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HomeMy WebLinkAboutResolution 2025-33970RESOLUTION NO. 2025-33970 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE FINANCE AND ECONOMIC RESILIENCE COMMITTEE AND APPROVING AND AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE AN AGREEMENT WITH PLAYBOY ENTERPRISES INTERNATIONAL, INC., FOR PARTICIPATION IN THE JOB CREATION INCENTIVE PROGRAM, IN AN AMOUNT NOT TO EXCEED $200,000 PER YEAR, FOR UP TO FOUR (4) YEARS, SUBJECT TO ANNUAL FUNDING APPROPRIATION AND APPROVAL DURING THE CITY'S BUDGETARY PROCESS FOR EACH FISCAL YEAR DURING THE TERM OF THE AGREEMENT. WHEREAS, the Mayor and City Commission have identified the promotion of a more business- and user-friendly environment as a key objective of the City's strategic planning efforts; and WHEREAS, Miami Beach's diverse and growing economy continues to attract corporate headquarters and regional offices across targeted industries that provide high -wage employment opportunities, particularly within technology, financial services, and creative sectors, whose median and average salaries significantly exceed countywide averages; and WHEREAS, the Mayor and Commission recognize the importance of a locally driven approach to cultivating these targeted industries within an increasingly competitive regional and national marketplace, and are committed to developing programs that attract, retain, and expand businesses in Miami Beach; and WHEREAS, pursuant to Resolution Nos. 2021-31618, 2021-31620, 2022-32117, and 2025-33698, the Mayor and City Commission created and refined the Job Creation Incentive Program ("JCIP" or "Program"), a performance -based financial incentive designed to support qualified businesses that relocate or expand in Miami Beach, thereby increasing the number of quality, high -wage jobs available to residents; and WHEREAS, under the Program, recipients must create or relocate at least twenty (20) full-time equivalentjobs with average annual wages of at least 120% of either the State of Florida or Miami -Dade County average wage, whichever is higher; and WHEREAS, companies new to the Miami Beach market may be eligible for incentive awards of up to $200,000 annually, for a period of up to four (4) years, subject to the appropriation and approval of funds during the City's annual budgetary process; and WHEREAS, Playboy Enterprises International, Inc. ("Playboy"), founded in 1953, has evolved from its origins as a print publication into a global lifestyle and media brand, encompassing digital and subscription media, entertainment, intellectual property, and a wide array of luxury consumer products; and WHEREAS, Playboys decision to relocate its long-standing global headquarters from Los Angeles to Miami Beach represents a significant corporate milestone, signaling confidence in Miami Beach as a hub for global business and contributing to the continued diversification of the City's economic landscape; and WHEREAS, on September 3, 2025, the Mayor and Commission referred Playboy Enterprises International Inc.'s application to the Finance and Economic Resiliency Committee (FERC) for discussion and consideration; and WHEREAS, on September 26, 2025, the Finance and Economic Resilience Committee reviewed Playboy Enterprises International Inc.'s application and recommended approval. 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 accept the recommendation of the Finance and Economic Resilience Committee at its September 26, 2025 meeting, and approve and authorize the City Manager to negotiate and execute an agreement with Playboy Enterprises International, Inc., for participation in the Job Creation Incentive Program, in an amount not to exceed $200,000 per year, for up to four (4) years, subject to annual funding appropriation and approval during the City's budgetary process for each fiscal year during the term of the agreement. PASSED and ADOPTED th«j1 1 day of Deuµk1V' 2025. ATTEST: •,p,�. .,.:_;.; 4_� Steven Mather, Mayor Rafael E. t3ranad6, City Clerk DEC 2 2 2025 APPROVED AS TO Sponsored by Commissioner Joseph Magazine FORM & LANGUAGE & FOR EXECUTION LZ)l I wos- City ttorney RR Date Resolutions - C7 G MIAMI BEACH COMMISSION MEMORANDUM TO: Honorable Mayor and Members of the City Commission FROM: