commission memorandum and redevelopment agency memorandum item r7d

8/15/2019 Commission Memorandum and Redevelopment Agency Memorandum Item R7D

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RDA- 1A


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Commission Memorandum - Convention Center and RDA BondsOctober 14, 2015Page3of 4

FOR THE SECURITY AND PAYMENT OF ALL BONDS ISSUED PURSUANT TOTHIS RESOLUTION; PROVIDING CERTAIN DETAILS OF THE SERIES 2015

BONDS; DELEGATING CERTAIN MATTERS IN CONNECTION WITH THE

ISSUANCE OF THE SERIES 2015 BONDS TO THE EXECUTIVE DIRECTOR O FTHE AGENCY, INCLUDING WHETHER TO SECURE A CREDIT FACILITY AND/ O RA RESERVE ACCOUNT INSURANCE POLICY, WITHIN THE LIMITATIONS AND

RESTRICTIONS STATED HEREIN; APPOINTING UNDERWRITERS, PAYING

AGENT, REGISTRAR, ESCROW AGENT AND DISCLOSURE DISSEMINATION

AGENT; APPROVING THE FORM OF THE PRELIMINARY OFFICIAL STATEMENTFOR THE SERIES 2015 BONDS AND AUTHORIZING EXECUTION OF THE FINALOFFICIAL STATEMENT FOR THE SERIES 2015 BONDS; AUTHORIZING THE

NEGOTIATED SALE OF THE SERIES 2015 BONDS AND APPROVING THE FORMAND AUTHORIZING EXECUTION OF THE BOND PURCHASE AGREEMENT FORTHE SERIES 2015 BONDS; APPROVING THE FORMS AND AUTHORIZING

EXECUTION OF ESCROW DEPOSIT AGREEMENTS FOR THE OUTSTANDINGPRIOR BONDS; COVENANTING TO PROVIDE CONTINUING DISCLOSURE IN

CONNECTION WITH THE SERIES 2015 BONDS AND APPROVING THE FORMAND AUTHORIZING EXECUTION OF A CONTINUING DISCLOSUREAGREEMENT;AUTHORIZING OFFICERS AND EMPLOYEES OF THE AGENCY TO TAKE ALLNECESSARY ACTIONS IN CONNECTION WITH THE ISSUANCE OF THE SERIES2015 BONDS; AND PROVIDING FOR AN EFFECTIVE DATE.

FINANCING PLAN REVISION

The Convent ionCenter F u n d i n gPlan previouslys h o w n is superseded by th e r ev ise dsourcesan d use s o f th e different types of funding sources for this project:

Convention Center Funding PlanSources of Funds

County GO 54, 400, 000

Resort Tax Bonds 216, 632, 193Parking Bonds 64, 811, 756RDA Bonds 280, 000,000

Total Convention Center Projects 615, 843,949

Additional RDA Projects 36, 000, 000

Total RDA Bonds wth Additional Projects 316, 000,000

Total Funding Sources 651, 843,949

Uses of Funds ( No Change from Previous)

Convention Center 551, 032, 193Convention Center Parking 64, 811, 756

Total Convention Center Cost 615, 843, 949

Additional RDA Projects 36, 000, 000

Total Funding Uses 651, 843, 949

Based on 10/ 6/ 15 project amount.

AGENDA ITEMS R7D& RDA 1ADATE 10- 14- 15


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Commission Memorandum- Convention Center and RDA BondsOctober 14, 2015

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As a result o f th e revis ion,th e u n d e r l yin g e x h ib i tswillbe revised accordingly.

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AGENDA ITEMS R7D& RDA 1ADATE 10- 14- 15


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REDEVELOPMENT AGENCY ITEM SUMMARY

Condensed Title: SECOND READING/ PUBLIC HEARING

A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY

AUTHORIZING THE ISSUANCE OF NOT MORE THAN $ 430, 000,000 IN AGGREGATE PRINCIPAL AMOUNT OF MIAMIBEACH REDEVELOPMENT AGENCY TAX INCREMENT REVENUE BONDS ( CITY CENTER/ HISTORIC CONVENTIONVILLAGE) ( THE " SERIES 2015 BONDS"), FOR THE PURPOSE OF REFUNDING THE AGENCY' S OUTSTANDING PRIORBONDS AND FINANCING CERTAIN PUBLIC IMPROVEMENTS; PROVIDING FOR TH E ISSUANCE O F ADDITIONAL BONDSO N A PA RIT Y T H ER E WIT H ; P R O VID I N GF O R THESECURITYAND PAYMENT O F ALL B O N D S IS SU ED P UR SU A NTTO THISRESOLUTION; PROVIDING CERTAIN DETAILS OF THE SERIES 2015 BONDS; DELEGATING CERTAIN MATTERS IN

CONNECTION WITH TH E ISSUANCE O F TH E SERIES 2015 BONDS TO THE EXECUTIVE DIRECTOR O F TH E AGENCY,INCLUDINGWHETHER TO SECURE A CREDIT FACILITY A N D /O R A RESERVE ACCOUNT INSURANCE POLICY, WITHINTHE LIMITATIONS AND RESTRICTIONS STATED HEREIN; APPOINTING UNDERWRITERS, PAYING AGENT, REGISTRAR,

ESCROW AGENTAND DISCLOSURE D ISSEMINATION AGENT; APPROVINGTHE F O RMO F TH E PRELIMINARY OFFICIALSTATEMENTF O R THESERIES 2015 B O ND S A ND A UT HO R IZ IN G E XE CU TIO NO F TH E FINALOFFICIAL STATEMENTF O RTHE SERIES 2015 BONDS; AUTHORIZINGTHE NEGOTIATEDSALE OF THE SERIES2015 B O ND S A ND A PP RO VIN GTHEF O R M AND AUTHORIZING EXECUTION O F THE BOND PURCHASE AGREEMENT FOR THE SERIES 2015 BONDS;APPROVING THE FORMS AND AUTHORIZING EXECUTION OF ESCROW DEPOSIT AGREEMENTS FOR THE

OUTSTANDING PRIOR BONDS; COVENANTING TO PROVIDE CONTINUING DISCLOSURE IN CONNECTION WITH TH ESERIES 20 15 B O ND SAND APPROVING TH E FORM A ND A UT HO R IZ IN G E XE CU TIO NO F A C O N T IN UIN G D I S CL O S UR EAGREEMENT; AUTHORIZING OFFICERS AND EMPLOYEES O F THE AGENCY TO TAKE ALL NECESSARY ACTIONS INCONNECTION WITH THE ISSUANCE OF THE SERIES 2015 BONDS; AND PROVIDING FOR AN EFFECTIVE DATE.

Key Intended Outcome Supported:Im p ro v e a ll ia n c e w ithke y business sectors , nam ely hospita li ty, ar ts ,an d in t e rna t iona l businesswith afocus on enhanced culture, entertainment, and tourism

Maximize the Miami Beach brand as a world-class destination

Supporting D ata (Surveys, Environmental Scan, etc.):Environmental Scan— Convention Center Attendance: 54% increase since 2004

Community Survey— Average resident attends events at the Convention Center twice per year

Item Summary/ Recommendation: SECOND READING PUBLIC HEARINGThe RDA Bonds wll be issued in a par amount of approximately$ 374 mllion based on current market conditions to

pr oduce pro ec proceeds of approximately$ 324 mllion whch wll include the$ 36 million of ancillary projects as wellas a funded debt serv ce reserv e. The RDA bonds will provide proceeds for the renovation of the ConventionCenter an d creation of th e park b ut w ill also pro vid efor other RD A projects in th e City's a d o p te d C o n s tr u ctio nImprovement Plan.

These projects a re th e followng:3. 75 millionp r o g r a m m e dfo r th e second half of th e fund ingfo r th e Bass M u se um In te rio rExpansion

Project;

12 mllion pr ogrammed for the improvements to17h

Street and Connectors to Lincoln Road; and

20 million programmed for Lincoln Road Improvements from Washington Avenue to Lenox Avenue, whichwillb e based o n the Lincoln R o a d Master Plan currently underway.

In addit ionto th e C o n v en tio n C e n te rProjecta nd th eaddi t ionalRD Aprojects,all of th e outs tandingRD Ab o n d swillbe ref inanced. Currently, outstanding bonds total$ 54, 990, 000($ 10 mllion for the Series 1998A, $ 27, 815, 000 for

the Series 2005A, and $ 17, 175, 000 for the Series 2005B). The 1998A, 2005A& 2005B bonds are currentlyprojected to h av ea combined n e t present value refinancing savings of$ 3, 407, 675.

The securityfo r the repaymento f these amountswillb e the Tax IncrementFunds o f the RDA. TheCity m ay useRD Afundson hand to pa y fo ra portiono f the conventioncenter projectand /o ran y o f th e RD A 's ancillaryprojects.The total cost of the Convention Center pro ec is est i mat ed to be $ 615. 8 mllion. The project fund budget has

increased from$ 596,379, 387 to$ 615, 843, 949, to prov de for addtiona owner ' s contingency of$ 19, 464, 562.

Advisory Board Recommendation:Finance a n d Citywde Projects Committee o n August 28, 2015 recommended th e issuance of this b o n d .

Financial Information:

Amount Account Approved

Source of Fu - 41 •

To be appropriated from the TIF Revenues

OBPI '\ . 01 and the RDA bond proceeds.

Total

City Cle rk's Office Legislative Tracking:John Woodruff, Interim Chief Financial Officer X- 6224

Sign- Offs:

Interim Assistant MBCC Department Director Execut;, e Director

Department D' r

AW M IH Plith J LM A';T:\ AGENDA\ 2015\ October\ MBCC& RD AB on d s O c t14 \RD A Se rie s 20 15- 2n d Re ad in g _10-14 -15_S U M M .d o c

AGENDA ITEM IADATE a - I rIAMI


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r_ 1_, MIAMI BEACHCity of Miami Beach, 1700 Conven tion Cen te rDrive,M i a m iBeach, Flor ida33139, w w w.miamibeachfl.g o v

MIAMI BEACH REDEVELOPMENT AGENCY

REDEVELOPMENT AGENCY MEMORANDUM

TO: Chairperson an d Members of th e Miami.B e a c h R• development Agency

FROM: Jimmy L. Morales, Executive DirectorEADING

DATE: October 14, 2015 PUBLIC HEARING

SUBJECT: A RESOLUTION OF THE CHAIRPE SON AND MEMBERS OF THE MIAMIBEACH REDEVELOPMENT AGEN Y AUTHORIZING THE ISSUANCE OFNOT MORE THAN $ 430, 000, 000 IN AGGREGATE PRINCIPAL AMOUNT OF

MIAMI BEACH REDEVELOPMENT AGENCY TAX INCREMENT REVENUEBONDS ( CITY CENTER/ HISTORIC CONVENTION VILLAGE) ( THE " SERIES2015 BONDS"),̀ FOR THE PURPOSE OF REFUNDING THE AGENCY' SOUTSTANDING PRIOR BONDS AND FINANCING CERTAIN PUBLIC

IMPROVEMENTS; PROVIDING FOR THE ISSUANCE OF ADDITIONALBONDS ON A PARITY THEREWITH; PROVIDING FOR THE SECURITYAND PAYMENT OF ALL BONDS ISSUED PURSUANT TO THISRESOLUTION; PROVIDING CERTAIN DETAILS OF THE SERIES 2015BONDS; DELEGATING CERTAIN MATTERS IN CONNECTION WITH THEISSUANCE OF THE SERIES 2015 BONDS TO THE EXECUTIVE DIRECTOROF THE AGENCY, INCLUDING WHETHER TO SECURE A CREDITFACILITY AND/ OR A RESERVE ACCOUNT INSURANCE POLICY, WITHIN

THE LIMITATIONS AND RESTRICTIONS STATED HEREIN; APPOINTINGUNDERWRITERS, PAYING AGENT, REGISTRAR, ESCROW AGENT AND

DISCLOSURE DISSEMINATION AGENT; APPROVING THE FORM OF THEPRELIMINARY OFFICIAL STATEMENT FOR THE SERIES 2015 BONDSAND AUTHORIZING EXECUTION OF THE FINAL OFFICIAL STATEMENTFOR THE SERIES 2015 BONDS; AUTHORIZING THE NEGOTIATED SALE

OF THE SERIES 2015 BONDS AND APPROVING THE FORM ANDAUTHORIZING EXECUTION OF THE BOND PURCHASE AGREEMENT FORTHE SERIES 2015 BONDS; APPROVING THE FORMS AND AUTHORIZINGEXECUTION OF ESCROW DEPOSIT AGREEMENTS FOR THEOUTSTANDING PRIOR BONDS; COVENANTING TO PROVIDECONTINUING DISCLOSURE IN CONNECTION WITH THE SERIES 2015

BONDS AND APPROVING THE FORM AND AUTHORIZING EXECUTIONOF A CONTINUING DISCLOSUREAGREEMENT; AUTHORIZING OFFICERSAND EMPLOYEES OF THE AGENCY TO TAKE ALL NECESSARYACTIONS IN CONNECTION WITH THE ISSUANCE OF THE SERIES 2015BONDS; AND PROVIDING FOR AN EFFECTIVE DATE.


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RDA Agency Memorandum- Convention Center BondsOctober 14, 2015

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BACKGROUNDSpanning four city blocks and located in the heart of South Beach, the Miami Beach ConventionCenter ( MBCC) currently accommodat es meet i ngs, convent i ons, tradeshows and consumer

shows. The Convention Center originally opened in 1957 an d received a major expansion an dfacelift in 1989, doubling it in sze. Currently the MBCC boasts over 1 ,000, 0 0 0 square feet offlexible space, including over 500, 000 squar e feet of exhbt space, and over 100, 000 square

feet of versatile pre-function area space an d 70 meeting rooms comprised of 127,0 0 0 squarefeet.

