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Tishman 130503_SBACE_MBCC LOI Part 3[1]Exhibit 8Phasing 71 South Beach ACE Letter of Intent Exhibit 8Phasing 72 South Beach ACE Letter of Intent Exhibit 8Phasing 73 South Beach ACE Letter of Intent Exhibit 8Phasing 74 South Beach ACE Letter of Intent Exhibit 8Phasing 75 South Beach ACE Letter of Intent Site Lease DiagramsExhibit 9 1 Hotel Complex Hotel Total Area: 633,730 sf 2 P-Lot Multifamily and Parking Development Residential Area: (approx 261 units) 342,000 sf 3 Cultural Amenity Culture Total Area: 18,000 sf 4 F&B Venue (Part of hotel development) F&B Venue Total Area: 40,000 sf 5 17th Street Garage and Development Retail 59,500 sf Existing Parking 1,750 spaces Residential: (approx 80 units) 105,000 sf Hotel Meeting Rooms Hotel Rooms South ElevationWest Elevation F4 F6-F15 Convention Center Convention Center Hotel Program within Convention Center 76 South Beach ACE Letter of Intent 50’200’ 100’ 1/128” = 1’ 1 3 4 5 8 2 Exhibit 9Site Lease Diagrams 77 South Beach ACE Letter of Intent 906 907 908 909 South Bea Convention ach ACE District Lettter of Intent Summ E mary of Lease Exhibit 10a Payments (FFinancing Casse) Page 1 78 South Beach ACE Letter of Intent 910 911 912 South Bea Convention ach ACE District Lettter of Intent Summa E ary of Lease Exhibit 10b Payments (Pro Forma Casse) Page 1 79 South Beach ACE Letter of Intent 913 914 915 916 South Bea Convention ach ACE District Lettter of Intent E Project B Exhibit 11 Budget Summmary Page 1 80 South Beach ACE Letter of Intent 917 918 919 South Bea Convention ach ACE District Lettter of Intent T E raditional App Exhibit 12a proach Sourcces & Uses Page 1 81 South Beach ACE Letter of Intent 920 921 922 South Bea Convention ach ACE District Lettter of Intent Summary o Ex of Center Bon xhibit 12b-1 nds Cash Floww (Financing Case) Page 1 82 South Beach ACE Letter of Intent 923 924 925 South Bea Convention ach ACE District Lettter of Intent Summary o Ex of Center Bond xhibit 12b-2 ds Cash Flowws (Pro Formaa Case) Page 1 83 South Beach ACE Letter of Intent 926 927 928 South Bea Convention ach ACE District Lettter of Intent Su E ummary of Pa Exhibit 12c arking Bonds Cash Flow Page 1 84 South Beach ACE Letter of Intent 929 South Bea Convention ach ACE District Lettter of Intent Page 2 85 South Beach ACE Letter of Intent 930 931 932 South Bea Convention ach ACE District Lettter of Intent Summary Ex of Center Bo xhibit 12d-1 nds Revenuees (Financing Case) Page 1 86 South Beach ACE Letter of Intent 933 934 935 South Bea Convention ach ACE District Lettter of Intent Summary o Ex of Center Bon xhibit 12d-2 nds Revenuess (Pro Formaa Case) Page 1 87 South Beach ACE Letter of Intent South Beach ACE Convention District Letter of Intent Page 1 Exhibit 12e 936 Omitted937 88 South Beach ACE Letter of Intent 938 939 940 South Bea Convention ach ACE District Lett Su ter of Intent ummary of Pr Ex roject Genera xhibit 12f-1 ted Property Taxes (Finanncing Case) Page 1 89 South Beach ACE Letter of Intent 941 942 943 South Bea Convention ach ACE District Lett Su ter of Intent ummary of Pro Ex oject Generat xhibit 12f-2 ted Property TTaxes (Pro Foorma Case) Page 1 90 South Beach ACE Letter of Intent 944 945 946 South Bea Convention ach ACE District Lettter of Intent Project Ex Generated S xhibit 12g-1 Sales Taxes (FFinancing Caase) Page 1 91 South Beach ACE Letter of Intent 947 948 949 South Bea Convention ach ACE District Lettter of Intent Project Ex Generated S xhibit 12g-2 ales Taxes (PPro Forma Caase) Page 1 92 South Beach ACE Letter of Intent 950 951 952 South Bea Convention ach ACE District Lettter of Intent Priv E vate Funding Exhibit 12h of Public Parrks Schedule Page 1 93 South Beach ACE Letter of Intent Exhibit 13MetLife Equity Letter 94 South Beach ACE Letter of Intent Exhibit 14Debt Letters 95 South Beach ACE Letter of Intent Exhibit 14Debt Letters 96 South Beach ACE Letter of Intent Exhibit 14Debt Letters 97 South Beach ACE Letter of Intent Exhibit 14Debt Letters 98 South Beach ACE Letter of Intent Exhibit 14Debt Letters 99 South Beach ACE Letter of Intent Exhibit 14Debt Letters 100 South Beach ACE Letter of Intent Exhibit 14Debt Letters 101 South Beach ACE Letter of Intent Exhibit 14Debt Letters 102 South Beach ACE Letter of Intent South Beach ACE Convention District Letter of Intent Page 1 Exhibit 15 965 [Ommitted] 966 103 South Beach ACE Letter of Intent 967 968 969 South Bea Convention ach ACE District Lettter of Intent Targeted E d Public Comp Exhibit 16 ponents Deveelopment Timmeline Page 1 104 South Beach ACE Letter of Intent Area for Height Restriction IncreaseExhibit 17 180’ EXISTING RESIDENTIAL 180’ EXISTING RESIDENTIAL 180’ EXISTING RESIDENTIAL 194’ PROPOSED HOTEL 120’ PROPOSED RESIDENTIAL 120’ PROPOSED RESIDENTIAL 105 South Beach ACE Letter of Intent 194’ 122’95’MERIDIAN AVEWASHINGTON AVE18TH STREET CONVENTION CENTERDRIVE60’ 32’ 20’25’ 64’50’60’36’78’ 156’ 90’ 25’ 120’ 40’MERIDIAN AVEWASHINGTON AVE17TH STREET 60’64’50’60’45’78’ 20’ 75’ 24’ 24’20’ 75’55’ 100’ 40’ 120’ 20’ MERIDIAN AVE18TH STREET19TH STREET17TH STREETLINCOLN LANELINCOLN ROAD15’ 120’120’ 60’60’64’64’40’15’32’32’ 32’32’ 120’ 60’60’ 25’25’25’55’50’ 180’ 80’75’ Elevation along 18th Street Elevation along Meridian Avenue Elevation along 17th Street Exhibit 17Area for Height Restriction Increase 106 South Beach ACE