Eric Carpenter, City Manager DATE: December 17, 2025 TITLE: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE FINANCE AND ECONOMIC RESILIENCE COMMITTEE AND APPROVING AND AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE AN AGREEMENT WITH PLAYBOY ENTERPRISES INTERNATIONAL, INC., FOR PARTICIPATION IN THE JOB CREATION INCENTIVE PROGRAM, IN AN AMOUNT NOT TO EXCEED $200,000 PER YEAR, FOR UP TO FOUR (4) YEARS, SUBJECT TO ANNUAL FUNDING APPROPRIATION AND APPROVAL DURING THE CITY'S BUDGETARY PROCESS FOR EACH FISCAL YEAR DURING THE TERM OF THE AGREEMENT. The Administration recommends the approval and authorization of the City Manager to execute an agreement with Playboy Enterprises International, Inc. ("Playboy") for participation in the Job Creation Incentive Program, in an amount not to exceed $200,000 per year, for up to four years, subject to funding appropriation and approval during the City's budgetary process for each fiscal year during the term of the agreement. The Economic Development Department is dedicated to fostering a robust economy that stimulates balanced growth by connecting business, community, people and jobs through business assistance and resources, corridor development and redevelopment, real estate, and creating a diverse economy and resilient community. On March 17, 2021, the Mayor and City Commission adopted Resolution 2021-31620, establishing the Job Creation Incentive Program ("JCIP"N(the "Program"). The Program mission is to attract and grow targeted industries in Miami Beach by providing performance -based incentives for companies in technology, financial services, and headquarters operations relocating to or expanding in the City of Miami Beach. The JCIP affords the city a greater competitive advantage and ability to leverage existing incentives from the State and County. The purpose of the JCIP is to strategically attract new and expanding businesses within the City of Miami Beach and to diversify the economy by strategically increasing the number of quality, high -wage jobs in Miami Beach. Program participants must create or relocate a minimum of ten (10) new, fulltime equivalent jobs with average annual wages meeting or exceeding 125% of the State of Florida or Miami -Dade County average wage, whichever is higher, at the time of application. After each annual performance period, participants are eligible to receive an incentive based on number of new and relocated employees with additional incentives for participants locating in North Beach, and those hiring Miami Beach residents and employees with education or training received at local institutions. 892 of 3458 At that time, new -to -market companies that were recipients of the incentive were eligible for an award of up to $60,000 per year for four (4) years. Expanding companies were eligible for an award of up to $60,000 per year for three (3) years. On April 6, 2022, the City Commission authorized an amendment to the Program to encourage small and startup businesses to participate and to develop a greater focus on subcategories within the targeted industries including cryptocurrency, blockchain, Web3, decentralized finance, sustainability, resiliency, hospitality, tourism, health and wellness, and arts and culture. As outlined in the Program guidelines, recommendations for award must be reviewed by the Finance and Economic Resiliency Committee (FERC) and approved by the City Commission. On May 21, 2025, the City Commission authorized amendments to the JCIP to further attract new and expanding businesses to Miami Beach. The revisions modify Program eligibility requiring applicants to create or relocate a minimum of 20 new full-time equivalent jobs in Miami Beach, with average annual wages that meet or exceed 120% of either the State of Florida or Miami - Dade County average wage (currently $69,494 and $77,694, respectively, per the U.S. Bureau of Labor Statistics), whichever is higher, at the time of application. The amended Program establishes a maximum award of $200.000 per year, for up to four (4) years for a single new business. In addition, the Commission approved increasing the FY 2026 JCIP budget line item by $400,000. On September 3, 2025, the Finance and Economic Resilience Committee reviewed Playboy Enterprises