Resolution 2022-32054 i r
RESOLUTION NO.! 2022-32054
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE
CITY MANAGER AND AUTHORIZING THE ADMINISTRATION TO
COMMENCE NEGOTIATIONS WITH TWO OF THE FIRMS THAT SUBMITTED
BIDS IN RESPONSE TO REQUEST FOR PROPOSALS (RFP) 2021-173-KB
FOR MIXED-USE DEVELOPMENTS INCORPORATING CLASS A OFFICE
SPACE WITH RESPECT TO CITY-OWNED PARKING LOTS P25, P26, AND
P27; AND FURTHER, REFERRING THE PROPOSED PROJECTS AND ANY
ACCOMPANYING AMENDMENTS TO THE CITY'S LAND DEVELOPMENT
REGULATIONS ' TO THE FINANCE AND ECONOMIC RESILIENCY
COMMITTEE, THE LAND USE AND SUSTAINABILITY COMMITTEE, AND
THE PLANNING BOARD FOR REVIEW, IN ACCORDANCE WITH THE
REQUIREMENTS OF THE CITY CODE.
WHEREAS, the City Commission has expressed an interest in diversifying the City's
economy and its revenue sources by capitalizing on the economic growth opportunities
presented by the current and projected business growth in the region, particularly by making a
concerted effort to attract the financial services and technology industries; and
WHEREAS, in furtherance of this objective, the City Commission has discussed the
need to increase Class A office space inventory throughout the City; and
WHEREAS, at its December 11, 2019 meeting, the City Commission discussed the
possibility of making available surface parking lots North of Lincoln Road to developers to
promote the development of Class A office space in the city center area; and
WHEREAS, on October 9, 2020, the Administration issued Request for Letters of
Interest 2021-029-KB (RFLI) seeking expression of interest from developers interested in
building Class A office developments on the surface parking lots P25, P26 and P27 immediately
North of Lincoln Road; and
WHEREAS, the RFLI yielded significant interest, including expression of interest from
eighteen (18) respondents, four(4) of which were companies based outside of Florida; and
WHEREAS, based on the results of the RFLI, on February 19, 2021, the Finance and
Economic Resiliency Committee (FERC) recommended that the Administration seek City
Commission authorization to prepare a Request for Proposals (RFP) for ground leases and
development agreements for the development of Class A office space on the three surface
parking lots (P25, P26 and P27); and
WHEREAS, on February 24, 2021, the City Commission also discussed the results of
the RFLI and directed the Administration to include all three surface parking lots as well as the
17th Street parking garage (parking garage G5) in the forthcoming RFP; and
WHEREAS, on March 17, 2021, the City Commission adopted Resolution No. 2021-
31617, authorizing the preparation of an RFP for mixed-use development incorporating Class A
office space at three City-owned sites along Lincoln Lane North and the 17th Street parking
garage (G5); and
WHEREAS, on April 8, 2021, the Administration conducted a public industry meeting to
promote the RFP and solicit industry input on the proposed projects; and
WHEREAS, On June 23, 2021, the Mayor and City Commission approved the issuance
of Request for Proposals (RFP) 2021-173-KB for mixed-use developments incorporating Class
A office space on City-owned parking lots P25, P26, P27, and parking garage G5; and
WHEREAS, RFP responses were due and received on January 12, 2022; and
WHEREAS, the City received proposals from the following three firms; (1) Infinity
Collective LLC; (2) Lincoln Road Holdings LLC, a joint venture between The Peebles
Corporation, Baron Corporation and Scott Robins Companies, Inc. (for clarity, Lincoln Road
Holdings LLC is referred to as TPC as TPC was the submitting firm); and (3) Lincoln Road
Property Owners, L.P., a joint venture between Integra Investments, Starwood Capital, and The
Comras Company (for clarity, Lincoln Road Property Owners, L.P. is referred to as Integra
Investments, as Integra Investments was the submitting firm); and
WHEREAS, the firms submitted proposals for the following options included in the RFP:
Option 1 (Parking Lot P25)— Infinity Collective
Option 3 (Parking Lot P27)— Integra Investments and TPC
Option 4(Parking Garage G5)—TPC
Option 5 (Parking Lots P25 and P26)— Integra Investments and TPC
Option 6 (Parking Lot P27 and Parking Garage G5)—TPC
Option 7 (Parking Lots P25, P26, P27 and Parking Garage G5)—TPC; and
WHEREAS, on December 6, 2021, the City Manager appointed the following individuals
to serve on an advisory Evaluation Committee to review and score the proposals submitted:
Monica Beltran, Director, Parking Department; Ozzie Dominguez, Asset Management Division
Director, Facilities and Fleet Management Department; Paul Freeman, Resident, Palm View
Neighborhood; David Gomez, Assistant Director, Capital Improvement Projects Department;
Rogelio Madan, Chief of Community Planning and Sustainability, Planning Department; Sara
Patino, Treasury Manager, Finance Department; and Lyle Stern, President, Lincoln Road
Business Improvement District; and
WHEREAS, on February 1, 2022, the Evaluation Committee convened to consider the
proposals received and for oral presentations by the bidders for each of the options submitted;
and
WHEREAS, the Committee was provided an overview of the project, information relative
to the City's Cone of Silence Ordinance and the Government Sunshine Law; and
WHEREAS, the Committee was also provided with general information on the scope of
services and a copy of each proposal, and was further instructed to score and rank each
proposal pursuant to the evaluation criteria established in the RFP; and
WHEREAS, the evaluation process resulted in the proposers being ranked by the
Evaluation Committee as indicated below:
Option 1 (Parking Lot P25)— Infinity Collective, sole proposer.
Option 3 (Parking Lot P27)—TPC, top-ranked, and Integra Investments, second-ranked.
2
Option 4 (Parking Garage G5)—TPC, sole proposer.
Option 5 (Parking Lots P25 and P26) — Integra Investments, top-ranked, and TPC,
second-ranked.
Option 6 (Parking Lot P27 and Parking Garage G5)—TPC sole proposer.
Option 7 (Parking Lots P25, P26, P27, and Parking Garage G5) — TPC sole proposer;
and
WHEREAS, after reviewing the various proposals submitted, the Evaluation
Committee's process and rankings, and the assessments of staff and the City's consultant, the
City Manager has determined that the best options for the City to pursue at this time are Option
3 (Parking Lot P27) with TPC and Option 5 (Parking Lots P25 and P26) with Integra
Investments and has, accordingly, recommended that the Mayor and City Commission
authorize the commencement of negotiations with these bidders; and
WHEREAS, the development of Parking Lots P25, P26 and P27 and the agreements
relating thereto require approval by a majority vote of the voters in a City-wide referendum; and
WHEREAS, concluding contract negotiations with two different bidders on these
complex projects within the timeframe necessary to meet the deadline(s) for obtaining final
approval of the related agreements from the Mayor and City Commission and placing these
items on the November ballot is ambitious but achievable with considerable dedication of staff
resources; and
WHEREAS, in order to mitigate against the risk that negotiations with one of the two
firms reaches an impasse, the City Manager believes it would be prudent and in the best
interests of the City for the Mayor and the City Commission to further authorize the
Administration to pursue negotiations for both Options 3 and 5 with the other firm; and
WHEREAS, the City has determined that it does not wish to engage in negotiations with
TPC in respect of Option 4 (parking garage G5) at this time, but that it would be in the City's
best interests to keep the RFP open with respect to Option 4 and subject to the Cone of Silence
for a period of one (1)year.
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 authorize the Administration (a) to enter into negotiations for a possible ground
lease and development agreement with TPC in respect of parking lot P27 (Option 3) to include
terms consistent with the requirements of the RFP and such other terms of TPC's bid for Option
3 as are acceptable to the City and, if the Administration is unable to agree on principal terms
with TPC within a reasonable timeframe, as determined by the Administration in its discretion, to
cease negotiations with TPC and commence negotiations in respect of parking lot P27 with
Integra Investments; and (b) to enter into negotiations for a possible a ground lease and
development agreement with Integra Investments in respect of parking lots P25 and P26
(Option 5) to include terms consistent with the requirements of the RFP and such terms of
Integra Investment's bid for Option 5 as are acceptable to the City and, if the Administration is
unable to agree on principal terms with Integra Investments within a reasonable timeframe, as
determined by the Administration in its discretion, to cease negotiations with Integra
Investments and commence negotiations with TPC in respect of parking lots P25 and P26; and,
further, the Mayor and City Commission (c) refer the proposed projects and/or any
accompanying amendments to the City's Land Development Regulations to the Finance and
Economic Resiliency Committee, the Land Use and Sustainability Committee, and the Planning
3
Board for review, in accordance with the requirements of the City Code; and (d) direct the
Administration to maintain the RFP open and subject to the Cone of Silence with regard to
Option 4 (Garage G5)for a period of one (1)year from the date hereof.
PASSED AND ADOPTED th•
is 013 day of 6tu4vey 2022.
ATTEST:
/ 3/31 I 011-1*.
RAFAEL E. RANADO, CITY CLERK DAN GELBER, MAYOR
74"
f 0.\. . p0
• APPROVED AS TO
* 1 FORM & LANGUAGE
• .INCORP GRATED: •
& FOR EXECUTION
•
.•...... 3
y�11p1jCH `Z City Attorney D
ate
Resolutions-R7 B
MIAMI BEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Alina T. Hudak, City Manager
DATE: February 23, 2022
SUBJECT:A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF
THE CITY MANAGER AND AUTHORIZING THE ADMINISTRATION TO
COMMENCE NEGOTIATIONS WITH TWO OF THE FIRMS THAT
SUBMITTED BIDS IN RESPONSE TO REQUEST FOR PROPOSALS (RFP)
2021-173-KB FOR MIXED-USE DEVELOPMENTS INCORPORATING
CLASS A OFFICE SPACE WITH RESPECT TO CITY-OWNED PARKING
LOTS P25, P26, AND P27; AND FURTHER, REFERRING THE PROPOSED
PROJECTS AND ANY ACCOMPANYING AMENDMENTS TO THE CITY'S
LAND DEVELOPMENT REGULATIONS TO THE FINANCE AND
ECONOMIC RESILIENCY COMMITTEE, THE LAND USE AND
SUSTAINABILITY COMMITTEE, AND THE PLANNING BOARD FOR
REVIEW, IN ACCORDANCE WITH THE REQUIREMENTS OF THE CITY
CODE.
RECOMMENDATION
It is recommended that the Mayor and City Commission approve the Resolution authorizing the
Administration (a) to negotiate a ground lease and a development agreement with TPC (as
defined in the Analysis section below) in respect of parking lot P27 (Option 3) to include terms
consistent with the requirements of the RFP and such other terms of TPC's bid for Option 3 as
are acceptable to the City and, if the Administration is unable to agree on principal terms with
TPC within the required timeframe, directing the Administration to cease negotiations with TPC
and commence negotiations in respect of parking lot P27 with Integra (as defined in the
Analysis section below); and (b)to negotiate a ground lease and a development agreement with
Integra(as defined in the Analysis section below in respect of parking lots P25 and P26 (Option
5)to include terms consistent with the requirements of the RFP and such terms of Integra's bid
for Option 5 as are acceptable to the City and, if the Administration is unable to agree on
principal terms with Integra within the required timeframe, directing the Administration to cease
negotiations with Integra and commence negotiations with TPC in respect of parking lots P25
and P26. The Resolution also refers each item to the Finance and Economic Resiliency
Committee and to the Land Use and Sustainability Committee for appropriate review Any final
agreement will require approval by the Mayor and City Commission.
•
BACKGROUND/HISTORY
Page 168 of 272
The City Commission has expressed an interest in diversifying the City's economy and its
revenue sources by capitalizing on the economic growth opportunities presented by the current
and projected business growth in the region, particularly by making a concerted effort to attract
the financial services and technology industries. To do so, the City Commission has discussed
the need to increase Class A office space inventory throughout the City.