The expansion and renovation of the Miami B eac h Convention Center project will transform the

building to " Class A" standards which shall include Silver LEED certification upgrades andenhanced technology. The design modifications will include the re- orientation of the exhibit

halls, façade upgrades, site improvements a l o n g th e c a n a l, a n da l o n ga ll roadways, th e additionof a grand ballroom, junior ballrooms an d meeting rooms, an d tw o le ve lsof rooftop parking.

The interior renovation work focuses on the redistributed division of the four main exhibition hallspaces, an d the additional programming of more flexible arrangements of private meetingrooms an d additional indoor/outdoor versatile exhibition spaces. Currently, the four main exhibithalls are divided into quadrant s— wo accessbe solely from Washington Avenue ( Halls A andB) and the other two solely accessed from Convention Center Drive ( Halls C and D). The new

C o n v en tio n C en te rre-orients th e h alls in an East/West direct ionw ith th eprimary access f romConvention Center D r i v eleading into a new grand, open double height entry lobby. WashingtonAvenue willserve as a secondary means of pedestrian entry.

The pro ec wll aso include substant ia improvements to the nort h of the property. The new

addition a t th e n o r th e rn p o rtio nof th e property features an enclosed g r o u n d floor parking areaand truck loading and delivery area . Above this, a 60, 000 square foot grand ballroom isproposed offering vstas of the beautified

21s

Street Park that will span along Collins Canal andfeature the to- be- rest ored Historic Carl Fisher Clubhouse. This addtion wll creat e a new

internalized loading area a n d will include two helix ramping entrance accesses to the roof levelparking.

The Washington Avenue elevation will become predominately pedestrian in nature with theeimnation of the vstor drop- off and cab cueing area s. The streetscape modifications will

include a green edge along the avenue with native shade trees to promote a more pedestrianfriendly experi ence. Convention Center Drive will in turn become the main access point forvehcuar access and for the vstors drop- off area. Modifications will include a new median

along Convention Center Drive and19h

Street creating a more sophisticated streetscape and amor e ceebrat ed boulevard experi ence. The Canal walk will b e substantially improved a n d willcreate a softer northern edge to the MBCC.

The project also includes the demolition of the existing Recreation Center along WashingtonAvenue and the creation of a ne ghborhood park. Another architectural feature of the pro jec t is

the proposed rooftop indoor a n d outdoor meeting space located in the southwestern corner ofthe roof. This will offer the patrons expansive views out onto the new Civic Park proposed to

replace the surface parking lot .

In association with the renovations to the Miami Beach Convention Center, a new urban park ,

dining pavlion and Veterans Plaza is be ing created to replace a surface parking lo t thatcurrently contans spaces for approximately 800 vehces. Convention Center Park has been


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envisioned as a neighborhood park. The park includes a series of six clustered ̀ shaded edges'that will line the perimeter of the 6- acre park and surround an internal great flexible lawn.

ANALYSIS

In November 2007, the Mayor a n d City Commission approved Ordinance 2007- 3582 whichamended the procedures that the City followed in connection with the approval of a bond issueand added the following Section to Chapter 2 of the Mami Beach City Code, entitledAdministration"; Article V entitled " Finance"; Sec. 2- 278, entitled " Procedures governing the

issuance of bonds.

Sec. 2- 278. Procedures governing the issuance of bonds.

a) Prior to the adoption by the city commission of the final resolution approving theissuance of any bonds by the city, the following requirements shall be complied with:

1) In order for th e city commission and th e public to b e fully informed o n a ll mattersrelating to the proposed issuance of bonds, the city manager shall prepare, or causeto be prepared, a fiscal analysis of the economic impact of the proposed bond

issuance using th e following criteria:a) The estimated cost of the project orprojects on account of which such bonds are

to be issued;b) The estimated annua revenues, if any, to be generated by such project or

proecs; and

c) Th e estimated annual cos t of maintaining, repairing and operating such project orproecs.

2) Upon compet i on of the fiscal anayss in subsec i on ( a)( 1), the proposed issuance of

bonds shall b e first considered and reviewed by th e city' s f inance and citywidepro ecs commttee.

3) The city commission shall hold two public hearings, each advertised not less than 15days pri or to the hearing, in order to obtain c itizen input into the proposed bondissuance.

At the August 28, 2015, meeting of the Finance and Citywide Projects Committee, theCommittee voted to recommend approval of the issuance of the Series 2015 B ond s to financethe construcion of the Convention Center pro ec in accor dance wth Sec. 2- 278( a)( 2).

In accor dance wth Sec. 2- 278( a)( 3), th e first public hearing was held for this proposed b o n dissue on September 30, 2015. Th e C o m m issio n a ppro v e d th is r eso lutio no n first read ing an dscheduled the second public hearing for October 14, 2015.

FINANCING PLAN

The City is planning to issue three different series of bonds for the financing of the ConventionCenter pro ec in addtion to the $ 55 millionof the Miami- Dade County General ObligationB o n d sfunding pro v id ed b y th eCounty. O n e of these series is the M iam i B eachRedevelopmentAgency Tax Increment Revenue Bonds, Series 2015. Below is a summary of th e sources an duses of the different types of funding sources for this proec.


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RDA Agency Memorandum- Convention Center BondsOctober 14, 2015Page 4 of 7

Sources of Funds

County GO 54, 400, 000Resort Tax Bonds 204, 500, 000

Parking Bonds 64, 811, 756RDA Bonds 292, 132, 193

Total Convention Center Projects 615, 843,949

Additional RDA Projects 36, 000,000

Total RDA Bonds wth Additional Projects 328, 132, 193

Total Funding Sources 651, 843,949

Uses of Funds

Convention Center 551, 032, 193

Convention Center Parking 64, 811, 756

Total Convention Center Cost 615, 843,949

Additional RDA Projects 36, 000,000Total Funding Uses 651, 843,949

Based on 10/ 6/ 15 project amount.

RDA Bonds

The RDA Bonds wll be issued in a par amoun t of approximately $ 374 million based on currentmarket condtions to pr oduce pro ec proceeds of approximately $ 324 million which will includethe $ 36 mllion of ancillary proecs as wel as a funded debt servce rese rve. The RDA bondswill provide proceeds for the renovation of the Convention Center and creat ion of the park but

will also provide for other RDA projects in the City' s adopted Construction Improvement Plan .

These projects a re the following:3. 75 mill ionprogrammed for th e second half of th e funding for th e B ass Museum

Interior Expansion Project;

12 mllion pr og rammed for the improvements to17h

Street and Connectors to LincolnRoad; and

20 million programmed for Lincoln Road Improvements from Washington Avenue toLenox Avenue, whch wll be based on the Lincoln Road Master Plan is currentlyunderway.

The City intends to convert a six- acre surface parking lot at the front door of the ConventionCenter into a par k amenity for both convent i on cent er users and local res dents. Following thetrend of convent i on centers in Boston, Houston, Chicago, Washington DC, Orlando and Atlanta,the City pans to develop the par k as an extenson of the convent i on cent er into theoudoors. The pa rk a re a is planned to b e used for convention opening night gatherings a n dl oca lsocial events, as well as a place for l oca l residents to enjoy.

The par k at the convention center is envsoned to include an open lawn, shaded areas,

meandering paths, and plaza spaces. The park is also planned to include a Veterans Plazaand a rest aurant pavlion in the theme of Tavern on the Green in New York City or The Grove in


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Houston' s Discovery Green Park. Th e pa rk w ill h av eth e necessary u n d e rg r o un d u tilitie stoaccommod at e the needs of virtually, an y type of event. Construction costs for the park areest imat ed to be approximately$ 14 million and a re included in the costs above.

In` addtion to the Convention Center Project and the additional RDA proecs, all of the

outstandingRDA bonds wll be ref inanced.

Currently,outstanding bonds total $ 54, 990, 000 ($ 10

mllion for the Series 1998A, $ 27, 815, 000 for the Series 2005A, and $ 17, 175, 000 for the Series •2005B). The 1998A, 2005A & 2005B bonds are currently projected to have a combined netpresent vaue refinancing savngs of$ 3, 407, 675. ( Exhibit A)

Th e Countyand the City havenegotiatedand agreed to establish that fromF Y2014-1 5 throughFY 20 21- 22,.any operatingRD Afundingn o t used fo rd e b t se rv ic ean d operatingexpenses willgo into a fund to be used for short fals and eventually pr epay men t of- debt. The County a n d theC ity h a v ealso agreed that f rom F Y 2022-23 un til F Y2043-44, th e C o un tywillreceive a refundof City Center( RDA) operating expenses based o n its pr o rata share of revenues contributed tothe Trust Fund, and that any remaining funding will be used to extingush debt early. Please

se e attached Exhibit B City Center CRA Revenue Projection a n d . F u n d sFlow Schedule an d

preliminary RDA b o n d analysis Exhibit A .Th e City m a y use RD A f u n d s o n han d to pa y for a portion of th e c o n v e n t i o ncenter projecta n d /o r a n y o fth e R D A 's ancillary projects:

Project Fiscal Analysis

The total cost of the Convention Center project is estimated to be $ 615. 8 mllion, and will take

approximately 30 mont hs to compet e: The : pro ec fund budget has increased from596, 379,387 to $ 615, 843, 949, to provde for addtiona owner ' s contingency of$ 19, 464, 562.

In accordance with th e provisions of Section 2- 27 8 Procedures governing th e issuance ofbonds, the Administration prepared the required fiscal analysis which included th e followingbreakdown of the proposed Convention Center Bond issue.

In response to Sec. 2- 278 ( a) 1 ( a): the estimated cost of the project on account of which suchbonds are to be issued. The total Convention Center pro ec is esti mat ed to cost $ 615. 8 million.

Exhibit E).

In response to Sec. 2- 278 ( a) 1 ( b): th e est imatedrevenuesto b e gene ra t edby th e projects .The projected revenue to b e received by the RDA in Tax Increment Rev enues will be

47 mllion in FY2016 up to $ 61. 5 mllion in FY 2023. ( Exhibit B )

Upon the compet ion of the proec, the projected gross event revenues in the first fiveyears of . operat ion wll be approximately $ 104 mllion whch wll include revenu e

generated from trade shows, convent ions, con sumer shows, banquets, meet i ngs

andspeca

events.However,

the Convention Center is expecting to generatean average net operating loss for the first five year after the renovation ofapproximately $ 3. 8 mllion per year ( Exhibit F)

Additionally we have prov ded a schedue of est imat ed revenue coverage of Debt Service forConvention Center Project financing. ( Exhibit J)


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In response to Sec. 2- 278 ( a) 1( c): the estimated annua cost of maintaining, repairing andoperating such projects.

The County and the City have agreed that the RDA will provide for a n ongoing adequateoperating and maintenance subsidy for the Convention Center, in addition to the existing

4. 5 mllion per year and annua year- end revenue sharing that the City currentlyreceves from Convention Development Taxes through 2048. The Third Amendment tothe Convention Development Tax ( CDT) Interlocal Agreement will allow for an additionalannua operating and mant enanc e subsidy starting at $ 1 million in 2017 and increasingeach year b y $750, 000 until it equas $ 4 mllion by 2021 and reman at $ 4 million until2025, or a total of $ 8. 5 mllion. It will then escalate at 4 percent or Consumer PriceIndex ( CPI) annually ( whchever is less) starting in 2026 over the life of the ConventionCenter, funded either through RDA fu nds or through Convention Development Taxes,

depending on the availability of the latter. That funding will remain in place until 2048.Exhibit B & I)

The Commission may approve b y resolution other improvements as part of the Series 2015Project in addition to and/ or in lieu of one or more of the above improvements.

The security for the repayment of these amounts will b e the Tax Increment Funds of the RDA.

Because of the charac er of this Series 2015 Bonds, the current favorable market conditions,

th e uncertainty inherent in a competitive b id d in g pr oc essan d th e recommendations of th eFinancial Advisor, it is in the best interest of the RDA to authorize the negotiated sale of thisSeries 2015 Bonds.

Debt Compliance

The attached Resolution delegates to th e Executive Director, relying upon the recommendationof the Chief Financial Officer and RBC Capital Markets ( the City' s an d RDA' s Financial Advisor),the determination of vari ous terms of this Series 2015 Bonds, including whether to secure oneor more Credit Facili ties and/ or Reserve Account Insurance Policies with respect to this Series2015 Bonds, the final award of this Series 2015 Bonds, and certain other actions in connection

with th e issua n ce o fth e Se rie s 20 1 5 B o n d sa n d th e re fund ingo f th e Outstanding Prior B o n d s ,all as provided and subject to the limitations contained herein.

The Chief Financial Officer is further authorized to establish procedures in order to ensurecompi ance by the RDA wth this Series 2015 Continuing Disclosure Agreement, including thetimely prov son of information and notices. Prior to making any filing in accordance with suchagr eement , the Chief Financial Officer may consu t wth, as appropri at e, the City Attorney orBond Counsel. The Chief Financial Officer, acting in the name a n d o n behalf of the RDA, shallb e entitled to rely upon any legal advice provided b y the City Attorney or B o n d Counsel indetermining whether a filing should b e made.