International Inc.'s JCIP application and recommended Commission approval. ANALYSIS Established in December 1953 in Chicago, by Hugh Hefner, as a lifestyle magazine, Playboy is global media and leisure company connecting consumers with products, content, and experiences that help them lead more fulfilling lives. Playboy, the consumer brand, is one of the most recognizable brands in the world, with products and content available in approximately 180 countries. Today, Playboy operates as a digital lifestyle brand that maintains collaborations with artists, models, and partners across media and consumer markets, and has diversified into luxury goods, digital platforms, and global licensing. Playboy remains an internationally recognized enterprise with a portfolio that spans publishing, entertainment, and consumer products. The company is projecting a significant capital investment of $4,818,900 in its relocation to Miami Beach, with the landlord contributing $2,420,251 toward the planned improvements. The relocation project is scheduled to begin with design and permitting from July 1, 2025, through January 1, 2026, followed by construction commencing in early 2026. Completion of the buildout and full move -in is anticipated by September 30, 2026. Playboy currently employs 68 full-time staff company -wide, and projects creating 20 new full-time jobs in Miami Beach, within the first 12 months of operations. Seventy-five new positions are anticipated over the four (4) year incentive period. These jobs represent highly compensated 893 of 3458 opportunities, with average annual wage projected at $175,021, well above state and county benchmarks. As a global consumer lifestyle brand, Playboy markets its portfolio through a wide range of licensing initiatives, direct -to -consumer products, Playboy magazine, digital subscriptions and content, and online and location -based entertainment. The relocation of Playboy's headquarters will bring high -wage employment opportunities to the City and elevate Miami Beach as a destination for world -class media, culture, and creative business activity. PLAYBOY ENTERPRISES INTERNATIONAL INC: Project Summary Industry and business services Media Location 1691 Michigan Ave, Miami Beach, FL 33139 Type of Office Headquarters Lease Tenn 139 months Capital Investment $4,818,900 ($2,420,251 to be provided by landlord New or Relocated Jobs 75 projected over 4 years Averse Wages $175,021 Estimated annual award amount $200,000 Estimated final award amount $800,000 over 4 ears Economic Impact Analysis IMPLAN See Exhibit A FISCAL IMPACT STATEMENT The fiscal impact to the City is potentially up to $200,000 per fiscal year for four (4) years, or $800,000 over the four-year Program term, subject to funding appropriation and approval during the budgetary process for each fiscal year throughout the term of the agreement. Does this Ordinance require a Business Impact Estimate? If applicable, the Business Impact Estimate (BIE) was published on: See BIE at: https�/lwww miamibeachfl gov/city-hall/city-clerk/meeting-notices/ FINANCIAL INFORMATION CONCLUSION The Administration recommends the approval and authorization of the City Manager to execute an agreement with Playboy Enterprises International, Inc. ("Playboy") for participation in the Job Creation Incentive Program, in an amount not to exceed $200,000 per year, for up to four years, subject to funding appropriation and approval during the City's budgetary process for each fiscal year during the term of the agreement. Exhibit A: Economic Impact Report Exhibit B: JCIP Application Applicable Area 894 of 3458 South Beach Is this a "Residents Right to Know" item, Is this item related to a G.O. Bond pursuant to City Code Section 2.17? Project? No No Was this Agenda Item initially requested by a lobbyist which, as defined in Code Sec. 2-481, includes a principal engaged in lobbying? No If so, specify the name of lobbyist(s) and principal(s): Department Economic Development Sponsor(s) Commissioner Joseph Magazine Co-sponsor(s) Condensed Title Approve JCIP Award and Agreement, Playboy Enterprises (JM) ED Previous Action (For City Clerk Use Only) 895 of 3458 Exhibit A Economic Impact Summary — Playboy Enterprises International Inc. APPLICANT: Playboy Enterprises