• While the definition of Class A office space is somewhat subjective and may vary depending on
the source, the Building Owners and Managers Association International generally defines
Class A office space as those office buildings that attract premier office users. Typically, Class
A office space rents are above average for the area as the buildings offer high-quality finishes,
state-of-the-art systems, top-notch amenities,and have a definitive market presence.
At its December 11, 2019 meeting, the City Commission discussed the possibility of making
available surface parking lots North of Lincoln Road to developers to promote the development
of Class A office space in the city center area. To gauge interest from the development
community, the City Commission directed staff to issue a request for letters of interest for the
development of Class A office space on surface parking lots P25, P26,and P27.
On October 9, 2020, the Administration issued Request for Letters of Interest 2021-029-KB
(RFLI) seeking expression of interest from developers interested in building Class A office
developments on the surface parking lots P25, P26 and P27 immediately North of Lincoln
Road. The RFLI yielded significant interest, including expression of interest from eighteen (18)
respondents,four(4)of which were companies based outside of Florida.
Based on the results of the RFLI, on February 19, 2021, the Finance and Economic Resiliency
Committee (FERC) recommended the Administration seek City Commission authorization to
prepare a Request for Proposals (RFP) for ground leases and development agreements for
the development of Class A office space on the three surface parking lots (P25, P26 and P27).
On February 24, 2021, the City Commission also discussed the results of the RFLI and
directed the Administration to include all three surface parking lots as well as the 17th Street
parking garage (parking garage G5)in the forthcoming RFP.
On March 17, 2021, the City Commission adopted Resolution No. 2021-31617, authorizing the
preparation of an RFP for mixed-use development incorporating Class A office space at three
City-owned sites along Lincoln Lane North and the 17th Street parking garage (G5). On April 8,
2021, the Administration conducted a public industry meeting to promote the RFP and solicit
industry input on the proposed projects. Eighty-five (85)participants (excluding City staff
and consultants)attended the industry meeting.
The goals of the RFP included:
(1) encouraging the development of Class A office space to meet the growing demand
from targeted industries;
(2)providing world-class commercial space in concert with increasing market demand;
(3) maintaining parking capacity while providing alternative and sustainable transportation
and mobility options;
(4)transforming and activating North Lincoln Lane from a service alley to a vibrant and
pedestrian-friendly street with amenities that will enhance the urban experience; and
(5)connecting the Convention Center District with Lincoln Road.
Page 169 of 272
The RFP allowed for proposals for the development of the following four sites (or a combination
of sites as further defined below):
Surface Parking Lot P25
Lot P25 is approximately 37,116 square feet (0.85 acres) and currently provides 86 public
parking spaces. The land is zoned GU (Government Use)and, therefore, development capacity
is based on the average of the zoning regulations (including height and FAR) in the surrounding
zoning districts, in this case, CD-2 (Commercial Medium Intensity)and CD-3 (Commercial High
Intensity). The FAR is dependent on the development's lot size and the mix of uses. The
maximum height will also average CD-2 (max 60 feet) and CD-3 (max 80 feet) district
regulations.As a standalone site, lot P25 is less than 45,000 square feet and, if developed as a
standalone site, it would have a maximum FAR of 1.87 yielding 84,150 square feet in floor area
and a maximum height of 70 feet.
Surface Parking Lot P26
Lot P26 is approximately 48,863 square feet (1.12 acres) and currently provides 106 public
parking spaces. The land is zoned GU (Government Use) and is limited by the adjacent zoning,
CD-3 (Commercial High Intensity). Within the CD-3 zoning district, the maximum height is 80
feet, and properties larger than 45,000 square feet have a maximum FAR of 2.75. Therefore,
development on the entire site could reach a maximum floor area of 134,373 square feet with a
maximum building height of 80 feet.
Surface Parking Lot P27
Lot P27 is approximately 60,202 square feet (1.38 acres) which offers a total of 151 parking
spaces to the public. The land is zoned GU (Government Use) and is limited by the adjacent
zoning, which is CD-3 (Commercial High Intensity). Within the CD-3 zoning district, the
maximum height is 80 feet, and properties larger than 45,000 square feet have a maximum FAR
of 2.75. Therefore, development on the entire site could reach a maximum floor area of
165,555 square feet
17th Street Garage(G5)
17th Street parking garage is approximately 2.9 acres and contains 1,460 parking spaces
among five parking levels, including the rooftop. The property is zoned CCC, Convention
Center District. The maximum FAR is 2.75, and the maximum height is 100 feet. The City's
Parking and Sanitation Departments currently utilize portions of the garage for operations.
The RFP allowed bidders to submit proposals for one or more of the following options:
Option 1: Parking Lot P25 only
Option 2: Parking Lot P26 only
Option 3: Parking Lot P27 only
Option 4: Parking Garage G5 only
Option 5: Parking Lots P25 and P26 combined
Option 6: Parking Lot P27 and Parking Garage G5 combined
Option 7: Parking Lots P25, P26, P27, and Parking Garage G5 combined
Some relevant requirements of the RFP include:
Priority Uses.
The proposed project must encompass Class A Office space for at least fifty percent(50%)of
the available FAR for each Site Option. Project proposals must include a fully activated liner of
Page 170 of 272
retail, restaurant, personal service, or similar active uses, along the entire ground floor portions
of the project facing a street, sidewalk, or Lincoln Lane North. Such liner requirement shall have
a minimum depth of 50 feet. The only exceptions to this liner requirement shall be access points
for vehicles and emergency access for pedestrians.
Displaced Parking.
Existing parking spaces displaced by the development(s), in addition to any parking
requirements in the City Code applicable to the proposed development, must be included in the
proposal(s) submitted and detailed in a project phasing plan to avoid disruption. Developer
should stage project schedule to minimize the number of parking spaces displaced during
project development. Bidders may propose in-kind replacement parking available to,the public
at municipal parking rates. Proposals, including Parking Garage G5 must demonstrate
prioritized parking replacement as part of a project phasing plan.
Voter Referendum Required for Approval of Lease(s).
Pursuant to S+action 1.03(b)(2)and (3)of the City Charter,the possible lease of the surface lots
(P25, P26, and P27)would require approval by a majority of the voters (i.e. greater than 50%)
voting in a City-wide referendum (Referendum). The possible lease of the 17th Street Parking
Garage (G5)would require approval by 60% of the voters voting in a Referendum. The City will
not place the Referendum question(s) on the ballot until the development agreement and
ground lease between the City and one or both Developer(s) in respect of the applicable`
Option(s)are finalized and approved by the City Commission. The City anticipates including one
or both Options on one or more Referendum questions to be included on the November 2022
election ballot. At the City Commission's sole discretion, the Referendum could potentially be
scheduled for a special election on a different date, provided that (1) the development
agreement and lease for the applicable Option(s) are finalized and approved by the City
Commission and (2) the Developer pays its pro-rated share (based on total number of
questions on the ballot) of the costs of a special election (approximately $400,000). Each
applicable development agreement and ground lease shall be contingent upon voter approval in
accordance with the City Charter. If the Referendum is not successful in respect of a particular
Option, the corresponding development agreement and ground lease shall be null and void.
Lease.
The maximum lease term for any of the Options is 99 years and each ground lease would be
structured as a "triple net" lease, with lessee to be solely responsible for all real estate taxes,
utilities, assessments or other public charges, insurance, maintenance, and all other costs and
expenses associated with the operation of the applicable Project.
Prevailing Wages and Local Workforce Requirements.
Pursuant to Section 31-27 of the City Code, the rate of wages and fringe benefits, or cash
equivalent, for all laborers, mechanics, and apprentices employed by any contractor or
subcontractor on any Project, shall not be less than the prevailing rate of wages and fringe
benefit payments or cash equivalence for similar skills or classifications of work, as established
by the Federal Register, in the City of Miami Beach, Florida. Pursuant to Section 31-40 of the
City Code requires the demonstration of reasonable efforts to promote employment
opportunities for local Miami-Dade County residents and seek to achieve a project goal of
having thirty percent(30%)of all construction labor hours performed by Miami-Dade County and
City of Miami Beach residents.
Art in Public Places.
Page 171 of 272
Developer shall comply with the City's Art In Public Places (Al PP)program requirements under
Section 82-536 through 82-612 of the City Code, as applicable, and shall contribute to the
City's Artr in Public Places Fund the total amount of 1.5% of the "construction cost' of the
Project development costs, as such term is defined in Section 82-537 of the City Code, no later
than date of execution of the Project General Contract by Lessee and the Project General
Contractor, as required by the City Code.
ANALYSIS
On June,23, 2021, the Mayor and City Commission approved the issuance of Request for
Proposals (RFP) 2021-173-KB for mixed-use developments incorporating Class A office
space on City-owned parking lots P25, P26., P27, and parking garage G5. RFP responses
were due and received on January 12, 2022. The City received proposals from the following
three (3)firms:
• Infinity Collective LLC.
• Lincoln Road Holdings LLC, a joint venture between The Peebles Corporation,
Baron Corporation and Scott Robins Companies, Inc. For clarity, Lincoln Road
Holdings LLC is referred to as TPC and its proposal is referred to as the TPC
proposal, as TPC is the submitting firm.
• Lincoln Road Property Owners, L.P., a joint venture between Integra
Investments, Starwood Capital, and The Comras Company. For clarity, Lincoln Road
Property Owners, L.P. is referred to as Integra and its proposal will be referred to as
the Integra Investments proposal, as Integra Investments is the submitting firm.
The firms submitted proposals for the following options included in the RFP:
Option 1 (Parking Lot P25)—Infinity Collective
Option 3 (Parking Lot P27)— Integra Investments and TPC
Option 4 (Parking Garage G5)—TPC
Option 5 (Parking Lots P25 and P26)— Integra Investments and TPC
Option 6 (Parking Lot P27 and Parking Garage G5)—TPC
Option 7 (Parking Lots P25, P26, P27 and Parking Garage G5)—TPC
No proposals were received for Option 2 (Parking Lot P26).
On February 1, 2022, the Evaluation Committee appointed by the City Manager convened to
consider the proposals received. The Committee was comprised of Monica Beltran, Director,
Parking Department; Ozzie Dominguez, Asset Management Division Director, Facilities and
Fleet Management Department; Paul Freeman, Resident, Palm View Neighborhood; David
Gomez, Assistant Director, Capital Improvement Projects Department; Rogelio Madan, Chief
of Community Planning and Sustainability, Planning Department; Sara Patino, Treasury
Manager, Finance Department; and Lyle Stem, President, Lincoln Road Business Improvement
District. The Committee was provided an overview of the project information relative to the
City's Cone of Silence Ordinance and the Government Sunshine Law. The Committee was also
provided with general information on the scope of services and a copy of each proposal. Each
bidder provided an oral presentation to the Committee for each option submitted. The
Committee was instructed to score and rank each proposal pursuant to the evaluation criteria
established in the RFP (qualifications, programming, design & resiliency, public benefits, and
financial proposal).
Page 172 of 272
The RFP stipulated that proposals would be evaluated against other"like" proposals submitted
for each Site Option. For example, proposals submitted for Option 1 would be evaluated
against other proposals for Option 1, and Proposals submitted for Option 2 would be evaluated
against other proposals for Option 2, and so forth. The RFP further stipulated that the award of
any option would be at the City Commission's sole discretion.
The evaluation process resulted in the proposers being ranked by the Evaluation Committee as
indicated below(also see Attachment A).
Option 1 (Parking Lot P25)— Infinity Collective, sole proposer.
Option 3 (Parking Lot P27)—TPC, top-ranked, and Integra Investments, second-ranked.
Option 4 (Parking Garage G5)—TPC, sole proposer.
Option 5 (Parking Lots P25 and P26) — Integra Investments, top-ranked, and TPC, second-
ranked.
Option 6 (Parking Lot P27 and Parking Garage G5)—TPC sole proposer.