Letter of Intent Residential Planting: 66,295 sf Paths: 19,756 sf Total Area 86,050 sf 2 Hotel Plaza: 13,370 sf Planting: 29,750 sf Paths: 27,850 sf Total Area 75,970 sf 3 Commericial Plaza: 37,311 sf 4 Culture Plaza: 22,850 sf 6 17th Street Retail Plaza: 21,773 sf Total Privately Funded Open Space 243,450 sf (5.6 acres) 1 Privately Funded Space AreasExhibit 18 107 South Beach ACE Letter of Intent RESIDENTIAL Planting: 66,295sf Paths:19,756sf Total :86,050sf COMMERCIAL Plaza: 37,311sf CULTURE Plaza: 22,850sf 17th RETAIL Plaza: 21,773sf Private 8.1 acres 354,500sf HOTEL Plaza: 18,370sf Planting: 29,750sf Paths:27,850sf Total:75,970sf 1 3 4 6 2 Exhibit 18Privately Funded Open Space Areas 108 South Beach ACE Letter of Intent 1 North Park Planting: 215,500 sf Paths: 141,000 sf Total Area 356,500 sf 2 West Park Planting: 88,710 sf Paths: 28,800 sf Total Area 117,510 sf 3 CC Drive Streetscape Streetscape: 17,000 sf 4 City Hall Planting: 44,450 sf Paths: 35,670 sf Total Area 80,120 sf 5 18th Street (CC South Drop-off) Planting: 13,950 sf Paths: 32,000 sf Total Area 6 Convention Center Plaza Plaza: 68,450 sf 7 Washington Avenue Streetscape Streetscape: 16,122 sf 5 Jackie Gleason Theater Planting: 67,650 sf Paths: 42,900 sf Total Area 110,550 sf 8 17th Street Median Planting: 21,280 sf Paths: 14,906 sf Total Area 35,615 sf 9 17th Street Garage Streetscape: 11,250 sf Total Publicly Funded Open Space 859,100 sf (19.7 acres) Exhibit 18Publicly Funded Open Space Areas 109 South Beach ACE Letter of Intent GLEASON Planting:67,650sf Paths: 42,900sf Total :110,550sf NORTH PARK Planting: 215,500sf Paths:141,000sf Total :356,500sf CC DRIVE Streetscape : 17,000sf MEDIAN Planting: 21,280sf Paths:14,906sf TOTAL: 35,615sf WASHINGTON Streetscape: 16,122sf PLAZA 68,450sf 18th Street (E) Planting: 13,950sf Paths:32,000sf TOTAL: 46,000sf CITY HALL Planting: 44,450sf Paths:35,670sf TOTAL: 80,120sf Public 17.2 acres 748,550sf 17th Streetscape Streetscape 11,250sf WEST PARK Planting: 88,710sf Paths:28,800sf Total :117,510sf 1 3 4 56 7 9 8 2 Public at Grade Total :502,600sf Public above Structure Total :356,500sf 5 Exhibit 18Publicly Funded Open Space Areas ABOVE STRUCTURE 356,500 SF AT GRADE 502,600 SF 110 South Beach ACE Letter of Intent Exhibit 19Goldman Sachs Underwriting Assumptions Presentation Regarding Miami Beach Convention Center: Tishman Team Financing Plan May 3, 2013 111 South Beach ACE Letter of Intent Public Sector and Infrastructure Banking DisclaimersGoldman Sachs Is Not Acting as a Municipal Advisor to the City of Miami BeachGoldman, Sachs & Co. is working with Tishman Hotel & Realty, UIA Management, and the Office for Metropolitan Architecture (collectively, the “SB ACE team”) as an underwriter in connection with the possible issuance of debt securities by or on behalf of the SB ACE team to finance its proposal for the development of the 52-acre Miami Beach Convention Center District (the “Project”). At the request of the SB ACE team, Goldman Sachs is providing the information contained in this document for discussion purposes only in anticipation of serving as underwriter for the SB ACE team’s proposed financing for the Project. The primary role of Goldman Sachs, as an underwriter, is to purchase securities, for resale to investors, in an arm’s-length commercial transaction between the SB ACE team and/or the City of Miami Beach or other issuer (the “Issuer”), as applicable, and Goldman Sachs, and Goldman Sachs will have financial and other interests that differ from those of SB ACE team and/or the Issuer, as applicable. Goldman Sachs is not and would not be acting as a municipal advisor or financial advisor to the SB ACE team, the Issuer or any other person or entity. The SB ACE team and the Issuer, as applicable, should consult with their own financial and/or municipal legal accounting tax and other advisors as applicable to the extent it deems appropriate IftheSB ACE teamand/or the Issuer as applicable would like afinancialand/ormunicipal,legal,accounting,taxandotheradvisors,asapplicable,totheextentitdeemsappropriate.IftheSBACEteamand/ortheIssuer,asapplicablewouldlikeamunicipal advisor in this transaction (that, in the case of the City or other municipal issuer has legal fiduciary duties to the City or other municipal issuer), as applicable, then the SB ACE team or the Issuer, as applicable, is free to engage a municipal advisor to serve in that capacity. Indicative Terms OnlyThis material has been prepared specifically for you and contains indicative terms only. All material contained herein, including proposed terms and conditions are for discussion purposes only. Finalized terms and conditions are subject to further discussion and negotiation. Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and/or counselshouldbediscussedwithyouradvisorsand/orcounsel.1 of 21 112 South Beach ACE Letter of Intent Key Financing Case AssumptionsSale Date1/1/2015Resort Tax borrowing: ‘A’ categoryCity Center CDT borrowing:‘A’category (combined with Resort Tax borrowing)RatingsCityCenterCDTborrowing:Acategory(combinedwithResortTaxborrowing)RDA borrowing: ‘A’ category (combined with Resort Tax borrowing)Parking Authority borrowing: ‘A’ category3prong cash funded for all borrowingsDSRF3-prongcashfundedforallborrowingsAssumes earnings rate of 1.00% through 2018, and 1.50% thereafterTax Status100% tax-exempt for all borrowingsMaturity30 years on all borrowings (2044)Capitalized InterestIn Resort Tax issue, used during construction and part of ramp-up phase to maintain coverage assumptions, largely used through 2016In Parking Revenue issue, used during construction period for three yearsDSRFearningsappliedtocapitalized interest fundduringcapitalized interestperiod2 of 21S ea gsapp ed to cap ta ed te est u d du g cap ta ed te est pe od 113 South Beach ACE Letter of Intent Sources and Uses SummaryBonding Sources and UsesBondingSourcesandUsesResort Tax Bonds Parking BondsPar Amount$504,410,000$66,290,000Premium61,753,2877,597,162Total Sources$566,163,287$73,887,162Project Fund$506,750,000$58,300,000Capitalized Interest13,398,5195,750,841DSRF40,966,2589,173,300COI5,048,510663,021Total Uses$566,163,287$73,887,162Overall Sources and UsesNet ProceedsGross ProceedsResort Tax Bonds$506,750,000$566,163,287Parking Bonds58,300,00073,887,162GO Bonds53,600,00053,600,0001% HOT Tax (2014)10,726,12310,726,123Total Proceeds$629,376,123$704,376,5723 of 21 114 South Beach ACE Letter of Intent Coverage AnalysisResort Tax Financing CasePayments Required(1) Base Case Financing CaseFixed/BaseProjectNet Debt ServiceOperating Subsidy Cap ExParking PaymentsTotal PaymentsFixed/BaseGround RentNew 1% Resort TaxProjectResort TaxesCDT RevenuesRDA RevenuesTotal Revenues Coverage2015 14,155,168 1,500,000- - 15,655,168- 11,155,168- 4,500,000- 15,655,168 1.00 x2016 21,333,503 1,500,000- 3,800,000 26,633,503 6,000,000 11,378,271 595,120 4,500,000 4,160,112 26,633,503 1.00 x2017 31,059,787 1,500,000- 3,800,000 36,359,787 6,000,000 11,605,837 612,974 4,500,000 13,646,526 36,365,337 1.00 x2018 37,300,587 1,500,000 500,000 3,800,000 43,100,587 8,300,000 12,510,949 3,786,097 4,500,000 14,008,509 43,105,555 1.00 x2019 39,351,356 1,500,000 1,000,000 3,800,000 45,651,356 9,800,000 12,853,492 4,254,919 4,500,000 14,248,915 45,657,326 1.00 x2020 39,660,756 1,500,000 2,000,000 3,800,000 46,960,756 10,300,000 13,157,973 4,558,506 4,500,000 14,450,174 46,966,653 1.00 x2021 39,789,006 1,500,000 2,500,000 3,800,000 47,589,006 10,300,000 13,437,968 4,717,548 4,500,000 14,640,064 47,595,580 1.00 x2022 39,868,756 1,500,000 3,000,000 3,800,000 48,168,756 10,300,000 13,706,728 4,823,284 4,500,000 14,845,700 48,175,712 1.00 x2023 25,340,006 1,500,000 3,060,000 3,800,000 33,700,006 10,300,000 13,980,862 4,919,750 4,500,000- 33,700,612 1.00 x2024 25,655,756 1,500,000 3,121,200 3,800,000 34,076,956 10,300,000 14,260,479 5,018,144 4,500,000- 34,078,623 1.00 x202525 977 7561 500 0003 183 6243 800 00034 461 38010 300 00014 545 6895 118 5074 500 000-34 464 1961 00x202525,977,7561,500,0003,183,6243,800,00034,461,38010,300,00014,545,6895,118,5074,500,000 34,464,1961.00x2026 26,909,256 1,500,000 3,247,296 3,800,000 35,456,553 10,900,000 14,836,603 5,220,877 4,500,000- 35,457,480 1.00 x2027 27,243,256 1,500,000 3,312,242 3,800,000 35,855,499 10,900,000 15,133,335 5,325,295 4,500,000- 35,858,630 1.00 x2028 28,666,506 1,500,000 3,378,487 3,800,000 37,344,993 11,980,000 15,436,002 5,431,801 4,500,000- 37,347,803 1.00 x2029 29,017,756 1,500,000 3,446,057 3,800,000 37,763,813 11,980,000 15,744,722 5,540,437 4,500,000- 37,765,159 1.00 x2030 29,371,006 1,500,000 3,514,978 3,800,000 38,185,984 11,980,000 16,059,616 5,651,246 4,500,000- 38,190,862 1.00 x2031 29,734,006 1,500,000 3,585,278 3,800,000 38,619,284 11,980,000 16,380,808 5,764,270 4,500,000- 38,625,078 1.00 x203230 109 0061 500 0003 656 9833 800 00039 065 98911 980 00016 708 4245 879 5564 500 00039 067 9801 00x203230,109,0061,500,0003,656,9833,800,00039,065,98911,980,00016,708,4245,879,5564,500,000- 39,067,9801.00x2033 30,488,006 1,500,000 3,730,123 3,800,000 39,518,129 11,980,000 17,042,593 5,997,147 4,500,000- 39,519,740 1.00 x2034 30,873,256 1,500,000 3,804,725 3,800,000 39,977,982 11,980,000 17,383,445 6,117,090 4,500,000- 39,980,535 1.00 x2035 31,266,756 1,500,000 3,880,820 3,800,000 40,447,576 11,980,000 17,731,114 6,239,432 4,500,000- 40,450,546 1.00 x2036 32,325,256 1,500,000 3,958,436 3,800,000 41,583,692 12,640,000 18,085,736 6,364,220 4,500,000- 41,589,956 1.00 x2037 32,737,506 1,500,000 4,037,605 3,800,000 42,075,111 12,640,000 18,447,451 6,491,504 4,500,000- 42,078,955 1.00 x2038 33,691,006 1,500,000 4,118,357 3,800,000 43,109,363 13,178,000 18,816,400 6,621,335 4,500,000- 43,115,735 1.00 x2039 34,120,256 1,500,000 4,200,724 3,800,000 43,620,980 13,178,000 19,192,728 6,753,762 4,500,000- 43,624,490 1.00 x2040 34,556,506 1,500,000 4,284,739 3,800,000 44,141,245 13,178,000 19,576,582 6,888,836 4,500,000- 44,143,418 1.00 x2041 35,000,506 1,500,000 4,370,434 3,800,000 44,670,940 13,178,000 19,968,114 7,026,613 4,500,000- 44,672,727 1.00 x2042 35,447,756 1,500,000 4,457,842 3,800,000 45,205,598 13,178,000 20,367,476 7,167,145 4,500,000- 45,212,621 1.00 x2043 35,913,756 1,500,000 4,546,999 3,800,000 45,760,755 13,178,000 20,774,826 7,310,489 4,500,000- 45,763,315 1.00 x2044 36,383,006 1,500,000 4,637,939 3,800,000 46,320,945 13,178,000 21,190,322 7,456,698 4,500,000- 46,325,020 1.00 x4 of 21 115 South Beach ACE Letter of Intent Coverage AnalysisResort Tax Financing Case (continued)(2) Additional CoverageProjectVariableTotal PaymentsBase Case RevenuesProjectProperty TaxesVariableLease PaymentsTotal Revenues CoverageResidual Revenues2015 15,655,168 15,655,168- - 15,655,168 1.00 x- 2016 