Draft Introduction to Lambert Advisory, LLC

Draft Lambert Advisory, LLC Real estate, economic and community development advisor Comprehensive experience with both public and private sector In excess of 20 economic development initiatives within past few years Senior management heavily involved in all phases of engagement PPP Structuring expertise

Draft Lambert Advisory, LLC Select Public Sector Miami Dade County City of Miami City of Doral City of Miami Beach City of Fort Lauderdale City of Hallandale Beach City of Pompano Beach City of Plantation Jacksonville EDC City of New Orleans Unified Port of San Diego New York City EDC Select Private Sector Swire Properties LendLease Samsung Corporation Carnival Kimco Realty University of Pennsylvania Harvard University Queen Emma Foundation JPI, Inc. Simon Properties Huizenga Holdings

Draft Key Economic Indicators

Draft Local and Regional Economic Profile Miami Dade CountyVillage of Palmetto Bay Trade Area 2010 Population 2,496,43523,41016, Total Households 867,3527,9235, Avg. HH Size ACS Median Household Income $43,464$107,259$98, ACS Per Capita Income $23,304$41,034$39, Owner Occupied Households % 55.8%84.2%82.1% 2010 Renter Occupied Households % 44.2%15.8%17.9% 2010 Median Age 38.2 years old41.9 years old41.2 years old Under %29.2%28.8% %18.2%19.3% %40.6%40.4% %12.0%11.5%

Draft Median Household Incomes by Block Group, ACS (Village of Palmetto Bay and Surrounding Areas)

Draft Trade Area & US 1 Corridor Map

Draft Office Employment Trends and Projections FinancialServicesTotal Avg. Annual Change Avg. Annual Growth % ,60076,400140, ,800134,400195,2005,5203.4% ,400119,200176,600-1, % ,800125,800193,6005,6673.1% ,700144,100216,8003,8671.9%

Draft Opportunities and Demand

Draft Demand for 1,200+ multi-family housing units during next 10 years Combination of new growth and existing “pent up” demand Housing Demand ProfileSouth Miami Dade County Village of Palmetto Bay Est. Population (2013)549, 72824,168 Est. Households (2013)176,3158,212 % VPB of South Dade HH’s--4.7% % of HH Income > $50,00050%79% No. of Potential MF HH’s w/Income > $50, ,1576,487 % VPB of South Dade HH Income > $50, %

Draft Retail Broader Trade Area is well represented by both national and local retail (Regional Mall and Big Box) Trade Area overall has low vacancy However, a considerable amount of retail space comprises older, less functional buildings Reflected in modest rental rates Opportunity for retail is to serve the Village’s Downtown: Dining, small boutique retail, grocery

Draft Represents demand for new space as well as absorption of vacant/underutilized space Office likely a supporting, longer-term use for Downtown Office LowHigh Estimated County Office Job Growth (2014 to 2020) 18,00022,000 Sq.Ft. Office Net 230 sf per employee 4,100,0005,100,000 % Village of Palmetto Bay Capture 3.0%4.0% Village of Palmetto Bay Total Potential - Office Demand (Sq.Ft.) 125,000200,000

Headline Conclusions

Headlines Economic fundamentals promotes manageable and realistic opportunities Residential and retail will drive Downtown program during near term Program works best in concentrated area Mitigates infrastructure costs, but allows scale for mixed use Creates attractive, high profile entrance along US 1 Promotes regional presence as opposed to local center

Headlines Neighborhood schools invaluable asset to Downtown Spread of investment after initial likely to be east Within condensed areas of median Further evaluate need and support for parking Housing, retail Estimated to generate more than $600,000+ annually in total Ad Valorem tax revenue New development and existing property growth