and payable on the first day of each
month throughout the term herein.
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3.1.3 The Base Rent amount due pursuant to this Section 3 shall be
increased annually, on the anniversary of the Commencement
Date of the Lease, in increments of three (3%) percent per year,
throughout the term of the Lease or any extension thereof. erby
the Consumer Price Index (CPI). CPI shall moan that oonsumer
priee index established by the Bureau of Labor Statistics of the
United Statos Dcpartment of Labor '....hich is entitled Consumer
Price Indexes for All Urban Consumers, United Statos City
Average, all itoms (1967 100)" or in ttle event saia index is no
longer pr-ovided by saiel Bur-oau of Labor Statisties, the index
furnished by said Bur-oau or othor agency which is most aeeumtely
and eomplotely replaces and is the equivalent of the above
rdeFCneod index, whichover is gr-oatcr.
The Base Period 51'1611 be the IAaex for the ealeRdar month of
March prior to tho commeAeement date maRth of rent in Section
2.1. The Base Period Index shall bo compar-od .....ith the Index for
the same calendar month for each subsequent year (comparison
montA).
3.2 Additional Rent: In addition to the monthly Base Rent, as set forth in Section
3.1, Tenant shall also pay to Landlord Additional Rent as provided below:
3.2.1 OperatinQ Expenses: For the first lease year, Tenant shall pay
Landlord one thousand four hundred seventy nine dollars and
thirty-three cents ($1,479.33) per month, towards "Operating
Expenses" which are defined as follows:
"Operating Expenses" shall mean the total cost and expenses
incurred by Landlord in operating, repairing, and maintaining the
Common Facilities (hereinafter defined) actually used, or the
Common Facilities (hereinafter defined) available for use by the
Tenant and its employees, agents, servants, customers and
invitees, excluding only the items included within the Base Rent
amount.
Tenant agrees and understands that the costs incurred by the
Landlord for Operating Expenses may increase or decrease, and
as such the Tenant's pro-rata share of Operating Expenses forthe
first year of the lease term, as set forth in this Paragraph 3.2.1,
may increase or decrease accordingly.
For purposes of this Paragraph 3.2.1, Operating Expenses shall
be computed based on "Tenant's Proportionate Share" (see
Paragraph 11.3).
"Common Facilities" shall mean all areas, space, equipment and
special services, including without limitation and if provided, water
service to the building, sewer service to the building, costs
2
incurred for gardening and/or landscaping, repairing and
maintaining elevator(s), painting, janitorial services (except for
areas within the Demised Premises), lighting, cleaning, repairing
and maintaining sprinkler systems, water pipes, air-conditioning
systems, temperature control systems, and security systems, fire
alarm repair and maintenance and other equipment in the
common areas and the exterior and structural portions of the
building, paving and repairing, patching and maintaining the
walkways, and cleaning adjacent areas, management fees and
the Landlord's employment expenses to employees fumishing and
rendering any services to the common areas, together with an
additional administration charge equal to fifteen percent (15%) of
all other expenses included in the annual common area expenses,
provided by the Landlord for the common or joint use and/or
benefit of the occupants of 1130 Washington Avenue, their
employees, agents, servants, customers and other invitees.
3.2.2 Property Taxes: The Property Tax Payment shall be payable by
Tenant, in accordance with Section 11. The Property Tax
Payment for Property T ax Year 2003 is estimated at zero dollars
($0.00).
3.2.3 Insurance: See Section 10
3.2.4 Sub-Lessee Rent: Landlord has herein approved that certain
Sublease between Tenant and LRN, Inc., dated January 1,2001,
which was previously approved by the Mayor and City
Commission as part of Tenant's previous lease agreement, which
concurrently expire on April 30, 2003. The Landlord's share of the
Sub-Lessee's rent shall be payable by Tenant, in accordance with
Section 12.4 and 12.4.1. Sub-Lessee Rent for the sub-leased
area shall total two thousand one hundred twenty dollars
($2,120.00) per year, payable in monthly installments of one
hundred seventy six dollars and sixty-seven cents ($176.67), for
the first Lease year.
3.3 Sales Tax: Concurrent with the payment of the monthly installment of Base
Rent and Additional Rent provided herein, the Tenant shall also include any
and all additional sums for all applicable sales and use tax, now or hereafter
prescribed by State, Federal or local law, and now described by Florida
Statute 212.031, presently at the rate of seven (7%) percent of the rental
payments.
4. Location for Payments.
All rents or other payments due hereunder shall be paid to the City of Miami Beach
at the following address: City of Miami Beach
Finance Department
c/o Revenue Manager
3
1700 Convention Cehter Drive
Miami Beach, Florida 33139
5. Parkina.
5.1 Tenant may request, from the City's Parking Department, the non-exclusive
use of up to four (4) parking spaces, if available, at Municipal Parking
Garage 2-A located at 12th Street and Drexel Avenue. Rates for said spaces
are subject to change in accordance with the City's Parking Rate Ordinance,
and are currently $60.00 per month, plus applicable sales and use tax per
space.
6. Securitv Deposit.
6.1 The Landlord acknowledges receipt of Tenant's Security Deposit, in the sum
of six thousand dollars ($6,000.00). Said Security Deposit is to ensure the full
and faithful performance by the Tenant of each and every term, covenant
and condition of this Lease. In the event that Tenant defaults in respect of
any of the terms, provisions, covenants and conditions of this Lease,
including but not limited to, the payment of any rentals, the Landlord may
use, apply or retain the whole or any part of the Security Deposit for the
payment of such rentals in default or any other sum which the Landlord may
expend or be required to expend by reason of the Tenant's default, including
any damages or deficiency in the re-Ietting of the Demised Premises,
whether such damages or deficiency may accrue or after summary
proceedings or other re-entry by Landlord.
6.2 In the event that the Tenant shall fully and faithfully comply with all of the
terms, provisions, covenants and conditions of this Lease, the Security
Deposit or any balance thereof shall be returned to the Tenant, without
interest, upon the expiration of the Lease and peaceful surrender of the
Demised Premises.
6.3 Landlord shall not be required to keep the Security Deposit in a segregated
account and the Security Deposit may be commingled with other funds of
Landlord and in no event shall the Tenant be entitled to any interest on the
Security Deposit.
6.4 In the event of a bona fide sale of the Property wherein the Demised
Premises is located, subject to this Lease, the Landlord shall have the right
to transfer the Security Deposit to the vendee for the benefit of the Tenant
and the Landlord shall be considered by the Tenant free from all liability for
the return of such Security Deposit, and the Tenant agrees to look to the new
landlord solely for the retum of the Security Deposit, if such Security Deposit
is actually transferred, and it is agreed that this shall apply to every transfer
or assignment made of the Security Deposit to any new landlord.
6.5 The Security Deposit under this Lease shall not be assigned or encumbered
by the Tenant without the prior written consent of the Landlord. It is
4
expressly understood that the issuance of a warrant and the lawful re-entry
to the Demised Premises by the Landlord for any default on the part of the
Tenant, prior to the expiration of the term of this Lease, shall not be deemed
such termination of this Lease as to entitle the Tenant to recovery of the
Security Deposit and the Security Deposit shall be retained and remain the
possession of the Landlord.
7. Use and Possession of Demised Premises.
7.1 The Demised Premises shall be used by the Tenant solely as a full service
graphic communications office and any and all activities related to the
foregoing. Said Premises may be open for operation daily a minimum of
five (5) days a 'Neck, with normal hours of ope ration being from Monday
through Friday 9:00 A.M. to 5:00 P.M. These days and hours of operation
shall not otherwise be modified without tAe prior written notice to appro'tal of
the City Manager, .....hieh appr-oval shall not be uAr'Dasonably 'Nithhold.
Nothing herein contained shall be construed to authorize hours contrary to
the laws goveming such operations.
7.2 It is understood and agreed that the Demised Premises shall be used by the
Tenant during the term of this Lease only for the above purposes, and for no
other purposes or uses whatsoever. Tenant will not make or permit any use
of the Demised Premises that, directly or indirectly, is forbidden by public
law, ordinance or govemment regulation, or that may be dangerous to life,
limb or property. Tenant may not commit waste on the Demised Premises,
use the Demised Premises for any illegal purpose, or commit a nuisance on
the Demised Premises. In the event that the Tenant uses the Demised
Premises for any purposes not expressly permitted herein, then the Landlord
may declare this Lease in default pursuant to Section 18, or without notice to
Tenant, restrain such improper use by injunction or other legal action.
8. Improvements.
8.1 Tenant shall, at its own cost and expense, construct or cause to be
constructed, all improvements to the Demised Premises reasonably
necessary for it to carry on its permitted use(s), as set forth above. The plans
for such improvements shall be submitted to the Landlord for the Landlord's
prior written consent, which will not be unreasonably withheld or delayed. All
permanent (fixed) improvements to the Demised Premises shall remain the
property of the Landlord upon termination of the Lease. Upon the lawful
termination of the Lease, all personal property and trade fixtures may be
removed by the Tenant from the Demised Premises without damage to the
Demised Premises. The failure ofTenantto complete the improvements and
be granted a Certificate of Occupancy within a reasonable time from the date
of execution of this Lease shall be deemed a default by Tenant. Tenant will
permit no liens to attach to the Demised Premises arising from, connected
with or related to the construction of the improvements. Moreover, such
construction shall be accomplished through the use of licensed, reputable
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contractors who are acceptable to Landlord. Any and all permits and or
licenses required for the installation of improvements shall be the sole
responsibility of Tenant.
8.2 The above requirements for submission of plans and the use of specific
contractors shall not apply to maintenance or repairs which do not exceed
$1,000.00, provided that the work is not structural, and provided that it is
permitted by applicable law.
9. Landlord's Riaht of Entry.
9.1 The Landlord, or its authorized agent or agents, shall have the right to enter
upon the Demised Premises at all reasonable times for the purpose of
inspecting same, preventing waste, making such repairs as the Landlord may
consider necessary and for the purpose of preventing fire, theft or vandalism.
However, Landlord agrees that whenever possible, Landlord shall provide
reasonable notice, in writing, to Tenant, unless the need to enter the
Demised Premises is an emergency, as deemed by Landlord at its sole
discretion, which if not immediately addressed could cause property damage,
loss of life or limb, or other injury to persons. Nothing herein shall imply any
duty on the part of the Landlord to do any work that under any provisions of
this Lease the Tenant may be required to perform, and the performance
thereof by the Landlord shall not constitute a waiver of the Tenant's default.
9.2 If the Tenant shall not be personally present to open and permit entry into
the Demised Premises at any time, for any reason, and any entry thereon
shall be necessary or permissible, the Landlord, or its agents, may enter the
Demised Premises by master key, or may forcibly enter the Demised
Premises without rendering the Landlord or such agents liable therefore.
9.3 Tenant shall furnish Landlord duplicate keys to all locks including exterior
and interior doors upon the effective date of this Lease Agreement. Tenant
shall not change the locks to the Demised Premises without the prior written
consent of Landlord, not to be unreasonably withheld, and in the event such
consent is given Tenant shall fumish Landlord duplicate keys to said locks in
advance of their installation.
10. Tenant's Insurance.
10.1 The Tenant shall, at its sole cost and expense, comply with all insurance
requirements of the Landlord. It is agreed by the parties that the Tenant
shall not occupy the Demised Premises until proof of the following insurance
coverages have been fumished to and approved by the City's Risk Manager:
10.1.1
Comprehensive General Liability in the minimum amount of
$1,000,000 per occurrence for bodily injury and property damage.
The City of Miami Beach and the Miami Beach Redevelopment
Agency must be named as additional insured parties on this
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policy.
10.1.2 Workers Compensation and Employers Liability coverage in
accordance with Florida statutory requirements.
10.1.3 All-Risks property and casualty insurance, written at a minimum of
80% of replacement cost value and with replacement cost
endorsement, covering all of Tenant's personal property in the
Demised Premises (including, without limitation, inventory, trade
fixtures, floor coverings, fumiture and other property removable by
Tenant under the provisions of the Lease) and all leasehold
improvements installed in the Demised Premises by or on behalf
of Tenant.
10.2 Proof of these coverages must be provided by submitting original certificates
of insurance. All policies must provide thirty (30) days written notice of
cancellation to both the City's Risk Manager and Asset Manager at 1700
Convention Center Drive, Miami Beach, Florida, 33139. All insurance
policies shall be issued by companies authorized to do business under the
laws of the State of Florida and must have a rating of B+:VI or better per
A.M. Best's Key Rating Guide, latest edition, and certificates are subject to
the approval of the City's Risk Manager.
11. Propertv Taxes and Assessments. For the purposes of this Section and other
provisions of this Lease:
11.1 The term "Property Taxes" shall mean (i) the real estate taxes, assessments,
and special assessments of any kind which may be imposed upon the tax lot
on which the building is constructed (the "Land") and (ii) any expenses
incurred by Landlord in obtaining a reduction of any such taxes or
assessments.
11.2 The term "Property Tax Year" shall mean the period of twelve (12) calendar
months, beginning on January 1st of each year.
11.3 The term "Tenant's Proportionate Share" shall mean the ratio that the square
footage of the Demised Premises (1,585 square feet) bears to the square
footage of the leasable space (32,238 square feet) in the entire building.
