Friday June 26th, 2009 - 10:28AM

Below, please find a project update from Scott Davison. Thanks - Ed

                                        MEMORANDUM

 Date: June 25, 2009

 To:      Community Maritime Park Associates (CMPA)

 From: Maritime Park Development Partners, LLC (MPDP)

 Re:      Project Status Update

 1. CONTRACT STATUS

    Development Agreement - Approved by all parties. Pending State DBPR review

    of transfer of M. White’s general contracting license to MPDP (Formal application

    submitted) Projected completion: July 15 – July 30.

    Covenant with the Community - Approved by all parties. To be executed

    simultaneously with Development Agreement.

2.   FUNDING

    CRA Bond Funding - No action required by CMPA. Projected schedule as

    follows:

    •    Draft Resolution and Preliminary Official Statement to City Council: July

    •    Final Resolution to City Council: Early August

    •    Bond Closing: Late August

    Additional Funding Sources

    • Federal Lobbyists (The Normandy Group) - $2,000,000 request for Wetlands

       Mitigation currently included in Congressman Miller’s appropriations request.

       The House Energy and Water Subcommittee is scheduled to review the bill on

       June 25 with full Committee scheduled for July 7.

    • Additional funding sources are being reviewed including State FRDP,

       FDEP/EPA Climate Showcase Communities Grant Program, State Boating

       Improvement funding, Sustainable Development Grants, Transportation

       Grants.

3. COVENANT WITH THE COMMUNITY

   Contractor Database – Preliminary design complete and populated. Additional

   functions under development.

   Process for Minority Sub-Contractor Qualifications – Guidelines under

   development. Draft complete: July

   Bidding Process – Guidelines under development. Draft complete: July

   Bonding and Insurance Provisions – Pursuing alternative structures. In

   discussion with bonding agencies.

   Outreach Programs – Under development. Roll out upon Development

   Agreement Execution.

   Formation of Contractors Advisory Council (CAC) – Within 30 days of

   Development Agreement Execution

   Target Group Consultation – Pending Development Agreement execution.

4.  DESIGN, PLAN PRODUCTION AND PERMITTING

   Conceptual Drawings – Numerous alternatives for placement of private

   improvements underway based upon place making principals, demonstrated

   demand and project economics. July 1 meeting with UWF rescheduled to July 9

   per UWF request.

   Existing Construction Drawings – Currently under review to maximize utility of

   existing drawings.

   New Construction Drawings - Plans for site clearing and erosion control ready to

   start. Bulkhead redesign subject to Development Agreement execution.

5. CONSTRUCTION

   Groundbreak – Subject to bond funding, execution of Development Agreement,

   plan production and permitting. Targeted date late summer.

6. MARKETING

   Public Relations & Marketing

   •   Website Design – Preliminary design complete. Additional content currently

       being developed. Draft available for CMPA review: July

   •   Project Branding – Concept stage. Draft for presentation to CMPA: August

   •   Event Planning – Groundbreak event planning underway.

   •   Public Interest Database – Designed and compiled. Additional outreach

       programs being developed (local business and social organizations, etc.)

   •   Defining campaign architecture for social media (myspace, facebook, twitter,

       etc.) Execution pending Development Agreement execution or other funding.

Leasing

•  Preliminary Market Study of similar markets completed.

•  Preliminary Market Study of Gulf Coast completed.

•  Potential retail and office tenants contacted.

•  Economic analysis for rate structures, amenities underway.