Option 7 (Parking Lots P25, P26, P27, and Parking Garage G5)—TPC sole proposer.
Note: for Options 4, 5, 6, and 7, TPC did not include Tab 3, the required section on
programming. Although TPC was not deemed nonresponsive for this deficiency, it could not
receive the 25 points available for this qualitative criterion.
A summary prepared by Colliers, the City's consultant, of the options proposed by each firm is
included in Attachment B.
SUPPORTING SURVEY DATA
In the 2019 Business Satisfaction Survey, the availability of parking was listed by respondents
as the number one barrier to business prosperity in Miami Beach, with 47% of respondents
selecting parking among their top choices. The 2019 Resident Satisfaction Survey found that
Lincoln Road was the highest-ranking place in the city that residents enjoy visiting, with 60% of
residents selecting it as one of their top choices.
FINANCIAL INFORMATION
.Preliminary details on the revenue proposals are included herein. Final financial information will
be provided as negotiations are concluded and the final agreements are presented to the City
Commission for approval.
Amounts)/Account(s):
CONCLUSION
I have reviewed the submissions and the Evaluation Committee process and considered the
assessments of staff and the City's consultant. The Evaluation Committee found the
qualifications of the proposing teams to be impressive, particularly the qualifications of the
Integra Investments and TPC teams which both have extensive experience in the development
of Class A office space and are familiar with the Miami Beach economic and development
landscape. The Evaluation Committee was also impressed by the world-class designs of the
Integra Investments and TPC teams.
Page 173 of 272
The Administration understands that the information presented herein is preliminary and based
solely on the proposals received. As is typical in these developments, the City must undergo
extensive negotiations with each proposer to arrive at final agreements. Further detailed
information will be provided to the City Commission as the negotiations proceed.
After reviewing the proposed options and considering the Evaluation Committee's process and
rankings, I believe the best options for the City to pursue at this time are Option 3 (Parking Lot
P27)and Option 5 (Parking Lots P25 and P26). In the Administration's opinion, Options 3 and 5
offer the best combination of Class A office space, retail space, and revenue, as well as
probability for success in the required voter referendum. While the scores received by TPC and
Integra from the Evaluation Committee for these options were close, TPC had an edge for
Option 3, and Integra achieved a higher score in respect of Option 5. Accordingly, I believe the
Administration should proceed with negotiations with TPC in respect of Option 3, and with
Integra in respect of Option 5.
Below is a summary of each option submitted by the top and second-ranked proposer for each
option.
Option 3 (Parking Lot P27)
TPC Development(top-ranked) Integra Investments (second-ranked)
Office: 77,944 SF Office: 101,082 SF
Retail: 9,452 SF Retail:14,216 SF
Residential:43 units—69,604 SF Residential: 0 SF
Total SF: 157,000 SF Total SF: 115,298 SF
Proposed Parking: 288 Proposed Parking: 310
Current Parking: 151 spaces Current Parking: 151 spaces.
Rent Payments*: $1.75M Rent Payments: Greater of$500,000.00 or
5.00%of Effective Gross Revenues
Rent Adjustment: 1.5%
Rent Adjustments: Greater of 2%or CPI
Other Payments: $0
Other Payments: $2M at referendum
Parking Revenue: City receives net approval
revenue for 151 spaces.
Parking Revenue: City receives net
*Abated through construction. revenue for 151 spaces.
Option 5 (Parking Lots P25 and P26)
Integra Investments (top-ranked) . TPC Development(second-ranked)
Office: 109,517 SF (82%) Office: 99,154 SF
Retail:23,437 SF (18%) Retail:23,206 SF
Page 174 of 272
Residential: 0 SF Residential: 53 units—60,639 SF (in P26)
Total SF: 1,32,954 SF Total SF: 182,999 SF
Proposed Parking:427 spaces Proposed Parking: 353 spaces
Current Parking: 192'spaces/109,417 SF Current Parking: 192 spaces
Rent Payments: Greater of$500,000.00 or Rent Payments*: $150,000
(P25:$100,000, P26:$50,000)
5.00% of Effective Gross Revenues
Other Payments: P25: 1%NOI, P26:
Rent Adjustments: Greater of 2%or CPI 2%NOI
, Other Payments: $2M at referendum Parking Revenue: City receives net
approval revenue for 192 spaces.
Parking Revenue: City receives net *Abated through construction.
revenue for 192 spaces.
Infinity Collective's lone proposal for Option 1 does not seem to maximize Class A office space
compared to Option 5 and considering Option 1 would eliminate Option 5 from being
considered. Additionally, the revenue yield proposed by the Option 1 proposal is significantly
less in respect of P25 than the top-ranked proposer for Option 5.
The other options for which proposals were received (Options 4, 6, and 7) include demolishing
and rebuilding the 17th Street Parking Garage (Garage G5). It is important to note that the
upcoming construction of the convention center hotel will require the garage to be utilized for
construction worker parking during the day, so proceeding with this project before completion of
the convention center hotel could create logistical and parking issues. Further, any Project
involving Garage G5 would require approval by 60% of the voters and even if this is presented
as a separate item and the Project would necessarily be phased, if voters are concerned about
proceeding with Garage G5 at the same time the hotel is being constructed, this could
jeopardize a successful referendum outcome for Options 3 and 5. Finally, only one team
submitted proposals for any option that included the G5 Garage.As such, the Administration is
• not able to assess, in a competitive manner, the best the market has to offer for the options that
include the G5 Garage. Therefore, the Administration does not believe it is prudent to pursue
Options 4, 6, or 7 at this time.
Completing contract negotiations with two different bidders on these complex projects within the
timeframe necessary to meet the deadline(s)for placing these items on the November ballot is
very ambitious. The Administration suggests proceeding with both negotiations with the
understanding that one will likely move first which may be the best result due to concerns related
to taking all three lots out of service simultaneously. The Administration also recommends that if
negotiations reach an impasse with one of the firms, then it should have the Commission's
authorization to negotiate both Options 3 and 5 with the other firm. It is also important to note the
TPC's Option 3 and Option 5 proposals incorporate residential units. Inclusion of a residential
Page 175 of 272
element was not precluded by the RFP, but such an element was not contemplated in proposals
from any of the other bidders. If the Mayor and the City Commission are inclined to allow for the
negotiation of a Project that includes residential units, the Administration respectfully suggests
that short term rentals must be entirely excluded the Project.Additionally, the Administration has
considered that if both Projects are successful at Referendum, the Projects will need to be
phased to limit the adverse impacts to parking availability in the area.
Accordingly, I recommend that the Mayor and City Commission approve the Resolution
authorizing the Administration, for Option 3, to negotiate with TPC Development and, if the
Administration is not successful in negotiating an agreement with TPC Development,
authorizing the Administration to negotiate with Integra Investments; and, for Option 5, to
negotiate with Integra Investments and, if the Administration is not successful in negotiating an
agreement with Integra Investments, authorizing the Administration to negotiate with TPC
Development. The Resolution also refers an item to the Finance and Economic Resiliency
Committee for a discussion on the status of the negotiations as a means of providing the
Administration with direction during the negotiation phase. Any final agreement will require
approval by the Mayor and City Commission.
Applicable Area
South Beach
Is this a "Residents Right Does this item utilize G.O.
to Know" item. pursuant to Bond Funds?
City Code Section 2-14?
Yes No
Legislative Tracking
Economic Development/Procurement
Sponsor
. Commissioner RickyAmola
ATTACHMENTS:
Description
❑ Attachment A
® Attachment B
❑ Resolution
Page 176 of 272
.--
Ragout for Ploposall(RFP)2021173
KB for Iltied-Un Dmlapannts •.
Incerparing Clan A Office Space on Nooks Solna Oasis CiontInguos Mold Gorr= Paul From= RollatIO Madan Sem Patina Lylo Morn
1 SISPOSteo I
Clir01111S0 Mins Lab PA P26,
I ,1 i I
I I
PV and',Atlas Gangs as-opnoti II , Total@
•1 (
QualRotloo Closotttotho Subtotal Qualltollto 1Cluantltillvo Sublotol QualtlatIva Quanatotho Subtotal avallttIava 1 QuaatItothro 1....Subtobil Cl ath oalltra Q tt uantativo Oubtolal Ctaltluattra tkontltottro Subtotol QualltoUvolQuaoStalltra I Subtotal .;.
Intuit,Casaba al 0 81 1 91 0 91 Lt_ 80 a 80 1 75 75 t 82 ._ 0 82___... . 70 0 70 1 88 0 88 1 7 .L1_
- Ntri;,!:;',11,1q.q.41K.V.inVnir!iiiiaill6104112N:011,1111",i,$.Mte,4:N.
1.1•16=1•11••
Infinsly Co7serono ...woo.. ‘con•vms...,
o o
-
-...
•Page 177 of 272
.,.
Papal kr Propcsids(PPP)2.321•173- ,
NB for Mud-UN Development'
lcc cixer leg Class A 033:.Spice an lawalca Bean. OW,Domluguaa Maki Goma Paul Fawn. Rogollo Madan fan Patina. Lab alam
ClIpOsmed Parkkig Lots P23,P25,1,27
I
I i I e. Low
1 P1911918916 i
2 Totals
and Padang Orige GIS•OPTION 3
Qualllative Quantltallve nlublotal Quantal!. Qua elnallinu !Waal Quantal!. Quaalltatl. 0u860te1 Qualaath• Ovantlewl. Subtotal Quantall. Quanatanws Bubtotal Quattual. Quaatiattna Subtotal Qualltativa Clawdllatl. Subtotal
Integra Imeatmanle(Llroaln Roes 1
properly Owner.L.P.) 94 0 94 2 94 0 94 2 85 0 85 1 95 0 95 1 89 0 89 2 95 0 95 1 98 .,.._ 0 96 2 0 11 2
TPC Davalvi___wt.._rd LLC 98 0581 98 0 9B 1 BO 0 80 2 95 0 95 1 92 0 92 1 90 0 90 2 97 0 97 1, 8 L1
,."'.":"
Twat...um.
Proloto• Vegen.Pe. (.1•Vmnri,)
Integre Investmews(Lirculn Rood
Properly Ownw.L.P.)
TPC Development.LLC .
5
)
Page 178 of 272
•
RaquwtlorPaopab(RCP)102147}
KO Torrhod•ON Daaakpnaeb
Incorporating Clan A OlBca 8plc•on wawa Beltran Our Domng6s6 David Oen s Paul Fineman Rog•II6 Medan Sara PNMo LN•elem 9E Lo
ClfrOINW Potty Lob P7e.P7$P27 p d,1w ATy
and PatlYl,Galp•05.OPIIOR 4
aa.6rene oa.nennM eceaul awnbm. Quantitative e•aonl O•.Mnl.. c•amnnn• Subtotal owla.6.. Oa.nulely. Subtotal m.ul.o.a oa..um.• Subtotal awamt.• aw•aro.o Subtotal Quantal/re caar.nmlw Subtotal
TPC D•valopmM,LLC 75 0 75 1 75 75„ 1 50 0 50 1 75 0 75 1 67 0 67 1 70 0 70 1 73 0 _.. 73 11 7 1
v (<antvan.tn.)