11.4 Tenant shall pay, as Additional Rent pursuant to Section 3.2.2, for such
Property Tax Year an amount ("Property Tax Payment") equal to Tenant's
Proportionate Share of the Property Taxes, if any, for such Property Tax
Year. If a Property Tax Year ends after the expiration or termination of the
term of this Lease, the Property Tax Payment therefore shall be pror~ted to
correspond to that portion of such Property Tax Year occurring within the
term of this Lease. The Property Tax Payment shall be payable by Tenant
along with the rent on the first day of each month in accordance with the
provisions of Section 3.3.2. The monthly Property Tax Payment shall be
7
equivalent to 1/12th of the estimated yearly taxes, based on the previous
year's actual taxes. A copy of the tax bill(s) or other evidence of such taxes
issued by the taxing authorities, together with Landlord's computation of the
Property Tax Payment, will be made available to Tenant once received from
the taxing authorities, if requested by Tenant. Tenant shall pay any
difference in the amount between the estimated property taxes and the
actual property taxes to Landlord immediately upon receipt of request for
said payment from the Landlord.
12. Assianment and Sublettina.
12.1. Tenant shall not have the right to assign or sublet the Demised Premises, in
whole or in part, without the prior written consent of Landlord which shall not
be unreasonably withheld. Such written consent is not a matter of right and
Landlord is not obligated to give such consent. If granted as provided herein,
the making of any assignment or sublease will not release Tenant from any
of its obligations under this Lease. A sale or transfer of a majority interest of
the stock of Tenant's corporate entity shall be deemed an assignment, and
for purposes of this Lease Agreement, the Landlord shall have the right to
approve the new majority owner. Said approval shall be provided in writing.
A change in majority interest shall not be deemed to occur if ownership
interests change among any of the Tenant's current shareholders. However,
any such change in majority interest shall be communicated to the Landlord
in writing immediately upon said occurrence. Tenant is prohibited from
assigning or subletting this Lease to any person or entity which is not of the
same or higher financial responsibility as Tenant, as shall be determined by
Landlord, in its sole judgment and discretion.
12.2 Any consent by the Landlord to any act of assignment shall apply only to the
specific transaction thereby authorized. Such consent shall not be construed
as a waiver of the duty of the Tenant or the legal representatives or assigns
of the Tenant, to obtain from the Landlord consent to any other or
subsequent assignment, or as modifying or limiting the rights of the Landlord
under the foregoing covenants of the Tenant not to assign without such
consent.
12.3 Any violation of the provisions of this Lease, whether by act or omissions, by
assignee, sub-tenant, or under-tenant or occupant, shall be deemed a
violation of such provision by the Tenant, it being the intention and meaning
of the parties hereto, that the Tenant shall assume and be liable to the
Landlord for any and all acts and omissions of any and all assignees, sub-
tenants, or under-tenants or occupants. If the Lease be assigned, the
Landlord may and is hereby empowered to collect rent from the assignee; if
the Demised Premises or any part thereof be underlet or occupied by any
person, other that the Tenant, the Landlord, in the event of the Tenant's
default, may, and is hereby empowered to, collect rent from the under-tenant
or occupants; in either of such events, the Landlord may apply the net
amount received by it for rent herein reserved, and no such collection shall
8
be deemed a waiver of the covenant herein against assignment or the
acceptance of the assignee, under-tenant or occupant as tenant, or a
release of the Tenant from the further performance of the covenants herein
contained on the part of the Tenant.
12.4 Notwithstanding the provisions of this Paragraph 12, Landlord herein
approves that certain Sublease between Tenant and LRN, Inc., dated
January 1, 2001, which was previously approved by the Mayor and City
Commission as part of Tenant's previous lease agreement, which
concurrently expire on April 30, 2003. Said Sublease contains a provision to
automatically renew, on a month-to-month basis, until terminated by written
notice. In the event that this Lease Agreement expires or is otherwise
terminated by Landlord, Tenant herein acknowledges that said Sublease
shall not survive said expiration or termination of this Agreement and as a
result of same shall be null and void and of no further force or effect. A copy
of the Sublease between Tenant and LRN, Inc. is attached hereto and
incorporated herein as "Exhibit B".
12.4.1 Tenant shall pay, as Additional Rent pursuant to Section 3.2.4. for
each Lease Year an amount ("Sub-Lessee Rent) equal to fifty percent
(50%) of the difference between the sum of the amounts due to the
Landlord for Tenant's Base Rent (3.1.1), OperatinQ Expenses (3.2.1),
and Propertv Taxes (3.2.2) for that portion of the Demised Premises
beinQ sublet (currentlv 80 square feet) and the amount due to the
Tenant by its Sub-Lessee for said sublet area, includinQ any
subsequent increases in Sub-Lessee's rent. as mav be provided for in
any Landlord approved Sublease that may be in effect durinQ the term
of this Lease AQreement, or anv extensions thereof.
13. Maintenance and Repair.
13.1 Tenant shall maintain the Demised Premises and the fixtures and
appurtenances therein, and at its sole cost and expense shall make all
repairs thereto as and when needed to preserve them in good working order
and condition. Landlord shall be responsible for the maintenance of the roof,
the exterior of the building, the structural electrical and plumbing (other than
plumbing surrounding any sink within the Demised Premises), the common
areas and the chilled water supply system, and those items addressed in
paragraph entitled "Common Facilities", in Section 3.2.1 herein. Landlord
shall maintain and/or repair those items that it is responsible for, so as to
keep same in proper working condition. Tenant shall also be responsible for
all interior walls and doors thc interior and exterior of all windows and doors,
as 'Nell as immediate replacement of any and all plate glass or other glass in
the Demised Pr-omiseG which may become br-olmn using glass of the Game or
better quality, at its sale cost and expense.
Tenant agr-oes and understands, that If Landlord pr-evidcG a scparate air
conditioning unit for the Demised Pr-omiGcs, Landlord, at its sale discr-otion,
9
Landlord may r-oquir-o that TeMnt obtain, at any time duriAg the Tcrm of this
Lease Agr-oement, and continuously maintain in good standing, at Tenant's
expense, throughout the Term of the Lease Agreement, a maintenance and
r-opair eontfact, approved by Landlord, with a sCfviee company pr-oviously
appr-oved in writing by Landlord, providing for thc pr-cventative maintenance
and repair of all heating/ventilation,iair cOAditioning (HV AC) equipment
servicing the Demised Pr-omises. In the event that Landlor<:l notifies Tenant
that it will r-oquirc Tenant to contract for said mainteAanee and repair
services, Tenant shall provide to Landlor<:l, in writing, within ten (10) business
days, the name(s) and telephone number(s) of service company(ies) forthe
Landlord's r-oview and approval. Tenant shall pro'/ide a copy of a curr-ont,
enfol'Ceable and fully executed maintenance aAd r-opair contract, 1'10 later
than ten (10) business days after r-oeeipt of Landlord's approval of the
service company, as pr-oof of Tenant's compliance '/lith this provision.
If Landlord provides a separate air eonditioniA!jJ unit for the Demised
Pr-omises, as provided above, Tenant may rcqucst that LaAdlord inspect
same to ensul'C that it is in proper '....orl(ing order. If the unit is net in proper
.....orl(ing order, Landlor<:l shall, at its sole discretion, r-opair or rcplaee the l:Init.
13.2 All damage or injury of any kind to the Demised Premises and to its fixtures,
glass, appurtenances, and equipment, if any, or to the building fixtures,
glass, appurtenances, and equipment, if any, except damage caused by the
wrongful acts or negligence of the Tenant, shall be the obligation of Tenant,
and shall be repaired, restored or replaced promptly by Tenant at its sole
cost and expense to the satisfaction of Landlord.
13.3 All of the aforesaid repairs, restorations and replacements shall be in quality
and class equal to the original work or installations and shall be done in good
and workmanlike manner.
13.4 If Tenant fails to make such repairs or restorations or replacements, the
same may be made by the Landlord, at the expense of Tenant, and all sums
spent and expenses incurred by Landlord shall be collectable as Additional
Rent and shall be paid by Tenant within ten (10) days after rendition of a bill
or statement thereof. IN ALL OTHER RESPECTS, THE DEMISED
PREMISES ARE BEING LEASED IN ITS PRESENT "AS IS" CONDITION.
13.5 It shall be Tenant's obligation to insure that any renovations, repairs and/or
improvements made by Tenant to the Demised Premises comply with all
applicable building codes and life safety codes of governmental authorities
having jurisdiction.
14. Governmental Reaulations.
The Tenant covenants and agrees to fulfill and comply with all statutes, ordinances,
rules, orders, regulations, and requirements of any and all governmental bodies,
including but not limited to Federal, State, Miami-Dade County, and City
govemments, and any and all of their departments and bureaus applicable to the
10
Demised Premises and shall also comply with and fulfill all rules, orders, and
regulations for the prevention of fire, all at Tenant's own cost and expense. The
Tenant shall pay all cost, expenses, claims, fines, penalties, and damages that may
be imposed because of the failure of the Tenant to comply with this Section, and
shall indemnify and hold harmless the Landlord from all liability arising from each
non-compliance.
15. Liens.
Tenant will not permit any mechanics, laborers, or materialman's liens to stand
against the leased premises or improvements for any labor or materials to Tenant or
claimed to have been furnished to Tenant's agents, contractors, or sub-tenants, in
connection with work of any character performed or claimed to have performed on
said premises, or improvements by or at the direction or sufferance of the Tenant,
provided however, Tenant shall have the right to contest the validity or amount of
any such lien or claimed lien. In the event of such contest, Tenant shall give the
Landlord reasonable security as may be demanded by Landlord to insure payment
thereof and prevent sale, foreclosure, or forfeiture of the premises or improvements
by reasons of such non-payment. Such security need not exceed one and one half
(1-1/2) times the amount of such lien or such claim of lien. Such security shall be
posted by Tenant within ten (10) days of written notice from Landlord, or Tenant
may "bond off" the lien according to statutory procedures. Tenant will immediately
pay any judgment rendered with all proper cost and charges and shall have such
lien released or judgment satisfied at Tenant's own expense.
16. Enforcement.
Tenant agrees to pay the Base Rent and any Additional Rent herein reserved at the
time and in the manner aforesaid, and should said rents herein provided, at any
time remain due and unpaid for a period of fifteen (15) days after the same shall
become due, the Landlord may exercise any or all options available to it hereunder,
which options may be exercised concurrently or separately or the Landlord may
pursue any other remedies enforced by law.
17. Condemnation.
17.1 If at anytime during the term of this Lease and any renewal term hereunder,
all or any part or portion of the building in which the Demised Premises are
located, sufficient in size, to cause the Demised Premises to be
untenantable, is taken, appropriated, or condemned by reason of Eminent
Domain proceedings (except if the Eminent Domain proceedings are initiated
by the City of Miami Beach), then this Lease shall be terminated as of the
date of such taking, and shall thereafter be completely null and void, and
neither of the parties hereto shall thereafter have any rights against the other
by reason of this Lease or anything contained therein, except that any rent
prepaid beyond the date of such taking shall be prorated to such date, and
the Tenant shall pay any and all rents, additional rents, utility charges, or
other costs including excess taxes for which it is liable under the terms of this
Lease, up to the date of such taking.
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17.2 Except as hereunder provided, Tenant shall not be entitled to participate in
the proceeds of any award made to the Landlord in any such Eminent
Domain proceeding, excepting, however, the Tenant shall have the right to
claim and recover from the condemning authority, but not from the Landlord,
such compensation as may be separately awarded or recoverable by Tenant
in Tenant's own right on account of any and all damage to Tenant's business
by reasons of the condemnation and for or on account of any cost or loss
which Tenant might incur in removing Tenant's fumiture and fixtures.
18. Default.
18.1 Default bv Tenant: At the Landlord's option, any of the following shall
constitute an Event of Default under this Lease:
18.1.1 The Base Rent, Additional Rent, or any installment thereof is not
paid promptly when and where due within fifteen (15) days of due
date and if Tenant shall not cure such failure within five (5) days
after receipt of written notice from Landlord specifying such
default;
18.1.2 Any other payment provided for under this Lease is not paid
promptly when and where due;
18.1.3 The Demised Premises shall be deserted, abandoned, or vacated;
18.1.4 The Tenant shall fail to comply with any material term, provision,
condition or covenant contained herein other than the payment of
rent and shall not cure such failure within thirty (30) days after the
receipt of written notice from Landlord specifying any such default;
or such longer period of time acceptable to Landlord, at its sole
discretion;
18.1.5 Receipt of notice of violation from any governmental authority
having jurisdiction dealing with a code, regulation, ordinance or the
like, which remains uncured for a period of thirty (30) days from its
issuance, or such longer period of time acceptable to Landlord, at
its sole discretion;
18.1.6 Any petition is filed by or against Tenant under any section or
chapter of the Bankruptcy Act, as amended, which remains
pending for more than sixty (60) days, or any other proceedings
now or hereafter authorized by the laws of the United States or of
any state for the purpose of discharging or extending the time for
payment of debts;
18.1.7 Tenant shall become insolvent;
18.1.8 Tenant shall make an assignment for benefit of creditors;
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18.1.9 A receiver is appointed for Tenant by any court and shall not be
dissolved within thirty (30) days thereafter; or
18.1.10 The leasehold interest is levied on under execution.
19. Riahts on Default.
19.1 Riahts on Default: In the event of any default by Tenant as provided herein,
Landlord shall have the option to do any of the following in addition to and
not in limitation of any other remedy permitted by law or by this Lease;
19.1.1 Terminate this Lease, in which event Tenant shall immediately
surrender the Demised Premises to Landlord, but if Tenant shall
fail to do so Landlord may, without further notice, and without
prejudice to any other remedy Landlord may have for possession
or arrearages in rent or damages for breach of contract, enter
upon Demised Premises and expel or remove Tenant and his
effects in accordance with law, without being liable for prosecution
or any claim for damages therefore, and Tenant agrees to
indemnify and hold harmless Landlord for all loss and damage
which Landlord may suffer by reasons of such Lease termination,
whether through inability to re-Iet the Demised Premises, or
through decrease in rent, or otherwise.
