WILDFLOWER PROPERTY LETTER OF INTEREST

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1 WILDFLOWER PROPERTY LETTER OF INTEREST LETTER OF TRANSMITTAL 1) The primary investor and president of Guanabanas Restaurant Inc. in Jupiter Florida, Chad Van Boven, seeks to develop the Wildflower Property. 2) Guanabanas seeks to open a For Profit restaurant/retail/watersports-rental business village. 3) The applicant is based in Jupiter, FL and is a privately held company incorporated in the State of Florida. LETTER OF INTEREST INFORMATION 1) Description of Use a) Guanabanas Restaurant, is a full service, outdoor, waterfront restaurant currently operating in the town of Jupiter s Inlet Village area, seeking to expand its brand and restaurant concept to the Wildflower Property. b) Guanabanas is dedicated to providing each guest with a truly unique Florida outdoor dining experience. We have designed our company in an unorthodox way to help achieve the high standards we have set for ourselves in the disciplines of service, food, atmosphere/ambiance, waterfront location, landscape design, outdoor temperature control and the overall sensory experience. We feel it is necessary to provide a true Florida experience with our creative outdoor restaurant design which utilizes quality local and exotic plants and trees, Key West styled structures, hand-built chickee huts from the Seminole Tribe of Florida, fresh Florida seafood and a premium bar with live music. c) The key to the Guanabanas concept is our dedication to partner with other local businesses (such as our partnership in Jupiter with Blueline Paddle Surf Shop which provides the community with quality stand up paddleboards for rent and sale, along with higher end surf-related clothing; as well as our commitment to purchase our seafood from a network of local fisherman). Guanabanas opens its waterfront access by leasing a section of the property to the Jupiter Outdoor Center, which provides kayak rentals and kayak eco tours in the Jupiter River area. Guanabanas has also provided stops on the seasonally operated Water Taxi as well as being the pick-up and drop off point for the Pon Tiki tiki themed tour boat. Guanabanas has been responsible for helping build the concept of the Inlet Cab Company which provides several 15 passenger vans to shuttle people between the multiple restaurantsand bars in the area at a reasonable flat rate. The restaurant seeks to replicate this level of local business involvement to offer more options and create more public interest in the area.

2 d) Guanabanas Restaurant offers a myriad of outdoor activities on and around the current property in Jupiter and seeks to replicate this environment of activity on the Wildflower Property. During the summer there are kids camps that operate in the waters around the restaurant. Guanabanas also offers a scenic location for a variety of community events like fundraisers, fishing tournaments, surf movie premiers, high school reunions and many more. Guanabanas has designed the current restaurant to be completely open and set amidst lush tropical plants and trees with waterfalls and chickee huts built by the Seminole Tribe of South Florida. The current restaurant has several waterfront patios for full menu dining as well as several high top gathering areas surrounding a large banyan tree and also around a cascading waterfall. The applicant intends to design a lush tropical environment using a large variety of palms, bamboo, local and exotic plants plant varieties interwoven between cascading waterfalls, authentic chickee huts and rock lined dining patios (see attached preliminary site plan). e) Guanabanas Restaurant believes it can utilize local small business partners to achieve similar results on the Wildflower Property in Boca Raton. Due to the larger land size available at the Wildflower Property we believe the concept of Guanabanas Restaurant can expand the property s reach to other areas of possible retail/bicycle rentals/art retail/etc. 2) Performance Commitment a) Guanabanas Restaurant consists of the following members: i. Chad Van Boven President/CEO/Majority Owner ii. Nick Tomc Vice President/Partner iii. Jon Sullivan Vice President/Partner/Operating General Manager b) The applicants personally financed the majority of the Guanabanas project in Jupiter, along with a select group of individual investors. The applicant intends to utilize a similar structure for the Wildflower Property. 3) Continuing Program of Operations and Community Access a) Guanabanas Restaurant opened in December 2008 during tough economic times, and has proven to be a profitable, successful company. b) The applicant s project will provide an environment of outdoor activities open to the public including paddleboard rentals, pontoon boat tours, kayak rentals, bicycle rentals, water taxi access if applicable, and a variety of merchandise/retail sales. c) The restaurant has also assisted the Town of Jupiter in the development of the new town recreational boat park located adjacent to the restaurant s property by helping with landscaping and maintenance of the property. The management team is interested in assisting the City of Boca Raton with any improvements of the Silver Palm Park Boat Ramp and the Wildflower Property because the boating and fishing lifestyle is a large part of the Guanabanas lifestyle.

