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HomeMy WebLinkAboutM-90-0213 Fk"B 07 '90 17=07 B ~ B Partnership 9628 N.E. 2nd Avanue Suite E M~.ami shores, Florida 33138 Nhone: (30 a) 756-804Q FAX ~t:(305) 75g-SO61 BY FAX February 7, 1990 Citg Manager's Offica City of Miami Attention: Mr. Ce~1r Odao Gentlemen: We hereby moist: to exercise our right as taxpayers to appear before the full commission regarding the aQVere hardship tP:at currently exists ~ait~a tcanants and tt:e buildings that we own in Overtown a~ .ti'. 2nd Gourt, 1755 N.w. 2nd Court and 1229 1d.W. 1st Court: Wa wish to request City assist- ance for these conditions. i would appreciate goer mchsdulin~; t:~is at your earliest possible convei:icnce . Sincerely, /~~ Myrna Bloch far B ~ $ Partnership MB:iI EED-~ 7a9f~ WED 1 7 ~ 16 G~ ~.~ .~-~-9D ~- ~ .,., }~~~~ '~ . ~. •~ ~:. ~: .,. a 4,?; _ , '%';<1R F'.,..r,y rn ~,yr hn ..ene! 4n- Tr,gFa4tm al n4` ga!.,r~.p r+ ,Qrarrnp r+7r~,u•aFa.e ;nrr+-:cS~3...F sa,.e 1 ~ ,_ n.e.rnae.s rt t!'nwm..,n4 m ~..d 4'713i}r{'k1'1fS g t r f, i. frn. 1r I;;^:r~j ~. _ r'tip tl 1 .. '. ~ _... ~ .. _ f'rc7rrnrt'v /+(irir~,r,_- _ t~~s~ R t<,r•c,n,,o _ ... _... r_;Ity ---- (x~tlnty •' __ __. __ Stag _ !iC-. {,n.r.~ _ _ _ _ C.°7$US Trait ___ ...__. ...~_.,_._..~-._-_____~_e._.,.....y_... - _. _.. i egal F1~';Crigtlr)n _ ~:_.__.__ _-__ __ ____ .. __ _ __ _..__ :_ ___ _ _ __ _ _ ___~___ _ ___ _.__..__-___-___ _ _ I i ... _ . _ ,.. _.. ,,. ._. ..- ~ _ ,- ~ , C:IKfent half? Prrc~ (ri appfrr`ab?9) ~--~.~-~ - '_ _ ~ ... _- DAte Qf S'?1-"' ---- ~ ~ -~. __--. -_ ~p~ln RP, tl~~tnd ,`"h ~'_._._.-~ - --_...__ $~ Terrns of Sale 11 __----____-.___- _-_------__.--------___._..__-~____._..___ Propnrtsr Rxrhts At><)raiserJ ~-~ FOP ~ ._I Leasehold (attach completed Lease Analysis FNLA~IC Form X61) ~ ` t_4)r5{tP.r ___.._.____~__.__~_-.____ t ~ndf?f~S ACiC.t rE?SS _ ' ~ ~ ~' ~ trs}rtlctic?ns to hp,7rriser: 71)2 purpose of this Appraisal is to estimat° the current Market Uatrre of the ~r1f)jP..CI f'rOriprty. Ttle DP.firtltiprl of Marrref Uak~e is as set forth in CerpAication Arrd Staterrrent Ol Limiting Conditions (FHLMC 439). Ituh+: Fft4lAC/F~~lA de IHtt con<t~er the rRCtet cemposffiaq rrt the nei~htmrhood to he a roMarert factor Rnr! Ft mt+st not fus cnn~fliereA to the a@pratxaf. ~, Other Information --_-_ --____-- - ~ -_-- - ---- -- --------_`---- Appraisal regrrested from „ ~ --- ~_ Date ___ I. 19:1 B `~ y --- --- _ .- t~ Iferns 1, 7_, 4, 5 & ti are required. Atta^ch additional items anti check box if items are considered appropriate for this appraisal or 'ire regtlP led fly Lender. ~ - r. , 1 `•~ Descriptive ptxotagraphs of subject property 7 U Map(s) I ',= r'; : '- '' _ _ 2 ~ Descriptive photoc~r?phs of street serene II ~ Plot plan or survey 3 U Photographs of `: r ,~ ?=f-' 9 L_ ~ Crualifications of Appraiser 4 ~~ Sketch or floor pt~tn of typlcnl units 10. ~ l tease Analysis FNLMC Form 461 (required if leasehold interest appraised) 5. ~l C+wraer's current certified rant roll if existing, or 1 L ~~ Summary of reciprocal agreements with other owners for use of parking, pro forma if proposed ar incomplete driveway;, recmational ta,,ilities, private streets, (required if applicable) 6. (~__~ Owner's income and expense statement 19 _ , or 12. ~ __` - _ ~- -- , pro forma income and expense statement 13. ~-~ II _ Location ....................... `~J Urban U C Suburban ~_~1 Rural OVERALL RATING Good Avc. ('air Boor _. r~ - Bua1-up ......................... ~ Over 75°0 l~ 25°," to 75°'~ C~ Under 25%, Employment Stability .................. _ . Present land use 9b Condominium.. ~ 1-Family _,___ "•~ Apartments Adequacy of Utilities ' ' °lo Commercial ' `r' 'ib `` - _- Convenience of Schools ............... _ _ Change in present land use ... L`~ Not Likely ~~ Likely (*) ~~_~ Taking Pface (* j Police and Fire Protection ............. _ (*) Fram To - Recreational Facilities . ................ _^ ~~ ~ Property values ................ Increasing t ?Stable ~ Declining Property Compatibility ................. .. r f-fousing demand; supply ....... ~ to 8atance L-1 Shortage ~ Oversupply Protection from Detrimental Conditions - Predominant cccupancy ....... ~ Owner ~ Tenant °'a Vacant General A ppearance of Properties ... --- _ ` _ ,.. Cortdominium: Price range $ '' `" to $ Predominant $ Appeal to Market ..... ................ - ^ Age ,_ __ ~ yrs. to __ ~ yrs. Predominant -yrs. Single Family: Price range $ 1r }i' to $ :._ `~ ' ' Predominant $~ Public lYansportation Distance ' ~ - _ Access or C;znveniarx:e Age =~' ~ yrs. to__' yrs. Predominant yrs. Typical apartrrtent: Type -~ No. Stories - Employment Centers Shopping Facilities `~ ~`'_ ` _ ,., ,- - No. Units ~ - Age.~`_ yrs. Condition `' '~-')" Grammar Schools _ ' ® Rent Levels: ~ increasing Q Stable ~ Declining Freewa Access - Estimated neighborhood apartment vacancy rate '- °`~ 0 Decreasing ~ Stable ~ Irtc~~I]l~~~ntldlkllC~t~~~L•lal7~ i®rQPnts on page 4 if Yes) ~ ~ Describe arty incompatible land uses and overall property appeal and maintenance love! ~ - - _ o ____ ~- - re~4~~1 _'rT1.~~~t`i~-- -i~',C~11 V~ - 1. m _ - - - v ~-, ?, r-,; ;;- Describe any oversupply of units in area by typa and rental _ It2ZT1 Y! - ~ - _-~ ~~C t~l Yf r, 1 1 . . .-. _ _ _ i~, - Describe any shortage of units in area by type and rental - -'i - ~ '- ~-i~5~~ ~~tti~3i - , . ,- -- - i ~.- .-- .: . ,' _ ~~ - - _ ! ` - -~~4- _ Describe potential for additional units in area considering land availability, zoning, utilities, etc ~ ) " ! } _ ~_~~~ `''' !s population of relevant market area of insufficient size, diversity and financial ability tc support subject property and its ;.amenities?"