19.1.2 Declare the entire amount of the Base Rent and Additional Rent
which would become due and payable during the remainder of the
term of this Lease to be due and payable immediately, in which
event Tenant agrees to pay the same at once, together with all
rents therefore due, at the address of Landlord, as provided in the
Notices section of this Lease; provided, however, that such
payment shall not constitute a penalty, forfeiture, or liquidated
damage, but shall merely constitute payment in advance of the
rents for the remainder of said term and such payment shall be
considered, construed and taken to be a debt provable in
bankruptcy or receivership.
19.1.3 Enter the Demised Premises as the agent of Tenant, by force if
necessary, without being liable to prosecution or any claim for
damages therefore, remove Tenant's property there from, and re-
let the Demised Premises, or portions thereof, for such terms and
upon such conditions which Landlord deems, in its sole discretion,
desirable, and to receive the rents therefore, and Tenant shall pay
Landlord any deficiency that may arise by reason of such re-
letting, on demand at any time and from time to time at the office
of Landlord; and for the purpose of re-letting, Landlord may (i)
make any repairs, changes, alterations or additions in or to said
Demised Premises that may be necessary or convenient; (ii) pay
13
all costs and expenses therefore from rents resulting from re-
letting; and (iii) Tenant shall pay Landlord any deficiency as
aforesaid.
19.1.4 Take possession of any personal property owned by Tenant on
said Demised Premises and sell the same at public or private sale,
and apply same to the payment of rent due, holding the Tenant
liable for the deficiency, if any.
19.1.5 It is expressly agreed and understood by and between the parties
hereto that any installments of rent accruing under the provisions
of this Lease which shall not be paid when due shall bear interest
at the maximum legal rate of interest per annum then prevailing in
Florida from the date when the same was payable by the terms
hereof, until the same shall be paid by Tenant. Any failure on
Landlord's behalf to enforce this Section shall not constitute a
waiver of this provision with respect to future accruals of past due
rent. No interest will be charged for payments made within the
grace period, such grace period to be defined as within five days
of the due date. In addition, there will be a late charge of $50.00
for any payments submitted after the grace period.
19.1.6 If Tenant shall default in making any payment of monies to any
person or for any purpose as may be required hereunder,
Landlord may pay such expense but Landlord shall not be
obligated to do so. Tenant upon Landlord's paying such expense
shall be obligated to forthwith reimburse Landlord for the amount
thereof. All sums of money payable by Tenant to Landlord
hereunder shall be deemed as rent for use of the Demised
Premises and collectable by Landlord from Tenant as rent, and
shall be due from Tenant to Landlord on the first day of the month
following the payment of the expense by Landlord.
19.1.7 The rights of the Landlord under this Lease shall be cumulative
but not restrictive to those given by law and failure on the part of
the Landlord to exercise promptly any rights given hereunder shall
not operate to waive or to forfeit any of the said rights.
19.2 Default bv Landlord: The failure of Landlord to perform any of the
covenants, conditions and agreements of the Lease which are to be
performed by Landlord and the continuance of such failure for a period of
thirty (30) days after notice thereof in writing from Tenant to Landlord (which
notice shall specify the respects in which Tenant contends that Landlord
failed to perform any such covenant, conditions and agreements) shall
constitute a default by Landlord, unless such default is one which cannot be
cured within thirty (30) days because of circumstances beyond Landlord's
control, and Landlord within such thirty (30) day period shall have
commenced and thereafter shall continue diligently to prosecute all actions
14
necessary to cure such defaults.
However, in the event Landlord fails to perform within the initial 30 day period
provided above, and such failure to perform prevents Tenant from operating
its business in a customary manner and causes an undue hardship for the
Tenant, then such failure to perform (regardless of circumstances beyond its
control) as indicated above, shall constitute a default by Landlord.
19.3 Tenant's Riahts on Default: If an event of Landlord's default shall occur,
Tenant, to the fullest extent permitted by law, shall have the right to pursue
any and all remedies available at law or in equity, including the right to sue
for and collect damages, including reasonable attorney fees and costs, to
terminate this Lease (and all of its obligations hereunder by giving notice of
such election to Landlord, whereupon this Lease shall terminate as of the
date of such notice), to specifically enforce Tenant's rights; and/or to enjoin
Landlord.
20. Indemnity Aaainst Costs and Charaes.
20.1 The Tenant shall be liable to the Landlord for all costs and charges,
expenses, reasonable attomey's fees, and damages which may be incurred
or sustained by the Landlord, by reason of the Tenant's breach of any of the
provisions of this Lease. Any sums due the Landlord under the provisions of
this item shall constitute a lien against the interest of the Tenant and the
Demised Premises and all of Tenant's property situated thereon to the same
extent and on the same conditions as delinquent rent would constitute a lien
on said premises and property.
20.2 If Tenant shall at any time be in default hereunder, and if Landlord shall
deem it necessary to engage an attomey to enforce Landlord's rights and
Tenant's obligations hereunder, the Tenant will reimburse the Landlord for
the reasonable expenses incurred thereby, including, but not limited to, court
costs and reasonable attomey's fees, whether suit be brought or not and if
suit be brought, then Tenant shall be liable for expenses incurred at both the
trial and appellate levels.
21. Indemnification Aaainst Claims.
21.1 The Tenant shall indemnify and save the Landlord harmless from and
against any and all claims or causes of action (whether groundless or
otherwise) by or on behalf of any person, firm, or corporation, for personal
injury or property damage occurring upon the Demised Premises or upon any
parking lot or other facility or appurtenance used in connection with the
Demised Premises, occasioned in whole or in part by any of the following:
21.1.1
An act or omission on the part of the Tenants, or any employee,
agent, invitee, or guest, assignee or sub-tenant of the Tenant;
15
21.1.2 Any misuse, neglect, or unlawful use of the Demised Premises or
the building in which the Demised Premises is located or any of its
facilities by Tenant, or any employee, agent, invitee, or guest,
assignee or sub-tenant or the Tenant, but not to include
trespassers upon the Demised Premises;
21.1.3 Any breach, violation, or non-performance of any undertaking of
the Tenant under this Lease;
21.1.4 Anything growing out of the use or occupancy of the Demised
Premises by the Tenant or anyone holding or claiming to hold
through or under the Lease.
21.2 Tenant agrees to pay all damages to the Demised Premises or other facilities
used in connection therewith, caused by the Tenant or any employee, guest,
or invitee of the Tenant.
22. Sians and Advertisina.
Without the prior written consent of Landlord, Tenant shall not permit the painting
and display of any signs, plaques, lettering or advertising material of any kind on or
near the Demised Premises. All additional signage shall comply with signage
standards established by Landlord and comply with all applicable building codes,
and any other Municipal, County, State and Federal laws.
23. Effect of Conveyance.
The term "Landlord" as used in the Lease means only the owner for the time being
of the land and building containing the Demised Premises, so that in the event of
any sale of said land and building, or in the event of a lease of said building, the
Landlord shall be and hereby is entirely freed and relieved of all covenants and
obligations of the Landlord hereunder, and it shall be deemed and construed
without further agreement between the parties, or between the parties and the
purchaser at such sale, or the lease of this building, that the purchaser or Tenant
has assumed and agreed to carry out all covenants and obligations of the Landlord
hereunder.
24.. Damaae to the Demised Premises.
24.1 The building in which the Demised Premises are located is insured under
Landlord's fire insurance policy. If the Demised Premises shall be damaged
by the elements or other casualty not due to Tenant's negligence, or by fire,
but are not thereby rendered untenantable, as determined by Landlord, in
whole or in part, and such damage is covered by Landlord's insurance, if
any, (hereinafter referred to as "such occurrence"), Landlord, shall, as soon
as possible after such occurrence, utilize the insurance proceeds to cause
such damage to be repaired and the rent shall not be abated. If by reason of
such occurrence, the Demised Premises shall be rendered untenantable, as
determined by Landlord, only in part, Landlord shall as soon as possible
utilize the insurance proceeds to cause the damage to be repaired, and the
16
rent meanwhile shall be abated proportionately as to the portion of the
Demised Premises rendered untenantable; provided however, if the Demised
Premises are by reason of such occurrence, rendered more than 50% but
less than 100% untenantable, as determined by Landlord, Landlord shall
promptly obtain a good faith estimate of the time required to render the
Demised Premises tenantable. If such time exceeds sixty (60) days, the
Tenant shall have the option of canceling this Lease, which option shall
be exercised by Tenant in writing within ten (10) days of receipt of
notice of same from Landlord.
24.1 If the Demised Premises shall be rendered wholly untenantable by reason of
such occurrence, the Landlord shall utilize the insurance proceeds to cause
such damage to be repaired and the rent meanwhile shall be abated in
whole; provided, however, that Landlord shall have the right, to be exercised
by notice in writing delivered to Tenant within sixty (60) days from and after
said occurrence, to elect not to reconstruct the destroyed Demised Premises,
and in such event, this lease and the tenancy hereby created shall cease as
of the date of said occurrence, the rentto be adjusted as of such date. If the
Demised Premises shall be rendered wholly untenantable, the Tenant shall
have the right, to be exercised by notice in writing, delivered to Landlord
within thirty (30) days from and after said occurrence, to elect to terminate
this lease, the rent to be adjusted accordingly. Notwithstanding any clause
contained in this Section, if Landlord becomes self insured or the damage is
not covered by Landlord's insurance, then Landlord shall have no obligation
to repair the damage, but Landlord shall advise Tenant in writing within thirty
(30) days of the occurrence giving rise to the damage and of its decision not
to repair, and the Tenant may, at any time thereafter, elect to terminate the
lease, and the rent shall be adjusted accordingly.
25. Quiet Eniovment.
The Tenant shall enjoy quiet enjoyment of the Demised Premises and shall not be
evicted or disturbed in possession of the Demised Premises so long as Tenant
complies with the terms of this Lease.
26. Waiver.
26.1 It is mutually covenanted and agreed by and between the parties hereto that
the failure of Landlord to insist upon the strict performance of any of the
conditions, covenants, terms or provisions of this Lease, or to exercise any
option herein conferred, will not be considered or construed as a waiver or
relinquishment for the future of any such conditions, covenants, terms,
provisions or options but the same shall continue and remain in full force and
effect.
26.2 A waiver of any term expressed herein shall not be implied by any neglect of
Landlord to declare a forfeiture on account of the violation of such term if
such violation by continued or repeated subsequently and any express
waiver shall not affect any term other than the one specified in such waiver
17
and that one only for the time and in the manner specifically stated.
26.3 The receipt of any sum paid by Tenant to Landlord after breach of any
condition, covenant, term or provision herein contained shall not be deemed
a waiver of such breach, but shall be taken, considered and construed as
payment for use and occupation, and not as rent,unless such breach be
expressly waived in writing by Landlord.
27. Notices.
The addresses for all notices required under this Lease shall be as follows, or at
such other address as either party shall be in writing, notify the other:
LANDLORD:
City Manager
City of Miami Beach
1700 Convention Center Drive
Miami Beach, Florida 33139
With copies to:
City Attorney
City of Miami Beach
1700 Convention Center Drive
Miami Beach, Florida 33139
And:
Asset Manager
City of Miami Beach
1700 Convention Center Drive
Miami Beach, Florida 33139
TENANT:
Jacques Auger Design Associates, Inc.
1130 Washington Avenue, 6th Floor
Miami Beach, Florida 33139
All notices shall be hand delivered and a receipt requested, or by certified mail with
return receipt requested, and shall be effective upon receipt.
28. Entire and Bindina Aareement.
This Lease contains all of the agreements between the parties hereto, and it may
not be modified in any manner other than by agreement in writing signed by all the
parties hereto or their successors in interest. The terms, covenants and conditions
contained herein shall inure to the benefit of and be binding upon Landlord and
Tenant and their respective successors and assigns, except as may be otherwise
expressly provided in this Lease.
29. Provisions Severable.
If any term or provision of this Lease or the application thereof to any person or
circumstance shall, to any extent, be invalid or unenforceable, the remainder of this
Lease, or the application of such term or provision to persons or circumstances
other than those as to which it is held invalid or unenforceable, shall not be affected
thereby and each term and provision of this Lease shall be valid and be enforced to
the fullest extent permitted by law.
18
30. Caotions.
The captions contained herein are for the convenience and reference only and shall
not be deemed a part of this Lease or construed as in any manner limiting or
amplifying the terms and provisions of this Lease to which they relate.
31. Number and Gender.
Whenever used herein, the singular number shall include the plural and the plural
shall include the singular, and the use of one gender shall include all genders
32. GoverninQ Law.
This Lease shall be governed by and construed in accordance with the law of the
State of Florida.
