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HomeMy WebLinkAboutBack-Up Documents - Final Miami Firefighters Federal Credit Union AppraisalAPPRAISAL REPORT (MARKET RENT STUDY) Miami Firefighters Federal Credit Union 1111 NW 7th Street Miami, Miami -Dade County, FL 33136 Job # A-03-17-012 PREPARED FOR Mr. Igor Tsigelman Property Management Representative City of Miami, Department of Real Estate & Asset Management 444 SW 2nd Avenue, Third Floor Miami, FL 33130 PREPARED BY Joseph J. Blake and Associates, Inc. 4000 Ponce De Leon Boulevard Suite 410 Miami, FL 33146 BL JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 4000 Ponce De Leon Boulevard, Suite 410 1 Miami, FL 33146 1 Phone: (305) 448-1663 1 Fax: (305) 448-7077 1 www.josephjblake.com September 3, 2020 Mr. Igor Tsigelman Property Management Representative City of Miami, Department of Real Estate & Asset Management 444 SW 2nd Avenue, Third Floor Miami, FL 33130 Re: Miami Firefighters Federal Credit Union 1111 NW 7th Street Miami, FL 33136 Job # A-03-17-012 Dear Mr. Tsigelman: As requested, we have prepared an appraisal of the property referenced above presented in the attached Appraisal Report (Market Rent Study). The purpose of the appraisal is to develop an opinion of the 'as is' fair market rent with applicable annual increases (Fair Market Rent) in order to renegotiate a lease agreement with the current Lessee as of June 21, 2017. Briefly described, the subject consists of an average quality, two-story, bank branch in average condition, containing approximately 3,385 SF of net rentable area, constructed in 1961. The property includes a lobby, teller station, workroom, offices, bank vault, conference room, storage, and restrooms. The property is attached to the City of Miami Firefighters Fire Station #3 building. The property is currently 100.00% occupied by Miami Firefighters Federal Credit Union. The subject's site is part of a larger parcel that underlies the City of Miami Firefighters Fire Station #3 and consists of approximately 148,975 SF or approximately 3.42 acres of land. The site is irregular in shape and is level and at street grade. The current tenant, Miami Firefighters Federal Credit Union, benefits from its location within the City of Miami Firefighters Fire Station #3. However, the property may have limited marketability to other potential tenants. In addition, the property does not allow for a drive -through teller. The report contains 45 pages plus related exhibits. The appraisal and the attached Appraisal Report (Market Rent Study) have been prepared in conformity with and are subject to the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (USPAP). The appraisal is subject to the attached Assumptions and Limiting Conditions and Definition of Market Value. Corporate Headquarters: 425 Broad Hollow Road, Suite 429 1 Melville, New York 11747 1 (516) 827-0222 Regional Offices: Atlanta 1 Boston 1 Chicago 1 Dallas 1 Los Angeles 1 Miami 1 New York City 1 San Francisco 1 Washington D.C. Blake & Sanyu Alliance: Tokyo 1 Osaka 1 Nagoya 1 Sendai September 3, 2020 Mr. Igor Tsigelman Page 2 of 3 After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the 'as is' fair market rent of the 3,385± SF that comprises the interior of the bank branch, on a triple net basis, with the pass through of all expenses, and annual CPI rental increases, as of June 21, 2017, is: $67,700/YEAR NNN SIXTY-SEVEN THOUSAND SEVEN HUNDRED DOLLARS/YEAR NNN OR $20.00/SF/YEAR NNN The fair market rental rate is for a five-year base term with annual increases based on CPI. This appraisal is not based on any extraordinary assumptions. This appraisal is not based on any hypothetical conditions. The opinion(s) of value are based on exposure times of 6 to 12 months, assuming the property was properly priced and actively marketed. The attached Appraisal Report (Market Rent Study) summarizes the documentation and analysis in support of our conclusions. If you have any questions, please contact the undersigned. We thank you for retaining the services of our firm. Respectfully submitted, JOSEPH J. BLAKE AND ASSOCIATES, INC. Ted Allen, MAI, MRICS Matthew Roach, MAI Managing Partner Director Florida -State -Certified General Real Estate Appraiser Florida -State -Certified General Real Estate Appraiser No. RZ426 No. RZ3189 Expires: November 30, 2018 Expires: November 30, 2018 tallen@josephjblake.com Miami Firefighters Federal Credit Union 17-207-02 TABLE OF CONTENTS TITLE PAGE TRANSMITTAL LETTER EXECUTIVE SUMMARY 1 ZONING 1 PHOTOGRAPHS OF THE SUBJECT 2 CERTIFICATION 5 GENERAL ASSUMPTIONS & LIMITING CONDITIONS 7 PURPOSE OF THE APPRAISAL 9 INTENDED USER AND USE OF THE APPRAISAL 9 PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT 9 EXPOSURE TIME 9 SCOPE OF THE APPRAISAL 9 IDENTIFICATION OF THE PROPERTY 10 CURRENT USE OF THE SUBJECT 10 HISTORY OF THE SUBJECT 11 AREA ANALYSIS 12 NEIGHBORHOOD ANALYSIS 17 DESCRIPTION OF THE SITE 23 DESCRIPTION OF THE IMPROVEMENTS 25 ZONING 27 TAXES 28 HIGHEST AND BEST USE 29 MARKET RENT ANALYSIS 31 ADDENDA County Property Record Legal Description Zoning Information Flood Map Tax Information Floor Plan Appraisal Engagement Contract Glossary of Terms Qualifications of the Appraisers JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Miami Firefighters Federal Credit Union 17-207-02 EXECUTIVE SUMMARY PROPERTY SUMMARY PROPERTY APPRAISED PROPERTY ADDRESS PARCEL/TAX ID PROPERTY LOCATION PURPOSE OF THE APPRAISAL Miami Firefighters Federal Credit Union 1111 NW 7th Street Miami, FL 33136 01-3135-030-0010 The subject site is located on the northeast corner of NW 7th Street and NW 12th Avenue in the City of Miami, FL. The purpose of the appraisal is to develop an opinion of the 'as is' fair market rent with applicable annual increases (Fair Market Rent) in order to renegotiate a lease agreement with the current Lessee as of June 21, 2017. PERTINENT DATES DATE OF INSPECTION June 21, 2017 DATE OF REPORT September 3, 2020 DATE OF "AS IS" VALUE June 21, 2017 HIGHEST AND BEST USE AS IMPROVED The current improvements AS IF VACANT Commercial development PROPERTY DATA IMPROVEMENT DATA SITE DESCRIPTION CURRENT USE ZONING OCCUPANCY CENSUS TRACT Briefly described, the subject consists of an average quality, two-story, bank branch in average condition, containing approximately 3,385 SF of net rentable area, constructed in 1961. The property includes a lobby, teller station, workroom, offices, bank vault, conference room, storage, and restrooms. The property is attached to the City of Miami Firefighters Fire Station #3 building. The property is currently 100.00% occupied by Miami Firefighters Federal Credit Union. The subject's site is part of a larger parcel that underlies the City of Miami Firefighters Fire Station #3 and consists of approximately 148,975 SF or approximately 3.42 acres of land. The site is irregular in shape and is level and at street grade. As of the date of the value opinion(s), the subject was being used as a bank branch. For the purposes of this report, the subject is valued as a bank branch. The parcel is zoned "Cl," under the jurisdiction of the City of Miami. 100% 12-086-0051.02 VALUE SUMMARY Market Rent by Space Type Space Type Rent Method Miami Firefighters Credit Union $67,700 $/Year Increases CPI Type NNN Term 5 years JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 1 Miami Firefighters Federal Credit Union 17-207-02 PHOTOGRAPHS OF THE SUBJECT IulflI. �4„ i. I FRONT ELEVATION ELEVATION FROM NW 7" STREET N. il 1 .1., ,Ill LOBBY TELLER STATION i 1 io Ilitmi. WORKROOM FRONT DESK FROM NW 7' STREET ENTRANCE JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 2 Miami Firefighters Federal Credit Union 17-207-02 PHOTOGRAPHS OF THE SUBJECT TYPICAL OFFICE CONFERENCE ROOM 2ND FLOOR CORRIDOR EMPLOYEER•• JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 3 Miami Firefighters Federal Credit Union 17-207-02 PHOTOGRAPHS OF THE SUBJECT TYPICAL OFFICE INGRESS/EGRESS FROM NW 11TH AVENUE NW 11' AVENUE FACING NORTH TYPICAL OFFICE PARKING LOT NW 7Th STREET FACING EAST JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 4 Miami Firefighters Federal Credit Union 17-207-02 CERTIFICATION We, the undersigned, certify that, to the best of our knowledge and belief: • Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. Matthew Roach, MAI, has made a personal inspection of the property that is the subject of this report. • As of the date of this report, Ted Allen, MAI, MRICS has completed the continuing education program for Designated Members of the Appraisal Institute. As of the date of this report, Matthew Roach, MAI has completed the continuing education program for Designated Members of the Appraisal Institute. • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. • We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. • We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. • Our engagement in this assignment was not contingent upon developing or reporting predetermined results. • Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • The Appraisal Report (Market Rent Study) is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. In addition, our engagement was not contingent upon the appraisal producing a specific value and neither engagement, nor employment, nor compensation, is based upon approval of any related loan application. • Our analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • The reported 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 Appraisal Practice of the Appraisal Institute. • No one provided significant real property appraisal assistance to the persons signing this certificate. • The use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • The appraisers have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the date of acceptance of this assignment. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 5 Miami Firefighters Federal Credit Union 17-207-02 CERTIFICATION After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the 'as is' fair market rent of the 3,385± SF that comprises the interior of the bank branch, on a triple net basis, with the pass through of all expenses, and annual CPI rental increases, as of June 21, 2017, is: $67,700/YEAR NNN SIXTY-SEVEN THOUSAND SEVEN HUNDRED DOLLARS/YEAR NNN OR $20.00/SF/YEAR NNN The fair market rental rate is for a five-year base term with annual increases based on CPI. This appraisal is not based on any extraordinary assumptions. This appraisal is not based on any hypothetical conditions. The opinion(s) of value are based on exposure times of 6 to 12 months, assuming the property was properly priced and actively marketed. Respectfully submitted, JOSEPH J. BLAKE AND ASSOCIATES, INC. Ted Allen, MAI, MRICS Matthew Roach, MAI Managing Partner Director Florida -State -Certified General Real Estate Appraiser Florida -State -Certified General Real Estate Appraiser No. RZ426 No. RZ3189 Expires: November 30, 2018 Expires: November 30, 2018 tallen@josephjblake.com JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 6 Miami Firefighters Federal Credit Union 17-207-02 GENERAL ASSUMPTIONS & LIMITING CONDITIONS This Appraisal Report (Market Rent Study) is subject to underlying assumptions and limiting conditions qualifying the information contained in the Report as follows: The valuation opinions(s) apply only to the property specifically identified and described in the ensuing Report. Information and data contained in the report, although obtained from public record and other reliable sources and, where possible, carefully checked by us, is accepted as satisfactory evidence upon which rests the final opinion(s) of property value. We have made no legal survey, nor have we commissioned one to be prepared, and therefore, reference to a sketch, plat, diagram or previous survey appearing in the report is only for the purpose of assisting the reader to visualize the property. It is assumed that all information known to the client and/or the property contact and relative to the valuation has been accurately furnished and that there are no undisclosed leases, agreements, liens or other encumbrances affecting the use of the property, unless otherwise noted in this report. Ownership and management are assumed to be competent and in responsible hands. No responsibility beyond reasonableness is assumed for matters of a legal nature, whether existing or pending. We, by reason of this appraisal, shall not be required to give testimony as expert witness in any legal hearing or before any Court of Law unless justly and fairly compensated for such services. By reason of the Purpose of the Appraisal and the Intended User and Use of the Report herein set forth, the value opinion(s) reported are only applicable to the Property Rights Appraised, and the Appraisal Report (Market Rent Study) should not be used for any other purpose. Disclosure of the contents of this Appraisal Report (Market Rent Study) is governed by the By -Laws and Regulations of the Appraisal Institute. Neither all nor any part of the contents of this report (especially any opinions as to value, our identity, or the firm with which we are connected, or any reference to the Appraisal Institute or to the MAI Designation) shall be reproduced for dissemination to the public through advertising media, public relations media, news media, sales media or any other public means of communication without our prior consent and written approval. We have not been furnished with soil or subsoil tests, unless otherwise noted in this report. In the absence of soil boring tests, it is assumed that there are no unusual subsoil conditions or, if any do exist, they can be or have been corrected at a reasonable cost through the use of modern construction techniques. This appraisal is based on the conditions of local and national economies, purchasing power of money, and financing rates prevailing at the effective date(s) of value. We are not engineers and any references to physical property characteristics in terms of quality, condition, cost, suitability, soil conditions, flood risk, obsolescence, etc., are strictly related to their economic impact on the property. No liability is assumed for any engineering -related issues. Unless otherwise stated in this report, we did not observe the existence of hazardous materials, which may or may not be present on or in the property. The presence of substances such as asbestos, urea - formaldehyde foam insulation, or other potentially hazardous materials, may affect the value of the property. The value opinion is predicated on the assumption that there is no such material on or in the property that would cause a loss in value or extend their marketing time. No responsibility is assumed for any such conditions, or for the expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING Miami Firefighters Federal Credit Union 17-207-02 GENERAL ASSUMPTIONS & LIMITING CONDITIONS Toxic and hazardous substances, if present within a facility, can introduce an actual or potential liability that may adversely affect marketability and value. Such effects may be in the form of immediate clean-up expense or future liability of clean-up costs (stigma). In the development of our opinion(s) of value, no consideration was given to such liabilities or their impact on value. The client and all intended users release Joseph J. Blake and Associates, Inc., from any and all liability related in any way to environmental matters. Possession of this report or a copy thereof does not imply right of publication, nor use for any purpose by any other than the client to whom it is addressed, without our written consent. Cash flow projections are forecasts of estimated future operating characteristics and are based on the information and assumptions contained within the Appraisal Report (Market Rent Study). The achievement of the financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured. Actual results may well vary from the projections contained herein. We do not warrant that these forecasts will occur. Projections may be affected by circumstances beyond our current realm of knowledge or control. 