26,633,503 26,633,503- - 26,633,503 1.00 x- 2017 36,359,787 36,365,337 1,016,558- 37,381,895 1.03 x 1,022,1082018 43,100,587 43,105,555 1,040,878 1,792,325 45,938,758 1.07 x 2,838,1712019 45,651,356 45,657,326 4,715,940 820,931 51,194,197 1.12 x 5,542,8412020 46,960,756 46,966,653 5,205,499 661,419 52,833,571 1.13 x 5,872,8152021 47,589,006 47,595,580 5,541,207 818,932 53,955,719 1.13 x 6,366,7132022 48,168,756 48,175,712 3,210,601 835,310 52,221,623 1.08 x 4,052,8672023 33,700,006 33,700,612 3,274,813 852,017 37,827,442 1.12 x 4,127,4362024 34,076,956 34,078,623 3,340,309 869,057 38,287,989 1.12 x 4,211,033202534 461 38034 464 1963 407 115886 43838 757 7491 12x4 296 369202534,461,38034,464,1963,407,115886,43838,757,7491.12x4,296,3692026 35,456,553 35,457,480 3,475,257 904,167 39,836,904 1.12 x 4,380,3512027 35,855,499 35,858,630 3,544,762 922,250 40,325,642 1.12 x 4,470,1432028 37,344,993 37,347,803 3,615,658 940,695 41,904,156 1.12 x 4,559,1632029 37,763,813 37,765,159 3,687,971 959,509 42,412,639 1.12 x 4,648,8262030 38,185,984 38,190,862 3,761,730 978,699 42,931,291 1.12 x 4,745,3072031 38,619,284 38,625,078 3,836,965 998,273 43,460,316 1.13 x 4,841,032203239 065 98939 067 9803 913 7041 018 23943 999 9231 13x4 933 934203239,065,98939,067,9803,913,7041,018,23943,999,9231.13x4,933,9342033 39,518,129 39,519,740 3,991,978 1,038,604 44,550,322 1.13 x 5,032,1932034 39,977,982 39,980,535 4,071,818 1,059,376 45,111,729 1.13 x 5,133,7472035 40,447,576 40,450,546 4,153,254 1,080,563 45,684,363 1.13 x 5,236,7872036 41,583,692 41,589,956 4,236,319 1,102,174 46,928,449 1.13 x 5,344,7572037 42,075,111 42,078,955 4,321,046 1,124,218 47,524,219 1.13 x 5,449,1082038 43,109,363 43,115,735 4,407,467 1,146,702 48,669,904 1.13 x 5,560,5412039 43,620,980 43,624,490 4,495,616 1,169,636 49,289,742 1.13 x 5,668,7622040 44,141,245 44,143,418 4,585,528 1,193,029 49,921,975 1.13 x 5,780,7302041 44,670,940 44,672,727 4,677,239 1,216,890 50,566,856 1.13 x 5,895,9162042 45,205,598 45,212,621 4,770,784 1,241,227 51,224,632 1.13 x 6,019,0342043 45,760,755 45,763,315 4,866,199 1,266,052 51,895,566 1.13 x 6,134,8112044 46,320,945 46,325,020 4,963,523 1,291,373 52,579,916 1.14 x 6,258,9715 of 21 116 South Beach ACE Letter of Intent Coverage AnalysisResort Tax Proforma CasePayments Required(1) Base Case Proforma CaseFixed/BaseProjectNet Debt ServiceOperating Subsidy Cap ExParking PaymentsTotal PaymentsFixed/BaseGround RentNew 1% Resort TaxProjectResort TaxesCDT RevenuesRDA RevenuesTotal Revenues CoverageResidual Revenues2015 14,155,168 1,500,000- - 15,655,168- 11,155,168- 4,500,000- 15,655,168 1.00 x- 2016 21,333,503 1,500,000- 3,800,000 26,633,503 6,000,000 11,601,375 595,120 4,500,000 4,160,112 26,856,607 1.01 x 223,1042017 31,059,787 1,500,000- 3,800,000 36,359,787 6,000,000 12,065,430 612,974 4,500,000 13,646,526 36,824,930 1.01 x 465,1432018 37,300,587 1,500,000 500,000 3,800,000 43,100,587 8,300,000 13,221,043 3,786,097 4,500,000 14,008,509 43,815,649 1.02 x 715,062201939 351 3561 500 0001 000 0003 800 00045 651 3569 800 00013 828 7484 254 9194 500 00014 248 91546 632 5821 02981 226201939,351,3561,500,0001,000,0003,800,00045,651,3569,800,00013,828,7484,254,9194,500,00014,248,91546,632,5821.02x981,2262020 39,660,756 1,500,000 2,000,000 3,800,000 46,960,756 10,300,000 14,413,734 4,565,009 4,500,000 14,450,174 48,228,917 1.03 x 1,268,1612021 39,789,006 1,500,000 2,500,000 3,800,000 47,589,006 10,300,000 14,990,283 4,730,879 4,500,000 14,640,064 49,161,226 1.03 x 1,572,2202022 39,868,756 1,500,000 3,000,000 3,800,000 48,168,756 10,300,000 15,589,895 4,902,863 4,500,000 14,845,700 50,138,458 1.04 x 1,969,7022023 25,340,006 1,500,000 3,060,000 3,800,000 33,700,006 10,300,000 16,213,491 5,085,119 4,500,000- 36,098,610 1.07 x 2,398,6042024 25,655,756 1,500,000 3,121,200 3,800,000 34,076,956 10,300,000 16,862,030 5,274,249 4,500,000- 36,936,279 1.08 x 2,859,3232025 25,977,756 1,500,000 3,183,624 3,800,000 34,461,380 10,300,000 17,536,511 5,470,515 4,500,000- 37,807,026 1.10 x 3,345,646202626 909 2561 500 0003 247 2963 800 00035 456 55310 900 00018 237 9725 674 1924 500 00039 312 1641 113 855 611202626,909,2561,500,0003,247,2963,800,00035,456,55310,900,00018,237,9725,674,1924,500,000- 39,312,1641.11x3,855,6112027 27,243,256 1,500,000 3,312,242 3,800,000 35,855,499 10,900,000 18,967,491 5,885,561 4,500,000- 40,253,052 1.12 x 4,397,5532028 28,666,506 1,500,000 3,378,487 3,800,000 37,344,993 11,980,000 19,726,190 6,104,917 4,500,000- 42,311,107 1.13 x 4,966,1142029 29,017,756 1,500,000 3,446,057 3,800,000 37,763,813 11,980,000 20,515,238 6,332,565 4,500,000- 43,327,803 1.15 x 5,563,9902030 29,371,006 1,500,000 3,514,978 3,800,000 38,185,984 11,980,000 21,335,848 6,568,823 4,500,000- 44,384,671 1.16 x 6,198,6872031 29,734,006 1,500,000 3,585,278 3,800,000 38,619,284 11,980,000 22,189,281 6,814,019 4,500,000- 45,483,300 1.18 x 6,864,0162032 30,109,006 1,500,000 3,656,983 3,800,000 39,065,989 11,980,000 23,076,853 7,068,497 4,500,000- 46,625,350 1.19 x 7,559,361203330 488 0061 500 0003 730 1233 800 00039 518 12911 980 00023 999 9277 332 6124 500 00047 812 5391 218 294 410203330,488,0061,500,0003,730,1233,800,00039,518,12911,980,00023,999,9277,332,6124,500,000- 47,812,5391.21x8,294,4102034 30,873,256 1,500,000 3,804,725 3,800,000 39,977,982 11,980,000 24,959,924 7,606,731 4,500,000- 49,046,655 1.23 x 9,068,6732035 