Loading...
HomeMy WebLinkAboutexhibit 2- appraisal report 4ASSESSMENT AND TAXES - 2000 The subject property is assessed under the jurisdiction of Miami -Dade County, Florida. The assessment for the property is established each year as, of January 1st by the Miami -Dade County Property Appraiser's Office at 100% of "Just Value," Just Value has been equated to arket Value less closing costs. While the State of Florida requires real estate to be assessed at 100% of Just Value, in reality the ratio of the assessed value to sales price is generally below 100%. Folio Number: 01-3114-035-1510 Assessed Value: Land $5,867 Improvements S 0 Total $5,867 Millage Rate: Tax Amount: $27.384 per $1,000 $160.66 OWNER OF RECORD AND ADDRESS Benjamin D. Gilbert 2576 Leland Road Marianna, Florida 32448 FIVE-YEAR HISTORY OF TITLE Investigation of the Public Records of Miami -Dade County, Florida indicates no sale transfer of title to the subject property during the past five years. QUINLIVAN APPRAISAL 5 ESTIMATED EXPOSURE TIME Exposure time is defined as the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events assuming a competitive and open market. The overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. In estimating a reasonable exposure time for the subject property, the appraiser has taken the following steps: Discussion with buyers, sellers and brokers of vacant sites in the area related to historic marketing periods. Based on the above sources, exposure time is estimated to have been 12 months for the subject property. ESTIMATED MARKETING PERIOD The estimated value of the subject is predicated upon a normal marketing period. A normal marketing period is generally defined as the most probable amount of time necessary to expose and actively market a property on the open market to achieve a sale. Implicit in this definition are the following assumptions: (A) The property will be actively exposed and aggressively marketed to potential purchasers through marketing channels commonly used by sellers and buyers of similar type properties. (B) The property will be offered at a price reflecting the most probable markup over market value used by sellers of similar type properties. (C) A sale will be consummated under the terms and conditions of the definition of Market Value required by the regulation. In order to estimate the marketability of this property, the sales activity in this market area was reviewed over the past three years, multiple listings were reviewed and real estate brokers who operate in this area were interviewed. Based on the above sources, the subject property could be sold within a twelve month time period. QUINLIVAN APPRAISAL 6 SITK DATA Dimension' and Shape: The site is rectangular in shape. The site fronts 50 feet, more or less, along the south side of N.W. 61 st Street with a depth southerly of 106 feet, more or less. Arm: 5,300 square feet or .122 acres Topography and Drainage: The site is level and approximately at street grade. Flood Zone: Map N2 12025C0180J (Effective March 2, 1994) Areas determined to be outside 500-year flood plain. Soil andiSubsoil: The immediate area of the subject site appears to have no unusual soil or subsoil conditions. Unusual conditions would be brought out by test borings. Utilities: Water: Miami -Dade Water and Sewer Department Sewer: Miami -Dade Water and Sewer Department Electricity: Florida Power & Light Company Telephone: BellSouth Telephone Company QUINLIVAN APPRAISAL 7 Street improvements: N.W. 6lst Street is an asphalt paved road with a dedicated width of 50 feet. N.W. 61 st Street contains one east bound and one west bound lane. ZONING Under Ordinance of the City of Miami. Classification: R-3, MULTIFAMILY MEDIUM -DENSITY RESIDENTIAL HIGHEST AND BEST USE: The subject property is currently vacant. The highest and best use of the subject is for single family, duplex or multifamily residential usage. QUINLIVAN APPRAISAL 8 • SITE MAP (MHZ 88) zoo' #0•44 Mr - . IlliaoirLf ---4"11 4111:r"-L,.; -ftv,: -178T11eiit., ., i, 41-" ' ''......K, , - -461 *.. T I. ' • Y: I.:, i4' - 1t4 • • - -!".::-='; . :1 I 4 A QUINLIVAN APPRAISAL ( SCOPE OF THE APPRAISAL The value of a site can be estimated by various methods which include Direct Sales Comparison, Allocation, Extraction, Development Approach, Land Residual or Ground Rent Capitalization. However, the Direct Sales Comparison Approach is the most preferred and utilized technique when sales of comparable sites are available. The other methodologies are indirect techniques which are generally used when an area is primarily built-up and sales of comparable sites are scarce. The Direct Sales Comparison Method of valuing the subject site was relied on due to the availability of recent land sales. In the Direct Sales Comparison Method, sales of similar recently sold sites with a similar highest and best use as the subject site are analyzed, compared and adjusted by time, property characteristics and location to indicate the Market Value of the subject site as though unimproved. The reliability of this approach is dependent upon the availability of comparable sales data, the verification of the sales data, the degree of comparability and the absence of non -typical conditions affecting the sale. A search for sales of sites in the general location of the subject sites was conducted. Data related to the subject properties was derived from various sources including but not limited to the Miami -Dade County Property Appraiser's Office, Miami -Dade County plats as compiled by First American Real Estate Solutions, Inc., FEMA flood zone maps, proposed zoning of the City of Miami and tax roll information provided by ISCNET. Comparable sales sources include First American Real Estate Solutions, Inc., on-line computer service provided by First American Real Estate Solutions, Inc. (formerly ISCNET), Board of Realtors' Listing Services, Tri-County Clipping Service and Landata, Inc. Sales prices are typically confirmed with a party to the transaction, i.e. buyer, seller real estate agent or attorney to the transaction. The sales all have similar zoning classification and highest and best use as the subject site. Several other sales were considered, but were not included because there was too wide a difference in physical factors, location and time. QUINLIVAN APPRAISAL 9 LAND VALUE A land value estimate is concluded by comparing the subject site to comparable land sales. Generally, the comparable land sales are adjusted by time, property, and location to indicate the Market Value of the subject site as though unimproved. This process is known as the Direct Sales Comparison Method. The Direct Sales Comparison Method is a process of analyzing sales of similar recently sold land parcels in order to derive an indication of the most probable sales price of the site being appraised. The reliability of this approach is dependent upon the availability of comparable sales data, the 'verification of the sales data, the degree of comparability and the absence of non -typical conditions affecting the sale. The facing page contains a summary of sales of similar land sites which have recently sold. Several other sales were considered, but were not included because there was too wide a difference in physical factors, location and time. In comparing the sales to the subject, consideration was given to factors of time, location, property characteristics, and terms and conditions of the sale. The sales were analyzed on a price paid per square foot of land area. The land sales are located within a one and one-half mile radius of the subject site. The sales are all considered similar in location to the subject site. The sale took place between June of 1996 and February of 2001. The majority of the sales (6 of the 8) sold between May of 2000 and February of 2001. There hasn't been any significant change in values in this market area over this time period. The sales and the subject property are zoned R-2 or R-3. A comparison of the unit prices indicates no price difference between these two zoning classifications. The land sales range in unit price from $1.04 to $1.60 per square foot. Based on a careful analysis of the land sales, it is estimated that the subject site has a value of $1.35 per square foot. 5,300 S.F. x $1.35 per S.F. = $7,155 Land Value Indication (Rounded) $7,200 QUINLIVAN APPRAISAL 10 ASSUMPTIONS AND LIMITING CONDITIONS This Appraisal Report has been made with the following general assumptions: 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 6. If no survey has been furnished to the appraiser, all measurements have been confirmed either in the field, in the plat book or by other reliable sources and are presumed to be accurate. 7. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 8. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the Appraisal Report. 9. It is assumed, unless a study has been provided otherwise, that no hazardous material such as asbestos, urea formaldehyde or other toxic waste exists in the property. The existence of a potentially hazardous material could have a significant effect on the value of the property. QUINLIVAN APPRAISAL 11 10. In reference to proposed construction, the real estate taxes and other expenses are estimated. These amounts are not guaranteed. 11. It is assumed in the valuation of the subject land site, unless a compliance letter has been furnished to us, that the State of Florida Growth Management Act does not prevent the issuance of a building permit. 12. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 13. It is assumed that the utilization of the land and improvements is within the boundaries of property lines of the property described and that there is no encroachment or trespass unless noted in the report. This Appraisal Report has been made with the following general limiting conditions: 1. The distribution, if any, of the total valuation of this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 2. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event, only with proper written qualification and only in its entirety. 3. The appraiser herein by reason of this appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 4. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. QUINLIVAN APPRAISAL 12 QUALIFICATIONS OF THE APPRAISER J. MARK QUINLIVAN Experience: Engaged in the field of real estate appraising since 1972. Associated with F. Robert Quinlivan, MAI, from 1972 to 1985. Currently President of Quinlivan Appraisal, P.A., a Real Estate Appraising and Consulting Firm, established in 1964. Graduate: University of Notre Dame BBA - BacheIor of Business Administration (Major in Finance and Business Economics) University of Maryland MBA - Master of Business Administration (Concentration in Finance) University of Miami Law School JD - Juris Doctor (Concentration in Real Estate and Taxation) Florida International University MSM - Master of Science in Management (Major in Real Estate) University of Miami MALS - Master of Arts in Liberal Studies (Humanities) Professional Affiliations: Member of the Appraisal Institute (MAI N° 5791) Member of the Florida Bar (N° 239992) Real Estate Broker, State of Florida (Ng 0125264) Certified General Appraiser, State of Florida, License N° RZ0000112 QUINLIVAN APPRAISAL 13 Qualified as an Expert Witness in the Following Courts: Miami -Dade, Broward, Palm Beach and Monroe County Circuit Courts United States Bankruptcy Court United States District Court Other Activities: Appraiser Special Master (1978 - 1980), Miami -Dade County Property Appraisal Adjustment Board Past President - Miami Chapter N° 71, Society of Real Estate Appraisers (1983 - 1984) Past President - South Florida Chapter N2 24, Appraisal Institute (1988) Past Governing Councilor of the American Institute of Real Estate Appraisers (1990) Young Advisory Council of Society of Real Estate Appraisers (1979 and 1980) Editorial Review Board (1981 - 1991) THE REAL ESTATE APPRAISER AND ANALYST published quarterly by the Society of Real Estate Appraisers Recent Publications: "Non -Conforming Use Properties: The Concept of Positive Economic Obsolescence", The Appraisal Journal, January 1981, Pages 45-51. (Arthur A. May Memorial Award 1982). QUINLIVAN APPRAISAL 14 Quinlivan Appraisal has prepared Appraisal Reports for the following: Institutions and Corporations: American Savings of Florida Archdiocese of Miami Atlantic Security Bank The Bank of Coral Gables Banco Atlantico Banco Industrial de Venezuela Banco Santander International Barnett Bank Barry University Ben Franklin Savings Bessemer Trust Company Capital Bank Central Bank Chevron Oil Company Chase Manhattan Bank Chase Federal Bank Chemical Bank Citibank Citicorp Savings City National Bank of Miami Consolidated Bank Coral Gables Federal Savings and Loan Association County National Bank Crown Life Insurance Company Eagle National Bank East Little Havana Development Corporation Eastem National Bank Equibank of Pittsburgh Espirito Santo Bank First Nationwide Bank First Union Bank Florida Power and Light Company Hemisphere National Bank Intercontinental Bank International Bank of Miami, N.A. Jefferson Bank Jewish Home for the Aged, Inc. QUINLIVAN APPRAISAL 15 Marine Midland Bank McCaughan Mortgage Company, Inc. McDonalds Corp. Mega Bank Miami -Dade Water and Sewer Authority NationsBank Northern Trust Bank of Florida Ocean Bank Pacific National Bank Ready State Bank Resolution Trust Corporation Savings of America Shell Oil Company Skylake State Bank SunTrust Bank Swire Properties Texaco Terremark Totalbank Trade National Bank Trust for Public Lands UniBank Universal National Bank University of Miami Governmental Agencies: City of Coral Gables City of Hialeah City of Miami City of Miami Beach City of Miramar City of North Miami Beach Miami -Dade County Aviation Department Miami -Dade County Department of Development & Facilities Management Miami -Dade County HUD Miami -Dade County Property Appraisal Adjustment Board Miami -Dade County Public Schools Miami -Dade County Public Works Department Miami -Dade County Transportation Administration Federal Deposit Insurance Corporation (FDIC) QUINLIVAN APPRAISAL 16 SELF-CONTAINED APPRAISAL OF VACANT SITES LOCATED AT SITE 1 - 1301 N.W. 60TH STREET SITE 2 - 1315 N.W. 60TH STREET SITE 3 - 1440 N.W. 61ST STREE SITE 4 - 1436 N.W. 61ST STREET SITE 5 - 1477 N.W. 60TH STREET SITE 6 - 6005 N.W. 15TH AVENUE SITE 7 - 1530 N.W. 60TH STREET SITE 8 - 1512 N.W. 60TH STREET SITE 9 - 1290 N.W. 59TH STREET SITE 10 - 5859 N.W. I3TH AVENUE SITE 11 - 1387 N.W. 58TH TERRACE SITE 12 - 1435 N.W. 58TH STREET SITE 13 - 5801 N.W. 13TH AVENUE SITE 14 - 6255 N.W. 12TH AVENUE SITE 15 - 1196 N.W. 63RD STREET SITE 16 - 1466 N.W. 61ST STREET MIAMI, FLORIDA DATE OF VALUATION: APRIL 21, 2001 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 • ri .417 J.B. ALHALE at ASSOCIATES, INC. .e r•' REAL ESTATE APPRAISERS AND CONSULTANTS . ¢` 3121 COMMODORE PLAZA, SUITE 200 :: e 2 .r; 9: 14 COCONUT GROVE, FLORIDA 33133-5846 . JOZEF ALHALE, MAI STATE CERTIFIED GENERAL APPRAISER NO. R7.0001557 May 23, 2001 Ms. Laura Billberry Director Office of Asset Management City of Miami 444 S.W. 2nd Avenue Miami, Florida 33130 Re: Job No: A2120 RFQ No: 99-00-271 Site .1 (MHZ-71) - Site 2 (MHZ-72) - Site 3 (MHZ-88) - Site 4 (MHZ-89) - Site 5 (MHZ-100) - Site 6 (MHZ-101) - Site 7 (MHZ-122) - Site 8 (MHZ-123) - Site 9 (MHZ-195) - Site 10 (MHZ-214) - Site 11 (MHZ-237) - Site 12 (MHZ-319) - Site 13 (MHZ-370) - Site 14 (MHZ-814) - Site 15 (MHZ-815) - Site 16 (MHZ-85) *Ow SS ' FAX: (786) 5 Y' • 70 E-1 qz IbalhahOabLcom 1301 N.W. 60th Street, Miami, Florida 1315 N.W. 60th Street, Miami, Florida 1440 N.W. 61st Street, Miami, Florida 1436 N.W. 61st Street, Miami, Florida 1477 N.W. 60th Street, Miami, Florida 6005 N.W. 15th Avenue, Miami, Florida 1530 N.W. 60th Street, Miami, Florida 1512 N.W. 60th