In order to describe and specify the terms of the RDA' s continuing disclosure agr eement , the

Chief Financ ia lOfficer is h e r e b y a u th o r ize dan d directed to enter into an d deliver, in the n am eand on behalf of the RDA, a Disclosure Dissemination Agent Agreement ( the " Series 2015

Continuing Disclosure Agreements"), wth Digital Assurance Certification, L.L. C. (" DAC"), whch

is hereby appointed as disclosure dissemination agent with respect to this Series 2015 Bonds,in substantially the form present ed at the meeting at whch this Series Resolution wasconsdered, subec to such changes, modficati ons, insertions a n d omissions an d such filling- inof blanks therein as may be determined and approved b y the Chief Financial Officer, after


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consultation with the City Attorney. The executiono f this Series 2015 Continu ing D isclosureAgreement, for and on behalf of the RDA by the Chief Financial Officer, shall be deemedconcusve evdence of the' RDA' s approva of the Series 2015 Continuing DisclosureAgreement.

U. S.

Bank NationalAssociationis hereby appo in tedas Bond Registrar fo r this Series 2015 •Bonds.

The officers, agents and empoyees of the RDA, the Bond Registrar and DAC are herebyauthorized and directed to do all acts and things and execute and deliver all documents,

ag reemen t san d certificatesrequired o f them by theprovisionsof this Series 2015 Bonds ,th eBond Resolution, the Series 2015 Bond Purchase Agreement, the. Series 2015 ContinuingDisclosure Agreement and this Series Resolution, for the full, punc ua and compet eperformance of all the terms, covenants, provisions and agreements of this Series 2015 Bonds,the Bond Resolution, the Series 2015 B o n d Purchase Agreement, the Series 2015 ContinuingDisclosure Agreement and this Series Resolution.

Conclusion

The Administration recommends that the Chairperson and Member of the Miami BeachRedevelopment Agency approve the resouion on second reading pubic hearing. The firstreading public hearing was held at th e September 30, 2015 Commission meeting.

JLM/ JW/ jr

Attach ment s ( presented in draft form):

PreliminaryOfficialStatement-RD ABond Purchase Agreement- RDADisclosure Dissemination Agreement- RDAEscrow Deposit Agreements- RDA


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EXHIBITS

Table of Contents

EXHIBIT A RDA Bonds Analysis

EXHIBIT B RDA Pro- Forma

EXHIBIT C

EXHIBIT D Rcsort Tax Bonds Analysia

EXHIBIT E Convention Center Project Budget

EXHIBIT F Convention Center 8-Year Pro-Forma

EXHIBIT G Parking 802 Spacc Pro Forma

EXHIBIT HRcsortTax CollcctionsHistory

EXHIBIT I ConventionCenter an d Park OperatingProjections

EXHIBIT J Convention Center FinancingDebt Service Coverage


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Oct 13, 2015 3: 21 pm Prepared by Morgan Stanley/ ALC EXHIBIT APage 1

SOURCESANDUSES OF FUNDS

M i a m iBeach City CenterRD ACombined2015 Financings

Estimated**

InterestRates as of C OB O cto b er5 ,2015

Dated Date 1 2/ 10 /2015

Del ive ryDate 1 2/ 1 0 /2015

Series 2015 Series 2015Series 2015 Tax- Exempt Taxable

Tax- Exempt New Current RefundingofMoney Refundingof Series 1998A

Sources: Financ ing Series 2005B and 2005A Total

Bond Proceeds:

Par Amount 309, 935, 000. 00 14, 580, 000. 00 37, 305, 000. 00 361, 820,000.00Premium 30, 003, 434. 50 1 ,590, 916. 95 31 , 594, 351.45

339, 938, 434. 50 16, 170, 916. 95 37, 305, 000. 00 393 ,414, 351.45


Tax- Exempt New Current RefundingofM o n e y Refundingof Series 1998A

Uses: Financing Series 2005B and 2005A Total

Project Fund Deposits:Project Fund 316, 000, 000. 00 316, 000, 000. 00

Refund ing EscrowDeposits:Cash Deposit 10. 56 10. 23 20. 79SLGS Purchases 15, 447, 805. 00 35, 580, 215. 00 51 , 028,020.00

15, 447, 815. 56 35, 580, 225. 23 51 , 028, 040. 79

Other Fund Deposits:Debt Service Reserve Fund 21, 764, 388. 18 619, 534. 35 1 ,460, 257. 72 23 , 844, 180.25

Del ive ryDate Expenses:Cost of Issuance 619, 870. 00 29, 160. 00 74, 610. 00 723, 640. 00Underwriter' s Discount 1. 549, 675. 00 72, 900. 00 186, 525. 00 1 ,809, 100 .00

2, 169, 545. 00 102, 060. 00 261, 135. 00 2, 532, 740. 00

Other Uses of Funds:Additional Proceeds 4, 501. 32 1 ,507. 04 3, 382. 05 9, 390. 4 1

339, 938, 434. 50 16, 170, 916. 95 37, 305, 000. 00 393, 414, 3 51 . 4 5

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18/256

EXHIBIT AOct 1 3, 2015 3: 21 pm Prepared b y Morgan Stanley/ ALC Page 3

SUMMARY O F REFUNDING RESULTS

M i a m iBeach CityCenterRD ACombined 2015 Financings

Estimated**

InterestRates a s of C O B O c to b e r5 , 2015

Dated Date 1 2/ 1 0/ 2015Del ive ryDate 12 / 1 0 /2015Arbitrage yed 3. 778706%Escrow yed 0 .000000%Value of Negative Arbitrage 569, 081. 70

Bond Par Amount 51 , 885, 000. 00True Interest Cost 2. 614843%Net Interest Cost 2. 671434%Average Coupon 3. 297039%Average Life 4. 102

Par amount of ref unded bonds 49, 355, 000. 00Average coupon of ref unded bonds 5. 258257%Average life of ref unded bonds 4. 195

Net PV Savings 3, 400, 124. 7 8Percentage savings of ref unded bonds 6. 889119%Percentage savngs o refunding bonds 6. 553194%

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EXHIBIT AOct 13, 2015 3: 21 pm Prepared b y Morgan Stanley/ ALC Page 4

SAVINGS

Miami Beach City CenterRDACombined 2015 Financings

Estimated**

Interest Rates as of COB October 5, 2015

Prior RefundingDate Debt Service Debt Service Savings

09/ 30/ 2016 1 , 313, 075. 00 736, 345. 67 576,729. 3309/ 30/ 2017 8, 400, 323. 75 8, 282, 981. 93 117,341. 8209/ 30/ 2018 8, 403, 379. 75 8, 283, 870. 36 119, 509.3909/ 30/ 2019 8, 409, 722. 50 8, 291, 894. 26 117,828. 2409/ 30/ 2020 8, 418, 064. 00 8, 301, 892. 13 116, 171. 8709/ 30/ 2021 8, 443, 743. 00 8, 325, 662. 25 118, 080. 7509/ 30/ 2022 8, 451, 948. 50 8, 332, 105. 50 119, 843. 0009/ 30/ 2023 8, 467, 678. 00 8, 347, 430. 25 120, 247. 75

60, 307, 934. 50 58, 902, 182. 35 1 ,405, 752. 15

Savings Summary

PV of savings from cash flow 1 ,315,443. 62Plus: Refunding funds on hand 2, 084, 681. 16

Net PV Savings 3, 400, 124. 78

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Oct 13 , 2015 3: 21 pm Prepared b y Morgan Stanley/ ALCEXHIBIT A

Page 5

BOND SUMMARY STATISTICS

M i a m iBeach City CenterRD ACombined 2015 Financings

Estimated**

InterestRates a s of C O B O c to b er5 , 2015

Dated Date 12 / 10 /2015

Del iveryDate 12 / 10 /2015First Coupon 06/ 01 / 2016Last Maturity 12 / 01 / 2043

Arbitrage Yield 3. 778706%True Interest Cost( TIC) 4. 216601%Net Interest Cost( NIC) 4. 473199%All- In TIC 4. 232715%Average Coupon 4. 942850%

Average Life( years) 17 . 528Weighted Average Maturity( years) 17 .517Duration of Issue( years) 11 . 726

Par Amount 361, 820, 000. 00Bond Proceeds 393, 414, 351. 45Total Interest 313, 475, 513. 60

Net Interest 283, 690,262. 15Total Debt Service 675, 295, 513. 60Maximum Annual Debt Service 23, 844, 180. 25Average Annual Debt Service 24, 139, 249. 82

Underwr i t e r 's Fees( per$ 1000)Average TakedownOther Fee 5. 000000

Total Underwriter' s Discount 5. 000000

Bid Price 108 .232063

AveragePar Average Average Maturity PV of 1 b pBond Component Value Price Coupon Life Date Duration change

Serial Bonds( Taxable) 37, 305, 000. 00 100. 000 2. 664% 4. 076 01/ 06/ 2020 3. 859 13 , 974. 05Serial Bonds( Tax- Exempt) 167, 325, 000. 00 112. 027 4. 997% 13 . 755 09/ 10 /2029 3 . 861 140 ,476. 45Tenn Bond 2040( Tax- Exempt) 90, 775, 000. 00 107. 476 5. 000% 23. 075 01 / 06/ 2039 14 .270 7 7, 158.75Term Bond 2043( Tax- Exempt) 66, 415, 000. 00 107. 052 5. 000% 27. 008 12 / 12/ 2042 15 . 503 55, 788. 60

361, 820,000. 00 17 .528 287, 397. 85

All- In ArbitrageTIC TIC Yield

Par Value 361, 820, 000. 00 361, 820, 000. 00 324,515,000.00Accrued InterestPremium( Discount) 31, 594, 351. 45 31, 594, 351. 45 31 , 594, 351 .45

Underwriter' s Discount 1 ,809, 100. 00) 1 ,809, 100. 00)Cost o ssuance Expense 723, 640. 00)Other Amounts

Target Value 391, 605, 251. 45 390, 881, 611. 45 356, 109 ,351. 45

Target Date 12 / 10/ 2015 1 2/ 10/ 2015 12 / 10 /2015Yield 4. 216601% 4. 232715% 3. 778706%

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EXHIBIT AOct 13, 2015 3: 21 pm Prepared by Morgan Stanley/ ALC Page 6

BOND PRICING


Estimated**


Maturity Yield to Call Call Premium

Bond Component Date Amount Rate Yield Price Maturity Date Price (- Discount)

Serial Bonds( Tax- Exempt):12/ 01/ 2016 1, 810, 000 3. 000% 0. 820% 102. 112 38, 227. 20

12/ 01/ 2017 1, 875, 000 4. 000% 1 .240% 105. 368 100, 650. 00

12/ 01/ 2018 1, 960, 000 5. 000% 1 .560% 109. 961 195,235. 60

12 / 01/ 2019 2, 070, 000 5. 000% 1 .820% 112. 140 251, 293. 00

12/ 01/ 2020 2, 180, 000 5. 000% 2. 090% 113. 681 298, 245. 80

12/ 01/ 2021 2, 285, 000 5. 000% 2. 340% 114. 751 337, 060. 35

12/ 01 / 2022 2, 400, 000 5. 000% 2. 570% 115. 425 370,200. 00

12/ 01/ 2023 8, 555, 000 5. 000% 2. 800% 115. 625 1, 336, 718. 75

12 / 01/ 2024 8, 990,000 5. 000% 2. 960% 115. 974 1 ,436,062. 60

12/ 01/ 2025 9, 455, 000 5. 000% 3. 120% 116. 008 1 ,513,556. 40

12/ 01 / 2026 9, 940,000 5. 000% 3. 230% 114. 990 C 3. 356% 12/ 01/ 2025 100. 000 1 ,490,006. 00

12/ 01/ 2027 10, 445, 000 5. 000% 3. 340% 11 3 .983 C 3. 556% 12/ 01/ 2025 100. 000 1 ,460, 524. 35

12 / 01/ 2028 10, 985, 000 5. 000% 3. 440% 113. 077 C 3. 720% 12 / 01/ 2025 100. 000 1, 436, 503. 45

12/ 01 / 2029 11 , 545, 000 5. 000% 3. 520% 112. 358 C 3. 848% 12/ 01/ 2025 100. 000 1, 426, 731. 10

12/ 01/ 2030 12, 140, 000 5. 000% 3. 610% 111. 555 C 3. 969% 12/ 01/ 2025 100. 000 1, 402,777. 00

12/ 01/ 2031 12, 760, 000 5. 000% 3. 680% 110. 936 C 4. 063% 12/ 01/ 2025 100. 000 1, 395,433. 60

12 / 01/ 2032 13 , 415, 000 5. 000% 3. 740% 110. 409 C 4. 140% 12/ 01/ 2025 100. 000 1, 396,367. 35

12/ 01/ 2033 14, 105, 000 5. 000% 3. 790% 109. 971 C 4. 204% 12/ 01/ 2025 100. 000 1 ,406, 409.55

12/ 01/ 2034 14, 825, 000 5. 000% 3. 840% 109. 536 C 4. 262% 12 / 01/ 2025 100. 000 1 ,413,712. 00

12/ 01/ 2035 15 . 585, 000 5. 000% 3. 890% 109. 103 C 4. 315% 12/ 01/ 2025 100. 000 1 ,418,702. 55

167, 325,000 20, 124,426. 65

Term Bond 2040( Tax- Exempt):12/ 01 / 2036 16 , 385, 000 5. 000% 4. 080% 107. 476 C 4. 499% 12/ 01/ 2025 100. 000 1,224, 942. 60

12 / 01/ 2037 17, 225, 000 5. 000% 4. 080% 107. 476 C 4. 499% 12 / 01 / 2025 100. 000 1 ,287, 741. 00

12/ 01/ 2038 18, 110, 000 5. 000% 4. 080% 107. 476 C 4. 499% 12 / 01/ 2025 100. 000 1,353,903. 60

12 / 01 / 2039 19 ,040, 000 5. 000% 4. 080% 107. 476 C 4. 499% 12/ 01/ 2025 100. 000 1 ,423, 430. 40

12/ 01/ 2040 20, 015,000 5. 000% 4. 080% 107. 476 C 4. 499% 12 / 01/ 2025 100. 000 1 ,496,32 1. 40

90, 775, 000 6, 736, 339. 00

Term Bond 2043( Tax- Exempt):12/ 01/ 2041 21, 040, 000 5. 000% 4. 130% 107. 052 C 4. 552% 12/ 01/ 2025 100. 000 1 ,483, 740. 80