7PC Dovolapnert.LLC
•
Page 179 of 272
•
Itaggurtfot Proposals(RFP)2021-17}
KIS ler litcsaUn Develcixperrto
La.
litecgadIng Ctors A Office Swoon •Monks[Winn Onala Dominem MOO Gonna Paul Fromm Ftogallo Madan ania Pallno Lyle Stem
CIty4valed Puking Lota P20.P27 I ACWalle
Totals
Ind Parking%repo OS-OPTION 5
QualltatIv• Quaatitativa Subtotal Qualitative Quentitalle• Subtotal Qualitative Quantltellva Subtotal Quatttells. Citeuntlethot_ Subtotal Qualitative Quantitative_ Subtotal Chlaniath. Cillantlitattro Subtotal ,Quettal. Quantitative Subtotal
Intruna investment.(Lincoln Road
Property Owner,L.P.) 93 0 93 1 93 0 93 1 63 0 &36 100 0 100 1 86 0 88 1 95 0 95 1 97
TPC Oevelopmert LLC 73 0 73 2 74 0 74 2 50 0 2 75 0 75 2 62 0 62 7. 70 0 70 2 72 72 2 14 2
.•717:1117-MIMAFTRHATINSWIGNakERAVAMIMVIZT
Prop., irreff•Pe. (Cov•V.M. •
litegra Investment.(Uncein Read
Property Owner,L.P. _
TPC Developmerd,LLC ° o
•
•
•
Page 180 of 272
Riot:MAR Proposals(RFT)2021•1TAKB for
Iried-Use Developments Incocpatilng Clan
.,.,
A Ms Space co attained Parilm Lola Monica Belt= Oalin Dominoes Dahl Gonna Paul Freemen Rogolb Madan Sara Pau* Lyle Stun '1 Loa
PAPA%PIT vid Natty Gime CIS•crew
0 °eats
Qualititive Quantitative Subtotal Quanta. Quantltative Subtotal Qualltatke atiaatitathe Subtotal Qualitative Quantitative Subtotal Quatitative QuantltatIva Amoco Qualitative Quint/14M Subtotal Cluailtdira CluttutItiitha Subtotal
7PC oavelopmem,LLC0 75 0 ' 75 I 74 74 1 55 0 55 1 75 0 75 1 65 0 65 1 70 .., 0 70 1 71 . 0 71 1%. 7 1
71aVVO:r7N7rrrPriRerSt4iiiiiifillialli"...T.MVIVP'077?{7
if...ratri.
r4,.4444 V01•1,01.9.• COW•........,
7PC Dovolopment,LLC o a
. .
1
Page 181 of 272
. ,
•
Requartfer Proposals(RFP)2021.17.N®for -—'— — -- —'-- — T
MhatFUaa DFNbpmsub �bcelpY �
GIIN A Woo Specs on dpOamaO Parkins YonM Behan Cage Dominguez David Goo Paul Fraattro Roselle Madan Dam Patine Lyle Stain 1.i na lw 1
fi Sna+ta
LoinPL'I,P1l,P27 and OPTIONT kls estop 05• 8 TtMaY
Qualltatbe QuanmNre Subtotal QualeaOn Qaaettative Subtotal Quallttlin Qeatltita{t/e I Subtotal QualltRln Quantitative Subtotal Quellttlin Qoaatltative Subtotal Qualitative QueanWve Subtotal QuelitatIve Qagl5ttllve Subtotal (
TPC Development,LLC __. 75 . 0 75 1 74 ..,_ D 74 1 50_____ 0 55 1 75 u 0 75 1 85 ._..0 65 1 70 0 70_.__1 70 0 _ .73 1 T 1
ty tiT,7".,_°5-mMI:',17.f„5Vfiy-G-Wii ' —oSPII"v'P„cVTrrtega
TPC Development,LLC •
•
•
•
Page 182 of 272
Colliers
Miami Beach RFP 2021-173-KB Review • , '
Infinity Collective Integra Investments TPC Development TPC Development Intergra Investments TPC Development TPC Development TPC Development
l ii Options-P25 Option 3-P27 Option Option 4-G5
��,,yytlOption 6-P25826 Option 6-P25826 Option 6-P 278G5 Option 7-P 258 P268P 278G5
Class A Office:47,000 SF(73%) Class A Offices:101,082 SF(88%) Of"ce:77,944 SF(50%) O"ice:186,297 SF(53%) Cass A Offices:109,517 SF(82%) P-25: P.27: P-25:
Retai:17,7765F(27%) Retai:14,216 SF(12%) Retal:9,452 SF(6%) Rem;:54,624 SF(15%) Retail:23,437 SF(18%) Reta-:11,189 SF Office:77,944 sr Retail:11,189 SF
'• .• Tata SF:64,776 SF Iota SF:115,298 SF Res'denfa Un ts:43 units-69,604 SF Res dent a U.I.M.74 wits.112,078 SF Tota SF:132,954 SF O"ce:57,811 SF Reta':9,452 SF 0"ce:57.811 SF
::-'•", P'000sed Parking:224 Proposed Parking:310 Parking Spaces (44%) (32%) Proposed Parking:427 spaces P.26: Res:denta Units:43 units-69,604 SF P.26:
";I:i".j;: +..:.;; Current Parking:86 spaces (9 levels) Total SR 157,000 SF total SC 352,9995E Current Parking:192 spaces/109,417 SF Retail:12,0175E Retail:12,0175E
;��'s,ri'.%rf,'t }'T Max FAR:1.75 Current Parkin 151 s aces/131,066 SF Proposed Parkin 288 Proposed Parkin 1,/98 spaces Max FAR:1.55 Office:41,343 SF G5: Office:41,343 SF
ht,{.;-:,Llts;,. 8 P P g p
' Max FAR:1.92 Current Parking:151 soaves Current Parking:1,460 spaces Residential Units;53 units 60,639 SF O`ice:186,29/SF Residential Units:53 units-60,639 SF
Max FAR:2.61 Max FAR:2.78 Reta I:54,624 SF P.27:
:Sr Tota 0"ce,99,154SF(54%) Res denta Units:74 un's-112,078 SF Reta':9,452 SF
g 'm aF° ' Tota Retai,:23,306 SF(13%) 0'ice:77,944 SF
iiii.6lii!I hI=: Residential Units:60,639 SF(33%) Tota Office:264,241 SF(52%) Residential Units:43 units-69,604 SF
Total SF:182,999 SF Total Retail:64,076 SF(13%) G5:
Proposed Parking:353 spaces Iota,ResidenGa'Units:181,682 SF Office:186,297 SF
FN:.:k;,�`::e:. Current Pa'xin 192 spaces g: (35".5) Retail:54,624 SF
s(' Max FAR:2.13 Tota SF:509,999 SF Res'denta Units:74 units-112,078 SF
,,;-•:T•^iwy-.ii: Proposed Parsing:2,086 spaces
"'r4 ^j,`h1',, Current Parking:1,611 spaces Total Office:363,395 SF(52%)
I,I Sit ( ,,1; ,, Max FAR:2.72 Total Retail:87,256 SF(13%)
C.:.,r. Tatar Residential Un ts:170 units-242,321 SF
ry ,.,:. (35%)
Tota SF:692,972 SF
e l r Proposed Parsing:2,439 spaces
J
:. .vz
Coven[Parking:1,803 spaces
t,'i"«`t'"Jil-L!',li Max'AR:3.70
, Floor plates w::Iota 9,400 SF • The arch'tectura,proposa'o"ot • The,v"s'on'0r NOLI Crossing • Has'our street'acing frontages. • A 45'n gn water'a'creates a coo"ng • Super,res'ence tn'ougn the • Linco n Lane N along GS Has Inc • In order to ru y activate the street a series
P27 creates five leve s of office emoraces boonlic design. This cnaracteristic,a lows for micro-Ornate in the square,which 5 Imo ementation of green widest pup t space on any of tne of'our oui,d'ngs are extruded`tom the
'pi�ti•��r° N i•;• Mixed-use project with Cass-A floors,above a vibrant rota(ground a a complete program wrap both calming and visually stunning, infrastructure and toe application of four RFP sites.This a lows for a site boundaries.
}'F t"'"' '. •
offices,ground floor retail,and floor level that includes a public • Aprimarygoal of the project surrounding a core of parking. with an aural dimension that adds to a recent City of Miami Beach resiliency generous pubic space and provides
- l _�;,,C a rooftop event space. part is to avoid any and all exposed Views and light are dedicated to full sensory street experience. codes: an opportunity to design a buy • Avoid any and a4 exposed Parking to be
sE' '1'�- parsing to oe seen from the street. o"ice and residential orog'ams active oedest'ian ream Seen'roar the street
-'••", • Commerc a spaces adorn • The existing oarsing to remain and Proposed deve ooment w nave ratner tnan parsing. • Lot P25 creates tnree eves o'o"ce • The vie dingo'a Parsing'ram eve
�„,;;;eT.:.,!.e.-; Inc proposed sleek mixed- the new parking spaces required are sundects and green terraces,as f oo•s,and two and a ha.eve s of puo;ic rignt o`way,, • A prima oai o'the projectproposes garages with
• �,; ryg parkto • It ro oe s es
„Inpyi:.:i j,,:t4-^ use development five floors accommodated in a separate,nine- wet.as an abundance of outdoor • Inc office wrap extends along the parking above a vibrant retai.ground avoid any and all exposed parking to Habitable uses
';f*"-1"f""""""- dedicated solely towards office level parking structure designed recreationa'natures that promote facades directed along Lincoln Floor level that includes a public bike • Diversification of oro rams, be seen from the street.Proposed
74,-...l.:'•F,..:-.,,:i;ii tenants such as financiers, to be an'urban icon-with green activity. Lane,Pennsylvania Ave,and parking facility, including new categories of retail, develoomen[vri I have suridecks • P26 and P27 nave narrower alley
"$rr.,:,;C..._:_:: law firms and techno ogy 'acades of vegetation that create a occupies ha'o'17tn Street. office and residential space; and green terraces,as we:as an conditions rea live to Inc other two RFP
"': .'" enterorses,many ofwnom Wing screen wa:. • Tne ground'nor P27's • P26:creates tnree eves o'o'"ce avoidance o'outdoor'ereatona. sites.Tne•ero•e,Inc'0rrna'stepping
s1fit' -'"ie are,poking to relocate from wrapped with a 50•retai band. • Residential is continued'rum 17th floors,with four eves of parking • Exoans•on n'pedestrian networks, features that promote actly:ty. gesture inward is important to al ow`or
rl the North East and California. street through to the facade of above a vibrant retail ground floor nc udfing'ntensifcution of E-W maximum puo:c activation along the
,0�' T'" Euc Id Ave.Effectively,the two level that includes a public park. accessibility and N-S re-linking the • Ground floor wrapped with retail ground floor
t'T^ ,;--:.!''+' Programs function as independent Convention Center,17tn Street and
ou"dings with tie"own apples • Botn P25 and P26 accommodate Civic Center to Sorrel Beach through • Staging of Parting During Construction:
_ and VT. puo'c paling as we:as the required more continuous u'nan'aor c: Several spaces have already peen
'.'' "` office and reta'.parking in the bases o' identified to receive displacement packers
;;"flit,4l;)1�� lio,.,i,;;.11 • The frontages or GS are wrapped the new bui.dings. • Adaptive the of Lincoln Lane North inrudivg:420 Lincoln Road,1212 Lincoln
with a raised pedestrian circulation as a mews.Roughly matching Road,1550 Coillns Avenue and 1623
arcade tnat a lows for retail the width of Esoano a Way,out Lincoln Road.If se,ected,the Respondent
access above tie o%ected'pod can"gored d"erendy.Lincoln Lane w'create a robust oaring management
y . � i;.. tine.Urban,o'ogrammaP e steps North is conceived as a map,new
._•`[{F?:;.. community
n try a d Iota.
with Ihe'mmedidte
,± �yr',:'-:•r mitigate Inc elevation change. attraction. community and Iota.ousinesses to ensure
Ielij,;..P '-t;:b,nag.^ Lincoln Lane N becomes a shared
�u;,,;;��lx.e,;eminimal disruption and the seamless
r:u - pestrdestrians
vertices, a and delivery of these transformational assets
�.'•I':.;., pedestrians separated alonga
common sur'ace at glade.