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 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 for the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Unless otherwise stated in this report, we have no direct evidence relating to this issue and we did not consider possible non-compliance with the requirements of the ADA in forming the opinion of the value of the property. EXTRAORDINARY ASSUMPTIONS This appraisal is not based on any extraordinary assumptions. HYPOTHETICAL CONDITIONS This appraisal is not based on any hypothetical conditions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 8 Miami Firefighters Federal Credit Union 17-207-02 INTRODUCTION PURPOSE OF THE APPRAISAL The purpose of the appraisal is to develop an opinion of the 'as is' fair market rent with applicable annual increases (Fair Market Rent) in order to renegotiate a lease agreement with the current Lessee as of June 21, 2017. INTENDED USER AND USE OF THE APPRAISAL The intended user of this appraisal is the client, City of Miami, Department of Real Estate & Asset Management. We assume any affiliates, successors and assigns noted herein have the same intended use, knowledge and understanding as the original named client. The intended use of this appraisal is to assist the client with asset management purposes. This appraisal is not intended to be used by any other parties, for any other reasons, other than those which are stated here. Non -identified parties are not intended users of this report. PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT This Appraisal Report (Market Rent Study), with its analyses, conclusions and final opinions of market value, is specifically applicable to the following pertinent dates: DATE OF INSPECTION DATE OF REPORT DATE OF "AS IS" VALUE June 21, 2017 September 3, 2020 June 21, 2017 DEFINITION OF FAIR MARKET RENT The most probable rent that a property should bring in a competitive and open market reflecting the conditions and restrictions of a specified lease agreement, including the rental adjustment and revaluation, permitted uses, use restrictions, expense obligations, term, concessions, renewal and purchase options, and tenant improvements (Tls). Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) EXPOSURE TIME To form an opinion of exposure time, we considered the exposure times of properties similar to the subject in the same or similar sub -markets that have recently sold and/or conversations with local market participants. Based on our research, we are of the opinion that 6 to 12 months is a reasonable exposure time, assuming that the property was reasonably priced and actively marketed. PROPERTY RIGHTS APPRAISED The subject is appraised on the basis of a fair market rental rate. SCOPE OF THE APPRAISAL The scope of an appraisal assignment is relative to the intended use of the appraisal. The following outlines the extent of property inspection, market data collection, verification and analysis performed for this assignment. Inspection Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. Matthew Roach, MAI, has made a personal inspection of the property that is the subject of this report. This inspection included the interior and exterior of the subject. The inspection was visual in nature, to assess the economic condition of the property, in order to effectively compare it to other properties in the market. We are not engineers, and we did not assess the property from the standpoint of its structural integrity, or to determine whether any latent defects (water leaks, plumbing or electrical problems, etc.) were present. JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 9 Miami Firefighters Federal Credit Union 17-207-02 INTRODUCTION Subject Physical and Economic Characteristics The types of information obtained and the sources providing such information are detailed in the following table. Information Sources Information Type Received? Source Total Gross Building Area Yes Owner County Property Record Yes County Legal Description Yes County Zoning Information Yes City Flood Map Yes FEMA Tax Information Yes County Floor Plan Yes Owner Type of Analysis Applied The Income Capitalization Approach was applied in this valuation analysis. Extent of Data Research General economic data and market data were reviewed. Comparable sales were compiled from published sources including various reliable publications. Market data compiled for this report include a variety of rent comparables and improved property sales. These data are a result of research specific to the market and pertinent to the subject. The data were verified by buyers, sellers, brokers, managers, government officials or other sources regarded as knowledgeable and reliable. A rental survey of competing properties was conducted, and we provide photographs of all the comparable sales and rentals, where available. Information specific to the subject was provided by the client, owner, and/or representatives of the owner, and is assumed to be correct. Other information, such as zoning and tax records, was obtained from governmental sources. Specific estimates concerning market rent, expenses, vacancy, etc., reflect our judgment based on interpretation of the market data. The reasoning behind such estimates is illustrated throughout each of the approaches to value. IDENTIFICATION OF THE PROPERTY The property is commonly known as: Miami Firefighters Federal Credit Union 1111 NW 7th Street Miami, FL 33136 The property is also identified by the Miami -Dade County Tax Assessor's Office as tax parcel number(s) 01- 3135-030-0010. The legal description of the property is assumed to be correct. We have not commissioned a survey, nor have we had one verified by legal counsel. Therefore, we suggest a title company, legal counsel, or other qualified expert verify this legal description before it is used for any purpose. CURRENT USE OF THE SUBJECT As of the date of the value opinion(s), the subject was being used as a bank branch. For the purposes of this report, the subject is valued as a bank branch. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 10 Miami Firefighters Federal Credit Union 17-207-02 INTRODUCTION HISTORY OF THE SUBJECT The subject is currently owned by City of Miami Department of P & A - Asset Management Division. There is a Revocable License Agreement from the City of Miami to Miami Firefighters Federal Credit Union for the occupancy of the subject property, dated January 26, 2012. The agreement is revocable -at -will by the City. The agreement has a term of 60 months with options of five additional one-year renewal option periods. The monthly use fee is $3,102.92, or $11.00 per SF per year. The City has the right to increase the monthly use fee by 3% each renewal year. In addition, the Licensee pays the City 50% of its monthly Net Revenue derived from ATM transactions. For the purposes of this agreement, Net Revenue shall mean all ATM surcharge income minus operation expenses received by the Licensee derived directly from business operations exclusively related to the ATM operation. Based on the market rent analysis, our fair market rent conclusion is above the current license agreement use fee, however, our fair market rent conclusion does not include percentage rent. We are not aware of any listings, real property transactions, or ownership transfers pertaining to the subject in the three years prior to the date of the "as is" value opinion, other than that which is reported here. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 11 Miami Firefighters Federal Credit Union 17-207-02 AREA ANALYSIS AREA MAP Lb xah aic hee Nat'l Wildlife Refuge C ypre si. •.'Nation f4liccosukee Re: r•. siion ,y'press tianel F#3 rve Everglades National Park Raton Fort Lauderdale II Hollywood Miami Beach B lsc syne Natr_ n I Park arratr -e1_ccm INTRODUCTION The Miami -Fort Lauderdale -West Palm Beach Metropolitan Statistical Area (MSA) encompasses Broward, Miami -Dade, Monroe and Palm Beach counties. The subject is located in Miami -Dade County, Florida. Miami -Dade County is located in the southeast portion of Florida's east coast and is the southernmost county situated on Florida's mainland. Miami is the county seat of Miami -Dade County, which includes many other incorporated areas such as Miami Beach, Key Biscayne, Coral Gables, South Miami, Pinecrest, Aventura, Hialeah and Homestead. Miami -Dade County boasts an excellent geographic location, allowing it to serve as a gateway to the Caribbean and Latin America. A tourist destination in itself, it is also within a day's drive to some of Florida's major tourist destination cities. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 12 Miami Firefighters Federal Credit Union 17-207-02 AREA ANALYSIS Development and growth in Miami -Dade County are often attributed to the climate, which draws the northern United States tourist trade during the winter months. Miami -Dade County is a recognized banking and finance center, with over 120 financial institutions featuring a growing community of international banks serving Latin America. This international activity has emerged due to the more than 150 multi- national firms that have established their offices in Miami -Dade in order to direct their Latin American, Caribbean and in some cases, worldwide operations. The growth in business relations between Latin America and Miami -Dade County has been accompanied by ongoing growth in tourism from Latin America. Latin American tourists who enjoy shopping in the United States represent a major demand segment in Miami -Dade County's lodging and retail markets. The concurrency provision in the 1985 Growth Management Act requires that all water, sewer, roads, schools, parks and storm water facilities necessary to support existing improvements be in place before new construction is permitted. Thus, if a location is deficient in one or more categories, the affected infrastructure component must be expanded to support any new construction. A developer may choose to provide the various facilities and/or services necessary to support their project. However, in some cases the expense associated with offsite improvements may render a project economically unfeasible. Transportation Miami International Airport is the largest gateway between the United States and Latin America, and is one of the largest airline hubs in the United States, owing to its proximity to tourist attractions, local economic growth, large local Latin American and European populations, and strategic location to handle connecting traffic between North America, Latin America, and Europe. The Port of Miami is a leader in the maritime industry and home to nearly a dozen of the world's most distinguished cruise lines. The port offers more cargo sailings to more destinations in the Western hemisphere than any other port, and offers access to virtually every port in the world. Metrorail is a 21-mile rapid transit system on an elevated railway providing access to Downtown Miami from portions of both south and north Miami -Dade County. It connects with Metromover, a 30-station, five -mile system, that loops through the center of Downtown Miami's CBD. Metrobus provides the feeder system to Metrorail and bus service to all other parts of Miami -Dade County. A network of 5,640 miles of roadway serves Miami -Dade County, of which 1-95, 1-75, Florida's Turnpike, and the Palmetto Expressway (SR-826) are the most utilized north/south highways, while SR-112, SR-826 and SR-836 are the most utilized east/west expressways. US-1 and SR-A1A are also components of this network. Other primary thoroughfares include 1-395 (east/west), 1-195 (east/west), SR-9, SR-94, SR-874, US-27, US-41 and US-441. Education Miami -Dade County is served by more than 900 public and private secondary and elementary schools. Seven colleges and universities are located in the county. Miami -Dade College currently offers more than 175 programs and 1,500 courses, with enrollment of over 160,000 students. The University of Miami in Coral Gables has more than 15,000 degree -seeking students and offers 150 undergraduates and 192 graduate degree programs. Florida International University, with two campuses, 36,000 students and more than 800 full-time faculty, received the nation's fifth largest philanthropic gift in the history of public higher education —the Wolfsonian Museum on Miami Beach, with 70,000 artifacts worth an estimated $75 million. It was donated to the college in 1997 and features a wide array of objects ranging from high art to pop culture. Four-year degree programs are also available at Barry University, St. Thomas University, Florida Memorial College and Miami Christian College. JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 13 Miami Firefighters Federal Credit Union 17-207-02 AREA ANALYSIS Tourism/Recreation Known mainly for its trendy nightclubs and oceanfront resorts, Miami -Dade County is also a recognized center for the fine arts and the performing arts, offering an array of enriching cultural activities. These include the Miami Art Museum, Museum of Contemporary Art, Miami Art Central, Wolfsonian-FIU, and the Lowe Art Museum, which are filled with collections and exhibitions from all parts of the world. Broadway plays, the Repertory Theater, the Philharmonic, the Opera Guild, and a large number of historical attractions and exhibits are also favorites. Every year, numerous art festivals make their homes in Miami, including the world-renowned Coconut Grove Arts Festival and Art Basel. The Miami Beach Symphony Orchestra and the Greater Miami Opera Association both offer top-notch performances throughout the year. In addition, the Coconut Grove Playhouse, the Actor's Playhouse and the Gusman Center features a variety of plays and dance pieces from local, regional and national troupes. Medical According to the Greater Miami Chamber of Commerce, Miami -Dade County boasts two major medical networks: the Jackson Health System and Baptist Health South Florida. Jackson Health System, the largest group of medical services in the Southeastern United States, is assembled in a medical complex just west of Downtown Miami. At its hub is the University of Miami School of Medicine/Jackson Memorial Medical Center, ranked in the top 10 of more than 8,000 hospitals in the nation and situated in the city limits of Miami. In Miami -Dade County alone, there are more than 29,000 health care professionals and 28 hospitals. The extensive network of community hospitals includes: Mount Sinai Medical Center, Columbia Cedars Medical Center, Hialeah Hospital, Baptist Hospital, Jackson Memorial Hospital, Mercy Hospital and Miami Children's Hospital. AREA DEMOGRAPHIC AND INCOME DATA The following data was obtained from MOODY'S ANALYTICS Precis® U.S. Metro South, 2017. The full report is located in the Addenda, and contains additional information about the social, economic, governmental and environmental forces that influence value. Moody's Source for Charts 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Gross metro product (C$B) 104.1 104.4 106.3 108.4 111.1 113.8 115.9 121.3 127.0 132.3 136.8 141.4 %change (0.53%) 0.24% 1.85% 1.96% 2.47% 2.42% 1.91% 4.63% 4.71% 4.14% 3.43% 3.39% Total employment (ths) 985.1 1,007.3 1,031.3 1,056.7 1,089.4 1,123.4 1,142.2 1,166.4 1,189.8 1,212.8 1,228.8 1,235.3 change (0.35%) 2.25% 2.38% 2.46% 3.10% 3.12% 1.68% 2.12% 2.01% 1.93% 1.32% 0.53% Unemployment rate (%) 11.10% 9.40% 8.35% 7.60% 6.94% 6.14% 5.31% 4.55% 3.87% 3.46% 3.36% 3.71% Personal income growth (%) 8.88% 4.59% 3.17% (0.42%) 6.78% 6.22% 4.87% 5.96% 7.30% 7.15% 5.99% 5.39% Median household income($ ths) 42.0 41.7 42.0 42.4 42.9 43.8 45.3 47.0 49.2 51.3 53.0 54.6 Population (ths) 2,508.2 2,580.1 2,611.2 2,641.9 2,668.9 2,693.1 2,728.7 2,767.0 2,806.8 2,847.1 2,887.4 2,926.5 %change 1.80% 2.87% 1.21% 1.18% 1.02% 0.91% 1.32% 1.41% 1.44% 1.43% 1.42% 1.35% Single-family permits 941.0 962.0 1,819.0 2,266.0 2,077.0 2,800.0 3,344.6 5,557.1 7,033.1 7,630.5 7,182.7 6,978.3 Multifamily permits 2,262.0 1,656.0 3,250.0 8,050.0 5,654.0 9,817.0 5,671.5 7,408.9 7,924.9 7,079.7 6,000.2 6,330.0 FHFA house price (199501=100) $195.70 $182.97 $185.95 $207.70 $233.55 $257.42 $282.04 $296.31 $300.32 $292.65 $284.74 $281.83 Source: MOODY'S ANALYTICS Precis® U.S. Metro South, 2017 JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 14 Miami Firefighters Federal Credit Union 17-207-02 AREA ANALYSIS 1,400 1,200 1,000 - 800 - 600 400 200 0 - Total Employment (ths) % Change in Employment ON ON titi ti� ON ON" ti0, ON ON' tic tit ON ON" ti0 ti0 titi 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% $60 - $50 $40 - $30 - $20 $10 $0 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% (0.50%) (1.00%) ti0 titi N, ti� N, N, ti� N, N, N, A, by Unemployment Rate Personal Income Growth 10.00% 8.00% - 6.00% 4.00% 2.00% ti� titi ON' tin ti0 ON' ti� ti1 ti4 ti� ti titi ti0 ti0 ti0 ti0 ti0 ti0 ti0 ti0 ti0 ,I, (2.00%) ti0 titi N, ti� N, N, ti� N, N, N, A, A. Median Household Income (ths) Existing Home Price (ths) rrrRrNN111 yb yh <O `y^ 'y) 'y� 0 Lti $350 $300 $250 $200 $150 $100 $50 $0 titi ti� ti� ti) tih ti� ti^ ti� N, A. A, JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 15 Miami Firefighters Federal Credit Union 17-207-02 AREA ANALYSIS Historic Population Growth (ths) 2,750 2,950 2,700 2,900 2,650 - 2,850 2,600 - 2,800 2,550 - 2,750 2,500 — 2,700 2,450 — 2,650 2,400 2,600 10,000 8,000 6,000 4,000 2,000 0 Projected Population Growth (ths) 0 N. yL N. y� ,yi � ti� ti� yoi `1, N. ti0 LO y0 ti0 y0 ti0 '1, ti0 ti0 ti0 ti0 ti0 Single -Family Permits y0 N, yL y� 0, yh (0 y1 9, yo) ti0 '0, 12,000 - 10,000 - 8,000 - 6,000 4,000 2,000 - 0 Multi -Family Permits CONCLUSION An analysis of South Florida and more specifically, Miami -Dade County, demonstrates that the area has historically been on a path of growth. Previous population growth is primarily due to in -migration, with the majority of the migrants coming from within the state, as well as New York, Georgia and international sources. With the recession receding, the values of the County's office, industrial, commercial and residential properties have recovered substantially, with decreased vacancies appearing in office complexes, industrial neighborhoods, and shopping centers, and homes increasing in value. Despite the effects of the recent recession, many of the factors that led to Miami -Dade County's historical success remain in place. Therefore, the county will likely continue to grow. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 16 Miami Firefighters Federal Credit Union 17-207-02 NEIGHBORHOOD ANALYSIS NEIGHBORHOOD MAP c. .a j . 0. • > > G C IV 28th St W 20th St I 1 Ath St VW 7th St HAVANA NW 3rd St VW 1st Si SW 3rd s, SW 6Tt~ St Goggle fL 47) n ALLAPATTAH ao NW 17th St z. �+ &Net Dr r+� a. N � any Pull MS any g'lizL MN Marlins Park W Nagler St SW 3rd St SW 16th Si any LOLL MS aAy tilt[ MN any UlZ L MN WYNWOOC) NW 28th Si Wynwood WaI'Is® EOiikWvi z (11 NW 70th St z 1 m a n NW 17th St a ri `m m TOWN SQUARE any IWCO tfy 0VERT0WN NW 8th 5t NW 7th St NW6St I1 NW Sth S1 NW 1st s; ztr OOWNTOWF D MIAMI sW 6lh St Map data q12017 Googre INTRODUCTION A property is an integral part of its surroundings and must not be treated as an entity separate and apart from its surroundings. The value of a property is not found exclusively in its physical characteristics; physical, economic, political and sociological forces in the area interact to give value to a property. In order to determine the degree of influence extended by these forces on a property, their past and probable future trends are analyzed. Therefore, in order to form an opinion of the value of a property, an analysis is made of the area in which the property under study is found. This area is referred to as a neighborhood. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 17 Miami Firefighters Federal Credit Union 17-207-02 NEIGHBORHOOD ANALYSIS A neighborhood can be a portion of a city, a community or an entire town. It is usually an area which exhibits a fairly high degree of homogeneity as to use, tenancy and certain other characteristics. Homogeneity is a state of uniform structure or composition throughout. Therefore, in real estate terminology, a homogeneous neighborhood is one in which the property types and uses are similar. A neighborhood is more or less a unified area with somewhat definite boundaries. As a neighborhood's boundaries serve to limit the physical area that exerts germane influences on a property's value, the boundaries may indeed run concurrent with variations in prevailing land uses or physical characteristics. LOCATION The subject site is located on the northeast corner of NW 7th Street and NW 12th Avenue in the City of Miami, FL. The subject is located in the Little Havana neighborhood of the City of Miami, FL. The boundaries of the neighborhood are NW/SW 37th Avenue to the west, 1-95 to the east, Miami River to the north, and SW 11th Street to the south. ACCESSIBILITY NW 27th Avenue is a major four- to six -lane roadway at the western edge for the neighborhood. Land usage is primarily commercial in nature along most stretches of this roadway. This thoroughfare stretches south into Coconut Grove and Biscayne Bay and into Broward County to the north. 1-95, which travels in a north/south direction, provides accessibility along the eastern areas of Miami -Dade County and Broward County. 1-95 also offers accessibility both north and south throughout the State of Florida. Along its route, it also provides east and westbound accessibility to the county along other highways, which connect with it. In the subject's area, 1-95 also connects with the Airport Expressway (SR- 112) and the Dolphin Expressway (SR-836). The Dolphin Expressway, an east/west highway, provides access to the western portions of Miami -Dade County, including the Miami International Airport. The Airport Expressway, another east/west highway, travels from 1-95 to the Miami International Airport. This highway network provides excellent commuting routes to residents of the area who work in downtown Miami, Ft. Lauderdale, or other parts of Miami -Dade and Broward counties. The subject has good access to the majority of Miami -Dade County and the major inter -city expressways. Main access to the subject's neighborhood is provided via any of the roadways, which mark its boundaries. Miami International Airport is located approximately 5.6 miles west of the subject, with the Miami Downtown Central Business District located approximately 1.9 miles southeast. The subject site has access from NW 7th Street, NW 11th Avenue and NW 12th Avenue. DEVELOPMENT Little Havana is named after Havana, the capital and largest city in Cuba. Little Havana is noted as a center of social, cultural, and political activity in Miami. Its festivals, including the Calle Ocho Festival, Viernes Culturales/Cultural Fridays, the Three Kings Parade and others, have been televised to millions of people every year on different continents. It is also known for its landmarks, including Calle Ocho (SW 8th Street/Tamiami Trail), and its Walk of Fame (for famous artists and Latin personalities, including Celia Cruz, Willy Chirino, and Gloria Estefan), the Cuban Memorial Boulevard, Plaza de la Cubanidad, Domino Park, the Tower Theater, Jose Marti Park, the Firestone/Walgreens Building, St. John Bosco Catholic Church, Municipio de Santiago de Cuba and others. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 18 Miami Firefighters Federal Credit Union 17-207-02 NEIGHBORHOOD ANALYSIS The neighborhood is developed primarily with residential type properties at its core. There are also concentrations of commercial development along the major roadways and the major medical and governmental concentration a few blocks north of the subject. In addition, along NW 20th Street is a small concentration of industrial properties. The majority of the properties in the neighborhood are older in nature. Since the area was developed early, it is entirely built out and there are currently no parcels of land that are on the real estate market. The existing buildings in the neighborhood range in age from 50 years old to new, with numerous properties having been constructed within the past 15 years. There are both single and multiple family developments throughout the neighborhood. We note that just east of the subject, the old Orange Bowl Stadium, was demolished, and a new baseball stadium for the Florida Marlins was built. The new stadium is home to the Miami Marlins. Construction began on July 1, 2009, with the Marlins moving into their new home in 2012. The northeastern section of the neighborhood is commonly referred to as the "Civic Center" area. Overall, development in this area consists of hospital/medical buildings and county buildings. Jackson Memorial Hospital, the county hospital for Miami -Dade County, and the University of Miami Medical School are the major occupants of the area. Other notable medical facilities include Miami -Dade County Public Health, Cedars Medical Center, the V.A. Hospital Center, the National Children's Cardiac Center, the Bascom Palmer Eye Institute and United Cerebral Palsy. The Miami -Dade County Department of Justice and other county related properties, including the county courthouse, are also located in this area. NW 20th Street generally marks the northern edge of this development. In partnership with the University of Miami, developer Wexford Science + Technology constructed the UM Life Science Park located at the southeast corner of NW 7th Avenue and NW 20th partnering with UM scientists and doctors. The Life Science Park has street level retail and residences for scientists and other researchers. Under the proposed Master Plan, the University may develop up to 1.8 million square feet of laboratory, office and retail space on 10 acres. The plan contemplates a full build -out of five research and development buildings dedicated to life sciences research. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 19 Miami Firefighters Federal Credit Union 17-207-02 NEIGHBORHOOD ANALYSIS DEMOGRAPHICS The Site To Do Business is a service that provides demographic data, including historical, current and forecasted population estimates for a specified region. Patterns of development, density and migration are reflected in the population estimates. A survey of the subject area's population and growth rate is summarized in the following charts, followed by a map of the surveyed area. Demographics Summary Population Households Families Average Household Size Owner Occupied Housing Units Renter Occupied Housing Units Median Age Population by Age 0-4 5-9 10 - 14 15 - 19 20 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65 - 74 75 - 84 85+ 1 mile 54,372 21,378 11,393 2.44 2,182 19,196 40.5 1 mile 6.1% 5.5% 4.7% 4.8% 6.3% 14.8% 13.7% 13.2% 11.6% 9.9% 6.4% 2.8% 2016 3 mile 5 mile 310,899 127,030 68,136 2.40 31,555 95,475 38.6 3 mile 5.6% 5.2% 4.5% 4.5% 6.7% 17.8% 14.9% 13.5% 11.3% 8.5% 539,962 219,817 119,660 2.42 64,911 154,907 39.0 5 mile 5.6% 5.3% 4.8% 4.7% 6.6% 17.0% 14.5% 13.6% 11.6% 8.7% 5.3% 5.3% 2.2% 2.3% 1 mile 58,104 22,827 12,118 2.44 2,330 20,497 41.6 1 mile 6.0% 5.3% 5.1% 4.9% 5.8% 13.7% 13.8% 12.6% 12.0% 11.0% 7.0% 2.9% 2021 3 mile 333,840 137,441 72,727 2.38 33,361 104,080 39.3 3 mile 5.5% 5.0% 4.8% 4.5% 6.1% 17.4% 14.8% 12.8% 11.8% 9.4% 5.6% 2.3% 5 mile 574,836 234,752 126,712 2.41 68,008 166,744 39.7 5 mile 5.6% 5.1% 5.0% 4.7% 5.9% 16.5% 14.4% 12.9% 12.1% 9.7% 5.7% 2.3% Households by Income <$15,000 $15,000 - $24,999 $25,000 - $34,999 $35,000 - $49,999 $50,000 - $74,999 $75,000 - $99,999 $100,000 - $149,999 $150,000 - $199,999 $200,000+ Median Household Income Average Household Income Per Capita Income 1 mile 42.00% 19.10% 12.00% 13.50% 7.90% 2.50% 2.00% 0.60% 0.40% $18,151 $28,957 $12,536 3 mile 25.40% 14.50% 11.80% 13.00% 14.10% 7.10% 7.90% 2.90% 3.40% $33,168 $55,747 $23,367 5 mile 24.50% 14.10% 11.70% 12.90% 14.00% 7.20% 8.20% 3.20% 4.20% $34,712 $59,619 $24,728 Source: Site To Do Business 1 mile 42.60% 21.60% 7.70% 12.60% 9.00% 2.90% 2.40% 0.80% 0.50% $17,402 $30,497 $13,066 3 mile 25.00% 16.00% 7.50% 10.80% 16.00% 8.00% 9.40% 3.60% 3.70% $36,553 $61,464 $25,854 5 mile 24.00% 15.80% 7.80% 10.50% 15.50% 8.10% 9.70% 3.90% 4.50% $37,634 $65,235 $27,068 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 20 Miami Firefighters Federal Credit Union 17-207-02 NEIGHBORHOOD ANALYSIS Trends: 2016 - 2021 Annual Rate 1 mile Radius Population Households Families Owner HHs Median Household Income 3 mile Radius Population Households Families Owner HHs Median Household Income 5 mile Radius Population Households Families Owner HHs Median Household Income Area State National 1.34% 1.29% 0.84% 1.32% 1.21% 0.79% 1.24% 1.13% 0.72% 1.32% 1.09% 0.73% -0.84% 2.52% 1.89% Area State National 1.43% 1.29% 0.84% 1.59% 1.21% 0.79% 1.31% 1.13% 0.72% 1.12% 1.09% 0.73% 1.96% 2.52% 1.89% Area State National 1.26% 1.29% 0.84% 1.32% 1.21% 0.79% 1.15% 1.13% 0.72% 0.94% 1.09% 0.73% 1.63% 2.52% 1.89% Source: Site To Do Business Source: Site To Do Business JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 21 Miami Firefighters Federal Credit Union 17-207-02 NEIGHBORHOOD ANALYSIS LIFE CYCLE A neighborhood's life cycle usually consists of four stages: • Growth - a period during which the neighborhood gains public favor and acceptance • Stability - a period of equilibrium without marked gains or losses • Decline - a period of diminishing demand • Revitalization - a period of renewal, redevelopment, modernization, and increasing demand Source: The Appraisal of Real Estate, 14th Edition The subject is considered to be in the revitalization stage, a period of renewal, modernization, and increasing demand. Currently, most of the older developments in the subject's immediate neighborhood are in fair to average condition. However, the area is at the beginning of a redevelopment stage as evidenced by the proposed and new construction in the area. NEIGHBORHOOD ANALYSIS CONCLUSION To recapitulate, the neighborhood has continued to uphold its reputation as one of the more desirable and affordable areas in Miami -Dade County. Accessibility to the major employment hubs is within 30 minutes driving time, as well as most of the major support facilities needed. Therefore, the neighborhood should continue to be in high demand, building upon the solid foundation it has established as a middle-class area. Consequently, the subject should continue to capture its share of the market for the foreseeable future. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 22 Miami Firefighters Federal Credit Union 17-207-02 DESCRIPTION OF THE SITE The subject's site is part of a larger parcel that underlies the City of Miami Firefighters Fire Station #3. Therefore, the following site description pertains to the entire site of the City of Miami Firefighters Fire Station #3. SITE DETAILS ADDRESS 1111 NW 7th Street, Miami, Miami -Dade County, FL 33136 PARCEL NUMBER 01-3135-030-0010 LEGAL DESCRIPTION See Addenda LOCATION The subject site is located on the northeast corner of NW 7th Street and NW 12th Avenue in the City of Miami, FL. LOCATION TYPE Urban MAP LATITUDE/LONGITUDE 25.780538/-80.213599 CENSUS TRACT 12-086-0051.02 SIZE 148,975 SF or 3.42 acres PRIMARY FRONTAGE STREET NW 7th Street SECONDARY FRONTAGE STREET NW 12th Avenue ADJACENT PROPERTIES - NORTH Vacant land, Commercial ADJACENT PROPERTIES - EAST Vacant land TRAFFIC COUNT NW 7th Street: 4,500; NW 12th Avenue: 24,500 TRAFFIC COUNT YEAR 2016 VIEW Average ACCESS The subject site has access from NW 7th Street, NW 11th Avenue and NW 12th Avenue. INGRESS/EGRESS The subject site has ingress/egress from NW 7th Street, NW 11th Avenue, and a roadway connecting to NW 12th Avenue. SITE VISIBILITY Average STREET LIGHTING Average STREET CONDITION Paved with asphalt SIDEWALKS Average CURBS AND GUTTERS Average LANDSCAPING The subject's landscaping is typical for the area. TOPOGRAPHY The subject's topography is level and at street grade. SHAPE The subject site is irregular in shape. REQUIRED SITE WORK Demolition SOIL CONDITIONS AND DRAINAGE The soil conditions observed at the subject appear to be typical of the region and adequate to support development. FLOOD ZONE The site lies within Zone AE. This information was obtained from the National Flood Insurance Rate Map Number 12086C0314L dated September 11, 2009. FLOOD ZONE DEFINITION The base floodplain where base flood elevations are provided. AE Zones are now used on new format FIRMs instead of A1-A30 Zones. In communities that participate in the NFIP, mandatory flood insurance purchase requirements apply to this zone. OTHER HAZARDS None ENCUMBRANCES AND EASEMENTS There are no known adverse encumbrances or easements. Please reference Limiting Conditions and Assumptions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 23 Miami Firefighters Federal Credit Union 17-207-02 DESCRIPTION OF THE SITE ENVIRONMENTAL HAZARDS There are no known adverse environmental conditions on the subject's site. Please reference Limiting Conditions and Assumptions. WETLANDS AND WATERSHEDS No wetlands were observed during our site inspection. ADEQUACY OF UTILITIES The subject's utilities are typical and adequate for the market area. PUBLIC ELECTRICITY Florida Power and Light WATER SUPPLY TYPE County water SEWER TYPE County sewer POLICE AND FIRE PROTECTION City of Miami SITE IMPROVEMENTS Site improvements include asphalt paving, concrete walkways, chain -like fence, lighting and landscaping. CONCLUSION The subject site is considered well -suited to functionally support its current use. AERIAL PHOTOGRAPH JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 24 Miami Firefighters Federal Credit Union 17-207-02 DESCRIPTION OF THE IMPROVEMENTS GENERAL DETAILS DESCRIPTION Briefly described, the subject consists of an average quality, two- story, bank branch in average condition, containing approximately 3,385 SF of net rentable area, constructed in 1961. The property includes a lobby, teller station, workroom, offices, bank vault, conference room, storage, and restrooms. The property is attached to the City of Miami Firefighters Fire Station #3 building. The property is currently 100.00% occupied by Miami Firefighters Federal Credit Union. BUILDING DETAILS BUILDING NAME 1111 NW 7th Street BUILDING DESCRIPTION Bank Branch BUILDING CLASS C CONDITION Average YEAR BUILT 1961 EFFECTIVE AGE 20 TOTAL ECONOMIC LIFE 50 REMAINING ECONOMIC LIFE 30 GROSS BUILDING AREA 3,385 NET RENTABLE AREA 3,385 GROSS LEASABLE AREA 3,385 LAND TO BUILDING RATIO 44.01 FLOOR AREA RATIO 0.02 BUILDING EFFICIENCY RATIO 100.0% CURRENT OCCUPANCY 100% STABILIZED OCCUPANCY 95% NET LEASED Yes TENANT TYPE Single -Tenant APPEAL AND APPEARANCE Average DESIGN AND FUNCTIONAL UTILITY The overall layout of the improvements on the parcel is considered to be average. DEFERRED MAINTENANCE From an inspection of the property, no visible items of deferred maintenance were noted. CONSTRUCTION DETAILS MARSHALL VALUATION SERVICE C CLASS MARSHALL VALUATION SERVICE Average QUALITY CONSTRUCTION TYPE Concrete Block with Stucco NUMBER OF STORIES 2 FOUNDATION Poured concrete slab FRAME Masonry Frame EXTERIOR WALLS/FINISH Concrete Block WINDOWS Aluminum -framed plate glass ROOF TYPE Flat ROOF COVER Tar and Gravel JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 25 Miami Firefighters Federal Credit Union 17-207-02 DESCRIPTION OF THE IMPROVEMENTS FLOOR PLAN LAYOUT FLOOR COVERING INTERIOR WALLS CEILING COVER INTERIOR LIGHTING RESTROOMS HVAC UTILITIES HOT WATER ELECTRICAL PLUMBING Average Carpet, Tile Painted drywall Acoustic ceiling panels Fluorescent fixtures There are separate men's and women's restrooms. The restrooms have tiled floors, tiled or painted walls and contain fixtures that are commercial quality. Package Units All necessary utilities are available to the subject improvements, including public water & sewer, electricity, and telephone. Tank water heaters Assumed to be in compliance with prevailing code requirements. Assumed to be in compliance with prevailing code requirements. PARKING DETAILS PARKING TYPE Paved open surface parking CONDITION OF PARKING LOT Average COMMENTS SUMMARY The current tenant, Miami Firefighters Federal Credit Union, benefits from its location within the City of Miami Firefighters Fire Station #3. However, the property may have limited marketability to other potential tenants. In addition, the property does not allow for a drive -through teller. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 26 Miami Firefighters Federal Credit Union 17-207-02 ZONING The subject is zoned "Cl," Civic Institution, under the jurisdiction of the City of Miami. ZONE DETAILS ZONING AUTHORITY City of Miami ZONING CODE CI ZONING DESCRIPTION Civic Institution PERMITTED USES Any property located within a CI Zone may be developed according to the regulations of the most restrictive Abutting Transect Zone with all Frontage Setbacks considered a minimum. COMMENTS The Civic Zone consists of public use space and facilities that may contrast in use to their surroundings while reflecting adjacent setbacks and landscape. ZONING MAP TES, ryNI ftTH 5, M1tiors,River Been RR9n M1W:/:TF_ Based on a review of the subject in relation to the CI zoning district, it appears the subject is a legal and conforming use of the site. However, we are not experts in determining if a property is fully in compliance with all aspects of the zoning code. We suggest interested parties obtain a letter of zoning compliance from the City of Miami to determine if the subject is zoning compliant. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 27 Miami Firefighters Federal Credit Union 17-207-02 TAXES The subject is assessed by the Miami -Dade County property appraiser's office, and is taxed by the City of Miami, Miami -Dade County. The subject is tax exempt as a municipal owned property. The following table summarizes the subject's assessment: Parcel ID Assessment Year Tax Authority Land Value Tax Authority Improvements Value Tax Authority Other Value Total Taxable Assessment Millage Rate Tax Rate Per Taxes Special Assessments 01-3135-030-0010 2016 $3,796,250 $2,715,885 $301,579 $6,813,714 $0.0000 $1,000.00 $0 $0 Taxes with Special Assessments Early Payment Discount Percentage Total Taxes $o 0% $o JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 28 Miami Firefighters Federal Credit Union 17-207-02 HIGHEST AND BEST USE In determining the highest and best use of the property, consideration was given to the economic, legal, and social factors that motivate investors to develop, own, buy and sell, manage, and lease real estate. In forming an opinion of the highest and best use of a vacant parcel of land, there are essentially four stages of analysis: • Physically Possible Use: What uses of the site in question are physically possible? • Legally Permissible Use: What uses are permitted by zoning and deed restrictions on the site in question? • Financially Feasible Use: Which possible and permissible uses will produce a gross return to the owner of the site? • Maximally Productive: Among the feasible uses, which will produce the highest return or highest present worth of the site in question? The following tests must be met in estimating the highest and best use of a vacant parcel: the potential use must be physically possible and legally permissible, there must be a profitable demand for such a use, and it must return to the land the highest net return for the longest period of time. These tests have been applied to the subject's site and are discussed as follows: PHYSICALLY POSSIBLE The site is on NW 7th Street, in Miami, FL. The underlying site consists of 148,975 SF or 3.42 acres. The subject's topography is level and at street grade. As noted in the Assumptions and Limiting Conditions, we know of no environmental or engineering study that has been conducted on the site to determine subsoil conditions. Upon analysis of all physical aspects, space, size, shape, terrain, location and others the most supportable highest and best uses of the site, as it relates to physical properties, are most types of development. LEGALLY PERMISSIBLE The subject's site is zoned "Cl," Civic Institution, under the jurisdiction of the City of Miami, FL. Reference is made to the Zoning section of this report. Permitted uses include Any property located within a CI Zone may be developed according to the regulations of the most restrictive Abutting Transect Zone with all Frontage Setbacks considered a minimum.. Upon analysis of the permitted uses, the most supportable highest and best uses of the site, as it relates to what is legally permissible, are commercial development. FINANCIALLY FEASIBLE Analysis for financially feasible uses for the site, as if vacant, involves consideration of several criteria. Unlike the physically possible and legally permissible aspects of the highest and best use analysis, many external economic factors serve to prove or disprove financial feasibility. The cost of acquisition, sources of capital, forecast of potential revenue/expenses, reversionary price forecast, property tax implications and measures of risk and yield are all determinant to this analysis. The above financial measures serve to eliminate the uses that would not provide a reasonable return to the land based on an investor's expectations. The cost of land and its development limits the highest and best use of the site, generally to only those uses that are financially feasible. We conclude that financially feasible uses of the site that are physically possible and legally permissible are commercial development. JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 29 Miami Firefighters Federal Credit Union 17-207-02 HIGHEST AND BEST USE MAXIMALLY PRODUCTIVE We considered those uses, as aforementioned, to meet the physically possible, legally permissible and financially feasible tenets of the highest and best use definition. The final criteria for full compliance within the highest and best use of the subject, as vacant, is that of a maximally productive use. We conclude the maximally productive use of the site is to maximize the utility of the site in relation to the zoning. HIGHEST AND BEST USE, AS IF VACANT A final reconciliation of the analysis leads to the conclusion that the highest and best use of the site, as if vacant, is commercial development. HIGHEST AND BEST USE, AS IMPROVED We must also determine the highest and best use of the subject, as improved, by analyzing occupancy levels of various surrounding improvements, as well as the general needs within the area. Based on the current conditions of the subject's market, there appears to be no alternative use that would justify the removal or substantial alteration of the existing improvements. As such, the highest and best use of the subject, as improved, is the current improvements. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 30 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS MARKET RENT ANALYSIS The purpose of the appraisal is to develop an opinion of the 'as is' fair market rent with applicable annual increases (Fair Market Rent) in order to renegotiate a lease agreement with the current Lessee as of June 21, 2017. We used rental comparables to establish the market rent for the subject. We researched information pertaining to the overall market for bank branches in the area. Finally, we researched details pertaining to bank branches currently offered for rent or recent leases for bank branches in the subject's market. IDENTIFICATION OF A LIKELY BUYER The most likely tenant of a property such as the subject would be a local bank. NATIONAL NET LEASE MARKET According to the PwC Real Estate Investor Survey, 2nd Quarter 2017: Investor sentiment shifts into neutral in the national net lease market this quarter as more Survey participants believe current market conditions equally favor buyers and sellers. As shown, half of investors now perceive this market as neutral, compared to 20.0% in the prior quarter. The other half believes sellers hold the advantage, a decline from 80.0% last quarter. These shifts are fueled by the uncertainty surrounding U.S. economic conditions, rising interest rates, and potential tax reform, which could greatly impact 1031 exchanges. Despite these concerns, robust demand for net leased assets has resulted in record -high pricing. In fact, the average sale price per square foot for the office, industrial, and retail net lease sectors reached $379.00, $85.00, and $267.00, respectively, in the first quarter of 2017 — reflecting the highest levels seen in the past ten years, according to Real Capital Analytics. Going forward, many investors believe that an uptick in overall cap rates will temper pricing. As shown, the average overall cap rate rises 13 basis points this quarter to 6.88%. Furthermore, investors foresee cap rates increasing an average of 33 basis points over the next six months. (pg. 53) Key Survey Stets National Net Lease Market Second Quarter 2017 Current Quarter Last Quarter Market Conditions Favor Buyers Sel I ers Portfolio Al I ocati on Sales Leasebacks Net Lease Sal es 1031 Exchanges Build to Suit 50.00% 50.00% 18.00% 49.00% 24.00% 10.00% 0.00% 80.00% 20.00% 39.00% 19.00% 22.00% Source: PwC Real Estate Investor Survey, 2nd Quarter 2017 JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 31 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS National Market Yield Rates for Real Estate Investments National Net Lease Market Second Quarter 2017 Current Quarter Last Quarter Year Ago Discount Rate (IRR) Average 6.00%-10.00% 6.00%-10.00% 6.00%-10.00% 8.00% 8.00% 8.00% Overall Cap Rate (OAR) 5.25%-9.00% Average 6.88% 5.25%-9.00% 6.75% 5.25%-9.00% 6.75% Residual Cap Rate 6.00%-9.00% 6.00%-9.00% 6.00%-9.00% Average 7.60% 7.63% 7.63% Market Rent Change Rate 0.00%-4.00% 0.00%-3.00% 0.00%-3.00% Average 1.92% 1.70% 1.80% Expense Change Rate Average Marketi ng Time Range Average 0.00%-4.00% 1.67% 2-12 months 5.4 0.00%-3.00% 1.40% 2-12 months 4.9 0.00%-3.00% 1.70% 2-12 months 4.8 Source: PwC Real Estate Investor Survey, 2nd Quarter 2017 BANK BRANCHES According to the Net Lease Bank Ground Lease Report, April 2017 as published by The Boulder Group, Cap rates for the single tenant bank ground lease sector compressed by 12 basis points to 4.63% in the first quarter of 2017 when compared to one year ago. Furthermore, the supply of bank ground leases on the market decreased by 17% year over year. Over the same time period, cap rates for the net lease retail sector increased by 1 basis point. This resulted in the cap rate premium associated with bank ground leases to expand by 13 basis points to 156. The increase in premium is primarily due to a shrinking supply of new bank branches. For the purpose of this report, the bank ground lease sector is comprised of both national and regional banks, regardless of credit. A controlled expansion nationally by banks has resulted in limited new construction bank assets. As a result, the median remaining lease term was approximately 13 years despite initial bank ground lease terms which are typically 20 years for new construction branches. Bank ground leases with the longest -term leases are in the highest demand amongst investors. In the first quarter of 2017, the median asking cap rate for bank ground leases with 20 or more years remaining of lease term was 4.38%. In the first quarter of 2017, 80% of the bank ground leases on the market had 10 years or more remaining on their lease term. While investor concern lingers regarding the future need for the current concentration of bricks and mortar bank locations, investors are still drawn to the net lease bank sector. Investor demand is related to the credit of the tenants, the rental escalations typically associated with ground leases and no landlord responsibilities. In the first quarter of 2017, over 90% of the bank ground leases in the market had investment grade ratings. Investor demand for bank ground leases will continue as private and 1031 investors are drawn to the net lease bank sector due to the typical lease structures and credit of the tenants. In the current cap rate environment, some investors will alter their investment criteria to include shorter term ground leases with above average branch deposits and strong real estate fundamentals. JOSEPH J. BLAKE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 32 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS BANK GROUND LEASE PROPERTIES MEDIAN ASKING CAP RATE Tenant Q1 2016 01 2017 Basis Point (Previous) (Current) Change Bank of America 4.70% 4.75% +5 Chase 4.48°/0 4.50% +2 PNC 4.58% 4.70% +12 TD Bank 4.53% 4.35% -18 Other Banks 4.91% 4.68% -23 Ail Bank Ground Leases 4.75% 4.63% -12 The above data reflects ground leases with 15 or more lease years remaining. MEDIAN ASKING CAP RATE BY LEASE TERM REMAINING Lease Term Remaining 20+ 15-19 10-14 Under 10 Cap Rate 4.38% 4.60% 4.95%v 5.50% JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 33 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS SELECTED BANK GROUND LEASE SALES COMPARABLES Sale Date Tenant City State Price Cap Rate Lease Term Remaining Jan-17 BB&T Bank Roswell GA $7,467.215 5.35% 12 Nov-16 TD Bank Miami FL $6.500.000 4.23% 21 Dec-16 Chase Bank Torrance CA $6.450.000 3.80% 18 Jan-17 Citibank Rowland Heights CA $4.325.000 4.42% 12 Feb-17 Chase Bank New Lenox lL $4.111.250 4.00% 15 Dec-16 Bank of America Chicago IL $4.000,000 4.50% 13 Dec-16 Wells Fargo Bank Dailas TX 53,400.000 5.33% 8 Jan-17 Suntrust Bank Woodstock GA $3,321,080 5.00% 12 Dec-16 U.S Bank Hespena CA $3.280.000 4.80% 10 Dec-16 PNC Ground Lease Bensenville IL $2.962,500 4.83% 16 Nov-16 Chase Bank Marana AZ $2,850,000 5.00% 14 Dec-16 Citibank Chicago IL $2.325,000 4.95% 9 BANK GROUND LEASE VS RETAIL NET LEASE CAP RATE TRENDS 8.10% 7.60% 7.10% 6.60% 6.10% 5.60% 5.10% 4.60% 4.10% 41 2004 01 2006 01 2008 Q1 2010 01 2012 Q1 2014 01 2016 ■ Retail Bank COMPANY COMPARISON Tenant Associated Bank Bank of America BB&T BMO Harris Chase Bank Citibank Fifth Third KeyBank PNC Bank Regions Bank TCF Bank TD Bank US Bank Wells Fargo Total Number of Branches 225 4,850 2200 600 5,200 2.649 1.200 1,200 2,500 1.700 340 1,300 3,000 6,000 Credit Rating BBB+ BBB+ A- A+ A+ A+ A- A- A BBB+ BBB- AA - A+ A Market Cap (Billions) $3.6 $230.5 $35.4 $49.1 $307.1 $164.8 518.7 $18.5 $57.2 $17.3 $2.8 $94.5 $86.3 $275.1 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 34 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS MEDIAN CLOSED CAP RATE SPREAD Tenant Closed Ask Spread (bps) Bank Ground Leases 4.86% 4.63% BANK GROUND LEASE SECTOR VS NET LEASE SECTOR CAP RATE Sector Q1 2016 (Previous) Q1 2017 (Current) Bank Ground Lease Sector 4.75% 4.63% Retail Net Lease Market 6.18% 6.19% Bank Ground Lease Premium (bps) +143 +156 LOCAL BANK BRANCH COMPARABLES The subject is located in the City of Miami, within the City of Miami Firefighters Fire Station #3. The surrounding area is characterized by middle -income households and a high density of businesses. In order to better understand the market rental rate for the subject, assuming use for the continued use as a bank branch, we researched the rental rates that are being paid by other banks in the region. The following pages summarize the results of our research. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 35 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS Lease Comparable 1 Name Address City State N RA No. of Floors Land SF MVS Quality LTB Ratio Rental Rate Avg Lease Term Lease Concessions Occupancy Former BB&T 869 SW 107 Avenue Miami FL 4,530 1 33,062 Average 6.17 $40.00 10 years None 0% Location County Zip Tax Parcel ID Site & Improvements Year Built No. of Buildings Land Acres Condition Parking Type Asking Rental Data This is a former BB&T Bank branch; the asking will be a retail use, not a bank branch, since current time. There are 31,300 people within a and a median household income of $37,288. Lease Type Escalation TI Allowance Verification Miami -Dade County 33174 30-4008-042-0030 2006 1 0.76 Good Surface NNN CPI or Stepped None Broker Comments rent is $40/SF NNN. The broker estimates that the new user there are very few banks actively looking for space at the one -mile ring with an average household income of$51,331 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 36 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS Lease Comparable 2 Location Name Former US Century Bank County Address 7575 West Flagler Street Zip City Miami Tax Parcel ID State FL Site & Improvements Miami -Dade County 33144 30-4002-009-2330 NRA 5,000 Year Built 1986 No. of Floors 2 No. of Buildings 1 Land SF 24,373 Land Acres 0.56 MVS Quality Average Condition Average LTB Ratio 2.43 Parking Type Surface Asking Rental Data Rental Rate $30.00 Lease Type NNN Avg Lease Term 5-10 years Escalation CPI or Stepped Lease Concessions None TI Allowance None Occupancy 50% Verification Broker Comments_ This is the ground floor of a two story, 10,000 SF building. The ground floor formerly was occupied by a US Century Bank, and had a two-lane drive -through. The drive -through overhang has been removed due to zoning issues. There are 25,702 people within a one -mile ring with an average household income of $51,704 and a median household income of $38,708. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 37 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS Lease Comparable 3 Location Name Stadium Corners Chase County Address 19870 NW 27th Avenue Zip City Miami Gardens Tax Parcel ID State FL Site & Improvements Miami -Dade 33056 34-2104-046-001 NRA 3,900 Year Built 2007 No. of Floors 1 No. of Buildings 1 Land SF 39,419 Land Acres 0.90 MVS Quality Average Condition Good LTB Ratio 10.11 Parking Type Surface Asking Rental Data Rental Rate $30.77 Lease Type NNN Avg Lease Term 5 Years Escalation CPI or Stepped Lease Concessions None TI Allowance None Occupancy 100% Verification Broker Comments Chase Bank took over this lease when it absorbed Washington Mutual. There are four years remaining on the lease with no additional escalations or renewal options. There are 17,694 people within a one -mile ring with an average household income of $51,941 and a median household income of $40,008. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 38 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS Lease Comparable 4 Location Name Chase Bank Lakes on the County Green Address 18255 NW 57th Avenue Zip City Miami Gardens Tax Parcel ID State FL Miami -Dade 33055 30-2107-005-1471 Site & Improvements NRA 5,000 Year Built 2013 No. of Floors 1 No. of Buildings 1 Land SF 38,002 Land Acres 0.87 MVS Quality Average Condition Good LTB Ratio 7.60 Parking Type Surface Asking Rental Data Rental Rate $23.00 Lease Type NNN Avg Lease Term 10 years Escalation CPI or Stepped Lease Concessions None TI Allowance None Occupancy 100% Verification Knowledgea bl e Third Party Comments The rental escalations were not disclosed for this property. There are 12,410 people within a one -mile ring with an average household income of $52,882 and a median household income of $44,268. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 39 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS Lease Comparable 5 Location Name Address City State Suni land - Bank of America County 11205 5 Dixie Highway Zip Pinecrest Tax Parcel ID FL Miami -Dade County 33156 20-5010-025-0010 Site & Improvements NRA 11,500 Year Built 1964 No. of Floors 2 No. of Buildings 1 Land SF 34,848 Land Acres 0.80 MVS Quality Average Condition Good LTB Ratio 3.03 Parking Type Surface Asking Rental Data Rental Rate $45.00 Lease Type NNN Avg Lease Term 3 - 5 Years Escalation CPI or Stepped Lease Concessions Negotiable TI Allowance Negoti a bl e Occupancy 100% Verification Leasing Agent Comments This space is located between Bank of America and Walgreen's. The center is currently 100% leased, however, 1,200 SF is expected to become available. There are 8,811 people within a one -mile ring with an average household income of $136,444 and a median household income of $95,933. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 40 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS Lease Comparable 6 Location Name CONFIDENTIAL BANK County Miami -Dade Address CONFIDENTIAL Zip 33134 City Coral Gables Tax Parcel ID CONFIDENTIAL State FL Site & Improvements NRA 4,942 Year Built 2009 No. of Floors NA No. of Buildings 1 Land SF NA Land Acres NA MVS Quality Average Condition Good LTB Ratio 0.00 Parking Type Structure Asking Rental Data Rental Rate $41.19 Lease Type NNN Avg Lease Term 10 Years Escalation CPI or Stepped Lease Concessions None TI Allowance None Occupancy 100% Verification Knowledgeable Third Party Comments This is a retail condominium unit on the ground floor of a mixed -use residential/commercial building. The retail/bank branch portion of the unit has a net rentable area of 4,470 SF; an additional 472 rentable SF of space consists of a teller facility with three drive-thru teller lanes and an ATM/escape lane constructed within the parking garage. This is a current lease with an initial term of 10 years with two, five-year renewal options. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS RENT COMPARABLES SUMMARY Comp Name Year Built MVS Quality Rental Rate Occupancy Address NRA Condition Lease Type Avg Lease Term 1 Former BB&T 2006 Average 869 SW 107 Avenue 4,530 Good 2 3 Former US Century Bank 1986 Average 7575 West Flagler Street 5,000 Average Stadium Corners Chase Bank 2007 Average 19870 NW 27th Avenue 3,900 Good $40.00 NNN $30.00 NNN $30.77 NNN 0% 10 years 50.00% 5-10 years 100% 5 Years 4 Chase Bank Lakes on the Green 2013 Average $23.00 100.00% 18255 NW 57th Avenue 5,000 Good NNN 10 years 5 Suniland - Bank of America 1964 Average 11205 S Dixie Highway 11,500 Good $45.00 NNN 100.00% 3 - 5 Years 6 CONFIDENTIAL BANK BRANCH LEASE 2009 Average $41.19 100.00% CONFIDENTIAL 4,942 Good NNN 10 Years RENT COMPARABLES MAP Francis East Coast S. Taylor Buffer Wrin'iife.-, Googte rl- Hollywood Hallandale Beach Aventurs Miami Lakes gD Hialeah Gioral ri if lip \ Miami Beach Miami Palmetto Bay w Key Biscayne Map data ©2017 Google JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 42 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS ANALYSIS OF RENT COMPARABLES To estimate the value of the subject, an analysis of the rent comparables and the adjustments made to them is utilized to estimate a market rental rate for the subject. Location The adjustment for location reflects the trend that properties in areas of active growth and development, as well as those which offer good accessibility in terms of frontage on major thoroughfares, typically have a higher rental rate than properties which do not offer these attributes, with all other factors held constant. The property is attached to the City of Miami Firefighters Fire Station #3. The current tenant, Miami Firefighters Federal Credit Union, benefits from this location. However, the property may have limited marketability to other potential tenants. All of the comparables have superior locations than the subject and are adjusted downward. Age (Year Built) Adjustments are applied to the comparables on the basis of age. Typically, the older a building's improvements, the lower the income it can achieve in the market and the shorter its remaining economic life; thus, it will generate a lower rental rate, with all other factors held constant. The subject was built in 1961. The effective age for the property is estimated to be 20 years old. Comparables 1, 3, 4 and 6 are superior in age than the subject and are adjusted downward. Comparable 5 is similar in age as the subject and is not adjusted. Construction Quality (MVS Quality) Adjustments are applied to the comparables on the basis of quality of construction, design and market appeal. The more inferior a comparable's quality of improvements, the lower the rental rate it can achieve in the market, with all other factors held constant. The subject is an average quality property. All of the comparables are of similar construction quality as the subject and are not adjusted. Condition Adjustments are applied to the comparables on the basis of relative condition. The more inferior a comparable's condition, the lower the rental rate it can achieve in the market, with all other factors held constant. The subject is in average condition. Comparables 1, 3, 4, 5 and 6 are in superior condition than the subject and are adjusted downward. Comparable 2 is in similar condition as the subject and is not adjusted. Size The subject contains 3,385 SF of net rentable area. Comparables 1, 2, 3, 4 and 6 are of similar size as the subject and are not adjusted. Comparable 5 is larger in size than the subject and is adjusted upward. Drive Through The property is attached to the City of Miami Firefighters Fire Station #3. The property does not allow for a drive -through teller. This is important for many banks especially for locations adjacent to roadways with good traffic flow. Comparables 1, 3, 4 and 6 have drive -through tellers and are adjusted downward. Comparables 2 and 5 do not have drive -through tellers and are not adjusted. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 43 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS RENT COMPARABLES ANALYSIS CONCLUSION The previously described adjustments are summarized in the following grid. The percentage adjustments are used to show the emphasis placed on each adjustment. Lease Analysis Grid Comp1 Comp2 Comp3 Comp4 Comp5 Comp6 Address 1111 NW 7th Street City Miami State FL 869 SW 107 Avenue Miami FL 7575 West Flagler Street Miami FL 19870 NW 27th Avenue Miami Gardens FL 18255 NW 57th Avenue Miami Gardens FL 11205 S Dixie Highway Pinecrest FL CONFIDENTIAL Coral Gables FL Asking Rents Rental Rate Lease Type Escalation $40.00 NNN CPI or Stepped $30.00 NNN CPI or Stepped $30.77 NNN CPI or Stepped $23.00 NNN CPI or Stepped $45.00 NNN CPI or Stepped $41.19 NNN CPI or Stepped Adjusted Rent $40.00 $30.00 $30.77 $23.00 $45.00 $41.19 Location %Adjustment $ Adjustment Superior -10% Superior -10% Superior -10% Superior -10% Superior -20% Superior -20% 1961 -$4.00 2006 -10% -$3.00 1986 -5% -$3.08 2007 -10% -$2.30 2013 -10% -$9.00 1964 0% -$8.24 2009 -10% Year Built %Adjustment $ Adjustment Average -$4.00 Average 0% -$1.50 Average 0% -$3.08 Average 0% -$2.30 Average 0% $0.00 Average 0% -$4.12 Average 0% MVS Quality %Adjustment $ Adjustment Average $0.00 Good -5% $0.00 Average 0% $0.00 Good -5% $0.00 Good -5% $0.00 Good -5% $0.00 Good -5% Condition %Adjustment $ Adjustment 3,385 -$2.00 4,530 0% $0.00 5,000 0% -$1.54 3,900 0% -$1.15 5,000 0% -$2.25 11,500 5% -$2.06 4,942 0% NRA %Adjustment $ Adjustment Yes $0.00 Yes -5% $0.00 No 0% $0.00 Yes -5% $0.00 Yes -5% $2.25 No 0% $0.00 Yes -5% Drive-Thru %Adjustment $ Adjustment -$2.00 $0.00 -$1.54 -$1.15 $0.00 -$2.06 Adjusted Rent $28.00 $25.50 $21.54 $16.10 $36.00 $24.71 Net Adjustments Gross Adjustments -30% 30% -15% 15% -30% 30% -30% 30% -20% 30% -40% 40% Comparable 1 is a former bank branch in Miami. The property is similar to the subject in terms of location, construction quality and size. The property is superior to the subject in terms of location, age, condition and drive -through. Overall, the comparable is adjusted downward. Comparable 2 is a former bank branch in Miami. The property is similar to the subject in terms of construction quality, condition, size and drive -through. The property is superior to the subject in terms of location and age. Overall, the comparable is adjusted downward. Comparable 3 is a Chase bank branch in Miami Gardens. The property is similar to the subject in terms of construction quality and size. The property is superior to the subject in terms of location, age, condition and drive -through. Overall, the comparable is adjusted downward. Comparable 4 is a Chase bank branch in Miami Gardens. The property is similar to the subject in terms of construction quality and size. The property is superior to the subject in terms of location, age, condition and drive -through. Overall, the comparable is adjusted downward. Comparable 5 is a Bank of America bank branch in Pinecrest. The property is similar to the subject in terms of age, construction quality and drive -through. The property is superior to the subject in terms of location and condition. The property is inferior to the subject in terms of size. Overall, the comparable is adjusted downward. Comparable 6 is located in Coral Gables, but is part of a condominium development. The property is similar to the subject in terms