12/ 01 /2042 22, 120, 000 5. 000% 4. 130% 107. 052 C 4. 552% 12 / 01/ 2025 100. 000 1 ,559,902. 40

12/ 01 / 2043 23, 255, 000 5. 000% 4. 130% 107. 052 C 4. 552% 12 / 01/ 2025 100. 000 1 ,639, 942. 60

66, 415, 000 4,683,585. 80

Serial Bonds( Taxable):

12/ 01/ 2016 4, 985,000 1. 407% 1 .407% 100. 000

12/ 01/ 2017 5, 060,000 1 .557% 1. 557% 100. 000

12/ 01/ 2013 5, 160, 000 1 .980% 1 .930% 100. 000

12/ 01/ 2019. 5, 275, 000 2. 395% 2. 395% 100. 000

12/ 01/ 2020 5, 430, 000 2. 645% 2. 645% 100. 000

12/ 01 / 2021 5, 600,000 3. 040% 3. 040% 100. 000

12/ 01 / 2022 5, 795, 000 3. 190% 3. 190% 100. 000

37, 305,000

361, 820,000 31, 594, 351. 45

Dated Date 12/ 10/ 2015

Delivery Date 12/ 10/ 2015First Coupon 06/01/ 2016

Par Amount 361,820, 000.00

Premum 31, 594,351. 45

Production 393, 414,351. 45 108.732063%Underwrter s Discount 1, 809, 100. 00) ( 0. 500000%)

Purchase Prce 391, 605, 251. 45 108. 232063%

Accrued Interest

Net Proceeds 391,605,251. 45

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Oct 13, 2015 3: 21 pm Prepared b y Morgan Stanley/ ALC EXHIBIT A Page 7

BOND DEBT SERVICE

Miami Beach City CenterRD ACombined 2015 Financings

Estimated**

InterestRates a s of C O B O c to b e r5 , 2015

Dated Date 12 / 1 0 /2015

Delivery Date 12 / 10/ 2015

Period

Ending Principal Coupon Interest Debt Service

09/ 30/ 2016 8, 097, 301. 92 8 , 097, 301. 9209/ 30/ 2017 6, 795, 000 16, 984, 731. 93 23, 779, 731. 9309/ 30/ 2018 6, 935, 000 16, 845, 620. 36 23, 780,620. 3609/ 30/ 2019 7, 120, 000 16, 668, 644. 26 23, 788, 644. 2609/ 30/ 2020 7, 345, 000 16, 453, 642. 13 23, 798, 642. 1309/ 30/ 2021 7, 610, 000 16, 212, 412. 25 23, 822,412. 2509/ 30/ 2022 7, 885, 000 15, 943, 855. 50 23, 828, 855. 5009/ 30/ 2023 8, 195, 000 15, 649, 180. 25 23, 844, 180. 2509/30/ 2024 8, 555, 000 5. 000% 15, 282, 875. 00 23 , 837,875. 0009/ 30/ 2025 8, 990, 000 5. 000% 14, 844, 250. 00 23, 834,250. 0 009/ 30/ 2026 9, 455, 000 5. 000% 14, 383, 125. 00 23, 838, 125. 0009/ 30/ 2027 9, 940, 000 5. 000% 13 , 898, 250. 00 23 , 838, 250. 0009/30/ 2028 10, 445, 000 5. 000% 13 ,388, 625. 00 23, 833, 625. 0009/ 30/ 2029 10, 985, 000 5. 000% 12, 852, 875. 00 23 , 837,875. 0 009/ 30/ 2030 11 , 545, 000 5. 000% 12, 289, 625. 00 23, 834, 625. 0009/ 30/ 2031 12, 140, 000 5. 000% 11 , 697, 500. 00 23,837,500. 0009/ 30/ 2032 12 , 760, 000 5. 000% 11 , 075, 000. 00 23, 835, 000. 0009/ 30/ 2033 13, 415, 000 5. 000% 10, 420, 625. 00 23, 835,625. 0009/ 30/ 2034 14, 105, 000 5. 000% 9, 732, 625. 00 23 , 837, 625.0009/ 30/ 2035 14, 825, 000 5. 000% 9, 009, 375. 00 23 , 834, 375.0009/ 30/ 2036 15, 585, 000 5. 000% 8, 249, 125. 00 23, 834, 125. 0009/ 30/ 2037 16, 385, 000 5. 000% 7, 449, 875. 00 23 , 834, 875.0009/ 30/ 2038 17, 225, 000 5. 000% 6, 609, 625. 00 23, 834, 625.0009/ 30/ 2039 18 , 110, 000 5. 000% 5, 726, 250. 00 23, 836, 250. 0009/ 30/ 2040 19, 040, 000 5. 000% 4, 797,500. 00 23 , 837,500. 0009/ 30/ 2041 20, 015, 000 5. 000% 3, 821, 125. 00 23, 836, 125. 0009/ 30/ 2042 21, 040, 000 5. 000% 2, 794, 750. 00 23, 834,750. 0009/ 30/ 2043 22, 120, 000 5. 000% 1, 715, 750. 00 23,835, 750.0009/ 30/ 2044 23, 255, 000 5. 000% 581, 375. 00 23, 836, 375. 00

361, 820, 000 313, 475, 513. 60 675, 295, 513. 60

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PROJECT FUND

Mami Beach City CenterRDACombined 2015 Financings

Estimated**


Interest Scheduled

Date Deposit @ 3. 778706% Principal Draws Balance

12/ 10/ 2015 316, 000,000 316, 000, 000 316,000, 000

316, 000, 000 0 316, 000, 000 316, 000, 000

Arbitrage Yield: 3. 7787060%

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DEBT SERVICE RESERVE FUND

M i a m iBeach City CenterRD ACombined 2015 Financings

Estimated**


InterestDate Deposit @ 1 Prncipal Debt Service Balance

1 2/ 1 0/2015 23, 844, 180. 25 23, 844, 180. 2506/ 01/ 2016 113, 259. 85 113, 259. 85) 23, 844. 180. 2512/ 01/ 2016 119, 220. 90 119, 220. 90) 23 , 844, 180.25

06/ 01/ 2017 119, 220. 90 119, 220. 90) 23, 844, 180. 2512/ 01/ 2017 119, 220. 90 119, 220. 90) 23 , 344, 130. 2506/ 01/ 2018 119, 220. 90 119, 220. 90) 23 , 844, 1802512/ 01/ 2018 119, 220. 90 119, 220. 90) 23, 844, 130. 2506/01/ 2019 119, 220. 90 119, 220. 90) 23, 844, 180. 2512 / 01/ 2019 119, 220. 90 119, 220. 90) 23, 844, 180. 25

06/ 01/ 2020 119, 220. 90 119, 220. 90) 23, 344, 130.2512/ 01/ 2020 119, 220. 90 119, 220. 90) 23, 844, 180.2 506/ 01/ 2021 119, 220. 90 119, 220. 90) 23, 844, 180. 2512/ 01/ 2021 119, 220. 90 119, 220. 90) 23, 844, 180. 2506/ 01/ 2022 119, 220. 90 119, 220. 90) 23, 344, 180.2 512/ 01/ 2022 119, 220. 90 119, 220. 90) 23 , 844. 180. 2506/ 01/ 2023 119, 220. 90 119, 220. 90) 23, 844, 180. 2512/ 01/ 2023 119, 220. 90 119, 220. 90) 23, 844, 180. 2506/ 01/ 2024 119, 220. 90 119, 220. 90) 23 , 344, 180. 2512/ 01/ 2024 119, 220. 90

119, 220. 90) 23 , 844, 180. 2506/ 01/ 2025 119, 220. 90 119, 220. 90) 23, 844, 130. 2512 / 01/ 2025 119, 220. 90 119, 220. 90) 23 , 344, 1302506/ 01/ 2026 119, 220. 90 119, 220. 90) 23 , 844, 130. 2512/ 01/ 2026 119, 220. 90 119, 220. 90) 23, 344, 180.2506/ 01/ 2027 119, 220. 90 119, 220. 90) 23 , 844, 130. 2512 / 01/ 2027 119, 220. 90 119, 220. 90) 23 , 844, 180.2506/ 01/ 2028 119, 220. 90 119, 220. 90) 23, 844, 1802512 / 01/ 2028 119, 220. 90 119, 220. 90) 23, 844,180. 25

06/ 01/ 2029 119, 220. 90 119, 220. 90) 23 , 344, 180. 2512/ 01/ 2029 119, 220. 90 119, 220. 90) 23, 844, 180. 2506/ 01/ 2030 119, 220. 90 119, 220. 90) 23, 844, 180. 2512/ 01/ 2030 119, 220. 90 119, 220. 90) 23, 844, 180. 2506/ 01/ 2031 119, 220. 90 119, 220. 90) 23, 844, 130. 2512 / 01/ 2031 119, 220. 90 119, 220. 90) 23, 844, 130.2506/ 01/ 2032 119, 220. 90 119, 220. 90) 23, 844, 180. 2512/ 01/ 2032 119, 220. 90 119, 220. 90) 23, 844, 180. 2506/ 01/ 2033 119, 220. 90 119, 220. 90) 23, 344,180. 2512/ 01/ 2033 119, 220. 90 119, 220. 90) 23 , 844,130.2506/ 01/ 2034 119, 220. 90 119, 220. 90) 23, 844, 180. 2512/ 01/ 2034 119, 220. 90 119, 220. 90) 23 , 844, 180. 2506 / 01/ 2035 119, 220. 90 119, 220. 90) 23, 844,180. 2512/ 01/ 2035 119, 220. 90 119, 220. 90) 23, 844, 180. 2506/ 01/ 2036 119, 220. 90 119, 220. 90) 23 , 344, 180. 2512 / 01/ 2036 119, 220. 90 119, 220. 90) 23 , 844, 180. 2506/01/ 2037 119, 220. 90 119, 220. 90) 23, 844, 180. 2512 / 01/ 2037 119, 220. 90 119, 220. 90) 23, 844, 130. 2506/ 01/ 2038 119, 220. 90 119,220. 90) 23, 844, 180.2512/ 01/ 2038 119, 220. 90 119, 220. 90) 23, 344, 180.25

06/ 01/ 2039 119, 220. 90 119, 220. 90) 23, 844, 130. 2512/ 01/ 2039 119, 220. 90 119, 220. 90) 23, 344, 180. 25

06/ 01/ 2040 119, 220. 90 119, 220. 90) 23, 844, 130. 2512/ 01/ 2040 119, 220. 90 119, 220. 90) 23 , 844, 180. 2506/01/ 2041 119, 220. 90 119, 220. 90) 23 , 844, 130. 2512/ 01/ 2041 119, 220. 90 119, 220. 90) 23, 344, 180. 2506/ 01/ 2042 119, 220. 90 119, 220. 90) 23 , 844, 180. 2512/ 01/ 2042 119, 220. 90 119, 220. 90) 23, 344, 180. 2506/ 01/ 2043 119, 220. 90 119, 220. 90) 23, 344, 130. 2512/ 01/ 2043 119, 220. 90 23, 344, 180. 25 ( 23, 963,401. 15)

23, 844, 130. 25 6, 670, 409. 35 23, 844, 180. 25 ( 30, 514, 589. 60)

Average Life( years): 27. 9750Yield To Receipt Date: 1 .0000024%Arbitrage Yield: 3. 7787060%Value o Negative Arbitraee: 11, 381, 148. 64

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EXHIBIT AOct 13, 2015 3: 21 pm Prepared by Morgan Stanley/ ALC Page 1 0