International Inc. CURRENT LOCATION: 10960 Wilshire Blvd, Ste. 2200, Los Angeles, CA 90024 PROPOSED LOCATION: 1691 Michigan Ave, Miami Beach, FL 33139 Approximately $4,818,900.00 (Four million eight hundred eighteen thousand and 900 dollars) for renovations for expansion, CAPITAL INVESTMENT: architecture fees, capital improvements, and purchasing furniture and equipment. JOB CREATION: 20 relocated or new employees in the first 12 months; 75 new employees in four years from 2026 to 2030 Average salary of newjobs: $ 175,021 Economic Impact results using IMPLAN Cloud Version 24.6 (reported in 2015 dollars) Total Job Creation Output Impact Direct, Indirect and Induced Jobs 97.13 @ 4-years Total Labor Income Impact Direct Jobs Only $11,42 million @ 4-years State & Local Tax Impact Direct lobs Only $222,882.590 4-years (Excluding ad valorem tax) Total Employment Impact Direct lobs 95 Indirect Jobs <2 Induced Jobs <1 Total jobs resulting from this Investment 97 Cumulative Impact — Playboy Enterprises International Inc. and Construction 95 $11,442,743 $16,852,908 $33,243,214 <2 $94,687 $117,350 $250,806 <1 $12,195 $21,540 $35,253 97 $11,549,625 $16,991,798 $33,529,273 Impact of Tax Revenue — Playboy Enterprises International Inc. 1-Direct I V3930 $31,807 $39,101 $128,045 $2,058,287 $2,281,170 2-Indirect E: $573 $761 $936 $2,225 $16,523 $21,018 3-Induced i232 $308 $379 $899 $2.290 $4.108 $24,735 $32,876 $40,416 $131,169 $2,077,100 $2,306,296 896 of 3458 Definitions Direct Effect Refers to the impact created direcHy by the business activity. All jobs created as a direct result of the business activity. Refers to those effects created by the producers of intermediate goods and service. All goods and services purchased Indirect Effect as a result of the business activity. Refers to the subsequent round of spending in the local economy made by the households Of the employees Of Induced Effect b,.. nesses that incur both direct and indirect expenditures. Total Effect Refers to the Direct, Indirect, and Induced impacts summed together. Employment Total annual average jobs. This includes self-employed and wage and salary employees, and all full-time, part-time and seasonal jobs, based on a count of full-time/part-time averages over twelve months. Defines the total value paid to local workers within a region. Labor Income is the income source for Induced Labor Income household spending estimations. labor Incoxne = Employee Comperaatlon ♦ Proprietor Income Comprised of Labor Income, Indirect Business Taxes, and Other Property Type Income. Value Added demonstrates an industry's value of production over the cost of its purchasing goods and services required to make its products. Total Value Added Value Added is often referred to as Gross Domestic Product (GDP). Value Added = labor Income ♦ Indirect Business Taxes ♦ Other Property Type Income The total value of an industry's production comprised of the value of the Intermediate Inputs and Value Added. In IMPLAN this is typically viewed as the value of a change in sates or the value of increased production. However, annual Output production is not always equal to annual sales. If production levels are higher than sales, surpluses become inventory. Because inventory does not drive additional impact in the year it was produced, In IMPLAN Direct Industry sales = Direct Output. Output = Intermediate Inputs ♦ Value Added IMPLAN Software for Economic Impact Analysis Version 24.6 Copyright 20251MPLAN Group, Inc. 897 of 3458 i5 8s �x�a� 8 k 9 k 3 C Z 3 aw Z 0 d !+e gm�K F qp :�&9C�8988"-�RO� S mvC9& o, � BNSiF N q pn �Fp� g �trao oaaa=eqa=a=> a68 oa 345��� � Sr#' Ell n c A MIAMIBEACH Miami Beach Economic Development - JobCreation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP_2425OOO1 Name: Marc Crossman Phone: (323)216-7755 Email: mam.crossman@playboy.00m Applicant Profile Applicant Type Organization Name Marc Creasman Legal Name Playboy Enterprises International, Inc. Email marc.crossman@playboy.com Primary Phone (323) 216-7755 Address 10960 Wilshire Blvd Ste. 2200 Ids angeles, California 90024 UNITED STATES Website hitpsJwww.playboy.com FEIN Tax In 36-2258830 Fiscal year End Date 12/31 Unique Entity ID (UEI) Mission Statement To inspire and empower modern men by celebrating the intersections