31,266,756 1,500,000 3,880,820 3,800,000 40,447,576 11,980,000 25,958,321 7,891,241 4,500,000- 50,329,562 1.24 x 9,881,9862036 32,325,256 1,500,000 3,958,436 3,800,000 41,583,692 12,640,000 26,996,654 8,186,538 4,500,000- 52,323,192 1.26 x 10,739,5002037 32,737,506 1,500,000 4,037,605 3,800,000 42,075,111 12,640,000 28,076,520 8,493,037 4,500,000- 53,709,557 1.28 x 11,634,4462038 33,691,006 1,500,000 4,118,357 3,800,000 43,109,363 13,178,000 29,199,581 8,811,166 4,500,000- 55,688,747 1.29 x 12,579,3842039 34,120,256 1,500,000 4,200,724 3,800,000 43,620,980 13,178,000 30,367,564 9,141,373 4,500,000- 57,186,937 1.31 x 13,565,957204034 556 5061 500 0004 284 7393 800 00044 141 24513 178 00031 582 2669 484 1214 500 00058 744 3871 3314 603 142204034,556,5061,500,0004,284,7393,800,00044,141,24513,178,00031,582,2669,484,1214,500,000- 58,744,3871.33x14,603,1422041 35,000,506 1,500,000 4,370,434 3,800,000 44,670,940 13,178,000 32,845,557 9,839,892 4,500,000- 60,363,449 1.35 x 15,692,5092042 35,447,756 1,500,000 4,457,842 3,800,000 45,205,598 13,178,000 34,159,379 10,209,185 4,500,000- 62,046,564 1.37 x 16,840,9662043 35,913,756 1,500,000 4,546,999 3,800,000 45,760,755 13,178,000 35,525,755 10,592,522 4,500,000- 63,796,277 1.39 x 18,035,5222044 36,383,006 1,500,000 4,637,939 3,800,000 46,320,945 13,178,000 36,946,785 10,990,440 4,500,000- 65,615,225 1.42 x 19,294,2806 of 21 117 South Beach ACE Letter of Intent Coverage AnalysisResort Tax Proforma Case (continued)(2) Additional Coverage (Proforma Growth)ProjectVariableTotal PaymentsBase Case RevenuesProjectProperty TaxesVariableLease PaymentsTotal Revenues CoverageResidual Revenues2015 15,655,168 15,655,168- - 15,655,168 1.00 x- 2016 26,633,503 26,856,607- - 26,856,607 1.01 x 223,1042017 36,359,787 36,824,930 1,016,558- 37,841,488 1.04 x 1,481,7012018 43,100,587 43,815,649 1,040,878 1,792,325 46,648,852 1.08 x 3,548,2652019 45,651,356 46,632,582 4,715,940 820,931 52,169,453 1.14 x 6,518,0972020 46,960,756 48,228,917 5,209,731 661,419 54,100,067 1.15 x 7,139,3112021 47,589,006 49,161,226 5,549,882 818,932 55,530,040 1.17 x 7,941,0342022 48,168,756 50,138,458 3,226,652 982,439 54,347,549 1.13 x 6,178,7932023 33,700,006 36,098,610 3,337,855 1,152,171 40,588,636 1.20 x 6,888,6302024 34,076,956 36,936,279 3,453,060 1,328,365 41,717,704 1.22 x 7,640,748202534 461 38037 807 0263 572 4141 511 27042 890 7101 24x8 429 330202534,461,38037,807,0263,572,4141,511,27042,890,7101.24x8,429,3302026 35,456,553 39,312,164 3,696,072 1,701,141 44,709,377 1.26 x 9,252,8242027 35,855,499 40,253,052 3,821,266 1,898,245 45,972,563 1.28 x 10,117,0642028 37,344,993 42,311,107 3,950,942 2,093,625 48,355,674 1.29 x 11,010,6812029 37,763,813 43,327,803 4,085,264 2,352,854 49,765,921 1.32 x 12,002,1082030 38,185,984 44,384,671 4,224,407 2,622,362 51,231,440 1.34 x 13,045,4562031 38,619,284 45,483,300 4,368,547 2,902,559 52,754,406 1.37 x 14,135,122203239 065 98946 625 3504 517 8703 193 86954 337 0891 39x15 271 100203239,065,98946,625,3504,517,8703,193,86954,337,0891.39x15,271,1002033 39,518,129 47,812,539 4,672,570 3,496,736 55,981,845 1.42 x 16,463,7162034 39,977,982 49,046,655 4,832,844 3,811,620 57,691,119 1.44 x 17,713,1372035 40,447,576 50,329,562 4,998,902 4,139,000 59,467,464 1.47 x 19,019,8882036 41,583,692 52,323,192 5,170,958 4,479,373 61,973,523 1.49 x 20,389,8312037 42,075,111 53,709,557 5,349,235 4,833,257 63,892,049 1.52 x 21,816,9382038 43,109,363 55,688,747 5,533,964 4,751,191 65,973,902 1.53 x 22,864,5392039 43,620,980 57,186,937 5,725,387 5,133,734 68,046,058 1.56 x 24,425,0782040 44,141,245 58,744,387 5,923,753 5,531,469 70,199,609 1.59 x 26,058,3642041 44,670,940 60,363,449 6,129,320 5,945,001 72,437,770 1.62 x 27,766,8302042 45,205,598 62,046,564 6,342,359 6,374,959 74,763,882 1.65 x 29,558,2842043 45,760,755 63,796,277 6,563,147 6,821,999 77,181,423 1.69 x 31,420,6682044 46,320,945 65,615,225 6,791,975 7,286,802 79,694,002 1.72 x 33,373,0577 of 21 118 South Beach ACE Letter of Intent Coverage AnalysisParking TransactionParking TransactionNet Debt ServiceParking Revenues CoverageResidual Revenues2015- - - - 2016- - - - 2017- - - - 2018 3,338,792 4,060,845 1.22 x 722,053Parking revenues assume 3.5% annual growth for first 4 years, and 2% annual growth thereafter 2019 3,456,637 4,202,975 1.22 x 746,3372020 3,577,237 4,350,079 1.22 x 772,8412021 3,698,987 4,502,331 1.22 x 803,3442022 3,828,737 4,659,913 1.22 x 831,1762023 3,905,737 4,753,111 1.22 x 847,3742024 3,987,237 4,848,174 1.22 x 860,93620254 062 7374 945 1371 22x882 40020254,062,7374,945,1371.22x882,4002026 4,147,237 5,044,040 1.22 x 896,8022027 4,229,987 5,144,921 1.22 x 914,9332028 4,315,737 5,247,819 1.22 x 932,0822029 4,398,987 5,352,775 1.22 x 953,7882030 4,489,487 5,459,831 1.22 x 970,3432031 4,576,487 5,569,027 1.22 x 992,54020324 669 7375 680 4081 22x1 010 67120324,669,7375,680,4081.22x1,010,6712033 4,763,487 5,794,016 1.22 x 1,030,5292034 4,857,237 5,909,896 1.22 x 1,052,6592035 4,955,487 6,028,094 1.22 x 1,072,6072036 5,052,487 6,148,656 1.22 x 1,096,1692037 5,152,737 6,271,629 1.22 x 1,118,8922038 5,260,487 6,397,062 1.22 x 1,136,5752039 5,364,737 6,525,003 1.22 x 1,160,2662040 5,469,987 6,655,503 1.22 x 1,185,5162041 5,580,487 6,788,613 1.22 x 1,208,1262042 5,690,237 6,924,386 1.22 x 1,234,1482043 5,803,487 7,062,873 1.22 x 1,259,3862044 5,919,237 7,204,131 1.22 x 1,284,8938 of 21 119 