of construction quality and size. The property is superior to the subject in terms of location, age, condition and drive -through. Overall, the comparable is adjusted downward. JOSEPH J. BLADE AND ASSOCIATES, INC REAL ESTATE VALUATION AND CONSULTING 44 Miami Firefighters Federal Credit Union 17-207-02 MARKET RENT ANALYSIS MARKET RENT CONCLUSION The rent comparables have an adjusted range between $16.10/SF to $36.00/SF NNN with an average adjusted rental rate of $25.31/SF NNN. The highest rents are for the spaces with the best visibility and exposure; the lower rents were for spaces with minimal visibility and exposure. The current tenant, Miami Firefighters Federal Credit Union, benefits from its location within the City of Miami Firefighters Fire Station #3. However, the property may have limited marketability to other potential tenants. In addition, the property does not allow for a drive -through teller. In consideration of these factors, we conclude to the lower end of the range indicated by the comparables at $20.00/SF NNN. The subject includes 3,385 SF of interior area. The subject's concluded market rent is $20.00/SF NNN. This equates to an annual rent of $67,700. The market rent falls within the range of the recently signed leases in the subject's immediate market area. Therefore, based on the information presented, we conclude to the following market rental rate. The following table summarizes market rent at the subject. Market Rent by Space Type Space Type Miami Firefighters Credit Union Rent Method Increases Type Term $67,700 $/Year CPI NNN 5 years After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion that the 'as is' fair market rent of the 3,385± SF that comprises the interior of the bank branch, on a triple net basis, with the pass through of all expenses, and annual CPI rental increases, as of June 21, 2017, is: $67,700/YEAR NNN SIXTY-SEVEN THOUSAND SEVEN HUNDRED DOLLARS/YEAR NNN OR $20.00/SF/YEAR NNN The fair market rental rate is for a five-year base term with annual increases based on CPI. This appraisal is not based on any extraordinary assumptions. This appraisal is not based on any hypothetical conditions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 45 Miami Firefighters Federal Credit Union 17-207-02 ADDENDA JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANO CONSULTING OFFICE OF THE PROPERTY APPRAISER 6/19/2017 Property Search Application - Miami -Dade County Detailed Report Property Information Folio: 01-3135-030-0010 Property Address: 1103 NW S RIVER DR Miami, FL 33136-3615 Owner CITY OF MIAMI-DEPT OF P&D ASSET MANAGEMENT DIVISION Mailing Address 444 SW 2 AVE STE #325 MIAMI, FL 33130-1910 PA Primary Zone 8000 COMMUNITY FACILITIES Primary Land Use 8940 MUNICIPAL : MUNICIPAL Beds / Baths / Half 0 /0/0 Floors 2 Living Units 0 Actual Area 96,078 Sq.Ft Living Area Sq.Ft Adjusted Area 96,078 Sq.Ft Lot Size 148,975 Sq.Ft Year Built 1961 Assessment Information Year 2017 2016 2015 Land Value $3,796,250 $3,796,250 $3,796,250 Building Value $2,827,094 $2,715,885 $2,535,775 XF Value $297,968 $301,579 $298,882 Market Value $6,921,312 $6,813,714 $6,630,907 Assessed Value $5,562,118 $5,056,471 $4,596,792 Benefits Information Benefit Type 2017 2016 2015 Non -Homestead Cap Assessment Reduction $1,359,194 $1,757,243 $2,034,115 Municipal Exemption $5,562,118 $5,056,471 $4,596,792 Note: Not all benefits are applicable to all Taxable Values (i.e. County, School Board, City, Regional). Generated On : 6/19/2017 Taxable Value Information 2017 2016 2015 County Exemption Value $5,562,118 $5,056,471 $4,596,792 Taxable Value $0 $0 $0 School Board Exemption Value $6,921,312 $6,813,714 $6,630,907 Taxable Value $0 $0 $0 City Exemption Value $5,562,118 $5,056,471 $4,596,792 Taxable Value $0 $0 $0 Regional Exemption Value $5,562,118 $5,056,471 $4,596,792 Taxable Value $0 $0 $0 The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp Version: 6/19/2017 Property Search Application - Miami -Dade County 1?).* OFFICE OF THE PROPERTY APPRAISER Generated On : 6/19/2017 Property Information Folio: 01-3135-030-0010 Property Address: 1103 NW S RIVER DR Roll Year 2017 Land, Building and Extra -Feature Details Land Information Land Use Muni Zone PA Zone Unit Type Units Calc Value GENERAL D1 7000 Square Ft. 54,450.00 $1,905,750 GENERAL CI 8000 Square Ft. 94,525.00 $1,890,500 Building Information Building Number Sub Area Year Built Actual Sq.Ft. Living Sq.Ft. Adj Sq.Ft. Calc Value 1 1 1961 14,182 14,182 $264,990 1 3 1999 2,069 2,069 $64,175 2 1 1971 4,807 4,807 $303,810 2 2 1999 2,797 2,797 $263,611 2 3 1999 1,983 1,983 $158,222 2 4 1999 11,453 11,453 $372,825 3 1 1974 52,640 52,640 $1,206,593 4 1 1996 6,147 6,147 $192,868 Extra Features Description Year Built Units Calc Value Elevator - Passenger 1999 3 $30,600 Cent NC - Comm (Aprox 300 sqft/Ton) 1999 36 $45,900 Interior Office - Average Quality 1999 8,701 $115,549 Mezzanine 1999 2,259 $9,375 Sprinkler System/Auto - Wet 1999 14,595 $18,609 Paving - Concrete 1999 420 $1,250 Sprinkler System/Auto - Wet 1992 4,820 $5,639 Patio - Concrete Slab w/Roof Aluminum or Fiber 1983 150 $925 Interior Office - Average Quality 1974 936 $8,686 Height Factor - Wall Area Above 16 ft 1974 3,708 $21,506 Chain -link Fence 4-5 ft high 1972 138 $800 Cent NC - Comm (Aprox 300 sqft/Ton) 1972 7.5 $6,525 Cent NC - Comm (Aprox 300 sqft/Ton) 1971 10 $8,550 Paving - Asphalt 1971 4,200 $3,591 Wall - CBS 4 to 8 in, reinforced 1971 400 $1,824 Chain -link Fence 4-5 ft high 1961 200 $1,100 Wall - CBS 4 to 8 in, reinforced 1961 560 $2,464 Interior Office - Average Quality 1961 1,575 $12,600 Cent NC - Comm (Aprox 300 sqft/Ton) 1961 3 $2,475 The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp 6/19/2017 Property Search Application - Miami -Dade County Version: 6/19/2017 Property Search Application - Miami -Dade County 1?).* OFFICE OF THE PROPERTY APPRAISER Generated On : 6/19/2017 Property Information Folio: 01-3135-030-0010 Property Address: 1103 NW S RIVER DR Roll Year 2016 Land, Building and Extra -Feature Details Land Information Land Use Muni Zone PA Zone Unit Type Units Calc Value GENERAL D1 7000 Square Ft. 54,450.00 $1,905,750 GENERAL CI 8000 Square Ft. 94,525.00 $1,890,500 Building Information Building Number Sub Area Year Built Actual Sq.Ft. Living Sq.Ft. Adj Sq.Ft. Calc Value 1 1 1961 14,182 14,182 $250,667 1 3 1999 2,069 2,069 $61,437 2 1 1971 4,807 4,807 $294,419 2 2 1999 2,797 2,797 $254,012 2 3 1999 1,983 1,983 $152,461 2 4 1999 11,453 11,453 $356,921 3 1 1974 52,640 52,640 $1,161,244 4 1 1996 6,147 6,147 $184,724 Extra Features Description Year Built Units Calc Value Sprinkler System/Auto - Wet 1999 14,595 $18,828 Paving - Concrete 1999 420 $1,264 Mezzanine 1999 2,259 $9,488 Interior Office - Average Quality 1999 8,701 $116,941 Cent NC - Comm (Aprox 300 sqft/Ton) 1999 36 $46,440 Elevator - Passenger 1999 3 $30,960 Sprinkler System/Auto - Wet 1992 4,820 $5,712 Patio - Concrete Slab w/Roof Aluminum or Fiber 1983 150 $932 Height Factor - Wall Area Above 16 ft 1974 3,708 $21,877 Interior Office - Average Quality 1974 936 $8,836 Cent NC - Comm (Aprox 300 sqft/Ton) 1972 7.5 $6,638 Chain -link Fence 4-5 ft high 1972 138 $814 Wall - CBS 4 to 8 in, reinforced 1971 400 $1,856 Paving - Asphalt 1971 4,200 $3,654 Cent NC - Comm (Aprox 300 sqft/Ton) 1971 10 $8,700 Chain -link Fence 4-5 ft high 1961 200 $1,100 Cent NC - Comm (Aprox 300 sqft/Ton) 1961 3 $2,475 Interior Office - Average Quality 1961 1,575 $12,600 Wall - CBS 4 to 8 in, reinforced 1961 560 $2,464 The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp 6/19/2017 Property Search Application - Miami -Dade County Version: 6/19/2017 Property Search Application - Miami -Dade County 1?).* OFFICE OF THE PROPERTY APPRAISER Generated On : 6/19/2017 Property Information Folio: 01-3135-030-0010 Property Address: 1103 NW S RIVER DR Miami, FL 33136-3615 Roll Year 2015 Land, Building and Extra -Feature Details Land Information Land Use Muni Zone PA Zone Unit Type Units Calc Value GENERAL D1 7000 Square Ft. 54,450.00 $1,905,750 GENERAL CI 8000 Square Ft. 94,525.00 $1,890,500 Building Information Building Number Sub Area Year Built Actual Sq.Ft. Living Sq.Ft. Adj Sq.Ft. Calc Value 1 1 1961 14,182 14,182 $232,798 1 3 1999 2,069 2,069 $57,736 2 1 1971 4,807 4,807 $269,546 2 2 1999 2,797 2,797 $231,269 2 3 1999 1,983 1,983 $138,810 2 4 1999 11,453 11,453 $335,373 3 1 1974 52,640 52,640 $1,096,597 4 1 1996 6,147 6,147 $173,646 Extra Features Description Year Built Units Calc Value Elevator - Passenger 1999 3 $26,100 Cent NC - Comm (Aprox 300 sqft/Ton) 1999 36 $46,980 Interior Office - Average Quality 1999 8,701 $118,334 Mezzanine 1999 2,259 $9,601 Paving - Concrete 1999 420 $1,279 Sprinkler System/Auto - Wet 1999 14,595 $19,046 Sprinkler System/Auto - Wet 1992 4,820 $5,784 Patio - Concrete Slab w/Roof Aluminum or Fiber 1983 150 $782 Height Factor - Wall Area Above 16 ft 1974 3,708 $22,248 Interior Office - Average Quality 1974 936 $8,986 Chain -link Fence 4-5 ft high 1972 138 $662 Cent NC - Comm (Aprox 300 sqft/Ton) 1972 7.5 $6,750 Cent NC - Comm (Aprox 300 sqft/Ton) 1971 10 $8,850 Paving - Asphalt 1971 4,200 $3,717 Wall - CBS 4 to 8 in, reinforced 1971 400 $1,652 Chain -link Fence 4-5 ft high 1961 200 $880 Wall - CBS 4 to 8 in, reinforced 1961 560 $2,156 Interior Office - Average Quality 1961 1,575 $12,600 Cent NC - Comm (Aprox 300 sqft/Ton) 1961 3 $2,475 The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp 6/19/2017 Property Search Application - Miami -Dade County Version: 6/19/2017 Property Search Application - Miami -Dade County 1?).* OFFICE OF THE PROPERTY APPRAISER Generated On : 6/19/2017 Property Information Folio: 01-3135-030-0010 Property Address: 1103 NW S RIVER DR Full Legal Description SPORTSMAN PARK SEC B PB 55-30 TRACT A THRU C LOT SIZE 148975 SQ FT Sales Information Previous Sale Price OR Book -Page Qualification Description The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp Version: * IICIII:111T41 * of. 15_11 f) It City of Miami Zoning Information _mine2 vo i:_ii. v ir. , „,,„„0,.. .'065.7 9 GI, Civic Institution Zone CI Miami 21 Zoning Code Notice: This is a reference manual only. For official information, please refer to the Miami 21 Code, as amended, the Zoning Ordinance of the City of Miami. Additional regulations may be applicable. All applications require zoning review and referral prior to commencement. Revised April 2013 AS ADOPTED - APRIL 2013 3.4 j. 22nd Avenue 1. Boundary: 22nd Avenue from NW 1st Street to SW 8th Street. 22nd Ave Setback: Zero (0) feet with Arcade k. Central Coconut Grove 1. Boundary: • All properties Adjacent to Grand Avenue between Margaret Street and Mary Street. • All properties Adjacent to Commodore Plaza between Grand Avenue and Main Highway • All properties Adjacent to Fuller Street between Grand Avenue and Main Highway. • All properties Adjacent to Main Highway between Charles Avenue to Grand Avenue. • All properties Adjacent to McFarlane Road between Grand Avenue and South Bayshore Drive. • All properties Adjacent to Virginia Street between Oak Avenue and Grand Avenue. • All properties Adjacent to Florida Avenue between Virginia Street and Mary Street. • All properties Adjacent to Rice Street between Oak Avenue and Florida Avenue. • All properties on the west side of Mary Street between Oak Avenue and Grand Avenue. • All properties on the south side of Oak Avenue between Matilda Street and Tigertail Avenue. Central Coconut Grove Setback (on the streets listed above): Five (5) feet. DENSITY AND INTENSITY CALCULATIONS 3.4.1 Lot Area, inclusive of any dedications, is used for purposes of Density and Intensity calculation. 3.4.2 Density shall be calculated in terms of units as specified by Article 4, Tables 3 and 4. The referenced tables provide the maximum allowable Densities. Intensity shall be calculated in terms of Floor Lot Ratio. The buildable Density or Intensity on any particular site will be affected by other regulations in this Code and thus the stated maximums of this Miami 21 Code may exceed the actual Capacity that a site can sustain when other regulations of this Code are applied to the site. The inability to reach the maximum Density or Intensity because of the necessity to conform to the other regulations of this Code shall not constitute hardship for purposes of a Variance. 3.4.3 Lodging Units shall be considered as equivalent to one-half (0.50) of a Dwelling Unit. 3.4.4 The allowable Transect Zone Density may be increased as provided by the Future Land Use Element of the Miami Comprehensive Plan (Residential Density Increase Areas), as illustrated in Article 4, Diagram 9. 3.5 MEASUREMENT OF HEIGHT 3.5.1 Unless otherwise specified herein, the Height of Buildings shall be measured in Stories. The height of Fences and walls shall be measured in feet. The Height of Buildings, Fences and walls shall be measured from the Average Sidewalk Elevation or, where no sidewalk exists, the average of the 111.8 AS ADOPTED - APRIL 2013 record profile grade elevation of the street Abutting the Principal Frontage of the Building, as deter- mined by the Public Works Department. In the event that the base flood elevation, as established by FEMA, is higher than the sidewalk or grade elevations, the Height of the first Story but not the height of Fences and walls shall be measured from the base flood elevation. 3.5.2 A Story is a Habitable level within a Building of a maximum fourteen (14) feet in Height from finished floor to finished floor. Basements are not considered Stories for the purposes of determining Building Height. A ground level retail Story may exceed this limit up to a total height of twenty-five (25) feet. A single floor level exceeding fourteen (14) feet, or twenty-five (25) feet at ground level retail, shall be counted as two (2) Stories; except for T6-36, T6-48, T6-60, T6-80, and D1, where a single floor level exceeding fourteen (14) feet may count as one (1) story if the building height does not exceed the maximum height, including all applicable bonuses, allowed by the transect at fourteen (14) feet per floor. Where the first two stories are retail, their total combined Height shall not exceed thirty-nine (39) feet and the first floor shall be a minimum of fourteen (14) feet in Height. Mezzanines may not exceed thirty-three percent (33%) of the Habitable Space FloorArea, except for D1, where mezza- nines may not exceed fifty percent (50%) of the Habitable Space FloorArea. Mezzanines extending beyond thirty-three percent (33%) of the Floor Area, or fifty percent (50%) of the Floor Area in D1, shall be counted as an additional floor. The Height of a Parking Structure concealed by a Liner may be equal to the Height of the Liner; this may result in a Liner Story concealing more than one level of Parking. 3.5.3 Except as specifically provided herein, the Height limitations of this Code shall not apply to any roof Structures for housing elevators, stairways, tanks, ventilating fans, solar energy collectors, or similar equipment required to operate and maintain the Building (provided that such Structures shall not cover more than twenty percent (20%) of roof area for T4 and T5); nor to church spires, steeples, belfries, monuments, water towers, flagpoles, vents, or similar Structures, which may be allowed to exceed the maximum Height by Waiver; nor to fire or parapet walls, which shall not extend more than five (5) feet above the maximum Height in T4 and T5 and ten (10) feet in T6 and Districts. 3.5.4 No Building or other Structure shall be located in a manner or built to a Height which constitutes a hazard to aviation or creates hazards to persons or property by reason of unusual exposure to avia- tion hazards. In addition to Height limitations established by this Code, limitations established by the Miami -Dade County Height Zoning Ordinance as stated in Article 37 of the Code of Miami -Dade County (Miami International Airport) shall apply to Heights of Buildings and Structures. A letter authorizing clearance from the Miami -Dade Aviation Department or the Federal Aviation Administration (FAA) may be required by the Zoning Administrator prior to the issuance of any Building permit. Construction of an Educational facility within the delineated Miami International Airport Critical Ap- proach Area as defined by the Miami -Dade County Code shall only be granted by Exception. Con- struction of such facility is subject to the approval by the Miami -Dade County Aviation Department or any other agencies authorized by law to approve the construction. 