Finance Committee 051319

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
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
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
Estimated Assessed Value 277,333.33 83,200,000
City Tax Revenue ‐ Adler Resi
2018
Description Total
Millage
Miami Operating 7.5865 631,197
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
Estimated Assessed Value 630,719,792
City Tax Revenue ‐ MRC Property Sales
2018
Description Total
Millage
Miami Operating 7.5865 4,784,956
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

--
Net Project Funding
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
26

--
Net Project Funding
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:
27
NET DEBT SERVICE

--
Net Project Funding
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:
28
NET DEBT SERVICE

--
Net Project Funding

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
29
NET DEBT SERVICE

--
Net Project Funding

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:
30
PROJECT FUND

--
Net Project Funding
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:
31
RESERVE FUND

--
Net Project Funding
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

Notes:
32
RESERVE FUND

--
Net Project Funding
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

Value of Negative Arbitrage: 0.02
Notes:
33
SOURCES AND USES OF FUNDS

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
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:
34

--
Net Project Funding
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
35

--
Net Project Funding
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:
36
NET DEBT SERVICE

--
Net Project Funding

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:
37
NET DEBT SERVICE

--
Net Project Funding

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
38
NET DEBT SERVICE

--
Net Project Funding

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:
39
PROJECT FUND

--
Net Project Funding
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

Value of Negative Arbitrage: 1,900,334.47
40
PROJECT FUND

--
Net Project Funding
Notes:
41
RESERVE FUND

--
Net Project Funding
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

Notes:
42
RESERVE FUND

--
Net Project Funding
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

Value of Positive Arbitrage: 0.01
Notes:
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:
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
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

7 years: 2.93%
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
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
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
Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2019 Cigna
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
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
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.
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
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
57
Design considerations
While more space is always welcome, a virtual health center can occupy less
than 500 square feet.
* *
58
Cost Projection – RN Coach Virtual Onsite Health Center
59
Return-On-Investment – RN Coach Virtual Health Center
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.

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
62
Cost Projection – Onsite Health Center
Physician with Medical Assistant
Nurse Practitioner ramp up in year two
63
Return-On-Investment – Onsite Health Center
Physician with Medical Assistant
Nurse Practitioner ramp up in year two
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
65
Primary Care Wellness Center
MEDIUM: 1,500 to 2,500 SF
Baseline Spaces
• Waiting Area
• Exam Rooms (3)
• Vitals
• Blood Draw / Laboratory /
Medication Room
• Office (MA / LPN / RN)
• Toilet Rooms (patient / staff)
• Storage
• Provider Room
• Huddle / Multi-Purpose Room
Expansion Spaces
• Meditation Room
• Infirmary
• Massage
• Lactation
• Vestibule
• Self-Assessment
• Radiology
66
Wellness & Wellbeing Center
LARGE: 2,500 to 3,000 SF
Baseline Spaces
• Waiting Area
• Exam Rooms (4)
• Infirmary
• Blood draw / Laboratory
• Medication Room
• Toilet Rooms (patient / staff)
• Provider Room
• Office (MA / LPN / VN / RN)
• Huddle / Multi-Purpose
Room
• Storage
Expansion Spaces
• Meditation Room
• Massage
• Lactation
• Vestibule
• Self-Assessment
• Radiology
67

Finance Committee 051319

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City office building at Nexus Riverside Central

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

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

‐ ‐ ‐ ‐ 1 2 3 4 5 6 7 8 9 10 11

‐ ‐ ‐ ‐ 1 2 3 4 5 6 7 8 9 10 11

Total Income Total Expense Net Present Value

Income vs. Expense Net Present Value Net Present Value

Income NPV Income NPV Income

$52,000,000 $52,000,000 46,243,249

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

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

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

‐ ‐ ‐ ‐ 1 2 3 4 5 6 7 8 9 10

‐ ‐ ‐ ‐ 1 2 3 4 5 6 7 8 9 10

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

Income vs. Expense Net Present Value Net Present Value

Income NPV Income NPV Income

TOTAL Per NSF % TOTAL

The City of Miami, Florida

Project Fund Deposits:

Other Fund Deposits:

Delivery Date Expenses:

Other Uses of Funds:

The City of Miami, Florida

Dated Date 01/01/2020

Arbitrage Yield 3.124595%

Average Life (years) 22.142

Par Amount 131,060,000.00

Underwriter's Fees (per $1000)

Total Underwriter's Discount 5.000000

Bid Price 114.691155

Par Average Average PV of 1 bp

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

131,060,000.00 22.142 115,343.25

The City of Miami, Florida

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

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

The City of Miami, Florida

Capitalized OpEx Reserve

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

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

The City of Miami, Florida

Capitalized OpEx Reserve

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

The City of Miami, Florida

Capitalized OpEx Reserve

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

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

The City of Miami, Florida

Project Fund (Invested @ 2.00%)

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

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

Yield To Receipt Date: 2.0049126%

The City of Miami, Florida

Capitalized Interest Fund

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

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

Yield To Receipt Date: 3.1245950%

The City of Miami, Florida

OpEx Reserve (Revenue/Pmt Imbalance)

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

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

Yield To Receipt Date: 3.1245946%