In reviewing the Bahia Mar Lease, one can only conclude, that under Mayor Seiler and the current Commission, the City has irresponsibly abdicated it’s duty to effectively oversee and enforce the Bahia Mar Lease by allowing the Lessee to step into the role of “Developer” when the only role the Lease contemplates for the Lessee is that of “Operator”. Furthermore, the Lessee, by usurping the City’s legal role as “Owner and Developer”, may be in breach of contract of the Lease by, in effect, “throwing the baby out with the bath water”. The Lessee may have failed to demonstrate its skill and competence to operate Bahia Mar according to the Lease requirements. The Lessee’s development proposal, in itself, subjects the Bahia Mar assets to a level of risk not contemplated in the Lease by jeopardizing, not maximizing, the existing revenue streams. The Lessee has failed to produce adequate reporting and benchmarking mechanisms to evaluate its current performance. Moreover, the Lessee fails to forecast future performance and risks under the 10 year or longer development plan. The Lessee also lacks any economic models of future revenue streams from Leased assets and fails to forecast supply and demand for new condos or rental apartments at Bahia Mar. The Lessee has not provided any estimates for the cost of construction and maintenance of the site improvements. Nor has the Lessee provided any estimates of the potential Rental or Sales revenue of the residential units and commercial space. Without the above information how can the project’s economic viability be evaluated? Finally, without this data the Lessee has not, and can not, demonstrate its own financial capability to shoulder the cost and risks associated with this development. The risk of failure of this project is on the shoulders of the Lessor and the City’s taxpayers, not the Lessee. This is unacceptable! Moreover, if the project is a failure, the Public’s existing revenue generating assets will have been destroyed or severely disabled in the process. Bahia Mar is unlike other distressed, public owned urban waterfront developments, such as Baltimore’s Inner Harbor and Washington’s SW District Wharf, which were in decay or ruin, and generating zero economic value. Bahia Mar is not only already economically viable, it is the iconic engine for our local multi-billion dollar marine and tourism industry which creates thousands of small businesses and hundreds of thousands of good paying local jobs. It should not be messed with. Two developments this year will make Bahia Mar even more important as a true yachting center: 1. The dredging of the channel allowing access for super yachts from Port Everglades to Bahia Mar, and; 2. The designation of Bahia Mar as a free trade zone for buying and selling of luxury yachts which now must be marketed offshore. Condos, apartments and supermarkets can be built anywhere. But there are very few options for homes for yachts. “If it ain’t broke don’t fix it”. Reject the Lessee’s proposal.