3.5.5 Height limitations for Properties Abutting and in Proximity to National Historic Landmarks a. All properties designated a National Historic Landmark (NHL) which include a Designed Land- scape that is an integral part of the documented significance supporting the NHL designation shall be protected by height limitations throughout the entire Civic Institution zoned property of which the NHL is a part, so as to protect the Designed Landscape from the potentially adverse effects 111.9 AS ADOPTED - APRIL 2013 of an undertaking that may diminish the integrity of the NHL property's location, design, setting, materials, workmanship, association or qualities that qualified it for NHL designation. Examples of adverse effects which diminish the integrity of the NHL property include those which: cause physical destruction of or damage to all or part of the NHL property; or change the character of the NHL property's use or physical features within the NHL property's setting that contribute to its historic significance; or introduce visual, atmospheric or audible elements that diminish the integrity of the NHL property's significant historic features; or alter the NHL property in a way that is not consistent with the federal standards for the treatment of historic properties and applicable guidelines, as published by the United States Department of the Interior. b. The height of structures throughout the entire Civic Institution zoned property of which the NHL is a part shall not exceed that established by a six (6) degree vertical plane which is measured beginning from the ground floor elevation of the principal historic building at the facade that over- looks the Designed Landscape, which plane shall extend in a one hundred eighty (180) degree arc facing the Designed Landscape and measured at grade from the midpoint of the building facade. The ground floor elevation shall be measured according to the 1929 N.G.V.D. of Mean Sea Level supplied by the City of Miami. Structures existing on affected properties at the time of the effective date of this Miami 21 Code shall not be considered nonconforming structures. c. Should the height limitations for structures located in such Civic Institution zoned property as of the effective date of this Miami 21 Code be more restrictive than that created by this section, the most restrictive height shall apply. In the event of a rezoning of all or part of the Civic Institution property, either by successional zoning or by Special Area Plan, the height limitations specified in this Section 3.5.5 shall be incorporated in all subsequent rezonings. d. For purposes of this Section 3.5.5., the following definitions shall apply: 1. Designed Landscape is one or more of the following: • a landscape that has significance as a design or work of art; • a landscape consciously designed and laid out by a master gardener, landscape archi- tect, architect, or horticulturalist to a design principle, or an owner or other amateur using a recognized style or tradition in response or reaction to a recognized style or tradition; • a landscape having a historical association with a significant person, trend, event, etc. in landscape gardening or landscape architecture; or • a landscape having a significant relationship to the theory or practice of landscape ar- chitecture. 2. National Historic Landmark is a nationally significant historic place designated by the Secretary of the Interior because it possesses exceptional value or quality in illustrating or interpreting the heritage of the United States, and defined in Title 36, Section 65.3 of the Code of Federal Regulations. 3.5.6 See Chapter 23 of the City Code, titled Historic Preservation, for regulations and additional height requirements. 111.10 AS ADOPTED - APRIL 2013 3.13 2. Portions of SD-2, originally adopted by Ord. No. 12651, January 27, 2005; and 3. SD 18, originally adopted by Ord. No. 10863, March 28, 1991; and 4. SD 18.1, originally adopted by Ord. No. 11240, March 27, 1995. The Coconut Grove NCD is hereby adopted and codified in Appendix A.3 to this Code. SUSTAINABILITY 3.13.1 General a. Landscape requirements are as required in Article 9 of this Code and the City of Miami Tree Protection regulations of Chapter 17 of the City Code, except that where this Code is more re- strictive than the Tree Protection regulations, this Code shall apply. b. All new Buildings of more than 50,000 square feet of Habitable Rooms and Habitable Space in the T5, T6, CI and CS zones shall be at a minimum certified as Silver by the United States Green Building Council (USGBC) Leadership in Energy and Environmental Design (LEED) standards or equivalent standards adopted or approved by the City. 1. At the time of Building Permit application, the owner shall submit: c. Proof of registration with the Green Building Certification Institute, or equivalent agency; d. A signed and sealed affidavit from a LEED Accredited Professional, or applicable designation, stating that the proposed Building is designed to achieve the required certification; and e. A LEED Scorecard, or equivalent document, identifying anticipated credits to be achieved. 2. At the time of Certificate of Occupancy application, the owner shall submit: f. Proof of certification by the Green Building Certification Institute, or equivalent agency; g. A bond posted in a form acceptable to the City, in the amount indicated below; i. Two percent (2%) of the total cost of construction for a 50,000 - 100,000 square feet Building; ii. Three percent (3%) of the total cost of construction for a 100,001 - 200,000 square feet Build- ing; iii. Four percent (4%) of the total cost of construction for any Building greater than 200,000 square feet; or h. Proof of partial compliance from the Green Building Certification Institute, or applicable agency, which demonstrates the credits presently achieved. In addition, a prorated portion of the full bond amount, as indicated in subsection 2(b) above, shall be posted based on the number of 111.25 AS ADOPTED - APRIL 2013 remaining credits needed to meet minimum certification requirements. The bond amount to be posted shall be calculated as follows: (credits remaining for certification / credits required for certification) x full bond amount = prorated bond amount 3. Forfeiture of Bond A bond under this Section 3.13.1 shall be forfeited to the City in the event that the Building does not meet the for LEED Silver certification or applicable certification. The City will draw down on the bond funds upon failure of the owner to submit proof of LEED Silver certification in a form acceptable to the City within one (1) year of the City's issuance of the Certificate of Occupancy for the Building. If required certification is not achieved but a majority of the credits have been verified, the owner shall forfeit a portion of the bond based on any outstanding credits which shall be calculated as follows: (credits remaining for certification / credits required for certification) x full bond amount = bond amount forfeited If the amount to be forfeited is greater than fifty percent (50%) of the full bond amount, the bond shall be forfeited in its entirety. Funds that become available to the City from the for- feiture of the bond shall be placed in the Miami 21 Public Benefits Trust Fund established by this Code. i. Affordable Housing Developments that qualify under Section 3.15, may elect to comply with the sustainability requirements promulgated by the Florida Housing Finance Corporation, or its suc- cessor agency, in lieu of the requirements set forth in Section 3.13.1.b above. The preservation of Natural Features of land such as trees, vegetation, geological, and other characteristics and the preservation of features of archaeological significance are declared to be in the public interest. Said preservation may justify the relaxation of Setbacks or required Off-street Parking by Waiver. The Zoning Administrator shall determine that the trees, vegetation, geological and other natural characteristic, or archaeological features are in the Buildable Area of the Site and not in Setback areas required for the development of the site. 3.13.2 Heat Island Effect The intent of this section is to reduce the heat island effect in the City of Miami and to consequently reduce energy consumption and bills for buildings within the City. a. Applicability In all Transect Zones, except T3, the provisions of this section are applicable to all new construc- tion and to repair or replacement greater than fifty percent (50%) by area of existing roofs or site Hardscape. All repairs or replacement of existing roofing or Hardscape shall be reviewed by the Zoning Department for compliance with this section. The following portions of new or existing roofs are exempted from the requirements of section 3.13.2: 1. The portion of the roof acting as a substructure for and covered by a rooftop deck, vegetation associated with an extensive or intensive green roof as defined by the U.S. Environmental 111.26 AS ADOPTED - APRIL 2013 Protection Agency, or any area of a roof utilized by photovoltaic and solar equipment. 2. A rooftop deck covering a maximum of 1/3 of the rooftop total gross area. 3. Existing roofs where less than fifty percent (50%) of existing roof area is repaired or replaced are exempt from the requirements of 3.13.2.c. 4. Existing Hardscapes where less than fifty percent (50%) of existing Hardscape area is being repaired or replaced are exempt from the requirements of 3.13.2.d. b. Solar Reflectance 1. For roofing materials, all roof exterior surfaces and building materials used to comply with this section, shall have a minimum Solar Reflectance as specified in sections 3.13.2.c and 3.13.2.d when (i) tested in accordance with ASTM E903 or ASTM E1918, (ii) tested with a portable reflectometer at near ambient conditions, (iii) labeled by the Cool Roof Rating Council, or (iv) labeled as an Energy Star qualified roof product. Any product that has been rated by the Cool Roof Rating Council or by Energy Star shall display a label verifying the rating of the product. 2. For paving materials, all paving materials used to comply with this section shall have a mini- mum solar reflectance as specified in sections 3.13.2.d when (i) tested in accordance with ASTM E903 or ASTM E1918, (ii) tested with a portable reflectometer at near ambient condi- tions, or (iii) default values of Solar Reflectance for listed materials may be used as follows: Material Solar Reflectance Typical new gray concrete 0.35 Typical weathered gray concrete 0.20 Typical new white concrete 0.40 Typical weathered white concrete 0.40 New asphalt 0.05 Weathered asphalt 0.10 c. Roof 1. Requirements for Low Sloped Roofs Roofing materials used in roofs with slopes of a rise of zero (0) units in a horizontal length (0:12 pitch) up to and including roofs with slopes of a rise of two (2) units in a horizontal length of 12 units (2:12 units) ("low -sloped") shall meet the following requirements: a. Low -sloped roofs constructed as part of a new building shall utilize roofing products that meet or exceed an initial reflectance value of 0.72 or a three-year installed reflectance value of 0.5 as determined by the Cool Roof Rating Council or by Energy Star. b. Exception. Where more than 50% of the total gross area of the low -sloped roof is covered with vegetation associated with an extensive or intensive green roof as defined by the US EPA, the remainder of the roof shall have a reflectance value of a minimum of 0.30 and the rooftop deck 111.27 AS ADOPTED - APRIL 2013 exception in section 3.13.2.a.1 applies. c. Exception. Ballasted roofs with a minimum of 15 Ibs/sq. ft. or ballast over the entire roof surface may have a reflectance value of a minimum of 0.30. For the purposes of this section, "ballast" shall mean river rock aggregate or larger, pavers or other means of weighing down a roofing membrane over a substrate to resist wind uplift. 2. Requirements for Steep Sloped Roofs Roofing materials used in roofs with slopes of a rise greater than two (2) units in a horizontal length (2:12 pitch) ("steep -sloped") shall meet the following requirements: (a) Steep sloped roofs shall have an initial Solar Reflectance of 0.15 or greater. 3. Requirements for Roofs with Multiple Slopes Roofs with multiple slopes shall be subject to those requirements applicable to the slope which covers the largest area of the building footprint. d. Non -roof Requirements 1. Provide any combination of the following strategies for fifty percent (50%) of the site Hard- scape: (a) Shade from solar panels or roofing materials with a Solar Reflectance of at least 0.30. (b) Shade from trees within five (5) years of occupancy. (c) Paving materials with a Solar Reflectance of at least 0.30. (d) Pervious Pavement System. OR 2. Place a minimum of fifty -percent (50%) of parking spaces under cover (defined as under- ground, under deck, under roof, or under building). Any roof used to shade or cover parking must have a Solar Reflectance of at least 0.30. 3.14 PUBLIC BENEFITS PROGRAM The intent of the Public Benefits Program established in this section is to allow bonus Building Height and FLR in T6 Zones and bonus Building Height in D1 Zones in exchange for the developer's con- tribution to specified programs that provide benefits to the public. 3.14.1 The bonus Height and FLR shall be permitted if the proposed Development contributes toward the specified public benefits, above that which is otherwise required by this Code, in the amount and in the manner as set forth herein. The bonus shall not be available to properties in a T6 Zone if the property abuts a T3 Zone or in a T6-8 Zone if the property abuts a CS Zone. 111.28 ARTICLE 4. TABLE 1 TRANSECT ZONE DESCRIPTIONS AS ADOPTED - APRIL 2013 THE NATURAL ZONE consists of lands approximat- ing a wilderness condition, permanently set aside for conservation in an essentially natural state. THE RURALZONE consistsof lands in open or cultivated state or sparsely settled. These include woodland, grassland and agricultural land. THE SUB -URBAN ZONE consists of low -Density areas, primarily comprised of Single -Family and Two Family residential units with relatively deep Setbacks, Streetscapes with swales, and with or without Side- walks. Blocks may be large and the roads may be of irregular geometry to accommodate natural and historic conditions. THE GENERAL URBAN ZONE consists of a Mixed -Use but primarily residential urban fabric with a range of Building types including rowhouses, small apartment Buildings, and bungalow courts. Setbacks are short with an urban Streetscape ofwide Sidewalks and trees in planters. Thoroughfares typically define medium- sized blocks. THE URBAN CENTER ZONE consists of higher Density Mixed -Use Building typesthat accommodate retail and office Uses, rowhouses and apartments. A network of small blocks has Thoroughfares with wide Sidewalks, steady street tree planting and Buildings set close to the Frontages with frequent doors and windows. THE URBAN CORE ZONE consists of the highest Density and greatest variety of Uses, including Civic Buildings of regional importance. A network of small blocks has Thoroughfares with wide Sidewalks, with steady tree planting and Buildings set close to the Frontage with frequent doors and windows. THE CIVIC ZONE consists of public use space and facilities that may contrast in use to their surroundings while reflecting adjacent Setbacks and landscape. THE DISTRICT ZONE consists of the least regulated Building and accommodates commercial and industrial Uses of a scale and with a Streetscape that facilitate vehicular access. �. • .• 3k4 Ji) O, - _ ._-6. rile o -,.Iuoff Ti4_. 005 0 G r. J • ®w a!J! �• • . O *_ ,T 11r3 J/ ' I 000o 0000 coOQ pppO k 0. 