of style and culture. Playboy is a platform for provocative ideas, authentic self-expression, and sophisticated living —championing conversations that shape masculinity, sexuality, and society with intelligence, wit, and boldness. Organization History Playboy, an iconic international brand, plays a significant role in shaping modern attitudes toward sexuality and masculinity. Playboy was launched in December 1953 in Chicago by Hugh Hefner with a vision to create a lifestyle magazine for the sophisticated, urban male. His format combined erotic imagery with intellectual articles, interviews, fiction, music reviews, and lifestyle advice. This unique blend helped Playboy differentiate itself from other men's publications of the time. The magazine promoted an aspirational lifestyle, aligning sexuality with refinement and intelligence. It was about music, an, fashion, and progressive ideas. Over the decades, the brand has evolved dramatically, navigating the shifting titles of public opinion, technology, and consumer behavior. One of Playboy's defining features is its high -quality journalism and provocative interviews. The iconic Playboy Bunny logo became instantly recognizable, and the brand expanded into new arenas such as Playboy Clubs and television programs like Playboys Penthouse and Playboy After Dark. Today, Playboy exists as a digital lifestyle brand in addition to a traditional magazine. The company collaborates with diverse artists, models, and activists to explore modern expressions of identity and pleasure. It has also ventured into the world of luxury goods, and online communities. Playboy is is about the intersection of sex, culture, and media. Its evolution mirrors broader societal changes, from the sexual revolution to the digital age. Playboy remains a complex and influential form of modem media. #JCIP_24250001 Page 1 of 14 899 of 3458 MIAMI BEACH Miami Beach Economic Development - Job Creation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP_24250001 Name: Marc Crossman Phone: (323)216-7755 Email: marc.crossman@playboy.cem INSTRUCTIONS & ACKNOWLEDGEMENT I. PROGRAM OVERVIEW 8 PURPOSE The City of Miami Beach is invested in economic resiliency through economic diversification. New or existing financial services and technology -focused companies may be eligible for the Job Creation Incentive Program (JCIP), a performance -based incentive adopted by the City Commission via Resolution 2021-31620. The Company ("Applicant" or "Participant") must create or relocate a minimum of ten (10) full-time equivalent jobs, which average annual wages meeting or exceeding 125 % of Miami -Dade County or State of Florida average wages at the time of the application. The program aims to strategically attract new financial services and technology companies and expand existing businesses in these sectors while increasing the number of high - quality, high -wage jobs. II. INSTRUCTIONS a. Carefully review program guidelines, application, and related materials. b. Prior to submitting an application, contact the City's Economic Development Department at MBBiz@miamibeachfl.gov or 305-673-7572 to discuss your application, business needs, and how the program can be tailored to maximize your business growth in Miami Beach. c. Application must be submitted by the company applying for the incentive. III. ELIGIBILITY (see Program Guidelines for more details) The City of Miami Beach JCIP will be available to new -to -market companies or expanding companies that will either hire or relocate, a minimum of ten (10) employees within a 12-month period and would receive the financial incentive over a four (4) year period for New -to -Market relocations or three (3) year period for Existing Businesses expansions. The 10 created or relocated full-time equivalent jobs must have average annual wages meeting or exceeding 125% of Miami -Dade County or State of Florida average wages at the time of the application. The Program is available to the following industries*: a. Financial/Professional Services b. Technology c. Headquarters (including regional headquaners) for any industry "The City Commission, at its discretion, may waive the eligible industry requirement at the request and recommendation of the City Manager. IV. PRIOR DECISION