_ ff yes, specify. Describe any probable changes in the economic case of neighborhood which would fav~ratsly or adversely affect apartment rentals (e.g. cmploym~nt centers, zoning] ~t~. General comments ir;ciudlny e:ilher favorabic> or unfavorable e?emc:nts not menUnned (e.g public parks, view, nasa, parking con<3esfion) _;__._~ .... -;- t __ t _ _~ I - ---- -- _.__._~ -___- - r - , . _ ~ _ - ~ -.-. -.~-- L- Dirneansl,~ms._._' -_-- _ _ Arr a~ _-..~- _-----._-_ Sq. it. or Acres Zcnutg (classification, uses end d~ n itic ~ p~rmittc d) _ _ __ -.---- _ _ ..--,- - -- -Present nnpru/(rn eta ~'Ldo_ -r- lcturtut conf~ntttoztr in~~r~.~ItlaGOrts fitgitr~st artd best uae ~._~ Pn sent ure ~ Otttar (s,>e-city) _._.--_ _-- ------------.__ ----__---. -.-----.---__-_-__-- _. _._._.__-___ __----_--.._..._... _.__ __~ Ptltsllc Mina nl In iiV,Cli,:il cJtraot i J F Ut]IkC L ~ I (ivUiL In IE;SS ~117~ L! r(.` 3 (AC~t~i .1dC '1 _, _. s a ~ t y _- _. ___ -- ~ ----------- - f [ le;ciriclty ~ _~~ l _.._~ ~ i Surf rye. ' To ,ugra{;hy --~ - _ __ _._ _-.. __ __.__ _.. _. _- r- _ . _ _ C~us C .. ~ ~ __~ ~ ~_ ~ ~tar;lt S<.wfr Via ~ Antt nits- i ~ - ._. ____._._ ------------~ I Water ~ ~J ( ^~ ~__ J C;srb 6 Gutte~ [.rrarrtaye Urrf fJoud Gortdrtru;ss -----.-~---:-`._.__ __ _ _ rr .. . __ __ __.____..._._. Saratary `,ewc;r ~ ~ ~ ~4cp 7idt1__-.~ n tiri7c;vlrifln ) ~ hlley , , j~ Urr,i~rctrcultci Elc:ctrlc~fy k 1el>tifshnrte - --- 5tr~.ut Lights _.__._..... _i fx tt:t ttrtifibrtr tt~stutl i~ 8 !illU td~utt7s~ SO~~t~l ffui~ Hat~'~ ~r~~Y - t. '. -.-1.' . l.__-. _. ______ .- _ _ ____.__. _..- --~.-___ ___~_._.._----__._.____..___.. ~Of/;tr1 Nl~ (ux la~flr `' ly icily CtlSEll lints GI bnCfOlVl:riirbnt5 GI iiirry niJni;U7YiGrlilUi;J U41~(SI of firefibll! In ~;:N U'dClTacntal_ _.___ __ _ _. ~. ,. _ ., •, ,. _. } -- FttF_tv1C Four: 71 E#-Rear. 8/ l % t:. f ~,.-n..iw..n.~sa'Y xcT.: _:Y :.-~. .:n:. r-o- rs.-;,~-;m ew M_., h.:: .,-. *+.,~.. z... -.... ~.w_--a~t.,~..a~.-:~~.c^_ya. .. - __... `.. i Fx I,"" i n I "~ ~~ (.;n "til. .:.r 1 ~ r i }, ,' I II Il Fr ,• tl {rf r`f'tf". .. C),~.;.~~ j ...»t.r +.,..: - _ I __. _ r n ,, t{ (} >ry:~a"1t . f' . ~; y, n til . Tt ,~^ ,~ 1 .. .. F-,;ta ;r r~ll^ ~ _. r? v.f .r~-':•:n6 - _. _. -., ._____ ~nyl~ c 4,i .t~.,. ~~ ,..L,,•r: __ _ - _ _ _ li n ,~,~~,~~.~~ lr,a {„-, y { . - i ,n,. r ('n- i , I tx niinc~ ~ C ~n!r;d i -j l~ttl r I T~•{1n _ r l1^! ,r1 {i~ n _ _ - -. 1 P~1 ff o ~,! rr`viitin}iina I ' (~ntrPl ~ J Irxiiv! 1 t?='grnV~n _ __ - hrl~,rril~r;b 'trx} Crrn 1i inn _ _ .. . _ _ _ ..__ Ar.ItOrrl~ri( __.__ _-.- ~~t'.f]II?!;Y ~n t (,C~"rlitr;+n _ ___.___._ - ___--..__ _ ..._.-___ __. .___..____ _-_._.__---..-... _._....._..- _ Elr"~rat<~r(S)' f`1(IfTIfTE?r ___ ~ ~ ... Gecurity Feature _. _ rs and canter spare t-lArfnqu~te UlnadQmratn ~?VFR.QI_I_ f I~nC'ERr\' RAT1f~1S GoociTAvy. Fair F'ac±r Kitchen cabinet , dra~.v ~ ~ - -- earance of property r'fl a I G l ~ U ~ ....... ....... __.. ene pp Disposa Dishw.+shnr t~Fanrlaond RangelOven .•. ~ r-- r LRefrigerator ~_~ Washer ~_._~Dryer L__~ -_. .______.-_ ihralily of construcl.ion (mafr~rials and finish) ... - ~.._-_ - Hvt Water Heater(s)_{ ----~ --------- ------ --------- - ~ndifivn of impro~~r~ments ................ . -- _ -- ~ © ';_ - Plurnbiny Fixtures ~ . _ I ~ J -------- .--------------------- Rooms size and layout ................ ...... .. -- -- - I Electrical Service ! --.- Closets and storage ....... ........ .... ..... ---- ------- - ' ~ _ '- Recreational Facilities ', -----._-_-- -___- -._--_-- Plumbing-adertuacy and co~ditivn ... - ~ Electrical-{der;uacy and condition ............... fS~ ~ --__-_-_.-_-.-_ __ _ Amenities and parkma f~dlih~s ... --- - -- ------- ---- Eff!~etive A Yro. Estimated Remalni~g Ect+nemtc Ltte__- Yra. AP~eal to Market - ~-~ - '~-'-- a COMMENTS. (Special fe h{res, functional or physical inadequac4es, repairs nreried, modern¢ahvn etc.) - ~ - - " .- . ~ _ __ - - - ... z- LAND SALES (complete ONLY if appropriate for this appraisal] Znning Area Sales Price Date - P rce per Sq. Ft. or per Unit 1. ~ ! , -- e1 $ ------ $ Per ' 2. ,j. -- - ---- - ~ S --- $ -- Per ~ $ $ Per 3. ~'~ --- - --- _ F I ;i ~l' _;`~ ~~ T~ - ,I. ' - ~? "' - _ ' Cornments 8 Reconciliation - ' _ Value -_- $ -__ 'I'-- -- r- ,'• _ -_ Estimated Land APAI~?MENT BUILDINGIS)-ESTIMATED REPRODUCTION COST NF.W E.;i ;, = 1 ,; Sq. ft. x (Stories)- - Sq. i . x - -- --, - _ _ .."'~ x '~ ,. i-. • ; Q _ x =- Sq. fl. x _ (Stories)- __ Sq. ft. x $ $ -_ ~ A. -x - Sq. it. x (Stories)°° Sq. ft. x $ -$ - -- ' Q OTHER IMPROVFMENTS 1 ... ... .... .. ............... _ _ _: . '~~' V TOTAL ESTIMATED COST NEW OF IMPROVEMENTS .......................... S LESS DEPRECIATION i _ , . (. --, , . ~ .- -, r~ c, . ........ .......................... .... `' DEPRECIATED VALUE OF IMPROVEMENTS....... ""' •'•'•""•- $ _ $ ` ~ .t ....................................................................................... ADD-ESTIMATED LAND VALUE , ,- .-- r, ,-. ~: S INDICATED VALUE BY THE COST APPROACH (IN FEE SIMPLE) ................................................. -_~.--- IF LEASEHOLD DEDUCT VALUE OF FEE INTEREST (ATT.ACH CALCULATIONS) .......... .................... ~ INDICATED VALUE BY THE COST APPROACH LEASEt-IOLD1 .................................................... ITEM COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 - Address - - ,. _~ - - - - .,.r ~. _, . , ,,,,_ .