•iii3�r};".ty,'<�,.;•� P000i83 of272
•
•
•
Infinity Collective Integra Investments TPC Development TPC Development lntergra Investments TPC Development TPC Development TPC Development
'•!, lWh` Option 1-P25 Option 3•P27 • Option 3-P27 Option4•65 Option s-P25826 Option 5-P25&26 Option 6-P 27&GS Option 7-P25&P268P27&G5
• The r propose'o.ows the • Intention o'qua iyng't'or tare LEED • A',structures are designed to FEMA • A'structures are designed to FEMA • Rase ground moor 1'-0'above • Provide tenants win worosoaces • A structures are designed to FEMA • A'structures are designed to FEMA
'''d..1.1 .- design precepts o'the Living Gad designation, ease hood aevasion(8FE)•1;wtn case`:cod aaviation(BEE)-1;wtn +8'-0'NVUG for good m'tgat on mat are ef0cent tnereay reducing ease`.pod eevatior(BEE)-1;win base'Mod aevaton(BEE)-1:w'tn tee
';}.� Building Challenge initiative, the adaptive capacity`or BEE•5 in the adaptive capacity for BEE 5 in the tenants occupancy cost per the adaotive capacity`or 8FE•5 in adaptive capacity for BEE-.5 in the
�f;!I • Use of greywater the future, the future. • App.y ful:5'0 Gee board employee over more traditional the future. future.
'•• Electric vehicle charging stations allowance at Ground Level office design,while being open to
• Low Few and touchless bathroom • Ali ground floor,driveways,and • Al ground Poor,driveways, the'ight and air and oromoting • A9 ground floor,driveways,and • All ground Roar,driveways,and garage
E'5c'ent I IVAC systems and"ght fixtures garage ramping for new construction and garage ramping Mr new • Access to outdoor space'or hea tn`uness garage'among'or new construction ramp:ng for new construction are
`xtures out to meet LEED and are designed a so to oe adaptao e to construction are designed a so au'ding occupants are desgned a so to oe adaotao e to designed a so to oe adaotao e to tne
• WELL certifications • Automated light sensors and touch ens the raising of public^gets-o'-ways to oe adaptable to tne raising of • Acneve tne LEED Gold designation the raising or puu is rignts-of-ways raising of public r'ghts•of-ways and
I`i!il(1:1,1.zi l: security,door and elevator systems. and adjacent land. public rights-of-ways and adjacent • Increased light and air to office and adjacent land. adjacent land.
h;,Y;:a.• Green roof-top design land, workers • Help create a"green"and vital
;:c.F:• • On landscaped terraces and portions • The buId'ngs will meet or exceed the urban environment along its • Achieve Achieve the LEED Gold designation • Achieve the LEED Gold designation
•j�' .'; • Project seeks to become a or is roo`te°wit also oe landscaped requirements o'the City o'Miami • Achieve the LEED Gold designation • Extensive ousting at al terraces surrounding streets,'ncuding
e ii.•p-,. mode o'c'mate-conscious to provide for piste stormwater Beach Sustainab"ty and Res"ency and exte'na decal-o opti Lima o n Lane • Roo'PV crane sat P 25.26 and 21; • Roo`PV easels at P 25,26 and 27;PV
urban o`fire developments retention /Green Building for Leadersn'p'n • o asters at G 5 and p 27 w'i make design pr nc'o es PV louvers at P 27 and ouvers and ouvers at P 27 and ouvers and p;anters
0y�f by everaging best-in-class Energy and Environmental Design the bui ding more energy efficient, • Address the issue of rising paste's at G 5 and p 27 wit.make at G 5 and p 27 wan make tne building
?''' L1.'t'7^'�''"I carbon reduction strata'es and (LEED)ordinance. reduce GHG emissions and • WELL design principles adoption sea levels providing onsite the enIdin more energyefficient, more energy efficient,reduce GHG
a. :18:j?;`c; K� K P P P byP K g G aY
`c.�o,„;i,,,:.; techno'oges reduce the operating costs of the stormwater retention reduce GHG emissions and reduce emissions and reduce the operating
F1••, ,ill'• • For ons to solar eectric:ty buildings.G5 is a rut green roof • Green sedum roofs for the operating costs o'the buildings. costs o'the ou'Idings.G5 is a ful green
production.Roo`PV ease sat P 25, park stormwater retention mitigation roo'oare and P25 is a green rim'deck
'1...:.,`'r;2A.::. 26 and 27; measures • OS's a ru green too`oa-aand 27 with p asters.P26 and 27 wr nave
' =:,i,,'.`-n.,-."' • The green roof plaza on GS offers WI nave green'ma'componeets Been roof components.Tne green roof
i
lf i�!111t1 i Green roof components, a combinaton of economic, ,The green roof plaza on G5 plaza on G5 offers a combination of
slF)i.1 ..rt:L., - environmental,and societal offers acombination o'economic. economic,environmental,and societal
:i'E'•`'1- .:r • All ground floor,driveways,and benefits for tie pu-Id'ng itself and environme'ta,and soc eta°benefits benefits for the euild'ng itself and the
garage ramping for new construction tne wider ureail environment 'or the bu:ding'tseand the wider wider urban environment.
are designed a so to oe adaptao e to areas environment.
'2 i ' tne raising of pubic•gets-o`ways • Address the issue of rising Address the issue of rising sea.eve s by
''hiR..' :n: and land sea levels byproviding ens to
{;, 1W1•.';. adjacente 8 Addresspovidng'ons ties ormgsea levels providing onsite smrmwater retention.
nr,,:..; slomlweter retention by providing onsite stormwater
fah: "`"``i.
retention.
1l':%:-•4+�,1. :''Months`or Constructi0n O`hce:13 Months for Construction:21 months Months for Construction:19 months Monts for Construction:25 months Months for Construction:19 months Months Srr Construction:19 months G5:Construct on WI take 19 months P-25:Construction wit!take 19 months and
'i"jii�"I x mantis oath pis Emu laneous and a Iota or 30 months t stab''ration. a rota o'30 months f-stab:`zat'on.
.. • Mantis'or Staoi izat'on:24 months Montns'or Stan-ration:rota.0`30 Months`or Slaoi iza[ion:iota o'30 P-27:Construction vi•take 19 monhs P-26:Construction wi•take 19 months arid
f1.iy1� Months for Construction garage 12 months months and a total of 24 months ti I stabilization. a total of 30 months III slabilization.
(i months P-27:Construction will take 19 months and
a total of 24 months till stao'lization.
)r'r•' 'f:i J•
G5:Construction will take 19 months and a
1��,qq ! rota o'30 months ti"stabTzaton.
:?a.IS;. ;1 2`1•-.`Temporaryjobs: Tempo'ay(oos:1,060 TemporaryJobs:750 TemperaryJoes:1,966 TemporaryJobs:1,496 Temporary Jobs:1,000 Temoo•ar jobs:2,716 Temporary
P ill Temporary ntjobs:3,716
:�llir8. tiir^.--i Permanent Jobs: Pennanen[Jop5:792 Permanent Jobs:50U - Permanen[Joos:1,241 Permanent jobs:790 Permanent Jobs:800 PermanenlJobs:1,741 Permanent Jobs:2,541
..;J.6,'a,
F r�r'aEr;.f.?".':�;Recurring Tax Revenue to Gty. Recurring Tax Revenue to City:property Recurring Tax Revenue to Cty Property Recurring Tax Revenue to City:prop Recurring Tax Revenue to City.Prop Recurring Tax Revenue to City..Prop Recurring Tax Revenue to City.property Recurring Tax Revenue to City:property tax
i,ilia: ;•''property taxes 1:S100,000 taxes:Yr 1$2,306,860 in ad via orem taxes. tax in stabirized rest to be$762K tax stabilized est co be$2.M to taxes 1:$2.545M;$26.08 million tax in stabs lied est to en$9521/r to tax in stabil:
(,ii;..r,„•., rry e Y Y' yr y' y zed o est to oe E2.7M to b tMa/y yr est to oe E3.7M/yr to City
lv'v,�;,��;;__.,�'•. Recurring Tax Revenue(Genera g with Ise Cry o'Miami Beach co ieR:ng to City(E2.3Mly'tola). $6M-and Cty OM rota).NPV tax revenue o` N(°V over term of ease Cry(53M/yr Iota) City(SB.z M/y'Iota) 51I M/y total
f.izia/..r. i F&B tax estimated to oe aeo'ox $721,124 Generates near ya quarter onion in $250M Recurring Tax Revenue(Genera): P25 and P26 create near y G5 creates a arge-sca e economic P25 and P26 generating nary E250MM
v`"""" ' ''•' Y K ( ) Y driving K ( ) 1cyr. $10,000,000 in annual recurrin
i„Nir(;(m;:rrii;p;8 s,.$60W r Recurring Tax Revenue General;FBB tax economic activity drivin ow[n and Recurring Tax Revenue General:F&B FRB tax est to oe E216 g tax revhalizaGon,pumping$78,000,000 in economic activity.P25 and P26 create
d�}(J s is Public space:Encourage social est to be S127k/yr. recurring tax revenue la the City,County tax in stabilized yr S734ktyr Utility taxes and franchise fees, revenue and over 8110,000,000'n net in annual revenue into Miami Beach nearly 510,000,000 in annua•recurring
.�4,.i/,'•�.,;.+,V.Te.l,:,r wellness thru common spaces, Utility taxes and franchise fees,permit and State. In stabs ized yr:sales tax:$2.SM/yr: oermit fees,local business taxes and present value alongside robust Ground Rent.The tax revenue and over E110,000,000 in
".•f:;; public spaces and events thatfees,ioca business taxes and stormwater Resort tax 5354dy'; stormwaterfees. Recurring Tax Revenue(General):F&B present va ue o'the tax revenue alone is net present value.These future benefits
-htentiona ly'ad':'taxes social lees. Recurring Tax Revenue(Generaq:68B Pubic Sauce:G5 has the widest pubic MDC genera fund,debt service taxis stab'ized yr$354k/yr near y$250,000,000. w'•serve a myriad of needs for the Oty o'
x%p;»,;=��(:. connections between coworaers, Pan is space: tax ih stao'�ized y est to oe slot06dyr space tn's a..ows for a generous `and and'o•ay'und wi co'�ect Saes tax ih slap'zed yr E2.SM/yr P27 and generates near y a quarter M'am:Beach.
friends and neighbors.Inc'us've *An ennanced pub is realm has been Sales lox in slabs iced yrest be public space and provides an apprex$23.51 M on a present value ;resort tax psi to oe S354x/yr win bi llon'n economic activity driving growth P27 generates nearlya quarter ba Ion
• j„i�r�l Wellness Programs•Weath integrated into the ground boor,including 51.3Mtyr;resort tax Slob 0 ortuni( to des n a tru active basis the taxes collected bygenerate S250MM in economic activity and recurringtax revenue to the City, in ecnomic activityrivin growth and-
NYr• PP Y K Y 8 Y fY• driving• � .•:.>'::i of community/family activities the garage entry/exits points,drop-offs The project will result in significant new pedestrian realm.Wl0 Included the School District'or it operating Pubic space:Financed public realm County and State. recurring tax revenue le the City,County
It
R.nl, inc uding group fitness,cooking, and pike facilities that includes landscaped revenue for the City a Miami Beats, rooftop public park, fund and debt service`and wi I through a thoughtful garage design Recurring Tax Recenue(General):FRB and State.