Street, Miami, Florida 1290 N.W. 59th Street, Miami, Florida 5859 N.W. 13th Avenue, Miami, Florida 1387 N.W. 58th Terrace, Miami, Florida 1435 N.W. 58th Street, Miami, Florida 5801 N.W. 13th Avenue, Miami, Florida 6255 N.W. 12th Avenue, Miami, Florida 1196 N.W. 63rd Street, Miami, Florida 1466 N.W. 61st Street, Miami, Florida • Dear Ms. Billberry: Pursuant to your request for an appraisal of the above referenced properties, I submit this narrative appraisal report. Legal Description: Site 1 - Eastern 67 feet of Lot 14, Block 4, Orchard Villa Extension, as recorded in Plat Book 17, Page 55 of the Public Records of Miami -Dade County, Florida Site 2 - Lot I4, less the eastern 67 feet, Block 4, Orchard Villa Extension, as recorded in Plat Book 17, Page 55 of the Public Records of Miami -Dade County, Florida ._J 1 Mi. Laura Billberry May 23, 2001 Page Two • Site 3 - Lot 8, Block 9, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida Site 4 - Lot 9, BIock 9, Orange Heights, as recorded in Plat Book 14, Page 62 of the': Public Records of Mimi -Dade County, Florida Site 5 - Lot 25, Block 9, Orange Heights, as recorded in Plat Book 14, Page 62 of Public Records of Miami -Dade County, Florida Site 6 - Lot 26, Block 9, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida Site 7 - Lot 16, Block 13, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida Site 8 - Lot 17, Block 13, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida Site 9 - Lot 1, Block 7, Orchard Villa Extension, as recorded in Plat Book 17, Page 55 of the Public Records of Miami -Dade County, Florida Site 10 - Lot 28, Block 7, Orchard Villa Extension, as recorded in Plat Book 17, Page 55. �} of the Public Records of Miami -Dade County, Florida 1 - , . Site 11 - Lot 23, Block 8, Orchard Villa Extension, as recorded in Plat Book 17, Page 55 of the Public Records of Miami -Dade County, Florida Site 12 - Lot 10, Block 6, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida Site 13 - Lot 28, Block 10, Orchard Villa Extension, as recorded in Plat Book 17, Page 55 of the Public Records of Miami -Dade County, Florida Site 14 - Lot 38, Block 5, Woodmere, as recorded in Plat Book 14, Page 11 of the Public Records of Miami -Dade County, Florida Site 15 - Lot 37, Block 5, Woodmere, as recorded in Plat Book 14, Page 11 of the Public Records of Miami -Dade County, Florida Site 16 - Lot 5, Block 9, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida I have made a physical inspection of the subject sites and performed market research to provide estimates of the Highest and Best Use, and the Market Value of the Fee Simple Interest in the subject properties in their current "as is" condition (land valuation), as of April 21, 2001. J.B. ALHALE 81 ASSOCIATES, INC. REAL ESTATE APPRAISERS AND CONSULTANTS III. Laura Billberry �23 1 Three It is my estimate that the Market Value of the Fee Simple Interest in the subject their current "as is" condition (land valuation), as of April 21, 2001, was: PROPERTY ONE - 1301 N.W. 60TH STREET (MHZ-71) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDmO SIX THOUSAND SEVEN HUNDRED DOLLARS ($6,700) PROPERTY TWO - 1315 N.W. 60TH STREET (MHZ-72) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS". CONDITION SIX THOUSAND SIX HUNDRED DOLLARS ($6,600) PROPERTY THREE -1440 N.W. 61ST STREET (MHZ-88) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION NINE THOUSAND FOUR HUNDRED DOLLARS ($9,400) PROPERTY FOUR - 1436 N.W. 61ST STREET (MHZ-89) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION NINE THOUSAND FOUR HUNDRED DOLLARS ($9,400) PROPERTY FIVE - 1477 N.W. 60TH STREET (MHZ-100) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION NINE THOUSAND FOUR HUNDRED DOLLARS ($9,400) PROPERTY SIX - 6005 N.W. 15TH AVENUE (MHZ-101) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION TEN THOUSAND DOLLARS ($10,000) PROPERTY SEVEN - 1530 N.W. 60TH STREET (MHZ-122) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION NINE THOUSAND FOUR HUNDRED DOLLARS ($9,400) PROPERTY EIGHT - 1512 N.W. 60TH STREET (MHZ-123) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION NINE THOUSAND FOUR HUNDRED DOLLARS ($9,400) ).8. ALHALE 8t ASSOCIATES, INC. REAL ESTATE APPRAISERS AND CONSULTANTS ,. • Ms. Laura Bilberry May 23, 2001 Page Four PROPERTY NINE - 1290 N.W. S9TH STREET (MHZ-195) . MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION TEN THOUSAND DOLLARS ($10,000) PROPERTY TEN - 5859 N.W. 13TH AVENUE (MHZ-214) = ; MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION TEN THOUSAND DOLLARS ($10,000) PROPERTY ELEVEN - 1387 N.W. 58TH TERRACE (MHZ-237) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION NINE THOUSAND FOUR HUNDRED DOLLARS ($9,400) PROPERTY TWELVE - 1435 N.W. 58TH STREET (MHZ-319) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION SEVEN THOUSAND FIVE HUNDRED DOLLARS ($7,500) PROPERTY THIRTEEN - 5801 N.W. 13TH AVENUE (MHZ-370) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION TEN THOUSAND DOLLARS ($10,000) PROPERTY FOURTEEN - 6255 N.W. 12TH AVENUE (MHZ-814) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION NINE THOUSAND TWO HUNDRED FIFTY DOLLARS ($9,250) PROPERTY HYMEN - 1196 N.W. 63RD STREET (MHZ-815) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION ELEVEN THOUSAND DOLLARS ($11,000) • PROPERTY SIXTEEN - 1466 N.W. 61ST STREET (MIIZ-85) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION EIGHT THOUSAND TWO HUNDRED DOLLARS ($8,200) Sincerely, Jozef Alhale, MAI State Certified General Appraiser License No. RZ 0001557 1Q1 -I2.vt J.B. ALHALE 8z ASSOCIATES, INC. REAL ESTATE APPRAISERS AND CONSULTANTS TABLE OF CONTENTS PAGE NO. SUMMARY OF SALIENT FACTS ANQ cO USIONS ,. 1-7 PHOTOGRAPHS OF SUBJECT PROPERTY. ; .:F . 8 16 �, '-'' PURPOSE/FUNCTION OF THE APPRAISAL '` 17 SCOPE OF THE APPRAISAL 17 PROPERTY RIGHTS APPRAISED 17 DATE OF VALUATION 17 STATEMENT OF OWNERSHIP AND HISTORY 17 ESTIMATED MARKETING PERIOD 18 DEFINITION OF MARKET VALUE 18-19 NEIGHBORHOOD ANALYSIS 19 DESCRIPTION OF THE SITES 19 UTILITIES 20 FLOOD ZONE 20 ZONING 20-21 ASSESSMENT AND REAL ESTATE TAXES 21-22 THE VALUATION PROCESS 23 THE SALES COMPARISON APPROACH 24-35 RECONCILIATION AND FINAL VALUE ESTIMATE 36-38 CONTINGENT AND LIMITING CONDITIONS 39-40 • CERTIFICATION 41 ADDENDA 42 LETTER OF ENGAGEMENT 43 R-2 ZONING ORDINANCE 44-45 CONTINUING APPRAISAL EDUCATION (Jozef Alhale, MAI) 46 QUALIFICATIONS (Jozef Alhale, MAI) 47 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Location: Address: Site 1 - Northwest corner of N.W. 60th Street and N.W. 13th Avenue, Miami, Florida Site 2 - 67 feet west of the northwest corner of N.W. 60th Street and N.W. 13th Avenue, Miami, Florida Site 3 - 350 feet east of the southeast corner of N.W. 61st Street and N.W. 15th Avenue, Miami, Florida Site 4 - 207 feet west of the southwest corner of N.W. 61st Street and N.W. 14th Avenue, Miami, Florida Site 5 - 50 feet east of the northeast corner of N.W. 60th Street and N.W. 15th Avenue, Miami, Florida Site 6 - Northeast corner of N.W. 60th Street and N.W. 15th Avenue, Miami, Florida Site 7 - 100 feet west of the southwest corner of N.W. 60th Street and N.W. 15th Avenue, Miami, Florida Site 8 - 50 feet west of the southwest corner of N.W. 60th Street and N.W. 15th Avenue, Miami, Florida Site 9 - Southeast corner of N.W. 59th Street and N.W. 13th Avenue, Miami, Florida Site 10 - Northeast corner of N.W. 58th Terrace and N.W. 13th Avenue, Miami, Florida Site 11 - 50 feet east of the northeast corner of N.W. 58th Terrace and N.W. 14th Avenue, Miami, Florida Site 12 - 159 feet west of the northwest corner of N.W. 58th Street and N.W. 14th Avenue, Miami, Florida Site 13 - Northeast corner of N.W. 58th Street and N.W. 13th Avenue, Miami, Florida Site 14 - 56 feet south of the southeast corner of N.W. 63rd Street and N.W. 12th Avenue, Miami, Florida Site 15 - Southeast corner of N.W. 63rd Street and N.W. 12th Avenue, Miami, Florida Site 16 - 200 feet east of the southeast corner