33. Limitation of Liabilitv.
The Landlord desires to enter into this Agreement only if in so doing the Landlord
can place a limit on Landlord's liability for any cause of action for money damages
due to an alleged breach by the Landlord of this Agreement, so that its liability for
any such breach never exceeds the sum of Ten Thousand Dollars and no/100
($10,000.00). Tenant hereby expresses its willingness to enter into this Agreement
with the Tenant's recovery from the Landlord for any damage action for breach of
contract to be limited to a maximum amount of Ten Thousand ($10,000.00) Dollars.
Accordingly, and notwithstanding any other term or condition of this Agreement,
Tenant hereby agrees that the Landlord shall not be liable to Tenant for damage in
an amount in excess of Ten Thousand ($10,000.00) Dollars for any action or claim
for breach of contract arising out of the performance or non-performance of any
obligations imposed upon the Landlord by this Agreement. Nothing contained in
this Section or elsewhere in this Agreement is in any way intended to be a waiver of
the limitation placed upon Landlord's liability as set forth in Florida Statutes, Section
768.28.
34. Surrender of the Demised Premises.
The Tenant shall, on or before the last day of the term herein demised, or the
sooner termination thereof, peaceably and quietly leave, surrender and yield upon
to the Landlord the Demised Premises, together with any and all equipment,
fixtures, furnishings, appliances or other personal property, if any, located at or on
the Demised Premises and used by Tenant in the maintenance, management or
operation of the Demised Premises, excluding any trade fixtures or personal
property, if any, which can be removed without material injury to the Demised
Premises, free of all liens, claims and encumbrances and rights of others or broom-
clean, together with all structural changes, alterations, additions, and improvements
which may have been made upon the Demised Premises, in good order, condition
and repair, reasonable wear and tear excepted, subject, however, to the
subsequent provisions of this Article. Any property which pursuant to the provisions
of this Section is removable by Tenant on or at the Demised Premises upon the
termination of this Lease and is not so removed may, at the option of the Landlord,
be deemed abandoned by the Tenant, and either may be retained by the Landlord
as its property or may be removed and disposed of at the sole cost of the Tenant in
such manner as the Landlord may see fit. If the Demised Premises and personal
19
property, if any, be not surrendered at the end of the term as provided in this
Section, the Tenant shall make good the Landlord all damages which the Landlord
shall suffer by reason thereof, and shall indemnify and hold harmless the Landlord
against all claims made by any succeeding tenant or purchaser, so far as such
delay is occasioned by the failure of the Tenant to surrender the Demised Premises
as and when herein required.
35. Time is of the Essence.
Time is of the essence in every particular and particularly where the obligation to
pay money is involved.
36. Venue.
This Lease Agreement shall be enforceable in Miami-Dade County, Florida, and if
legal action is necessary by either party with respect to the enforcement of any and
all the terms or conditions herein, exclusive venue for the enforcement of same
shall lie in Miami-Dade County, Florida.
LANDLORD AND TENANT HEREBY KNOWINGLY AND INTENTIONALLY
WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING
THAT THE LANDLORD AND TENANT MAY HEREIN AFTER INSTITUTE
AGAINST EACH OTHER WITH RESPECT TO ANY MATTER ARISING OUT OF
OR RELATED TO THIS LEASE AGREEMENT.
20
IN WITNESS WHEREOF, the parties hereto have caused these presents to be
signed by the respec.tjve duly authorized officers, and the respective corporate seals to be
affixed this R Th day of J p.. N l( Mt- ~ ' 2003.
ATTEST:
LANDLORD I
CI F MIAMI BEACH, FLORIDA
~~~ f~
CITY CLERK
BY:
ATTEST:
TENANT I
JACQUES AUGER DESIGN
ASSOCIATES, INC.
BY:
CORPORATE SEAL
(affix here)
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APPAC)YEOASTO
FORM & LANGUAGE
& FOR EXECUTION
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SIXTH FLOOR PLAN
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Exhibit "A"
HISTORIC CITY HALL, 6TH FLOOR
305 534 3200 TELEPHONE
1130 WASHINGTON AVENUE
305 534 3220 FAX
MIAMI BEACH, FLORIDA 33139
ADM1N@AUGERDESlCiN.COM
RENTAL AGREEMENT
THIS RENTAL AGREEMENT, made this January], 200], by and between Jacques Auger
Design Associates, Inc., hereinafter referred to as ("Landlord") primary tenant of the premises
address known as ] 130 Washington A venue, Sixth Hoor, Miami Beach, FL 33139 (the
"Property") and LRN Inc., jointly and separately hereinafter called ("Tenant"). The City of
Miami Beach will be referred to as ("Owner").
I. TERMS: The initial term of this lease shall be ]2 months, beginning on the scheduled
date of occupancy which is January ],200] and ending December 3],200] at noon. Agreement
shall renew itselffrom month to month, until terminated by written notice, upon all the terms,
covenants, conditions and provisions herein contained. This rental agreement covers an area
equal to approximately 80 square feet and is subject to the terms ofthe Landlord's original lease
with the Owner for the entire 6th floor that will terminate at the end of April, 2003.
2. RENT: Total sum of rent due is $6,000.00 payable in equal monthly installments of
$500.00. Rents are payable in advance on the ]st day of the month at Jacques Auger Design
Associates, Inc., 1130 Washington Avenue, 6th Hoor, Miami Beach, FL 33139.
3. SECURITY DEPOSIT: Waived.
4. SUBLEASING: Tenant may not sublease or assign this lease. Any such assignment
shall be void.
5. DAMAGE TO THE PREMISES: The building in which the Demised Premises are
located is insured under the Owner's fire insurance policy. If the Demised Premises shall be
damaged by the elements or other casualty not due to Tenant's negligence, or by fire, but are not
thereby rendered untenantable in whole or in part, and such damage is covered by Owner's
insurance, if any, (hereinafter referred to as "such occurrence"), Owner shall, as soon as possible
after such occurrence, utilize the insurance proceeds to cause such damage to be repaired and the
rent shall not be abated. If by reason of such occurrence, the premises shall be rendered
untenantable only in part, Owner shall as soon as possible utilize the insurance proceeds to cause
the damage to be repaired and the rent meanwhile shall be abated proportionately as to the portion
of the premises rendered untenantable; provided however, if the premises are by reason of such
occurrence, rendered more than 50% but less than 100% untenantable, Owner shall promptly
obtain a good faith estimate of the time required to render the premises tenantable If such time
exceeds four (4) months, Landlord shall have the option of canceling this lease, which option shall
be exercised by Landlord in writing within ten (10) days of receipt of notice of same from Owner.
If the premises shall be rendered wholly untenantable by reason of such occurrence, Owner
shall utilize the insurance proceeds to cause such damage to be repaired and the rent meanwhile
shall be abated in whole; provided, however, that Owner shall have the right, to be exercised by
notice in writing delivered to Landlord and subsequently delivered to Tenant within sixty (60) days
from and after said occurrence, to elect not to reconstruct the destroyed premises, and in such
event, this lease and the tenancy hereby created shall cease as of the date of said occurrence, the
rent to be adjusted as of such date. If the premises shall be rendered wholly untenantable, Tenant
shall have the right, to be exercised by notice in writing, delivered to Landlord, within thirty (30)
days from and after said occurrence, to elect to terminate this lease, the rent to be adjusted
accordingly. Notwithstanding any clause contained in this paragraph, if the Owner becomes self
insured or the damage is not covered by the Owner's insurance, then the Owner shall have no
obligation to repair the damage, but the Owner shall advise Landlord who will then advise Tenant in
Exhibit "B"
JACQUES AUGER DESIGN ASSOCIATES, INC.
writing within thrity (30) days of the occurrence giving rise to the damage and of its decision not to
repair, and the Landlord may, at any time thereafter, elect to terminate the lease, and the rent shall
be adjusted accordingly.
6. PROPERTY LOSS: Landlord shall not be liable for the damage to Tenant's property of
any type for any reason or cause whatsoever, except where such is due to the gross negligence of
Landlord.
7. INDEMNIFICATION: Tenant releases Landlord from all liability for and agrees to
indemnify Landlord against all losses incurred by Landlord and/or Tenant as a result of (a)
Tenant's failure to fulfill any condition of this Agreement; (b) any damage or injury happening
in or about the Property to Tenant's invitees or licensees or such person's property.
8. REPAIRS: Tenant acknowledges that it has inspected the Property and accepts the
condition as is. Owner is responsible for all structural repairs. Tenant shall keep the Property
and fixtures and any personal property of Landlord in good condition and repair, and at the
termination of this tenancy shall delivery up the property, fixtures and personal property in as
good order in which they are now, ordinary wear and tear excepted. If at any time Tenant vacates
property and the property is not in good order and repair, the Landlord may bill for the cost of
repairing the property.
9. LOCKS: Tenant is prohibited from adding locks to, changing, or in any way altering
locks installed on the doors of property without the prior permission of the Landlord.
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Subleased Space to LRN, Inc. from Jaques Auger Design Associates, Inc. shall consist of
approximately 80 square feet (Area A) of the office space it currently leases from the City. Said
space shall be used by LRN's Regional Director of Customer Relations to establish business
relationships with corporate law departments and law firms to use LRN's legal research, on-line
knowledge management and on-line legal compliance training products and services. No retail
sales will be involved, or client/customer traffic is anticipated by LRN.
Exhibit
I~GRA Realty Resources
--
LOCAL EXPERTISE...NATfONALLY
6TH FLOOR OFFICE SPACE
HISTORIC CITY HALL
1130 Washington Avenue
Miami Dade County
Miami Beach, Florida 33139
PREPARED FOR:
Jose Damien, Asset Manager
City of Miami Beach
1700 Convention Center Drive
Miami Beach, Florida 33139
EFFECTIVE DATE OF THE SURVEY:
~overnberI2,2002
INTEGRA REALTY RESOURCES, - MIAMI
FILE NUMBER 02-6950
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INTEGRA ReaOy R..ou""
AREEA/SOUTH FLORIDA
November 13,2002
Jose Damien, Asset Manager
City of Miami Beach
1700 Convention Center Drive
Miami Beach, Florida 33139
Re: IRR-AREEA File No. 02-6950
Market Rent of
1130 Washington Street
(6th Floor Office Space)
Historic City Hall
Miami Beach, Florida 33139
Dear Mr. Damian:
Pursuant to your request, we have estimated the current market rent for the property referenced
above.
Market rent (sometimes used as a synonym for economic rent or fair rental value) is defined as 'The
rental income that a property would most probably command in the open market; indicated by the
current rents paid and asked for comparable space as of the date of the appraisal ~ (Appraisal
Institute, The Dictionary of Real Estate Appraisal, Third Edition, Chicago, illinois, 1993, p. 221) In
accordance with your guidelines, the results of our analysis are being presented to you in letter or
restricted use form. The data is being retained in our files. It should be noted that, the user or reader
of this report could not understand how we arrived at our conclusions without access to our file,
which is restricted to the client only.
Description of the Area
Miami Beach is a 7.1 mile long island that separates Biscayne Bay from the Atlantic Ocean. Miami
Beach is somewhat subdivided into three geographical areas: South Beach, Middle Beach and North
Beach.
The subject is located within the South Beach submarket, which runs from the southern tip of Miami
Beach north to 22nd Street. The area has been through tremendous positive changes over the past 10
years. The .South Beach Renaissance" is based on preserving it's historic ambiance through the
revitalization of the Art Deco Historic District South Beach is known primarily for restaurants and
upscale shopping along Ocean Drive, Washington A venue and Lincoln Road. In addition, there are
a number of luxury condominium projects to include Il Villaggio, PortofinolMurano, and
Continuum's South Pointe project.
LOCAL EXPERTlSE...NATIONALLY
9400 S. Dadeland Blvd. . Penthouse One. Miami, Florida 33156-2817
Phone: 305-670-0001 . Commercial Fax: 305-670-2276 . Residential Fax: 305-670-2275 . Email: miami@irr.com
Jose Damien
November 13, 2002
Page Two
Description ofthe Area (Cont'd.)
The subject property's neighborhood contains a variety of residential and commercial land uses. The
area along Ocean Drive and Collins Avenue is in the revitalization stage of its neighborhood life
cycle, with numerous properties substantially renovated in the late 1980's and 1990's. The South
Beach area has been significantly improved and currently draws tourists from allover the world.
Due to the redevelopment efforts and tremendous growth, Ocean Drive, Collins Avenue and
Washington Avenue are now lined with hotels, restaurants, cafes and/or small shops and is drawing
worldwide attention, resulting in improving property values in the area. The subject neighborhood
continues to be redeveloped, with in-fill developments based upon market demands.
The subject property's neighborhood has generally adequate access. Collins Avenue, which runs
through the subject's neighborhood, is a major north/south arterial, forming a part of State Road A-I-
A. Several causeways, including MacArthur, Venetian and Julia Tuttle (Interstate 195) Causeways,
connect Miami Beach to the mainland and provide access to Downtown Miami, as well as a network
of expressways including Interstate 95 and the Dolphin Expressway (State Road 836). These
roadways, in conjunc-tion with local roadways, provide adequate access to the subject neighborhood.