RULE (PRESERVING INDUCEMENT) Any New -to -Markel Applicant that commits to a location within the City of Miami Reach prior to City Commission approval of the application/agreement will render an Applicant ineligible to participate in the JCIP However, the City Manager may waive this Prior Decision Rule and forward the Applicant's application to the I #JCIP 24250001 Page 2of 14 1 900 of 3458 MIAMI BEACH Miami Beach Economic Development- Job Creation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP_24250001 Name: Marc Cmssman Phone: (323)216-7755 Email: marc.crossman@playboy.com City Commission for consideration upon the written request by the Applicant to preserve the incentive for a limited time. However, the City Commission retains the sole and absolute discretion to approve or deny the Applicant's application. This prior decision rule waiver shall not be available to an Applicant that has already publicly disclosed the intent to locate or expand its operations in the City of Miami Beach without having previously engaged with the City's Economic Development Department to request the waiver. As the applicant, please confirm the acknowledgments below. . I have read and understood the JCIP Program Guidelines. Yes #JOP_24250001 Page 3 of 14 901 of 3458 MIAMI BEACH Miami Beach Economic Development - Job Creation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP_24250001 Name: Marc Crossman Phone: (323)216-7755 Email: mam.crossman@playboy.com APPLICANT INFORMATION Company Name: Playboy Enterprises International, Inc. Company DBA, if applicable: Playboy City of Miami Beach Address (where incentive will be utilized): 1691 Michigan Ave, Miami Beach, FL 33139 Headquarter or Previous Address (if different from above): 10960 Wilshire Blvd, Ste. 2200, Los Angeles, CA 90024 Federal Employer Identification: 362258830 Unemployment Compensation Identification: 14869853 (CA only) Florida sales tax registration number (if applicable): none NAICS Code(s): 519290 and 51320 SIC Code(s): 519 and 513 Industry: Headquarters it Headquarters, name other industry: Media Project Type: World HO Primary Business Activities: We are a global consumer lifestyle company marketing our brands through a wide range of licensing initiatives, direct -to -consumer products, Playboy magazine, digital subscriptions and content, and online and location- #JCIP_24250001 Page 4 of 14 902 of 3458 MIAMIBEACH Miami Beach Economic Development - JobCreation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP_2425OOO1 Name: Marc Grossman Phone: (323)216-7755 Email: marc.crossman@playboy.com based entertainment. Company Owner Name: Publicly held company Company Owner Title: Playboy Enterprises International, Inc. Add Additional Executive/Primary Contact (if different from owner): ((optional)) Yes Executive/Primary Contact Name: Ben Kohn Executive/Primary Contact Name: CEO Executive/Primary Contact Email: bkohn@playboy.com Executive/Primary Contact Phone: (917) 273-0988 Add Additional Authorized Representative/Secondary Contact: Yes Authorized Representative/Secondary Contact Name: Marc Crossman Authorized Representative/Secondary Contact Title: CFO Authorized Representative/Secondary Contact Email: marc.crossman@playboy.com Authorized Representative/Secondary Contact Phone: (323) 216-7755 Is the Miami Beach property to be occupied leased or owned? Leased #JCIP_24250001 Page 5 of 14 903 of 3458 MIAMI BEACH Miami Beach Economic Development - Job Creation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP_24250001 Name: Marc Grossman Phone: (323)216-7755 Email: marc.crossman@playboy.com Property Owner Name: Robert Rivani IRK Rivani LLC) Property Owner Contact Email: robert@blacklionig.com Property Owner Contact Phone: (424)284-77814 Has the company or any of its officers ever been subjected to criminal or civil fines and penalties? No If Yes, please explain: You may request that your project information and application be confidential per Section 288.075, Florida Statutes. Yes (Confidentiality is Requested) Annual Amount of incentive award requested-: The maximum annual incentive amount is $60,000 and as per the JCIP Incentive calculator ('If unsure, please submit the application as Draft Review and contact Economic Development Department for assistance