NET DEBT SERVICE


Estimated**


Period Total General Debt Service Net

Ending , Principal Interest Debt Service Fund Reserve Fund Debt Service

09/ 30/ 2016 8, 097, 301. 92 8, 097, 301. 92 113, 259. 85 7, 984, 042. 0709/ 30/ 2017 6,795, 000 16, 984, 731. 93 23, 779, 731. 93 238, 441. 80 23, 541, 290. 1 309/30/ 2018 6, 935, 000 16, 845, 620. 36 23, 780, 620. 36 238, 441. 80 23, 542, 178. 5609/30/ 2019 7, 120, 000 16, 668, 644. 26 23, 788, 644. 26 238, 441. 80 23, 550,202.4609/ 30/ 2020 7, 345,000 16, 453, 642. 1 3 23, 798, 642. 13 238, 441. 80 23 , 560,200. 3 309/ 30/ 2021 7, 610, 000 16, 212, 412. 25 23, 822, 412. 25 238, 441. 80 23, 583, 970. 4509/30/ 2022 7, 885, 000 15, 943, 855. 50 23, 828, 855. 50 238,441. 80 23, 590,413. 7009/30/ 2023 8, 195, 000 15, 649, 180. 25 23, 844, 180. 25 10, 398. 96) 238,441. 80 23 , 616, 137. 4 109/ 30/ 2024 8, 555, 000 15, 282, 875. 00 23, 837, 875. 00 20, 797. 92) 238, 441. 80 23, 620, 231. 1 209/ 30/ 2025 8, 990, 000 14, 844, 250. 00 23, 834, 250. 00 20,797. 92) 238, 441. 80 23, 616,606. 1209/ 30/ 2026 9, 455, 000 14, 383, 125.00 23, 838, 125. 00 20, 797. 92) 238, 441. 80 23, 620, 481. 1 209/30/ 2027 9, 940, 000 1 3, 898, 250. 00 23, 838, 250. 00 20, 797. 92) 238, 441. 80 23, 620,606. 1209/ 30/ 2028 10, 445, 000 1 3, 388, 625. 00 23, 833, 625. 00 20,797. 92) 238, 441. 80 23, 615, 981. 1 209/ 30/ 2029 10, 985, 000 12, 852, 875. 00 23, 837, 875. 00 20, 797. 92) 238, 441. 80 23, 620, 231. 1209/ 30/ 2030 11 , 545, 000 12, 289,625. 00 23, 834, 625. 00 20, 797. 92) 238, 441. 80 23, 616, 981. 1209/ 30/2031 12, 140, 000 1 1, 697, 500.00 23, 837, 500. 00 20, 797. 92) 238, 441. 80 23, 619, 856. 1209/ 30/ 2032 12, 760, 000 1 1, 075, 000. 00 23, 835, 000. 00 20, 797. 92) 238, 441. 80 23, 617,356. 1 209/ 30/ 2033 1 3, 415, 000 10, 420, 625.00 23, 835, 625. 00 20, 797. 92) 238, 441. 80 23, 617, 981. 1 209/30/ 2034 14, 105, 000 9, 732, 625.00 23, 837,625. 00 20, 797. 92) 238, 441. 80 23, 619, 981. 1 209/ 30/ 2035 14, 825, 000 9, 009, 375. 00 23, 834, 375. 00 20, 797. 92) 238, 441. 80 23, 616, 731. 1209/ 30/ 2036 15, 585, 000 8, 249, 125. 00 23, 834, 125. 00 20, 797. 92) 238, 441. 80 23, 616, 481. 1209/ 30/ 2037 16, 385, 000 7, 449, 875. 00 23, 834, 875. 00 20, 797.92) 238, 441. 80 23, 617,231. 1 209/ 30/ 2038 17, 225, 000 6, 609, 625. 00 23, 834, 625. 00 20, 797. 92) 238, 441. 80 23, 616,981. 1209/ 30/ 2039 1 8, 110, 000 5, 726,250. 00 23, 836, 250. 00 20, 797. 92) 238, 441. 80 23 , 618, 606. 1 209/ 30/ 2040 19, 040, 000 4, 797, 500. 00 23, 837, 500. 00 20, 797. 92) 238,441. 80 23, 619,856. 1209/ 30/ 2041 20,015, 000 3, 821, 125. 00 23,836, 125. 00 20,797. 92) 238, 441. 80 23, 618,481. 1209/ 30/ 2042 21, 040, 000 2, 794, 750. 00 23, 834, 750. 00 20,797. 92) 238, 441. 80 23 , 617, 106.1 209/ 30/ 2043 22, 120, 000 1 ,715,750. 00 23, 835, 750. 00 20,797. 92) 238, 441. 80 23 , 618, 106. 1 209/ 30/ 2044 23, 255, 000 581, 375. 00 23, 836, 375. 00 426, 357.36 23, 963, 401. 15 ( 553,383. 51 )

361, 820, 000 313, 475,513. 60 675, 295, 513. 60 0. 00 30, 514, 589. 60 644, 780, 924. 00

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EXHIBIT AOct 1 3, 2015 3: 21 pm Prepared b y Morgan Stanley/ ALC Page 1 1

AGGREGATE DEBT SERVICE


Estimated**



Tax- Exempt New Current Refunding ofPeriod Money Refundingo Series 1998A AggregateEnd ing Financ ing Series 2005B and 2005A Debt Service

09/ 30/ 2016 7, 360, 956. 25 320, 173. 75 416, 171. 92 8, 097, 301. 9209/ 30/ 2017 15, 496, 750. 00 2, 456, 900. 00 5, 826, 081. 93 23, 779, 731. 9309/ 30/ 2018 1 5, 496, 750. 00 2, 457, 250. 00 5, 826, 620. 36 23, 780, 620. 3609/ 30/ 2019 15, 496, 750. 00 2, 455, 750. 00 5, 836, 144. 26 23, 788, 644. 2609/30/ 2020 1 5, 496, 750. 00 _ 2, 465, 000. 00 5, 836, 892. 1 3 23, 798, 642. 1309/ 30/ 2021 15, 496, 750. 00 2, 468, 750. 00 5, 856, 912. 25 23, 822, 412.2509/30/ 2022 1 5, 496, 750. 00 2, 462, 125. 00 5, 869, 980. 50 23, 828, 855. 5009/ 30/ 2023 1 5, 496, 750. 00 2, 460, 000. 00 5, 887, 430. 25 23, 844, 180. 2509/30/2024 23, 837, 875. 00 23, 837,875.0009/ 30/ 2025 23, 834, 250. 00 23, 834, 250. 0009/ 30/ 2026 23, 838, 125. 00 23, 838, 125. 0009/ 30/ 2027 23, 838, 250. 00 23, 838, 250. 0009/ 30/ 2028 23, 833, 625. 00 23 , 833, 625. 0009/ 30/ 2029 23 , 837, 875. 00 23, 837, 875. 0009/ 30/ 2030 23, 834, 625. 00 23 , 834,625. 0009/ 30/ 2031 23, 837, 500.00 23 , 837, 500. 0009/ 30/ 2032 23, 835, 000.00 23 , 835, 000. 0009/ 30/ 2033 23, 835,625. 00 23 , 835,625.0009/ 30/2034 23, 837, 625. 00 23, 837,625. 0009/30/ 2035 23, 834, 375. 00 23, 834,375. 0009/ 30/ 2036 23, 834, 125. 00 23, 834, 125. 0009/30/ 2037 23, 834, 875. 00 23, 834,875. 0009/ 30/ 2038 23, 834, 625.00 23 , 834,625.0009/ 30/ 2039 23, 836, 250. 00 23, 836, 250. 0009/30/ 2040 23, 837, 500. 00 23, 837,500. 0009/ 30/ 2041 23, 836, 125. 00 23, 836, 125. 0009/ 30/ 2042 23, 834, 750. 00 23, 834, 750. 0009/ 30/ 2043 23, 835, 750. 00 23, 835, 750. 0009/ 30/ 2044 23, 836, 375. 00 23 , 836,375.00

616, 393, 331. 25 17, 545, 948. 75 41, 356, 233. 60 675, 295, 513. 60

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PROOF OF ARBITRAGE YIELD


Estimated**


Present Value

to 12/ 10/ 2015Date Debt Service Total @ 3 .7787060014%

06/ 01/ 2016 7, 681, 130. 00 7, 681, 130. 00 7 , 545,755. 8912/ 01/ 2016 9, 895, 400. 00 9, 895, 400. 00 9, 540, 742. 7406/ 01/ 2017 8, 058, 250. 00 8, 058, 250. 00 7, 625, 367. 2312/ 01/ 2017 9, 933, 250. 00 9, 933, 250. 00 9, 225, 344.4006/ 01/ 2018 8, 020, 750. 00 8, 020, 750. 00 7 , 311, 010. 3312/ 01/ 2018 9, 980, 750.00 9, 980, 750. 00 8, 928, 875.9806/ 01/ 2019 7,971, 750. 00 7,971, 750.00 6, 999, 362. 3912/ 01/ 2019 10, 041, 750. 00 10, 041, 750. 00 8, 653, 372. 7106/ 0 1 / 2020 7, 920, 000. 00 7, 920,000. 00 6, 698, 420. 1012/ 01/ 2020 10, 100, 000. 00 10, 100, 000. 00 8, 383, 777. 9906/ 01/ 2021 7, 865, 500. 00 7 , 865, 500. 00 6, 407, 902. 9612/ 01 / 2021 10, 150, 500. 00 10, 150, 500. 00 8 , 116, 115. 5606/ 0 1 / 2022 7 , 808, 375.00 7 , 808, 375. 00 6, 127,631. 5612/ 01/ 2022 10, 208,375. 00 10, 208,375. 00 7, 862, 484. 3306/ 01/ 2023 7, 748,375. 00 7, 748, 375. 00 5, 857, 1 3 1 .9012/ 01/ 2023 16, 303, 375. 00 16, 303, 375. 00 1 2, 095, 479.4206/ 01/ 2024 7, 534,500. 00 7 , 534, 500. 00 5, 486, 194. 5112/ 01/ 2024 16, 524, 500. 00 16, 524, 500. 00 11 , 809, 086. 0506/ 0 1 / 2025 7, 309, 750. 00 7, 309, 750. 00 5, 126, 980. 6612/ 01/ 2025 299, 699, 750. 00 299,699, 750.00 206,308, 314. 74

480,756, 030. 00 480,756, 030. 00 356, 109, 351. 45

Proceeds Summary

Delivery date 12/ 10/ 2015Par Value 324, 515, 000. 00Premium( Discount) 31, 594, 351. 45

Target for yed cacuat ion 356, 109,351. 45

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PROOF OF ARBITRAGE YIELD


Estimated**

InterestRates a s of C O B O c to b er5 , 2015

Assumed Cal l /Com putat ionDates for PremiumB o n d s

Present ValueBond Maturity Call Call to 12/ 10 /2015Component Date Rate Yield Date Price @ 3 .7787060014%

TE_ SER 1 2/ 0 1 /2026 5. 000% 3. 230% 12/ 0 1/ 2025 100. 000 488, 781. 70)TE_ SER 12 / 01/ 2027 5. 000% 3. 340% 12/ 01 / 2025 100. 000 408,433. 02)TE_ SER 12/ 01 / 2028 5. 000% 3. 440% 12/ 01 / 2025 100. 000 330,024.66)TE_ SER 12/ 01/ 2029 5. 000% 3. 520% 12/ 01 / 2025 100. 000 263, 840. 31 )TE_ SER 12 / 01 / 2030 5. 000% 3. 610% 12/ 01 / 2025 100. 000 179, 953. 77)TE_ SER 12/ 01/ 2031 5. 000% 3. 680% 12 / 01/ 2025 100. 000 110, 159. 76)TE_ SER 12/ 01/ 2032 5. 000% 3. 740% 12/ 01/ 2025 100. 000 45, 117. 46)TE_ SER 12/ 01 / 2033 5. 000% 3. 790% 12/ 0 1/ 2025 100. 000 14, 341. 83TE_ SER 12/ 01 / 2034 5. 000% 3. 840% 12/ 01/ 2025 100. 000 79, 562. 67TE_ SER 12/ 01 / 2035 5. 000% 3. 890% 12/ 0 1 / 2025 100. 000 151, 124. 48TE_ TM1 12/ 01 / 2036 5. 000% 4. 080% 12/01/ 2025 100. 000 425,465.86TE_ TM1 12/ 0 1 / 2037 5. 000% 4. 080% 12/ 01/ 2025 100. 000 447,277. 96TE_TM1 12/ 01 / 2038 5. 000% 4. 080% 12/ 01 / 2025 100. 000 470, 258.57TE_ TMI 12/ 01 / 2039 5. 000% 4. 080% 12/ 0 1 / 2025 100. 000 494,407. 69TE_ TM1 12/ 01/ 2040 5. 000% 4. 080% 12/ 01/ 2025 100. 000 519,725. 31TE_ TM2 12/ 01/ 2041 5. 000% 4. 130% 12/ 01/ 2025 100. 000 635, 550. 87TETM2 12/ 01/ 2042 5. 000% 4. 130% 12/ 0 1 / 2025 100. 000 668, 174.20TE__ TM2 12/ 01 / 2043 5. 000% 4. 130% 12/ 01/ 2025 100. 000 702, 458. 91

Rejected Call/ComputationDates for P re m iu m B o n d s

Present ValueBond Maturity Call Call to 12/ 10/ 2015 IncreaseComponent Date Rate Yield Date Price @ 3. 7787060014% to NPV

TE_ SER 12/ 01/ 2026 5. 000% 3. 230% 407, 524. 33) 81 , 257. 37TE_ SER 12/ 01/ 2027 5. 000% 3. 340% 240, 799. 03) 167, 633. 99TE_ SER 12/ 01 / 2028 5. 000% 3. 440% 70, 401. 80) 259, 622. 86TE_ SER 12/ 01/ 2029 5. 000% 3. 520% 93, 370. 18 357,210. 49TE_ SER 12/ 01/ 2030 5. 000% , 3. 610% 281, 107. 11 461, 060. 88TE_ SER 12/ 01 / 2031 5. 000% 3. 680% 460, 952. 45 571, 112. 21TE_ SER 12/ 01 / 2032 5. 000% 3. 740% 642, 914. 73 688, 032. 19TE_ SER 12/ 01/ 2033 5. 000% 3. 790% 826, 487. 97 812, 146. 14TE_ SER 12/ 01 / 2034 5. 000% 3. 840% 1, 022, 993. 09 943, 430. 42TE_ SER 12/ 01 / 2035 5. 000% 3. 890% 1, 233, 882. 61 1 ,082, 758. 13TE_TM1 12/ 01 / 2036 5. 000% 4. 080% 1 ,655, 921. 97 1 ,230,456. 11TE_ TM1 12/ 01/ 2037 5. 000% 4. 080% 1, 834, 098. 01 1 ,386,820. 0 5TETM1 12/ 01 / 2038 5. 000% 4. 080% 2, 022, 803. 87 1 ,552, 545. 30TE_ TM1 12/ 01 / 2039 5. 000% 4. 080% 2, 222, 354. 71 1 , 727,947. 0 2TE_ TM1 12/ 01 / 2040 5. 000% 4. 080% 2, 433, 035. 07 1 ,913, 309. 7 6TE_ TM2 12/ 0 1 / 2041 5. 000% 4. 130% 2, 744, 941. 78 2, 109, 390. 91TE_ TM2 12/ 0 1 / 2042 5. 000% 4. 130% 2, 985, 185. 41 2, 317, 011. 21TE_ TM2 12/ 01 / 2043 5. 000% 4. 130% - 3, 238, 961. 91 2, 536, 503. 0 0