:f,.,ti,, music and aking classes,art and ouo is sdewa'ks,plazas,and green spaces. nc ud'ngtota one-time and ongoing aooioximate$30.2 M, that incomorates entry/exit points, tax in stao'l'zed yr SB40k/yr G5 nos a NPV of tax revenue of$250M
F,:i•• i i music events,roo'too community •E ect%c car charging and rue-e`feent tax proceeds.fins revenue w suoport Puo'c space: drop-o"s and[ice'ac"Yes that sa es tax in stab"zed est to oe$6 M/ Recu%n Tax Revenue Genera).F&B tax
r i:{ :=7.:,..'_i gatherings,nea to focused sevices parking spaces STEAM programs for students and •An ennanced public rea m has includes landscaped cup Ic sidewalks, resort tax$840 Y sterilized $1,195M yr
'h1jici '.%:;;+'. 'for neighborhood residents,to Miami Beach's ongoing resilience efforts. been integrated into the ground lazas,and green spaces. Pub is Space:WO include a rooftopsales tax stabil:
I' ;I„'I I+y TTi:1ii'serveasaneighborhoodhealthand Public space: floor, the garage P g p zedyresttobeS8.6M/yr
y :.4, , K K K Y public hark ughtfu g aged realm resort tax ce;195M r
�`jg:i:_y.�r:�; ��-wellness recharging station for the •Central lawn and scuotu•e garden points,tiro-offs and bike facilities ry
P through a Thought/ex garage design that Pubic heaths ughancga public realm
�;�`,i3,:'•�-'� '�budding and nearby residents. - Family zone [ndUneudes andscaped puo'c 'ncoroorates entry/exit posts,drop- through a thoughtful garage design that
y'.`-i •Fex/Mop-uo event o azas 5 dewa'ks,pares,and green spaces. o"s and ace'ac't es that'IC odes incorporates entry/exit points,drop "s
-i :?, i.x•:,.. •Beer garden •Bike parking 6 Electric car cnarg ng ,andscaped pup is sidewalks o azas,and and rice`adlitien that includes landscaped
Iti VI;i •Sports zone and fuel-efficient parking spaces wia
y,,ky1, r...": •Food vendors green spaces. ouoiic sidewalks,plazas,and green spaces.;
�,i,('tis,r1;,_.V.r.. Page r&�n2 be located throughout the garage.
Infinity Collective Integra Investments TPC Development TPC Development Intergra Investments TPC Development TPC Development TPC Development
Option 1-P25 Optlon3-P27 Option 3-P27 Option4-G5 Option 5-P 25&26 Option 5-P 25&26 Option 6-P27&G5 Optton7-P25&P26&P27&G5
835.6M $116.36M $117M $311.75M $147M $174M $390M $603M
)S V
I ...t ,
99 Years 99 Years 99 Years 99 Years 99 Years 99 Years 99 Years 99 Years
,,.°',_:"..-•. ' Rent Prior to CO.5100,000/year The minimum guaranteed rent upon Abated Rest through Const•uctuon Aoated Rent t'rougn Construction The minimum guaranteed rent upon Abated Rest tn•ougn Construction Aoated Rent tnrougn Construction floated Rent ti•ougi Construction
-„",,,,:..;.,;'`-;.,`,;Rent After CO-E250,000lyear referendum approval's ca.cu ated as the Rent after construction:$7.750M Rent alter construction:$100,000 referentlust approval Is calcu ated Rent after construction:$150,000 Rent alter construction:f 1.BSM Rent_after construction:$2M
f*III`I`Ir -(; greater of as the greater or:(a)$500,000.00 (P25-$100,000 a P26-$50,000)
0Y, . NPV @5%discount rate:849,570,372 NOI Participation 1% escalated annualy at the greater of G5:NOI Participation 1% P25:NOI Participation 1%
I'd.�'�•r (a)$500,000.00 escalated annual at the NPV@5%discount rate$32,709,146 2.0 percent er CPI or 5.00%of P25:NOI Pertici ation 1% NPV@5%discount rate$32,709,146 NPV@5%discount rate$101,159,818
uy y`nT7 b;,a... Y P O P
x::.t ... greater of 2.0 percent er CPI or Effective Gross Revenues throughout NPV @5%discount rate$10,159,818
��;�•'•: • the term paid annua'y. P27:NOI Participation 0 P26:NOI Patcoaton 2%
ti. putt. (o)5.00%of Effective Gross Revenues P26:NOI Participation 2% NPV @5%discount rate$49,570,372 NPV @5%discount rate$12,602,698
I �+p�4- throughout the term paid annualy. Over the r'e of tie ease,payments NPV @5%discount rate$12,602,698
i to the City
exceed$609,78 P27:NOI
n 0
i6 h5,'� 1 s1 kl, Over the life of the lease,payments to the million and will have a present NPV @5%discount 1prate$49,570,372
Ar4r:;riir';M;'','• '' City wi'I total$553,015,410 and will have a value,assuming a discount rate of
hoh'.%''i -'r•
•- present va ue,assume a discount rate of 5.0percent,approximate $36.79
• g B
„:'•:••••` .; 5.0 oe•ceht,of f33,725,878. - m'"pn. • G5:NOI Part'c oatah 1%
y .: NPV @5%dscount rate$32,709,146
I
tFgr„;rti mail i4,•,t
_None 82M once referrendum approved None None $2M once•eferrendum approved Nose None None
sr a c tit Year 8:Rent increase to 8275,000r
�yIt1s1;; year,then increase 10%every 5 Greater of 2.0 percent or CPI Rent Resets years 49&70 Rest Resets years 49&70 Greater of 2.0 percent or CPI Rent Resets years 49&70 Rent Resets years 49&70 Rent Resets years 49&70
?7!7i y.;'. :.`years after
is i,', ; <.•:r;,.xis
''�1li?11"ii'it;��l`,,,�,1,,�,,`kg",„,i,L:,11„City will collect the revenue from 100.00%of the net revenues colected 100.0096 of the her revenues co lected The City will receive the replacement, 100.00%of the net revenues The City WI.receive the replacement, The City will receive the replacement The CitywiII receive the replacement,
Pl,°,'QF7Mi ..86 parking spaces(consistent with from the 151 public parking spaces from the 151 public parking spaces parking revenue net of proportional collected tram the 192 public parking parking revenue net of proportional parking revenue net of proportional parking revenue net of proportional
j „.',',,'if3•' Vi'current rates) provided back to the City. provided back to the City. expenses spaces provided back to the City. expenses expenses expenses
Collier 5 02012 colmerslnterrational Florida,LLC.The information contalred In thLs document has been obtained from sources believed reliable.While Colliers International Honlda,LLC does not doubt Its accuracy,Colliers International Florida,LLC has not verified It and nokes no guarantee.warranty or represertatlon about It.It Is
your responsibility co Iruependendy confirm Its accuracy and completeness.Any projections,opinions,assumptions or estimates used are for example only and do nut represent the current or future perforrrarae of the property.The value of this transactlun to you oepends or tee and other factors which should be evaluated
by your tar.hnarcial and legal advisors.You aro your advisors should conduct a careful Indeperdert irvestlgation or the property to determine to your satisracdon the suitability of the property for your neeas
Pepe 185 81272
„,. :tr15,,.,
.
Option 1 : P25 -.., ...,.,10,,„1,.,-,,
. ,,.. , ..•..E.',.iliii.,1,41,:i..,,r,.y,o,,',:;.: , , , „„y4,40,,,,,:( .' .,.
, ,,..'1'.'e.1, ,• '' ”"
, .., . ,„•-4,cyf,,.,;', " •. .• ,.:/.•f.„-•-..•
t -,..-1,,,„,, .....-..., ;,...27. ,,., ;, . ;,::. .. .-.-1:-••p.•• -,:,• .,-of,.
Infinity Collective , „„..,
''..' ''' •,,js,,:::‘-''..' ''':.' 44.*,;.** .g.`''4,,,* j,i,1;q,L.h i'' :::',^;
4'4 ',..iy.. '., .i.r.,. '„'71`,:. ,..:',': 4".;,..1---,.,. , ,
";',"-; - ,i,...„,:..-:;,,.,.,.,z.,...•1:p„,.,i'lli.lik,".,1,,I,.:"..1.,.,:•1:11.,, , q$.,,;..-1,,,i..t.it.,?eif..41.,,,,,i,„:. r,,i,,,,n,...:,,..i.w v.iale :1010:
-:•.;.`--A,Aq.'1..,ev.`.1-., ‘,..,2-0,,,, , '; • .
" '-‘ tia,`,". '" ,:r I .,;'it'll 0:','11'1! , .. ,.., ;.•' ,„,L, ,,;',In.^ ,. - ,,,T.J:"'''''.?•irjr.' ''':'' '''" "hillif$' .
".4,'",44,P. •'' I'''f li'4it'i• ? :::,',,,:... ..0, 144,i104,- , . ,,,;
,,,i:
J.'po-• ' .. .
• ,•• -,,, !...•.-k•t*-...71,1-.,A.,-•0, -. - --.
-,,. .
4
."-
ii;., t-1.'.,.....-.•
t..,,,l,, ,.-v-;'_,•.....--.g'-,',.41i-i. 1i.6_•l
. .- 'i f
. ;• . ,
•
—,
..-..-
-..:..•
.._
a. .•
..—r) ..-.,- . at''''L " ' . . ---------.-.)
1--,-----.. . —
--
,--is,-.-,.stv _.;.,:a.ii 7•
•
___. ...._ _ .....__
.
.
,..,., ,„, ,,,„,„,,,,.. , . ' ...
. r:,..,,,,,, „ s, ,...,,,,, i „.,
-- ,,
--..., ,,,,...
• .o.y
•-.Zi
." ',''r'i't144.7' ''' ,' '1- '-: •
,,,,..,' 1.:,, •..,,,.. ee f,4,Ir,T,i,r,'"',1.4.. .,,.., ,,.4,.,4 f,4:-72,.,..•••••-f-."- : , ,,'.!-.'%
. I , 441 " ,:,14: , * r c:,.,,,•" - ,,,,,.,,4 4' ''.''1.'' '. A ..,-...', -4.- ... '` - -.. . ,.; ...,..... • ,..--. 'O...,,,..7 r.,'.*
r:g.•!,,:. ..-..-zt- : '..'• --":"" r- r .- . . ,. , .
•-•,,,,.'P.'1, " -" j '
?,..?i,•*t -..4.46,-* ,...,;q,, * 1, . • -.: , - -
:• . -',..,71*.fil.15.",,,...„. 1.141,c.4 4,
• . • r „....,..,,,cto"... -
•..',,,..:-...):'''4,,,,m1,,,,,.'
. „ . .
—'
I '
,,t1:7-1:I'Llji'
.,
--41111114, t , .1. ..
___-----
. , .
-1F"' ..„ ........ .......
..., ,..•,-...,,,,, , PI
. i . ,q, it 1 li, .... I,1,, s, I.,Oi,,,-,,. •
. lir'''' f li C il 4' 0,:-.L-r.1'. •," ‘.- • 4. -4: - - 2 . , .
----
.
•
Option 3: P27 Option 3: P27
Integra TPC Development
,
, ..,_ _
' nChr `it r
Jr'�n7.�""'t��KI.GM�p 111'�'f._ tt* '�' • I � . u^•Irw17hl .�P 'v`fry
lk, n�ll lA: •.:y 1 71' 7�, u M i .: fin,
Pr
•
. N <4 *".A1 \ tr it
" \ 4
►•' w II hr \tr \., \ I iyyttlI I r{ li.P a IIy�l .I ,y� .aa •
-i, 1 + ..
It . .-,,,,.,?,-.,1%,•il,,,N,741i,14,,,, . i' NV •4 ____a
..R` u I I h~ 4tl't+ Ld'""11;it r�R�I Y, 1 +"r"'.e^,.,'tir.. �j' low
'1 r,'� r Ltycr�� I III:1�l " !' „E°7�y' ,I IS 7
i+"
�.,_ •of tk rk , y.. i1,. _ E �.. r:�
4 d �l
� {,{
w Ri �..� 'raj♦. ti� •
Li "..
•
j N a A !
-a�. ' f% 'sl,1 yy KK �IIWWW j gi.
,:'!' ` ?.4k�Ld v - F.. l —,p. 'jl p, 9 '.:"7qI
�j, ,K11(�,4Jd ,4 , ' "'u �. }Ili�N1 li. • t. si! 1 v�w d i.
e Qround$oar �y _
�� y� I. y.•:.a.. `I t""k�� 91 draw I a' �'kSS. ¢S`. .. 1i„k ar, ....
r
it Y �,Y,� —. b d • ,� „Iota', .!d++w r. �r! 'dS`�'!'`'' 17"'at't;15,, • ?M4 ,I, 61i r.� n
�a_ +. -
aw r 7,, — - f ..+ \ �..,_ �.