-i . , ., . ,,. - _ .. ~; Proximity to sub] _ " i ! ~ f. i ~:_ 1 i = i' j;" - r, -. r - - Renlal swvey date - ~~~ ' , + ~. -- - -- No. Units No. Vuant A e Yrs ~ No Urnis No Vacant P.ge ~- Yrs - o Vacant , Age ~ ~_ Yrs No Units ~ N ~ }. Brief descnp6cn .. ; ,_ ;, = i ~ T I ~, - __-! , -: ~ r ; ~ r- i ~ - - -- _ - - - © of property -- --~. ,-... ;- T.. ,: -~. r- _ .'.._ - _ _ ,i 1= J F improvements ~.; ~ Count • Rm - Si - ,Monthly Rent _ ~,( - . - Rm. Count Size P~onihly Rent i, -.- Rm. Cou`-nt ,-- - -.~ r Size .. Monthly Rent ~ . Tot BR b ze ~. Ft. $ 1~ T Rm Tot BR b %q. Ft. $ y~ Rm - Tot BR U -- ~ Ft $ ~ Rm ~ - _ J _ - - breakdown -- - - -~ - - ~- - - - ,. ' ------ - ~ V iture and --- --- --~ --- --- --- - - amenit~a in- -- ---- cluded in rent -• .- -- -• Comparison ° ! ' ( '_ ,. _ .: - ,._ . .,, .. - "' _ , . ,. r -- - --- to su~ject - - - r,i ------- - - - - irrcludingrentsl ---- -- ----- ----- -- - -- -------- ---._.-.._- ---- concessiors, -------------- - ---- ---- if any _.------- ---___-_ Utililir inctud~d in act ual re nts. Wt+ter Gas Heat Eiectnc Air Conditioning ~ Utilitie ~ s included in for Rm Gaunt ecaste d rents. ~"~" ~W'at'e'r~I Gars I He~it AG1 Ur~L REh1TS ~~ f-leciric --- - Air Condaio;iln;~~1~ ~FOREGA STE=O RENTS - ~ f,fn. of Units -------- Tot. BR L' Totul Roc;n(s 5y Ft Area Per Unit No. 4 Unit, Vacant _. __ ---- ----- -. Pt r Unit - ---- - - - - Uniumr5t r,~i i-urnishr_vd ..- _ --.----- Total Rents ~ f ~r Urut_ -- -- ~----- ~ tlnfumi t4c ~ i Famished - ^--Total - Rents ~ - Per --- S~ F t of r3oom ~ ~ - y I . .. . - - W it1 _-._-- - -._ ~-. ..- _ .-...._ . _-__ ---Z I _._- V °_ - ___ r. -. T ~ll~?1111~ ~~ lll~~ - __ - . - ~tW T~II~~,! - -_ --- - ~ I ~ ~ ~ -- ---- -- - --- ___ ---- __ - - -- - ~ -- - - - - - -- - -- --- --- - - - .. - ---- _ lj GGIIX'E TGCGIC~ --= -' _ --- - `~1G~r1 4.Ii - --- - ----- -- i -- ----t _.._ .-- i i --.. -..-- - ---. ---- -- -.. --__ ------.-~ -- -- - -_ -- -- _- -- - - - -- --- -- --- -- ---- - -- - - -- -- l I . ~_.- • ~ __ _ _ _ _ 'ra" r. __ ~ _ _ i ___. __ - . _ -- .. _ -___ .. __._ Ft~t.t~tc Fc~t{M ~ tt~ - Rr~ ~r A n! _„_.. __._.. _ :{ IL2 Ic ~ ,j _ ._ ...~; n,r~1f?t'n! C ^,{rt s - } Riot ,r '~ t tv d d~z t _ _..-/ I1" ^h.r?Ptl?I t" to ) ,'2 _ n ~- , . - ~ __ - . - - .. f. - 1 ~_ -_.- .. - rrFF,,_ n _.. _..__ _. ~ - ~.... _.__._ . _ ^ C' t r! _ __ wf ~f Sr-, F,rr f E r n - R,In Llnii ; _._... . r. Var. __-- - ---_ r.l,-, Unit_ __ --t,lo 1lh~: _- _ ` r _. tf~ 1 tit -__-- -- 'd%? ~1,. _--- Fin UrtrtS __ _ Nn Var.:_-- 1~4 ~ ZurR 19_ Ye3r .. __. ~ . . Year Ludt 19 _. __-- __ Y^ar ~ullt 1~3_.- __ _ _ tir' it E3ullt ~? - --- --- - IiTSUfOV°rna"tS _ - __ , ( ( ~. ,. -_ .. ~, ~ ~. _ ". _..:-_-'- - _. r -- -- -- ` ' -- - - - -- ,. , ~. -- _ .. _._..-- _--- -_ ~ -_ Bi ~. ~ "- r -- r _' I" llt Ou r, - T _ '- -- y a - _ __ - - -- -- - - Recreational fa~.illNes ~ ' 'F- -- I" I- I t --- Parking -- - ------ - '- -- ---- ._ _ __ - - - ~- - Tenant appeal tt ~I r 1~ i _ _ _ - _ ,. I -~ 1' [- ; ; l of N UNIT ROOM COU'JT No of UNIT R OOM C ?JT OU No. of UNIT ROOM COUNT No. of UNIT ROOM COUNT - o. . _ Units Total BR Bath Units Total BR Bath Units Total BR Bath Units Total , BR Eath S Unit _- - - - -- ~ - ~ = ~ breakdown _ -- --- --- ----" - ~ Util. paid by owner ~` "; t- t , , ; ;;. , _ _ ~ - - I - t ~_, ~ - Data source ~ `, ;NT t ~ _ ,:i ,' I~ .L -- ,' , t- , , - ;; 7 ~~ Y Price F •~~Unf 1 $ { I F $ ' -.~ Unf. $ `'~ Unt r-~ F $ _ __~Unf. F - ' _ `' _ ~ _ " 4 Sale-Listing-Offer I, - _ - - -_ -- - _ ~ Date of sale - .__ `' --- Terms - ~- - _ (Includiny conditions _. - o( sale and - - financing terms) Complet® as many of 4he follor~rtng it®ms as possible using data esfleetiwe at time of s~ie Gross Annual Income $ ~-; i $ - _ . ~ _ $ - $ , ~ , - , _. _ - - - Gross Ann. Inc. Mull. (1) ~" 1 - _ _ Net Annual Income 'F r~, $ $ - 5 - $ - ~- - $ -- - Expense Percentage 12) _ -' `, ~ i `~ `- - ~~ - - ' '~ ' `' . '~ ` °~ Overall Cap. Rate (3) - ~ °~~ n~ - - ~,~ , , - ~ Price per unit $ ' f ~ ~ $ 4- $ ; - _ Price per roorrr $ ` ~ $ ',~ $ i= _ `:., $ - i ^ Price gross bldg. area _ - -! /sq. tt. bldg. arez $ $ ' r= /sq. ft. bk)g. area $ rl /sq. ft. bldg. area ~ - /sq. ft. bldg. area $ _ (~) Sale Price =Gross Annual Ir><.om (~y)Total Annu I expenses =Total Gross~Annual Income (3) Net Annual Income =Price ~ ~ lrit0 tilC'. pu~11C IIL3171Itte RECONCILIATION: ~ `~=` i'',' recur ~n connection. with ___ i em ~ -- an -- ~ - ~~{{;~ ~~,,~~~~-- I~lDIGATED~y4L`+JE'~/ tr~~f•~1 ~ APPROACFI :'; , ',- ;" , ::, ----- i~~~s~a~ its er ~ ExR~r~S~s ~ecru~i Fo~aECAS~~i~ ...... a - . ' •." Total Monthly Apartment Forecasted Rents ... .... Real Fatale T"axes' ,:, e -,i ; $ --- -- - _ Other hlonthly Income (Itemize) I Oth,.r taxes or licenses .............. -~ . _ _, ,. ,.. ~ -"- -$--- . , i?i~ Insurance .............................. _- Total iiross Monthly Forecasted Income ..................... $--~ ' ` ` Unsubordinaied ground rent .......... I ! ~ 'r' Total Gross Annual Forecasted IncoRte ....................... $_.__'" ' " .............. .. Fusl ... _.... '~~ r Less Forecasted Vacancy and Collection Loss (-- °,~) $ ~_-- ' ` Gas ................................ ... - __-- . Effective Gross Annual Income ...................... ........ $ -: ' - --- Electricity .............................. . ,_„ _ _ Le°s Forecasted Expenses S Repiacentent Reserves ...... $ ( - ~ ~_- ~ Waier and sewer ' ' ' ' ~ ' Net Annual Income from Total Property ...................... $_ -- Trash rernovai .. ......... ........... _---~~- --.