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<br />Request for Proposal- "Aquatic Entertainment Complex" <br />City of Sunny Isles Beach, Florida <br />November 8, 2010 <br /> <br />e <br /> <br />4.0 Irrevocable Stand-By Letter of Credit & Authorization for Release of <br />Information <br /> <br />The Developer has obtained an Irrevocable Stand-By Letter of Credit from <br />Intercontinental Bank in the aggregate amount of $3,500,000.00. <br /> <br />In addition, the Developer has granted their authority for the release of information <br />related to the Developer's professional credit and personal nature. <br /> <br />Refer to Exhibit liD" for copies of the Irrevocable Stand-By Letter of Credit & <br />Authorization for Release of Information. <br /> <br />5.0 Economic Feasibility <br /> <br />The Economic Feasibility study was prepared in conjunction with International Aquatic <br />Design, Inc. whom is highly experienced with aquatic related facilities and projects (refer <br />to Section 8.2 Project Related Experience) and will be fully involved throughout the <br />e project as a specialized consultant to the Development and Design Team. <br /> <br />The study is summarized as follows: <br /> <br />PROJECTED NET OPERATING INCOME <br />AT THE PROPOSED AQUARIUM <br /> <br />Revenue $ 30,748,206 <br />Operating Expenses $ 19,072,085 <br />Land Lease $ 324,000 <br />Real Estate Taxes 1 $ 1,200,000 <br />Financing Costs $ 5,000,000 <br />Contingency $ 600,000 <br />Net Operating Income $ 4,552,121 <br />1/ Subject to change based on any applicable real estate tax exemptions <br /> <br />Refer to Exhibit liE" for Feasibility Study. <br /> <br />6.0 Proiect Schedule <br /> <br />Refer to Exhibit "F" for a full breakdown of the Project Schedule. <br /> <br />e <br /> <br />12 of 32 <br />