South Beach ACE Letter of Intent Financing Case: Revenue and Debt Service$ in millions$60$50$60Net Debt ServiceNet Debt Service + Ops + Capex + Parking$40$20$30Fixed Lease Payments$10RDA RevenuesNew 1%Resort Tax$09 of 21 120 South Beach ACE Letter of Intent Proforma Case: Revenue and Debt Service$ in millions$80$70$80Net Debt ServiceNet Debt Service + Ops + Capex + Parking$50$60$30$40$10$20RDA RevenuesNew 1%Resort Tax$010 of 21 121 South Beach ACE Letter of Intent Appendix A: Selected Cashflow Schedules11 of 21 122 South Beach ACE Letter of Intent Page 12 of 21 SOURCES AND USES OF FUNDS Miami Beach Convention Center Resort Tax Base Financing Case Dated Date 01/01/2015 Delivery Date 01/01/2015 Sources: Bond Proceeds: Par Amount 504,410,000.00 Premium 61,753,286.85 566,163,286.85 Uses: Project Fund Deposits: Project Fund 506,750,000.00 Other Fund Deposits: Capitalized Interest Fund 13,398,518.89 Debt Service Reserve Fund 40,966,258.06 54,364,776.95 Delivery Date Expenses: Cost of Issuance 5,044,100.00 Other Uses of Funds: Contingency 4,409.90 566,163,286.85 123 South Beach ACE Letter of Intent Page 13 of 21 BOND SUMMARY STATISTICS Miami Beach Convention Center Resort Tax Base Financing Case Dated Date 01/01/2015 Delivery Date 01/01/2015 Last Maturity 01/01/2046 Arbitrage Yield 3.406372% True Interest Cost (TIC)4.042411% Net Interest Cost (NIC)4.383414% All-In TIC 4.112906% Average Coupon 4.985216% Average Life (years)20.343 Weighted Average Maturity (years)20.132 Duration of Issue (years)12.981 Par Amount 504,410,000.00 Bond Proceeds 566,163,286.85 Total Interest 511,553,200.00 Net Interest 449,799,913.15 Total Debt Service 1,015,963,200.00 Maximum Annual Debt Service 41,580,000.00 Average Annual Debt Service 32,773,006.45 Underwriter's Fees (per $1000) Average Takedown Other Fee Total Underwriter's Discount Bid Price 112.242677 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change Serials 213,385,000.00 115.421 4.939% 11.613 167,826.60 Term 1 104,005,000.00 110.081 5.000% 23.164 91,524.40 Term 2 187,020,000.00 109.818 5.000% 28.736 162,707.40 504,410,000.00 20.343 422,058.40 All-In Arbitrage TIC TIC Yield Par Value 504,410,000.00 504,410,000.00 504,410,000.00 + Accrued Interest + Premium (Discount)61,753,286.85 61,753,286.85 61,753,286.85 - Underwriter's Discount - Cost of Issuance Expense (5,044,100.00) - Other Amounts Target Value 566,163,286.85 561,119,186.85 566,163,286.85 Target Date 01/01/2015 01/01/2015 01/01/2015 Yield 4.042411%4.112906%3.406372% 124 South Beach ACE Letter of Intent Page 14 of 21 BOND PRICING Miami Beach Convention Center Resort Tax Base Financing Case Maturity Yield to Call Call Bond Component Date Amount Rate Yield Price Maturity Date Price Serials: 01/01/2018 6,605,000 4.000% 0.870% 109.248 01/01/2019 13,110,000 4.000% 1.110% 111.276 01/01/2020 15,890,000 4.000% 1.340% 112.822 01/01/2021 16,835,000 5.000% 1.630% 119.188 01/01/2022 17,805,000 5.000% 1.890% 120.301 01/01/2023 18,775,000 5.000% 2.150% 120.844 01/01/2024 5,185,000 5.000% 2.420% 120.753 01/01/2025 5,760,000 5.000% 2.640% 120.623 01/01/2026 6,370,000 5.000% 2.820% 118.880 C 2.975% 01/01/2025 100.000 01/01/2027 7,620,000 5.000% 2.990% 117.262 C 3.251% 01/01/2025 100.000 01/01/2028 8,335,000 5.000% 3.120% 116.043 C 3.457% 01/01/2025 100.000 01/01/2029 10,175,000 5.000% 3.240% 114.931 C 3.630% 01/01/2025 100.000 01/01/2030 11,035,000 5.000% 3.330% 114.105 C 3.761% 01/01/2025 100.000 01/01/2031 11,940,000 5.000% 3.400% 113.467 C 3.864% 01/01/2025 100.000 01/01/2032 12,900,000 5.000% 3.440% 113.105 C 3.935% 01/01/2025 100.000 01/01/2033 13,920,000 5.000% 3.480% 112.744 C 4.000% 01/01/2025 100.000 01/01/2034 14,995,000 5.000% 3.530% 112.295 C 4.065% 01/01/2025 100.000 01/01/2035 16,130,000 5.000% 3.580% 111.848 C 4.124% 01/01/2025 100.000 213,385,000 Term 1: 01/01/2036 17,330,000 5.000% 3.780% 110.081 C 4.336% 01/01/2025 100.000 01/01/2037 19,255,000 5.000% 3.780% 110.081 C 4.336% 01/01/2025 100.000 01/01/2038 20,630,000 5.000% 3.780% 110.081 C 4.336% 01/01/2025 100.000 01/01/2039 22,615,000 5.000% 3.780% 110.081 C 4.336% 01/01/2025 100.000 01/01/2040 24,175,000 5.000% 3.780% 110.081 C 4.336% 01/01/2025 100.000 104,005,000 Term 2: 01/01/2041 25,820,000 5.000% 3.810% 109.818 C 4.416% 01/01/2025 100.000 01/01/2042 27,555,000 5.000% 3.810% 109.818 C 4.416% 01/01/2025 100.000 01/01/2043 29,380,000 5.000% 3.810% 109.818 C 4.416% 01/01/2025 100.000 01/01/2044 31,315,000 5.000% 3.810% 109.818 C 4.416% 01/01/2025 100.000 01/01/2045 33,350,000 5.000% 3.810% 109.818 C 4.416% 01/01/2025 100.000 01/01/2046 39,600,000 5.000% 3.810% 109.818 C 4.416% 01/01/2025 100.000 187,020,000 504,410,000 Dated Date 01/01/2015 Delivery Date 01/01/2015 First Coupon 07/01/2015 Par Amount 504,410,000.00 Premium 61,753,286.85 Production 566,163,286.85 112.242677% Underwriter's Discount Purchase Price 566,163,286.85 112.242677% Accrued Interest Net Proceeds 566,163,286.85 125 South Beach ACE Letter of Intent Page 15 of 21 BOND DEBT SERVICE Miami Beach Convention Center Resort Tax Base Financing Case Dated Date 01/01/2015 Delivery Date 01/01/2015 Period Ending Principal Coupon Interest Debt Service 01/01/2016 24,864,450 24,864,450 01/01/2017 24,864,450 24,864,450 01/01/2018 6,605,000 4.000% 24,864,450 31,469,450 01/01/2019 13,110,000 4.000% 24,600,250 37,710,250 01/01/2020 15,890,000 4.000% 24,075,850 39,965,850 01/01/2021 