of N.W. 61st Street and N.W. 15th Avenue, Miami, Florida Site 1 - Site 2 - Site 3 - Site 4 - Site 5- Site 6- Site 7 - Site 8 - Site 9 - Site 10 - 1301 N.W. 60th Street, Miami, Florida 1315 N.W. 60th Street, Miami, Florida 1440 N.W. 61st Street, Miami, Florida 1436 N.W. 61st Street, Miami, Florida 1477 N.W. 60th Street, Miami, Florida 6005 N.W. 15th Avenue, Miami, Florida 1530 N.W. 60th Street, Miami, Florida 1512 N.W. 60th Street, Miami, Florida 1290 N.W. 59th Street, Miami, Florida 5859 N.W. 13th Avenue, Miami, Florida J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -1- SUMMARY OF SALIENT FACTS AND CONCLUSIONS Address (condnued): Property Code: Folio No: Site 11 - Site 12 - Site 13 - Site 14 - Site 15 - Site 16 - Site 1 - Site 2 - Site 3 - Site 4 - Site 5 - Site 6 - Site 7 - Site 8 - Site 9 - Site 10 - Site 11 - Site 12 - Site 13 - Site 14 - Site 15 - Site 16 - Site 1 - Site 2 - Site 3 - Site 4 - Site 5 - Site 6 - Site 7 - Site 8 - Site 9 - Site 10 - Site 11 - Site 12 - Site 13 - Site 14 - Site 15 - Site 16 - 1387 N.W. 1435 N.W. 5801 N.W. 6255 N.W. 1196 N.W. 1466 N.W. MHZ-71 MHZ-72 MHZ-88 MHZ-89 MHZ-100 MHZ-101 MHZ-122 MHZ-123 MHZ-195 MHZ-214 MHZ-237 MHZ-319 MHZ-370 MHZ-814 MHZ-815 MHZ-85 .� ``1'!. � ' 1. 12tbr +, 6311 iarai; 61st Street, Miami, Florida -- Continued -- 01-3114-043-0770 01-3114-043-0760 01-3114-035-1510 01-3114-035-1520 01-3114-035-1670 01-3114-035-1680 01-3114-035-2400 01-3114-035-2410 01-3114-043-1170 01-3114-043-1360 01-3114-043-1530 01-3114-035-0850 01-3114-043-1910 01-3114-021-1230 01-3114-021-1220 01-3114-035-1480 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -2- SUMMARY OF SALIENT FACTS AND CONCLUSIONS Continued — Owner of Record: Site 1 - 6020 Apartments, Inc. 2840 S.W. 3rd Avenue Miami, Florida 33129 . . Site 2 - 6020 Apartments, Inc. 2840 S.W. 3rd Avenue Miami, Florida 33129 Site 3 - Benjamin D. Gilbert 2576 Leland Road Marianna, Florida 32448 Site 4 - Jerry and Selma Franzus, Trustees 9803 Malvern Drive Tamarac, Florida 33321 Site 5 - John and Christine Johnson 15710 N.W. 44th Court Miami, Florida 33054-6017 Site 6- Site 7- Site 8 - Site 9 - Site 10 - Site 11 - Leon Leonard 3566 Charles Avenue Miami, Florida 33133 Orange Heights General Store, Inc. 1502 N.W. 60th Street Miami, Florida 33142-8111 Orange Heights General Store, Inc. 1502 N.W. 60th Street Miami, Florida 33142-8111 Emma M. Brassfield 1806 Wilson Place Augusta, Georgia 30904-5797 James S. Nivens 747 Myrtle Drive Rock Hill, South Carolina 29720 M.B. Wiseheart, Jr., Trustee 2840 S.W. 3rd Avenue Miami, Florida 33129-2317 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -3- SUMMARY OF SALIENT FACTS AND CONCLUSIONS — Continued -- Owner of Record (Continued): Site 12 - Jeffrey A. Baron 1190 71st Street, Apt. 2 Miami Beach, Florida 33141-3646 Site 13 - Site 14 - Site 15 - Site 16 - John H. and William Thompson 2333 N.W. 113th Court Ft. Lauderdale, Florida 33311 Alfred Thomas 2151 N.W. 113th Terrace Miami, Florida 33167 Alfred Thomas 2151 N.W. 13th Terrace Miami, Florida 33167 Delroy Harrell, Junior 1599 N.W. 82nd Street Miami, Florida 33147-5241 Legal Description: Site 1 - Eastern 67 feet of Lot 14, Block 4, Orchard Villa Extension, as recorded in Plat Book 17, Page 55 of the Public Records of Miami -Dade County, Florida Site 2 - Lot 14, less the eastern 67 feet, Block 4, Orchard Villa Extension, as recorded in Plat Book 17, Page 55 of the Public Records of Miami -Dade County, Florida Site 3 - Lot 8, Block 9, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida Site 4 - Lot 9, Block 9, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida Site 5 - Lot 25, Block 9, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida Site 6 - Lot 26, Block 9, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 4 - SUMMARY OF SALIENT FACTS AND CONCLUSIONS — Continued -- Legal Description (Continued): Site 7 - Lot 16, Block 13, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of M recorded, County, Florida Site 8 - Lot 17, Block 13, Orange Heights, as recorded in PIat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida Site 9 - Lot 1, Block 7, Orchard Villa Extension, as recorded in PIat Book 17, Page 55 of the Public Records of Miami -Dade County, Florida Site 10 - Lot 28, Block 7, Orchard Villa Extension, as recorded in Plat Book 17, Page 55 of the Public Records of Miami -Dade County, Florida Site 11 - Lot 23, Block 8, Orchard Villa Extension, as recorded in Plat Book 17, Page 55 of the Public Records of Miami -Dade County, Florida Site 12 - Lot 10, Block 6, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida Site 13 - Lot 28, Block 10, Orchard Villa Extension, as recorded in Plat Book 17, Page 55 of the Public Records of Miami -Dade County, Florida Site 14 - Lot 38, Block 5, Woodmere, as recorded in Plat Book 14, Page 11 of the Public Records of Miami -Dade County, Florida Site 15 - Lot 37, Block 5, Woodmere, as recorded in Plat Book 14, Page 11 of the Public Records of Miami -Dade County, Florida Site 16 - Lot 5, Block 9, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -5- SUMMARY OF SALIENT FACTS AND CONCLUSIONS — Continued — Site Area: Flood Zone: Zoning: Site 1 - 3,752 SF Site2- 3,696SF. Site 3 - 5,300f3F: Site4- 5,300SF Sites - 5,300 SF Site 6 - 5,300 SF Site 7 - 5,300 SF Site 8 - 5,300 SF Site 9 - 5,300 SF Site 10 - 5,300 SF Site 11 - 5,300 SF Site 12 - 5,300 SF Site 13 - 5,300 SF Site 14 - 5,200 SF Site 15 - 5,824 SF Site 16 - 5,300 SF Flood Zone "X" - Areas determined to be outside 500-year flood plain; National Flood Insurance Program, Community Panel Number 12025C-0180J, as revised March 2, 1994. R-3 Multi -Family Medium Density Residential District for Sites 1 through 10, and 13 through 16 R-2 Multi -Family Low Density Residential District for Sites 11 and 12 Existing Use: Vacant lots Highest and Best Use: Property Rights Appraised: Date of Appraisal, Inspection and Valuation: The Highest and Best Use of the subject sites, as vacant, would be for their assemblage with adjacent sites, for the development of multi -family apartment buildings, under an affordable housing program, within the constraints of the applicable zoning criteria. Fee Simple Interest April 21, 2001 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -6- SUMMARY OF SALIENT FACTS AND CONCLUSIONS MARKET VALUE ESTIMATES IN "AS IS' CONDITION: Income Capitalization Approach to Value: Not Applicable Sales Comparison Approach to Value: Cost Approach to Value: Site 1 / MHZ-71 Site 2 / MHZ-72 Site 3 / MHZ-88 Site 4 / MHZ-89 Site 5 / MHZ-100 Site 6 / MHZ-101 Site 7 / MHZ-122 Site 8 / MHZ-123 Site 9 / MHZ-195 Site 10 / MHZ-214 Site 11 1 MHZ-237 Site 12 / MHZ-319 Site 13 / MHZ-370 Site 14 / MHZ-814 Site 15 / MHZ-815 Site 16 / MHZ-85 Not Applicable $6,706 $6,600 $9,400 $9,400 $9,400 $10,000.. $9,400 ... $9,400 $10,000 $10,000 $9,400 $7,500 $10,000 $9,250 $11,000 $8,200 Reconciled Final Value Estimates: Site 1 / MHZ-71 $6,700 Site 2 / MHZ-72 $6,600 Site 3 / MHZ-88 $9,400 Site 4 / MHZ-89 $9,400 Site 5 / MHZ-100 $9,400 Site 6 / MHZ-101 $10,000 Site 7 / MHZ-122 $9,400 Site 8 / MHZ-123 $9,400 Site 9 / MHZ-195 $10,000 Site 10 / MHZ-214 $10,000 Site 11 / MHZ-237 $9,400 Site 12 / MHZ-319 $7,500 Site 13 / MHZ-370 $10,000 Site 14 / MHZ-814 $9,250 Site 15 / MHZ-815 $11,000 Site 16 / MHZ-85 $8,200 J.S. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 View of Site 3 (MHZ-88) - April 21, 2001 & .s.SS()CIATE, ApprakerS and LirlSultalltS ,Y.,.:11,,c1Hru 21..-)1) • (-.)