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EXHIBIT AOct 13, 2015 3: 21 pn Prepared by Morgan Stanley/ ALC Page 14

PROOF OF COMPOSITE ESCROW YIELD


Estimated**


All restricted escrows funded by bond proceeds

Present Value

Security to 12/ 10/ 2015Date Receipts @ 0.0000000000%

0 1/ 1 1/ 2016 15, 447, 8 05. 00 15 ,447, 8 05. 00

15, 447, 805. 00 1 5,447, 805. 00

Escrow Cost Summary

Purchase date 12/ 10/ 2015Purchase cos of securities 1 5, 447, 805.00

Target for yed cacuat ion 15, 447, 805.00

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EXHIBIT AOct 13 , 2015 3: 21 pm Prepared by Morgan Stanley/ ALC Page 1 6

COST OF ISSUAiNCE

Miami Beach City CenterRD ACombined 2015 Financings

Estimated**


Cost of Issuance 1000 Amount

Other Cost o Issuance 2. 00 723, 640. 00

2. 00 723,640. 00

1 1

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EXHIBIT AOct 13, 2015 3: 21 pm Prepared b y Morgan Stanley/ ALC Page 1 7

FORM 8038 STATISTICS

M i a m iBeach CityCenterRD ACombined 2015 Financings

Estimated**

InterestRates as of C O B O c to b er5 , 2015

Dated Date 12 / 10 /2015

Delivery Date 12 / 10/ 2015

RedemptionBond Component Date Principal Coupon Price Issue Price at Maturity

Serial Bonds( Tax- Exempt):

12 / 01/ 2016 1 ,810, 000. 00 3. 000% 102. 112 1 ,848, 227. 20 1 ,810,000.0012/ 01/ 2017 1, 875, 000. 00 4. 000% 105. 368 1, 975, 650. 00 1 875, 000. 0012/ 01/ 2018 1 ,960, 000. 00 5. 000% 109. 961 2, 155, 23 5. 60 1 ,960,000. 0012/ 01/ 2019 2, 070, 000. 00 5. 000% 112. 140 2,321, 298.00 2, 070, 000. 0012/ 01/ 2020 2, 180, 000. 00 5. 000% 113. 681 2, 478, 245. 80 2, 180, 000. 0012/ 01/ 2021 2, 285, 000. 00 5. 000% 114. 751 2, 622, 060. 35 2, 285,000. 0012/ 01/ 2022 2, 400, 000. 00 5. 000% 115. 425 2, 770, 200. 00 2, 400,000. 0012/ 01/ 2023 8, 555, 000.00. 5. 000% 115. 625 9, 891, 718. 75 8, 555, 000.0012 / 01/ 2024 8, 990, 000.00 5. 000% 115. 974 10 ,426,062. 60 8, 990,000. 0012 / 01/ 2025 9, 455, 000. 00 5. 000% 116. 008 10, 968, 556. 40 9, 455, 000. 0012 / 01/ 2026 9, 940, 000. 00 5. 000% 114. 990 11 , 430,006. 00 9, 940, 000. 0012/ 01/ 2027 10, 445, 000.00 5. 000% 113. 983 11 , 905, 524. 35 10 ,445,000.0012 / 01 / 2028 10 ,985, 000.00 5. 000% 113. 077 12, 421, 508. 45 1 0, 985, 000. 001 2 / 0 1 /2029 11 , 545, 000. 00 5. 000% 112. 358 12 , 971, 731. 10 11 , 545, 000. 0012 / 01/ 2030 12 , 140, 000. 00 5. 000% 111. 555 13 , 542, 777. 00 12 , 140, 000. 0012/ 01/ 2031 12 , 760, 000. 00 5. 000% 110. 936 14, 155, 433. 60 1 2, 760, 000.001 2/ 01/ 2032 13 , 415,000. 00 5. 000% 110. 409 14, 811 , 367. 35 13 , 415,000. 0012 / 01/ 2033 14, 105, 000. 00 5. 000% 109. 971 15, 511, 409. 55 14, 105, 000.0012 / 01/ 2034 14, 825, 000.00 5. 000% 109. 536 16 ,238, 712. 00 14, 825, 000. 0012/ 01/ 2035 15 , 585, 000.00 5. 000% 109. 103 17, 003, 702. 55 15 , 585, 000. 00

Term Bond 2040( Tax- Exempt):12/ 01/ 2036 16 , 385, 000. 00 5. 000% 107. 476 17 ,609, 942. 60 1 6, 385, 000. 0012/ 01/ 2037 17, 225, 000. 00 5. 000% 107. 476 18 , 512,741. 00 17 ,225,000. 0012/ 01/ 2038 1 8, 110, 000. 00 5. 000% 107. 476 19 ,463, 903. 60 18 , 110, 000. 0012 / 01/ 2039 19 ,040, 000. 00 5. 000% 107. 476 20, 463, 430. 40 1 9, 040,000. 0012/ 01/ 2040 20, 015, 000. 00 5. 000% 107. 476 21, 511, 321. 40 20,015,000. 00

Term Bond 2043( Tax- Exempt):12 / 01/ 2041 21, 040, 000. 00 5. 000% 107. 052 22, 523, 740. 80 21, 040,000.0012 / 01/ 2042 22, 120, 000. 00 5. 000% 107. 052 23, 679, 902. 40 22, 120, 000.0012/ 01/ 2043 23, 255,000. 00 5. 000% 107. 052 24, 894, 942. 60 23, 255,000. 00

324, 515, 000. 00 356, 109, 351. 45 324,515,000. 00

Stated WeightedMaturity Interest Issue Redemption Average

Date Rate Price a Maturity Maturity Yield

Final Maturity 12/ 01/ 2043 5. 000% 24, 894, 942. 60 23 , 255, 000. 00Entire Issue 356, 109,351. 45 324,515, 000. 00 18. 9252 3. 7787%

Proceeds used for accrued interest 0. 00Proceeds used for bond issuance costs( including underwriters' discount) 2, 271, 605. 00Proceeds used for cred t enhancement 0. 00Proceeds allocated to reasonably required reser ve or replacement fund 22, 383,922. 53Proceeds used to currently ref und pri or issues 15 , 447, 815. 56Proceeds used to advance ref und pri or issues 0. 00Remainingweghed average maturity o he bonds to be currently ref unded 4. 1474Remainingweghed average maturity of the bonds to be advance refunded 0. 0000

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SOURCES AND USES O F FUNDS

M i a m iBeachCity CenterRD AS e r i e s2 0 15 T a x-Exempt NewMoneyFinancing

Dated Date 12 / 1 0/ 2015

Delivery Date 12 / 1 0 /2015

Sources:

Bond Proceeds:Par Amount 309, 935, 000. 00Premium 30, 003, 434. 50

339, 938, 434. 50

Uses:

Project Fund Deposits:Project Fund 316,000,000. 00

Other Fund Deposits:Debt Service Reserve Fund 21 , 764, 388. 18

Delivery D a t e E xp e n se s :Cost o Issuance 619,870.00Underwriter' s Discount 1 ,549,675. 00

2, 169, 545. 00

Other Uses of Funds:Additional Proceeds 4, 501. 32

339,938, 434. 50

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EXHIBIT AOct 13 , 2015 3: 21 pm Prepared by Morgan Stanley/ ALC Page 20


Mami Beach Cty CenterRDASeries 2015 Tax-Exempt NewM o n e yFinancing

Dated Date 12 / 10/ 2015

Delivery Date 12 / 10/ 2015First Coupon 06/ 01 / 2016Last

Maturity12 /01/ 2043

Arbitrage Yield 3. 778706%True Interest Cost( TIC) 4. 289188%Net Interest Cost( NIC) 4. 535765%All- In TIC 4. 303770%Average Coupon 5. 000000%

Average Life( years) 19 .776Weighted Average Maturity( years) 19 .623Duration of Issue( years) 12 . 848

Par Amount 309,935,000. 00Bond Proceeds 339, 938, 434. 50Total Interest 306, 458, 331. 25Net Interest 278,004, 571. 75Total Debt Service 616,393,331. 25Maximum Annual Debt Service

23, 838, 250. 00Average Annual Debt Service 22, 033, 720. 51

Underwriter' s Fees( per$ 1000)

Average Takedown

Other Fee 5. 000000


Bid Price 109. 180557

AveragePar Average Average Maturity PV of 1 b p

Bond Component Value Price Coupon Life Date Duration change

Serial Bonds( Tax- Exempt) 152, 745, 000.00 112. 134 5. 000% 14. 670 08/ 11 / 2030 10 .726 134, 348. 00

Term Bond 2040( Tax- Exempt) 90, 775, 000. 00 107. 476 5. 000% 23. 075 01/ 06/ 2039 14 .270 7 7 , 1 5 8.75Term Bond 2043( Tax- Exempt) 66, 415, 000. 00 107. 052 5. 000% 27. 008 I2/ 12/ 2042 15 . 503 55, 788.60

309, 935, 000. 00 19. 776 267,295.35

All- In Arbitrage

TIC TIC Yield

Par Value 309,935, 000. 00 309, 935, 000.00 309, 935,000.00Accrued Interest

Premium( Dscount) 30,003, 434. 50 30, 003, 434. 50 30,003, 434. 50Underwriter s Discount 1, 549, 675. 00) 1 ,549,675. 00)Cost o ssuance Expense 619,870. 00)Other Amounts

Target Value 338,388, 759. 50 337, 768, 889. 50 339,938, 434. 50

Target Date 12 / 10 /2015 12/ 10/ 2015 1 2/ 1 0 /2015Yield 4. 289188% 4. 303770% 3. 778706%

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BOND PRICING

Mami Beach Cty CenterRDAS e r i e s2015 Tax-Exempt New Money Financ ing

Maturity Yield to Call Call PremiumBond Component Date Amount Rate Yield Price Maturity Date Price (- Discount)

Serial Bonds( Tax-Exempt):

12 / 01/ 2023 8, 555, 000 5. 000% 2. 800% 115. 625 1 .336,718. 7512 / 01/ 2024 8, 990, 000 5. 000% 2. 960% 115. 974 1 ,436, 062. 6012/ 01/ 2025 9, 455, 000 5. 000% 3. 120% 116. 003 1 ,513,556.4012/ 01/ 2026 9, 940,000 5. 000% 3. 230% 114. 990 C 3. 356% 12/ 01/ 2025 100. 000 1 ,490,006. 0012 / 01/ 2027 10, 445, 000 5. 000% 3. 340% 113. 933 C 3. 556% 12 / 01/ 2025 100. 000 1 ,460,524. 3512/ 01/ 2023 10, 935, 000 5. 000% 3. 440% 113. 077 C 3. 720% 12 / 01/ 2025 100. 000 1 ,436,508.4512/ 01/ 2029 11 , 545, 000 5. 000% 3. 520% 112. 358 C 3. 843% 12 / 01/ 2025 100. 000 1,426, 731. 1012/ 01/ 2030 12, 140, 000 5. 000% 3. 610% 111 . 555 C 3. 969% 12/ 01/ 2025 100. 000 1, 402,777. 0012/ 01/ 2031 12, 760.000 5. 000% 3. 680% 110. 936 C 4. 063% 12 / 01/ 2025 100. 000 1 ,395, 433. 6012/ 01/ 2032 13 , 415, 000 5. 000% 3. 740% 110. 409 C 4. 140% 12/ 01/ 2025 100. 000 1, 396,367. 3512/ 01 / 2033 14, 105, 000 5. 000% 3. 790% 109. 971 C 4. 204% 12 / 01/ 2025 100. 000 1 ,406,409. 5512/ 01/ 2034 14, 825, 000 5. 000% 3. 840% 109. 536 C 4. 262% 12/ 01/ 2025 100. 000 1 ,413,712. 0012/ 01/ 2035 15, 585. 000 5. 000% 3. 390% 109. 103 C 4. 315% 12/ 01/ 2025 ' 100. 000 1 ,413, 702. 55

152, 745, 000 18, 533,509.70

Term Bond 2040( Tax- Exempt):12/ 01/ 2036 16, 385, 000 5. 000% 4. 030% 107.476 C 4. 499% 12/ 01/ 2025 100. 000 1 ,224, 942. 6012/ 01/ 2037 17, 225, 000 5. 000% 4. 080% 107. 476 C 4. 499% 12/ 01/ 2025 100. 000 1,287, 741. 0012/ 01/ 2038 18 , 110, 000 5. 000% 4. 080% 107. 476 C 4. 499% 12/ 01/ 2025 100. 000 1, 353, 903. 6012/ 01/ 2039 19, 040, 000 5. 000% 4. 030% 107. 476 C 4. 499% 12/ 01/ 2025 100. 000 1 ,423, 430. 40

12 / 01/ 2040 20, 015, 000 5. 000% 4. 030% 107. 476 C 4. 499% 12 / 01/ 2025 100. 000 1. 496, 321. 4090, 775, 000 6, 786,339. 00

Term Bond 2043( Tax-Exempt):

12/ 01/ 2041 21, 040,000 5. 000% 4. 130% 107. 052 C 4. 552% 12/ 01/ 2025 100. 000 1, 483,740. 3012/ 01/ 2042 22, 120, 000 5. 000% 4. 130% 107. 052 C 4. 552% 12 / 01/ 2025 100. 000 1, 559, 902. 4012/ 01/ 2043 23, 255, 000 5. 000% 4. 130% 107. 052 C 4. 552% 12/ 01/ 2025 100. 000 1 ,639, 942. 60