at 305.673.7572 or mbbiz@miamibeachfl gov) #JCIP_24250001 Page 6 of 14 904 of 3458 MIAMI BEACH Miami Beach Economic Development - Job Creation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP_24250001 Name: Marc Crossman Phone: (323)216-7755 Email: marc.crossman@playboy.com COMPANY & PROJECT PROFILE Location Status: New to Market Business (Relocation) Property Status/Prospective Status: Lease Lease Term / Proposed Lease Term (number of months) 139 months Property Needs: Renovation Business Current Location Floor Area (sq. ft.): (it no current location exists, write n/a) 10,000 SF Business Proposed Location Floor Area (sq. ft.): 20,169 SF CAPITAL INVESTMENT Describe the capital Investment in real and personal property anticipated with the Project. (i.e. new construction or renovation of the facility; expenditure on improvements; and/or purchase, replace, and/or repairing of fixtures, furniture, and equipment (FF&E) as well as anticipated timeline for investment.) Total investment of$4,818,900 (The landlord is paying for $2,420,251 of the improvements) Timeline - Design and permits 7/l/2025-1/1/2026. Improvements 1/1/2026 and move in on 9/30/2026 Estimate associated cost of major capital investments (real and personal property) anticipated in connection with Project: Construction/Renovation Costs: $3,618,900 Furniture, Fixtures and Equipment (FF&E) Costs: $500,000 Equipment Costs: $500,000 #JCIP_24250001 Page 7 of 14 905 of 3458 MIAMIBEACH Miami Beach Economic Development - JobCreation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP_24250OO1 Name: Marc Grossman Phone: (323)216-7755 Email: marc.crossman@playboy.com Other costs: ((i.e. personal property)) $200,000 EMPLOYMENT AND WAGES New -to -Market (Relocation) Existing jobs company -wide: 68 Anticipated new full-time jobs in Miami Beach within 12 months of relocation: 20 Total anticipated new full-time jobs in Miami Beach over 4 years from relocation: 75 Existing Business (Expansion) Existing jobs in Miami Beach: Anticipated new full-time jobs in Miami Beach within 12 months of expansion: Total anticipated new full-time jobs in Miami Beach over 3 years from expansion: Average annual wages for all new jobs in Miami Beach over 3-year incentive period: Average annual wages for all new jobs in Miami Beach over 4-year incentive period: $175.021 Average annualized amount of employer provided benefits anticipated to be offered with each new job created by the project in the first year following execution of incentive agreement: $36.754 #JCIP 24250001 Page 8 0( 14 906 of 3458 MIAMI BEACH Miami Beach Economic Development -Job Creation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP- 24250001 Name: Marc Grossman Phone: (323)216-7755 Email: marc.crossman@playboy.com JOB CREATION SCHEDULE Year 1 Year 2 Year 3 Year 4 (New to Market only) Number of Average Median New Jobs Wages (not Wages (not including Including benefits) benefits) 20 176,730 153,676 20 202,901 145,189 30 152,421 122,724 5 192,806 180,250 SubTotals: 75 724,858 601,839 Grand Totals: 75 724,858 601,839 #JCIP_24250001 Page 9 of 14 907 of 3458 MIAMIBEACH Miami Beach Economic Development - JobCreation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP_24250001 Name: Marc Grossman Phone: (323)216-7755 Email: marc.crossman@playboy.com INCENTIVE INFORMATION Indicate the purpose for requesting the incentive and explain how the incentive has or will factor into the Applicant's decision to relocate or expand in the City of Miami Beach. The JCIP will help offset a small portion of the cost to relocate or hire new employees. Has the company considered relocation or expansion to communities other than the City of Miami Beach? No Which other communities has the company considered? Other incentive programs the applicant is or anticipates applying for (check all that apply): City of Miami Beach Expedited Plan Review/Permitting Provide a list of the additional incentive program(s) that the applicant is considering or applying to. #JCIP_24250001 Page 10 of 14 908 of 3458 MIAMI BEACH Miami Beach Economic Development - Job Creation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP_24250001 Name: Marc Crossman Phone: (323)216-7755 Email: marc.crossman@playboy.com ACKNOWLEDGEMENT AND APPLICATION AUTHORIZATION: The Applicant acknowledges that adherence to the Application and Program Guidelines is a requirement for receipt of the incentive. Failure to comply with Program Guidelines may result in the loss of eligibility for receipt of the incentive. That the City of Miami Beach may review and verify the financial and personnel records of the Participant and/or perform onsite visits to verify employment relating to the New or Relocated Jobs, wages paid, and determine whether the Participant is in compliance with the terms of the application, program Guidelines and agreement. Yes That compliance with the terms and conditions of the approved application/agreement is a conditional requirement for the receipt of any JCIP award in a fiscal year and that the Participants' failure to comply with the terms and conditions of the approved application/agreement results in the loss of eligibility for receipt of JCIP awards and the revocation by the City Commission of the certification of the Participant's as a City of Miami Beach eligible business. Yes That the Participant will maintain personnel and financial records related to jobs, wages, and taxes paid which are the subject of this application and program and submit summary reports of such records to the City of Miami Beach Economic Development Department as part of each annual award claim submission. The Participant will retain such personnel records for a period of four (4) years after payment of the last cash incentive award. Yes The Participant will be monitored annually to ensure compliance with the projected number of new jobs and the wages associated with the new jobs. Disbursements to the Participant will only be made after ft has met all commitments as set forth in the City of Miami Beach application/agreement and the City Commission approved Resolution. Yes That the Participant will not enter into a lease agreement, or execute a renewal, before the final approval of the Job Creation Incentive Program award, unless the lease or renewal is entered Into in conjunction with the City of Miami Beach's Expedited Plan Review and Permitting Incentive or with the written consent of the City of Miami Beach. Yes Please complete, sign, and upload the JCIP Application Signature Page #JCIP_24250001 Page 11 of 14 909 of 3458 MIAMI BEACH Miami Beach Economic Development - Job Creation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP_24250001 Name: Marc Crossman Phone: (323)216-7755 Email: marc.crossman@playboy.com A signature from a legal signing authority (i.e. executive officers and owners) for the company is required for the submission of an application. JCIP-Application-Signature-Page.pdf #JCIP_24250001 Page 12 of 14 910 of 3458 MIAMI BEACH Miami Beach Economic Development - Job Creation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP_24250O01 Name: Marc Crossman Phone: (323) 216-7755 Email: marc.crossman@playboy.mm JCIP Incentive Calculator Totals: $0 • $0 = $0 #JCIP_24250001 Page 13 of 14 911 of 3458 MIAMI BEACH Miami Beach Economic Development - Job Creation ECONOMIC DEVELOPMENT Incentive Program 24-25 Playboy Enterprises International, Inc. Application #JCIP_24250O01 Name: Marc Crossman Phone: (323)216-7755 Email: marc.crossman@playboy.com JCIP Incentive Calculator Totals: 60 - $0 = $0 #JCIP 24250001 Page 14 of 14 912 of 3458 Job Creation Incentive Program Application A signature is required for submission of an application. The Applicant must have legal signing authority to bind the company to contract, i.e. executive officers and owners. The Applicant is duly authorized to execute this document on behalf of the company and its legal owner, as applicable. Through application to the program, the Applicant provides consent to the City to verity the company's business licensure, lease or property ownership status, and verity personnel wages. The Applicant acknowledges that adherence to the application and program guidelines is a requirement for receipt of the incentive. Failure to comply with program guidelines may result in the loss of eligibility for receipt of the incentive. Name: Marc Crossman Title: CFO Address: 10960 Wilshire Blvd, Ste. 2200, Los Angeles, CA 90024 Email : marc.crossman@playboy.com Phone: (323) 216-7755 Signature: Date: 913 of 3458 M I AM I BEAC H