Description of the Property
Historic City Hall is a 7 -story office building located on the City of Miami Beach Police Department
campus. The property is located along the west side of Washington Avenue at 12th Street. Due to
the tower-like design of the building, exposure to north and southbound Washington Avenue is
considered very good. Parking for the property is via a municipal parking lot to the west.
The subject space is located on the 6th floor with ocean views to the east and totals 1,585 square feet.
The space is built out as general office with drywall partitions, decorative concrete flooring and
acoustical ceiling tile. The floor plan is conducive to a variety of general office uses.
Jose Damien
November 12, 2002
Page Three
Current Lease
Jaques Auger Design Associates, Inc. isin the last year of a seven-year lease. The current lease rate
is $14.76 per square foot plus $.68 in CAM for a full service lease rate of$15.44 per square foot.
Comparable Rent Analysis
Size! Lease Tenant
No. Location SF Rate! Lease ImpJ Parking Occup
SF Type Exp. Terms EscaL Conces.
1 1205 Washington 12,000 520 Gross Elec. 3 Yr. 5% N/A N/A Vac.
Avenue Janlt. Plus Comments: This property is located on the NEC of Washington Ave. and 12"' St. The space is 12,000 sf of contiguous office build
out above retaiL
2 930 Washington 20,000 520 Full Servo N/A 3-5 CPI N/A 550/Space! 100%
Avenue Yrs. Month Comments: The ground floor is leased to Bank of America while the top 2 floors are owner-occupied. The only space available for
other tenants is under 1,500 sf.
Paint, 164 Spaces
1680 Meridian 522- 1 Yr. 3%- Carpet or
3 Avenue 82,154 525 Full Servo N/A Plus 5% 3 Mos. 575/Space! 73%
(Negot.) Month
Comments: Recently signed leases include spaces ranging from 1,100-2,335 sfand lease rates ranging from $21.50-$25.00/sf. The
entire 11th floorwasleased to one tenant who went out of business. This space accounts for 15,000 sf.
4 407 Lincoln 101,040 524- Full Servo N/A 3 Yr. 5% Negotiable Municip. 96%
Road 528 Plus in rear Comments: This is an older building which is one of few high-rise buildings in South Beach. This is an average class CoB building
due to age, design and physical condition. The property is located on the NWC of Washington Ave. and Lincoln Rd.
To better understand the upper end of the Miami Beach office market, the appraisers surveyed two
(2) additional, nearby buildings. It should be noted though, that these are not considered comparable
to the subject space.
555 Washington Avenue is a new, class "A" building located south of the subject. Total building
area is 70,000 square feet, of which 48,000 square feet is office. Current office rents are quoted at
$28.00 to $32.00 per square foot, net of electric.
404 Washington Avenue is a 58,794 square foot building located at Washington Avenue and 5th
Street. Current occupancy is 98% with 1,700 square feet available on the ground floor. Current
rents are quoted at $30.00 per square foot, full service.
Jose Damien
~ovember12,2002
Page Four
Opinions and Conclusions
With the exception of Comparable No.1, all of the comparable properties quoted rents on a full
service basis. Comparable ~o. 1 was adjusted upward approximately $2.00 per square foot
($1.50/s.f - electric; $.60/sf - janitorial) to reflect a full service rate of$22.00 per square foot. Thus,
market rents range from $20.00 to $28.00 per square foot, full service.
After adjusting the individual case studies for size, location, physical design/quality and amenities,
the appraisers concluded the market rent for the subject space falls within $20.00 to $22.00 per
square foot, full service.
If you have any questions or comments, please contact the undersigned. Thank you for the
opportunity to be of service. Our Certification and Limiting Conditions follow.
Respectfully submitted,
Integra Realty Resources
AREEAlSouth Florida
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Commercial Division Director
State Certified General Appraiser
Certificate No. RZ-0000764
R:\DA T A \COMMDEP1\6949\6949.RPT.doc
Jose Damien
City of Miami Beach
November 12,2002
ASSUMPTIONS AND LIMITING CONDITIONS
In conducting this appraisal, we have assumed, except as otherwise noted in our report, as follows:
1. There are no existing judgments or pending or threatened litigation that could affect the value of
the property.
2. There are no hidden or undisclosed conditions of the land or the improvements that would render
the property more or less valuable. Furthermore, there is no asbestos in the property.
3. The property is in compliance with all applicable building, environmental, zoning, and other
federal, state and local laws, regulations and codes.
Our Market Rent Survey is subject to the following limiting conditions, except as otherwise noted in
our report.
1. IRR-AREEA was not provided with a current lease and, thus, only took into consideration the
information which was provided by the client.
2. IRR-AREEA's analysis is inherently subjective and represents our opinion as to the rent of the
property analyzed.
3. The conclusions stated in our Rent Survey apply only as of the effective date of the Survey, and
no representation is made as to the affect of subsequent events.
4. No changes in any federal, state or local laws, regulations or codes (including, without limitation,
the Internal Revenue Code) are anticipated.
5. No environmental impact studies were either requested or made in conjunction with this Rent
Survey, and we reserve the right to revise or rescind any of the value opinions based upon any
subsequent environmental impact studies. If any environmental impact statement is required by
law, the survey assumes that such statement will be favorable and will be approved by the
appropriate regulatory bodies.
6. IRR-AREEA is not required to give testimony or to be in attendance in court or any government
or other hearing with reference to the property without written contractual arrangements having
been made relative to such additional employment.
7. IRR-AREEA has made no survey of the property and assume no responsibility in connections
with such matters. Any sketch or survey of the property included in this report is for illustrative
purposes only and should not be considered to be scaled accurately for size. The Rent Survey
. covers the property as described in this report, and the areas and dimensions set forth are
assumed to be correct.
8. IRR-AREEA accepts no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other legal matters,
geologic considerations, such as soils and seismic stability, and civil, mechanical, electrical,
structural and other engineering and environmental matters.
9. Neither all nor any part of the contents of this report (especially any conclusions as to market
rent, the identity of the appraisers, or any reference to the Appraisal Institute) shall be
disseminated through advertising media, public relations media, news media or any other means
of communication (including without limitation prospectuses, private offering memoranda and
other offering material provided to prospective investors) without the prior written consent of the
appraisers.
Jose Damien
City of Miami Beach
November 12,2002
CERTIFICATION
We certify that, to the best of our knowledge and belief:
1. The statements of fact contained in this report are believed true and correct.
2. The reported analyses, opinions, and conclusions are limited/restricted only by the reported
assumptions and limiting conditions, and are our personal, impartial, and unbiased professional
analyses, opinions and conclusions.
3. IRR-AREEA has no present or prospective interest in the property that is the subject of this
report, and we have no personal interest with respect to the parties involved.
4. IRR-AREEA has no bias with respect to the property that is the subject of this report or the
parties involved with this assignment.
5. IRR-AREEA's engagement in this assignment was not contingent upon developing or reporting
prede-termined results.
6. IRR-AREEA's compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined conclusion or direction in market rent that favors
the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or
the occurrence of a subsequent event directly related to the intended use of this Market Rent
Survey.
7. IRR-AREEA's analyses, opinions, and conclusions have been developed, and this report has
been prepared, in compliance with the requirements of the Code of Professional Ethics and
Standards of Professional Appraisal Practice of the Appraisal Institute, in conformity with the
Uniform Standards of Professional Appraisal Practice (USP AP) as promulgated by the Appraisal
Standards Board of the Appraisal Foundation, and in accordance with the appraisal-related
mandates within Title XI of the Federal Financial Institutions Reform, Recovery, and
Enforcement Act of 1989 (FIRREA).
8. Jose E. Valera, ASA and Chris Librizzi have personally made an inspection of the property that
is the subject of this report on February 12,2002.
9. Jose E. Valera, ASA and/or Chris Librizzi has provided significant professional assistance to the
persons signing this report.
10. IRR-AREEA has not relied on unsupported conclusions relating to characteristics such as race,
color, religion, national origin, gender, marital status, family status, age, receipt of public
assistance income, handicap, or an unsupported conclusion that homogeneity of such
characteristics is necessary to maximize value.
11. IRR-AREEA has extensive experience in evaluating properties similar to the subject and are in
compliance with the Competency Rule of US PAP.
12. The use of this report to the requirements of the Appraisal Institute relating to review by its duly
authorized representatives.
13. As of the date of this appraisal, Jose E.Valera has completed the requirements of the continuing
education program of the American Soeiety of Appraisers.
City Hall, Sixth Floor, 1130 Washington Ave., Miami Bch., FL
Washington Ave. Looking North
View of Subject Building From
Southbound Washington Ave.
Ground Floor Lobby
Integra/AREEA South Florida
Washington Ave. Looking North
Overall View of Base of Subject
Building From Washington Ave.
Looking Wesyt
Ground Floor Lobby
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View of Subject Building From
Northbound Washington Ave.
View of Subject Building Looking
Northwest
Sixth Floor Hallway
Photos taken 11/12/02
City Hall, Sixth Floor, 1130 Washington Ave., Miami Bch., FL
Sixth Floor Hallway
Subject Interior Reception Area
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Representative View of Subject Interior
Representative View of Subject Interior Representative View of Subject Interior Representative View of Subject Interior
Integra/AREEA South Florida
Photos taken 11/12/02
Rent Comparable No. 1
555 Washington Ave.
Inte9ra/AREEA South Florida
Rent Comparables
Rent Comparable No.2
"'~"i'".k~
404 Washington Ave.
Rent Comparable NO.4
Photos taken 11/12/02
INTEGRA Reeky '.rou".,
AREEA/SOUTH FLORIDA
INTEGRA REALTY RESOURCES
AREEAlSOUTH FLORIDA
Integra Realty Resources-AREEAlSouth Florida, formerly known as Appraisal and Real
Estate Economics Associates, Inc. (AREEA), which was established in 1973. The South
Florida office specializes in all facets of real estate analysis, including real estate consulting;
appraisals; market research; market/marketability studies; feasibility studies; investment
analysis; and ad valorem assessment valuations covering residential, commercial and all types
of real estate. As of August 1, 1999, AREEA became part of Integra Realty Resources, a
national real estate valuation and consulting firm with 52 regional valuation and consulting firms
in 30 states [visit our website at www.irr.com].
AREEA Assessment Consultants, Inc. is an ad valorem assessment consulting firm
specializing in all areas of property taxation and property tax adjustment appeals for real and
personal property. Additionally, this firm has been certified as a Minority and Women-Owned
Business (MWOB).
AREEA Investment Advisory & Management Services, Inc. formerly served as an
investment advisor to a foreign entity which owned commercial real estate located throughout
the United States. This firm currently provides real estate advisory services relating to property
and construction management, leasing, and sales of commercial real estate [visit our website at
www.areea.com].
The professional and support staff of AREEA provides professional consulting and technical
services for its broad based clientele.
IRR-AREEA publishes "THE AREEA REPORT FOR SOUTH FLORIDA", a quarterly real estate
economic report covering 28 categories of real estate, which has become the foremost
publication of real estate activity utilized by investors, financial institutions, developers,
appraisers, analysts, and governmental agencies in understanding the dynamics of the real
estate market in Miami-Dade, Broward, and Palm Beach Counties.
Rev. 05/02
LOCAL EXPERTISE...NATIONALLY
9400 S. Oadeland Blvd. . Penthouse One . Miami. Florida 33156-2817
Phone: 305-670-0001 . Commercial Fax: 305-670-2276 . Residential Fax: 305-670-2275 . Email: miami@irr.com
NTEGRA Realty Resources
NATIONAL CORPORATE PROFILE
In the field of real estate valuation and counseling, Integra Realty Resources offers a unique
combination of localized services and national resources.
Integra's 52 offices comprise the nation's largest independent firm focusing solely on real estate
valuation and consulting, offering the broadest range of services and most extensive coverage
of any valuation and counseling firm in the United States.
In the area of valuation and real estate counseling, IRR professionals have the knowledge and
resources to provide fast, accurate and objective solutions. Through the power of an extensive
database, we offer a unique perspective that comes from evaluating both local conditions and
national trends.
Integra's services include:
Property valuations of all types
Market and feasibility studies
Highest and best use analysis
Due diligence studies
Property tax counseling
Land use studies
Machinery & equipment valuation
Buy/sell decisions
Condemnation
Farmland and open space valuation
Corridor and pipeline valuation
Portfolio valuations
Expert testimony and litigation support
Valuation Management
Investment counseling
Business valuation
Arbitration
Contaminated/stigmatized properties
Easement valuations
Fractional interests valuation
Company stock valuation
Integra Realty Resources' annual publication, .Viewpoinf, is the single best resource for
tracking the latest trends in commercial real estate. This publication provides detailed economic
and market data and analysis to assist commercial real estate investors, lenders and
developers in determining investment objectives for various property types in more than 40
markets nationwide.