Page 187 of 272
Option 4: G5
TPC Development
la.
,',.-.:-.,..:--- ....-..- H.'‘ -... . ) •'1"...,-.. .i..,:-'' - '...,,..,,,,:',..---- . '- =
., ...,.,
- 7
)111111,' 'P' "4"""
jh > ,
lot41 .. 1111)4466*.
.//1 • .i
......,.
•
_
.. . .
--------- . -‘41114441k, .
---.l'..;,.... •
,
".-'-'4':•,. . , -----. 'i!,,, ,,,,,,,,,:t. 'L.—am i
-sh.lr,. "'•••••••. ,.,
.A
- . ...,..
.,
....
. .0 ....ra,
.,. .. . ... .., .., .., ...,,,rt,,,„,,,. „,„..,„%kt, ,r.•:, '14-•-.,,,,.,.',.V..,it ' _ .... _ , .
• -N.-,
• ,',1' . " “ - ',. er, : " ' 4,Eak Nia,, '''''''''.'.1&. r. b. ,. ,i'gs;:,
•.I. 'It
'II , ' .'• - ,.fi...'%". liP"'. . - . - ''...i
. 4*....
f ; ;,.: -4'e4litt'41"ai-111111111. iiiiiillak , 4' .I,
• I ,..',',, I.4 ;1.,•,4 -t. .'), g I Tr'''''' "': .. '' .e -
r-..-•-•%i''' ',..- ,-,7•-• '
d i
ek/
'','i.• q111,4
,
.th Jr:„JeAV L°-
,t / ' ' rr ''
,
.--r.m.....,...... . J 1 ei. 15 l •A ....n'' 71111'4,7iirill,ii'' 1,, ' till III
•....
.„.-
...
...r......
II ;
•41,,,•••••, 0 •
4 TiumZit , ..
„,,i.• —11, 1
a , .
•
., •
• ,
. , . • ,••
, 1
,
Option 5: P25, P26 Option 5: P25, P26
Integra , _ TPC Development
r 0 , „ ,,,,,,,,, 1.14,„..,,m.,,,n,.....,:ri..,,,,,,,,...;;;;;•$;:,-,-•,,..q;iiirr,:irl iirl,,Vi`;,-;1-R,M„.,,..";.1.." ,'-:1;,.,".&"7,!,,h1.1*.17-41
- i "A-r.:,..!'-411', :.;$Pretc17.'..'rt . "'ft' '7- lipk.14',14.011!,P.:;;;I•e!:,:,:oki.r64,i4.,:r..,•:-,,j4.1:-.4eted14.,•jiAM.r.ilti,,,,,,r,-,10.,d,;14'....gn
.... ,., ,; . ..,, •.,,,,,,,,,,,mo• ,,,io....0''',.. '''':,,i•it•.1 7• . .,,..
' .......
'7'.°.1flti•r11'4 Al.&P'''5 '-.; ••-•• . r.°I.'°° ,. • • ..j...,..eq,11.0iNti.,,,,.'.,•404.!N do 1,!,I. k4,,,,,, . ,..,:„.,,;:. .... 7...4,,,f.1.,.......,0::•:°:.•°°•°.•P....0.:T•i..,•,•'11!...1.,...'7,,..'F.':'''.,•k•,,-.1.,404..,...i..„:4-.J;::,,,-,:,s::::„.•:•,.
„ '''' ,-,il.-'0 1,1"c::7"leil„'67:''i'',.'.4;•- ("';"=";"c,;*441•1•A toe:- •,.. ,,,,' ..p•
',;,..--..„•••VP..-1.1;:t,'"'.1,°V,t.,',.t4;-" -'',,..,rilt"'f'.ii •-e.7:ret,,,;• 0 .7.,„-, ,-••,00.011.0...&41'..;..,...-Y-e.,,-.-•-•-:-...-''',••`-:-.- -- •-•?•-'.."--•• -' ..' • •
0,c4F,,ito.'..!,•-•'-'-:',.-e',-;----..-9,-•-:-,;.•,-•,•:-,':.•',.i.....:-.-... . .-.,. •-.• • .. -•---.i...- ••• • .- '. ,-.. -•-:-•1--- :...- -.•••-•:•-•-• - • :.•
..„-...,.. .... I...„1 ti,•••ii!'',,-,:•••,1 11,t, 4?..f,'Z'ili-0.1,07 , •: '• I '••••!!.., • ,, 1,•*it,.4...-2.-., ,,„,ivii.e.,:r441,..4;‘:---!"--1.••••:,••••-•,:--.....ei---:,-,-.,..••..,,,4.•:6-.,:-:;0•,.,--...-.'...-:::,-.....-.-,-........-.-..-...-":.'•'•'' .:..4 1•;(•...':, •-7.,°°.'.f...:4.•-I......::....°:::,f;,...,•........,.....•...Z
• •...°. .. s.t.4,15 Y4,'r';''..*iI` •It' '''''!14; ;•,,,,,,,, 1.,;,.. •'1 . .4;:,:;.'4 .
, ,, „,,,,,.,„,:,„.......„.......,.,.,...,...:............,,,....,.,,....„.,.,„„,„:„.„...„.......,....:,.....-...:...,.....:.................„,..:.,.......,..-.:„.....:-:...v.,„„,,
.„ .,,. ••„.„.,..,'.1 h4r. . ..,1,•••.,..,„.0111111 •,-.,,,. ') -'',..-.e '"....1-',..^•!•...'•,.'i.1.:',.):,.:.1,•.•
• . ..
. •
,t'"ft6-.i. - \ .1; •. . .
. . . .. • • :- .
r - ,,, ,, ,,,; ....,.,•' 1., 1.1....:4 -i,' ... I___ ,../i,..1 k.,4,:,.4,,pKeV,Yi,C.....1:2t°,...,..;:17-':,.,..1:, q E. I... I—it "MI 14411411111114111 P ... . . .„.
'4,g3fii..1'.,:: ::"::t.';.,:r-• •..::-..
' .1...' 40.. nrY..,,v!..,.....—... • • - .. — a., , ,,,,,,- ..., .
,,,::,,'..,,,,-.:-2:4:,,-:,.. ........t„,
V • „,3::".,•••!;...-. - „- . ,..r.• •,_',,4••••'. •
.,•,4-• ...- .
. .1':.:..,...:- :- • _ • ,..'4,•••-• -0,,-...•
1.., •,,,,,',......„,..0.:,-;1:45.,.. .t..,:.:):,...,
.4,.... -
.. , ...
..,,,,, , -'-• •-•-• • 44P.,...-",-,,',.0'.- ..-' ' ,t•,,. , .........___, _ .,._....._. . ._.. , . . ..
- Vri,,• - • 1,:',.'•6 -. ,, e '111,!',' i'07,../ ' ''..:1",--:-.• .. - at
lei ft 111 t'. z- •Oi". ..' 4.:' ''. . . . .." ',"!QP•t••... .
1 ,, --•••; :.• ...„1 ,"so
, t‘t ,..., K.•, .-• . .
....., ...... v, it,„, .-.r., . •ealP„,": ' .• ..:'
( •- • ,, "".-----:,....":. :V."
\ A —..
'll ).: 411111r(q4 ''I' ". ...'. . :
. '''It ,Ath,...Pv-',IL, .A
...„ .:,.,.....,....,...,.:.„.„. ,........_
,,,, ... . .. ,:i.„..,.,,:....., ..v:
.,.... ..,,,L - '•:.':.1..1.i.',..).--.I.'„,.........,. 1.1.. .. 4 it;;;!,,-,,..ipt.•'.
t •
• -- ''' -__, l':"5.11 ..,-„, • .. : • • •• ' -••••••••••44:V•iii, • ••.. , ..._. ...),
•
,„ ..,..•
-.!.. . '44a.4 ••,.. ,.,,,, ,, ---.......-.....• .•.
.,. '''''...i...,,,i; •,... .
, ...-Z-,,,,,. -- ji......
• '
4i1110 400- - -----'--.. - . - - , ..-• • ..: . , •.• . ..xiigt•ixgtv,;,tiKA*0;:q.zi:L,'.."1.4'.... ". 4.7.x.'`...1.1.1"... ".:-.i.v--
...4:4 % :- -: r., ' 411- ; ;.li-oq...:•:,*.;,,i,,i.ixh,-.4 • .. ,,....,. ' , •,.- ,..- r. .rt•ry
. .
',."."--:.... :-. .•-'-:':---.-,'"5 1: ' PT- ..riVr,,V,Iii,,iJ.",,,:1,7,1",'Iiit ,'.„N,o'' 0 ti On 7D-..' rizzvv,
. . • ,
-: — .. ,,,, - •:,•"-,- . ,...._ ., '..,'' r, .•11,tirt•.'I , . ...)...T-' "`.......).. '' 0:'!::;•..•.'..4,;:gr',.? ,'••'-', ,i,'
.''.4' 41NIA'01.:10111tii1;LIR.
...4. ••"1.-.- i'..- IF114,41,:,4,1,4. !L.'
..1.7%.i-....L.....-.• '•N,%lit_z' *P-1-..... .. .. . . f . 4,...,..,,,,,,,-..,. , ‘ , ,..-,,,,,141•';)„.•'
..„,. . --...,.......0 . ......' • , 0 ?• r '--',,:••'.1...-'-' •••:f....',. , "...:•.-:-.. ..,...6..1:'•;•--..-.
.:•"•;:.--.;••...i:41;,A..lirrilt. '+'',",,r,,,Z.41 kilt!'.,' ''.
t""l,',;'.-.. ' •4.;'...-4''' .
,: • ..
. • .....,...1.,,...,v, •„. ,,,,..,;•,..,„, .,,
....... ,. , , -,_ -.....,,,,,...4,0„,A. , . • . -5. ..
...•.:" .. C.:41:01.11a,l'iti,
. • ..'• -
't. •
'...,.•11.:.:.;...;;Jk•
a''''.r^r:'•,;.•" •
•,.iil#;10-, ° • • '''''. ''' ••• • '1..".,'f..k,',''',/A1,',11.„ .. .::'44;‘',;•°.,q •.' . Oe ,
.:k '1/4r.';'3.1•1
.,:°1, .p. • , -°". , 407 ..,- • .- '
• ,:..:4„......;..;.4.,
..i*,4' ... ,,d,, ,,:-',:,.:111., ,,,z., , ,%.0.5,1,,.:,44,..,L,A.;'t ,4, I.,, t/ A • -
I I
•
. .'".'" .'0 ' •.•I'A.,',0'1i, „ r . , .',' . 1:-;."•.. , •:. .-.•'.,
' • .at• ttl,11 ..„ , 'ti l''1 .;.• .1... 1. 11, I ;.1 ,• „„. ;, • • '.. f.• • ...„.. .-•- , •;:•,• ,..
. • .
''' l' ;.'.•-..., " " V..'..''. .4 I I'' .,', '''' :"°,'I,''..
I. —. '... - -' 'if,r: • .'
• .
....-• ,,
. .r,. 4.0. iii.:•-.-.,,,-,.... ,. . .- . . ',,, . .
'• '... '--..,".: - . '•'.''..,, . . :
. .
.....,,,,,, .:: -- ...,:•-•?..-..',..f!.',.tt;.', .' . .,,..., ,,'"tP,...,,,,,,-,, . . . '14'; , r,',11.1",,.., •--.< .'' I r, .-,:,'''....
,.. - •%,.../ . L. • 4P Arlii, - - - ....- ..
464,
• , •
. -.....,.4 •..
. ., .e.,..,..k.:..:... .:-.--.,:...::,.:,,., - . ,•. L ,--.- ,
''---------- ---- . -- — ---, -
..,.. . .,•.,.., -,.,,,,..,,..., ,:,,,, ' -..... •••4 - .