16,835,000 5.000% 23,440,250 40,275,250 01/01/2022 17,805,000 5.000% 22,598,500 40,403,500 01/01/2023 18,775,000 5.000% 21,708,250 40,483,250 01/01/2024 5,185,000 5.000% 20,769,500 25,954,500 01/01/2025 5,760,000 5.000% 20,510,250 26,270,250 01/01/2026 6,370,000 5.000% 20,222,250 26,592,250 01/01/2027 7,620,000 5.000% 19,903,750 27,523,750 01/01/2028 8,335,000 5.000% 19,522,750 27,857,750 01/01/2029 10,175,000 5.000% 19,106,000 29,281,000 01/01/2030 11,035,000 5.000% 18,597,250 29,632,250 01/01/2031 11,940,000 5.000% 18,045,500 29,985,500 01/01/2032 12,900,000 5.000% 17,448,500 30,348,500 01/01/2033 13,920,000 5.000% 16,803,500 30,723,500 01/01/2034 14,995,000 5.000% 16,107,500 31,102,500 01/01/2035 16,130,000 5.000% 15,357,750 31,487,750 01/01/2036 17,330,000 5.000% 14,551,250 31,881,250 01/01/2037 19,255,000 5.000% 13,684,750 32,939,750 01/01/2038 20,630,000 5.000% 12,722,000 33,352,000 01/01/2039 22,615,000 5.000% 11,690,500 34,305,500 01/01/2040 24,175,000 5.000% 10,559,750 34,734,750 01/01/2041 25,820,000 5.000% 9,351,000 35,171,000 01/01/2042 27,555,000 5.000% 8,060,000 35,615,000 01/01/2043 29,380,000 5.000% 6,682,250 36,062,250 01/01/2044 31,315,000 5.000% 5,213,250 36,528,250 01/01/2045 33,350,000 5.000% 3,647,500 36,997,500 01/01/2046 39,600,000 5.000% 1,980,000 41,580,000 504,410,000 511,553,200 1,015,963,200 126 South Beach ACE Letter of Intent Page 16 to 21 NET DEBT SERVICE Miami Beach Convention Center Resort Tax Base Financing Case Capitalized Period Total Debt Service Interest Net Ending Debt Service Reserve Fund Fund Debt Service 01/01/2016 24,864,450 (10,709,282) 14,155,168.00 01/01/2017 24,864,450 (3,530,947) 21,333,503.00 01/01/2018 31,469,450 (409,662.58)31,059,787.42 01/01/2019 37,710,250 (409,662.58)37,300,587.42 01/01/2020 39,965,850 (614,493.88)39,351,356.12 01/01/2021 40,275,250 (614,493.88)39,660,756.12 01/01/2022 40,403,500 (614,493.88)39,789,006.12 01/01/2023 40,483,250 (614,493.88)39,868,756.12 01/01/2024 25,954,500 (614,493.88)25,340,006.12 01/01/2025 26,270,250 (614,493.88)25,655,756.12 01/01/2026 26,592,250 (614,493.88)25,977,756.12 01/01/2027 27,523,750 (614,493.88)26,909,256.12 01/01/2028 27,857,750 (614,493.88)27,243,256.12 01/01/2029 29,281,000 (614,493.88)28,666,506.12 01/01/2030 29,632,250 (614,493.88)29,017,756.12 01/01/2031 29,985,500 (614,493.88)29,371,006.12 01/01/2032 30,348,500 (614,493.88)29,734,006.12 01/01/2033 30,723,500 (614,493.88)30,109,006.12 01/01/2034 31,102,500 (614,493.88)30,488,006.12 01/01/2035 31,487,750 (614,493.88)30,873,256.12 01/01/2036 31,881,250 (614,493.88)31,266,756.12 01/01/2037 32,939,750 (614,493.88)32,325,256.12 01/01/2038 33,352,000 (614,493.88)32,737,506.12 01/01/2039 34,305,500 (614,493.88)33,691,006.12 01/01/2040 34,734,750 (614,493.88)34,120,256.12 01/01/2041 35,171,000 (614,493.88)34,556,506.12 01/01/2042 35,615,000 (614,493.88)35,000,506.12 01/01/2043 36,062,250 (614,493.88)35,447,756.12 01/01/2044 36,528,250 (614,493.88)35,913,756.12 01/01/2045 36,997,500 (614,493.88)36,383,006.12 01/01/2046 41,580,000 (41,580,751.94)(751.94) 1,015,963,200 (58,376,917.98) (14,240,229) 943,346,053.02 127 South Beach ACE Letter of Intent Page 17 of 21 SOURCES AND USES OF FUNDS Miami Beach Convention Center Parking Revenue Financing Case Dated Date 01/01/2015 Delivery Date 01/01/2015 Sources: Bond Proceeds: Par Amount 66,290,000.00 Premium 7,597,161.65 73,887,161.65 Uses: Project Fund Deposits: Project Fund 58,300,000.00 Other Fund Deposits: Debt Service Reserve Fund 5,750,840.73 Capitalized Interest Fund 9,173,299.75 14,924,140.48 Delivery Date Expenses: Cost of Issuance 662,900.00 Other Uses of Funds: Contingency 121.17 73,887,161.65 128 South Beach ACE Letter of Intent Page 18 of 21 BOND SUMMARY STATISTICS Miami Beach Convention Center Parking Revenue Financing Case Dated Date 01/01/2015 Delivery Date 01/01/2015 Last Maturity 01/01/2046 Arbitrage Yield 3.609481% True Interest Cost (TIC)4.198023% Net Interest Cost (NIC)4.501460% All-In TIC 4.263073% Average Coupon 4.999008% Average Life (years)23.034 Weighted Average Maturity (years)22.889 Duration of Issue (years)14.172 Par Amount 66,290,000.00 Bond Proceeds 73,887,161.65 Total Interest 76,330,850.00 Net Interest 68,733,688.35 Total Debt Service 142,620,850.00 Maximum Annual Debt Service 6,005,500.00 Average Annual Debt Service 4,600,672.58 Underwriter's Fees (per $1000) Average Takedown Other Fee Total Underwriter's Discount Bid Price 111.460494 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change Serials 20,655,000.00 114.882 4.995% 14.913 18,449.35 Term 1 16,310,000.00 110.081 5.000% 23.159 14,352.80 Term 2 29,325,000.00 109.818 5.000% 28.685 25,512.75 66,290,000.00 23.034 58,314.90 All-In Arbitrage TIC TIC Yield Par Value 66,290,000.00 66,290,000.00 66,290,000.00 + Accrued Interest + Premium (Discount)7,597,161.65 7,597,161.65 7,597,161.65 - Underwriter's Discount - Cost of Issuance Expense (662,900.00) - Other Amounts Target Value 73,887,161.65 73,224,261.65 73,887,161.65 Target Date 01/01/2015 01/01/2015 01/01/2015 Yield 4.198023%4.263073%3.609481% 129 South Beach ACE Letter of Intent Page 19 of 21 BOND PRICING Miami Beach Convention Center Parking Revenue Financing Case Maturity Yield to Call Call Bond Component Date Amount Rate Yield Price Maturity Date Price Serials: 01/01/2019 85,000 4.000% 1.110% 111.276 01/01/2020 235,000 4.000% 1.340% 112.822 