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City office building at Nexus Riverside Central

Old Office Size SF          192,000
Old Op Ex $9.00
Op Ex Inflation 1.60%
New Office Usable SF          230,000
New Office Core Factor 15%
New Office Gross SF          270,588
New Office Cost  139,932,000
New Operating Expense $9.00
Annual Cap Ex Reserve $2.50
New Capital Expense (Year 10)          270,588
Year 4 Rent (Purchase Option)    82,572,000
Year 4 Rent (Lease Option)       7,773,000
Rent Escalation 1.50%
Term (Years) 30

Up Front Payment (50% Y1 Rent)       1,810,000
Payment Upon City Vacating MRC (50% Y1 Rent)       1,810,000
Initial Base Rent (2024)       3,620,000
Annual Escalation, Year 6 ‐ 99 1.50%
Term (Years) 99

Existing Operating Expenses (192,000 SF)       1,728,000
Existing Cap Ex (Based on 4 Year Avg)          808,289
Projected Lease Costs       2,245,759
Total Existing Expenses       4,782,048
Total Future Operating Expenses       2,435,294

Other Revenue at New Development
Billboard Income         (120,000)
Garage Income          240,000
Retail Income          320,000
Total          440,000
Escalation 1.60%

Tax Revenue at New Development
MRC Land          471,815
Adler Resi  ‐
MRC Improved        5,359,920
Escalation 1.60%

MRC Ground Lease Purchase
Project Value (Stabilized)     788,399,740
Cost of Sale (Est. 10%)       78,839,974
Net Sale Proceeds    709,559,766
City of Miami Transaction Fee (1% Gross)         7,095,598

Project Value (Stabilized)     788,399,740
Project Cost ($350 PSF)     502,049,800
Net Sale Proceeds    286,349,940
City of Miami Transaction Fee (1% Net)         2,863,499

MRC Land Purchase       69,400,000
Total City Proceeds       79,359,097

City Moving Expense
Employee Count               1,033
Box Moving Expense Per Employee                  350
Total City Moving Expense          361,550
1
CITY OF MIAMI ‐ NEW OFFICE BUILDING CASH FLOW WITH PURCHASE OPTION
Year 1 2 3 4 5 30 31 99
Year 2023 2024 2025 2026 2027 2052 2053 2121
Asset New Office Building MRC Riverfront Site New Office Building New Office Building New Office Building New Office Building
Event Occupancy Start Development Complete Debt Refinance Last Year of Loan Loan Fully Amortized

REVENUES (to the City of Miami)
MRC Land Purchase – – – 69,400,000 – – – –
MRC Land Purchase (2% City of Miami Tansaction Fee) – – – 9,959,097 – – – –
Ground Lease Rent (Current MRC Riverfront Site) 3,620,000 3,620,000 3,620,000 – – – – –
New Office Building ‐ Additional Revenue (Retail, & Parking) 440,000 447,040 454,193 461,460 468,843 697,221 708,376 2,084,664
Tax Revenue (to City from MRC Riverfront Site) 471,815 479,364 487,033 5,359,920 5,445,679 8,098,316 8,227,889 24,213,666
TOTAL REVENUES 4,531,815 4,546,404 4,561,226 85,180,477 5,914,522 8,795,536 8,936,265 26,298,330

EXPENSES (incurred by the City of Miami)
New Office Debt Service (5,706,505) (6,260,194) (6,347,237) (82,572,000) (3,637,750) – – –
Net Savings ‐ Relocation to New Office Building (OpEx, CapEx, Etc.) 1,676,904 1,735,672 1,795,836 1,857,428 1,920,485 4,093,175 4,209,658 24,316,770
TOTAL EXPENSES (4,029,601) (4,524,522) (4,551,402) (80,714,572) (1,717,265) 4,093,175 4,209,658 24,316,770

NET OPERATING SURPLUS / (DEFICIT) 502,214 21,881 9,824 4,465,905 4,197,257 12,888,711 13,145,923 50,615,100


Cumulative Surplus /  (Deficit) 140,664 162,545 172,369 4,638,274 8,835,531 164,881,578 178,027,500 2,082,572,853

CITY OF MIAMI ‐ NEW OFFICE BUILDING VALUE
Year 1 2 3 4 5 30 31 99
Year 2023 2024 2025 2026 2027 2052 2053 2121
Asset New Office Building MRC Riverfront Site New Office Building New Office Building New Office Building New Office Building
Event Occupancy Start Development Complete Debt Refinance Last Year of Loan Loan Fully Amortized
New Office Building Value * 170,000,000 172,720,000 175,483,520 178,291,256 181,143,916 269,380,684 273,690,775 805,438,343
* Assumes 1.6% Growth Per Year

CITY OF MIAMI NET VALUE CREATION         170,140,664    172,882,545    175,655,889               182,929,531         189,979,447         434,262,262           451,718,276      2,888,011,195

2
CITY OF MIAMI ‐ NEW OFFICE BUILDING CASH FLOW WITH PURCHASE OPTION
               ‐                      ‐                       ‐                               ‐ 1 2 3 4 5 6 7 8 9 10 11
Total NPV @ 4% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Riverside Center Ground Lease Income            10,860,000          8,587,217                 ‐                      ‐                       ‐                               ‐     3,620,000          3,620,000    3,620,000                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐
Other Revenue            104,876,161        14,118,006                 ‐                      ‐                       ‐                               ‐         440,000             447,040        454,193         461,460        468,843         476,345         483,966         491,710         499,577         507,570         515,691
Tax Revenue (Prior to Completion)              1,438,211          1,136,750                 ‐                      ‐                       ‐                               ‐         471,815             479,364        487,033                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐
Tax Revenue (Following Completion)      1,202,572,814      151,669,428                 ‐                      ‐                       ‐                               ‐                 ‐                      ‐                 ‐     5,359,920    5,445,679     5,532,809     5,621,334     5,711,276     5,802,656     5,895,499     5,989,827
MRC Land Purchase w/ Transaction Fee            79,359,097        57,986,915                 ‐                      ‐                       ‐                               ‐                 ‐                      ‐                 ‐   79,359,097                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐
TOTAL REVENUE      1,399,106,283     233,498,316                ‐                      ‐                       ‐                               ‐     4,531,815         4,546,404    4,561,226   85,180,477    5,914,522     6,009,154     6,105,300     6,202,985     6,302,233     6,403,069     6,505,518

               ‐                      ‐                       ‐                               ‐ 1 2 3 4 5 6 7 8 9 10 11


Total NPV @ 4% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
New Office Debt Service          205,027,186      121,814,863                 ‐                      ‐                       ‐                               ‐     5,706,505         6,260,194    6,347,237   82,572,000    3,637,750     3,690,500     3,748,750     3,802,000     3,860,250     3,918,000     3,975,000
New Operating Expenses (270,588 SF)          618,515,169        83,262,017                 ‐                      ‐                       ‐                               ‐     2,594,934          2,636,453    2,678,636     2,721,494    2,765,038     2,809,278     2,854,227     2,899,895     2,946,293     2,993,434     3,041,328
New Capital Expenses (270,588 SF)          161,240,086        21,705,490                 ‐                      ‐                       ‐                               ‐         676,471             687,294        698,291         709,463        720,815         732,348         744,065         755,971         768,066         780,355         792,841
City Moving Expense                 361,550             297,168                 ‐                      ‐                       ‐                               ‐         361,550                      ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐
Existing Operating Expenses (192,000 SF)              7,079,665          6,419,614    1,728,000          1,755,648           1,783,738                   1,812,278                 ‐                      ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐
Existing Capital Expenditure Costs              3,311,583          3,002,837        808,289             821,222              834,361                      847,711                 ‐                      ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐
Existing Lease Costs              1,216,970          1,102,720        290,445             299,506              308,772                      318,248                 ‐                      ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐                 ‐
Total Cost         996,752,209     237,604,708    2,826,734          2,876,375           2,926,871                   2,978,237     9,339,459         9,583,941    9,724,164   86,002,957    7,123,603     7,232,126     7,347,042     7,457,865     7,574,609     7,691,789     7,809,169
BUDGET IMPACT
Operating Expense Credit (192,000 SF)        (438,876,850)      (59,079,831)                 ‐                      ‐                       ‐                               ‐    (1,841,275)        (1,870,735)   (1,900,667)    (1,931,077)   (1,961,975)    (1,993,366)    (2,025,260)    (2,057,664)    (2,090,587)    (2,124,036)    (2,158,021)
Capital Expenditure Savings        (205,288,964)      (27,635,172)                 ‐                      ‐                       ‐                               ‐       (861,274)            (875,055)      (889,056)       (903,280)      (917,733)       (932,417)       (947,335)       (962,493)       (977,893)       (993,539)    (1,009,436)
Lease Consolidation Savings     (1,024,444,747)    (104,646,456)                 ‐                      ‐                       ‐                               ‐    (2,245,759)        (2,313,629)   (2,383,040)    (2,454,028)   (2,526,630)    (2,600,884)    (2,676,829)    (2,754,504)    (2,833,949)    (2,915,207)    (2,998,320)
Total Net Savings     (1,668,610,561)    (191,361,459)                ‐                      ‐                       ‐                               ‐    (4,948,308)        (5,059,419)   (5,172,762)    (5,288,386)   (5,406,338)    (5,526,667)    (5,649,424)    (5,774,661)    (5,902,429)    (6,032,782)    (6,165,776)
NET EXPENSE        (671,858,352)        46,243,249    2,826,734          2,876,375           2,926,871                   2,978,237     4,391,151         4,524,522    4,551,402   80,714,572    1,717,265     1,705,459     1,697,618     1,683,204     1,672,180     1,659,006     1,643,393

               ‐                      ‐                       ‐                               ‐ 1 2 3 4 5 6 7 8 9 10 11


Total NPV @ 4% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Total Revenue      1,399,106,283      233,498,316                 ‐                      ‐                       ‐                               ‐     4,531,815          4,546,404    4,561,226   85,180,477    5,914,522     6,009,154     6,105,300     6,202,985     6,302,233     6,403,069     6,505,518
Net Expenses        (671,858,352)        46,243,249    2,826,734          2,876,375           2,926,871                   2,978,237     4,391,151          4,524,522    4,551,402   80,714,572    1,717,265     1,705,459     1,697,618     1,683,204     1,672,180     1,659,006     1,643,393
NET SURPLUS (DEFICIT)      2,070,964,635     187,255,066   (2,826,734)        (2,876,375)         (2,926,871)                 (2,978,237)         140,664               21,881            9,824     4,465,905    4,197,257     4,303,695     4,407,682     4,519,781     4,630,053     4,744,062     4,862,125
Cumulative Surplus (Deficit)         140,664             162,545        172,369     4,638,274    8,835,531   13,139,226   17,546,908   22,066,689   26,696,742   31,440,804   36,302,929

Total Income Total Expense Net Present Value


$1,399,106,283 $996,752,209 $233,498,316   46,243,249 $233,498,316

Income vs. Expense Net Present Value Net Present Value


(Nominal Values) (Income vs. Net Expense) (Income vs. Expense)
$1,600,000,000

$1,399,106,283
$1,400,000,000
$252,000,000 $252,000,000
$233,498,316  $233,498,316  $233,498,316 
$1,200,000,000

$202,000,000 $202,000,000
$996,752,209 
$1,000,000,000

Income NPV Income NPV Income


$800,000,000 $152,000,000 $152,000,000
Expense NPV Expense NPV Expense

$600,000,000
$102,000,000 $102,000,000

$400,000,000

$52,000,000 $52,000,000 46,243,249 


$200,000,000

$0 $2,000,000 $2,000,000

3
12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
        523,942         532,325         540,843         549,496         558,288         567,221         576,296         585,517         594,885         604,403         614,074           623,899           633,881           644,023           654,328           664,797           675,434           686,241           697,221           708,376           719,710           731,226
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
    6,085,664     6,183,034     6,281,963     6,382,474     6,484,594     6,588,348     6,693,761     6,800,861     6,909,675     7,020,230     7,132,554        7,246,674        7,362,621        7,480,423        7,600,110        7,721,712        7,845,259        7,970,783        8,098,316        8,227,889        8,359,535        8,493,288
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
    6,609,606     6,715,360     6,822,806     6,931,971     7,042,882     7,155,568     7,270,057     7,386,378     7,504,560     7,624,633     7,746,627       7,870,573       7,996,503       8,124,447       8,254,438       8,386,509       8,520,693       8,657,024       8,795,536       8,936,265       9,079,245       9,224,513

12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055
    4,036,000     4,095,500     4,158,250     4,223,750     4,286,500     4,346,250     4,412,750     4,480,250     4,548,250     4,616,250     4,683,750        4,755,250        4,825,000        4,897,500        4,972,000        5,047,750        5,124,000  ‐  ‐  ‐  ‐  ‐
    3,089,990     3,139,430     3,189,660     3,240,695     3,292,546     3,345,227     3,398,751     3,453,131     3,508,381     3,564,515     3,621,547        3,679,492        3,738,364        3,798,177        3,858,948        3,920,691        3,983,422        4,047,157        4,111,912        4,177,702        4,244,546        4,312,458
        805,526         818,415         831,509         844,813         858,330         872,064         886,017         900,193         914,596         929,230         944,097           959,203           974,550           990,143        1,005,985        1,022,081        1,038,434        1,055,049        1,071,930        1,089,081        1,106,506        1,124,210
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐ ‐   ‐
    7,931,516     8,053,344     8,179,420     8,309,258     8,437,377     8,563,541     8,697,517     8,833,574     8,971,227     9,109,994     9,249,394       9,393,945       9,537,914       9,685,820       9,836,933       9,990,522     10,145,857       5,102,206       5,183,842       5,266,783       5,351,052       5,436,669

   (2,192,549)    (2,227,630)    (2,263,272)    (2,299,484)    (2,336,276)    (2,373,657)    (2,411,635)    (2,450,221)    (2,489,425)    (2,529,256)    (2,569,724)      (2,610,839)      (2,652,613)      (2,695,055)      (2,738,175)      (2,781,986)      (2,826,498)      (2,871,722)      (2,917,670)      (2,964,352)      (3,011,782)      (3,059,970)
   (1,025,586)    (1,041,996)    (1,058,668)    (1,075,606)    (1,092,816)    (1,110,301)    (1,128,066)    (1,146,115)    (1,164,453)    (1,183,084)    (1,202,014)      (1,221,246)      (1,240,786)      (1,260,638)      (1,280,808)      (1,301,301)      (1,322,122)      (1,343,276)      (1,364,769)      (1,386,605)      (1,408,791)      (1,431,331)
   (3,083,331)    (3,170,284)    (3,259,227)    (3,350,205)    (3,443,266)    (3,538,459)    (3,635,834)    (3,735,444)    (3,837,340)    (3,941,576)    (4,048,208)      (4,157,292)      (4,268,885)      (4,383,048)      (4,499,841)      (4,619,326)      (4,741,567)      (4,866,629)      (4,994,578)      (5,125,484)      (5,259,415)      (5,396,445)
   (6,301,466)    (6,439,910)    (6,581,167)    (6,725,296)    (6,872,358)    (7,022,417)    (7,175,536)    (7,331,780)    (7,491,218)    (7,653,916)    (7,819,945)      (7,989,377)      (8,162,284)      (8,338,741)      (8,518,825)      (8,702,614)      (8,890,187)      (9,081,627)      (9,277,016)      (9,476,441)      (9,679,988)      (9,887,747)
    1,630,050     1,613,434     1,598,253     1,583,963     1,565,019     1,541,124     1,521,982     1,501,793     1,480,009     1,456,079     1,429,449       1,404,568       1,375,630       1,347,079       1,318,108       1,287,908       1,255,669      (3,979,421)      (4,093,175)      (4,209,658)      (4,328,936)      (4,451,078)

12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055
    6,609,606     6,715,360     6,822,806     6,931,971     7,042,882     7,155,568     7,270,057     7,386,378     7,504,560     7,624,633     7,746,627        7,870,573        7,996,503        8,124,447        8,254,438        8,386,509        8,520,693        8,657,024        8,795,536        8,936,265        9,079,245        9,224,513
    1,630,050     1,613,434     1,598,253     1,583,963     1,565,019     1,541,124     1,521,982     1,501,793     1,480,009     1,456,079     1,429,449        1,404,568        1,375,630        1,347,079        1,318,108        1,287,908        1,255,669      (3,979,421)      (4,093,175)      (4,209,658)      (4,328,936)      (4,451,078)
    4,979,556     5,101,926     5,224,553     5,348,008     5,477,863     5,614,444     5,748,076     5,884,585     6,024,551     6,168,555     6,317,178       6,466,005       6,620,873       6,777,367       6,936,329       7,098,600       7,265,023     12,636,445     12,888,711     13,145,923     13,408,181     13,675,591
  41,282,486   46,384,412   51,608,964   56,956,972   62,434,835   68,049,280   73,797,355   79,681,940   85,706,491   91,875,046   98,192,224   104,658,229   111,279,102   118,056,469   124,992,798   132,091,399   139,356,422   151,992,867   164,881,578   178,027,500   191,435,682   205,111,272