Corporate Office
3 Park Avenue, 39'" Floor, New York, NY 10016-5902
PH: (212) 255-7858 FX: (646) 424-1869
Email: integra@irr.com
South Florida Office
9400 S. Dadeland Blvd., Miami, FL 33156-2187
PH: (305) 670-0001 FX: (305) 670-2276
Email: info@areea.com
Rev. 05102
EXPERIENCE:
PROFESSIONAL
ACTIVITIES:
EDUCATION:
QUALIFIED BEFORE
COURTS AND
ADMINISTRATIVE
BODIES:
PROFESSIONAL QUALIFICATIONS OF
JOSE E. VALERA, ASA
Commercial Division Director Integra Realty Resources - AREEAlSouth
Florida, formerly known as Appraisal and Real Estate Economics Associates,
IncJAREEA. Affiliated with the firm since 1989. Engaged in the Real Estate
profession since 1970, primarily in the areas of valuation, consulting,
acquisitions, management and syndication of income-producing properties for
private investors and public limited partnerships. Recent assignments have
included valuation and appraisal of numerous types of real estate including:
Office Buildings
Rental Apt Complexes
Planned Unit Developments
Shopping Centers
Warehouse/Industrial Properties
Residential & Condo Properties
Vacant Land
Hotels/Motels
Mixed Use
Developments
Designation: Accredited Sr. Appraiser, American Society of Appraisers (ASA)
Member: American Society of Appraisers, Director and Past President of
the Greater Miami Chapter
Florida Planning & Zoning Association - Director and
Past President of the South Florida Chapter
Licensed: State of Florida Real Estate Broker, Lic. #BK-0302639
State of Florida C~rtified General Appraiser
Certificate No. RZ-0000764
Graduated from Boston University, Boston, Mass. with a Bachelor of Science
Degree: Major in Management Engineering. Completed course work toward the
MBA Degree with a major in International Business, Boston University, Boston,
Mass.
Additional graduate work in Finance and Investments at New York University and
the University of Illinois.
Mortgage Banking Certificate from the University of Miami.
Successfully completed the educational requirements of the American Society of
Appraisers for the ASA Designation and the State of Florida for the Certified
General Appraiser's License. Additionally, completed numerous real estate
related courses and seminars sponsored by the Appraisal institute, the American
Society of Appraisers, the Lincoln Graduate Center and the National Society of
Fee Appraisers.
Qualified as an expert witness on matters of property valuation before the United
States Bankruptcy Court, and the Eleventh Circuit Court in Dade County.
Rev. 1/02
EXPERIENCE:
PROFESSIONAL
ACTIVITIES:
EDUCATION:
PROFESSIONAL QUALIFICATIONS OF .
CHRISTOPHER LIBRIZZI
.
Real Estate Appraiser and Market Research Analyst for the
Commercial Division of Integra Realty Resources - AREEAlSouth
Florida, formerly known as Appraisal and Real Estate Economics
Associates, Inc., since July, 1991. Actively engaged in field V'ork and
in-house research, consisting of gathering data and analyzing subject
comparable sales which are being evaluated. Has prepared
appraisals to include offices, warehouses, apartment buildings,
shopping centers, and a variety of other commercial properties. Has
also assisted in the preparation of a number of marketability,
feasibility, and fair market rent studies.
Licenses: State of Florida Registered Assistant Appraiser
Certificate No. RI-0003608
Graduated from Valencia Community College in 1983 with an
Associate Arts Degree. Graduated with a Bachelor of Science Degree
from Florida State University in 1985.
Completed numerous real estate cours~s and/or seminars sponsored
by the Appraisal Institute, accredited universities and others.
Rev. 1/02
PARTIAL LIST OF AREEA CLIENTELE
Appraisals/Market Studies/Consultations for MaJor Firms and Government Aaencles:
Allegis Realty Investors (Aetna)
American Arbitration Association
American Bankers Insurance Group (ABIG)
American Bankers Life Assurance Co.
American Heart Association
American Maritime Officers
America's MoneyLine
American Petrofina
Amoco Oil Company, U.S.A.
AmSouth Bank
Amtrust Bank
Anderson, Moss, Russo & Cohen
Arnold & Porter (Washington D.C.)
Arrowhead Properties Corporation
Arvida/JMB Partners, L.P.
Arvida, a St. Joe Company
Associates Relocation Management
Avatar Development Corporation
BancBoston
Banco Cafetero Intemational
Banco Popular
Banco Sabadell, S.A.
Bank Atlantic
Bank of America
Bank of New York
Bankers Savings Bank
Bankers Trust Mortgage Corporation
Bankers Trust, NY
Bankers Life & Casualty Co.lChicago
Bankers Savings Bank
Bankunited, F.S.B.
Beach Bank
Bedel, Dittmar, DeVault & Pillans
Beilley Pozzuoli, P.A.
Beinstock & Clark
Bell Tell Federal Credit Union
Boston Company
BrickellBanc (FDIC)
Broad & Cassel
Brookman Fels Development Corp.
Broward County Property Appraisal
Adjustment Board
Eckert Seamans
Eastern National Bank
EDS Relocation Services
Emigrant Mortgage Company
Empire of America Relocation
Equitable Life Assurance Society
Broward County School Board
Budget Rent-a-Car
Builders Association of South Florida
Burger King Corporation
Capitallntemational
Caribank (FDIC)
Central Bank
Centro Campesino
Charter Bank
Charter Title Company
Chase Home Mortgage
Chase Manhattan Bank, N.A.
Chase Manhattan Personal Financial
Cherin & Mellott
Chevron U.S.A., Inc.
Citibank, F.S.B.
Citibank, N.A.
City National Bank
Coca Cola Bottling Co. of Miami
Coconut Grove Bank
Coldwell Banker Relocation Mgmt. Servo
Colonial Bank
Colonial Mortgage Company
Colonial Savings
Combank Mortgage Company
Commonwealth Land Title Ins. Co.
Community Bank of Homestead
Consolidated Bank
Constructa U.S., Inc.
Continental Illinois Bank, N.A.
Corporate Relocation Management
Dade County Manager's Office
Dade County School Board
Deutsche Bank
Disney, Walt Corporation
Doral Corporation
Dow Chemical Company
Dreyfus Consumer Bank
Equitable Mortgage Resources
Equitable Relocation
Equity Mortgage Corporation
Espirito Santo Bank of Florida
Executive National Bank
PARTIAL LIST OF AREEA CLIENTELE
(Continued)
Appraisals/Market Studies/Consultations for MaJor Firms and Government Aaencies:
lntemationallnvestors Mortgage
Investors Mortgage Insurance Co. (IMIC)
F & R Builders
Fannie Mae
Farm Stores, Inc.
Federal Asset Disposition Assoc. (FADA)
Federal Bureau of Investigation (FBI)
Federal Deposit Insurance Corp.(FDIC)
Federal Home Loan Bank Board (FHLBB)
Federal National Mtg. Assoc. (FNMA)
Federal Reserve Bank Atlanta
Fininvest American ~orporation
First Citizens Bank - Trust Dept.
First Miami Funding
First National Bank of Chicago
First Republic Bank (Dallas)
First Savings Corporation (Chicago)
First Union National Bank
Fleet Bank
Florida Dept. of Transportation (DOT)
Florida Fair Housing
Fi~rida Mortgage Underwriters
Florida Power & Light Company
Florida State Comptroller's Office
Fort Lauderdale, City of
Freddie Mac
J.1. Kislak Mortgage Corporation
Johnstown Properties, Inc.
Karon, Savaris & Horn
Kelly, Drye & Warren (Smathers& Thompson)
Kenny, Nachwalter & Seymour
Laredo National Bank
Lenders Appraisal Services
Lennar Corporation
Lloyd's Bank lntemational
Lowenthal, Landau, Fisher of New York
General Electric Credit Corporation
G.E. Capital Mortgage Insurance
G.E. Mortgage Corporation
General Tire and Rubber Company
Gibraltar Bank, FSB.
Greenberg, Traurig, et al
Greyhound Rent-a-Car
Gulf Bank
Gulf Oil Company
Holiday Inn
Home Financing Center
Home Equity Relocation
HFS Mobility Services
Homequity
Hyatt Corporation
Manufacturers Hanover Financial Corp.
Mellon United National Banks
Marriott Corporation
Merrill Lynch Relocation
Metro Bank of Dade County
Metro-Dade County
Metro-Dade Water & Sewer Authority
Miami Beach Development Corp.
Miami Christian College
Miami, City of Dept. Off-Street Parking
Miami Beach, City of
Miami Herald Publishing Company
Mobil Oil Corporation
Mortgage Guaranty Insurance Co. (MGIC)
Murdock Savings Bank
Mutual Benefit Life (M.B.L.)
Mutual of America
Nassauvian, Ltd.
National Title
Northem Trust Bank of Florida
Imperial Bank
Intercontinental Bank
Intercredit Bank, N.A.
Internal Revenue Service (IRS)
International Business Machines (IBM)
Ocean Bank
OceanMark Bank
Ocean Reef Club
Office of Thrift Supervision (OTS)
Ohio Savings Bank
Olympia and York, Inc. (Canada)
Oriole Homes, Inc.
PMI Mortgage Insurance Company
Palm Beach County Assessor's Office
PARTIAL LIST OF AREEA CLIENTELE
(Continued)
AppralsalsfMarket StudlesfConsultatlons for Malor Firms and Government Auencles:
Pan American Bank
Pan American Mortgage
Peoples First National Bank
Pillsbury, Madison and Sutro
Pinellas County Assessor's Office
Popular Bank of Florida
Pctamkin Companies
Prudential Home Mortgage Corporation
Prudential Relocation Management
UniBank
Union Oil Company
United Guarantee
Universal American Mortgage
Universal National Bank
U.S. Justice Department
U.S. Small Business Administration
U.S. Trust
Related Companies of Florida
ReloAction
Relocation Funding of America
Relocation Resources, Inc.
RElMAX Int'I Relocation
Republic Intemational of New York+
Republic Mortgage
Republic National Bank of Dallas
Republic Security Bank
Residential Funding Corporation
Resolution Trust Corporation (RTC)
Runzheimer and Company, Inc.
Washington Mutual Bank
Weitzer Group
Wometco Enterprises
SafraBank
Shell Oil Company
Simon DeBartolo Group
Skylake State Bank
Small Business Administration (SBA)
Southeast Bankers Mortgage
Southern Gulf Utilities
South Trust Banks
Steel, Hector, Davis
Storer Communications, Inc.
Stroock, Stroock & Lavan
SunTrustlMiami, N.A.
Texaco U.S.A., Inc.
Ticor Mortgage Insurance Corporation
TransAmerica Corporation
Travelers Relocation
Turnberry Bank
Turnberry Corporation
Trust for Public Land
Rev. 512001
lti. ,'.i~~f"JAMIBeACH .... .
~'" NOTICE OF APU8UC HEARING
NOTICEJ$,If~RE~Y gWun tl1ai~.~c:~~,~bythe
CornmIS8iOI't!)Ithe City 01 MiamlBellch,lntl'le<;OI1l~~ Ch
3rd lIoO\'.c;:!tYHaIl. 1700 Coi)yenllor\Certl8t~,;MlamlBeach, .
on~, "'1lU8I'Y 8,2003 at 11:30.l.JI!;, to f.1UJ'publlc
regIIl'dlnQ .'.~ 1e1lS!J~~1he Otty of Miami
and Ja!lqIJEl8 AilgerOelllgJJAsel~ates, Inc"lor use of appro ..'
1585 sqlIa,.;~.~CIty~olfk;e space on the 6th floor of HlItOI'Ie.
CltyHaIl.~~1130.W~gton Avenue, Miami Beach, Florida,lllta
three ~r~;CommenClng on May 1, 2003, and ending on April ao....
2006; arid further waWu, by 5171hs vole, Ihe competillve ~, . .. .".
requirement; es required by !;!ection 82-39 01 the Miami Beach City ~. .~, .
finding such waiver to be In the best Interest of the City. . >':;'51;
INQUIRIES may be directed to lhe Asset Management at (305~ 67~t:
\&th
ALL INTERESTED PARTIES are Invited to appear at this hearl.,.,'-.'
represented bY an agent, or 10 express their views In wrltlng addresllllllf
the City Commission, c/o the City Clerk, 1700 Convention Center. -
1st Floor, City Hall, Miami BeaCh, Florida 33139. This ~I'IQ .
continued and under such clrcumstencas addltionall~ notlC!l
be provided. .
Robert E. Parcher, - City Clerk
City of Miami Beach
Pursuant to Section 286.0105, Fla. Stat., the City hereby acMMf'
public Ihal: if a person decides to appeal any decision made by u.'
Commission with respect to any matter considered at Its meeting
hearing, such person must ensure that a verbatim record of
proceedings Is made, which record Includes the testimony and
upon which the appeal Is to be based. This notice does not co
consent by the City tor the Inlroductlon or admission of 0
Inadmissable or irrelevant evidence, nor does It authorize challllngllili.
appeals not olherwlse allowed by law. .,-"
In acco/danCe wtth the Amertcan& wtth DisabIlItIe8 Act 011990. pelllOllS needing .~I~t.
accommodallon \0 ~18 In lhllproceedlng I/IQuld conI8Ct the CIIy Clerk'I......~,
laterth8ntourday8pf1or\otheP~.1llIephone(305)673-741t lor . .......
~ Irnpair!ld. telephone the FIarida Relay !lefvlcOl1lUll1bel8, (600) 95M771
CITY OF MIAMI BEACH
Office of the City Manager
Interoffice Memorandum
m
To: Robert Parcher
City Clerk
From: ,o\'se Damien
f~~set Manager
Subject: Amended Appraisal, Jaques Auger Design (Historic City Hall, 6th Fir)
Item R7-B, City Commission Meeting of January 8,2003
Date: January 10, 2003
As requested, attached please find the above referenced item, as re-submitted by Integra
Realty Resources AREEA/South Florida. Please note that this document reflects a change
on Page Three, Item No.3, Column entitled "Location", which read 1680 Meridian Avenue
(on the originally submitted appraisal report) and now reads 1680 Michigan Avenue (on the
re-submitted appraisal report).
c: Mayor and City Commission (w/o attachment)
Jorge Gonzalez, City Manager (w/o attachment)
Christina Cuervo, Assistant City Manager (w/o attachment)
.:-:,
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LOCAL EXPERTISE..