66, 415, 000 4, 633, 585. 80

309, 935, 000 30, 003, 434. 50

Dated Date 12/ 10 /2015

Del iveryDate 12 / 10/ 2015First Coupon 0 6 / 0 1 / 2016

Par Amount 309, 935, 000. 00Premium 30, 003, 434. 50

Production339, 938, 434. 50 109. 680557%

Underwriter' s Discount 1, 549, 675. 00) ( 0. 500000%)

Purchase Price 338,388, 759. 50 109. 180557%Accrued Interest

Net Proceeds 338, 388, 759. 50

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BOND DEBT SERVICE

Mami Beach Cty CenterRDASeries 2015Tax-ExemptNew M o n e yFinanc ing

Dated Date 12/ 10/ 2015

Delivery Date 12/ 10 /2015

Period Annual

Ending Prncipal Coupon Interest Debt Service Debt Service

06/ 01/ 2016 7, 360, 956. 25 7, 360, 956. 2509/ 30/2016 7, 360, 956. 2512/ 01/ 2016 7, 748,375. 00 7, 748,375. 0006/ 01 / 2017 7, 748, 375. 00 7, 748,375. 0009/ 30/ 2017 15 , 496,750. 0012 / 0I/ 2017 7, 748, 375. 00 7, 748, 375. 0006/ 01/ 2018 7, 748, 375.00 7, 748,375. 0009/ 30/ 2018 15 , 496, 750.0012/ 01/ 2018 7, 748, 375. 00 7, 748, 375.0006/01/ 2019 7, 748, 375.00 7, 743,375. 0009/ 30/ 2019 15, 496, 750. 0012/ 01/ 2019 7, 748,375.00 7, 748, 375. 0006/ 01/ 2020 7, 748, 375.00 7, 743,375. 0009/ 30/ 2020 15 ,496,750.0012/ 01/ 2020 7, 748,375. 00 7, 748,375. 0006/ 01/ 2021 7, 748,375. 00 7, 748, 375. 0009/ 30/2021 15, 496, 750. 00

12/ 01/ 2021 7, 748,375. 00 7, 748,375. 0006/ 01/ 2022 7, 748, 375. 00 7, 748, 375.0009/ 30/2022 15 ,496,750.0012/ 01/ 2022 7, 743, 375.00 7, 743, 375. 0006/ 01/ 2023 7, 748, 375. 00 7, 748,375. 0009/ 30/ 2023 15, 496,750.0012/ 01/ 2023 3, 555, 000 5. 000% 7, 743,375. 00 16 , 303, 375.0006/01/ 2024 7, 534, 500. 00 7, 534,500.0009/ 30/ 2024 23, 837, 875.0012 / 01/ 2024 8, 990, 000 5. 000% 7, 534, 500. 00 16, 524,500. 0006/ 01/ 2025 7, 309,750. 00 7, 309, 750. 0009/ 30/2025 23,834, 250. 0012/ 01/ 2025 9, 455, 000 5. 000% 7, 309,750. 00 16 , 764, 750. 0006/ 01/ 2026 7, 073, 375. 00 7,073, 375. 00.09/ 30/ 2026 23,838, 125. 0012/ 01 / 2026 9, 940, 000 5. 000% 7, 073, 375.00 17 ,013, 375. 0006/ 01/ 2027 6, 824, 875.00 6, 824,875.0009/ 30/2027 23,833, 250.0012 / 01/ 2027 10, 445,000 5. 000% 6, 824, 875. 00 17 ,269, 875. 0006/01/ 2028 6, 563, 750. 00 6, 563,750. 0009/ 30/ 2028 23, 833, 625.0012/ 01/ 2028 10, 935, 000 5. 000% 6, 563, 750.00 17 ,543, 750. 0006/ 01/ 2029 6, 289, 125. 00 6, 289, 125. 0009/ 30/2029 23,837,875.0012/ 01/ 2029 11 , 545, 000 5. 000% 689 , 125. 00 17, 834, 125. 0006/ 01 / 2030 6, 000, 500.00 6, 000, 500.0009/ 30/2030 23, 834, 625. 0012 / 01/ 2030 12 , 140, 000 5. 000% 6, 000, 500. 00 18, 140, 500. 0006/ 01/ 2031 5, 697, 000.00 5, 697,000. 0009/ 30/ 2031 23, 837,500. 0012/ 01/ 2031 12 , 760, 000 5. 000% 5, 697, 000. 00 18, 457,000. 0006/ 01/ 2032 5, 378, 000. 00 5, 378, 000. 0009/ 30/2032 23, 835, 000. 0012 / 01/ 2032 13 , 415, 000 5. 000% 5, 3 78, 000. 00 18 , 793, 000.0006/ 01/ 2033 5, 042, 625. 00 5, 042, 625. 0009/ 30/ 2033 23, 835, 625. 0012/ 01/ 2033 14, 105, 000 5. 000% 5, 042, 625. 00 19 , 147, 625. 0006/ 01/ 2034 4, 690,000. 00 4, 690, 000. 0009/ 30/2034 23, 837,625. 00

12/ 01/ 2034 14, 825, 000 5. 000% 4, 690, 000. 00 19 ,515, 000. 0006/ 01/ 2035 4, 3 19, 375.00 4, 319, 375. 0009/ 30/ 2035 23, 834, 375.0012/01/ 2035 15 , 585, 000 5. 000% 4, 3 19 ,375. 00 19, 904, 375.0006/ 01/ 2036 3, 929, 750. 00 3 , 929,750.0009/ 30/ 2036 23, 334, 125. 0012/ 01 / 2036 16 ,385, 000 5. 000% 3, 929,750. 00 20, 314,750. 0006/ 01/ 2037 3, 520, 125. 00 3 , 520, 125. 0009/ 30/ 2037 23,834,875.0012/ 01/ 2037 17, 225, 000 5. 000% 3, 520, 125. 00 20, 745, 125. 0006/ 01/ 2038 3, 039, 500. 00 3, 089, 500. 0009/ 30/ 2038 23,834,625.0012 / 01/ 2038 18 , 110, 000 5. 000% 3, 039, 500. 00 21 , 199, 500. 0006/ 01/ 2039 2, 636, 750.00 2, 636,750. 00

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BOND DEBT SERVICE

M i a m iBeach City CenterRD AS e r i e s2015 Tax-E xe m pt N ew M o n e yFinancing

PeriodAnnual

Ending Principal Coupon Interest Debt Service Debt Service

09/ 30/ 2039 23, 836, 250.0012/ 01/ 2039 19 , 040, 000 5. 000% 2, 636, 750.00 21 , 676,750. 0006/ 01/ 2040 2, 160, 750.00 2, 160,750. 0009/ 30/2040 23, 837,500. 0012/01/ 2040 20, 01 5, 000 5. 000% 2, 160, 750.00 22, 175,750.0006/ 01 / 2041 1 ,660, 3 75. 00 1, 660, 3 75 . 0009/ 30/ 2041 23 , 836, 125. 0012/ 01/ 2041 21, 040, 000 5. 000% 1, 660, 375. 00 22, 700,375. 00

06/ 01/ 2042 1 , 134, 375. 00 1 , 1 3 4 ,375.0009/ 30/ 2042 23, 834, 75 0 .0012/ 01/ 2042 22, 120, 000 5. 000% 1 , 134, 375. 00 23 , 254, 375.0006/ 01/ 2043 581, 375. 00 581, 375.0009/ 30/ 2043 23,835, 750.0012/ 01/ 2043 23, 255, 000 5. 000% 581, 375. 00 23, 836,375. 0009/ 30/ 2044 23, 836, 375. 00

309, 935, 000 306, 458, 331. 25 616, 393, 331. 25 616,393, 3 3 1 .25

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PROJECT FUND

Mami Beach City CenterRDASeries 2015 Tax-Exempt NewM o n e yFinancing

Project Fund( PROD

Interest Scheduled

Date Deposit @ 3. 778706% Principal Draws Balance

12/ 10/ 2015 316,000,000 316,000, 000 316, 000,000

316,000,000 0 316, 000, 000 316, 000,000

Arbitrage Yield: 3. 7787060%

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NET DEBT SERVICE

Miami Beach City CenterRD AS e r i e s2 0 1 5Tax-Exempt New Money Financing

Period Total Debt Service NetEnd ing Principal Interest Debt Service Reserve Fund Debt Service

09/ 30/ 2016 7, 360, 956. 25 7, 360, 956. 25 103, 380. 84 7, 257, 575. 4109/ 30/ 2017 15, 496, 750. 00 15, 496, 750. 00 217; 643. 88 15 , 279, 106. 1 209/ 30/ 2018 15, 496, 750. 00 15, 496, 750. 00 217,643. 88 15, 279, 106. 1209/ 30/ 2019 15, 496, 750. 00 15, 496,750. 00 217, 643. 88 1 5, 279, 106. 1 209/ 30/ 2020 15, 496, 750.00 15, 496, 750. 00 217, 643. 88 15 , 279, 106. 1 209/ 30/2021 15, 496, 750. 00 15, 496, 750. 00 217, 643. 88 1 5, 279, 106. 1 209/ 30/ 2022 15, 496, 750. 00 15, 496,750. 00 217, 643. 88 15, 279, 106. 1209/30/ 2023 15, 496, 750. 00 15, 496,750. 00 217, 643. 88 1 5, 279, 106. 1 209/ 30/ 2024 8, 555, 000 15, 282, 875. 00 23, 837, 875. 00 217, 643. 88 23, 620, 231. 1209/ 30/ 2025 8, 990, 000 14, 844, 250. 00 23, 834, 250. 00 217, 643. 88 23, 616, 606. 1209/30/ 2026 9, 455, 000 14, 383, 125. 00 23, 838, 125. 00 217, 643. 88 23, 620, 481. 1209/30/ 2027 9, 940,000 13 , 898, 250. 00 23, 838, 250. 00 217, 643. 88 23, 620,606. 1 209/30/ 2028 10, 445, 000 13 , 388, 625. 00 23, 833, 625. 00 217, 643. 88 23 , 615, 981. 1209/ 30/ 2029 10, 985, 000 12, 852, 875. 00 23, 837,875. 00 217, 643. 88 23, 620, 231. 1209/ 30/ 2030 11 , 545, 000 12, 289, 625. 00 23, 834, 625. 00 217, 643. 88 23, 616, 981. 1 209/ 30/ 2031 12, 140, 000 11 , 697, 500. 00 23, 837, 500. 00 217, 643. 88 23, 619,856. 1 209/ 30/ 2032 12, 760, 000 11 , 075, 000.00 23, 835, 000. 00 217, 643. 88 23, 617,356. 1 209/ 30/ 2033 13 , 415, 000 10, 420, 625. 00 23, 835,625. 00 217, 643. 88 23, 617, 981. 1 209/ 30/ 2034 14, 105, 000 9, 732, 625. 00 23, 837, 625. 00 217, 643. 88 23, 619, 981. 1 209/ 30/ 2035 14, 825, 000 9, 009, 375. 00 23, 834, 375. 00 217, 643. 88 23, 616, 731. 1 209/ 30/ 2036 15, 585, 000 8, 249, 125. 00 23, 834, 125. 00 217, 643. 88 23, 616, 481. 1 209/ 30/ 2037 16, 385, 000 7, 449, 875. 00 23, 834, 875. 00 217,643. 88 23 , 617, 231. 1 209/30/ 2038 17, 225, 000 6,609, 625. 00 23, 834, 625.00 217, 643. 88 23, 616, 981. 1209/ 30/ 2039 18, 110, 000 5, 726, 250. 00 23, 836, 250. 00 217, 643. 88 23 , 618, 606. 1209/ 30/ 2040 19, 040,000 4, 797, 500. 00 23, 837, 500. 00 217, 643. 88 23, 619, 856. 1 209/ 30/2041 20, 015, 000 3, 821, 125. 00 23, 836, 125. 00 217, 643. 88 23, 618, 481. 1209/ 30/ 2042 21, 040, 000 2, 794, 750.00 23,834, 750. 00 217, 643. 88 23, 617, 106. 1 209/ 30/ 2043 22, 120, 000 1, 715, 750. 00 23, 835, 750. 00 217, 643. 88 23, 618, 106 .1 209/ 30/ 2044 23, 255, 000 581, 375. 00 23, 836, 375. 00 21, 873, 210. 12 1 ,963, 164. 88

309, 935, 000 306, 458, 331. 25 616, 393, 331. 25 27, 852, 975. 72 588, 540,355. 53

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Oct 13 , 2015 3: 21 pm Prepared b y Morgan Stanley/ ALCEXHIBIT A

Page 26

FORM 8038 STATISTICS

Mami Beach City.CenterRDASeries 2015 Tax-ExemptN ew M o n eyFinancing

Dated Date 1 2/ 10/ 2015

Delivery Date 12/ 10/ 2015

RedemptionBond Component Date Principal Coupon Price Issue Price at Maturity

Serial Bonds( Tax- Exempt):