4
34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54
2056 2057 2058 2059 2060 2061 2062 2063 2064 2065 2066 2067 2068 2069 2070 2071 2072 2073 2074 2075 2076
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
          742,925           754,812           766,889           779,159           791,626           804,292           817,160           830,235           843,519           857,015           870,727           884,659           898,813           913,194           927,806           942,650           957,733           973,057           988,625        1,004,443        1,020,515
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
       8,629,180        8,767,247        8,907,523        9,050,043        9,194,844        9,341,962        9,491,433        9,643,296        9,797,589        9,954,350     10,113,620     10,275,438     10,439,845     10,606,882     10,776,592     10,949,018     11,124,202     11,302,189     11,483,024     11,666,753     11,853,421
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
      9,372,105       9,522,059       9,674,412       9,829,202       9,986,470     10,146,253     10,308,593     10,473,531     10,641,107     10,811,365     10,984,347     11,160,096     11,338,658     11,520,076     11,704,398     11,891,668     12,081,935     12,275,246     12,471,650     12,671,196     12,873,935

34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54
2056 2057 2058 2059 2060 2061 2062 2063 2064 2065 2066 2067 2068 2069 2070 2071 2072 2073 2074 2075 2076
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
       4,381,458        4,451,561        4,522,786        4,595,150        4,668,673        4,743,372        4,819,266        4,896,374        4,974,716        5,054,311        5,135,180        5,217,343        5,300,821        5,385,634        5,471,804        5,559,353        5,648,302        5,738,675        5,830,494        5,923,782        6,018,562
       1,142,198        1,160,473        1,179,040        1,197,905        1,217,072        1,236,545        1,256,329        1,276,431        1,296,854        1,317,603        1,338,685        1,360,104        1,381,866        1,403,975        1,426,439        1,449,262        1,472,450        1,496,009        1,519,946        1,544,265        1,568,973
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
      5,523,655       5,612,034       5,701,826       5,793,056       5,885,744       5,979,916       6,075,595       6,172,805       6,271,569       6,371,915       6,473,865       6,577,447       6,682,686       6,789,609       6,898,243       7,008,615       7,120,753       7,234,685       7,350,440       7,468,047       7,587,535

     (3,108,930)      (3,158,673)      (3,209,212)      (3,260,559)      (3,312,728)      (3,365,732)      (3,419,583)      (3,474,297)      (3,529,885)      (3,586,363)      (3,643,745)      (3,702,045)      (3,761,278)      (3,821,458)      (3,882,602)      (3,944,723)      (4,007,839)      (4,071,964)      (4,137,116)      (4,203,310)      (4,270,563)
     (1,454,233)      (1,477,500)      (1,501,140)      (1,525,159)      (1,549,561)      (1,574,354)      (1,599,544)      (1,625,136)      (1,651,139)      (1,677,557)      (1,704,398)      (1,731,668)      (1,759,375)      (1,787,525)      (1,816,125)      (1,845,183)      (1,874,706)      (1,904,701)      (1,935,177)      (1,966,139)      (1,997,598)
     (5,536,646)      (5,680,093)      (5,826,863)      (5,977,036)      (6,130,692)      (6,287,914)      (6,448,787)      (6,613,397)      (6,781,833)      (6,954,187)      (7,130,551)      (7,311,021)      (7,495,695)      (7,684,673)      (7,878,058)      (8,075,955)      (8,278,470)      (8,485,716)      (8,697,803)      (8,914,849)      (9,136,972)
   (10,099,808)    (10,316,266)    (10,537,215)    (10,762,754)    (10,992,981)    (11,228,000)    (11,467,914)    (11,712,830)    (11,962,857)    (12,218,107)    (12,478,694)    (12,744,734)    (13,016,348)    (13,293,656)    (13,576,785)    (13,865,861)    (14,161,015)    (14,462,381)    (14,770,096)    (15,084,299)    (15,405,132)
     (4,576,153)      (4,704,232)      (4,835,389)      (4,969,698)      (5,107,237)      (5,248,083)      (5,392,319)      (5,540,025)      (5,691,288)      (5,846,192)      (6,004,829)      (6,167,287)      (6,333,662)      (6,504,047)      (6,678,542)      (6,857,246)      (7,040,263)      (7,227,697)      (7,419,656)      (7,616,252)      (7,817,597)

34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54
2056 2057 2058 2059 2060 2061 2062 2063 2064 2065 2066 2067 2068 2069 2070 2071 2072 2073 2074 2075 2076
       9,372,105        9,522,059        9,674,412        9,829,202        9,986,470     10,146,253     10,308,593     10,473,531     10,641,107     10,811,365     10,984,347     11,160,096     11,338,658     11,520,076     11,704,398     11,891,668     12,081,935     12,275,246     12,471,650     12,671,196     12,873,935
     (4,576,153)      (4,704,232)      (4,835,389)      (4,969,698)      (5,107,237)      (5,248,083)      (5,392,319)      (5,540,025)      (5,691,288)      (5,846,192)      (6,004,829)      (6,167,287)      (6,333,662)      (6,504,047)      (6,678,542)      (6,857,246)      (7,040,263)      (7,227,697)      (7,419,656)      (7,616,252)      (7,817,597)
    13,948,258     14,226,291     14,509,801     14,798,901     15,093,706     15,394,337     15,700,912     16,013,556     16,332,395     16,657,557     16,989,175     17,327,384     17,672,320     18,024,124     18,382,940     18,748,914     19,122,197     19,502,942     19,891,306     20,287,448     20,691,532
  219,059,530   233,285,821   247,795,622   262,594,522   277,688,229   293,082,565   308,783,477   324,797,033   341,129,428   357,786,985   374,776,161   392,103,545   409,775,864   427,799,988   446,182,928   464,931,842   484,054,039   503,556,982   523,448,288   543,735,736   564,427,268

5
55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74
2077 2078 2079 2080 2081 2082 2083 2084 2085 2086 2087 2088 2089 2090 2091 2092 2093 2094 2095 2096
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
       1,036,843        1,053,432        1,070,287        1,087,412        1,104,810        1,122,487        1,140,447        1,158,694        1,177,233        1,196,069        1,215,206        1,234,650        1,254,404        1,274,474        1,294,866        1,315,584        1,336,633           1,358,019           1,379,748           1,401,824
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
    12,043,075     12,235,765     12,431,537     12,630,441     12,832,528     13,037,849     13,246,454     13,458,398     13,673,732     13,892,512     14,114,792     14,340,629     14,570,079     14,803,200     15,040,051     15,280,692     15,525,183         15,773,586         16,025,963         16,282,379
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
    13,079,918     13,289,197     13,501,824     13,717,853     13,937,339     14,160,336     14,386,902     14,617,092     14,850,965     15,088,581     15,329,998     15,575,278     15,824,483     16,077,674     16,334,917     16,596,276     16,861,816         17,131,605         17,405,711         17,684,202

55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74
2077 2078 2079 2080 2081 2082 2083 2084 2085 2086 2087 2088 2089 2090 2091 2092 2093 2094 2095 2096
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
       6,114,859        6,212,697        6,312,100        6,413,094        6,515,703        6,619,955        6,725,874        6,833,488        6,942,824        7,053,909        7,166,772        7,281,440        7,397,943        7,516,310        7,636,571        7,758,756        7,882,896           8,009,023           8,137,167           8,267,362
       1,594,076        1,619,582        1,645,495        1,671,823        1,698,572        1,725,749        1,753,361        1,781,415        1,809,918        1,838,876        1,868,298        1,898,191        1,928,562        1,959,419        1,990,770        2,022,622        2,054,984           2,087,864           2,121,270           2,155,210
 ‐  ‐  ‐  ‐  ‐  ‐  ‐ ‐   ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
      7,708,936       7,832,279       7,957,595       8,084,917       8,214,276       8,345,704       8,479,235       8,614,903       8,752,741       8,892,785       9,035,070       9,179,631       9,326,505       9,475,729       9,627,341       9,781,378       9,937,880         10,096,886         10,258,437         10,422,572

     (4,338,892)      (4,408,314)      (4,478,847)      (4,550,508)      (4,623,317)      (4,697,290)      (4,772,446)      (4,848,805)      (4,926,386)      (5,005,208)      (5,085,292)      (5,166,656)      (5,249,323)      (5,333,312)      (5,418,645)      (5,505,343)      (5,593,429)          (5,682,924)          (5,773,851)          (5,866,232)
     (2,029,559)      (2,062,032)      (2,095,025)      (2,128,545)      (2,162,602)      (2,197,203)      (2,232,359)      (2,268,076)      (2,304,366)      (2,341,236)      (2,378,695)      (2,416,754)      (2,455,422)      (2,494,709)      (2,534,625)      (2,575,179)      (2,616,381)          (2,658,244)          (2,700,775)          (2,743,988)
     (9,364,292)      (9,596,935)      (9,835,027)    (10,078,699)    (10,328,084)    (10,583,319)    (10,844,544)    (11,111,903)    (11,385,543)    (11,665,614)    (11,952,271)    (12,245,671)    (12,545,976)    (12,853,353)    (13,167,970)    (13,490,002)    (13,819,627)        (14,157,027)        (14,502,390)        (14,855,907)
   (15,732,743)    (16,067,281)    (16,408,898)    (16,757,752)    (17,114,002)    (17,477,812)    (17,849,349)    (18,228,785)    (18,616,295)    (19,012,058)    (19,416,258)    (19,829,082)    (20,250,722)    (20,681,374)    (21,121,240)    (21,570,524)    (22,029,437)       (22,498,195)       (22,977,016)       (23,466,127)
     (8,023,807)      (8,235,002)      (8,451,303)      (8,672,835)      (8,899,726)      (9,132,108)      (9,370,114)      (9,613,882)      (9,863,554)    (10,119,273)    (10,381,188)    (10,649,451)    (10,924,217)    (11,205,645)    (11,493,899)    (11,789,146)    (12,091,557)       (12,401,308)       (12,718,580)       (13,043,555)

55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74
2077 2078 2079 2080 2081 2082 2083 2084 2085 2086 2087 2088 2089 2090 2091 2092 2093 2094 2095 2096
    13,079,918     13,289,197     13,501,824     13,717,853     13,937,339     14,160,336     14,386,902     14,617,092     14,850,965     15,088,581     15,329,998     15,575,278     15,824,483     16,077,674     16,334,917     16,596,276     16,861,816         17,131,605         17,405,711         17,684,202
     (8,023,807)      (8,235,002)      (8,451,303)      (8,672,835)      (8,899,726)      (9,132,108)      (9,370,114)      (9,613,882)      (9,863,554)    (10,119,273)    (10,381,188)    (10,649,451)    (10,924,217)    (11,205,645)    (11,493,899)    (11,789,146)    (12,091,557)        (12,401,308)        (12,718,580)        (13,043,555)
    21,103,725     21,524,199     21,953,127     22,390,688     22,837,065     23,292,444     23,757,016     24,230,974     24,714,519     25,207,854     25,711,186     26,224,729     26,748,699     27,283,319     27,828,816     28,385,422     28,953,373         29,532,914         30,124,291         30,727,758
  585,530,993   607,055,192   629,008,319   651,399,007   674,236,072   697,528,516   721,285,532   745,516,506   770,231,025   795,438,879   821,150,066   847,374,795   874,123,494   901,406,813   929,235,630   957,621,051   986,574,425   1,016,107,338   1,046,231,629   1,076,959,386

6
75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92
2097 2098 2099 2100 2101 2102 2103 2104 2105 2106 2107 2108 2109 2110 2111 2112 2113 2114
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
          1,424,253           1,447,041           1,470,193           1,493,717           1,517,616           1,541,898           1,566,568           1,591,633           1,617,099           1,642,973           1,669,261           1,695,969           1,723,104           1,750,674           1,778,685           1,807,144           1,836,058           1,865,435
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
        16,542,897         16,807,583         17,076,504         17,349,729         17,627,324         17,909,361         18,195,911         18,487,046         18,782,839         19,083,364         19,388,698         19,698,917         20,014,100         20,334,325         20,659,674         20,990,229         21,326,073         21,667,290
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
        17,967,150         18,254,624         18,546,698         18,843,445         19,144,940         19,451,259         19,762,479         20,078,679         20,399,938         20,726,337         21,057,958         21,394,886         21,737,204         22,084,999         22,438,359         22,797,373         23,162,131         23,532,725

75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92
2097 2098 2099 2100 2101 2102 2103 2104 2105 2106 2107 2108 2109 2110 2111 2112 2113 2114
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
          8,399,639           8,534,034           8,670,578           8,809,307           8,950,256           9,093,460           9,238,956           9,386,779           9,536,968           9,689,559           9,844,592         10,002,105         10,162,139         10,324,733         10,489,929         10,657,768         10,828,292         11,001,545
          2,189,693           2,224,728           2,260,324           2,296,489           2,333,233           2,370,565           2,408,494           2,447,030           2,486,182           2,525,961           2,566,377           2,607,439           2,649,158           2,691,544           2,734,609           2,778,363           2,822,816           2,867,981
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐  ‐
        10,589,333         10,758,762         10,930,902         11,105,797         11,283,489         11,464,025         11,647,450         11,833,809         12,023,150         12,215,520         12,410,969         12,609,544         12,811,297         13,016,277         13,224,538         13,436,131         13,651,109         13,869,526

         (5,960,092)          (6,055,453)          (6,152,341)          (6,250,778)          (6,350,791)          (6,452,403)          (6,555,642)          (6,660,532)          (6,767,100)          (6,875,374)          (6,985,380)          (7,097,146)          (7,210,700)          (7,326,072)          (7,443,289)          (7,562,381)          (7,683,380)          (7,806,314)
         (2,787,892)          (2,832,498)          (2,877,818)          (2,923,863)          (2,970,645)          (3,018,175)          (3,066,466)          (3,115,529)          (3,165,378)          (3,216,024)          (3,267,480)          (3,319,760)          (3,372,876)          (3,426,842)          (3,481,672)          (3,537,378)          (3,593,976)          (3,651,480)
       (15,217,773)        (15,588,191)        (15,967,365)        (16,355,508)        (16,752,833)        (17,159,564)        (17,575,926)        (18,002,153)        (18,438,480)        (18,885,154)        (19,342,422)        (19,810,541)        (20,289,773)        (20,780,386)        (21,282,654)        (21,796,861)        (22,323,294)        (22,862,248)
      (23,965,757)       (24,476,142)       (24,997,524)       (25,530,149)       (26,074,269)       (26,630,142)       (27,198,034)       (27,778,214)       (28,370,959)       (28,976,552)       (29,595,282)       (30,227,447)       (30,873,349)       (31,533,299)       (32,207,615)       (32,896,621)       (33,600,649)       (34,320,042)
      (13,376,424)       (13,717,380)       (14,066,622)       (14,424,352)       (14,790,779)       (15,166,117)       (15,550,584)       (15,944,405)       (16,347,809)       (16,761,031)       (17,184,314)       (17,617,903)       (18,062,052)       (18,517,022)       (18,983,077)       (19,460,490)       (19,949,541)       (20,450,515)

75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92
2097 2098 2099 2100 2101 2102 2103 2104 2105 2106 2107 2108 2109 2110 2111 2112 2113 2114
        17,967,150         18,254,624         18,546,698         18,843,445         19,144,940         19,451,259         19,762,479         20,078,679         20,399,938         20,726,337         21,057,958         21,394,886         21,737,204         22,084,999         22,438,359         22,797,373         23,162,131         23,532,725
       (13,376,424)        (13,717,380)        (14,066,622)        (14,424,352)        (14,790,779)        (15,166,117)        (15,550,584)        (15,944,405)        (16,347,809)        (16,761,031)        (17,184,314)        (17,617,903)        (18,062,052)        (18,517,022)        (18,983,077)        (19,460,490)        (19,949,541)        (20,450,515)
        31,343,574         31,972,004         32,613,320         33,267,797         33,935,719         34,617,376         35,313,064         36,023,084         36,747,747         37,487,368         38,242,272         39,012,789         39,799,256         40,602,021         41,421,436         42,257,863         43,111,672         43,983,240
  1,108,302,960   1,140,274,964   1,172,888,284   1,206,156,081   1,240,091,801   1,274,709,177   1,310,022,241   1,346,045,325   1,382,793,071   1,420,280,440   1,458,522,712   1,497,535,501   1,537,334,757   1,577,936,778   1,619,358,214   1,661,616,077   1,704,727,748   1,748,710,988

7
93 94 95 96 97 98 99
2115 2116 2117 2118 2119 2120 2121
 ‐  ‐  ‐  ‐  ‐  ‐  ‐
          1,895,282           1,925,606           1,956,416           1,987,719           2,019,522           2,051,835           2,084,664
 ‐  ‐  ‐  ‐  ‐  ‐  ‐
        22,013,967         22,366,190         22,724,049         23,087,634         23,457,036         23,832,349         24,213,666
 ‐  ‐  ‐  ‐  ‐  ‐  ‐
        23,909,249         24,291,796         24,680,465         25,075,353         25,476,558         25,884,183         26,298,330