3 4) General Terms and Conditions Requirements a) The applicant is prepared to accept the property in as is condition. The only assistance the applicant seeks from the City is to repair the existing seawall and build the multi-use floating docks and boat accesses to the property wherever allowable. b) Guanabanas seeks to partner with the City of Boca Raton for the development of the Wildflower Property for the long term financial gain of the City and the restaurant. In the best interest of both parties a variable lease rate based on a percentage of gross revenue (7% of gross sales) with a minimum floor of $450,000 annually for a term of 25 years, with 5 year renewable extensions thereafter. The variable lease rate also creates a partnership with the restaurant and the City wherein both parties will benefit from the growth of the business. c) The applicant requests a rent free grace period during construction up to 12 months. d) The applicant requests the right to sublet space to local small businesses as described above. e) The applicant requests to change the zoning of a portion of the parcel from R-1-B to B-1. 5) Qualifications of Applicant a) The applicant s team has hands on experience in developing this type of property. The team transformed a dilapidated river front property in the Jupiter Inlet Village into a tropical, waterfront destination restaurant. This included designs compatible with the Town of Jupiter s vision. b) This required sourcing materials from around the state and around the country to provide the authentic design of a true island paradise. The team had to adapt and overcome a variety of natural and man-made obstacles inherent with an open air project of this type. c) Guanabanas started its business in 2008 during tough economic times. Since 2008, the restaurant as increased its sales revenue and profitability each year. With each passing year the applicant team has adjusted the concept accordingly to allow for drastic increases in sales by adding more service times (breakfast, lunch and dinner) as well as creating a stronger service/kitchen staff to help process the growing volume of guests in a more efficient manner. d) Chad Van Boven: Mr. Van Boven was born in Chicago, Illinois. He began working in the hospitality industry at the age of thirteen when he went to work in the family business. He graduated from Calvin College and began his career in real estate renovations, management and ownership in Chicago. Mr. Van Boven purchased condominiums, renovated and sold them. He founded Dutch Development, which specialized in purchasing and rehabilitating apartment buildings. The company renovated over 400 units in Rogers Park, Lincoln Park and Lakeview Illinois. Dutch Development

4 was honored by the Chicago Association of Realtors with three Good Neighbor Awards in 1999, 2000 and 2002 for outstanding neighborhood rehabilitation and development. A new adventure began when Mr. Van Boven and his family left Chicago and the real estate business to move to Jupiter, Florida. In 2007, he invested in the dream of a great, local restaurant with an island vibe. Mr. Van Boven drew on his experience in the hospitality and construction businesses and in December 2008 the dream became reality with the opening of Guanabanas Restaurant in Jupiter. As CEO, President and majority owner, Mr. Van Boven oversees a flourishing waterfront restaurant and looks forward to an exciting future of bringing the Guanabanas concept to new locations. e) Jon Sullivan: Mr. Sullivan has been in the hospitality business since his working career began at the age of 16. He started at the bottom washing dishes in a small pizza joint in his home town of Merritt Island, FL. In 2000, he made the choice to follow his love of cooking and make the hospitality industry his career path by enrolling in the Florida Culinary Institute in West Palm Beach, where he was given the opportunity to be mentored by several outstanding chefs. After graduation he went to work on a private yacht, the Mariner III, followed by The Palm Beach Yacht Club and then on to Morton s The Steakhouse in West Palm Beach and Honolulu. He returned to Florida in 2006 and took a position as Sous Chef of the high end steakhouse The Strip House in the Downtown at the Gardens. In 2008, he received the opportunity to join the Guanabanas family as the Purchasing Manager/Chef, as well as the opportunity to participate in the concept and assist in the design and construction of this unique waterfront restaurant. In 2010, Mr. Sullivan was promoted to General Manager and Vice President of the company. He is constantly looking for new ways to develop the innovative Guanabanas restaurant concept and reform the way restaurants do business by utilizing sustainable ingredients and strengthening other local business partners. 6) Statement of Financial and Performance Capacity a) Guanabanas track record of success was validated when it obtained financing for its real estate purchase from Citibank, a lender which normally avoids restaurant based transactions. b) The applicants financed the majority of the Guanabanas project in Jupiter, along with a select group of individual investors. The applicant intends to use a similar structure for the Wildflower Property c) Please reference attached letter from Citibank and the Town of Jupiter CRA. 7) References on Similar or Past Activities a) The team built, owns and operates Guanabanas Restaurant in Jupiter, Florida. b) See attached photos of Guanabanas Restaurant in Jupiter.