(.:(.1TV_:: Grove. Florida 33133 PURPOSE/FUNCTION OF THE APPRAISAL The purpose of this appraisal report is to provide estimates of the Highest and Best Use, and the Market Value of the Fee Simple Interest in the subject properties in their current "as is" condition (land valuation), as of April 21, 2001. The iitnction of this report is to assist the client (City of Miami) in executive decision making and purchase of the subject properties. SCOPE OF THE APPRAISAL I have made a physical inspection of the subject sites and performed market research to provide estimates of the Highest and Best Use, and the Market Value of the Fee Simple Interest in the subject properties in their current "as is" condition (land valuation), as of April 21, 2001. The scope of the appraisal involves the research and analysis of factual data relative to the subject properties, as well as market data necessary for the development of the Sales Comparison Approach to Value. The Income Capitalization and Cost Approaches to Value were not applicable in the valuation of the subject vacant sites, and have not been utilized in this report. The data and information used in developing our findings, projections and valuation estimates have been derived from published information, direct interviews, analysis of similar properties and other sources which were considered appropriate, as of the date of this report. PROPERTY RIGHTS APPRAISED This appraisal report assumes marketable and insurable fee simple title. The appraisal is made with the understanding that the present ownership of the property includes all the rights that may be lawfully held under a fee simple estate. Fee simple is defined in The Dictionary of Real Estate Appraisal,.1984 Edition, which was sponsored by the American Institute of Real Estate Appraisers as follows: Absolute ownership unencumbered by any other interest or estate; subject only to the limitations of eminent domain, escheat, police power and taxation. DATE OF VALUATION April 21, 2001. STATEMENT OF OWNERSHIP AND HISTORY Refer to the summary of ownership. There was no arm's-length transfer of ownership at the subject sites within the last five years, as per the Public Records of Miami -Dade County, Florida. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 * Coconut Grove, Florida 33133 - 17 - ESTIMATED MARKETING PERIOD Based on my analysis of the market, it is my opinion that if the individual subject properties were listed for sale with an experienced Realtor, the marketing period would be approximately nine months to one year. This marketing period `is considered to represent the most probable amount of time necessary to expose and actively market the subject properties to achieve a sale consistent with the Market Value. DEFINITION OF MARKET VALUE Market Value is defined in The Appraisal of Real Estate, Tenth Edition, by the Appraisal Institute as follows: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest and assuming that neither is under undue duress. Fundamental assumptions and conditions presumed in this definition are: 1. Buyer and seller are motivated by self-interest. 2. Buyer and seller are well informed and are acting prudently. 3. The property is exposed for a reasonable time on the open market. 4. Payment is made in cash, its equivalent, or in specified financing terms. S. Specified financing, if any, may be the financing actually in place or on terms generally available for the property type in its locale on the effective appraisal date. 6. The effect, if any, on the amount of Market Value of atypical financing, services, or fees shall be clearly and precisely revealed in the appraisal report. Market Value is defined as per current Federal regulatory agency criteria as follows: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 18 - DEFINITION OF MARKET VALUE — Continued -- Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. buyer and seller are typically motivated; b. both parties are well informed or well advised, and acting in what they consider their own best interests; c. a reasonable time is allowed for exposure in the open market; d. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. NEIGHBORHOOD ANALYSIS The subject properties are located between N.W. 12th Avenue and N.W. 16th Avenue, and between N.W. 58th Street and N.W. 63rd Street, in the City of Miami. The major roadways serving the area include Interstate 95, N.W. 17th Avenue and N.W. 62nd Street. The subject neighborhood is a compatible mixture of duplexes, rental apartments and vacant lots, as well as service establishments situated along N.W. 17th Avenue and N.W. 62nd Street. The condition of properties in the subject neighborhood are very poor (vacant and vandalized buildings) to average. DESCRIPTION OF THE SITES Refer to the Summary of Salient Facts, for size. The subject sites are level at street grade, and do not have any apparent drainage or other problems which would restrict or limit the use of the sites. No soil boring tests or engineering reports were submitted to the appraiser; however, the sites are assumed to have stable subsoil conditions as do most properties in the immediate area. We have not been informed of an adverse subsoil condition revealed by an environmental assessment conducted by a firm with experience in identifying such substances, nor are we qualified to detect such substances that may exist. For valuation purposes, we have assumed that the subject sites would be typical for properties located in the subject area with no apparent soil problems which would restrict or limit the usage of the sites. If any adverse subsoil conditions are identified and do exist, these conditions would have a material affect on the Market Value of the subject properties. Our analysis assumes the property to be free of any adverse subsoil conditions, and is subject to the satisfactory removal of any existing contaminating materials in accordance with technical, environmental and governmental guidelines. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 19 - UTILITIES The public utilities available to the subject sites include electricity, water, sewer, and telephone service. Police and fire protection services are provided by the City of Miami. FLOOD ZONE Flood Zone "X" - Areas determined to be outside 500-year flood plain; National Flood Insurance Program, Community Panel Number 12025C-0180J, as revised March 2,1994. ZONING Sites 1 through 10, and 13 through 16 are located within the jurisdiction of the City of Miami and classified as R-3 Multi -Family Medium Density Residential District. The intent of this zoning classification is to allow for a variety of multi -family uses including low to mid -rise apartment structures with a maximum density of 65 units/acre and a maximum floor area ratio of .75. Uses permitted within the R 3 District include, but are not limited to, two-family buildings, multi -family buildings, hotels/motels (limited areas), adult -care facilities, churches, and child-care facilities. The following are some of the requirements for the R-3 zoning: Minimum lot size: Minimum Lot Width: Maximum Density: Floor Area Ratio: Building Footprint: Green Space: Maximum Height Limitation: Setback: Off-street Parking: 5,000 SF 50 feet 65 units/acre .75 times the gross lot area .40 times the gross lot area .15 times the gross lot area 50 feet from the flood level or average sidewalk elevation, whichever is higher Front - 20 feet Side - 10 feet Rear - 10 feet, except when abutting R-1 and R-2 districts, in which case it will be 20 feet One parking space/300 SF of office area; one parking space per efficiency and I -BR units and two spaces per 2-BR units, J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 f -20- ZONING — Continued Sites 11 and 12 are located within the jurisdiction of the City of Miami and classified. R-2 Multi -Family Low Density Residential District (Refer to the Addenda; for the'"" ordinance): Minimum lot size: Minimum Lot Width: Floor Area Ratio: Building Footprint: Green Space: Maximum Height Limit: 5,000 SF 50 feet .60 times the gross lot area .40 times the gross lot area .15 times the gross lot area 25 feet ASSESSMENT AND REAL ESTATE TAXES The subject properties are located within the City of Miami and are subject to both the City of Miami and Miami -Dade County ad valorem taxes on real and personal property. Site 1 is assessed at $5,996, with resultant real estate taxes of $164.19. Site 2 is assessed at $5,906, with resultant real estate taxes of $161.72. Site 3 is assessed at $5,867, with resultant real estate taxes of $160.66. Site 4 is assessed at $5,867, with resultant real estate taxes of $160.66. Site 5 is assessed at $5,867, with resultant real estate taxes of $160.66. Site 6 is assessed at $5,867, with resultant real estate taxes of $160.66. The real estate taxes for 1999, 1998, 1997, 1996, 1995, 1994, 1993 and 1992 are reported to be delinquent. Site 7 is assessed at $5,867, with resultant real estate taxes of $160.66. Site 8 is assessed at $5,867, with resultant real estate taxes of $160.66. Site 9 is assessed at $5,867, with resultant real estate taxes of $160.66. Site 10 is assessed at $5,867, with resultant real estate taxes of $160.66. Site 11 is assessed at $5,867, with resultant real estate taxes of $160.66. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -21 - proPertY• THE VALUATION PROCESS The valuation process is defined in the 1993 Edition of the Dictionary of Real. ;Estate which was sponsored by the App aisal ..Institute as fa" procedure employed to provide the answer to"a eliait's . In order to estimate the Market Value of the Fee Simple Interest in the subject properties in their current "as is" condition (land valuation), as of April 21, 2001, the Sales Comparison Approach to Value has been utilized. The Income Capitalization and Cost Approaches to Value were not applicable in the valuation of the subject vacant sites,and have not been utilized in this report. Site 16 is currently improved with a 615 SF single-family dwelling which was built in 1937 (64 years old) and has been declared unsafe structure. Accordingly, the property was analyzed as vacant site, less estimated cost of demolition. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 23 - THE SALES COMPARISON APPROACH LAND VALUATION In order to estimate the value of the subject sites, the land is analyzed as if vacant and available to be put to its Highest and Best Use. There are several different tec hntgtsics which can be utilized in the valuation of land. The technique selected must relate to the specific factors inherent in the appraisal problem at hand. The land valuation technique selected must reflect the prudent and rationale behavior of the most probable, typically informed purchaser/investor. In addition, the availability of reliable and verified market data further leads to the selection of the applicable land valuation technique. 1. The Sales Comparison Approach analyzes the sales of similar vacant parcels of land with comparison and adjustment made from these sales to the subject sites. 2. The Abstraction Method analyzes the sales of improved properties with an allocation made between land and improvement value. The indicated allocation may establish a typical ratio of land value to total value or to derive from the portion of the sales price allocated to land an estimate of land value for use as a comparable land sale. 3. The Cost of Development Method provides an estimate of the value of undeveloped land based upon the creation of a platted subdivision, development and sale of said parcel. The method assumes that the most probable purchaser of the land would be a developer/investor who plans to dispose of the developed sites at a.profit. The costs of development are subtracted from the estimated proceeds of sale resulting in a net income projection which is discounted over the market absorption peripd. 4. The Land Residual Method treats the net income available to support the investment in the site as a residual. The income required to cover the investment in new improvements that represent the Highest and Best Use of the site is deducted from the Net Operating Income resulting in an estimate of the net income to the land which is then capitalized to estimate the land value. The Sales Comparison Approach has been selected to estimate the Market Value of the subject sites. This method is based on the principle of substitution which states that a prudent purchaser/investor would pay no more for a given site than the cost of acquiring an alternative site with the same utility. The Sales Comparison Approach is based on a comparison between recently sold sites and the subject site, utilizing the price per square foot of buildable area unit of comparison. J.R. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 24 - eJ THE SALES COMPARISON APPROACH TO VALUE LAND VALUATION - Continued Comparable Land Sale One Location: 1336 N.W. 45th Street, Legal Description: Lot 5, Block 14, North Iu is ni E.= Plat Book 5, Page 48 of the Pub1ic`R�a Dade County, Florida Folio No: Grantee: Grantor: O.R. Book/Page: Site Size: Zoning: Floor Area Ratio: Maximum Buildable Area: Date of Sale: Consideration: Financing: Cash Equivalent Sale Price: Cash Equivalent Sale Price/SF of Site Area: Cash Equivalent Sale Price/SF of Buildable Area: — Continued -- as recorded in ards'of Miami- 01-3123-037-0890 Joe T. Jones, Sr. Billy J. Lewis 19454/3787 5,000 SF (.11 acre) R-2 City of Miami - Medium Density Multi -Family Residential District .60 3,000 SF January 12, 2001 $8,000 Cash to the seller $8,000 $1.60 $2.67 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 25 - THE SALES COMPARISON APPROACH TO VALUE LAND VALUATION - Continued Cojnparable Land Sale Two Location: 1829 N.W. 66th Street, Miami -Dade County, Florida Legal Description: Lot 25, Block 18, Liberty City, as. recorded in Plat Book 7, Page 79 of the Public Records of Miami -Dade County, Florida Folio No: 30-3115-005-5120 Grantee: The St. James African Methodist Episcopal Church Grantor: Marsha and Patricia Evans O.R. Book/Page: 19427/1084 Site Size: 3,600 SF (.08 acre) Zoning: RU-2 Miami -Dade County - Two -Family Residential District Floor Area Ratio: .60 Maximum Buildable Area: 2,160 SF Date of Sale: November 24, 2000 Consideration: $4,500 Financing: Cash to the seller Cash Equivalent Sale Price: $4,500 Cash Equivalent Sale Price/SF of Site Area: $1.25 Cash Equivalent Sale Price/SF of Buildable Area: $2.08 — Continued — J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 • - 26 - THE SALES COMPARISON APPROACH TO VALUE LAND VALUATION - Continued Comparable Land Sale Three Location: Legal Description: — Continued — . 1568 N.W. 68th Street, Miami, -Florida Lot 29, Block 1, New Liberty -City, as recorded in Plat Book 39, Page 28 of the Public Records of Miami -Dade County, Florida Folio No: 01-3114-018-0240 Grantee: Mount Tabor Missionary Baptist Church Grantor: County of Miami -Dade O.R. Book/Page: 19047/4080 Site Size: 3,600 SF (.08 acre) Zoning: R-2 City of Miami - Medium Density Multi -Family Residential District Floor Area Ratio: .60 Maximum Buildable Area: 2,160 SF Date of Sale: March 28, 2000 Consideration: $5,300 Financing: Cash to the seller Cash Equivalent Sale Price: $5,300 Cash Equivalent Sale Price/SF of Site Area: $1.47 Cash Equivalent Sale Price/SF of Buildable Area: $2.45 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 27 - fry THE SALES COMPARISON APPROACH TO VALUE LAND VALUATION - Continued CQmparable Land Sale Four Location: Legal Description: Grantee: Grantor: O.R. Book/Page: Site Size: Zoning: — Continued 6700 N.W. 23rd Place;°Miami Dade County, Florida Lot 7, Block 3, , No hwest Hi lands, ' as recorded in Plat Book 22, Page 23 of the Public Records of Miami -Dade County, = Florida Peaceful Zion Missionary Baptist Church Jensie Dorsey 19128/3669 4,964 SF (.11 acre) RU-2 Miami -Dade County - Two -Family Residential District Floor Area Ratio: .60 Maximum Buildable Area: Date of Sale: Consideration: Financing: Cash Equivalent Sale Price: Cash Equivalent Sale Price/SF of Site Area: $1.51 Cash Equivalent Sale Price/SF of Buildable Area: $2.52 2,978 SF March 12, 2000 $7,500 Cash to the seller $7,500 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 28 - THE SALES COMPARISON APPROACH TO VALUE LAND VALUATION - Continued Comparable Lod Sale Five Location: Legal Description: •nriN.,.