93 94 95 96 97 98 99
2115 2116 2117 2118 2119 2120 2121
 ‐  ‐  ‐  ‐  ‐  ‐  ‐
        11,177,570         11,356,411         11,538,113         11,722,723         11,910,287         12,100,851         12,294,465
          2,913,869           2,960,491           3,007,859           3,055,985           3,104,880           3,154,559           3,205,031
 ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐
 ‐  ‐  ‐  ‐  ‐  ‐  ‐
        14,091,439         14,316,902         14,545,972         14,778,708         15,015,167         15,255,410         15,499,496

         (7,931,215)          (8,058,114)          (8,187,044)          (8,318,037)          (8,451,125)          (8,586,343)          (8,723,725)


         (3,709,904)          (3,769,262)          (3,829,570)          (3,890,843)          (3,953,097)          (4,016,346)          (4,080,608)
       (23,414,027)        (23,978,941)        (24,557,308)        (25,149,453)        (25,755,709)        (26,376,419)        (27,011,933)
      (35,055,145)       (35,806,317)       (36,573,922)       (37,358,333)       (38,159,931)       (38,979,109)       (39,816,266)
      (20,963,707)       (21,489,415)       (22,027,950)       (22,579,625)       (23,144,764)       (23,723,699)       (24,316,770)

93 94 95 96 97 98 99
2115 2116 2117 2118 2119 2120 2121
        23,909,249         24,291,796         24,680,465         25,075,353         25,476,558         25,884,183         26,298,330
       (20,963,707)        (21,489,415)        (22,027,950)        (22,579,625)        (23,144,764)        (23,723,699)        (24,316,770)
        44,872,955         45,781,212         46,708,415         47,654,977         48,621,323         49,607,883         50,615,100
  1,793,583,943   1,839,365,155   1,886,073,570   1,933,728,548   1,982,349,870   2,031,957,753   2,082,572,853

8
CITY OF MIAMI ‐ NEW OFFICE BUILDING CASH FLOW WITH GROUND LEASE OPTION
Year 1 (2023) Year 4 (2026) Year 30 (2052) Year 31 (2053) Year 99 (2121)
New Office Building MRC Riverfront Site New Office Building New Office Building New Office Building
Occupancy Start Development Complete Last Year of Loan Loan Fully Amortized Ground Lease Final Year

REVENUES (to the City of Miami)
Ground Lease Rent (Current MRC Riverfront Site) 3,620,000 3,620,000 5,252,422 5,331,209 14,672,920
New Office Building ‐ Additional Revenue (Retail, & Parking) 440,000 461,460 697,221 708,376 2,084,664
Tax Revenue (to City from MRC Riverfront Site) 471,815 5,359,920 8,098,316 8,227,889 24,213,666
TOTAL REVENUES 4,531,815 9,441,380 14,047,958 14,267,473 40,971,250

EXPENSES (incurred by the City of Miami)
New Office Debt Service (5,737,243) (7,773,000) – – –
Net Savings ‐ Relocation to New Office Building (OpEx, CapEx, Etc.) 1,676,904 1,857,428 4,093,175 4,209,658 24,316,770
TOTAL EXPENSES (4,060,339) (5,915,572) 4,093,175 4,209,658 24,316,770

NET SURPLUS / (DEFICIT) 471,476 3,525,808 18,141,133 18,477,131 65,288,020


Cumulative Surplus /  (Deficit) 109,926 3,656,444 146,502,815 164,979,946 2,701,647,758

CITY OF MIAMI ‐ NEW OFFICE BUILDING VALUE 
Year 1 (2023) Year 4 (2026) Year 30 (2052) Year 31 (2053) Year 99 (2121)
New Office Building Value * 170,000,000 178,291,256 269,380,684 273,690,775 805,438,343
* Assumes 1.6% Growth Per Year

CITY OF MIAMI NET VALUE CREATION         170,109,926               181,947,700         415,883,499           438,670,721            3,507,086,101

9
CITY OF MIAMI ‐ NEW OFFICE BUILDING CASH FLOW WITH GROUND LEASE OPTION
                      ‐                           ‐                       ‐                     ‐ 1 2 3 4 5 6 7 8 9 10
Total NPV @ 4% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Riverside Center Ground Lease Income       766,014,236       106,550,287                       ‐                           ‐                       ‐                     ‐     3,620,000     3,620,000     3,620,000      3,620,000      3,620,000      3,674,300      3,729,415      3,785,356      3,842,136      3,899,768
Other Revenue         104,876,161         14,118,006                        ‐                           ‐                       ‐                     ‐        440,000        447,040        454,193          461,460          468,843          476,345          483,966          491,710          499,577          507,570
Tax Revenue (Prior to Completion)            1,438,211           1,136,750                        ‐                           ‐                       ‐                     ‐        471,815        479,364        487,033                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐
Tax Revenue (Following Completion)    1,202,572,814       151,669,428                        ‐                           ‐                       ‐                     ‐                 ‐                 ‐                 ‐      5,359,920      5,445,679      5,532,809      5,621,334      5,711,276      5,802,656      5,895,499
TOTAL REVENUE    2,074,901,422      273,474,471                       ‐                           ‐                       ‐                     ‐     4,531,815     4,546,404     4,561,226      9,441,380      9,534,522      9,683,454      9,834,715      9,988,341    10,144,369    10,302,837

                      ‐                           ‐                       ‐                     ‐ 1 2 3 4 5 6 7 8 9 10


Total NPV @ 4% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
New Office Debt Service       261,747,420       125,861,985                        ‐                           ‐                       ‐                     ‐     5,737,243     6,267,488     6,350,939      7,773,000      7,882,000      8,027,500      8,177,250      8,330,500      8,481,500      8,639,750
New Operating Expenses (270,588 SF)       618,515,169         83,262,017                        ‐                           ‐                       ‐                     ‐     2,594,934     2,636,453     2,678,636      2,721,494      2,765,038      2,809,278      2,854,227      2,899,895      2,946,293      2,993,434
New Capital Expenses (270,588 SF)       161,240,086         21,705,490                        ‐                           ‐                       ‐                     ‐        676,471        687,294        698,291          709,463          720,815          732,348          744,065          755,971          768,066          780,355
City Moving Expense               361,550              297,168                        ‐                           ‐                       ‐                     ‐        361,550                 ‐                 ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐
Existing Operating Expenses (192,000 SF)            7,079,665           6,419,614           1,728,000               1,755,648           1,783,738         1,812,278                 ‐                 ‐                 ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐
Existing Capital Expenditure Costs            3,311,583           3,002,837               808,289                  821,222              834,361            847,711                 ‐                 ‐                 ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐
Existing Lease Costs            1,216,970           1,102,720               290,445                  299,506              308,772            318,248                 ‐                 ‐                 ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐
Total Cost    1,053,472,442      241,651,831           2,826,734               2,876,375           2,926,871         2,978,237     9,370,197     9,591,235     9,727,866    11,203,957    11,367,853    11,569,126    11,775,542    11,986,365    12,195,859    12,413,539
BUDGET SAVINGS
Operating Expense Credit (192,000 SF)      (438,876,850)       (59,079,831)                        ‐                           ‐                       ‐                     ‐    (1,841,275)    (1,870,735)    (1,900,667)     (1,931,077)     (1,961,975)     (1,993,366)     (2,025,260)     (2,057,664)     (2,090,587)     (2,124,036)
Capital Expenditure Savings      (205,288,964)       (27,635,172)                        ‐                           ‐                       ‐                     ‐       (861,274)       (875,055)       (889,056)        (903,280)        (917,733)        (932,417)        (947,335)        (962,493)        (977,893)        (993,539)
Lease Consolidation Savings   (1,024,444,747)     (104,646,456)                        ‐                           ‐                       ‐                     ‐    (2,245,759)    (2,313,629)    (2,383,040)     (2,454,028)     (2,526,630)     (2,600,884)     (2,676,829)     (2,754,504)     (2,833,949)     (2,915,207)
Total Net Savings  (1,668,610,561)     (191,361,459)                       ‐                           ‐                       ‐                     ‐    (4,948,308)    (5,059,419)    (5,172,762)     (5,288,386)     (5,406,338)     (5,526,667)     (5,649,424)     (5,774,661)     (5,902,429)     (6,032,782)
NET EXPENSE      (615,138,118)         50,290,372           2,826,734               2,876,375           2,926,871         2,978,237     4,421,889     4,531,816     4,555,104      5,915,572      5,961,515      6,042,459      6,126,118      6,211,704      6,293,430      6,380,756

                      ‐                           ‐                       ‐                     ‐ 1 2 3 4 5 6 7 8 9 10


Total NPV @ 4% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Total Revenue    2,074,901,422       273,474,471                        ‐                           ‐                       ‐                     ‐     4,531,815     4,546,404     4,561,226      9,441,380      9,534,522      9,683,454      9,834,715      9,988,341    10,144,369    10,302,837
Net Expenses      (615,138,118)         50,290,372           2,826,734               2,876,375           2,926,871         2,978,237     4,421,889     4,531,816     4,555,104      5,915,572      5,961,515      6,042,459      6,126,118      6,211,704      6,293,430      6,380,756
NET SURPLUS (DEFICIT)    2,690,039,540      223,184,099          (2,826,734)             (2,876,375)         (2,926,871)       (2,978,237)        109,926           14,588             6,122      3,525,808      3,573,007      3,640,995      3,708,597      3,776,637      3,850,939      3,922,080
Cumulative Surplus (Deficit)        109,926        124,513        130,636      3,656,444      7,229,450    10,870,445    14,579,042    18,355,679    22,206,618    26,128,698

Total Income Total Expense Net Present Value (Net Current Exp.)


$2,074,901,422 $1,053,472,442 $273,474,471 $50,290,371.62 $241,651,831

Income vs. Expense Net Present Value Net Present Value


(Nominal Values) (Income vs. Expense) (Income vs. Net Expense)
$2,500,000,000 $280,000,000 $300,000,000
$273,474,471 
$273,474,471 
$2,074,901,422
$270,000,000 $250,000,000
$2,000,000,000

$260,000,000 $200,000,000
$1,500,000,000

Income NPV Income NPV Income


$250,000,000 $150,000,000
Expense NPV Expense NPV Expense
$1,053,472,442 
$1,000,000,000 $241,651,831 
$240,000,000 $100,000,000

$500,000,000 $50,290,371.62
$230,000,000 $50,000,000

$0 $220,000,000 $0

10
11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052
     3,958,265      4,017,639      4,077,903      4,139,072      4,201,158      4,264,175      4,328,138      4,393,060      4,458,956      4,525,840      4,593,728      4,662,634      4,732,573      4,803,562      4,875,615      4,948,749         5,022,981         5,098,325         5,174,800         5,252,422
         515,691          523,942          532,325          540,843          549,496          558,288          567,221          576,296          585,517          594,885          604,403          614,074          623,899          633,881          644,023          654,328            664,797            675,434            686,241            697,221
                 ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                     ‐                     ‐                     ‐                     ‐
     5,989,827      6,085,664      6,183,034      6,281,963      6,382,474      6,484,594      6,588,348      6,693,761      6,800,861      6,909,675      7,020,230      7,132,554      7,246,674      7,362,621      7,480,423      7,600,110         7,721,712         7,845,259         7,970,783         8,098,316
   10,463,782    10,627,245    10,793,263    10,961,877    11,133,128    11,307,057    11,483,706    11,663,117    11,845,334    12,030,400    12,218,361    12,409,261    12,603,146    12,800,064    13,000,062    13,203,187      13,409,489      13,619,018      13,831,824      14,047,958

11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052
     8,804,250      8,964,000      9,133,500      9,301,500      9,477,250      9,649,500      9,827,500    10,010,000    10,195,750    10,388,500    10,581,750    10,774,250    10,974,750    11,176,500    11,383,000    11,597,500      11,813,000      12,027,750                     ‐                     ‐
     3,041,328      3,089,990      3,139,430      3,189,660      3,240,695      3,292,546      3,345,227      3,398,751      3,453,131      3,508,381      3,564,515      3,621,547      3,679,492      3,738,364      3,798,177      3,858,948         3,920,691         3,983,422         4,047,157         4,111,912
         792,841          805,526          818,415          831,509          844,813          858,330          872,064          886,017          900,193          914,596          929,230          944,097          959,203          974,550          990,143      1,005,985         1,022,081         1,038,434         1,055,049         1,071,930
                 ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                     ‐                     ‐                     ‐                     ‐
                 ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                     ‐                     ‐                     ‐                     ‐
                 ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                     ‐                     ‐                     ‐                     ‐
                 ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                     ‐                     ‐                     ‐                     ‐
   12,638,419    12,859,516    13,091,344    13,322,670    13,562,758    13,800,377    14,044,791    14,294,767    14,549,074    14,811,477    15,075,494    15,339,894    15,613,445    15,889,414    16,171,320    16,462,433      16,755,772      17,049,607        5,102,206        5,183,842

    (2,158,021)     (2,192,549)     (2,227,630)     (2,263,272)     (2,299,484)     (2,336,276)     (2,373,657)     (2,411,635)     (2,450,221)     (2,489,425)     (2,529,256)     (2,569,724)     (2,610,839)     (2,652,613)     (2,695,055)     (2,738,175)       (2,781,986)       (2,826,498)       (2,871,722)       (2,917,670)
    (1,009,436)     (1,025,586)     (1,041,996)     (1,058,668)     (1,075,606)     (1,092,816)     (1,110,301)     (1,128,066)     (1,146,115)     (1,164,453)     (1,183,084)     (1,202,014)     (1,221,246)     (1,240,786)     (1,260,638)     (1,280,808)       (1,301,301)       (1,322,122)       (1,343,276)       (1,364,769)
    (2,998,320)     (3,083,331)     (3,170,284)     (3,259,227)     (3,350,205)     (3,443,266)     (3,538,459)     (3,635,834)     (3,735,444)     (3,837,340)     (3,941,576)     (4,048,208)     (4,157,292)     (4,268,885)     (4,383,048)     (4,499,841)       (4,619,326)       (4,741,567)       (4,866,629)       (4,994,578)
    (6,165,776)     (6,301,466)     (6,439,910)     (6,581,167)     (6,725,296)     (6,872,358)     (7,022,417)     (7,175,536)     (7,331,780)     (7,491,218)     (7,653,916)     (7,819,945)     (7,989,377)     (8,162,284)     (8,338,741)     (8,518,825)       (8,702,614)       (8,890,187)       (9,081,627)       (9,277,016)
     6,472,643      6,558,050      6,651,434      6,741,503      6,837,463      6,928,019      7,022,374      7,119,232      7,217,293      7,320,259      7,421,579      7,519,949      7,624,068      7,727,130      7,832,579      7,943,608        8,053,158        8,159,419       (3,979,421)       (4,093,175)

11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052
   10,463,782    10,627,245    10,793,263    10,961,877    11,133,128    11,307,057    11,483,706    11,663,117    11,845,334    12,030,400    12,218,361    12,409,261    12,603,146    12,800,064    13,000,062    13,203,187      13,409,489      13,619,018      13,831,824      14,047,958
     6,472,643      6,558,050      6,651,434      6,741,503      6,837,463      6,928,019      7,022,374      7,119,232      7,217,293      7,320,259      7,421,579      7,519,949      7,624,068      7,727,130      7,832,579      7,943,608         8,053,158         8,159,419       (3,979,421)       (4,093,175)
     3,991,139      4,069,195      4,141,829      4,220,374      4,295,665      4,379,039      4,461,332      4,543,885      4,628,041      4,710,141      4,796,782      4,889,312      4,979,078      5,072,934      5,167,483      5,259,579        5,356,331        5,459,599      17,811,245      18,141,133
   30,119,838    34,189,033    38,330,862    42,551,236    46,846,902    51,225,940    55,687,272    60,231,158    64,859,198    69,569,339    74,366,121    79,255,433    84,234,512    89,307,446    94,474,928    99,734,507    105,090,838    110,550,437    128,361,681    146,502,815

11
31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49
2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 2064 2065 2066 2067 2068 2069 2070 2071
        5,331,209         5,411,177         5,492,344         5,574,729         5,658,350         5,743,226         5,829,374         5,916,815         6,005,567         6,095,650         6,187,085         6,279,891         6,374,090         6,469,701         6,566,747         6,665,248         6,765,227         6,866,705         6,969,706
           708,376            719,710            731,226            742,925            754,812            766,889            779,159            791,626            804,292            817,160            830,235            843,519            857,015            870,727            884,659            898,813            913,194            927,806            942,650
                    ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐
        8,227,889         8,359,535         8,493,288         8,629,180         8,767,247         8,907,523         9,050,043         9,194,844         9,341,962         9,491,433         9,643,296         9,797,589         9,954,350      10,113,620      10,275,438      10,439,845      10,606,882      10,776,592      10,949,018
     14,267,473      14,490,422      14,716,857      14,946,835      15,180,409      15,417,638      15,658,577      15,903,284      16,151,820      16,404,244      16,660,616      16,920,999      17,185,455      17,454,048      17,726,843      18,003,906      18,285,303      18,571,103      18,861,374

