New World SymphonyNew World SymphonyMiiami Beach, Florida

ULI Spring Meeting: ULI Spring Meeting:

“Breaking the Mold: Unlikely “Breaking the Mold: Unlikely

Partnerships that are Partnerships that are

Transforming Cities”Transforming Cities”- Neisen Kasdin, Akerman Senterfi tt- Neisen Kasdin, Akerman Senterfi tt

Financial StructureFinancial StructureTotal Building Cost: Operating Endowment:Total Building Cost: Operating Endowment: $162 million $38 million - Private Funds

Sources of Funds:Sources of Funds: - Anonymous Gift $90 million - Sale of Lincoln Theater $21 million - City of Miami Beach Grant $15 million - County Grant ($30 million) NPV- $24.3 million - Arison Arts Foundation Grant $11.7 million

Financial StructureFinancial StructureTotal Garage and Park Cost:Total Garage and Park Cost: - Park $13,000,000 - Garage $17,000,000

Sources of Funds:Sources of Funds: - City Center RDA $30 million

TimelineTimelineProject Approved by City of Miami BeachProject Approved by City of Miami Beach 2001 2001 Ground Lease with City of Miami BeachGround Lease with City of Miami Beach 2002 2002

Development Agreement with City of Miami BeachDevelopment Agreement with City of Miami Beach 2004 2004

Commencement of Construction Commencement of Construction 2008 2008 Completion Completion January 2011 January 2011