•-_:.i; Continued _- 1529-1547 N.W. 69th Street, Miami; Florida Lot 12 and 15, Block 6, North 4,i.,.berty City, as recorded in Plat Book 39, Page 77of the Public Records of Miami -Dade County, "Florida Folio No: 01-3114-015-0890 and -0920 Grantee: Mount Olive Primitive Baptist Church Grantor: County of Miami -Dade O.R. Book/Page: 18998/3158 Site Size: 6,000 SF (.14 acre) Zoning: R-2 City of Miami - Medium Density Multi -Family Residential District Floor Area Ratio: .60 Maximum Buildable Area: 3,600 SF Date of Sale: February 25, 2000 Consideration: $8,000 Financing: Cash to the seller Cash Equivalent Sale Price: $8,000 Cash Equivalent Sale Price/SF of Site Area: $1.33 Cash Equivalent Sale Price/SF of Buildable Area: $2.22 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 29 - THE SALES COMPARISON APPROACH TO VALUE LAND VALUATION - Continued Comparable Land Sale Six Location: Legal Description: Folio No: Grantee: Grantor: O.R. Book/Page: Site Size: Zoning: -- Continued • {) 1442 N.W. 58th Terrace, ° Miami, -Florida Lot 19, Block 6, Orange Heights,as recorded in Plat Book 14, Page 62 of the Public Records of Miami - Dade County, Florida 01-3114-035-0920 New Jerusalem in Its Power Holiness County of Miami -Dade 18958/1308 5,300 SF (.12 acre) R-2 City of Miami - Medium Density Multi -Family Residential District Floor Area Ratio: .60 Maximum Buildable Area: 3,180 SF Date of Sale: January 24, 2000 Consideration: $11,000 Financing: Cash to the seller Cash Equivalent Sale Price: $11,000 Cash Equivalent Sale Price/SF of Site Area: $2.08 Cash Equivalent Sale Price/SF of Buildable Area: $3.46 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 30 - Address Foltio No Site Size (SF) Site Size (Acre) Zoning Floor Area Ratio (FAR) Buildable Area Date of Sale Consideration Financing Sale Price Sale Price/SF Sale Price/SF of Base Buildable Area Time Adjustment Time Adjusted Sale Price Time Adjusted Sale Price Sale Price/SF of Base Buildable Area Land Sale 1 COMPARABLE LAND SALES FOR VACANT LAND (EXHIBIT 3) Land Sale 2 Land Land Sala 3 Sale 4 Land Sale 5 Land Sale 6 1336 N.W. 1829 N.W. 1568 N.W. 6700 N.W. 1529-1547 N.W. 1442 N.W. 451h Street 66th Street 68th Street 23rd Place 69th Street 581h Tanana Miami Miami -Dade Co. Miami Miami -Dade Co. WBami Miami 01-3123-037-0890 30-3115-005-5120 01-3114-018-0240 30-3115-036-0261 01-3114-015-0690 01-3114-035..0920 01-3114-015-0920 5,000 3.600 3,600 4,964 6,000 0.11 0.08 0.08 0.11 0.14 5,300 0.12 R-2 RU-2 R-2 RU-2 R-2 R2 0.60 0.60 0.60 0.60 0.60 0.60 3,000 2,160 2,160 2,978 3,600 3,180 1/12/2001 11/24/2000 3/28/2000 3/1212000 2125/2000 1/2412000 $8,000 $4,500 $5,300 57.500 68,000 $11,000 Cash to Cash to Cash to Cash to Cash to Cash to the Seger the Seger the Seger the Seller the Sager the SON $8.000 $4,500 $5,300 67.500 58.000 $11,000 $1.60 $1.25 $1.47 $1.51 $1.33 $2.06 $2.67 $2.08 $2.45 $2.52 $2.22 $3.48', 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $8,000 54.500 95.300 57.500 $8.000 $11.000 0.60 $1.25 $1.47 $1.51 $1.33 52.06 $2.67 52.08 $2.45 $2.52 52.22 53.46 i n O THE SALES COMPARISON APPROACH TO VALUE — Continued -= ANALYSIS OF COMPARABLE LAND SALES The comparable land sales are considered similar to the subject sites in terms of zonip location, physical characteristics, topography and buildable utility ''The sales represent bona -fide "arm's length" transactions which represent pievailitig market values. analysis has taken into account those differentials relative to financing, time of sale, ''- location, size, zoning and developmental potential of the sites as they compare to the subject sites. Financing The comparable land sales are "cash to the seller" transactions and therefore, no adjustment for favorable financing was required. Time The comparable sales have occurred between January 2000 and January 2001, and are considered to reflect the prevailing market conditions in the subject area and no time adjustment was applied. Location The comparable land sales were considered similar to the subject sites in terms of location. . Size / Scale The comparable land sales range from 3,600 SF to 6,000 SF, while the subject sites have 3,696 SF to 5,824 SF, thereby not requiring a significant size/scale adjustment. Zoning, Floor Area Ratio (FAR) and Developmental Potential The subject sites are zoned as R-2 and R-3 Residential Districts. The comparable land sales are located within RU-2 and R-2 multi -family residential districts and were analyzed subject to their Floor Area Ratio (FAR) and resultant buildable area. The size and configuration of the subject sites and the comparable sales as it relates to their development potential were also taken into account. Summary and Land Value Correlation Prior to the adjustments discussed herein, the sale price per square foot of land area for the comparable land sales were $1.60, $1.25, $1.47, $1.51, $1.33 and $2.08, or an average of $1.54. Prior to the adjustments discussed herein, the sale price per square foot of buildable area for the comparable land sales were $2.67, $2.08, $2.45, $2.52, $2.22 and $3.46, or an average of $2.57. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 32 - THE SALES COMPARISON APPROACH TO VALUE iiiig Based on the precedinganalysis, .`f y $2.25 to S2 SO per square reasonable value range for Sites 1, 2, 3, 4, 5„ 8, 11, 12 Site-1: Site 2: Site 3: 2,814 SF x $2.25/SF = 2,814 SF .x $2.50/SF = $6,332 $7,035 Reconciled Market Value of Site 1 (Rounded) $6,700 2,772 SF x $2.25/SF = $6,37 2,772 SF x $2.50/SF = $6,930 Reconciled Market Value of Site 2 (Rounded) $6,600 3,975 SF x $2.25/SF = $8,944 3,975 SF x $2.50/SF = $9,93$ Reconciled Market Value of Site 3 (Rounded) $9,400 Site 41 3,975 SF x $2.25/SF = $8,94.4 3,975 SF x $2.50/SF = $9,938 Site 5: Site 7: Reconciled Market Value of Site 4 (Rounded) $9,400 3,975 SF x $2.25/SF = $8,944 3,975 SF x $2.50/SF = $9,938 Reconciled Market Value of Site 5 (Rounded) $9,400 3,975 SF x $2.25/SF = $8,944 3,975 SF x $2.50/SF = $9,938 Reconciled Market Value of Site 7 (Rounded) $9,400 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -33- 1* RECONCILIATION AND FINAL VALUE ESTIMATE MARKET VALUE ESTIMATES IN "AS IS" CONDITION: Income Capitalization Approach to Value: Not Applicable Sales Comparison Approach to Value: Cost Approach to Value: Site 1 / MHZ-71 Site 2 / MHZ-72 Site 3 / MHZ-88 Site 4 / MHZ-89 Site 5 / MHZ-100 Site 6 / MHZ-101 Site 7 / MHZ-122 Site 8 / MHZ-123 Site 9 / MHZ-195 Site 10 / MHZ-214 Site 11 / MHZ-237 Site 12 / MHZ-319 Site 13 / MHZ-370 Site 14 / MHZ-814 Site 15 / MHZ-815 Site 16 / MHZ-85 Not Applicable $6,700 $6,600 $9,400 $9,400 $9,400 $10,000 $9,400 $9,400 $10,000 $10,000 $9,400 $7,500 $10,000 $9,250 $11,000 $8,200 Reconciled Final Value Estimates: Site 1 / MHZ-71 $6,700 Site 2 / MHZ-72 $6,600 Site 3 / MHZ-88 $9,400 Site 4 / MHZ-89 $9,400 Site 5 / MHZ-100 $9,400 Site 6 / MHZ-101 $10,000 Site 7 / MHZ-122 $9,400 Site 8 / MHZ-123 $9,400 Site 9 / MHZ-195 $10,000 Site 10 / MHZ-214 $10,000 Site 11 / MHZ-237 $9,400 Site 12 / MHZ-319 $7,500 Site 13 / MHZ-370 $10,000 Site 14 / MHZ-814 $9,250 Site 15 / MHZ-815 $11,000 Site 16 / MHZ-85 $8,200 J.S. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 36 - �sYs iart+C RECONCILIATION AND FINAL VALUE ESTIMATE — Continued In order to estimate the Market Value of the Fee Simple Interest in the subject in their current "as is" condition (land valuation), as of April 21, 2001, the Comparison Approach to Value has been utilized. The Income Ca italizadog �' l Approaches to Value were not applicable in the valuation of the subject vacant' ibs y have not been utilized in this report. The Sales Comparison Approach is based on the principle of substitution which states that a prudent purchaser/investor would pay no more for a given site than the cost of acquiring an alternative site with the same utility. The Sales Comparison Approach is based on a comparison between recently sold sites and the subject site, using the price per square foot of buildable area unit of comparison. It is my estimate that the Market Value of the Fee Simple Interest in the subject properties in their current "as is" condition (land valuation), as of April 21, 2001, was: PROPERTY ONE - 1301 N.W. 60TH STREET (MHZ-71) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS . IS" CONDITION SIX THOUSAND SEVEN HUNDRED DOLLARS ($6,700) PROPERTY TWO - 1315 N.W. 60TH STREET (MHZ-72) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION SIX THOUSAND SIX HUNDRED DOLLARS ($6,600) PROPERTY THREE - 1440 N.W. 61ST STREET (MHZ-88) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION NINE THOUSAND FOUR HUNDRED DOLLARS ($9,400) PROPERTY FOUR - 1436 N.W. 61ST STREET (MHZ-89) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION NINE THOUSAND FOUR HUNDRED DOLLARS ($9,400) PROPERTY FIVE - 1477 N.W. 60TH STREET (MHZ-100) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION NINE THOUSAND FOUR HUNDRED DOLLARS ($9,400) PROPERTY SIX - 6005 N.W. 15TH AVENUE (MHZ-101) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION TEN THOUSAND DOLLARS ($10,000) PROPERTY SEVEN - 1530 N.W. 60TH STREET (MHZ-122) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION NINE THOUSAND FOUR HUNDRED DOLLARS ($9,400) J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 37 - CONTINGENT AND LIMITING CONDITIONS We assume no responsibility for matters legal in nature, nor do we render any opinion as to the title, which is assumed to be marketable. The properties are appraised as though under responsible ownership and management. When applicable, the sketch in this report is included to assist the reader in visualizing the property, and we assume no responsibility for its accuracy. We have made no survey of the property. We are not required to give testimony or appear in court because of having made this appraisal, with reference to the property in question, unless arrangements have been previously made thereof. Additional professional valuation services rendered would require further compensation under a separate contractual agreement. Where applicable, the distribution of the total valuation in this report between land and improvements applies only under the existing program of utilizations. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. We assume that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable. We assume no responsibility for such conditions or for engineering which might be required to discover such factors. Information, estimates and opinions furnished to us and contained in this report were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy can be assumed by us. Neither all nor any part of the contents of this report, or copy thereof, shall be used for any purpose by any but the client without the previous written consent of the appraiser, and/or the client; nor shall it be conveyed by any including the client to the public through advertising, publications, news, sales or other media, without the written consent and approval of the author, particularly the valuation conclusions, identity of the appraiser, or any reference to any professional society or institute or any initialed designation conferred upon the appraiser. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute, the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation and the requirements of the State of Florida for state certified real estate appraisers, as well as current Federal regulatory agency criteria. No one other than the undersigned prepared the analyses, conclusions and estimates concerning the real estate set forth in this appraisal. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 39 - rr i CONTINGENT AND LIMITING CONDITIONS -- Continued — The existence of hazardous materials, which may or may not be present on the property, was not observed. We have no knowledge of the .existence of such materials on orin the property, nor are we qualified to detect such. The presence of potcndally hazardous materials and/or substances may affect tht value of the property. The valuer estimate reflected in this appraisal report is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the "ADA". It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the "ADA" could reveal that the property is not in compliance with one or more of the requirements of the Act. Since we have no direct evidence relating to this issue, we did not consider possible non-compliance with the requirement of "ADA" in estimating the value of the property. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 40 - CERTIFICATION The undersigned do hereby certify that, to the best of our knowledge and belief, except' as otherwise noted in the appraisal report: The statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed herein are based, are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, unbiased professional analyses, opinions and conclusions. We have no present or prospective interest in the property that is the subject of this report and we have no personal interest or bias with respect to the parties involved. The amount of our compensation is not contingent upon an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. Our analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute, the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation and the requirements of the State of Florida for state certified real estate appraisers, as well as current Federal regulatory agency criteria. The appraisal assignment has not been based on a required minimum valuation, a specific valuation, or the approval of a loan. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives, as well as the Florida Real Estate Appraisal Board. - As of the date of this report, Jozef Alhale has completed the requirements of the continuing education program of The Appraisal Institute. The appraiser has personally inspected the subject properties which are described in this report. No one other than the undersigned prepared the analyses, conclusions and opinions concerning real estate that are set forth in this appraisal report, nor provided significant professional assistance to the persons signing this report. It is the opinion of the undersigned that the Market Value of the Fee Simple Interest in the subject properties in their current "as is" condition (land valuation), as of April 21, 2001, was as described herein. Jozef Alhale, MAI State Certified General Appraiser License No. RZ 0001557 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -41 - J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 42 - • Citygym' RI +' �.,"'.P }� X][ e 1 Carat ., LAIJRA IILLBERRY Director March 26, 2001. Mr. Joseph B. Alhale, MAI J.B. Alhale and Assoc., Inc. Miami, FL 33133 Sent via Facsimile RE: Job Number A2120. See attached exhibits 1,2,3, and 4 for subject properties. Dear Mr. Alhale: CARLOS A. G11►{EPILI Lily Man*, • 786-Sri •- 74,6-SSL -Of 7a This will be your authorization to provide appraisal reports for the property described above in accordance with your response to our solicitation. Please provide this office with the Market Value under the highest and best used of the fee simple interest in accordance with the scope of' work attached hereto. You are encouraged to review City of Miami files for any pertinent data regarding the analysis. It is understood and agreed that you will furnish the City of Miami four (4) copies of your analysis and estimate of the "Market Value". Your fee will not exceed S 20,000% This report must be completed within five weeks. City staff will review the appraisal and submit comments as necessary. Sincerely, eLau�iryrector Office of Asset Management LEI/may M V:app96:AuthoA2120,doc OFFICE OF ASSET MANAGEMENT 444 5.W 2nd Avenue, 3rd Floor/Miami, Florida 33130/{305) 416-1450/Fax: (305) 416.2156 Mailing Address: P.O. Box 330708/Miami, Florida 33233-0708 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 43 -