5 c) See attached location drawing of Guanabanas Restaurant in Jupiter. d) Professional/Financial Contacts i. Andy Lukasik - Town of Jupiter, Town Manager ii. Brenda Arnold Town of Jupiter, Riverwalk/CRA Director iii. Adam Whittington Blueline Paddle Surf Shop, Owner iv. Anthony Mollo Cheney Brothers, District Sales Manager v. Harry Bush Bush Brothers Meat and Provisions, Owner vi. Curtis Reid Citibank, Personal Banker ) Additional Information a) See attached conceptual design b) Land use: Dining Area 4,717 sq. ft., Kitchen Operations Building 5,590 sq. ft., Retail Building 1,728 sq. ft., Special Event Chickee Hut 805 sq. ft., Open Air Bar 1,235 sq. ft. c) See attached Pro Forma capital and operating budgets. d) Anticipated build out is twelve months from project approval. 9) Summary a) Guanabanas Restaurant is a multifaceted open air dining concept with outdoor activities which offers a scenic location for a variety of community events like fundraisers, fishing tournaments, surf movie premiers, high school reunions and many more. The applicant intends to design another lush tropical environment using a large variety of palms, bamboo, local and exotic plant varieties interwoven between cascading waterfalls, authentic chickee huts and rock lined dining patios using the considerable experience gained from creating the Jupiter location. Guanabanas has been a partner helping build the Jupiter Inlet Village and believes it can help stimulate growth in and around the Wildflower Property. In addition to the restaurant, Guanabanas intends for the project to be a location for a variety of potential outdoor activities open to the public including paddleboard and kayak rentals, pontoon boat tours, bicycle rentals, and water taxi access. Guanabanas intends to replicate its partnership with local small businesses in this project to offer outdoor options to the public and create more public interest in the area. PRESENTATION 1) The management team of Guanabanas wishes to schedule a chance to present the ideas described above at a City Council meeting. Please contact Chad Van Boven at cdvb@comcast.net

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13 Guanabanas Wildflower Property Capital Requirements Leasehold Improvements $2,631,000 Equipment & Inventory 517,000 Design, Recruiting & Opening 84,000 Site Survey & Legal Expenses 58,000 Total Opening Capital 704,000 Grand Total $3,994,000

14 GUANABANAS WILDFLOWER PROPERTY PROJECT Three Year Income Projection & Budget Revenue $ 6,743,820 $ 7,420,756 $7,915,635 Cost of Goods Sold 1,813,296 1,956,815 2,088,672 Gross Profit $ 4,930,524 $ 5,463,941 $5,826,963 Expenses Payroll $ 2,096,177 $ 2,211,675 $2,296,193 Direct Operating 445, , ,261 Entertainment 211, , ,594 Marketing 37,800 37,800 37,800 Utilities 116, , ,844 Occupancy 489, , ,935 Repairs & Maintenance 124, , ,200 Other Operating Expenses 257, , ,978 Office Expense 224, , ,789 General Overhead 68,399 71,300 71,300 Professional 78,200 78,200 78,200 Telephone 6,324 7,980 7,980 Insurance 41,383 41,383 42,917 Total Operating Expense $ 4,198,509 $ 4,429,538 $4,597,991 Net Income $ 732,015 $ 1,034,403 $1,228,972

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