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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 />8.1 Optional Services <br /> <br />Demolition Costs: A proposal for the demolition of the existing site improvements for a <br />contract amount of $ 72,500 was issued by Thunder Demolition, Inc. Such proposal has <br />been calculated based on current competitive rates and are subject to change. Such <br />costs does not include the items specifically listed as "Exclusions" in the proposal, nor <br />any potential issues related to environmental conditions on the Property. Refer to <br />Exhibit "G" for a copy of the Demolition Services Proposal. <br /> <br />9.0 Lease of Property <br /> <br />The Developer wishes to enter into a 99-year ground lease for the Aquatic <br />Entertainment Center parcel. The preliminary terms are included in the "Proposal Form <br />- Ground Lease For Aquatic Entertainment Center" enclosed as Exhibit "H" which also <br />includes a Lease Term Sheet to be addressed by the parties during further negotiations. <br /> <br />1 0.0 Financin~ Plan <br /> <br />The Project will be funded as follows: <br /> <br />- <br /> <br />o The Public Improvements will be funded by the City of Sunny Isles Beach for the <br />total amount of $23,351 ,495. The Developer is willing to purchase the 19,000 SF <br />of retail (at Ground Level) for $5,500,000.00 and apply immediately this purchase <br />amount as a discount towards the cost of the public improvement for a net cost of <br />$17,851,495. <br /> <br />o The Developer will acquire financing for approximately 70% of the cost of the <br />Aquatic Entertainment Complex and provide equity for 30% of the cost of the <br />Aquatic Entertainment Complex. The Developer is currently working with Wells <br />Fargo Bank, N.A. and City National Bank. <br /> <br />11.0 Minimum Qualifications ReQuirements <br /> <br />11.1 Corporate Registration <br /> <br />4M Investors, LLC is a recently formed corporation for this Project and a subsidiary of J. <br />Milton & Associates, which has been developing projects in the South Florida area since <br />1963. <br /> <br />4M Investors, LLC is an active corporation registered in the State of Florida with its <br />place of business located at 3211 Ponce De Leon Boulevard Suite 301, Coral Gables, <br />FL 33134. <br /> <br />e <br /> <br />Refer to attached Exhibit "I" for Corporate Documentation. <br /> <br />1 5 of 32 <br />