- ~ css Return on ancf Recapture of Dc:praciated Value of l Pesl control 1 ~ ' ~ . Furnishings ($--"------ 'r' --- °~) W ~- ) - _- t.~aintE;nance and repairs .... ~ --. ~ ~ $ ~ .- Properly ornet from Real Net Annual In Irtenor and exten„~ decor,3ling ~' •" - - - --- , L-. c r" -', " ,1,:"_ , _ ~" -` - . Capitatizc,d a° follows Cleaning e>:pense•s and supplies ..... g ' ' ' .. -.: ; .: . _ , . _ _ ~~ fdanage t (Uff ' te) .. ............ ' ' men -sl - r ~ r-. ~ -------- Iles. rvtgr. salary 8 apartnte.nt ........ - r Janitor(s) salary b apartmai~t ........ - (3 -------"- r I ~ ------------------~-- Mlscellanr.Cxl~ ... ---------- -----. -- -- 'Real E:,t Tn>+ea ~~ Actual ~ Est fax Rate fR:r $100 $---_-__-- -____-- _.--- ---------- ------ Total Assessed Value $ ' , :' :. _ : :' ----------------------__...------------------------------- --- REF'LAGEMENT FtESEF=~'dES r Gornmeats I =--- -- - ---._~ _ ..-=---- --`-- ---- ----------- C:ilprting 6r1i1 dratriS . _....... . - _ _ _ .._..-.__...__-._. ._ - - _ I ' i , (~ may- ...._~]p ~ `~ : .... -~Jir.~~ R--~ Orshwaafters arld disposals ------...____...__ .-.----._.__-____.__..---..._.-----_._ __.___._.----_--.----..___.._-__-- Individual lii;ating 6 AC units -------------__- ~-----__-.-- _ !(; __.__ ..__-----.------__... _-.___---.--__-- TUlfl. EXPE.N`iL`5 ~ REf'L RES.. ~__ _~- _~'_ $___-..-.___-_.__ _ --_- __ -_- ._- --.._-_-- __._ _ ._____-- ------------ ___ _ t~C}i~~'f'f~~] G~Ii:M...la~ ~ti!' ~tv~i;E9h>~!~ {t>~~~t~li~bil ~ i =' ter FiiLivlG Fv;'rr! 7 t 8-Ft~~ Ei! r 1 r _ ~, __ (,{ r.rr it r r.( ;A `_ _. - ~..~ .. _ __ __ _ _ _ _ _. ~ONOITiONS AND F;EC1UiREMFNTS Or .4PPRArSAi (include required repairs, repincPmnnts, painting, termite inr~r~r-,lions, etc.) ____._-._._________ __.~_._ I( Z 1 r ~ .. -- - _. ., , ,.. ,.. 2 `i ~"). !r.( ! 11F~.. ~ e s ,. :~ii- 1•:i~ r ~ r`i C T --r F. '~.. ~ _ _ ~' ._F:i" T~ .: i Tt_i `it".r}mil' ~~~~1 i `'f' _.. ~~;I ~7'-f. i,.! i}L :117 i'~ '_. ~. _~__ ~ - _- ..-~_~ I 7- ~ I RtECQAlCIUl~lT10N AND yAL.UE C©IslCt.EJSlON a ._, -_ _, r..... Indicated Value by the Cost Approach .................:~ •= ..' , ..-~~.`<-: -- ~---_ indicated Value by the Market Approach ............... $ - ~ - ~-'~ -'t" ' ,--:- Indicated Value by the Income Approach ............... S__ ~ •"-~ • '~'tT-r`' r.: 1'( l._t_. (~C~~Tr': ,c1';-j-: rj i. -.•'r '. f.. .`.j' f:.. F /O1 t- !~>j~'.iJ ,~j.. ~v ('i ._I.~l. ~--t .... Fif~tAL REC_QNCILIATION ' 't~ `i "'-, rr_ ~ ~ 1 ~ tF_ __ r, *- •~, _ _~ r ` 111: 'y?). ~~-. ~-` ! ._:. lJF i i"'~~ L"i^.L I`~ 1 t_.}`... i )'I h~t 'r ,L ,,~..t 1; _:t..r r. -,~~'~ ~).1 r~ ~.. - iI, .-~ ~-.. i ` - ir. _._ ri ,F., t_. ~~ '~ i ~~ I Iij f r,__ r.. I:T: L-11.?t"._ ~ L,L~)-. i~~l Ti;1- Ai ~ i=!i'It- .~.;(-;i-Or,-}! pt-`~;(• -r7= h"~r'';T (~ - U{- -• - - ---- _ _ r .. t -~-~ !Hi ~. h,j[7 ~.1`~f~(~l"~j: I~t'..lj~^!~' ~ T1-;~ f"`il`~fj~t L i i.{~ ,•t+ .:f.l I- - l' ..ti1• ter- l i,r~ --i- "~(~'te1 •.t.~r. i~; - ~ ~-. - - ~_ - F , r ~ - t __~~_~_ - ----~eeo~~-ice -~o_ , °v i ~~>, " - .^ -~-#e3~t ~ ~1----err---~ ~ ~~ •---- _ - - 1 certify, that to the best of my I:nowiedge and belief, the statements mad in ~e true and I have not knowingly withheld any s;gnificant information; that I have personally insper;ted subject property, both inside and outside, and have made an exterior inspection of «II comparable sales listed herein; that I have no interest, present or contemplated, in subject properly or the parircipants in the sale; that neither the employment nor compensation. '.o make said appraisal is continyent upon any value estimate; and, that ail contingent and limiting conditions are stated herein. ~j Certification and Statement of Limning Conditions (FiiLMC Form 439 Rev. 9/75) applies (Cj on file with Client ~ Attached). -- .. , As a result of my investigation and analysis, my estimate of Market Value of itte subject property as of ~~+~~ '~ ~ t _ _` lg -.; -. is (r Date r . _ _ Appraiser l : .' r `_~ t -1 a {~i i`. j It applicable, complete lire following Date ." V_ Appraiser i __ _ - _ ~ - - ,,., - I r-~i i ~ S-:i 1~~1 ,^, `~ Ir;.1~ ':' T'~ r'r r-L. - r- Dsic _` ^_ :r.ipervising or Rewevd _ ___ __ _ _ _ APGrais~,r -- ,~ ~'r'-, - ~~~ Did t_~ Did iVot Physically Inspect Properly ^~ ~'OR 6~19riD~lq'S SiS~ Ot~t.Y (campl~tlori optianaq Loan F;ecornntend~`d ~ -.-. ~.--:~~ _,__ °,,~. Team -_ yrs. PrirF:;ipal K Interest :a -.____--. /mo. $ -- _ -- lannuaiiy SUbjP:Gt 10: .._---~_--._~.______ ---------.-..~,------------------- --___. _--_-.-----------_- Flrxrova~r's Cost or Purchasa Pnce W ._-_._----_-_-~_ -- Appraised V,,luc $ ----_-----__----_.___--- Loan to Af;prtised Value _______-._ tib Lein Pur Unit ~ ---------_---_..-.__._.._ F'~r Roam w _--_ _-__.~_~,_ PLr Sq. Ft of E3uildutg P.rea $ _____,.--__---- Gross Annual Forecasted tnca;te ~ --____,__ - Gross Annu<ai Income hluliil~i~er .-.____.._.-- Ove+ati Ca,•1iG;;Gzatior r fia>te .___.__..___._.- ,~ Forecasted Annual Ex;~iensca arld R~eplucemc.nt I~esarves $ -_-___._~ (_.~__ `r~ of Gross Annual Forecasted Ir~torn~} ©rnat<.-even Point (this IUarl}. (Arirtuat Exp. 8 RR $ __...--------___-_- ~ Arrnu:~l P & I t:ryrnis. ~_ ---.---_---- - _ (Cross Aru-tail tnrrinu: ~----.__-!__- } >- ^_uu (Alf financing} iAnnus; kxp t+ RR W -_ -----'----_-._- + Annu.a P 8 t F;yrrtts for rill fora+tcing ~ _.__._ _..____._ } : (Gross Annual trtc. v--' --.__-~-) . _--.__.__`.~~ ~irru~rvar's Ftr;lurr,'~;t ApF~,raiseo Equity (Nta A`utual IfY~. 8. " ------~._`._ (-} Annual F l; I p~ytnts 5 -----_.._ _) = ~ --___._.______._..._ t t } ~ (Ap,,raiscU Valor.: $ _..----_ ----.