Property Appraiser and Tax Collector Office Space Search Update Real Estate Management March 25, 2014

Background Construction Methods Construction Options Lease Options Purchase Option Summary and Recommendation Presentation Outline

Background Construction Methods Construction Options Lease Options Purchase Option Summary and Recommendation Presentation Outline

Background BCC currently leases 49,307 SF of Class A office space at SunTrust Center Property Appraiser 31,064 SF Tax Collector 18,243 SF Lease expires December 2014 Current Cost $1.22 M/Year Renewal Notification between March and June

Background November 19, 2013 BCC presentation Four options presented February 25, 2014 BCC presentation Updated status of four options Discussed lease of Maguire property Discussed possible “build” option Discussed SunTrust renewal option Discussed continuing to look for purchase option Board requested follow-up in March

Background Construction Methods Construction Options Lease Options Purchase Option Summary and Recommendation Presentation Outline

Construction Methods Tilt Wall Construction Cost effective technique Shorter time frame Durable and easily maintained Utilities Administration Building built using Tilt Wall method Consists of 90,000 SF of Class B office 356 surface parking spaces On 9 acres 3 year construction timeline

Construction Methods Reinforced Concrete/Masonry Method Offers more traditional construction Offers long life with low maintenance Offers flexibility in construction GAI Building used this method Consists of 105,000 SF of Class A office 300 parking spaces in garage on first and second floors Estimated 3 year construction timeline

Background Construction Methods Construction Options Lease Options Purchase Option Summary and Recommendation Presentation Outline

Construction of a reinforced concrete building located in southern portion of property consists of 90,000 SF, 6-7 stories parking garage on first and second floors Construction Options County Admin Site Pros: Own the land City limits On Bus Route Cons: Disruption at Admin Pedestrian flow Site constraints Estimated Cost $ 21.6M

Construction of a Tilt Wall Building located in southern portion of property consists of 90,000 SF, 3-4 stories requires parking garage, 300 spaces Class B finishes Construction Options Michigan Street Site Pros: Own the land Central location On Bus Route Cons: Must be annexed Internal traffic flow Site constraints Estimated Cost $ 19.3M

Construction of a Tilt Wall Building consists of 90,000 SF, 3-4 stories 300 surface parking spaces Class B finishes Construction Options West Colonial Site Pros: In City limits Properly zoned Location Surface parking Expansion potential On Bus Route Cons: Must purchase land Estimated Cost $ 18.7M

Summary of Construction Options Option Cost Admin Site (reinforced conc)$21.6M Michigan Street (tilt wall)$19.3M West Colonial Drive (tilt wall)$18.7M

Summary of Construction Options Option Cost Admin Site (reinforced conc)$21.6M Michigan Street (tilt wall)$19.3M West Colonial Drive (tilt wall)$18.7M

Background Construction Methods Construction Options Lease Options Purchase Option Summary and Recommendation Presentation Outline

SunTrust Renewal Five Year, with five year renewal option 49,307 SF Monthly credit for visitor parking validation Tenant improvement allowance Class A office space Lease Options Estimated 10 year lease cost $13.5M

Maguire Blvd and Orlando Central Center Five Year, with five year renewal options 34,167 SF at Maguire for TC 38,000 SF at Orlando Central for PA Tenant improvement allowance Surface parking Close proximity to each other Class B office space On Bus Route Lease Options Estimated 10 year lease cost $14.6M

Summary of Lease Options Option Cost SunTrust Renewal (49,307 SF) $13.5M Maguire/Orlando Central (72,167 SF) $14.6M

Background Construction Methods Construction Options Lease Options Purchase Option Summary and Recommendation Presentation Outline

3670 and 3660 Maguire Boulevard Two nearly identical buildings 3670 consists of 44,251 SF 3660 consists of 42,279 SF Approximately 350 surface parking spaces Concrete and brick constructed buildings Class B office space On Bus Route Ground lease with 57 years remaining Purchase Option

3670 Maguire Boulevard January 1, 2015, PA would occupy available space of approximately 41,869 SF Will provide 35% more space than current space Will transition into space as leases expire and ultimately occupy 44,251 SF Purchase Option

3660 Maguire Boulevard January 1, 2015, TC would occupy available space of approximately 17,575 SF Will provide nearly the same space to current space Will transition into space as leases expire and ultimately occupy 42,729 SF Purchase Option

Cost to purchase 3670 and 3660 Maguire Boulevard $ 7.8M purchase price $ 1.0M improvements $ 1.5M FF&E $ 1.0M Move Cost $11.3M Total Purchase Option

Background Construction Methods Construction Options Lease Options Purchase Option Summary and Recommendation Presentation Outline

Summary of Options Build OptionsCost West Colonial Drive (tilt wall)$22.0M Includes cost of SunTrust renewal Lease Options (ten year) SunTrust (49,307 SF)$13.5M Maguire/OCC (72,167 SF)$14.6M Purchase Option 3660 and 3670 Maguire$11.3M

Summary of Options Build OptionsCost West Colonial Drive (tilt wall)$22.0M Includes cost of SunTrust renewal Lease Options (ten year) SunTrust (49,307 SF)$13.5M Maguire/OCC (72,167 SF)$14.6M Purchase Option 3660 and 3670 Maguire$11.3M

Recommendation Move forward with finalizing a Contract For Sale and Purchase for 3660 and 3670 Maguire Boulevard.

Property Appraiser and Tax Collector Office Space Search Update Real Estate Management March 25, 2014