T IWtllJ11A1 P, ,2. o()3
.I T l::-11A f. 78
6THFLOOR OFFICE SPACE
mSTORIC CITY HALL
1130 Washington Avenue
Miami Dade County
Miami Beach, Florida 33139
PREPARED FOR:
Jose Damien, Asset Manager
City of Miami Beach
1700 Convention Center Drive
Miami Beach, Florida 33139
EFFECfIVE DATE OF THE SURVEY:
November 12, 2002
INTEGRA REALTY RESOURCES, - MIAMI
FILE NUMBER 02-6950
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AREEA/SOUTH FLORIDA
November 12, 2002
Jose Damien, Asset Manager
City of Miami Beach
1700 Convention Center Drive
Miami Beach; Florida 33139
Re:
IRR-AREEA File No. 02-6950
Market Rent of
1130 Washington Street
(6th Floor Office Space)
Historic City Hall
Miami Beach, Florida 33139
Dear Mr. Damian:
Pursuant to your request, we have estimated the current market rent for the property referenced
above.
Market rent (sometimes used as a synonym for economic rent or fair rental value) is defmed as 'The
rental income that a property would most probably command in the open market; indicated by the
current rents paid and asked for comparable space as of the date of the appraisal". (Appraisal
Institute, The Dictionary of Real Estate Appraisal, ThirdEdition, Chicago, illinois, I993,p. 221) In
accordance with your guidelines, the results of our analysis are being presented to you in letter or
restricted use form. The data is being retained in our files. It should be noted that, the user or reader
of this report could not understand how we arrived at our conclusions without access to our file,
which is restricted to the client only.
Descriotion of the Area
Miami Beach is a 7.1 mile long island that separates Biscayne Bay from the Atlantic Ocean. Miami
Beach is somewhat subdivided into three geographical areas: South Beach, Middle Beach and North
Beach.
The subject is located within the South Beach submarket, which runs from the southern tip of Miami
Beach north to 22nd Street. The area has been through tremendous positive changes over the past 10
years. The .South Beach Renaissance" is based on preserving it's historic ambiance through the
revitalization of the Art Deco Historic District South Beach is known primarily for restaurants and
upscale shopping along Ocean Drive, Washington Avenue and Lincoln Road. In addition, there are a
number ofluxury condominium projects to include n Villaggio, Portofino/Murano, and Continuum's
South Pointe project.
LOCAL EXPERTISE...NATIONALLY
9400 S. Dadeland Blvd. . Penthouse One . Miami, Florida 33156-2817
Phone: 305-670-0001 . Commercial Fax: 305-670-2276 . Residential Fax: 305-670-2275 . Email: miami@irr.com
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Jose Damien
November 12,2002
Page Two
Descriotion ofthe Area (Cont'd.)
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The subj ect property's neighborhood contains a variety of residential and commercial land uses. The
area along Ocean Drive and Collins Avenue is in the revitalization stage ofits neighborhood life
cycle, with numerous properties substantially renovated in the late 1980's and 1990's. The South
Beach area has been significantly improved and currently draws tourists from allover the world.
....
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Due to the redevelopment efforts and tremendous growth, Ocean Drive, Collins Avenue and
W ashington Avenue are now lined with hotels, restaurants, cafes and/or small shops and is drawing
worldwide attention, resulting in improving property values in the area. The subject neighborhood
continues to be redeveloped, with in-fill developments based upon market demands.
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The subject property's neighborhood has generally adequate access. Collins Avenue, which runs
through the subject's neighborhood, is a major north/south arterial, forming a part of State Road A-l-
A. Several causeways, including MacArthur, Venetian and Julia Tuttle (Interstate 195) Causeways,
connect Miami Beach to the mainland and provide access to Downtown Miami, as well as a network
of expressways including Interstate 95 and the Dolphin Expressway (State Road 836). These
roadways, in conjunc-tion with local roadways, provide adequate access to the subject neighborhood.
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Descriotion of the Prooertv
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Historic City Hall is a 7 -story office building located on the City of Miami Beach Police Department
campus. The property is located along the west side of Washington Avenue at 12th Street Due to
the tower-like design of the building, exposure to north and southbound Washington Avenue is
considered very good. Parking for the property is via a municipal parking lot to the west.
The subject space is located on the 6th floor with ocean views to the east and totals 1,585 square feet.
The space is built out as general office with drywall partitions, decorative concrete flooring and
acoustical ceiling tile. The floor plan is conducive to a variety of general office uses.
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Jose Damien
November 12, 2002
Page Three
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Current Lease
Jaques Auger Design Associates, Inc. is in the last year of a seven-year lease. The current lease rate
is $14.76 per square foot plus $.68 in CAM for a full service lease rate of$15.44 per square foot.
Comparable Rent Analvsis
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Size! Lease
SF RateJ Lease
SF T e Terms Escal.
1 1205 Washington 12000 $20 Gross 3 Yr.
Avenue' Janit. Plus
Comments: This property is located on the NEC of Washington Ave. and 12 St. The space is 12,000 sf of contiguous office build
out above retail.
2 930 Washington Full Servo N/A $50/SpaceJ 100%
Avenue Yrs. Month
Comments: The ground floor is leased to Bank of America while the top 2 floors are owner-occupied. The only space available for
other tenants is under 1,500 sf.
Location
Tenant
ImpJ
Conces.
Parking
Occup
No.
5%.
N/A
N/A
Vac.
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3
1680 Michigan
Avenue
82,154
$22-
$25
N/A
1 Yr.
Plus
3%-
5%
164 Spaces
$75/SpaceJ
Month
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Full Servo
73%
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96%
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To better understand the upper end of the Miami Beach office market, the appraisers surveyed two
(2) additional, nearby buildings. It should be noted though, that these are not considered comparable
to the subject space.
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555 Washington Avenue is a new, class "A" building located south of the subject. Total building
area is 70,000 square feet, of which 48,000 square feet is office. Current office rents are quoted at
$28.00 to $32.00 per square foot, net of electric.
404 Washington Avenue is a 58,794 square foot building located at Washington Avenue and 5th
Street. Current occupancy is 98% with 1,700 square feet available on the ground floor. Current
rents are quoted at $30.00 per square foot, full service.
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Jose Damien
November 12,2002
Page Four
ODinions and Conclusions
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With the exception of Comparable No.1, all of the comparable properties quoted rents on a full
service basis. Comparable No.1 was adjusted upward approximately $2.00 per square foot
($1.50/s.f - electric; $.60/sf - janitorial) to reflect a full service rate of$22.00 per square foot. Thus,
market rents range from $20.00 to $28.00 per square foot, full service.
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After adjusting the individual case studies for size, location, physical design/quality and amenities,
the appraisers concluded the market rent for the subject space falls within $20.00 to $22.00 per
square foot, full service.
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If you have any questions or comments, please contact the undersigned. Thank you for the
opportunity to be of service. Our Certification and Limiting Conditions follow.
Respectfully submitted,
v
o cial Division Director
State Certified General Appraiser
Certificate No. RZ-0000764
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R:\DAT A\COMMDEP1\6949\6949.RPT.doc
&~~
~)I1Iltla.
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Jose Damien
City of Miami Beach
November 12, 2002
ASSUMPTIONS AND LIMITING CONDITIONS
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In conducting this appraisal, we have assumed, except as otherwise noted in our report, as follows:
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1. There are no existing judgments or pending or threatened litigation that could affect the value of
the property.
2. There are no hidden or undisclosed conditions of the land or the improvements that would render
the property more or less valuable. Furthermore, there is no asbestos in the property.
3. The property is in compliance with all applicable building, environmental, zoning, and other
federal, state and local laws, regulations and codes.
Our Market Rent Survey is subject to the following limiting conditions, except as otherwise noted in
our report.
1. IRR-AREEA was not provided with a current lease and, thus, only took into consideration the
information which was provided by the client.
2. IRR-AREEA's analysis is inherently subjective and represents our opinion as to the rent of the
property analyzed.
3. The conclusions stated in our Rent Survey apply only as of the effective date of the Survey, and
no representation is made as to the affect of subsequent events.
4. No changes in any federal, state or local laws, regulations or codes (including, without limitation,
the Internal Revenue Code) are anticipated.
5. No environmental impact studies were either requested or made in conjunction with this Rent
Survey, and we reserve the right to revise or rescind any of the value opinions based upon any
subsequent environmental impact studies. If any environmental impact statement is required by
law, the survey assumes that such statement will be favorable and will be approved by the
appropriate regulatory bodies.
6. IRR -AREEA is not required to give testimony or to be in attendance in court or any government
or other hearing with reference to the property without written contractual arrangements having
been made relative to such additional employment.
7. IRR-AREEA has made no survey of the property and assume no responsibility in connections
with such matters. Any sketch or survey of the property included in this report is for illustrative
purposes only and should not be considered to be scaled accurately for size. The Rent Survey
covers the property as described in this report, and the areas and dimensions set forth are
assumed to be correct.
8. IRR-AREEA accepts no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other legal matters,
geologic considerations, such as soils and seismic stability, and civil, mechanical, electrical,
structural and other engineering and environmental matters.
9. Neither all nor any part of the contents of this report (especially any conclusions as to market
rent, the identity of the appraisers, or any reference to the Appraisal Institute) shall be
disseminated through advertising media, public relations media, news media or any other means
of communication (including without limitation prospectuses, private offering memoranda and
other offering material provided to prospective investors) without the prior written consent of the
appraisers.
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Jose Damien
City of Miami Beach
November 12,2002
CERTIFICATION
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We certify that, to the best of our knowledge and belief:
1. The statements of fact contained in this report are believed true and correct.
2. The reported analyses, opinions, and conclusions are limited/restricted only by the reported
assumptions and limiting conditions, and are our personal, impartial, and unbiased professional
analyses, opinions and conclusions.
3. IRR-AREEA has no present or prospective interest in the property that is the subject of this
report, and we have no personal interest with respect to the parties involved.
4. IRR-AREEA has no bias with respect to the property that is the subject of this report or the
parties involved with this assignment.
5. IRR-AREEA's engagement in this assignment was not contingent upon developing or reporting
prede-termined results.
6. IRR-AREEA's compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined conclusion or direction in market rent that favors
the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or
the occurrence of a subsequent event directly related to the intended use of this Market Rent
Survey.
7. IRR-AREEA's analyses, opinions, and conclusions have been developed, and this report has
been prepared, in compliance with the requirements of the Code of Professional Ethics and
Standards of Professional Appraisal Practice of the Appraisal Institute, in conformity with the
Uniform Standards of Professional Appraisal Practice (USP AP) as promulgated by the Appraisal
Standards Board of the Appraisal Foundation, and in accordance with the appraisal-related
mandates within Title XI of the Federal Finaneial Institutions Reform, Recovery, and
Enforcement Act of 1989 (FIRREA).
8. Jose E. Valera, ASA and Chris Librizzi have personally made an inspection of the property that
is the subject of this report on February 12,2002.
9. Jose E. Valera, ASA and/or Chris Librizzi has provided significant professional assistance to the
persons signing this report.
10. IRR-AREEA has not relied on unsupported conclusions relating to characteristics such as race,
color, religion, national origin, gender, marital status, family status, age, receipt of public
assistance income, handicap, or an unsupported conclusion that homogeneity of such
characteristics is necessary to maximize value.
11. IRR-AREEA has extensive experience in evaluating properties similar to the subject and are in
compliance with the Competency Rule of US PAP.
12. The use of this report to the requirements of the Appraisal Institute relating to review by its duly
authorized representatives.
13. As of the date of this appraisal, Jose E. Valera has completed the requirements of the continuing
education program of the American Society of Appraisers.
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View of Subject Building From
Southbound Washington Ave.
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Ground Floor Lobby
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Integra/AREEA South Florida
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Washington Ave. Looking North
Overall View of Base of Subject
Building From Washington Ave.
Looking Wesyt
View of Subject Building From
Northbound Washington Ave.
View of Subject Building Looking
Northwest
Ground Floor Lobby
Sixth Floor Hallway
Photos taken 11/12/0~
r City Hall, Sixth Floor, 1130 Washington Ave., Miami Bch., FL
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Sixth Floor Hallway
Subject Interior Reception Area
Representative View of Subject Interior
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Representative View of Subject Interior
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Integra/AREEA South Florida
Photos taken 11/12/0:
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AREEA/SOUTH FLORIDA
INTEGRA REAL TV RESOURCES
AREEAlSOUTH FLORIDA
Integra Realty Resources-AREEAlSouth Florida, formerly known as Appraisal and Real
Estate Economics Associates, Inc. (AREEA), which was established in 1973. The South
Florida office specializes in all facets of real estate analysis, including real estate consulting;
appraisals; market research; market/marketability studies; feasibility studies; investment
analysis; and ad valorem assessment valuations covering residential, commercial and all types
of real estate. As of August 1, 1999, AREEA became part of Integra Realty Resources, a
national real estate valuation and consulting firm wi~h 52 regional valuation and consulting firms
in 30 states [visit our website at www.irr.com].