-._- (-)Lunn Arttt ~~ _' ~' Gortunerds or GUIl1rT111iEib Artit;n __-------_~..._-...T._...._.--- -- -- __ __ Pe;~ 4 l i= ~f,'.C)i'~_iC 1 I_ . ?t~~ ? cad ` ,_ r ~ , t ,_(_! ._ r',rr`li.' fi ) irf- tfi'+Y., r..~ i.lr iri'-: ::(,ri i:? !ir (-". ;-,? ~ ;-} 7 ,f• I f .1. f . ,. , :t?' iii,} r 1!T I,if?'-j.rtta :.t(.?ii,~,-~}.',:r_'O ,,,r?,r:! i _,_. ;~..,•..'r_ -:;itl;._' .,i,ll.l _~1 - I~ i rr~Y~ 1~Cf?S 1 _. I ,. 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IV.Catty Hzr~ai ~./' pity Cleil~ _: ..K.. ,,-, Pro~~.rty ~ 1 Atldresc 7.30 N.W. 27th St. Square Footage of property x Estimated reproduction cast FSF = Estimated reproduction cost - less Depreciation 23/50 (46`k) = Depreciated reproduction cast. ~~,~. 2396 $ 39 $ 93,944 S 42,989 50,460 i; Total depreciated value of building. S 50,460 x antfcipated capital return for building .1364 .1364 (20 years @ 12.50inc. SFF' i =~ * Gross income attributable to building. fi882 Total income from property = $ 14 400 6 lbed. ~ 200 mo. x 12 mo's. ~ less estimated expense ratio of(40~) x.(6t~$) remainder for est. N.O.I. II 8,690 Less *income attributable from building 6,882 = Residual income attributable to land. 1,758 Residual income attributable to land. 1,758 divided by capitalization factor (who *SFF) 12'~ = capitalized value attributable to land $14,650 / divided by `Total Sq. footage of parcel 5,250 = value attributable per Sq. Ft. $2.79 ii includes vacancy and collection ~'~FF` ~~i.t~kitig £iind £.~ctur) iS nest .attributable tc~ lend a~ n~ capital recovery is applicable as land does not depreciate. Atlantic Appraisal Grouis Tnc. .~ 48 Submitted. intt~ the i~u'~~iio r~corc3. in cannc'ctioz~. ~;,•ith item ._____ oz~ .~' / `~ P~_~. ~1Qtty ~irQ3 Cit~,~ ~lex~ ~~~~~ __.~; .:. /~'~` Fa ~? r ~ z-~'____ address 305th N.W. 21 Ave Scluaxe Footage of property 6005 x Estimated reproduction cost PSF $ 35 = Estimated reproduction cost $210,175 -- less Depreciation 1.5/50 ( 30~s) S 63,053 = Depreciated reproduction cast. 147,122 Total depreciated value of building. 5147,122 x anticipated capital return for building .1369 .1364 (20 years @ 1'l.5$)inc. SFF _ * Gross income attributable to building. 20,067 Total income fram property = $ 39,000 6 lbed. @ 200 mo. x 12 mo's. less estimated expense ratio of(40~) x.(600 remainder for est. N.Q.I. it 23,400 Less *income attributable fram building 20,OG7 = Eesidual income attributable to land. 3,333 Residual income attributable to land. 3,333 divided by capitalization factor (w\o *SFF) 12~ = capital.iued value ,attributable to land $27,775 / divided by Total Sq. footage of parcel 11,170 = value attributable ger Sq. Ft. $2.98 II includes Vacancy and collection *Sf'F (sinking fund factor.) is not attributable to land as no capital recovery is applicable as land does not depreciate. Atlantic Appraisal Group :nc. 49 Submitted into tf:e ~lz.k;lic retard in canne~:tian ~~rith ifezra ~~ un ~~~ ~._.~.- ~~~otty I_{iro C'ify Clcr~~ ~~~ ~~ `' ,~d~ire°s 9?. N.~. 2~3 St. Square Footage of property x Estimated reproduction cost FSF - Estimated reproduction cost - less Depreciation 23/'50 (46`x) Depreciated reproduction post. 2092. S 35 S 73, 220 S 51,254 21,966 ^-otal depreciated value of building. S 21,966 x anticlpated capital return for building .1364 .1369 (20 years @ 12.5)inc. SFF * Gross income attributable to building. 2996 Total income from property = S 8,100 2 lbed. @ 200 mo.& 1 2hed. @ 275 X 12 less estimated expense ratio of(909s) x.(60$) remainder for est. N.O.I. II 4,860 boss *income attributable from building 2,996 = Residual income attributable to land. 1,864 Residual income attributable to land. 1.,864 divided by capitalisation factor (w\o *SFF) 12$ = capitalized value attributable to land $15,533 / divided by Total Sq. footage of parcel 5,600 = value attributable ger Sq. Ft. 52.77 II includes Vacancy aid collection 'SFF (sinking f~rn~j f•~Gt~~r> iJ not attribut;~~t.~1?~ t~:r l~~n~i ~s nf~ capital recovery is applicable as land does not depreciate. Atlantic Appraisal Group Inc. ~ S0• ~ubn.~ittc~d into the public record i~ cor?nectic~n tvit}: itc m 3 ! __~.._ ors _~._~ f~U _. l~i~atty Flir~:.i Gifiy Cioz~l~ „_~ 4 -.g r..,...-..... i..>,._....~r,+a,rr~^'4ww ~.ua:R,~n:rsta~,Mx..=ze-~teet4a~n,'.^~a ~. 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L ~. ,~ ..Pw. .r ~ - - - i _~.......~. .m.+ -- - - `~ abmittecl i ~t~- ti~~; tau s:;l C~, IE:GQT(~ in CC)I1?!.E'~;tiOli. rJi$'1 .~ _.___ 1Js:at?r .~iircai City C:IEr'~ ~~~ ti . ~ S a: i ~, ~7f,`-~f ~ ~ ~, r -} ---, j~(~~~~ 1 ~ ~a( 1 ~r ~(- ~~, - ~ti `. f' i~ t r ~, Y ~ z ~r ~~r .. ___ _ ~. -~ 656€, r,.4,i. ;~s,!~, ~fst~A! ' -..-~.....-,...-......-_._._.... _...s-.,..-._~~ ,~'}tlitf? 21 ~ r M~F~fY~~~ i IO~~~¢i ~~~FJ~ F.,, M. ~~'~~~~ {3Q5) 1371-3450 -i Fix a; t-503 -- ~ _ .: ;~i ~~~ :~ ~~ i :~ ~ __ ~. ~. ~~ I i ,' .._. _ ..- ~--- - - - -------._.... 1 _ .f ~ ~' l~ . I . 1 I .____._.__~._ __.___..__ _.i ~ -~a ~ - -~,,, . .. ....... .. _ r,...... d ,4 ~t-~,e E ,' i~ ;~ 1~ ~: ;~ i! !; I~ ~~ l' - ~u~n~ifted iYZto thy: ~~.;~c~ r~;~:c~~ r~ ire c;~anr.~.e.~ctior~ , . _: ~. Tt~latty i ~ ~~:~_: ~`ifiy Cl~:rle ~Qk~~~.~3 ~ . ~1 rt ~ 6_'" .~ . „ ..__~. N.1~. _..^..,. _ __._. ~, 1 ~ ~~ ~ . ~, A. _ ~ a i _ M n ~ +~ ~ 'n ; SO _ _ _ F' ~~ ~ P~~pw ~, _ ^ c ~ ~. - a art! ~~ r, a ` y. t ? 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SOfif •'~ '~' 91! ~ 1 W , roa• i ofw ~JI ~; r Ir .__ < _~ wl/'1e.^:1 I~~l CCr~ .lN 7MIru0 w MTh ST E .eih SL ~ lJRlf ~ N I 9Ji !