01/01/2021 365,000 5.000% 1.630% 119.188 01/01/2022 505,000 5.000% 1.890% 120.301 01/01/2023 660,000 5.000% 2.150% 120.844 01/01/2024 770,000 5.000% 2.420% 120.753 01/01/2025 890,000 5.000% 2.640% 120.623 01/01/2026 1,010,000 5.000% 2.820% 118.880 C 2.975% 01/01/2025 100.000 01/01/2027 1,145,000 5.000% 2.990% 117.262 C 3.251% 01/01/2025 100.000 01/01/2028 1,285,000 5.000% 3.120% 116.043 C 3.457% 01/01/2025 100.000 01/01/2029 1,435,000 5.000% 3.240% 114.931 C 3.630% 01/01/2025 100.000 01/01/2030 1,590,000 5.000% 3.330% 114.105 C 3.761% 01/01/2025 100.000 01/01/2031 1,760,000 5.000% 3.400% 113.467 C 3.864% 01/01/2025 100.000 01/01/2032 1,935,000 5.000% 3.440% 113.105 C 3.935% 01/01/2025 100.000 01/01/2033 2,125,000 5.000% 3.480% 112.744 C 4.000% 01/01/2025 100.000 01/01/2034 2,325,000 5.000% 3.530% 112.295 C 4.065% 01/01/2025 100.000 01/01/2035 2,535,000 5.000% 3.580% 111.848 C 4.124% 01/01/2025 100.000 20,655,000 Term 1: 01/01/2036 2,760,000 5.000% 3.780% 110.081 C 4.336% 01/01/2025 100.000 01/01/2037 2,995,000 5.000% 3.780% 110.081 C 4.336% 01/01/2025 100.000 01/01/2038 3,245,000 5.000% 3.780% 110.081 C 4.336% 01/01/2025 100.000 01/01/2039 3,515,000 5.000% 3.780% 110.081 C 4.336% 01/01/2025 100.000 01/01/2040 3,795,000 5.000% 3.780% 110.081 C 4.336% 01/01/2025 100.000 16,310,000 Term 2: 01/01/2041 4,090,000 5.000% 3.810% 109.818 C 4.416% 01/01/2025 100.000 01/01/2042 4,405,000 5.000% 3.810% 109.818 C 4.416% 01/01/2025 100.000 01/01/2043 4,735,000 5.000% 3.810% 109.818 C 4.416% 01/01/2025 100.000 01/01/2044 5,085,000 5.000% 3.810% 109.818 C 4.416% 01/01/2025 100.000 01/01/2045 5,455,000 5.000% 3.810% 109.818 C 4.416% 01/01/2025 100.000 01/01/2046 5,555,000 5.000% 3.810% 109.818 C 4.416% 01/01/2025 100.000 29,325,000 66,290,000 Dated Date 01/01/2015 Delivery Date 01/01/2015 First Coupon 07/01/2015 Par Amount 66,290,000.00 Premium 7,597,161.65 Production 73,887,161.65 111.460494% Underwriter's Discount Purchase Price 73,887,161.65 111.460494% Accrued Interest Net Proceeds 73,887,161.65 130 South Beach ACE Letter of Intent Page 20 of 21 BOND DEBT SERVICE Miami Beach Convention Center Parking Revenue Financing Case Dated Date 01/01/2015 Delivery Date 01/01/2015 Period Debt Ending Principal Coupon Interest Service 01/01/2016 3,311,300 3,311,300 01/01/2017 3,311,300 3,311,300 01/01/2018 3,311,300 3,311,300 01/01/2019 85,000 4.000%3,311,300 3,396,300 01/01/2020 235,000 4.000%3,307,900 3,542,900 01/01/2021 365,000 5.000%3,298,500 3,663,500 01/01/2022 505,000 5.000%3,280,250 3,785,250 01/01/2023 660,000 5.000%3,255,000 3,915,000 01/01/2024 770,000 5.000%3,222,000 3,992,000 01/01/2025 890,000 5.000%3,183,500 4,073,500 01/01/2026 1,010,000 5.000% 3,139,000 4,149,000 01/01/2027 1,145,000 5.000% 3,088,500 4,233,500 01/01/2028 1,285,000 5.000% 3,031,250 4,316,250 01/01/2029 1,435,000 5.000% 2,967,000 4,402,000 01/01/2030 1,590,000 5.000% 2,895,250 4,485,250 01/01/2031 1,760,000 5.000% 2,815,750 4,575,750 01/01/2032 1,935,000 5.000% 2,727,750 4,662,750 01/01/2033 2,125,000 5.000% 2,631,000 4,756,000 01/01/2034 2,325,000 5.000% 2,524,750 4,849,750 01/01/2035 2,535,000 5.000% 2,408,500 4,943,500 01/01/2036 2,760,000 5.000% 2,281,750 5,041,750 01/01/2037 2,995,000 5.000% 2,143,750 5,138,750 01/01/2038 3,245,000 5.000% 1,994,000 5,239,000 01/01/2039 3,515,000 5.000% 1,831,750 5,346,750 01/01/2040 3,795,000 5.000% 1,656,000 5,451,000 01/01/2041 4,090,000 5.000% 1,466,250 5,556,250 01/01/2042 4,405,000 5.000% 1,261,750 5,666,750 01/01/2043 4,735,000 5.000% 1,041,500 5,776,500 01/01/2044 5,085,000 5.000% 804,750 5,889,750 01/01/2045 5,455,000 5.000% 550,500 6,005,500 01/01/2046 5,555,000 5.000% 277,750 5,832,750 66,290,000 76,330,850 142,620,850 131 South Beach ACE Letter of Intent Page 21 of 21 NET DEBT SERVICE Miami Beach Convention Center Parking Revenue Financing Case Capitalized Period Total Debt Service Interest Net Ending Debt Service Reserve Fund Fund Debt Service 01/01/2016 3,311,300 (3,311,300) 01/01/2017 3,311,300 (3,311,300) 01/01/2018 3,311,300 (3,311,300) 01/01/2019 3,396,300 (57,508.40)3,338,791.60 01/01/2020 3,542,900 (86,262.62)3,456,637.38 01/01/2021 3,663,500 (86,262.62)3,577,237.38 01/01/2022 3,785,250 (86,262.62)3,698,987.38 01/01/2023 3,915,000 (86,262.62)3,828,737.38 01/01/2024 3,992,000 (86,262.62)3,905,737.38 01/01/2025 4,073,500 (86,262.62)3,987,237.38 01/01/2026 4,149,000 (86,262.62)4,062,737.38 01/01/2027 4,233,500 (86,262.62)4,147,237.38 01/01/2028 4,316,250 (86,262.62)4,229,987.38 01/01/2029 4,402,000 (86,262.62)4,315,737.38 01/01/2030 4,485,250 (86,262.62)4,398,987.38 01/01/2031 4,575,750 (86,262.62)4,489,487.38 01/01/2032 4,662,750 (86,262.62)4,576,487.38 01/01/2033 4,756,000 (86,262.62)4,669,737.38 01/01/2034 4,849,750 (86,262.62)4,763,487.38 01/01/2035 4,943,500 (86,262.62)4,857,237.38 01/01/2036 5,041,750 (86,262.62)4,955,487.38 01/01/2037 5,138,750 (86,262.62)5,052,487.38 01/01/2038 5,239,000 (86,262.62)5,152,737.38 01/01/2039 5,346,750 (86,262.62)5,260,487.38 01/01/2040 5,451,000 (86,262.62)5,364,737.38 01/01/2041 5,556,250 (86,262.62)5,469,987.38 01/01/2042 5,666,750 (86,262.62)5,580,487.38 01/01/2043 5,776,500 (86,262.62)5,690,237.38 01/01/2044 5,889,750 (86,262.62)5,803,487.38 01/01/2045 6,005,500 (86,262.62)5,919,237.38 01/01/2046 5,832,750 (5,837,103.35)(4,353.35) 142,620,850 (8,137,439.87) (9,933,900) 124,549,510.13 132 South Beach ACE Letter of Intent