. ,
---.2._L::-----—-- ,
ri .1It•-.1 -,
. . • •-.. ..-',..,....."' .4,40.;
. , . ....•.... .._ . .......,-,:..r, LIFI.,J,,.,•,,.., -'.4 1,,,• ,
'1 • . ,' • , ,
1. • „
,J•1,•,1 1.
.. ...,„... .....,:.•.:,;..,,.:1•••,....':•.:"-,..•,....,....:::;.i,'.;:.•••••','„.•:,•;?1,. ..".•:‘,•:!,,.„ . ...;',4,41.; _
dtv 6.1., 4.,,,,'IV,;N• .;:;,,101. •
•!;•.,;•,'
.;.
_.-.-- •
.
Page 189 of 272
Option 6: P27, G5 -
TPC Development •
111
•
Option 6: P27
gyp`, ,y
•
'4',,,,,iiiiii k t:i.,. . . . . .. . . . .. ,... . .
:1,„,; ,.„..1,,,.
• . .
.„,4. ... ,,k,
•
. :..z..-ii.:44. \,,i. ,
,.
. .
.. ...„. .,.
,s . ,:.
. ,
too.
�.r • 1 ♦.r '!P. 4n.
,,... e , I frd
.I s R r ,i. `ram;' 1
.. . . . 1 illii ..... .. ... ..
r
.if e &floor " '.,.',,•:',' •
1 t.t+•,- "u' 1dal0lf'$ x , .nrnXl..gin y ,yn, ,
,t tr -t.y • • '
��."'x,i�V l�Myyil! �.. .M°p� l; Y. ;'" J ' J'I nt, k..:�wyV{ a J. ".. M e� St' I 11 I 1''y�, •
:H i2C:.
�" 4M.• .— _i _ - 4 m I!S�.<.(t: 44 Y•'M C.w.J�M i,. �,. �„SlJMj1 .. ,.
..ram T-. l.r'.l�ilk:. x:•P!!'._...
�a .�C.. . .. .
Page 190 of 272 .
•Option 7: P25, P26, P27 and G5
TPC Development
. .,..... .
.......,..,,. i'....,,;"; ; ',,'. ,"I".^./0....:',..07I-,„„:5";`,.",,;•:14,I4Ir. : ''.', '';' ..•.'"'.444.•, y. : .11,',I .1 ' " Opton 7' P26
1 , k7.11. .i1.1111.1,.,,„.c9.1..,310,°1' . .:,..4tA,7 :,,, li•l,IA , .9 . • .
4 3,1 j. , , ,., 3,..,..,•, 44,d4k111.:11Vt;164"•40.1101}1,4,11"VO'Oi' S,'Ik ,,' ,11111'n,q••irilli 1100, •.. 1. , 141, • , ,• ,.'„ :" .I
. •:3:•... •* ,, ,...,c...•;','Vq-,,io44'I.al''. `,•lio, "livi"114.:, ,. 1 ,,,.I. , 6 ...... !...4,4, ,E., , , ' T ,• . .
,4,.,,,,,4, .,",',,,t:.•'i.444,11;4441K'.,r.',.".,,r, .;,..'''''.',04.k,'..,„$,k,• '!'.., re'..i>•..4„..... •:::?•;:er••.4.4.',...,•.Q.: 144'.!Iltl,
A ".4•:.4,7.'".,.:4-
• • , •,,........,„...4.,,,,o,pi,,,,,,v,,,.,, ki ,'..;,,,t,„,,. .=,-...,„.•..6,4-...,=,'.,:t.....';'''..',-,',...,...''.,...;:,.....,':',-72,:..-.... -...1...•-:,,.4.,:"..-21.:-4.VJ-.I. .:'''.- •-‘-r" ,--..,,. ;..".'..z•,-i-','P,
i
. ':,,V-t-'-'''.'114'.Corec.1"' ''''''e.:1,- „44,f,, l'4,44--V4.,•!:t.-.;...:14 i•-•:',.4.4;••••• -' %.4.' •••• •.•:-:••••••,•,'........„• • r"...4. %,4i. ,. 1-...,:.',.;,::.-,..,,.....ir•-••,, .:.: ,. . ,
• .. ...,;,"•,'• ,...,..,v., ,,:43Acmt ''''r,. ::1'II:,,,c•,k,.',,i1:iFV:!•:;2.',•,,••,!lit,.!".2.1;,,,',..,..-P,"•7:1,...'1„,: ii'•Ft'',F4'.1.-......-L,--••:',......., ' .":.ic.f.'•':: :,••••••:',L.:••••:'.,, ..,,e'. ' , ' —•':''":•:::iji.:;..,,.,' (. ' "0•9','"!.'4A-^,,,,, ; ',..,,...,'- ;' ,,r.:•'d ii:',;:1,:,-,io'llit011011.ik11174., 1-*K:itli4,kbh?,0;!,'0.1:413?.' itiOV.;,:',•14Vri:'.:;:,',,::.!:z!..?.gt';;',,,,:-.3f,...,;•,.:.,.....,,:::;ii!„..]g•g:V.,!;•':•••:::i. :•••.•,.•••••• •:•. ,*,:..'•.:.::::::R•i!.i-,•:E :-....;,y
I, '',A",!1,4," Lv "'''•;0',,''''':.?'. ''''. . .,;.:, " '''''
,t. , ,,„ , „, ,,,r,..L,,;:.,,,,,s,,,,,,..., ,,l,4m,:i,,,o..4.„:1,,,,.>,„,21,i,,?..,,.;-,..,..:!, ..,..!.„1,, ,,,.##:...,p,.,,.1.4,;;,.',il'aem'jy:L-f.:.-...1:::::..1.--;!.7:.'..,......'....."-i.:..:!',„•,..*.,!JA.E.i!-,;.i.......F.::'.i',,.,..5.:',.....,. .,,. . 4'.:11;"iW; • •••-•-:::',...--''...-'1"4.7' '.,...$11,tliti,k4',„%i'lt!.,11.074,6
kirgr .-4•4krii,•(•..xr, •'•,14.;:•.z.",;1•1. ..:4-pA::„...-•;.:•.1-,,,...--.-:.-.•-•• •-:-.•-•••,....- .• '.---•:.:,---.- ,..- •.• :-- • : -..::•-:-..:---- ..• "- •• -'‘'''' '.,b,, .- '..... ." '"j". .''‘'.I '. '."''''''' 4° ' i'll$411;%''
Ce4...,4, . .s. ..... ,;.- . 1, 41,b,..
.44'it.it•"1,•11.1,.. ,...0 tt,11' t .,
,':$1, '.{^.P.',..t'r:,.ft;,',,t'tt,:.•W':.g...17:1.::''' • • . .
•'• '1./.'.. •x' '--x.-1, . '.!:•"..:".'Aft:ti;',,a'.•'. ,.,•.4 '.':,140
• •••oviry 44-4'-,,Z.A-4 iti.N4:"..
•
,.. :cc-Ph:454J'...:•:..,',:•,.....,-.0-...-:' .... , , . .. .
- • ,
a— •agn um us temp"WA I, .••.•... • ' • , .. ...,.,.ti.,,, ..A..-.1?; .'. . ....,'-',,`.,.•.:.,7,X.''.itfi;P •,' ,.•.,,..- , L4 '' 4v,..14.,,t6 irirtri,4
.S1;11.iP- ati. , ,i.''.'q IT
0 .." * *
rT,,,t„X46:1,,Ili....);t111,...^rt:`,„,•.::.:...."-:••..••. • : I .; • .-
..
• ....:J;.i...:,,,,qi
.. . . .1,,,,,,„......,:-... -,.:. •-..+•
--..1:--
.
4',•.i•-•Ii:.54.4.'"."' •:•. '..4,•.:.::...•• •
t•.,I:•,t,„'".•-4',,•",:,-:::A1,:::•":4';',i. :, : ' - ..--_.-
''....-NA.;•.q.-5VP•ti,q,4',+,94':',-,•,`,.: . ", •._'•N 1.6 ' . ..
,,!;;I:',„-.,;',.:''.113t.•'•.•.•?•...•'.."7.'• •
• iir/
'• .. , lig 461
•-•4•J. ....-' . .•
, ......"- • . '4,
•
"''-4,f'... " , • ' -. .'% Jr
------.•:'"-' _
. . •
,.....„.......----,---7: ..-*••• - - ---.- _ . ill'olkiiiir. ,,
. _..------ ------. 4'..-2.1;;-: • ---_-------
,
t it,i,.,i'lit- • I . ...-----Of- , .--=-- • ,...__ .'07'.'' 6
- ---'-.-- ,.- -
-
iv v'
4'...1 IONIC' 61, . , - • fr
• •'.... 4/ 7 .• ',. 1 '"' . • i, r . - t
am«...........•_,I---
-- .-..........• ... ..'..::......';'1____...'......_.:._...i.._............-1.l:-....
' .
. ..„- ....
- ,
7'l '5
Option 7: P27 .. .
4-°` •
- • \ 1111..i. ., .
. *, ' ' •
,
. , t ,.......--,-,,,
'‘''.1:4L'•:, ::,.:..iv 'itsit.„,,, „gi
...,„,
.
i:!•4 i 144.4•
. .• , 44*, ,4. . i . .1- .
.' 4. . ' 'I 'F•,•-...--," .art •••••i.'
. I hil.._ •
at .' • AA ___.—amn,a _ i. ? I! ''." .'-----..=,-• .-.., . '
.
, . --..• .... : •
. . ,,,* , ..4.0110,1 •,:... ..... hillitt•.',..•:' i I ... ,•. ,k.5 • -___
- '..:.•:;.-1'•••• 11...+5:4 .'
•
.. 1111111145.0041 .,.., ,. .
..•,,, . Pi . "N• 11—•./. --Mims- '1,'r ... :v.. •.,,,
..,.... ____________ ..... ..... _ S.
•.0„:'
i.111'.1 uft—, lib'
I ' .
_ - . i
. ....._ , ,
,......., ....
,.., . _ _
. . .-
1...,- - ; - , . 6,.. - --__ ,-.- ------ - - 4
.,.
—
f 5,.. 1§,e, , ,.! • . .It II-5..•;' - .
•.
- .,1, Ai .
, .
.....od, , . . lb
1 •
I
....
"--'--. \.... . .•
' ,r.'• n". .7 •-- '''''''' n
,.
k'ir. WO'• ) ?a• ., . ..: . .. ...., •:'.,- ,41,—* • . -• - '.—.— _ ___ a. ,,. .,pi II
. . r—i
3.2ii 1 . ' 1 , ..
''... .1
, ,..
, ••.. :-., 4 k k. .,.. f— . I I .‘)
. „
. . -- • - 4 4,1;;Iietig*- 1
., .....t..,,
— -, r . -'1.. ..',,l •,; ' ". c ,-... •--....,-.•• , '' ' "-1,!!1 11 ,5."''",f.1 „ - • • 1 .......
Ii1101 ,-. 1,I
., ., . i • ''... , kg • ., :., ;---F , ,, ......tr-..st.„7„;-.T...-.....:...'..' .
r'' -.;-4!--T-•.. •
,
. , . ..
s ,,..,/•,
- -
... . . ,.,,,.
. . ... .. . i ,
e , , ......"-.,„ ,,
.. ,.,......-..a.......:.._......._::...,...„ ...-
... .....2.___ A ,. 5. , /..arrd-z,f7-,•,-'..-'4+'2;--- ..7:1.-: 7': "..,':. ''--.".'—. ".I'''': '..
.. "'-'- ' f'
. ..,
1- -.....---,-4.,,,,,:t•r.- —''
.,:af'4,T4ir.• ...:'.-'75.1.:..•••,,,, 4',el:, ,44;,4•44.-44-,,,,,,,,,,,f,:6;,. • • .:,i , ,s1,-, ,,,. i•—•17.' • .r
.....