31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49
2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 2064 2065 2066 2067 2068 2069 2070 2071
                    ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐
        4,177,702         4,244,546         4,312,458         4,381,458         4,451,561         4,522,786         4,595,150         4,668,673         4,743,372         4,819,266         4,896,374         4,974,716         5,054,311         5,135,180         5,217,343         5,300,821         5,385,634         5,471,804         5,559,353
        1,089,081         1,106,506         1,124,210         1,142,198         1,160,473         1,179,040         1,197,905         1,217,072         1,236,545         1,256,329         1,276,431         1,296,854         1,317,603         1,338,685         1,360,104         1,381,866         1,403,975         1,426,439         1,449,262
                    ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐
                    ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐
                    ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐
                    ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐
       5,266,783        5,351,052        5,436,669        5,523,655        5,612,034        5,701,826        5,793,056        5,885,744        5,979,916        6,075,595        6,172,805        6,271,569        6,371,915        6,473,865        6,577,447        6,682,686        6,789,609        6,898,243        7,008,615

      (2,964,352)       (3,011,782)       (3,059,970)       (3,108,930)       (3,158,673)       (3,209,212)       (3,260,559)       (3,312,728)       (3,365,732)       (3,419,583)       (3,474,297)       (3,529,885)       (3,586,363)       (3,643,745)       (3,702,045)       (3,761,278)       (3,821,458)       (3,882,602)       (3,944,723)
      (1,386,605)       (1,408,791)       (1,431,331)       (1,454,233)       (1,477,500)       (1,501,140)       (1,525,159)       (1,549,561)       (1,574,354)       (1,599,544)       (1,625,136)       (1,651,139)       (1,677,557)       (1,704,398)       (1,731,668)       (1,759,375)       (1,787,525)       (1,816,125)       (1,845,183)
      (5,125,484)       (5,259,415)       (5,396,445)       (5,536,646)       (5,680,093)       (5,826,863)       (5,977,036)       (6,130,692)       (6,287,914)       (6,448,787)       (6,613,397)       (6,781,833)       (6,954,187)       (7,130,551)       (7,311,021)       (7,495,695)       (7,684,673)       (7,878,058)       (8,075,955)
      (9,476,441)       (9,679,988)       (9,887,747)     (10,099,808)     (10,316,266)     (10,537,215)     (10,762,754)     (10,992,981)     (11,228,000)     (11,467,914)     (11,712,830)     (11,962,857)     (12,218,107)     (12,478,694)     (12,744,734)     (13,016,348)     (13,293,656)     (13,576,785)     (13,865,861)
      (4,209,658)       (4,328,936)       (4,451,078)       (4,576,153)       (4,704,232)       (4,835,389)       (4,969,698)       (5,107,237)       (5,248,083)       (5,392,319)       (5,540,025)       (5,691,288)       (5,846,192)       (6,004,829)       (6,167,287)       (6,333,662)       (6,504,047)       (6,678,542)       (6,857,246)

31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49
2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 2064 2065 2066 2067 2068 2069 2070 2071
     14,267,473      14,490,422      14,716,857      14,946,835      15,180,409      15,417,638      15,658,577      15,903,284      16,151,820      16,404,244      16,660,616      16,920,999      17,185,455      17,454,048      17,726,843      18,003,906      18,285,303      18,571,103      18,861,374
      (4,209,658)       (4,328,936)       (4,451,078)       (4,576,153)       (4,704,232)       (4,835,389)       (4,969,698)       (5,107,237)       (5,248,083)       (5,392,319)       (5,540,025)       (5,691,288)       (5,846,192)       (6,004,829)       (6,167,287)       (6,333,662)       (6,504,047)       (6,678,542)       (6,857,246)
     18,477,131      18,819,358      19,167,935      19,522,987      19,884,641      20,253,026      20,628,275      21,010,521      21,399,903      21,796,562      22,200,641      22,612,286      23,031,647      23,458,877      23,894,130      24,337,567      24,789,350      25,249,645      25,718,620
   164,979,946    183,799,304    202,967,239    222,490,226    242,374,868    262,627,894    283,256,168    304,266,689    325,666,593    347,463,155    369,663,796    392,276,082    415,307,730    438,766,606    462,660,737    486,998,304    511,787,654    537,037,299    562,755,919

12
50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68
2072 2073 2074 2075 2076 2077 2078 2079 2080 2081 2082 2083 2084 2085 2086 2087 2088 2089 2090
        7,074,251         7,180,365         7,288,070         7,397,391         7,508,352         7,620,978         7,735,292         7,851,322         7,969,091         8,088,628         8,209,957         8,333,107         8,458,103         8,584,975           8,713,749           8,844,456           8,977,122           9,111,779           9,248,456
           957,733            973,057            988,625         1,004,443         1,020,515         1,036,843         1,053,432         1,070,287         1,087,412         1,104,810         1,122,487         1,140,447         1,158,694         1,177,233           1,196,069           1,215,206           1,234,650           1,254,404           1,274,474
                    ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                        ‐                        ‐                        ‐                        ‐                        ‐
     11,124,202      11,302,189      11,483,024      11,666,753      11,853,421      12,043,075      12,235,765      12,431,537      12,630,441      12,832,528      13,037,849      13,246,454      13,458,398      13,673,732         13,892,512         14,114,792         14,340,629         14,570,079         14,803,200
     19,156,186      19,455,611      19,759,720      20,068,587      20,382,287      20,700,896      21,024,489      21,353,146      21,686,945      22,025,967      22,370,293      22,720,008      23,075,195      23,435,940         23,802,330         24,174,454         24,552,401         24,936,262         25,326,130

50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68
2072 2073 2074 2075 2076 2077 2078 2079 2080 2081 2082 2083 2084 2085 2086 2087 2088 2089 2090
                    ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                        ‐                        ‐                        ‐                        ‐                        ‐
        5,648,302         5,738,675         5,830,494         5,923,782         6,018,562         6,114,859         6,212,697         6,312,100         6,413,094         6,515,703         6,619,955         6,725,874         6,833,488         6,942,824           7,053,909           7,166,772           7,281,440           7,397,943           7,516,310
        1,472,450         1,496,009         1,519,946         1,544,265         1,568,973         1,594,076         1,619,582         1,645,495         1,671,823         1,698,572         1,725,749         1,753,361         1,781,415         1,809,918           1,838,876           1,868,298           1,898,191           1,928,562           1,959,419
                    ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                        ‐                        ‐                        ‐                        ‐                        ‐
                    ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                        ‐                        ‐                        ‐                        ‐                        ‐
                    ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                        ‐                        ‐                        ‐                        ‐                        ‐
                    ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                     ‐                        ‐                        ‐                        ‐                        ‐                        ‐
       7,120,753        7,234,685        7,350,440        7,468,047        7,587,535        7,708,936        7,832,279        7,957,595        8,084,917        8,214,276        8,345,704        8,479,235        8,614,903        8,752,741           8,892,785           9,035,070           9,179,631           9,326,505           9,475,729

      (4,007,839)       (4,071,964)       (4,137,116)       (4,203,310)       (4,270,563)       (4,338,892)       (4,408,314)       (4,478,847)       (4,550,508)       (4,623,317)       (4,697,290)       (4,772,446)       (4,848,805)       (4,926,386)          (5,005,208)          (5,085,292)          (5,166,656)          (5,249,323)          (5,333,312)
      (1,874,706)       (1,904,701)       (1,935,177)       (1,966,139)       (1,997,598)       (2,029,559)       (2,062,032)       (2,095,025)       (2,128,545)       (2,162,602)       (2,197,203)       (2,232,359)       (2,268,076)       (2,304,366)          (2,341,236)          (2,378,695)          (2,416,754)          (2,455,422)          (2,494,709)
      (8,278,470)       (8,485,716)       (8,697,803)       (8,914,849)       (9,136,972)       (9,364,292)       (9,596,935)       (9,835,027)     (10,078,699)     (10,328,084)     (10,583,319)     (10,844,544)     (11,111,903)     (11,385,543)        (11,665,614)        (11,952,271)        (12,245,671)        (12,545,976)        (12,853,353)
    (14,161,015)     (14,462,381)     (14,770,096)     (15,084,299)     (15,405,132)     (15,732,743)     (16,067,281)     (16,408,898)     (16,757,752)     (17,114,002)     (17,477,812)     (17,849,349)     (18,228,785)     (18,616,295)       (19,012,058)       (19,416,258)       (19,829,082)       (20,250,722)       (20,681,374)
      (7,040,263)       (7,227,697)       (7,419,656)       (7,616,252)       (7,817,597)       (8,023,807)       (8,235,002)       (8,451,303)       (8,672,835)       (8,899,726)       (9,132,108)       (9,370,114)       (9,613,882)       (9,863,554)       (10,119,273)       (10,381,188)       (10,649,451)       (10,924,217)       (11,205,645)

50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68
2072 2073 2074 2075 2076 2077 2078 2079 2080 2081 2082 2083 2084 2085 2086 2087 2088 2089 2090
     19,156,186      19,455,611      19,759,720      20,068,587      20,382,287      20,700,896      21,024,489      21,353,146      21,686,945      22,025,967      22,370,293      22,720,008      23,075,195      23,435,940         23,802,330         24,174,454         24,552,401         24,936,262         25,326,130
      (7,040,263)       (7,227,697)       (7,419,656)       (7,616,252)       (7,817,597)       (8,023,807)       (8,235,002)       (8,451,303)       (8,672,835)       (8,899,726)       (9,132,108)       (9,370,114)       (9,613,882)       (9,863,554)        (10,119,273)        (10,381,188)        (10,649,451)        (10,924,217)        (11,205,645)
     26,196,449      26,683,307      27,179,376      27,684,839      28,199,884      28,724,703      29,259,491      29,804,449      30,359,780      30,925,693      31,502,401      32,090,122      32,689,077      33,299,494         33,921,603         34,555,642         35,201,851         35,860,479         36,531,775
   588,952,367    615,635,675    642,815,051    670,499,890    698,699,774    727,424,477    756,683,968    786,488,417    816,848,197    847,773,890    879,276,291    911,366,413    944,055,491    977,354,985   1,011,276,588   1,045,832,230   1,081,034,081   1,116,894,560   1,153,426,335

13
69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85
2091 2092 2093 2094 2095 2096 2097 2098 2099 2100 2101 2102 2103 2104 2105 2106 2107
          9,387,183           9,527,991           9,670,910           9,815,974           9,963,214         10,112,662         10,264,352         10,418,317         10,574,592         10,733,211         10,894,209         11,057,622         11,223,486         11,391,839         11,562,716         11,736,157         11,912,199
          1,294,866           1,315,584           1,336,633           1,358,019           1,379,748           1,401,824           1,424,253           1,447,041           1,470,193           1,493,717           1,517,616           1,541,898           1,566,568           1,591,633           1,617,099           1,642,973           1,669,261
                       ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐
        15,040,051         15,280,692         15,525,183         15,773,586         16,025,963         16,282,379         16,542,897         16,807,583         17,076,504         17,349,729         17,627,324         17,909,361         18,195,911         18,487,046         18,782,839         19,083,364         19,388,698
        25,722,100         26,124,266         26,532,727         26,947,579         27,368,925         27,796,864         28,231,501         28,672,941         29,121,290         29,576,656         30,039,149         30,508,881         30,985,966         31,470,518         31,962,654         32,462,494         32,970,158

69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85
2091 2092 2093 2094 2095 2096 2097 2098 2099 2100 2101 2102 2103 2104 2105 2106 2107
                       ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐
          7,636,571           7,758,756           7,882,896           8,009,023           8,137,167           8,267,362           8,399,639           8,534,034           8,670,578           8,809,307           8,950,256           9,093,460           9,238,956           9,386,779           9,536,968           9,689,559           9,844,592
          1,990,770           2,022,622           2,054,984           2,087,864           2,121,270           2,155,210           2,189,693           2,224,728           2,260,324           2,296,489           2,333,233           2,370,565           2,408,494           2,447,030           2,486,182           2,525,961           2,566,377
                       ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐
                       ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐
                       ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐
                       ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐
          9,627,341           9,781,378           9,937,880         10,096,886         10,258,437         10,422,572         10,589,333         10,758,762         10,930,902         11,105,797         11,283,489         11,464,025         11,647,450         11,833,809         12,023,150         12,215,520         12,410,969

         (5,418,645)          (5,505,343)          (5,593,429)          (5,682,924)          (5,773,851)          (5,866,232)          (5,960,092)          (6,055,453)          (6,152,341)          (6,250,778)          (6,350,791)          (6,452,403)          (6,555,642)          (6,660,532)          (6,767,100)          (6,875,374)          (6,985,380)
         (2,534,625)          (2,575,179)          (2,616,381)          (2,658,244)          (2,700,775)          (2,743,988)          (2,787,892)          (2,832,498)          (2,877,818)          (2,923,863)          (2,970,645)          (3,018,175)          (3,066,466)          (3,115,529)          (3,165,378)          (3,216,024)          (3,267,480)
       (13,167,970)        (13,490,002)        (13,819,627)        (14,157,027)        (14,502,390)        (14,855,907)        (15,217,773)        (15,588,191)        (15,967,365)        (16,355,508)        (16,752,833)        (17,159,564)        (17,575,926)        (18,002,153)        (18,438,480)        (18,885,154)        (19,342,422)
      (21,121,240)       (21,570,524)       (22,029,437)       (22,498,195)       (22,977,016)       (23,466,127)       (23,965,757)       (24,476,142)       (24,997,524)       (25,530,149)       (26,074,269)       (26,630,142)       (27,198,034)       (27,778,214)       (28,370,959)       (28,976,552)       (29,595,282)
      (11,493,899)       (11,789,146)       (12,091,557)       (12,401,308)       (12,718,580)       (13,043,555)       (13,376,424)       (13,717,380)       (14,066,622)       (14,424,352)       (14,790,779)       (15,166,117)       (15,550,584)       (15,944,405)       (16,347,809)       (16,761,031)       (17,184,314)

69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85
2091 2092 2093 2094 2095 2096 2097 2098 2099 2100 2101 2102 2103 2104 2105 2106 2107
        25,722,100         26,124,266         26,532,727         26,947,579         27,368,925         27,796,864         28,231,501         28,672,941         29,121,290         29,576,656         30,039,149         30,508,881         30,985,966         31,470,518         31,962,654         32,462,494         32,970,158
       (11,493,899)        (11,789,146)        (12,091,557)        (12,401,308)        (12,718,580)        (13,043,555)        (13,376,424)        (13,717,380)        (14,066,622)        (14,424,352)        (14,790,779)        (15,166,117)        (15,550,584)        (15,944,405)        (16,347,809)        (16,761,031)        (17,184,314)
        37,215,999         37,913,412         38,624,284         39,348,888         40,087,504         40,840,419         41,607,926         42,390,321         43,187,911         44,001,008         44,829,928         45,674,998         46,536,550         47,414,923         48,310,463         49,223,525         50,154,471
  1,190,642,334   1,228,555,746   1,267,180,030   1,306,528,918   1,346,616,422   1,387,456,841   1,429,064,767   1,471,455,088   1,514,643,000   1,558,644,008   1,603,473,936   1,649,148,934   1,695,685,484   1,743,100,407   1,791,410,870   1,840,634,395   1,890,788,866

14
86 87 88 89 90 91 92 93 94 95 96 97 98 99
2108 2109 2110 2111 2112 2113 2114 2115 2116 2117 2118 2119 2120 2121
        12,090,882         12,272,246         12,456,329         12,643,174         12,832,822         13,025,314         13,220,694         13,419,004         13,620,289         13,824,594         14,031,962         14,242,442         14,456,079         14,672,920
          1,695,969           1,723,104           1,750,674           1,778,685           1,807,144           1,836,058           1,865,435           1,895,282           1,925,606           1,956,416           1,987,719           2,019,522           2,051,835           2,084,664
                       ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐
        19,698,917         20,014,100         20,334,325         20,659,674         20,990,229         21,326,073         21,667,290         22,013,967         22,366,190         22,724,049         23,087,634         23,457,036         23,832,349         24,213,666
        33,485,768         34,009,449         34,541,328         35,081,533         35,630,195         36,187,445         36,753,419         37,328,253         37,912,086         38,505,059         39,107,315         39,719,000         40,340,262         40,971,250

86 87 88 89 90 91 92 93 94 95 96 97 98 99
2108 2109 2110 2111 2112 2113 2114 2115 2116 2117 2118 2119 2120 2121
                       ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐
        10,002,105         10,162,139         10,324,733         10,489,929         10,657,768         10,828,292         11,001,545         11,177,570         11,356,411         11,538,113         11,722,723         11,910,287         12,100,851         12,294,465
          2,607,439           2,649,158           2,691,544           2,734,609           2,778,363           2,822,816           2,867,981           2,913,869           2,960,491           3,007,859           3,055,985           3,104,880           3,154,559           3,205,031
                       ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐
                       ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐
                       ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐
                       ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐                        ‐
        12,609,544         12,811,297         13,016,277         13,224,538         13,436,131         13,651,109         13,869,526         14,091,439         14,316,902         14,545,972         14,778,708         15,015,167         15,255,410         15,499,496

