Additional Description 1
<p style='text-align:justify'><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'><strong><span style='color:black'>Permit No.: </span></strong><span style='color:black'>B406-5-M</span></span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'><strong><span style='color:black'>Permittee: </span></strong>Paerdegat Squadron, Inc.</span></span></p><p style='text-align:justify'><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'><span style='color:black'> </span></span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>The City of New York Department of Parks & Recreation has awarded a concession to Paerdegat Squadron, Inc., whose address is 1330 Paerdegat Avenue North, Brooklyn, NY, 11236, for the renovation, operation and maintenance of Paerdegat Marina at the Paerdegat Basin in Brooklyn, NY. The concession, which was solicited by a Request for Proposals (RFP), will operate pursuant to a license agreement for one (1) twenty (20) year term, commencing upon written Notice to Proceed. The concessionaire shall pay to the City a guaranteed minimum annual fee per the following schedule: </span></span></p><p style='text-align:justify'><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'> </span></span></p><p> </p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'><u>Annual Minimum Fee </u></span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 1 $31,356</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 2 $32,924</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 3 $34,570</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 4 $35,261</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 5 $35,967</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 6 $36,686</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 7 $37,420</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 8 $38,168</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 9 $38,931</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 10 $39,710</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 11 $40,504</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 12 $42,529</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 13 $43,380</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 14 $44,248</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 15 $45,133</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 16 $46,035</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 17 $46,956</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 18 $47,985</span></span></p><p><span style='font-size:11pt'><span style='font-family:Calibri,sans-serif'>Year 19 $48,853</span></span></p><p><span style='font-size:11.0pt'>Year 20 $49,830</span></p>