}R ST ~N E 10)RD uon +•y Hn h1 ~ M, 1t -F' lY rh ' ~ ~_.._.._ s ~ . ` ~ cl 9 r•i, : l.nhr7 M° t C C y4r •~ ~ A >I ' e.p. ..7.. ~' w re' f r Y` ' d 44 ~ ~. l-N.q ~t` r i -r p 1• 'T 14•ir r! ! I ( 1 ~ p ~~'' ~mi 1 915 r `~---~ - +I '~ r 951 i 1r ^ 'z I I p„N •'_`-t'_ ~ _ - ~ NORMANIS ~p.,ar T7 'i~ i ,,.+~iaB ah jl _' c I/ ; .. ~ " ~ •, --s' AEI Po{tal < -- n . e /Slf• ~ ~ Id er; ~- 1: ... 7; I anu i z . F .wr c. r. 1 r 77+ ~ I r,,,,,,,; 1r " NM R EMhfor' r~.-., 1f•t. • ~ ~ t {' 11• tt''' I N ~ T[TN~ S den s• r ^•'a e1 lJi ~I~ I ~ ~ _ 1 J1 I f 3 _ f i-•. 'r ~ 1 iur, I .!•.°.n0 ft I " f i it _.l.l _1r _ T ?17t I 7r IS h~ 1~7 1T V N[ N 1~.~a~ ~s~•~1~-..~ r+w ' _ 1.___ ~ ~ NJI lRic ur li~ ' wOYI •• S ~I.._. ~ I \ ~ ~-~'~, II i I e i .: r:3.' pfe/tl ; ~!Q 907 ! j ~ I _ `° rt ee ~U 1y is ~ f ~ I ,~ w 7r-+i t- _ i .., ~yl.rve it -ii. ~ . • Gr0e ~h/RM , ~ ~ C.C. ? ~ ! r... ; ~~ `i;" 3 IvM iI r-- n+er,dwp,w x, y n ; M~ ~ ~ .; a+., tiN171rtN ve i N ra N ~ ' f ~ R tl 7~~~vk I' ••~ !; d'' ~'~~ 1 • , I~~i1Y~~ ~ ,,~ r ~, s ~ !( ~ti .-- ' ~ 75o3dl fltY ~ r~ ;I~ i~ . T'alaf ~ ~ ~ ~ {~ ~ i._-.. i[x- LS ~r~ 1 rr~~ "' «aiorra I p U ~ -~~~ GG ~~y RTiR04S'N i~1T01. '® r.Ot M 4 I S r VLSF TTL2e L'A [fYA' of ' I1 '-b .:a. Comp 3 /~~(_yq. - ,' ~l iAL~W ;. ilrf~J~4J10PdAL ~ !`J\ ~'w~ 1 «N _ ' ~ "~ ' i ~~ u0 ~ r "I A I :foie-17 F~ I nn r SUNSE~ ,~ " 7~i, ~,°~, ,i : v Y ~ 1 i ISLAND ~ ' 1 ,1~ + 1.7 ~ u VCNET/AN ~ IS(lANOS ! fi°i C r ~~w , F' 1,•. .•~ C - .~zr ~C. "~A c or r ~ m~"t i I 1 '''~co+wrro+Nr. r..•' ..t j. • ~ h[TIAN w• r~\ r.r. Mfp{~N .ejwnwst • `~ ` _ +.r~ etrr _1T ~ ~ ~ r 0 ll7 NAV w"te ' iYf ~6~~1 ~-~ ~ :ro a ~7/~ ~~i.'~" Nr. v+w t 3 .uw _ • !~~ r Mor ~ rd'iI~M7I _ `u _ ~- arvr rwowr t • ~ -~ ; .1 «.. ~Il'll~ ~y '} I !iD F~ ` - ~~ Jh. ° ~ .wvrvlervv ! C _ ` .. a ,1 r~NM N . r _..~ STy . ' ~I ~ +rR w TTN T k t ~ C 7R 111E K M TN f T} ~ T wtl 11 ~ .IUGllla+ roar - '~, JCi , 1 r-~ S If iTM tl • 6 •ItrrO L mewo r -` -`. ~~ u. •rrr•r. re• ~ N • L r ~ ~' ~~ ' i I•r J i '~ ~1 ' ~ l7Wne7 rrr• err,. bL~ 4 ~'' I G.N..ereb .. 951 ~ 9 1 ~• ; 9r r ~~ Vr ~y ~~~, ~ ® SLAND ~'i ~ r • !1N ST 4 Y _ CM ~tw.r , r„a r!Y~- w y{+•MN r w~i. wo:w.rrphr C}y~. ~ :t CGt81 ;Gab s ~• ,-` r~i b,a rarNaACVC~`~,~; Cy+uh+a rr ~y ~ h.f. _ ~ 11`-•77_.,. , _ r iss,r sr •~eF ~ r+ 91) 7TO u . ""`°'°"' V~RG/N/A [ _...-~ \ D - p 'ry ~•IK•'«7 •.r •«e lnMr •trr fYl•04•• , 6 r•Grr•I[•rr r~• 1 GmM '~$ I ' Iw ^i!~-'S _c~,~bt~ `~ ~ 1 ~~ ~xe•v. r.o.r L' r ..~r wo+.+w No+}nw..l ~t~+•r 11 1 a• re••.. V .a 1"! 1 • xr+ s' _-T~jS- .,yj :p ~ ="S r.YN ` r~cv: r° .~ ..~~ ti UvMon vo1 ..tI.~IL (Dorb Co -vF 7 NOw. •r.n A"rr•7 / I ' 1.. 7.9 , y i`y W 7sr1•rr•Nrf C' r xrl. f.aroyrv ' w(~ ~w,.•~=•~ is ,.r ru.wrv Q' -~ r GoH Corr, C rTNi YI ~W;.1 -.. - .~.. rM1aRi~ lu•nr• wo"cr •• 'll :• ` $ p scu7 a e•nrs r~ rc s ~~ h~;~ ~ c ;/~ o r ve n w I S~ ':~ ~ ~ KEYKeyBiscbyr7E~ ~ ,~.. ~ tr~l..+ ` - l -- s• S •r'eM ., . t~ ° BISCAVNE ~ y wi «x. Ipwls sn•o7 17 rws I d V' T.l PR l~ i r i I:I.Q 1 + l3eSi$ouln /+dverllsxw d PuLIL;JunI ~~ubmitted into tla;/ .... . ,. record in eonnc~eiiol~ ~~. _ : ~ , ~tddres~: item ~ (...-...~ori ~~ ~ ~~T~ ~?__ . lvlcxttl' 1-I: ~ ui City Clerl~ `~~~~..~ #t f•, G'4i"Yf) }dlj~ })[' j{;~. iP}y }`.~ e.'t~ I.P.111.'. (}, r• r+t, •, •.:( t•r.+l~.+.t15{, t+r jr ~[- l+: lt!. !t ;1 I1Pt'iif rte- fl5r„1!t! )lllt•, 4. 1ft :1 is-.tt rnltt rz; .. bn, {~I,rn nlarYrQ rantrrr n'•1 t. t, ri~tir iern4 r+•+rtrr~ilf r'.+ ,. tlltr t+ !!`.. t'. , , .'1+..1 ~t•i1 _..~ tt ~ Ilrl}, j,+ ,. t~'13 4!, r,.. .~t •tt, ':t~ net '.flnlt tl~ ' ;< 1 rr+n,.n., „ ;{ <:{1* ::-+ ,.f a t •~- if{..,t rt-rrR t!?^ nr:,•~ ;a nr;r ;l(G-rtrri I,v nn,}- ~ t5fi7l+{!+{<-_ ht+( In i! ut tt~i; ,?r'4tnr'In++ !'C lttta4vtit 1 s ens! 1)l.~ (1,c`-ink +~( S;7Pr (rnr-, cr;i^r r„ }+tr~rr _ ±,I- t{'•rai~M,tgi +•1tr'rrh~~~ r l) hngrc :,nrl ~r il,-r '~rt~ i1'I~+{~:kll~' !tinajvztrri; (:) ~.,h r?*'.?a"~ art`. "-`t!4 In(•`rnte!I flr tgCi} rS!P'!'C!}, A^') C:+C'tl :1Ctln~+. In "~~Pl~t hr+ ('(~nSl!1C r~ PtIS 41S!'T`. hr r..l. In!!'rC f!'~ (~) ~ rC?curl?~tf ~'ilT4,-`. is eltc+^a.Mii fns c+cp<t~usc 'sn t!t*, n(s*'Sr nrrr4ct; (~i) )•+aymcnt i~ masts in tcrrnc n( r_;t+h in i_1.5. dollars r,r jn tr_rmc r,( frn?ncia! erranRfmcnrs rntnp:crah-r_ Ihcrctrt: :end (S) nc~ price rcprr~ccnt*; Ihr•. nrtrrnut crtnsiclcratinn fix the )ttr~j crt~' cr,)t1 ttnaffccrrr! by sp*riaP nt rrcati`'c financinK rrr s.rle.x r~rmccaiir,r.e° f;rantccf by anyone asxr~c•inlcd whit the tote, "Adjustntcnts to the crtmpnrthtrs must he nrtdc (nr tpcci:d rrr creative (inancing ur salcx cimccscixmt. Nn adjrrttmtnls arc necessary for those costs w!tich arc nnrmalty paid by sc1-crs as n result n( traditjrm rrr !aw in a market area: these costs are rt^adily irlcnlifiable since the seller p;rys tltcse crises in virtually all sales traetsactiunt. Sitecial or creative financing adju'ttntents can ht marls to the cctmparnhlc proltcrty by i•nntparison. to financing tcntts o(fcrcd by a third {tarty institutional lender that is not already imctlvcd in the pntpcrty rrr trancar:lion. Any adjustntcnt should net Pte calcuf:ncd rtn a ntcchanical dollar for cMllar cost of the financing nr conccxxion hart the drtllar ;nnrnmt of any acljucuncnt shltttld apprc,t;intatc the markct'x reaction to the financing nr conccssjonx based on the appraixcr's judgment. C6~,RTIhiCATiON AN1) ti'1'A"1'l+:~ll?N'i' OF iJR11'1'iNii CUNI)1'i'IONS CF:RTIFItyATinN: The flppraiscr ccrrilicx and ;rgrccs char. L The Appraiser h:ts net prc•:cnr or rtmlcn:1tl;tled tuUtrc interest in the pntltcrry .tpltraised::nul neither nc~ cmployrnent ro make the appraisal, nor tltc stmt{tcnruirar lire it, i> rr,ntingcnt rtpon the ;tl,lrraiscrl sabre o1'the property. 