         (7,097,146)          (7,210,700)          (7,326,072)          (7,443,289)          (7,562,381)          (7,683,380)          (7,806,314)          (7,931,215)          (8,058,114)          (8,187,044)          (8,318,037)          (8,451,125)          (8,586,343)          (8,723,725)
         (3,319,760)          (3,372,876)          (3,426,842)          (3,481,672)          (3,537,378)          (3,593,976)          (3,651,480)          (3,709,904)          (3,769,262)          (3,829,570)          (3,890,843)          (3,953,097)          (4,016,346)          (4,080,608)
       (19,810,541)        (20,289,773)        (20,780,386)        (21,282,654)        (21,796,861)        (22,323,294)        (22,862,248)        (23,414,027)        (23,978,941)        (24,557,308)        (25,149,453)        (25,755,709)        (26,376,419)        (27,011,933)
      (30,227,447)       (30,873,349)       (31,533,299)       (32,207,615)       (32,896,621)       (33,600,649)       (34,320,042)       (35,055,145)       (35,806,317)       (36,573,922)       (37,358,333)       (38,159,931)       (38,979,109)       (39,816,266)
      (17,617,903)       (18,062,052)       (18,517,022)       (18,983,077)       (19,460,490)       (19,949,541)       (20,450,515)       (20,963,707)       (21,489,415)       (22,027,950)       (22,579,625)       (23,144,764)       (23,723,699)       (24,316,770)

86 87 88 89 90 91 92 93 94 95 96 97 98 99
2108 2109 2110 2111 2112 2113 2114 2115 2116 2117 2118 2119 2120 2121
        33,485,768         34,009,449         34,541,328         35,081,533         35,630,195         36,187,445         36,753,419         37,328,253         37,912,086         38,505,059         39,107,315         39,719,000         40,340,262         40,971,250
       (17,617,903)        (18,062,052)        (18,517,022)        (18,983,077)        (19,460,490)        (19,949,541)        (20,450,515)        (20,963,707)        (21,489,415)        (22,027,950)        (22,579,625)        (23,144,764)        (23,723,699)        (24,316,770)
        51,103,671         52,071,502         53,058,350         54,064,610         55,090,685         56,136,986         57,203,934         58,291,959         59,401,501         60,533,008         61,686,940         62,863,764         64,063,961         65,288,020
  1,941,892,537   1,993,964,039   2,047,022,389   2,101,086,999   2,156,177,684   2,212,314,670   2,269,518,604   2,327,810,563   2,387,212,064   2,447,745,073   2,509,432,013   2,572,295,777   2,636,359,738   2,701,647,758

15
New Facility SF          270,000
Old Facility SF          192,000
Opex Increase Increase Total Occupancy Net Gain            78,000
Rent PSF Rent Schedule Square Feet User Fee PSF User Fee $ PSF Total Cost
$           23.50 1 2019 $             267,665         11,390 $           2.00 $         22,780 $ 13.00 $      ‐ $                   ‐ $            290,445 Current Leased SF            11,390
$           24.09 2 2020 $             274,357         11,390 $           2.00 $         22,780 $ 13.21 $   0.21 $               2,369 $            299,506 Current Facility          192,000
$           24.69 3 2021 $             281,216         11,390 $           2.00 $         22,780 $ 13.42 $   0.42 $               4,776 $            308,772 Current Needs          203,390
$           25.31 4 2022 $             288,246         11,390 $           2.00 $         22,780 $ 13.63 $   0.63 $               7,222 $            318,248
$           25.94 5 2023 $         2,023,289         78,000 $           2.00 $       156,000 $ 13.85 $   0.85 $             66,470 $         2,245,759
$           26.59 6 2024 $         2,073,871         78,000 $           2.00 $       156,000 $ 14.07 $   1.07 $             83,758 $         2,313,629
$           27.25 7 2025 $         2,125,718         78,000 $           2.00 $       156,000 $ 14.30 $   1.30 $          101,322 $         2,383,040
$           27.93 8 2026 $         2,178,861         78,000 $           2.00 $       156,000 $ 14.53 $   1.53 $          119,167 $         2,454,028
$           28.63 9 2027 $         2,233,333         78,000 $           2.00 $       156,000 $ 14.76 $   1.76 $          137,298 $         2,526,630
$           29.35 10 2028 $         2,289,166         78,000 $           2.00 $       156,000 $ 15.00 $   2.00 $          155,718 $         2,600,884
$           30.08 11 2029 $         2,346,395         78,000 $           2.00 $       156,000 $ 15.24 $   2.24 $          174,434 $         2,676,829
$           30.83 12 2030 $         2,405,055         78,000 $           2.00 $       156,000 $ 15.48 $   2.48 $          193,449 $         2,754,504 1 2 3 4 5
$           31.60 13 2031 $         2,465,181         78,000 $           2.00 $       156,000 $ 15.73 $   2.73 $          212,768 $         2,833,949 $         290,445.00 $ 299,505.75 $ 308,771.69 $ 318,247.61 $  2,245,759.21
$           32.40 14 2032 $         2,526,811         78,000 $           2.00 $       156,000 $ 15.98 $   2.98 $          232,396 $         2,915,207
$           33.20 15 2033 $         2,589,981         78,000 $           2.00 $       156,000 $ 16.24 $   3.24 $          252,339 $         2,998,320
$           34.04 16 2034 $         2,654,731         78,000 $           2.00 $       156,000 $ 16.49 $   3.49 $          272,600 $         3,083,331
$           34.89 17 2035 $         2,721,099         78,000 $           2.00 $       156,000 $ 16.76 $   3.76 $          293,186 $         3,170,284
$           35.76 18 2036 $         2,789,126         78,000 $           2.00 $       156,000 $ 17.03 $   4.03 $          314,101 $         3,259,227
$           36.65 19 2037 $         2,858,854         78,000 $           2.00 $       156,000 $ 17.30 $   4.30 $          335,350 $         3,350,205
$           37.57 20 2038 $         2,930,326         78,000 $           2.00 $       156,000 $ 17.58 $   4.58 $          356,940 $         3,443,266
$           38.51 21 2039 $         3,003,584         78,000 $           2.00 $       156,000 $ 17.86 $   4.86 $          378,875 $         3,538,459
$           39.47 22 2040 $         3,078,674         78,000 $           2.00 $       156,000 $ 18.14 $   5.14 $          401,161 $         3,635,834
$           40.46 23 2041 $         3,155,640         78,000 $           2.00 $       156,000 $ 18.43 $   5.43 $          423,803 $         3,735,444
$           41.47 24 2042 $         3,234,531         78,000 $           2.00 $       156,000 $ 18.73 $   5.73 $          446,808 $         3,837,340
$           42.51 25 2043 $         3,315,395         78,000 $           2.00 $       156,000 $ 19.03 $   6.03 $          470,181 $         3,941,576
$           43.57 26 2044 $         3,398,280         78,000 $           2.00 $       156,000 $ 19.33 $   6.33 $          493,928 $         4,048,208
$           44.66 27 2045 $         3,483,237         78,000 $           2.00 $       156,000 $ 19.64 $   6.64 $          518,055 $         4,157,292
$           45.77 28 2046 $         3,570,317         78,000 $           2.00 $       156,000 $ 19.96 $   6.96 $          542,568 $         4,268,885
$           46.92 29 2047 $         3,659,575         78,000 $           2.00 $       156,000 $ 20.28 $   7.28 $          567,473 $         4,383,048
$           48.09 30 2048 $         3,751,065         78,000 $           2.00 $       156,000 $ 20.60 $   7.60 $          592,777 $         4,499,841
$           49.29 31 2049 $         3,844,841         78,000 $           2.00 $       156,000 $ 20.93 $   7.93 $          618,485 $         4,619,326
$           50.53 32 2050 $         3,940,962         78,000 $           2.00 $       156,000 $ 21.26 $   8.26 $          644,605 $         4,741,567
$           51.79 33 2051 $         4,039,486         78,000 $           2.00 $       156,000 $ 21.60 $   8.60 $          671,142 $         4,866,629
$           53.08 34 2052 $         4,140,474         78,000 $           2.00 $       156,000 $ 21.95 $   8.95 $          698,105 $         4,994,578
$           54.41 35 2053 $         4,243,985         78,000 $           2.00 $       156,000 $ 22.30 $   9.30 $          725,498 $         5,125,484
$           55.77 36 2054 $         4,350,085         78,000 $           2.00 $       156,000 $ 22.66 $   9.66 $          753,330 $         5,259,415
$           57.16 37 2055 $         4,458,837         78,000 $           2.00 $       156,000 $ 23.02 $ 10.02 $          781,608 $         5,396,445
$           58.59 38 2056 $         4,570,308         78,000 $           2.00 $       156,000 $ 23.39 $ 10.39 $          810,337 $         5,536,646
$           60.06 39 2057 $         4,684,566         78,000 $           2.00 $       156,000 $ 23.76 $ 10.76 $          839,527 $         5,680,093
$           61.56 40 2058 $         4,801,680         78,000 $           2.00 $       156,000 $ 24.14 $ 11.14 $          869,183 $         5,826,863
$           63.10 41 2059 $         4,921,722         78,000 $           2.00 $       156,000 $ 24.53 $ 11.53 $          899,314 $         5,977,036
$           64.68 42 2060 $         5,044,765         78,000 $           2.00 $       156,000 $ 24.92 $ 11.92 $          929,927 $         6,130,692
$           66.29 43 2061 $         5,170,884         78,000 $           2.00 $       156,000 $ 25.32 $ 12.32 $          961,030 $         6,287,914

16
$           67.95 44 2062 $         5,300,156         78,000 $           2.00 $       156,000 $ 25.73 $ 12.73 $          992,630 $         6,448,787
$           69.65 45 2063 $         5,432,660         78,000 $           2.00 $       156,000 $ 26.14 $ 13.14 $       1,024,737 $         6,613,397
$           71.39 46 2064 $         5,568,477         78,000 $           2.00 $       156,000 $ 26.56 $ 13.56 $       1,057,356 $         6,781,833
$           73.18 47 2065 $         5,707,689         78,000 $           2.00 $       156,000 $ 26.98 $ 13.98 $       1,090,498 $         6,954,187
$           75.00 48 2066 $         5,850,381         78,000 $           2.00 $       156,000 $ 27.41 $ 14.41 $       1,124,170 $         7,130,551
$           76.88 49 2067 $         5,996,640         78,000 $           2.00 $       156,000 $ 27.85 $ 14.85 $       1,158,381 $         7,311,021
$           78.80 50 2068 $         6,146,556         78,000 $           2.00 $       156,000 $ 28.30 $ 15.30 $       1,193,139 $         7,495,695
$           80.77 51 2069 $         6,300,220         78,000 $           2.00 $       156,000 $ 28.75 $ 15.75 $       1,228,453 $         7,684,673
$           82.79 52 2070 $         6,457,726         78,000 $           2.00 $       156,000 $ 29.21 $ 16.21 $       1,264,332 $         7,878,058
$           84.86 53 2071 $         6,619,169         78,000 $           2.00 $       156,000 $ 29.68 $ 16.68 $       1,300,786 $         8,075,955
$           86.98 54 2072 $         6,784,648         78,000 $           2.00 $       156,000 $ 30.15 $ 17.15 $       1,337,822 $         8,278,470
$           89.16 55 2073 $         6,954,264         78,000 $           2.00 $       156,000 $ 30.63 $ 17.63 $       1,375,451 $         8,485,716
$           91.39 56 2074 $         7,128,121         78,000 $           2.00 $       156,000 $ 31.12 $ 18.12 $       1,413,683 $         8,697,803
$           93.67 57 2075 $         7,306,324         78,000 $           2.00 $       156,000 $ 31.62 $ 18.62 $       1,452,525 $         8,914,849
$           96.01 58 2076 $         7,488,982         78,000 $           2.00 $       156,000 $ 32.13 $ 19.13 $       1,491,990 $         9,136,972
$           98.41 59 2077 $         7,676,207         78,000 $           2.00 $       156,000 $ 32.64 $ 19.64 $       1,532,086 $         9,364,292
$         100.87 60 2078 $         7,868,112         78,000 $           2.00 $       156,000 $ 33.16 $ 20.16 $       1,572,823 $         9,596,935
$         103.40 61 2079 $         8,064,815         78,000 $           2.00 $       156,000 $ 33.70 $ 20.70 $       1,614,212 $         9,835,027
$         105.98 62 2080 $         8,266,435         78,000 $           2.00 $       156,000 $ 34.23 $ 21.23 $       1,656,264 $      10,078,699
$         108.63 63 2081 $         8,473,096         78,000 $           2.00 $       156,000 $ 34.78 $ 21.78 $       1,698,988 $      10,328,084
$         111.35 64 2082 $         8,684,923         78,000 $           2.00 $       156,000 $ 35.34 $ 22.34 $       1,742,396 $      10,583,319
$         114.13 65 2083 $         8,902,046         78,000 $           2.00 $       156,000 $ 35.90 $ 22.90 $       1,786,498 $      10,844,544
$         116.98 66 2084 $         9,124,597         78,000 $           2.00 $       156,000 $ 36.48 $ 23.48 $       1,831,306 $      11,111,903
$         119.91 67 2085 $         9,352,712         78,000 $           2.00 $       156,000 $ 37.06 $ 24.06 $       1,876,831 $      11,385,543
$         122.90 68 2086 $         9,586,530         78,000 $           2.00 $       156,000 $ 37.65 $ 24.65 $       1,923,084 $      11,665,614
$         125.98 69 2087 $         9,826,193         78,000 $           2.00 $       156,000 $ 38.26 $ 25.26 $       1,970,077 $      11,952,271
$         129.13 70 2088 $       10,071,848         78,000 $           2.00 $       156,000 $ 38.87 $ 25.87 $       2,017,823 $      12,245,671
$         132.35 71 2089 $       10,323,645         78,000 $           2.00 $       156,000 $ 39.49 $ 26.49 $       2,066,332 $      12,545,976
$         135.66 72 2090 $       10,581,736         78,000 $           2.00 $       156,000 $ 40.12 $ 27.12 $       2,115,617 $      12,853,353
$         139.05 73 2091 $       10,846,279         78,000 $           2.00 $       156,000 $ 40.77 $ 27.77 $       2,165,691 $      13,167,970
$         142.53 74 2092 $       11,117,436         78,000 $           2.00 $       156,000 $ 41.42 $ 28.42 $       2,216,566 $      13,490,002
$         146.09 75 2093 $       11,395,372         78,000 $           2.00 $       156,000 $ 42.08 $ 29.08 $       2,268,255 $      13,819,627
$         149.75 76 2094 $       11,680,256         78,000 $           2.00 $       156,000 $ 42.75 $ 29.75 $       2,320,771 $      14,157,027
$         153.49 77 2095 $       11,972,263         78,000 $           2.00 $       156,000 $ 43.44 $ 30.44 $       2,374,128 $      14,502,390
$         157.33 78 2096 $       12,271,569         78,000 $           2.00 $       156,000 $ 44.13 $ 31.13 $       2,428,338 $      14,855,907
$         161.26 79 2097 $       12,578,358         78,000 $           2.00 $       156,000 $ 44.84 $ 31.84 $       2,483,415 $      15,217,773
$         165.29 80 2098 $       12,892,817         78,000 $           2.00 $       156,000 $ 45.56 $ 32.56 $       2,539,374 $      15,588,191
$         169.42 81 2099 $       13,215,138         78,000 $           2.00 $       156,000 $ 46.28 $ 33.28 $       2,596,228 $      15,967,365
$         173.66 82 2100 $       13,545,516         78,000 $           2.00 $       156,000 $ 47.03 $ 34.03 $       2,653,991 $      16,355,508
$         178.00 83 2101 $       13,884,154         78,000 $           2.00 $       156,000 $ 47.78 $ 34.78 $       2,712,679 $      16,752,833
$         182.45 84 2102 $       14,231,258         78,000 $           2.00 $       156,000 $ 48.54 $ 35.54 $       2,772,306 $      17,159,564
$         187.01 85 2103 $       14,587,039         78,000 $           2.00 $       156,000 $ 49.32 $ 36.32 $       2,832,887 $      17,575,926
$         191.69 86 2104 $       14,951,715         78,000 $           2.00 $       156,000 $ 50.11 $ 37.11 $       2,894,437 $      18,002,153
$         196.48 87 2105 $       15,325,508         78,000 $           2.00 $       156,000 $ 50.91 $ 37.91 $       2,956,972 $      18,438,480
$         201.39 88 2106 $       15,708,646         78,000 $           2.00 $       156,000 $ 51.72 $ 38.72 $       3,020,508 $      18,885,154
$         206.43 89 2107 $       16,101,362         78,000 $           2.00 $       156,000 $ 52.55 $ 39.55 $       3,085,060 $      19,342,422
$         211.59 90 2108 $       16,503,896         78,000 $           2.00 $       156,000 $ 53.39 $ 40.39 $       3,150,645 $      19,810,541
$         216.88 91 2109 $       16,916,494         78,000 $           2.00 $       156,000 $ 54.25 $ 41.25 $       3,217,279 $      20,289,773
$         222.30 92 2110 $       17,339,406         78,000 $           2.00 $       156,000 $ 55.12 $ 42.12 $       3,284,980 $      20,780,386
$         227.86 93 2111 $       17,772,891         78,000 $           2.00 $       156,000 $ 56.00 $ 43.00 $       3,353,763 $      21,282,654
$         233.55 94 2112 $       18,217,213         78,000 $           2.00 $       156,000 $ 56.89 $ 43.89 $       3,423,647 $      21,796,861
$         239.39 95 2113 $       18,672,644         78,000 $           2.00 $       156,000 $ 57.80 $ 44.80 $       3,494,650 $      22,323,294
$         245.38 96 2114 $       19,139,460         78,000 $           2.00 $       156,000 $ 58.73 $ 45.73 $       3,566,788 $      22,862,248
17
$         251.51 97 2115 $       19,617,946         78,000 $           2.00 $       156,000 $ 59.67 $ 46.67 $       3,640,081 $      23,414,027
$         257.80 98 2116 $       20,108,395         78,000 $           2.00 $       156,000 $ 60.62 $ 47.62 $       3,714,546 $      23,978,941
$         264.24 99 2117 $       20,611,105         78,000 $           2.00 $       156,000 $ 61.59 $ 48.59 $       3,790,203 $      24,557,308
$         270.85 100 2118 $       21,126,383         78,000 $           2.00 $       156,000 $ 62.58 $ 49.58 $       3,867,070 $      25,149,453
$         277.62 101 2119 $       21,654,542         78,000 $           2.00 $       156,000 $ 63.58 $ 50.58 $       3,945,167 $      25,755,709
$         284.56 102 2120 $       22,195,906         78,000 $           2.00 $       156,000 $ 64.60 $ 51.60 $       4,024,514 $      26,376,419
$         291.68 103 2121 $       22,750,803         78,000 $           2.00 $       156,000 $ 65.63 $ 52.63 $       4,105,130 $      27,011,933