12/ 01/ 2023 8, 555, 000. 00 5. 000% 115. 625 9,891, 718. 75 8, 555, 000. 0012/ 01/ 2024 8, 990, 000. 00 5. 000% 115. 974 10, 426, 062. 60 8, 990, 000.0012 / 01/ 2025 9, 455, 000. 00 5. 000% 116.008 10, 968, 556. 40 9, 455, 000. 0012/ 01/ 2026 9, 940, 000. 00 5. 000% 114. 990 1 1, 430, 006. 00 9, 940,000. 0012/ 01/ 2027 10, 445, 000. 00 5. 000% 113. 983 1 1, 905, 524. 35 1 0 ,445,000. 0012/ 0 1 / 2028 10, 985, 000. 00 5. 000% 113. 077 12, 421, 508. 45 10 ,985,000. 0012/ 0 1 / 2029 11 , 545, 000. 00 5. 000% 112. 358 12, 971, 731. 10 11 , 545,000. 0012/ 01/ 2030 12, 140, 000. 00 5. 000% 111. 555 13, 542, 777. 00 1 2, 140, 000. 0012/ 01/ 2031 12, 760, 000. 00 5. 000% 110. 936 14, 155, 433. 60 12, 760,000.0012/01/ 2032 13, 415, 000. 00 5. 000% 110. 409 14, 811, 367. 35 13 , 415,000. 0012/ 01/ 2033 14, 105, 000. 00 5. 000% 109. 971 15,511, 409. 55 14, 105, 000. 0012/ 01/ 2034 14, 825, 000. 00 5. 000% 109. 536 16, 238, 712. 00 14, 825,000. 0012 / 01 / 2035 15, 585, 000. 00 5. 000% 109. 103 17, 003, 702. 55 1 5, 585, 000. 00

Term Bond 2040( Tax- Exempt):

12/ 0 1 / 2036 1 6, 385, 000. 00 5. 000% 107. 476 17, 609,942. 60 1 6, 385, 000.0012/ 01/ 2037 17, 225, 000. 00 5. 000% 107. 476 18 , 512, 741. 00 1 7 ,225, 000. 0012/ 0 1 / 2038 18, 110, 000. 00. 5. 000% 107. 476 19, 463, 903. 60 18, 110, 000. 0012/ 01/ 2039 19, 040, 000. 00 5. 000% 107. 476 20, 463,430. 40 19, 040, 000.0012/ 01 / 2040 20, 015, 000. 00 5. 000% 107. 476 21, 511, 321. 40 20, 015, 000. 00

Term Bond 2043( Tax-Exempt):

12 / 0 1 / 2041 21, 040, 000. 00 5. 000% 107. 052 22, 523, 7 4 0 .80 21 , 040, 000. 0012/ 0 1 / 2042 22, 120, 000. 00 5. 000% 107. 052 23, 679, 902. 40 22, 120,000. 0012/ 01 / 2043 23, 255, 000. 00 5. 000% 107. 052 24, 894, 942. 60 23 , 255, 000. 00

309, 935, 000. 00 339, 938, 434. 50 309, 935, 000. 00

Stated Weighted

Maturity Interest Issue Redemption AverageDate Rate Price a Maturity Maturity Yield

Final Maturity 12/ 01 / 2043 5. 000% 24,894, 942. 60 23, 255, 000. 00Entire Issue 339, 938, 434. 50 309, 935, 000. 00 19. 6235 3. 7787%

Proceeds used for accrued interest 0. 00Proceeds used for bond issuance costs( including underwri ters discount) 2, 169, 545. 00Proceeds used for cred t en han cemen 0. 00

Proceeds alocated to reasonably requred reserve or rep acement fund 21 , 764, 388. 18

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SOURCES AND USES OF FUNDS

Miami Beach City CenterRD ASeries 2015 Tax-Exempt Current Refundingo fSeries 2005B

Dated Date 12/ 10/ 2015

Delivery Date 12/ 10/ 2015

Sources:

Bond Proceeds:Par Amount 1 4 ,580,000.00Premium 1 ,590, 916. 95

16 , 170, 916. 95

Uses:

Refunding EscrowDeposits:Cash Deposit 10. 56SLGS Purchases 15 , 447, 805. 00

15, 447, 815. 56

Other Fund Deposits:

Debt Service Reserve Fund 619, 534. 35

Delivery D a t e E xp e n se s :Cost of Issuance 29, 160. 00Underwriter' s Discount 72, 900. 00

102, 060. 00

Other Uses of Funds:Additional Proceeds 1 ,507. 04

1 6, 170, 916. 95

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SUMMARY OF REFUNDING RESULTS

M i a m iBeach City CenterRDASeries 2015 Tax-ExemptCurrentRefundingof Series 2005B

Dated Date 1 2/ 1 0 /2015Delivery Date 1 2/ 1 0/ 2015Arbitrage yed 3. 778706%Escrow yed 0. 000000%Value o Negative Arbitrage 49, 716.27

Bond Par Amount 14, 580, 000. 00True Interest Cost 2. 220156%Net Interest Cost 2. 382819%Average Coupon 4. 880975%Average Life 4. 168

Par amoun t of refunded bonds 1 5, 365,000. 00Average coupon o ref unded bonds 4. 821367%Average life of ref unded bonds 4. 169

PV of pri or debt to 12/ 10/ 2015 @ 2. 101781% 1 7 ,027, 137. 63Net PV Savings 1 ,477,262. 07Percentage savings of refunded bonds 9. 614462%Percentage savings o refunding bonds 10. 132113%

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SAVINGS

M i a m iBeach City CenterRD AS e r i e s2015 Tax-Exempt Current Refundingo fS e r i e s2005B

Present ValuePrior Refunding to 12/ 10/ 2015

Date Debt Service Debt Service Savings@ 2. 1017807%

09/ 30/ 2016 372, 625. 00 320, 173. 75 52, 451. 25 51 , 932. 9209/ 30/ 2017 2, 583, 125. 00 2, 456, 900. 00 126, 225. 00 123,518. 6809/30/2018 2, 581, 500. 00 2, 457, 250. 00 124, 250. 00 119, 187. 5909/ 30/ 2019 2, 580, 000. 00 2, 455, 750. 00 124, 250. 00 116, 750. 7909/30/ 2020 2, 588, 125. 00 2, 465, 000. 00 123, 125. 00 113, 329. 7 109/ 30/ 2021 2, 592, 250. 00 2, 468, 750. 00 123, 500. 00 111 , 243. 09

l 09/ 30/ 2022 2, 586, 250. 00 2, 462, 125. 00 124, 125. 00 109, 519. 3409/30/2023 2, 588, 125. 00 2, 460, 000. 00 128, 125. 00 110, 738. 56

1 8, 472, 000. 00 17, 545, 948. 75 926, 051. 25 856,220. 68

Savings Summary

PV o savings from cash flow 856, 220. 68Plus: Refundingfunds on hand 621, 041. 39

Net PV Savings 1 ,477, 262. 07

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Mami Beach City CenterRDASeries 2015Tax-Exempt Cur ren t Refund ingof Series 2005B

Dated Date 1 2/ 1 0 /2015

Delivery Date 1 2/ 1 0 /2015First Coupon 06/ 01 / 2016

Last Maturity 12 /01/ 2022

Arbitrage Yield 3. 778706%True Interest Cost( TIC) 2. 220156%

Net Interest Cost( NIC) 2. 382819%All- In TIC 2. 267716%Average Coupon 4. 880975%

Average Life( years) 4. 168

Weighted Average Maturity( years) 4. 246Duration of Issue( years) 3. 856

Par Amount 14, 580,000. 00

Bond Proceeds 16 , 170, 916. 95Total Interest 2, 965, 948. 75Net Interest 1 ,447, 931. 80Total Debt Service 17 ,545,948. 75

Maximum Annual Debt Service 2, 468, 750. 00Average Annual Debt Service 2, 515, 548. 21

Underwriter' s F e e s ( per$ 1000)Average Takedown

Other Fee 5. 000000


Bid Price 110. 411639

Average

Par Average Average Maturity PV of 1 bpBond Component Value Price Coupon Life Date Duration change

Serial Bonds( Tax- Exempt) 14 , 580, 000. 00 110. 912 4. 881% 4. 168 02/ 09/ 2020 3. 861 6, 128.45

14, 580, 000.00 4. 168 6, 128. 45

All- In Arbitrage

TIC TIC Yield

ParValue 14, 580,000.00 14, 580, 000. 00 14 , 580, 000. 00Accrued Interest

Premium( Dscount) 1 ,590, 916. 95 1, 590,916. 95 1 ,590, 916. 95Underwriter s Discount 72, 900. 00) 72, 900. 00)Cost o Issuance Expense 29, 160. 00)Other Amounts

Target Value 16, 098,016. 95 16, 068, 856. 95 16 , 170, 916. 95

Target Date 12/ 10/ 2015 12/ 10/ 2015 12 / 10/ 2015

Yield 2. 220156% 2. 267716% 3. 778706%

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BOND PRICING

M i a m iBeach City CenterRD AS e r i e s2 0 1 5Ta x -ExemptC u r r e n tRefundingo fS e r i e s2 0 0 5 B

Maturity PremiumBond Component Date Amount Rate Yield Price Discount)

Serial Bonds( Tax- Exempt):12/ 01/ 2016 1 ,810, 000 3. 000% 0. 820% 102. 112 38, 227. 2012/ 01/ 2017 1 ,875, 000 4. 000% 1 .240% 105. 368 100, 650. 0012/ 0 1 / 2018 1 ,960, 000 5. 000% 1. 560% 109.961 195,235. 6012/ 0 1 / 2019 2, 070, 000 5. 000% 1 .820% 112. 140 251, 298. 0012/ 01 / 2020 2, 180, 000 5. 000% 2. 090% 113. 681 298, 245. 8012/ 0 1/ 2021 2, 285, 000 5. 000% 2. 340% 114. 751 337,060. 3512/ 01/ 2022 2, 400, 000 5. 000% 2. 570% 115. 425 370,200. 00

14, 580, 000 1 ,590,916. 95

Dated Date 1 2/ 10/ 2015

Delivery Date 1 2/ 1 0 /2015First Coupon 06/ 01 / 2016

Par Amount 1 4 ,580, 000. 00Premium 1 ,590, 916. 95

Production 16,170, 916. 95 110. 911639%Underwriter' s Discount 72, 900. 00) ( 0. 500000%)

Purchase Price 16, 098, 016. 95 110. 411639%Accrued Interest

Net Proceeds 16,098, 016. 95

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EXHIBIT AOct 1 3, 2015 3: 21 pm Prepared b y Morgan Stanley/ ALC Page 32

BOND DEBT SERVICE

Mami Beach City CenterRDASeries 2015 Tax-ExemptCurrentRefundingof Series 2005B

Dated Date 1 2/ 10/ 2015

Delivery Date 1 2/ 10/ 2015

Period Annual

End ing Principal Coupon Interest Debt Service Debt Service

06/ 01/ 2016 320, 173. 75 320, 173. 7509/ 30/ 2016 320, 173. 7512/ 01/ 2016 1 ,810, 000 3. 000% 337, 025. 00 2, 147, 025. 0006/ 01/ 2017 309, 875. 00 309, 875. 0009/ 30/ 2017 2, 456,900. 0012/ 01/ 2017 1 ,875, 000 4. 000% 309, 875. 00 2, 184, 875. 0006/ 01/ 2018 272, 375. 00 272,375. 0009/ 30/ 2018 2, 457, 250. 0012/ 01/ 2018 1 ,960, 000 5. 000% 272, 375. 00 2, 232,375. 0006/ 01/ 2019 223, 375. 00 223, 375. 0009/ 30/ 2019 2, 455,750. 0012/ 01/ 2019 2, 070,000 5. 000% 223, 375. 00 2, 293, 375. 0006/ 01/ 2020 171, 625. 00 1 7 1 ,625.0009/ 30/ 2020 2, 465,000. 0012/ 01/ 2020 2, 180, 000 5. 000% 1 7 1 , 625. 00 2, 351, 625. 0006/ 0 1/ 2021 117, 125. 00 117, 125. 0009/ 30/ 2021 2, 468, 750. 0012/ 01/ 2021 2, 285, 000 5. 000% 117, 125. 00 2, 402, 125. 0006/ 01/ 2022 60, 000. 00 60, 000. 0009/ 30/ 2022 2, 462, 125. 0012/ 0 1 / 2022 2, 400, 000 5. 000% 60, 000. 00 2, 460, 000. 0009/ 30/ 2023 2, 460,000. 00

14, 580, 000 2, 965, 948. 75 17, 545,948. 75 1 7 ,545, 948. 75

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EXHIBIT AOct 13 , 2015 3 : 2 1 pm Prepared b y Morgan Stanley/ ALC Page 33

NET DEBT SERVICE

Miami Beach City CenterRDASeries 2015 Tax-Exempt Curren tRefundingof Series 2005B

Period Total General Debt Service Net

End in g Principal Interest Debt Service Fund Reserve Fund Debt Service

09/ 30/ 2016 320, 173. 75 320, 173. 75 2, 942. 79 317,230. 9609/ 30/ 2017 1 ,810, 000 646, 900. 00 2, 456, 900. 00 6, 195. 34 2, 450, 704. 6609/ 30/ 2018 1 ,875,000 582, 250. 00 2, 457, 250. 00 6, 195. 34 2, 451, 054.6609/30/ 2019 1, 960, 000 495, 750.00 2, 455,750. 00 6,195. 34 2, 449, 554.6609/30/ 2020 2, 070, 000 395, 000. 00 2, 465, 000. 00 6, 195. 34 2, 458, 804. 6609/ 30/ 2021 2, 180, 000 288,750.00 2, 468, 750. 00 6, 195. 34 2, 462, 554. 6609/ 30/ 2022 2, 285, 000 177, 125. 00 2, 462, 125. 00 6, 195. 34 2, 455, 929.6609/30/ 2023 2, 400, 000 60, 000. 00 2, 460, 000. 00 3, 097. 67) 6, 195. 34 2, 456, 902. 3309/30/ 2024 6, 195. 34) 6, 1

commission memorandum and redevelopment agency memorandum item r7d

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