1. The Appraixcr has no personal int~r~st in r+r hia. with respect ;u the sul+j~•rr nrutr:r ,cf nc~ ;rppraisal rcprrrt rrr the p:+rtrri- pants to the sale. The "Extintate of MSarkrt Value" in the appraisaP report is not based in whole or in part upon the race, color, or national origin of the pms)xctivc nwncrx or rtr:cupants of the pmpcrty appraixrrt, rrr ulxtn the rtrc, color or national origin of the present rnaners or rxcupanix u( the prupcrlics in nc~ vicinity of the property appt:risrrl. J, The Appraiser has pcrsnn:tlly insp:ctcr4 the pnrpcrty, both inside and trot. and has orate an exterior inspcrtinn rrf all comparable soles listed in the rc(xtrt. 'fu the hest ttf the Altpraixer`s knusvlcdEc :rod belief, all sratcntcnts and infornu,rum in Ibis rcpori arc; true and correct, nnrl the Appraiser h:rs not knnvingly withheld , ny signilicant infornrttion. d. All contingent and limiting r:nr+dirionx arc i:nttainrd herein (intposzrl by the Iran. of the atsignntcnt or by the undcr- signcd affecting the annlyscs, opinions, and ronclusionti r:ontaincd in the rrpurt). 5. This appraissti tCpcttl has been rn;ulc in cnnlirrntity with and is subjrrt to the rrrluircntcnis ul the C'rxJc of f'mfcssional Ethic end Slanr{ards pf I'mfcxxional Cr+nducl of the :ytttraisal organizations with +vhich nc~ Appraixcr is afliliared. 6. A!I conclusions and opinions concerning Ihr real estate that nrr set forth in nc~ appraisal report were prepared by the Appraixcr whnsc signature appears on the apprais:d report, unless indir:atcd as "-trvicxv Appr:riscr" No change ul any cent in the appraisal rcprtrt shall be made by anyone other th:ut the Appraiser, and !Pte Appraiser shall have na respctnsihitit)• lift any such unauthorised change, CONTiNC'.ENT ANi) t.ih11"1'1N(: CUNI)1't'iONN: 'fhc rrrtification of Ihr Appetiser apltc:rring in the appraisal rc(trtrt is sub~ccr to the following conditions and to such other spcciPie and limiting conditionx ax :trc set forth by the Apprtiscr in the rcpctrt. _~ I. The Appraixcr assumes na responsihility -itr maucrx of n {rgal nature affcrtinE Ihe.pmpcny apprrised rrr the title Ihcrc" ,I to, our does the Appraixcr rcndrr ;toy opinion ns to the title, which is assuntrd to hr grxxl and ntarf,r:rahle. "fhc prolxrty is appraised as though un:lcr respr±nsihle r>,vncnhip, 2. Any sketch in the report nary shrnv appruxintatc dintrnsions and i> inclurlcd ro assist fhc reader in visualizing the prop- j arty. The Appraiser has made nn aurvey of the pntprrty. I 3. The {>,ppraistr is not rcyuircd tee give tc~timuny ur :rltltcar in court hrc;tu~c rrf h:n'in6 made the appraisal with rctcrcnct to the property in yucstion, un-css :trrangctrtcnts have 1>trn prcviottsty marls nc~refor. 4. Any ~.fixtrihurian rrf -hc valuntiun in Ihr report Pic wcrn -and an! imlxovcntenrs applies only unlcr the c>cisting program ! of utilization. 'The scparatc valt!atiorts leer land nnrl building moll not he used in amµtnctian with am• athcr appraisal and art: invalid if so used. j S. The Appraixcr assumes that Ihcrc arc ru hidden or unapparem conditions of nc~ prttPxrty, subsoil, or strur:wres, which would render it more or iCSS valuable. The Appraiser assuntcs no responsihilily for such conditions, or for en};jneerinf: which might be required to discover sorb fac-ors. [ b. Snfarmation, estinmtes, ;end opinions furnislt~d ro the flppraiscr, and contained in the capon, were obtained fr<tm uturces I rnnsidcrcd rcliaLlc and believed to he true and correct. Pluwcvcr, nit rryt:Pnsihiljty for ar.uracy r+f wr'h items funtishcd nc~ I Appraiser can he assunterl by Ihr Apprrtisaur. 7, Dixr_losurc of the crnticntx of the a t traisal rc mn is ovcrncd h Ihr II 'laws an{I IPe +ulations of the trafcssicmal ~ • xaisal I t 1 E' Y ) 6 P 1 1 j organizationx with which Ihr_ Appraixcr ix afliliatcrP. i 8. Neither nll, nor any part of nc~ content of Ihr rrpnrt, or copy thereof lincludrng rrutrlusiorts as to the pntpcrty value, the identity of the Appraiser, professional desif:n;triotn, reference to ;uty professional :rpprnisal organj~ations, or the firm with which the Appraixcr is conncctcrl), shall hr used for any purposes by :rnyonr but the r:lirm slx~ificrl in nc~_ rcpc,rt, nc~ Iw•rrcvwcr if appraisal fee paid by same. the nurrtga~ee or its succcssurs and assil:ns, ntnrtgage insurers, consrdrent~, !trofessional appraisal orgxnizalirtns, any state or fcdcrally appntvcd futaneurl ir,stitutian, any dcparttttcnr, agency, ur instruntrnt:tliry of Ute United States ar any state or the District of Columbia, without the previous wrincn consent of nc~ Appraixcr, our shall it etc c<utvcyed by anyone to the public through advertising, public relations, news, salex, or other media, without the wriucn ransrnt and gltp~l of the Appraiser. 4. C?n all apFaaisals, subject to satisfact<uy cuntp!cturn, rcpairx, or altcruiuns, nc~ :rpprrisal rcfxtrl :rni valor conclusiur, arc contingent upon contpletiun of the intproverncnts in a strukmanlike tuamtcr. Stahmitted into the x;,ul~1;~ v Y rial.t f,A4A r~--~o~ci in cannectior.~ ~~vztti ~., r ~ ~ 2t~TT1 ~ .~-.__.