18
City of Miami Office
Pre‐Development Budget
Description Total
Architectural & Engineering  1,240,000
Permit Fees  100,000
Legal & Professional  100,000
General & Administrative 100,000
Development Fee 120,000
Contingency 300,000
TOTAL PRE‐DEVELOPMENT COST 1,960,000

Printed:  5/10/2019
19
City of Miami Office
Project Summary
Financial Assumptions Building Square Feet
Construction Loan Rate TBD Office Tenant Improvements $   75.00
Construction Loan ‐ LTC 100% Office SF 270,000
Annual Rent 30 Years Fully Amortizing TBD Retail SF 8,000
Annual Escalation TBD Total NSF 278,000

TOTAL Per NSF % TOTAL


TOTAL LAND COSTS 19,500,000 70.14 14%
Core, Shell, & Garage (Divisions 1‐16) 69,500,000 250.00 50% March 2020 est. GMP
Office TI's 20,250,000 75.00 5%
Office FF&E 6,900,000 30.00 14%
TOTAL HARD COSTS 96,650,000 355.00 69%
Insurance 700,000 2.52 1%
Architectural & Engineering  3,500,000 12.59 3%
Permits & Impact Fees  2,000,000 7.19 1%
Legal & Professional  1,200,000 4.32 1%
Real Estate Consulting & Commissions 2,500,000 8.99 2%
Retail TI & Commissions 500,000 1.80 0%
General & Administrative 1,500,000 5.40 1%
Development Fee 4,632,000 16.66 3%
Contingency 7,250,000 26.08 5%
TOTAL SOFT COSTS 23,782,000 85.55 17%
TOTAL DEVELOPMENT COST 139,932,000 510.69 100%
INTEREST RESERVE (TBD, Based on City Financing) ‐

Printed:  5/10/2019
20
City of Miami Office
Draw Schedule
Month # Month Year Draw Amount
1 July 2020   30,000,000 Land, broker fee, soft costs
2 August 2020     3,790,759
3 September 2020     3,790,759
4 October 2020     3,790,759
5 November 2020     3,790,759
6 December 2020     3,790,759
7 January 2020     3,790,759
8 February 2021     3,790,759
9 March 2021     3,790,759
10 April 2021     3,790,759
11 May 2021     3,790,759
12 June  2021     3,790,759
13 July 2021     3,790,759
14 August 2021     3,790,759
15 September 2021     3,790,759
16 October 2021     3,790,759
17 November 2021     3,790,759
18 December 2021     3,790,759
19 January 2021     3,790,759
20 February 2021     3,790,759
21 March 2021     3,790,759
22 April 2021     3,790,759
23 May 2021     3,790,759
24 June  2021     3,790,759
25 July 2022     3,790,759
26 August 2022     3,790,759
27 September 2022     3,790,759
28 October 2022     3,790,759
29 November 2022     3,790,759
30 December 2022     3,790,759
TOTAL   139,932,000

21
Projected Real Estate Taxes Land Only Pre‐Construction
Description GSF NSF PPSF Hard Cost
MRC Property ‐ Land    69,400,000
Estimated Value (Construction)            ‐               ‐    69,400,000
Assessed Value Reduction 20%    13,880,000
Estimated Assessed Value    55,520,000

Estimated Ad Valorem Taxes
City Tax Revenue ‐ MRC Land
2018 
Description Total
Millage
Municipal Governing Board:
Miami Operating      7.5865      421,202
Miami Debt Service      0.4435         24,623
Miami Miscelalaneous      0.4681         25,989
Total MRC Property City Tax Revenue     8.4981     471,815

22
Projected Real Estate Taxes Proposed Residential with Office
Description GSF NSF Units Per Unit Value
Estimated Value (Construction)   508,013      287,249 300         346,667   104,000,000
Assessed Value Reduction 20%     20,800,000
Estimated Assessed Value   277,333.33     83,200,000

Estimated Ad Valorem Taxes
City Tax Revenue ‐ Adler Resi
2018 
Description Total
Millage
Municipal Governing Board:
Miami Operating     7.5865      631,197
Miami Debt Service     0.4435        36,899
Miami Miscelalaneous     0.4681        38,946
Total MRC Property City Tax Revenue    8.4981     707,042

23
Projected Real Estate Taxes Upon Sale
Description GSF NSF PPSF Value
MRC Condo Tower I       625,000         531,250 650   345,312,500
MRC Condo Tower II       625,000         531,250 650   345,312,500
MRC Retail         28,000           28,000 950      26,600,000
MRC Hotel       156,428         109,500 650      71,174,740
Estimated Assessed Value (Sale Value)    1,434,428     1,200,000 657   788,399,740
Assessed Value Reduction 20%   157,679,948
Estimated Assessed Value   630,719,792

Estimated Ad Valorem Taxes
City Tax Revenue ‐ MRC Property Sales
2018 
Description Total
Millage
Municipal Governing Board:
Miami Operating         7.5865      4,784,956
Miami Debt Service         0.4435         279,724
Miami Miscelalaneous         0.4681         295,240
Total MRC Property City Tax Revenue        8.4981     5,359,920

24
SOURCES AND USES OF FUNDS

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project)
[Lease Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded

Sources:

Bond Proceeds:
Par Amount 131,060,000.00
Premium 19,909,528.10

150,969,528.10

Uses:

Project Fund Deposits:


Project Fund (Invested @ 2.00%) 135,872,870.25

Other Fund Deposits:


Capitalized Interest Fund 12,609,681.00
OpEx Reserve (Revenue/Pmt Imbalance) 1,172,694.31
13,782,375.31

Delivery Date Expenses:


Cost of Issuance 655,300.00
Underwriter's Discount 655,300.00
1,310,600.00

Other Uses of Funds:


Additional Proceeds 3,682.54

150,969,528.10

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:40 am Prepared by PFM Financial Advisors LLC Page 1
25
BOND SUMMARY STATISTICS

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project)
[Lease Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded

Dated Date 01/01/2020


Delivery Date 01/01/2020
First Coupon 07/01/2020
Last Maturity 01/01/2050

Arbitrage Yield 3.124595%


True Interest Cost (TIC) 3.972024%
Net Interest Cost (NIC) 4.336504%
All-In TIC 4.003877%
Average Coupon 5.000000%

Average Life (years) 22.142


Duration of Issue (years) 14.001

Par Amount 131,060,000.00


Bond Proceeds 150,969,528.10
Total Interest 145,096,750.00
Net Interest 125,842,521.90
Total Debt Service 276,156,750.00
Maximum Annual Debt Service 12,027,750.00
Average Annual Debt Service 9,205,225.00

Underwriter's Fees (per $1000)


Average Takedown
Other Fee 5.000000

Total Underwriter's Discount 5.000000

Bid Price 114.691155

Par Average Average PV of 1 bp


Bond Component Value Price Coupon Life change

Bond Component 131,060,000.00 115.191 5.000% 22.142 115,343.25

131,060,000.00 22.142 115,343.25

May 10, 2019 11:40 am Prepared by PFM Financial Advisors LLC Page 2
26
BOND SUMMARY STATISTICS

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project)
[Lease Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded

All-In Arbitrage
TIC TIC Yield

Par Value 131,060,000.00 131,060,000.00 131,060,000.00


+ Accrued Interest
+ Premium (Discount) 19,909,528.10 19,909,528.10 19,909,528.10
- Underwriter's Discount -655,300.00 -655,300.00
- Cost of Issuance Expense -655,300.00
- Other Amounts

Target Value 150,314,228.10 149,658,928.10 150,969,528.10

Target Date 01/01/2020 01/01/2020 01/01/2020


Yield 3.972024% 4.003877% 3.124595%

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:40 am Prepared by PFM Financial Advisors LLC Page 3
27
NET DEBT SERVICE

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project)
[Lease Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded

Capitalized OpEx Reserve


Period Total General Interest (Revenue/Pmt Net
Ending Debt Service Fund Fund Imbalance) Debt Service

01/01/2021 6,553,000 -36,641.94 6,553,000 36,641.94


01/01/2022 6,553,000 -36,641.94 6,553,000 36,641.94
01/01/2023 6,553,000 73,283.88 742,473.46 5,737,242.66
01/01/2024 6,553,000 285,512.00 6,267,488.00
01/01/2025 6,553,000 202,060.65 6,350,939.35
01/01/2026 7,773,000 7,773,000.00
01/01/2027 7,882,000 7,882,000.00
01/01/2028 8,027,500 8,027,500.00
01/01/2029 8,177,250 8,177,250.00
01/01/2030 8,330,500 8,330,500.00
01/01/2031 8,481,500 8,481,500.00
01/01/2032 8,639,750 8,639,750.00
01/01/2033 8,804,250 8,804,250.00
01/01/2034 8,964,000 8,964,000.00
01/01/2035 9,133,500 9,133,500.00
01/01/2036 9,301,500 9,301,500.00
01/01/2037 9,477,250 9,477,250.00
01/01/2038 9,649,500 9,649,500.00
01/01/2039 9,827,500 9,827,500.00
01/01/2040 10,010,000 10,010,000.00
01/01/2041 10,195,750 10,195,750.00
01/01/2042 10,388,500 10,388,500.00
01/01/2043 10,581,750 10,581,750.00
01/01/2044 10,774,250 10,774,250.00
01/01/2045 10,974,750 10,974,750.00
01/01/2046 11,176,500 11,176,500.00
01/01/2047 11,383,000 11,383,000.00
01/01/2048 11,597,500 11,597,500.00
01/01/2049 11,813,000 11,813,000.00
01/01/2050 12,027,750 12,027,750.00

276,156,750 0.00 13,106,000 1,303,329.99 261,747,420.01

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:40 am Prepared by PFM Financial Advisors LLC Page 4
28
NET DEBT SERVICE

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project)
[Lease Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded

Capitalized OpEx Reserve


Total General Interest (Revenue/Pmt Net
Date Debt Service Fund Fund Imbalance) Debt Service

07/01/2020 3,276,500 -18,320.97 3,276,500 18,320.97


01/01/2021 3,276,500 -18,320.97 3,276,500 18,320.97
07/01/2021 3,276,500 -18,320.97 3,276,500 18,320.97
01/01/2022 3,276,500 -18,320.97 3,276,500 18,320.97
07/01/2022 3,276,500 73,283.88 18,320.97 3,184,895.15
01/01/2023 3,276,500 724,152.49 2,552,347.51
07/01/2023 3,276,500 7,293.79 3,269,206.21
01/01/2024 3,276,500 278,218.21 2,998,281.79
07/01/2024 3,276,500 3,061.14 3,273,438.86
01/01/2025 3,276,500 198,999.51 3,077,500.49
07/01/2025 3,276,500 3,276,500.00
01/01/2026 4,496,500 4,496,500.00
07/01/2026 3,246,000 3,246,000.00
01/01/2027 4,636,000 4,636,000.00
07/01/2027 3,211,250 3,211,250.00
01/01/2028 4,816,250 4,816,250.00
07/01/2028 3,171,125 3,171,125.00
01/01/2029 5,006,125 5,006,125.00
07/01/2029 3,125,250 3,125,250.00
01/01/2030 5,205,250 5,205,250.00
07/01/2030 3,073,250 3,073,250.00
01/01/2031 5,408,250 5,408,250.00
07/01/2031 3,014,875 3,014,875.00
01/01/2032 5,624,875 5,624,875.00
07/01/2032 2,949,625 2,949,625.00
01/01/2033 5,854,625 5,854,625.00
07/01/2033 2,877,000 2,877,000.00
01/01/2034 6,087,000 6,087,000.00
07/01/2034 2,796,750 2,796,750.00
01/01/2035 6,336,750 6,336,750.00
07/01/2035 2,708,250 2,708,250.00
01/01/2036 6,593,250 6,593,250.00
07/01/2036 2,611,125 2,611,125.00
01/01/2037 6,866,125 6,866,125.00
07/01/2037 2,504,750 2,504,750.00
01/01/2038 7,144,750 7,144,750.00
07/01/2038 2,388,750 2,388,750.00
01/01/2039 7,438,750 7,438,750.00
07/01/2039 2,262,500 2,262,500.00
01/01/2040 7,747,500 7,747,500.00
07/01/2040 2,125,375 2,125,375.00
01/01/2041 8,070,375 8,070,375.00
07/01/2041 1,976,750 1,976,750.00
01/01/2042 8,411,750 8,411,750.00
07/01/2042 1,815,875 1,815,875.00
01/01/2043 8,765,875 8,765,875.00
07/01/2043 1,642,125 1,642,125.00

May 10, 2019 11:40 am Prepared by PFM Financial Advisors LLC Page 5
29
NET DEBT SERVICE

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project)
[Lease Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded

Capitalized OpEx Reserve


Total General Interest (Revenue/Pmt Net
Date Debt Service Fund Fund Imbalance) Debt Service

01/01/2044 9,132,125 9,132,125.00


07/01/2044 1,454,875 1,454,875.00
01/01/2045 9,519,875 9,519,875.00
07/01/2045 1,253,250 1,253,250.00
01/01/2046 9,923,250 9,923,250.00
07/01/2046 1,036,500 1,036,500.00
01/01/2047 10,346,500 10,346,500.00
07/01/2047 803,750 803,750.00
01/01/2048 10,793,750 10,793,750.00
07/01/2048 554,000 554,000.00
01/01/2049 11,259,000 11,259,000.00
07/01/2049 286,375 286,375.00
01/01/2050 11,741,375 11,741,375.00

276,156,750 0.00 13,106,000 1,303,329.99 261,747,420.01

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:40 am Prepared by PFM Financial Advisors LLC Page 6
30
PROJECT FUND

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project)
[Lease Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded

Project Fund (Invested @ 2.00%)

Interest Scheduled
Date Deposit @ 2% Principal Draws Balance

01/01/2020 135,872,870.25 135,872,870.25


04/01/2020 679,364.35 -679,364.35 136,552,234.60
07/01/2020 682,761.17 29,317,238.83 30,000,000.00 107,234,995.77
08/01/2020 3,790,758.62 3,790,758.62 103,444,237.15
09/01/2020 3,790,758.62 3,790,758.62 99,653,478.53
10/01/2020 517,221.19 3,273,537.43 3,790,758.62 96,379,941.10
11/01/2020 3,790,758.62 3,790,758.62 92,589,182.48
12/01/2020 3,790,758.62 3,790,758.62 88,798,423.86
01/01/2021 462,945.91 3,327,812.71 3,790,758.62 85,470,611.15
02/01/2021 3,790,758.62 3,790,758.62 81,679,852.53
03/01/2021 3,790,758.62 3,790,758.62 77,889,093.91
04/01/2021 408,399.26 3,382,359.36 3,790,758.62 74,506,734.55
05/01/2021 3,790,758.62 3,790,758.62 70,715,975.93
06/01/2021 3,790,758.62 3,790,758.62 66,925,217.31
07/01/2021 353,579.88 3,437,178.74 3,790,758.62 63,488,038.57
08/01/2021 3,790,758.62 3,790,758.62 59,697,279.95
09/01/2021 3,790,758.62 3,790,758.62 55,906,521.33
10/01/2021 298,486.40 3,492,272.22 3,790,758.62 52,414,249.11
11/01/2021 3,790,758.62 3,790,758.62 48,623,490.49
12/01/2021 3,790,758.62 3,790,758.62 44,832,731.87
01/01/2022 243,117.45 3,547,641.17 3,790,758.62 41,285,090.70
02/01/2022 3,790,758.62 3,790,758.62 37,494,332.08
03/01/2022 3,790,758.62 3,790,758.62 33,703,573.46
04/01/2022 187,471.66 3,603,286.96 3,790,758.62 30,100,286.50
05/01/2022 3,790,758.62 3,790,758.62 26,309,527.88
06/01/2022 3,790,758.62 3,790,758.62 22,518,769.26
07/01/2022 131,547.64 3,659,210.98 3,790,758.62 18,859,558.28
08/01/2022 3,790,758.62 3,790,758.62 15,068,799.66
09/01/2022 3,790,758.62 3,790,758.62 11,278,041.04
10/01/2022 75,344.00 3,715,414.62 3,790,758.62 7,562,626.42
11/01/2022 3,790,758.62 3,790,758.62 3,771,867.80
12/01/2022 18,890.83 3,771,867.79 3,790,758.62 0.01