AREEA Assessment Consultants, Inc. is an ad valorem assessment consulting firm
specializing in all areas of property taxation and property tax adjustment appeals for real and
personal property. Additionally, this firm has been certified as a Minority and Women-Owned
Business (MWOB).
AREEA Investment Advisory & Management Services, Inc. formerly served as an
investment advisor to a foreign entity which owned commercial real estate located throughout
the United States. This firm currently provides real estate advisory services relating to property
and construction management, leasing, and sales of commercial real estate [visit our website at
www.areea.com].
The professional and support staff of AREEA provides professional consulting and technical
services for its broad based clientele.
IRR-AREEA publishes "THE AREEA REPORT FOR SOUTH FLORIDA", a quarterly real estate
economic report covering 28 categories of real estate, which has become the foremost
publication of real estate activity utilized by investors, financial institutions, developers,
appraisers, analysts, and governmental agencies in understanding the dynamics of the real
estate market in Miami-Dade, Broward, and Palm Beach Counties.
Rev. 05102
LOCAL EXPERTI5E...NATIONALLY
94005. Dadeland Blvd. . Penthouse One. Miami. Florida 33156-2817
Phone: 305-670-0001 . Commercial Fax: 305-670-2276 . Residential Fax: 305-670-2275 . Email: miami@irr.com
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NTEGRA Realty Resources
NATIONAL CORPORATE PROFILE
In the field of real estate valuation and counseling, Integra Realty Resources offers a unique
combination of localized services and national resources.
Integra's 52 offices comprise the nation's largest independent firm focusing solely on real estate
valuation and consulting, offering the broadest range of services and most extensive coverage
of any valuation and counseling firm in the United States.
In the area of valuation and real estate counseling, IRR professionals have the knowledge and
resources to provide fast, accurate and objective solutions. Through the power of an extensive
database, we offer a unique perspective that comes from evaluating both local conditions and
national trends.
Integra's services include:
Property valuations of all types
Market and feasibility studies
Highest and best use analysis
Due diligence studies
Property tax counseling
Land use studies
Machinery & equipment valuation
Buy/sell decisions
Condemnation
Farmland and open space valuation
Corridor and pipeline valuation
Portfolio valuations
Expert testimony and litigation support
Valuation Management
Investment counseling
Business valuation
Arbitration
Contaminated/stigmatized properties
Easement valuations
Fractional interests valuation
Company stock valuation
Integra Realty Resources' annual publication, .Viewpoinf, is the single best resource for
tracking the latest trends in commercial real estate. This publication provides detailed economic
and market data and analysis to assist commercial real estate investors, lenders and
developers in determining investment objectives for various property types in more than 40
markets nationwide.
Corporate Office
3 Park Avenue, 39th Floor, New York, NY 10016-5902
PH: (212) 255-7858 FX: (646) 424-1869
Email: integra@irr.com
South Florida Office
9400 S. Dadeland Blvd., Miami, FL 33156-2187
PH: (305) 670-0001 FX: (305) 670-2276
Email: info@areea.com
Rev. 05102
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EXPERIENCE:
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QUALIFIED BEFORE
COURTS AND
ADMINISTRATIVE
BODIES:
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PROFESSIONAL QUALIFICATIONS OF
JOSE E. VALERA, ASA
Commercial Division Director Integra Realty Resources - AREEAlSouth
Florida, formerly known as Appraisal and Real Estate Economics Associates,
IncJAREEA. Affiliated with the firm since 1989. Engaged in the Real Estate
profession since 1970, primarily in the areas of valuation, consulting,
acquisitions, management and syndication of income-producing properties for
private investors and public limited partnerships. Recent assignments have
included valuation and appraisal of numerous types of real estate including:
Office Buildings
Rental Apt Complexes
Planned Unit Developments
Vacant Land
Hotels/Motels
Mixed Use
Developments
Shopping Centers
Warehouse/lndustrial Properties
Residential & Condo Properties
Designation: Accredited Sr. Appraiser, American Society of Appraisers (ASA)
Member: American Society of Appraisers, Director and Past President of
the Greater Miami Chapter
Florida Planning & Zoning Association - Director and
Past President of the South Florida Chapter
Licensed: State of Florida Real Estate Broker, Lic. #BK-0302639
State of Florida Certified General Appraiser
Certificate No. RZ-0000764
Graduated from Boston University, Boston, Mass. with a Bachelor of Science
Degree: Major in Management Engineering. Completed course work toward the
MBA Degree with a major in Intemational Business, Boston University, Boston,
Mass.
Additional graduate work in Finance and Investments at New York University and
the University of Illinois.
Mortgage Banking Certificate from the University of Miami.
Successfully completed the educational requirements of the American Society of
Appraisers for the ASA Designation and the State of Florida for the Certified
General Appraiser's License. Additionally, completed numerous real estate
related courses and seminars sponsored by the Appraisal institute, the American
Society of Appraisers, the Lincoln Graduate Center and the National Society of
Fee Appraisers.
Qualified as an expert witness on matters of property valuation before the United
States Bankruptcy Court, and the Eleventh Circuit Court in Dade County.
Rev. 1/02
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PROFESSIONAL QUALIFICATIONS OF .
CHRISTOPHER LIBRIZZI
Real Estate Appraiser and Market Research Analyst for the
Commercial Division of Integra Realty Resources - AREEAlSouth
Florida, formerly known as Appraisal and Real Estate Economics
Associates, Inc., since July, 1991. Actively engaged in field work and
in-house research, consisting of gathering data and analyzing subject
comparable sales which are being evaluated. Has prepared
appraisals to include offices, warehouses, apartment buildings,
shopping centers, and a variety of other commercial properties. Has
also assisted in the preparation of a number of marketability,
feasibility, and fair market rent studies.
Licenses: State of Florida Registered Assistant Appraiser
Certificate No. RI-0003608
Graduated from Valencia Community College in 1983 with an
Associate Arts Degree. Graduated with a Bachelor of Science Degree
from Florida State University in 1985.
Completed numerous real estate courses and/or seminars sponsored
by the Appraisal Institute, accredited universities and others.
Rev. 1/02
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PARTIAL LIST OF AREEA CLIENTELE
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Appraisals/Market Studies/Consultations for Major Firms and Government Aaencles:
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AIIegis Realty Investors (Aetna)
American Arbitration Association
American Bankers Insurance Group (ABIG)
American Bankers Life Assurance Co.
American Heart Association
American Maritime Officers
America's MoneyLine
American Petrofina
Amoco Oil Company, U.S.A.
AmSouth Bank
Amtrust Bank
Anderson, Moss, Russo & Cohen
Amold & Porter (Washington D.C.)
Arrowhead Properties Corporation
ArvidalJMB Partners, L.P.
Arvida, a St. Joe Company
Associates Relocation Management
Avatar Development Corporation
BancBoston
Banco Cafetero Intemational
Banco Popular
Banco Sabadell, S.A.
Bank Atlantic
Bank of America
Bank of New York
Bankers Savings Bank
Bankers Trust Mortgage Corporation
Bankers Trust, NY
Bankers Life & Casualty Co.lChicago
Bankers Savings Bank
Bankunited, F.S.B.
Beach Bank
Bedel, Dittmar, DeVault & Pillans
Beilley Pozzuoli, P.A.
Beinstock & Clark
Bell Tell Federal Credit Union
Boston Company
BrickellBanc (FDIC)
Broad & Cassel
Brookman Fels Development Corp.
Broward County Property Appraisal
Adjustment Board
Eckert Seamans
Eastern National Bank
EDS Relocation Services
Emigrant Mortgage Company
Empire of America Relocation
Equitable Life Assurance Society
Broward County School Board
Budget Rent-a-Car
Builders Association of South Florida
Burger King Corporation
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Capital International
Caribank (FDIC)
Central Bank
Centro Campesino
Charter Bank
Charter Title Company
Chase Home Mortgage
Chase Manhattan Bank, N.A.
Chase Manhattan Personal Financial
Cherin & Mellott
Chevron U.S.A., Inc.
Citibank, F.S.B.
Citibank, N.A.
City National Bank
Coca Cola Bottling Co. of Miami
Coconut Grove Bank
Coldwell Banker Relocation Mgmt. Servo
Colonial Bank
Colonial Mortgage Company
Colonial Savings
Combank Mortgage Company
Commonwealth Land Title Ins. Co.
Community Bank of Homestead
Consolidated Bank
Constructa U.S., Inc.
Continental Illinois Bank, N.A.
Corporate Relocation Management
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Dade County Manager's Office
Dade County School Board
Deutsche Bank
Disney, Walt Corporation
Doral Corporation
Dow Chemical Company
Dreyfus Consumer Bank
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Equitable Mortgage Resources
Equitable Relocation
Equity Mortgage Corporation
Espirito Santo Bank of Florida
Executive National Bank
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PARTIAL LIST OF AREEA CLIENTELE
(Continued)
Appraisals/Market Studies/Consultations for Major Firms and Government Aaencies:
International Investors Mortgage
Investors Mortgage Insurance Co. (IMIC)
F & R Builders
Fannie Mae
Farm Stores, Inc.
Federal Asset Disposition Assoc. (FADA)
Federal Bureau of Investigation (FBI)
Federal Deposit Insurance Corp.(FDIC)
Federal Home Loan Bank Board (FHLBB)
Federal National Mtg. Assoc. (FNMA)
Federal Reserve Bank Atlanta
Fininvest American€:orporation
First Citizens Bank -Trust Dept.
First Miami Funding
First National Bank of Chicago
First Republic Bank (Dallas)
First Savings Corporation (Chicago)
First Union National Bank
Fleet Bank
Florida Dept. of Transportation (DOT)
Florida Fair Housing
FiI.>rida Mortgage Underwriters
Florida Power & Light Company
Florida State Comptroller's Office
Fort Lauderdale, City of
Freddie Mac
J.I. Kislak Mortgage Corporation
Johnstown Properties, Inc.
Karon, Savaris & Horn
Kelly, Drye & Warren (Smathers& Thompson)
Kenny, Nachwalter & Seymour
Laredo National Bank
Lenders Appraisal Services
Lennar Corporation
Lloyd's Bank Intemational
Lowenthal, Landau, Fisher of New York
Manufacturers Hanover Financial Corp.
Mellon United National Banks
Marriott Corporation
Merrill Lynch Relocation
Metro Bank of Dade County
Metro-Dade County
Metro-Dade Water & Sewer Authority
Miami Beach Development Corp.
Miami Christian College
Miami, City of Dept. Off-Street Parking
Miami Beach, City of
Miami Herald Publishing Company
Mobil Oil Corporation
Mortgage Guaranty Insurance Co. (MGIC)
Murdock Savings Bank
Mutual Benefit Life (M.B.L.)
Mutual of America
General Electric Credit Corporation
G.E. Capital Mortgage Insurance
G.E. Mortgage Corporation
General Tire and Rubber Company
Gibraltar Bank, FSB'
Greenberg, Traurig, et al
Greyhound Rent-a-Car
Gulf Bank
Gulf Oil Company
Holiday Inn
Home Financing Center
Home Equity Relocation
HFS Mobility Services
Homequity
Hyatt Corporation
Nassauvian, Ltd.
National Title
Northam Trust Bank of Florida
Ocean Bank
OceanMark Bank
Ocean Reef Club
Office of Thrift Supervision (OTS)
Ohio Savings Bank
Olympia and York, Inc. (Canada)
Oriole Homes, Inc.
Imperial Bank
Intercontinental Bank
Intercredit Bank, N.A.
Intemal Revenue Service (IRS)
Intemational Business Machines (IBM)
PMI Mortgage Insurance Company
Palm Beach County Assessor's Office
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PARTIAL LIST OF AREEA CLIENTELE
(Continued)
Appraisals/Market Studies/Consultations for Major Firms and Government Aaencies:
Pan American Bank
Pan American Mortgage
Peoples First National Bank
Pillsbury, Madison and Sutro
Pinellas County Assessor's Office
Popular Bank of Florida
Pctamkin Companies
Prudential Home Mortgage Corporation
Prudential Relocation Management
UniBank
Union Oil Company
United Guarantee
Universal American Mortgage
Universal National Bank
U.S. Justice Department
U.S. Small Business Administration
U.S. Trust
Related Companies of Florida
ReloAction
Relocation Funding of America
Relocation Resources, Inc.
RElMAX Int'l Relocation
Republic International of New York+
Republic Mortgage
Republic National Bank of Dallas
Republic Security Bank
Residential. Funding Corporation
Resolution Trust Corporation (RTC)
Runzheimer and Company. Inc.
Washington Mutual Bank
Weitzer Group
Wometco Enterprises
SafraBank
Shell Oil Company
Simon DeBartolo Group
Skylake State Bank
Small Business Administration (SBA)
Southeast Bankers Mortgage
Southern Gulf Utilities
South Trust Banks
Steel, Hector, Davis
Storer Communications, Inc.
Stroock, Stroock & Lavan
Sun Trust/Miami, N.A.
Texaco U.S.A., Inc.
Ticor Mortgage Insurance Corporation
TransAmerica Corporation
Travelers Relocation
Turnberry Bank
Tumberry Corporation
Trust for Public Land
Rev. 512001