__ ol) 5 ~ ~_~r_ 7~ /~ ~~ ~~atty I.firr!t / . -' >- _. ,s I form ~SY JUl i~ rir~kllib !bU iwn~>, n.wl Wr>+,{~~• ii ~: tai.. •, ~ .,,r,..r~ +.r.. tS W+~~I~.r~r Avr flr: W 11{,.,~ri (: (I~Si i I ihtkil ?aJ °~r} It c'tti A' I i J xi tr'~{r:+ rOtl c(d+ JUl Gf 3tPphen U. Calan~a RA Qualif'i.cations pRU~ESSaoNAL E~voATION: Kingsborough Community College - 1579 PROFESSIONAL EXPERIENCE: Atlantic Appraisal Group, Inc. Appraisal Group, Inc. Grissom Realty Deltona Corporation Northgate Realty i3U'ILbTNG MANAGETtiENT EXPERIENCE: Coconut Grove Fiayhouse Hollingsworth 3olderless Terminal Cory Contracting REAL ESTATE STUDY: DESIGNATION: LICENSES: ~ 472 = Residential Appraiser Appraiser Commercial Dept.MGR. Sales Manager Appraiser Appraiser Land Sales Sales Associate Fluilding Engineer Facilities Manager General Manaigea: Real Estate Salesman Course Residential Appraisal Course N.3.F.A. Residential Narrative Course K.3.F.A. Commercial Appraisal Course N.3.F.A. Seminar FNMA Form lOQ4 Professional Standards And Ethics N.3.R.E.A. RA Florida Real Estate Salesman PRQFE3SIONAL ORGANIZATIONS: Member National Society of Fee Appraisers TYPES OF PROPERTIES APPRAISED: Office Buildings, Hotels, P.U,~.°s, Rav Acreage, Proposed Industrial Parks, Proposed Shopping Centers, Timeshare Pxo~ects, Various Condominium & Residential Properties, Working [fairy Farms, Mobile Horne Parks, Litigation. 5tab~tied lnt0 tI1G ~~~.. ~ecn~d in Connection vv i } i ~~~1~~ _ item. ~-~-----°n M . Ii~att~y Hiraa C~t.y ~ler~: -~ ,~r R _ _ _ rT,._ n .-, _ L . _ YIr _ "~ .. ~'_' ~ r ~ ~Tt` ~_ ~~. `=w"L ~~ ~_ F +~ ,,.._-.,...._o .~~ 6 . i k 4~ _: -. ~ - -~. = U ~4 =_ ~fUAL I F I CAT I ON5 ~r"~g~ ~`f~'`~ ¢, CRAIG NUTTERFII:LL~.CRA I=XPERIENCE . CURRENT: At 1 anti. c ADpraisa 1 Gro~_-q. Inc. Robert Caldwell. N. S, F. A. -_ RCAL ESTATE APPRAISER VaYl4~.15 tvoes c~fi income-related aroperti+:?s. -~ -_ wareho~_rses. land. apartments. c~~n~lomini~_-m = c~~molexes. leaseh~_~ld interests. and residential - val~_~ations. incl~.rdino extensive w~~?rF; with single - fiamily i 1C-U~1 ~ . c~~~ndomini~~_-ms l 1~~7J ~ . duplexes. fo~.iYplexes r:l<?'~~-. etc. - 1'363'7-tab Ernest Janes C~_~moanv r:L. Pendlet~~n. S. fl. P. A. Gene Gr~~cer Co. r:Gene tracer. M. A. I~.:- REAL ESTATE APPRAISER 1985-94 Lake Powell Vi11G~ge Development Corp.. Par~-ama CitY~ Florida CHIEF DEVELOPER ~,f ~~ 1~~-~~ere waterfront. 78-~_init townhome development f-_-llY complete units: 2 bedroom standard: L bedroom loft. Obtained sales on 10 of 16, waterfront units. CONTRACTING 8-acre and ~-acre land tracts r:parcel release structure:- designed site plan. drew bl~_~egrints. coordinated permit processing. engineering. sales. and site s~.~pervision. FINANCING 5ec~_~red partners to obtain constructir~n loans. designed financial struct~_rre with s~.~bstantial collateral buffer to pay debt service on A. D. and C loans. 19BG-62 Ocean Pine Terrace. Panama City. Florida CO-FOUNDER/PRINCIPAL Same duties as for La~:e Pr~well Development for a. 2r unit townhr.:~use development. Also. bought, renovated. and refinanced small income progQrties. FINANCING rormed limited partnerships. carpr_~rate str~_-ct~_rres. townh~ ~~_rse r~anagernent and cc~~_~rdinated dnc~_-ment oroc~_irement fr~~~m all government agencies. 1`38:'-B~- REAL ESTATE ItVVESTOR. bay Cc~untY. Florida Fought. renovated. and sold homes and apartments. Converted hv~_~ses tc~ duplexes and four~lexes. Submitter~ into the - ~uk~lic reoard irl - ~'OIlY1~Gf1o2I 'i)5i1t11 . --~ item ~-(----._._.. on _ 3~g~_ -_- ~c~tty .€YirCti . City C1exl: _$ -~ - ~~~~~ __~ ,`~ :~a '`t 3 afr?i t ~-7 l ~~ Candidate for Member (MAI- National Assoeiati~n Of Review Appraisers t)esignati~~n: Certified Review Arapraiser. <CRA:" ;~nr:t;!.,av #"v^t:c'!';rf?~R Trig, ar1r1 l., l a l'` ~ #: :" 1?`--i rte, i_ W^ !F'+ . 1 i i r', i"t ~'r? i f ; t: ,. gVy:_ -~ =~: Cf:C~/MAi~i:AGER F+;~~tnd€~ri renta~ sPrvi~e/rPai estate i brokerage firm with three offices, Fxecr_rted manaoerr+ent and sa 1 e ~ . i'tAPaA6EiWEN1'lSALES ~ Hired and trained emc~lovezs in sales and cr,nrdinati.on of rental business slrstem. Hired and trained sales and management personnel. 4~lrote sales presentations and designQd office coordination systems. = CERTIFICATIClN: State of Florida Real Estate Commission -- salesman's license American Tnstitute ~~f Resl Estate Appraisers -- PARTIAL LISTS OF CLIENTS served directly or ~3n a sub-contracting basis andlnr ataoroved by tt-re fr~ll~~wing institutions. Accurate Martaaae Campanv Alliance National Sank B °~c P Mgr tgage Bankers Savings Fan1: Beneficial of Florida Broward Federal Caribantc Carteret Savings Bank. F.A. Century Funding Cocanut Grave Bank Community Pank Consolidated E+anks EmpBanoue Executive Fe~ndinq C~r¢a. Executive Mortgage Federal Home Laan Martgaqe Carta. ~:FHLMC Federal Natianal Martgaqe Corp. CFNMC Financial Federal Savings Laan Financial Research Services First National bank. at Florida Gem Martgaoe Glendale Federal Savings ?~ Loan Glabal E+ank Gibraltar Savings ~ Loan Household Commercial Financial J. I. I~islak Carp. M;assner/Stringer Assoc./ Realtors Meritor Credit C~~rp. Martgaae Finance =~f America NCNF Profiessional Bancorp. Professional Mortgage Paceline National Martgaqe Sears Mortgage Carp. Select Martgaqe Coi^p. South Florida Savings Sun Mortgage Suncoast S °~ L Republic Natianal BanF: Time Mortgage °< Investments Unified Mortgage Co. Veterans Mr_,rtga.ge. ~, ^ s - -,.~ :, <rs ~~ e ~~ !~ ,~' ry ~~F ~ ~ . ~~ i~. kn~u~ r' ~, mss;; yscr ~rni'f?~ga~:P ~r'~f1~= G+_tlf ~~nk -y EDUCATIi]~VAI. CCIURSES ?< SEMINAF?~ ATTI~NLET)a .~ AMERICAN! INSTITUTE of REAL. ESTATE APi~fiF+?aERS sv~_~nsnrQd _ Hnw DesiUn Affects l~ala~e AIRE A Golf Course Valuation AIREA R SIC Seminar AIREA ~_ Gta~ndards of Pr ofessianal Practice t~PP:~ AIREA Principles and Practices Exam f3-~-Residential VaI~_~ati~+n AIREA _ submitted into tl~~ ~r.~.~...,~ xecord in connection ~=~ ith item. 31 on~~.~~~d_ Nlatty Hirai City Clerk ~~~~ _ ._ _.__ _ - _~,~~_