135,872,870.25 4,059,129.74 135,872,870.24 139,931,999.98

Yield To Receipt Date: 2.0049126%


Arbitrage Yield: 3.1245950%
Value of Negative Arbitrage: 2,183,747.62

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:40 am Prepared by PFM Financial Advisors LLC Page 7
31
RESERVE FUND

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project)
[Lease Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded

Capitalized Interest Fund

Interest Scheduled
Date Deposit @ 3.124595% Principal Draws Balance

01/01/2021 12,609,681 345,890.52 6,207,109.48 6,553,000 6,402,571.52


01/01/2022 150,428.48 6,402,571.52 6,553,000

12,609,681 496,319.00 12,609,681.00 13,106,000

Yield To Receipt Date: 3.1245950%


Arbitrage Yield: 3.1245950%

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:40 am Prepared by PFM Financial Advisors LLC Page 8
32
RESERVE FUND

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project)
[Lease Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded

OpEx Reserve (Revenue/Pmt Imbalance)

Interest Scheduled
Date Deposit @ 3.124595% Principal Debt Service Draws Balance

01/01/2021 1,172,694.31 36,641.94 -36,641.94 1,172,694.31


01/01/2022 36,641.94 -36,641.94 1,172,694.31
01/01/2023 36,641.94 705,831.52 -36,641.94 705,831.52 466,862.79
01/01/2024 14,587.58 270,924.42 -14,587.58 270,924.42 195,938.37
01/01/2025 6,122.28 195,938.37 -6,122.28 195,938.37

1,172,694.31 130,635.68 1,172,694.31 -130,635.68 1,172,694.31

Yield To Receipt Date: 3.1245946%


Arbitrage Yield: 3.1245950%
Value of Negative Arbitrage: 0.02

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:40 am Prepared by PFM Financial Advisors LLC Page 9
33
SOURCES AND USES OF FUNDS

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project) -Purchase
[Purchase Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps, plus 25 bps (add'l) for 5yr call option
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded
Partial principal redemption (equal to purchase price) in 2026

Sources:

Bond Proceeds:
Par Amount 133,740,000.00
Premium 17,939,878.35

151,679,878.35

Uses:

Project Fund Deposits:


Project Fund (Invested @ 2.00%) 135,872,870.25

Other Fund Deposits:


Capitalized Interest Fund 12,890,666.05
OpEx Reserve (Revenue/Pmt Imbalance) 1,574,694.31
14,465,360.36

Delivery Date Expenses:


Cost of Issuance 668,700.00
Underwriter's Discount 668,700.00
1,337,400.00

Other Uses of Funds:


Additional Proceeds 4,247.74

151,679,878.35

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:42 am Prepared by PFM Financial Advisors LLC Page 1
34
BOND SUMMARY STATISTICS

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project) -Purchase
[Purchase Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps, plus 25 bps (add'l) for 5yr call option
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded
Partial principal redemption (equal to purchase price) in 2026

Dated Date 01/01/2020


Delivery Date 01/01/2020
First Coupon 07/01/2020
Last Maturity 01/01/2050

Arbitrage Yield 2.977590%


True Interest Cost (TIC) 3.627363%
Net Interest Cost (NIC) 4.000606%
All-In TIC 3.675555%
Average Coupon 5.000000%

Average Life (years) 12.922


Duration of Issue (years) 9.390

Par Amount 133,740,000.00


Bond Proceeds 151,679,878.35
Total Interest 86,408,250.00
Net Interest 69,137,071.65
Total Debt Service 220,148,250.00
Maximum Annual Debt Service 82,572,000.00
Average Annual Debt Service 7,338,275.00

Underwriter's Fees (per $1000)


Average Takedown
Other Fee 5.000000

Total Underwriter's Discount 5.000000

Bid Price 112.913996

Par Average Average PV of 1 bp


Bond Component Value Price Coupon Life change

Bond Component 133,740,000.00 113.414 5.000% 12.922 95,417.45

133,740,000.00 12.922 95,417.45

May 10, 2019 11:42 am Prepared by PFM Financial Advisors LLC Page 2
35
BOND SUMMARY STATISTICS

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project) -Purchase
[Purchase Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps, plus 25 bps (add'l) for 5yr call option
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded
Partial principal redemption (equal to purchase price) in 2026

All-In Arbitrage
TIC TIC Yield

Par Value 133,740,000.00 133,740,000.00 133,740,000.00


+ Accrued Interest
+ Premium (Discount) 17,939,878.35 17,939,878.35 17,939,878.35
- Underwriter's Discount -668,700.00 -668,700.00
- Cost of Issuance Expense -668,700.00
- Other Amounts

Target Value 151,011,178.35 150,342,478.35 151,679,878.35

Target Date 01/01/2020 01/01/2020 01/01/2020


Yield 3.627363% 3.675555% 2.977590%

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:42 am Prepared by PFM Financial Advisors LLC Page 3
36
NET DEBT SERVICE

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project) -Purchase
[Purchase Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps, plus 25 bps (add'l) for 5yr call option
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded
Partial principal redemption (equal to purchase price) in 2026

Capitalized OpEx Reserve


Period Total General Interest (Revenue/Pmt Net
Ending Debt Service Fund Fund Imbalance) Debt Service

01/01/2021 6,687,000 -46,887.94 6,687,000 46,887.94


01/01/2022 6,687,000 -46,887.94 6,687,000 46,887.94
01/01/2023 6,687,000 93,775.88 886,719.46 5,706,504.66
01/01/2024 6,687,000 426,805.62 6,260,194.38
01/01/2025 6,687,000 339,762.59 6,347,237.41
01/01/2026 82,572,000 82,572,000.00
01/01/2027 3,637,750 3,637,750.00
01/01/2028 3,690,500 3,690,500.00
01/01/2029 3,748,750 3,748,750.00
01/01/2030 3,802,000 3,802,000.00
01/01/2031 3,860,250 3,860,250.00
01/01/2032 3,918,000 3,918,000.00
01/01/2033 3,975,000 3,975,000.00
01/01/2034 4,036,000 4,036,000.00
01/01/2035 4,095,500 4,095,500.00
01/01/2036 4,158,250 4,158,250.00
01/01/2037 4,223,750 4,223,750.00
01/01/2038 4,286,500 4,286,500.00
01/01/2039 4,346,250 4,346,250.00
01/01/2040 4,412,750 4,412,750.00
01/01/2041 4,480,250 4,480,250.00
01/01/2042 4,548,250 4,548,250.00
01/01/2043 4,616,250 4,616,250.00
01/01/2044 4,683,750 4,683,750.00
01/01/2045 4,755,250 4,755,250.00
01/01/2046 4,825,000 4,825,000.00
01/01/2047 4,897,500 4,897,500.00
01/01/2048 4,972,000 4,972,000.00
01/01/2049 5,047,750 5,047,750.00
01/01/2050 5,124,000 5,124,000.00

220,148,250 0.00 13,374,000 1,747,063.55 205,027,186.45

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:42 am Prepared by PFM Financial Advisors LLC Page 4
37
NET DEBT SERVICE

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project) -Purchase
[Purchase Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps, plus 25 bps (add'l) for 5yr call option
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded
Partial principal redemption (equal to purchase price) in 2026

Capitalized OpEx Reserve


Total General Interest (Revenue/Pmt Net
Date Debt Service Fund Fund Imbalance) Debt Service

07/01/2020 3,343,500 -23,443.97 3,343,500 23,443.97


01/01/2021 3,343,500 -23,443.97 3,343,500 23,443.97
07/01/2021 3,343,500 -23,443.97 3,343,500 23,443.97
01/01/2022 3,343,500 -23,443.97 3,343,500 23,443.97
07/01/2022 3,343,500 93,775.88 23,443.97 3,226,280.15
01/01/2023 3,343,500 863,275.49 2,480,224.51
07/01/2023 3,343,500 10,940.60 3,332,559.40
01/01/2024 3,343,500 415,865.02 2,927,634.98
07/01/2024 3,343,500 4,912.11 3,338,587.89
01/01/2025 3,343,500 334,850.48 3,008,649.52
07/01/2025 3,343,500 3,343,500.00
01/01/2026 79,228,500 79,228,500.00
07/01/2026 1,446,375 1,446,375.00
01/01/2027 2,191,375 2,191,375.00
07/01/2027 1,427,750 1,427,750.00
01/01/2028 2,262,750 2,262,750.00
07/01/2028 1,406,875 1,406,875.00
01/01/2029 2,341,875 2,341,875.00
07/01/2029 1,383,500 1,383,500.00
01/01/2030 2,418,500 2,418,500.00
07/01/2030 1,357,625 1,357,625.00
01/01/2031 2,502,625 2,502,625.00
07/01/2031 1,329,000 1,329,000.00
01/01/2032 2,589,000 2,589,000.00
07/01/2032 1,297,500 1,297,500.00
01/01/2033 2,677,500 2,677,500.00
07/01/2033 1,263,000 1,263,000.00
01/01/2034 2,773,000 2,773,000.00
07/01/2034 1,225,250 1,225,250.00
01/01/2035 2,870,250 2,870,250.00
07/01/2035 1,184,125 1,184,125.00
01/01/2036 2,974,125 2,974,125.00
07/01/2036 1,139,375 1,139,375.00
01/01/2037 3,084,375 3,084,375.00
07/01/2037 1,090,750 1,090,750.00
01/01/2038 3,195,750 3,195,750.00
07/01/2038 1,038,125 1,038,125.00
01/01/2039 3,308,125 3,308,125.00
07/01/2039 981,375 981,375.00
01/01/2040 3,431,375 3,431,375.00
07/01/2040 920,125 920,125.00
01/01/2041 3,560,125 3,560,125.00
07/01/2041 854,125 854,125.00
01/01/2042 3,694,125 3,694,125.00
07/01/2042 783,125 783,125.00
01/01/2043 3,833,125 3,833,125.00

May 10, 2019 11:42 am Prepared by PFM Financial Advisors LLC Page 5
38
NET DEBT SERVICE

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project) -Purchase
[Purchase Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps, plus 25 bps (add'l) for 5yr call option
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded
Partial principal redemption (equal to purchase price) in 2026

Capitalized OpEx Reserve


Total General Interest (Revenue/Pmt Net
Date Debt Service Fund Fund Imbalance) Debt Service

07/01/2043 706,875 706,875.00


01/01/2044 3,976,875 3,976,875.00
07/01/2044 625,125 625,125.00
01/01/2045 4,130,125 4,130,125.00
07/01/2045 537,500 537,500.00
01/01/2046 4,287,500 4,287,500.00
07/01/2046 443,750 443,750.00
01/01/2047 4,453,750 4,453,750.00
07/01/2047 343,500 343,500.00
01/01/2048 4,628,500 4,628,500.00
07/01/2048 236,375 236,375.00
01/01/2049 4,811,375 4,811,375.00
07/01/2049 122,000 122,000.00
01/01/2050 5,002,000 5,002,000.00

220,148,250 0.00 13,374,000 1,747,063.55 205,027,186.45

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:42 am Prepared by PFM Financial Advisors LLC Page 6
39
PROJECT FUND

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project) -Purchase
[Purchase Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps, plus 25 bps (add'l) for 5yr call option
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded
Partial principal redemption (equal to purchase price) in 2026

Project Fund (Invested @ 2.00%)

Interest Scheduled
Date Deposit @ 2% Principal Draws Balance

01/01/2020 135,872,870.25 135,872,870.25


04/01/2020 679,364.35 -679,364.35 136,552,234.60
07/01/2020 682,761.17 29,317,238.83 30,000,000.00 107,234,995.77
08/01/2020 3,790,758.62 3,790,758.62 103,444,237.15
09/01/2020 3,790,758.62 3,790,758.62 99,653,478.53
10/01/2020 517,221.19 3,273,537.43 3,790,758.62 96,379,941.10
11/01/2020 3,790,758.62 3,790,758.62 92,589,182.48
12/01/2020 3,790,758.62 3,790,758.62 88,798,423.86
01/01/2021 462,945.91 3,327,812.71 3,790,758.62 85,470,611.15
02/01/2021 3,790,758.62 3,790,758.62 81,679,852.53
03/01/2021 3,790,758.62 3,790,758.62 77,889,093.91
04/01/2021 408,399.26 3,382,359.36 3,790,758.62 74,506,734.55
05/01/2021 3,790,758.62 3,790,758.62 70,715,975.93
06/01/2021 3,790,758.62 3,790,758.62 66,925,217.31
07/01/2021 353,579.88 3,437,178.74 3,790,758.62 63,488,038.57
08/01/2021 3,790,758.62 3,790,758.62 59,697,279.95
09/01/2021 3,790,758.62 3,790,758.62 55,906,521.33
10/01/2021 298,486.40 3,492,272.22 3,790,758.62 52,414,249.11
11/01/2021 3,790,758.62 3,790,758.62 48,623,490.49
12/01/2021 3,790,758.62 3,790,758.62 44,832,731.87
01/01/2022 243,117.45 3,547,641.17 3,790,758.62 41,285,090.70
02/01/2022 3,790,758.62 3,790,758.62 37,494,332.08
03/01/2022 3,790,758.62 3,790,758.62 33,703,573.46
04/01/2022 187,471.66 3,603,286.96 3,790,758.62 30,100,286.50
05/01/2022 3,790,758.62 3,790,758.62 26,309,527.88
06/01/2022 3,790,758.62 3,790,758.62 22,518,769.26
07/01/2022 131,547.64 3,659,210.98 3,790,758.62 18,859,558.28
08/01/2022 3,790,758.62 3,790,758.62 15,068,799.66
09/01/2022 3,790,758.62 3,790,758.62 11,278,041.04
10/01/2022 75,344.00 3,715,414.62 3,790,758.62 7,562,626.42
11/01/2022 3,790,758.62 3,790,758.62 3,771,867.80
12/01/2022 18,890.83 3,771,867.79 3,790,758.62 0.01

135,872,870.25 4,059,129.74 135,872,870.24 139,931,999.98

Yield To Receipt Date: 2.0049126%


Arbitrage Yield: 2.9775899%
Value of Negative Arbitrage: 1,900,334.47

May 10, 2019 11:42 am Prepared by PFM Financial Advisors LLC Page 7
40
PROJECT FUND

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project) -Purchase
[Purchase Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps, plus 25 bps (add'l) for 5yr call option
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded
Partial principal redemption (equal to purchase price) in 2026

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:42 am Prepared by PFM Financial Advisors LLC Page 8
41
RESERVE FUND

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project) -Purchase
[Purchase Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps, plus 25 bps (add'l) for 5yr call option
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded
Partial principal redemption (equal to purchase price) in 2026

Capitalized Interest Fund

Interest Scheduled
Date Deposit @ 2.9775899% Principal Draws Balance

01/01/2021 12,890,666.05 336,910.55 6,350,089.45 6,687,000 6,540,576.60


01/01/2022 146,423.41 6,540,576.59 6,687,000 0.01

12,890,666.05 483,333.96 12,890,666.04 13,374,000

Yield To Receipt Date: 2.9775899%


Arbitrage Yield: 2.9775899%

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:42 am Prepared by PFM Financial Advisors LLC Page 9
42
RESERVE FUND

The City of Miami, Florida


Special Obligation Bonds, Series 2020 (Miami Riverside Center Project) -Purchase
[Purchase Schedule Format]
--
Net Project Funding
MMD as of May 2019 + 75 bps, plus 25 bps (add'l) for 5yr call option
Project Fund Invested @ 2.00%
Draw Schedule per file: City Office Budget April 2019
Structure: Two Years of Capitalized Interest and OpEx Reserve funded
Partial principal redemption (equal to purchase price) in 2026

OpEx Reserve (Revenue/Pmt Imbalance)

Interest Scheduled
Date Deposit @ 2.9775899% Principal Debt Service Draws Balance

01/01/2021 1,574,694.31 46,887.94 -46,887.94 1,574,694.31


01/01/2022 46,887.94 -46,887.94 1,574,694.31
01/01/2023 46,887.94 839,831.52 -46,887.94 839,831.52 734,862.79
01/01/2024 21,881.20 404,924.42 -21,881.20 404,924.42 329,938.37
01/01/2025 9,824.22 329,938.37 -9,824.22 329,938.37

1,574,694.31 172,369.24 1,574,694.31 -172,369.24 1,574,694.31

Yield To Receipt Date: 2.9775901%


Arbitrage Yield: 2.9775899%
Value of Positive Arbitrage: 0.01

Notes:
PRELIMINARY NUMBERS. For discussion purposes only.
Final numbers will be dependant on credit ratings, market conditions, and structure.

