MBCC Hotel PresentationRequest approval to enter into
negotiations with Portman Holdings
related to RFP No. 2015-103-ME
related to the Convention
Headquarter Hotel Developer
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3
$11,878,400
Operating year 4 (2022)
City leases and taxes
$263,700
2014 parking meter
and
valet concessions
revenues
As Parking Lot As Hotel
Sources: Portman proforma, City of Miami Beach, MBCC, SAG
Total NPV @ 5% Total NPV @ 5%
Hotel Lease
Minimum Fixed Rent $91m $36m $708m $60m
Variable Rent 89m 35m 705m 59m
Percentage Rent (4% Gross) 180m 71m 1,414m 119m
Taxes
CRA City (thru 3/2044) 34m 16m 34m 16m
CRA County (thru 3/2044) 26m 12m 26m 12m
New Resort Tax (Hotel 1%) 30m 12m 229m 20m
Resort Tax (Hotel 3%, F&B 2%) 118m 48m 902m 79m
CDT Allocation (thru 2044) 36m 16m 36m 16m
Property Taxes 13m 4m 326m 16m
Subtotal 258m 108m 1,553m 159m
CITY TOTAL $438m $178m $2,967m $278m
4
Sources: Portman proforma, City of Miami Beach, SAG
Over 30 Years Over 99 Years
Total NPV @ 5% Total NPV @ 5%
CITY TOTAL $438m $178m $2,967m $278m
COUNTY
Convention Devl. Tax (3%) 54m 20m 650m 44m
Local Option Sales Tax (1%) 44m 18m 336m 29m
Property Taxes 12m 4m 266m 14m
Subtotal County 110m 42m 1,252m 87m
SCHOOLS (Property Tax) 60m 24m 453m 40m
OTHER PROPERTY* 7m 3m 55m 5m
STATE SALES TAX (6%) 264m 107m 2,019m 176m
TOTAL $878m $354m $6,746m $586m
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* Regional and Children’s Trust portion of property tax
Sources: Portman proforma, City of Miami Beach, SAG
Over 30 Years Over 99 Years
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Criteria
Potential
Score #1 #2 #3
Average
Score
Hotel finance plan and Proposer financial
capabilities 30 28 25 25 26
Proposed financial and other terms of the
Development and Ground Lease Agreement 25 22 25 23 23
Hotel program, conceptual design and preliminary
development budget 20 18 15 18 17
Proposer experience and qualifications 10 10 10 10 10
Design Team experience and qualifications 10 9 10 10 10
Organizational plan 5 5 5 5 5
Total 100 92 90 91 91
Committee Member Scoring
•May 20 – Authorization to negotiate
•June 3 – Finance Committee
•July 8 – First Reading (Lease & Referendum Language)
•July 29 – Second Reading (Lease & Referendum Language)
•November 3 – Hotel Special Election
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Request approval to enter into
negotiations with Portman Holdings
related to RFP No. 2015-103-ME
related to the Convention
Headquarter Hotel Developer
8