May 10, 2019 11:42 am Prepared by PFM Financial Advisors LLC Page 10
43
2222 Ponce de Leon Blvd 786-671-7480
Third floor www.pfm.com
Coral Gables, FL
33134

May 3, 2019

Memorandum
To: City of Miami, Florida
From: PFM Financial Advisors, LLC
Re: Lease Financing Proposal Results and Recommendation

The purpose of this memorandum is to summarize the City of Miami, Florida (the “City”) request for a tax-
exempt lease financing and the subsequent proposals received, as well as provide PFM Financial
Advisors LLC’s (“PFM”) recommendation for the most attractive proposal. In April of 2019, PFM requested
proposals for a tax-exempt lease financing with estimated terms of five, seven, and ten years. The total
estimated principal amount of the lease is slightly over $36 million, including issuance costs. Prospective
bidders could provide for either an upfront escrow structure, where the entire $36 million was funded
upfront, or a draw structure whereby the City would make periodic draws over a two year time interval.

In response to the lease financing request, seven firms submitted proposals on April 26, 2019. Proposals
were received from the following firms:

• Capital Bank
• JP Morgan
• PNC Equipment Finance
• Regions Bank
• Santander Bank
• SunTrust Equipment Financing & Leasing
• U.S. Bank Leasing & Finance

PFM’s reviewed the responses based on the financial terms (rate quoted), as well as other terms to
ensure that no onerous or non-standard provisions were included that might impact the City’s financial
flexibility or credit ratings. Upon review of all of the proposals for both financial impact as well as bank
terms, we found that most of the proposals included language customary for this type of transaction.

Upon review of proposals, Santander Bank provided the lowest rate for the draw structure option, and
provided competitive rates for the escrow structure (usually second to either JP Morgan or Regions
Bank). In addition, Santander provided the City with the most generous prepayment terms across the
spectrum, allowing for prepayment on any lease schedule after one year with no prepayment premium.
Finally, Santander Bank already has a lease program with the City, which should simplify the document
review and adoption process, especially given that no additional terms or conditions were found in the
bank’s proposal. Rates will be locked ten days prior to any individual lease commencement.

Given the above, PFM’s recommendation is for the City to engage Santander Bank for the lease financing
program. As mentioned, the rates proposed by Santander Bank are the lowest proposed for the draw
structure, which is the same structure that the City currently utilizes with their police equipment lease, and
the proposal includes standard terms and provisions that do not create additional risk or burden to the
City. Please feel free to contact us with any questions or comments.

44
Miami Equipment Lease (2019)
RFP Summary

Upfront Escrow or Line Draw (Either)


Proposer JP Morgan Santander SunTrust (STEFL)

Upfront escrow funding with all Upfront escrow funding with all Upfront escrow funding with all
terms/assets to one schedule, or two-year terms/assets to one schedule, or two-year terms/assets to one schedule, or two-year
Proposed Structure
draw period with level repayment structure draw period with level repayment structure draw period with level repayment structure
of 5, 7, or 10 years of 5, 7, or 10 years of 5, 7, or 10 years

Security Subject to annual appropriation Subject to annual appropriation Security interest in property

Option 1: Upfront escrow structure


Option 1: Upfront escrow structure Option 1: Upfront escrow structure
Indicative draw term/rate:
Indicative draw term/rate: Fixed draw term/rate:
5 years: 2.46%
5 years: 2.401% 5 years: 2.61%
7 years: 2.54%
7 years: 2.571% 7 years: 2.682%
10 years: 2.69%
10 years: 2.671% 10 years: 2.79%
Interest Rates
Option 2: Draw Structure (assuming June
Option 2: Draw Structure Option 2: Draw Structure
Closings)
Indicative draw term/rate: Indicative draw term/rate:
Indicative draw term/rate:
5 years: 2.481% 5 years: 2.61%
5 years: 2.46%
7 years: 2.641% 7 years: 2.682%
7 years: 2.54%
10 years: 2.731% 10 years: 2.79%
10 years: 2.69%

Rate Calculation: (IR Swap * 79%) + Rate Calculation: (LIBOR *74%) + Spread Rate Calculation: (IR Swap * 79%) +
Spread = All-In Rate = All-In Rate Spread = All-In Rate
Calculation
individual rates seen in proposal individual rates seen in proposal individual rates seen in proposal

Rate Locked to Closing, or Rates to be locked 10 days prior to lease Set at closing for escrow structure, or at
Rate to be locked 3 days prior to closing
Date to be set commencement closing for draw structure

After the first anniversary date of a


specific Lease Schedule’s
Prepayable in whole on any payment date
Pre-payable in whole on any payment Commencement Date, the City may
Prepayment Penalty at a premium of 3% of the amount prepaid
date with make-whole. prepay the Lease Schedule on any
in year 1, 2% in year 2, 1% in year 3
payment date with no prepayment
premium.

If needed, escrow account with Bank of


$750 escrow fee if BNY is used
Oklahoma ($1,500 one time fee) $250 fee if escrow used
Legal/Other Fees $5,000 bank counsel (if necessary,
$250 documentation fee per schedule
subject to negotiation)

Amount $36,000,000 $36,000,000 $36,000,000


Right to adjust pricing proposed to Capital adequacy / taxation language
maintain economic return as a result of
Other Conditions
material adverse change May modify rates with market disruption

45
Prepared by PFM Financial Advisors LLC 4/26/2019
Miami Equipment Lease (2019)
RFP Summary

Line Draw
Proposer Capital Bank PNC Equipment Finance

Two-year draw period followed by level Two-year draw period with level
Proposed Structure
repayment structure of 5, 7, or 10 years repayment structure of 5, 7, or 10 years

Contractual Obligation of the City to make-


semi-annual payments and annual
Security Subject to annual appropriation
payments of principal, and a CB&A from
non-ad valorem revenues

Indicative draw term/rate:


7 years: 2.93%
Indicative draw term/rate:
9 years: 3.02%
5 years: 2.60%
Interest Rates 12 years: 3.15%
7 years: 2.80%
10 years: 3.16%
(2 year draw period + 5, 7, or 10 year
repayment)

Rate Calculation: (IR Swap) + Spread =


All-In Rate
Calculation Not provided
individual rates seen in proposal

Rate Locked to Closing, or


Not specified Rate to be locked 3 days prior to closing
Date to be set

May pay off after second anniversary of


Pre-payable in whole on any payment
Prepayment Penalty each lease commencement, with three
date with make-whole.
percent premium

Legal/Other Fees $5,000 bank legal fee

Amount $36,000,000 $36,000,000


Rating downgrade fee adjustment
Other Conditions
Fee if funding less than $22 million over 2
year draw period

46
Prepared by PFM Financial Advisors LLC 4/26/2019
Miami Equipment Lease (2019)
RFP Summary

Upfront Escrow
Proposer Regions US Bank Leasing & Finance

Funds will be deposited into a no fee U.S.


Bank N.A. escrow account at closing to be
Proposed Structure upfront escrow funding
expended over a term not to exceed 2
years.

The financing will be structured as a Tax-


Exempt Master Lease/Purchase
Security Subject to annual appropriation Agreement dated and secured by a
covenant to return the equipment in the
event of a non-appropriation or default.

Indicative draw term/rate: Fixed draw term/rate:


7 years: 2.45% 7 years: 2.786%
9 years: 2.68% 9 years: 2.87%
Interest Rates 12 years: 2.90% 12 years: 3.052%

(2 year draw period from escrow + 5, 7, or (2 year draw period from escrow + 5, 7, or
10 year repayment) 10 year repayment)

Rate Calculation: (IR Swap) + Spread =


All-In Rate
Calculation Not provided
individual rates seen in proposal

Rate Locked to Closing, or


Not specified in proposal Rates locked
Date to be set

Prepayable on or after a certain date


(depending on term) without penalty
Prepayment is permitted on any payment
Prepayment Penalty date after 13 months at 103% of
5-Year: 1/1/23
outstanding balance
7-Year: 1/1/24
10-Year: 1/1/26

Trust fee of $2,000


Legal/Other Fees Bank Counsel Fee of $7,500 (if drafting all
docs, $25,000)

Amount $36,000,000 $36,000,000

Other Conditions

47
Prepared by PFM Financial Advisors LLC 4/26/2019
CLICK TO ADD
TITLE
CIGNA
ONSITE HEALTH
Financial Discussion
May 13, 2019

Confidential, unpublished property of Cigna. Do not duplicate or distribute. For internal use only. Use and distribution limited solely to authorized personnel. © 2019 Cigna
48
Agenda
Cigna Introductions: (alphabetical)

Dina D’Angelo – Senior Client Manager, Cigna

Jane Mingey - Vice President / Subject Matter Expert, Cigna Onsite Health (COH)

Holli Rahmings* – Onsite Coach Clinical Operations Supervisor, COH

Dr. Alan Stricoff* - Chief Medical Officer, COH

* attending by phone

Discussion Topics:

• Cigna Onsite Health Patient-Centered Connected Care Model

• Financial Models for City of Miami

- Includes Sample Health Center Design Drawings

• Questions / Answers and Next Steps

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2
49
PATIENT-CENTERED CONNECTED CARE (PCCC)
All entry points integrated in
One health management
system
In specialist’s office
• Collaborative physician groups
highest quality, best cost-value for
employees and families
• Health data transmitted from HealthEview®
worksite health center with patient consent

At the worksite
• Cigna Onsite Health professionals
• Chronic Condition management
• Gap-in-care compliance coaching
• Targeted health referrals (e.g., specialists)
• Employer wellness program promotion

Telephonic/Text/Email
• Health coaches
• Evidence-based condition
management
• Case Management
• EAP

I need help:
• Acute / urgent medical need
• Condition management
• Finding a specialist
• Navigating the system

Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2019 Cigna 3
50
HealthEview®
Customer-Centric View of Medical Claims Information

 Medical, Pharmacy or Behavioral claims

Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © Copyright 2019 Cigna. 4
51
Healtheview: Customer-Centric View
Lab Data

Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2019 Cigna 5
52
Resources to promote – creating a culture of health and wellness
Health & Wellness Seminars Health Challenge Campaigns Outreach Booths

Health & Wellness Education Health & Wellness Presentations

Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2019 Cigna 6
53
SCOPE OF SERVICES, FINANCIAL MODELS AND
SAMPLE DESIGNS

Confidential, unpublished property of Cigna. Do not duplicate or distribute. For internal use only. Use and
distribution limited solely to authorized personnel. © 2019 Cigna
7
54
Option I
Virtual Health Center
Single Registered Nurse Coach Model

RN Coach, Dorothy Dolan in Nashville 
(standing, far right), connects via the medical 
cart to our nurse practitioner, Julie Horton in 
Chattanooga (in screen), to help a  
participant (seated in Nashville) with an 
acute / episodic ailment combined with “in‐
the‐moment” coaching.

Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © Copyright 2019 Cigna. 8
55
Virtual Patient Experience
to provide access to treatment at smaller worksites

Equipment in medical cart for use by RN Health Coach

Acute care visits

Diagnostics and screenings

Lab services

Chronic care management

Preventive health

Health coaching

VIRTUAL HEALTH CENTER


Cigna Onsite Health RN Health Coach at client’s worksite connects “live” 
to offsite physician for diagnosing and prescribing medications

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56
Onsite Virtual Health Centers Standard Services

Acute episodic Preventive health Chronic conditions


• Headache • Mini physicals • Collaborating with patient’s PCP
• Upper respiratory infection • Vaccinations, including: • Obtaining appropriate labs
• Sinus infection – Flu shots • Ensure evidenced-based care is being
• Ear infection – Immunizations (e.g., Tetanus) provided to patients
• Sore throat – Travel medicine • Closing gaps in care
• Conjunctivitis • Referring to appropriate
Telephonic/online programs
• Urinary tract infection
• Referring to Centers of Excellence and
• ePrescribing preferred specialists (high quality/low
cost) when needed
Lab services • Encouraging lifestyle and behavioral
• Testing/basic checks (CLIA-waived, modification to address conditions
‘rapid’ tests, or specimen collection
for higher-level lab tests outsourced
Personalized coaching to preferred laboratories) including:
• Diabetes education/management – Glucose
• Medication adherence – Cholesterol
Diagnostics/screenings
• Weight management – Rapid strep
• Individual biometric
• Smoking cessation – Pregnancy test screenings/body fat analysis
• Stress management – Urine dipstick (UTI) • Basic vision screening
• Other – Phlebotomy blood draw as • Cholesterol measurement
required
• Diabetes screening

Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2016 Cigna 10
57
Design considerations
While more space is always welcome, a virtual health center can occupy less
than 500 square feet.

* *

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58
Cost Projection – RN Coach Virtual Onsite Health Center

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59
Return-On-Investment – RN Coach Virtual Health Center

Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2019 Cigna 13
60
Option II - Expanded Clinical Capabilities
Care Ranges from Acute/Episodic Services to Full Primary Care
Sick care (Acute Episodic) Chronic conditions
• Injury care (minor) • Collaborating with patient’s PCP
• Acute back pain/strain • Obtaining appropriate labs
• Other acute pain/strains • Ensure evidenced-based care is being
• Splint placement provided to patients
• Headache • Closing gaps in care
• Upper respiratory infection • Referring to appropriate telephone/online programs
• Sinus infection • Referring to Centers of Excellence and Preferred specialists
• Ear infection (high quality/low cost) when needed
• Sore throat • Encouraging lifestyle and behavioral modification to
• Conjunctivitis address conditions
• Urinary tract infection
• ePrescribing
Preventive health Diagnostics/screenings
• Wellness physicals • Individual biometric screenings/body fat analysis
• Allergy shots • Basic vision screening
• Vaccinations, including: • Cholesterol measurement
- Flu shots • Diabetes screening
- Immunizations (e.g., tetanus) • Women’s health/men's health
- Travel medicine**
Personalized coaching Lab services
• Diabetes Education/Management Testing/basic checks (CLIA-waived, “rapid” tests, or specimen
• Medication Adherence collection for higher-level lab tests outsourced to preferred
• Weight Management laboratories) including:
• Smoking Cessation • Glucose
• Stress Management • Cholesterol
• Other • Rapid strep
• Pregnancy test
Physical Therapy • Urine dipstick (UTI)
• Phlebotomy blood draw as required

**Buy-up offer, additional staff and training may be required.


Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © Copyright 2019 Cigna. 14
61
Clinical Capabilities – Optional Services
Pharmacy services Other services
• Biometric screenings
• Prepackaged pharmacy services – subject to state/local - Identify prevalent conditions including hypertension,
regulations elevated glucose levels, and elevated cholesterol
• Warm transfer to preferred pharmacy or Cigna levels.
Home Delivery for Cigna PBM customers • Onsite wellness seminars
- Over 65 available seminar topics
• Onsite Lifestyle Management Programs
- Multi-week programs delivered within
a group setting

Third-party opportunities Radiology


• Massage therapy • Flat plate
• Physical therapy • Chest X-ray
• Fitness center management
• Occupational health provider
• Behavioral
• Workers’ compensation

Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © Copyright 2019 Cigna. 15
62
Cost Projection – Onsite Health Center
Physician with Medical Assistant
Nurse Practitioner ramp up in year two

Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2019 Cigna 16
63
Return-On-Investment – Onsite Health Center
Physician with Medical Assistant
Nurse Practitioner ramp up in year two

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64
Wellness Center – Two Exam Rooms

SMALL:  750 to 1,500 SF
Baseline Spaces
• Waiting Area
• Check-in with MA
• Exam Rooms (2)
• Vitals
• Blood draw / Laboratory
• Office (NP)
• Patient Toilet Room
• Exterior Entrance
• Storage
Expansion Spaces
• Meditation Room
• Infirmary
• Massage
• Lactation
• Office Manager / Coach
• Janitorial Closet
• Vestibule
• Self-Assessment
• Radiology
• Huddle / Multi-Purpose Room
• Staff Toilet
• Physical Therapy
• Provider Room
• Medication Room

Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2019 Cigna 16
65
Primary Care Wellness Center

MEDIUM:  1,500 to 2,500 SF

Baseline Spaces
• Waiting Area
• Check-in with MA
• Exam Rooms (3)
• Vitals
• Blood Draw / Laboratory /
Medication Room
• Office (MA / LPN / RN)
• Toilet Rooms (patient / staff)
• Exterior Entrance
• Storage
• Physical Therapy
• Provider Room
• Huddle / Multi-Purpose Room
Expansion Spaces
• Meditation Room
• Infirmary
• Massage
• Lactation
• Office Manager / Coach
• Janitorial Closet
• Vestibule
• Self-Assessment
• Radiology

Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2019 Cigna 17
66
Wellness & Wellbeing Center

LARGE:  2,500 to 3,000 SF
Baseline Spaces
• Waiting Area
• Check-in with MA
• Exam Rooms (4)
• Infirmary
• Blood draw / Laboratory
• Office Manager / Coach
• Physical Therapy
• Medication Room
• Toilet Rooms (patient / staff)
• Provider Room
• Office (MA / LPN / VN / RN)
• Huddle / Multi-Purpose
Room
• Exterior Entrance
• Storage
Expansion Spaces
• Meditation Room
• Massage
• Lactation
• Janitorial Closet
• Vestibule
• Self-Assessment
• Radiology

Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2019 Cigna 18
67