1 ! .. ate. O°9—k.! O \ J J O t- .. t T� E • • - - Dr ( 3:• lb 41, • �-�( • '"�J 0 4 p 44 TO 1 • 1 1 i •co° I oo X� J O o J - �. .Dr, 0� + �000/)ry .•4� 30J- • ( 6. '-' ... i .. aoa =a = � == = pr o00 °popp,c 0 J• �_- J ■ .ifs -E ..— DJ 0 C1 n =8°0 ' 0 3p, • • 0 Xair 4 aa�Po JOU Ji 3.3 dX-�V °e cc°oc C) JJ �� lie_�_■ i •as i JO :-) ) 0 . oiiik. .0.0 •` _ 54i: i : ugly a' -tea coc °°°°o O J J J ■ •_ •U J 0�Q• �G •awa las : s o -o 00oo )� IIJG - J .- - o '.' c-(�+.nt 7 ,*-).°0 'g800�p0o .l44 Jo+. • 1 a 1 3 ,,,, •••11,111•10 1 1,! . ;11113 3-' %id O o J ■Illi IV.5 ARTICLE 4. TABLE 3 BUILDING FUNCTION: USES AS ADOPTED - APRIL 2013 DENSITY (UNITS PER ACRE) RESIDENTIAL SINGLE FAMILY RESIDENCE COMMUNITY RESIDENCE ANCILLARY UNIT TWO FAMILY RESIDENCE MULTI FAMILY HOUSING DORMITORY HOME OFFICE LIVE- WORK WORK - LIVE LODGING BED & BREAKFAST INN HOTEL OFFICE OFFICE COMMERCIAL AUTO -RELATED COMMERCIAL ESTAB. ENTERTAINMENT ESTABLISHMENT ENTERTAINMENT ESTAB. - ADULT FOOD SERVICE ESTABLISHMENT ALCOHOL BEVERAGE SERVICE ESTAB. GENERAL COMMERCIAL MARINE RELATED COMMERCIAL ESTAB. OPEN AIR RETAIL PLACE OF ASSEMBLY RECREATIONAL ESTABLISHMENT CIVIC COMMUNITY FACILITY RECREATIONAL FACILITY RELIGIOUS FACILITY REGIONAL ACTIVITY COMPLEX CIVIL SUPPORT COMMUNITY SUPPORT FACILITY INFRASTRUCTURE AND UTILITIES MAJOR FACILITY MARINA PUBLIC PARKING RESCUE MISSION TRANSIT FACILITIES EDUCATIONAL CHILDCARE COLLEGE / UNIVERSITY ELEMENTARY SCHOOL LEARNING CENTER MIDDLE / HIGH SCHOOL PRE-SCHOOL RESEARCH FACILITY SPECIAL TRAINING / VOCATIONAL INDUSTRIAL AUTO -RELATED INDUSTRIALESTBL. MANUFACTURING AND PROCESSING MARINE RELATED INDUSTRIAL ESTBL. PRODUCTS AND SERVICES STORAGE/ DISTRIBUTION FACILITY T3 SUB -URBAN R L 0 9 9 18 R R R R R R R R R R R E E E E E E W W W E E E E E E E E E T4 URBAN GENERAL R L 0 36 36 36 R R R R R R R R R R R R R R R E E R R R R R W R R R R R R R R E E R R W W E R R E R R W W W W W E W W W W W W E W W E E E E E E E E E E E R R E R Allowed By Right WAllowed By Warrant: Administrative Process - CRC (Coordinated Review Committee) E Allowed By Exception: Public Hearing - granted by PZAB (Planning, Zoning &Appeals Board) Boxes with no designation signify Use prohibited. T5 URBAN CENTER R L 0 65 65 65 R R R R R R R R R R R R R R R R R R R E R R R R R R R R W W R R R E E R R W W W W R R R R W W E R R E R R W W W W W E W W E W W E W W E W W W W E W W R R E W W E R R R R W W T6 URBAN CORE R L 0 150* 150* 150* R R R R R R R R R R R R R R R R R R R E R R E R R R R R R W W R R W R R E E W R R W W W W E R R R R W W E R R E R R E W W W W W E W W E W W E W W W W W W W E W W R R E W W E R R R R W W C CIVIC CS CI CI -HD NIA AZ** 150* R R E R R R R R R R E R W E R E E E R E W E R E E E R W E W W E W W E R E E E E W E W E R R E E R E R E R E E R E R E R E E R E R E R E R E R D DISTRICTS D1 D2 D3 36 NIA NIA R R R R R W R R R R R R R W E E E R R W R R R R R W R R W R R W R R R R R R W R R W W R W E E E R R R R R W E W W R R W E E E E E E R R W R R W R R W R R W R R R R R W R R W Uses may be further modified by Supplemental Regulations, State Regulations, or other provisions of this Code. See City Code Chapter 4 for regulations related to Alcohol Beverage Service Estab. * Additional densities in some T6 zones are illustrated in Diagram 9. ** AZ: Density of lowest Abutting Zone IV.8 ARTICLE 4. TABLE 4 DENSITY, INTENSITYAND PARKING (CONTINUED) AS ADOPTED - APRIL 2013 c - CIVIC CS — CIVIC SPACE CI — CIVIC INSTITUTION CI -HD — CIVIC INSTITUTION HEALTH DISTRICT DENSITY (UPA) NIA DENSITY OF ABUTTING ZONE 150 UNITS PER ACRE RESIDENTIAL All intensity, parking and loading regulations to match that of the most restrictive Abutting zone. • Parking requirement may be reduced according to the Shared Parking Standard, Article 4, Table 5. • Minimum of 1 Bicycle Rack Space for every 20 vehicular spaces required. Uses are permissible as listed in Table 3, limited by compliance with: • Density and all intensity, parking and loading regulations to match that of the most restrictive Abutting zone. • Minimum of 1 parking space for every 800 square feet of Residential Use. • Loading - See Article 4, Table 5 LODGING • Minimum of 1 parking space for every 800 square feet of Residential Use. • Loading - See Article 4, Table 5 OFFICE Office Uses are permissible as listed in Table 3. • Minimum of 1 parking space for every 800 square feet of Office Use. • Loading - See Article 4, Table 5 • Minimum of 3 parking spaces for every 1,000 square feet of Office Use. • Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). • Parking ratio may be reduced according to the shared parking standard. • Parking may be provided offsite in CI, D, T5 or T6 within 500 feet through a parking management plan/zone. COMMERCIAL Commercial Uses are permissible as listed in Table 3. • Minimum of 3 parking spaces for every 1,000 sf of com- mercial space. • Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). • Parking ratio may be reduced according to the shared parking standard. • Loading - See Article 4, Table 5. • Loading needs, including maneuvering, shall be accom- modated on site. Commercial Uses are permissible as listed in Table 3, limited by compliance with: • Building area allowed for Commercial Use on each lot shall be less than 25% Building floor area total. • Minimum of 3 parking spaces for every 1,000 sf of com- mercial space • Minimum of 1 parking space for every 7 seats in a Major Sports Facility •Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). • Parking ratio may be reduced according to the shared parking standard. • Parking ratio may be reduced for Major Sports Facility within 1 mile of a Metrorail, Metromover Station, or mass transit facility by up to 10%. • Loading - See Article 4, Table 5 • Loading needs, including maneuvering, shall be accom- modated on site. • Minimum of 1 parking space for every 800 square feet of Commercial Use. • Loading - See Article 4, Table 5 CIVIC Civic Uses are permissible as listed in Table 3. • Minimum of 1 parking space for every 5 seats of assembly uses. • Minimumof 1 parking spaceforevery 1,000sf of exhibition or recreation space, and parking spaces for other Uses as required. • Minimum of 1 parking space for every staff member for recreational uses. • Minimum of 1 parking space for every 500 sf of Building area for recreational uses. • Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). • Parking may be provided offsite in CI, D, T5 or T6 within 500 feet through a parking management plan/zone. Civic Uses are permissible as listed in Table 3. • Minimum of 1 parking space for every 800 square feet of Civic Use. • Loading - See Article 4, Table 5 • Minimum of 1 parking space for every 5 seats of assembly uses. • Minimumof 1 parking spaceforevery 1,000 sf of exhibition or recreation space, and parking spaces for other Uses as required. • Minimum of 1 parking space for every staff member for recreational uses. • Minimum of 1 parking space for every 500 sf of Building area for recreational uses. • Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). • Parking may be provided offsite in CI, D, T5 or T6 within 500 feet through a parking management plan/zone. CIVIL SUPPORT Civil Support Uses are permissible as listed in Table 3, limited by compliance with: • For Civil Support, a minimum of 1 parking spaceforevery 1,000 sf. • For Marine Uses, a minimum of 1 parking space for every 5 slips. Civil Support Uses are permissible as listed in Table 3, limited by compliance with: • For Civil Support, a minimum of 1 parking space for every 1,000 sf. • For Assembly uses, a minimum of 1 parking space for every 5 seats. • For Marine Uses, a minimum oft parking space for every 5 slips. • Adult Daycare - Minimum of 1 space per staff member and 1 space for owner. • Minimum of 1 parking space for every 800 square feet of Civil Support Use. • Loading - See Article 4, Table 5 EDUCATIONAL Educational Uses are permissible as listed in Table 3, limited by compliance with: • Minimum of 2 parking spaces for every 1,000 sf of educational space • Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). • Childcare Facilities - Minimum of 1 space per staff member, 1 space for owner and 1 drop-off space for every 10 clients cared for. Educational Uses are permissible as listed in Table 3, limited by compliance with: • Minimum of 2 parking spaces for every 1,000 sf of educational space •Schools —Minimum oft parking space for each faculty or staff member, 1 visitor parking space per 100 students, 1 parking space per 5 students in grades 11 and 12 or College/University. • Childcare Facilities - Minimum of 1 space per staff member, 1 space for owner and 1 drop-off space for every 10 clients cared for. • Minimum of one Bike space for every 20 vehicular spaces required (before any reductions). • Minimum of 1 parking space for every 800 square feet of Educational Use. • Loading - See Article 4, Table 5 IV.18 ARTICLE 4. TABLE 5 BUILDING FUNCTION: PARKING AND LOADING AS ADOPTED - APRIL 2013 SHARED PARKING STANDARDS SHARING FACTOR Function RESIDENTIAL LODGING OFFICE COMMERCIAL with Function RESIDENTIAL LODGING OFFICE COMMERCIAL The shared Parking Standards Table provides the method for calculating shared parking for buildings with more than one Use type. It refers to the parking requirements that appear in Table 4. The parking required for any two Functions on a Lot is calculated by dividing the number of spaces required by the lesser of the two uses by the appropriate factor from this Table and adding the result to the greater use parking requirement. For instance: for a building with a Residential Use requiring 100 spaces and a Commercial Use requir- ing 20 spaces, the 20 spaces divided by the sharing factor of 1.2 would reduce the total requirement to 100 plus 17 spaces. For uses not indicated in this chart on a mixed use lot a sharing factor of 1.1 shall be allowed. Additional sharing is allowed by Warrant. OFF-STREET PARKING STANDARDS ANGLE OF PARKING ACCESS AISLE WIDTH ONE WAY TRAFFIC SINGLE LOADED ONE WAY TRAFFIC DOUBLE LOADED TWO WAY TRAFFIC DOUBLE LOADED 90 23ft 23ft 23 ft 60 12.8 ft 11.8 ft 19.3 ft 45 10.8 ft 9.5 ft 18.5 ft Parallel 10 ft 10 ft 20 ft Standard stall: 8.5 ft x 18 ft minimum • Driveways shall have a minimum of 10 feet of paved width of a one-way drive and 20 feet for a two-way drive for parking area providing 10 or more stalls. • Pedestrian entrances shall be at least 3 feet from stall, driveway or access aisle. • Allowable slopes, paving, and drainage as per Florida Building Code. • Off-street Parking facilities shall have a minimum vertical clearance of 7 feet. Where such a facility is to be used by trucks or loading Uses, the minimum clearance shall be 12 feet Residential and 15 feet Commercial and Industrial. • Ingress vehicular control devices shall be located so as to provide a minimum driveway of 20 feet in length between the Base Building Line and dispenser. • For requirements of parking lots, refer to Article 9 and the City of Miami Off-street Parking Guides and Standards. LOADING BERTH STANDARDS T5, T6, CS, CI -HD & CI DISTRICT NOTES RESIDENTIAL* From 25,000 sf to 500,000 sf Berth Size Loading Berths 420 sf 1 per first 100 units 200 sf 1 per each additional 100 units or fraction of 100. Greater than 500,000 sf Berth Size Loading Berths 660 sf 1 per first 100 units 200 sf 1 per each additional 100 units or fraction of 100. Berth Types Residential*: 200 sf = 10 ft x 20 ft x 12 ft Commercial**: 420 sf = 12 ft x 35 ft x 15 ft Industrial***: 660 sf= 12 ft x 55 ft x 15 ft * Residential loading berths shall be set back a distance equal to their length. ** 1 Commercial berth may be substituted by 2 Residential berths *** 1 Industrial berth may be substituted by 2 Commercial berths. A required Industrial or Commercial loading berth may be substituted by a Commercial or Residential loading berth, by Waiver, if the size, character, and operation of the Use is found to not require the dimensions specified and the required loading berth dimension could not otherwise be provided according to the regulations of this Code. LODGING From 25,000 sf to 500,000 sf Berth Size Loading Berths 420 sf 1 per 300 rooms 200 sf 1 per 100 rooms Greater than 500,000 sf Berth Size Loading Berths 660 sf 1 per 300 rooms 200 sf 1 per 100 rooms From 25,000 sf to 500,000 sf Berth Size Loading Berths 420 sf 1 per 300 rooms 200 sf 1 per 100 rooms Greater than 500,000 sf Berth Size Loading Berths 660 sf 1 per 300 rooms 200 sf 1 per 100 rooms OFFICE COMMERCIAL** INDUSTRIAL*** From 25,000 sf to 500,000 sf Berth Size Loading Berths Area 420 sf 1st 25Ksf-50Ksf 420 sf 2nd 50K sf - 100K sf 420 sf 3rd 100K sf - 250K sf 420 sf 4th 250K sf - 500K sf Greater than 500,000 sf Berth Size Loading Berths Area 660 sf 1 / 500K sf From 25,000 sf to 500,000 sf Berth Size Loading Berths Area 420 sf 1st 25Ksf-50Ksf 420 sf 2nd 50K sf - 100K sf 420 sf 3rd 100K sf - 250K sf 420 sf 4th 250K sf - 500K sf Greater than 500,000 sf Berth Size Loading Berths Area 660 sf 1 / 500K sf IV.22 ARTICLE 4. TABLE 6 FRONTAGES AS ADOPTED - APRIL 2013 a. Common Lawn: a Frontage wherein the Facade is set back sub- stantially from the Frontage Line. The front yard created remains unfenced and is visually continuous with adjacent yards, supporting a common landscape. The Setback can be densely landscaped to buffer from higher speed Thoroughfares. b. Porch & Fence: a Frontage wherein the Facade is set back from the Frontage Line with an attached Porch permitted to encroach. A fence at the Frontage Line maintains the demarcation of the yard while not blocking view into the front yard. c. Terrace or Light Court: a Frontage wherein the Facade is set back from the Frontage Line by an elevated terrace or a sunken light court. This type buffers residential use from urban sidewalks and removes the private yard from public encroachment. The raised terrace is suitable for outdoor cafes. d. Forecourt: a Frontage wherein a portion of the Facade is close to the Frontage Line with a portion set back. The forecourt with a large tree offers visual and environmental variety to the urban Streetscape. The Forecourt may accommodate a vehicular drop off. e. Stoop: a Frontage wherein the Facade is aligned close to the Frontage Line with the first Story elevated from the sidewalk sufficiently to secure privacy for the windows. The entrance is usually an exterior stair and landing. This type is recommended for ground -floor Residential Use. f. Shopfront: a Frontage wherein the Facade is aligned close to the Frontage Line with the Building entrance at sidewalk grade. This type is conventional for retail Use. It has substantial glazing at the sidewalk level and an Awning that may overhang the sidewalk. g. Gallery: a Frontage wherein the Facade is aligned close to the Frontage Line with an attached cantilevered or a lightweight colonnade overlapping the sidewalk. This type is conventional for retail Use. The Gallery shall be no less than 15' feet wide and may overlap the whole width of the sidewalk to within 2 feet of the curb. Permitted by Special Area Plan. h. Arcade: a Frontage wherein the Facade includes a colonnade that overlaps the sidewalk, while the Facade at sidewalk level remains at the Frontage Line. This type is conventional for retail Use. The arcade shall be no less than 15' feet wide and may overlap the whole width of the sidewalk to within 2 feet of the curb. Permitted by Special Area Plan. SECTION LOT R.O.W. PRIVATE 4 PUBLIC Frontage Frontage PLAN R.O.W. 4 PUBLIC Frontage lit IV.23 ARTICLE 4. TABLE 7 CIVIC SPACE TYPES AS ADOPTED - APRIL 2013 This table describes the standards for areas zoned as Civic Space (CS) and for Public Parks and Open Space provided by the Public Benefits Program. Civic Space Types should be at the ground level, landscaped and/or paved, open to the sky and shall be open to the public. Civic Space Types may be publicly or privately owned. Open Space requirements for each zone are described in Article 5. a. Park: A natural preserve available for unstructured and structured recreation programs. A Park may be independent of surrounding Building Frontages. Its landscape may be naturalistic and consist of paths and trails, meadows, woodland, sports fields and open shelters. Parks may be Conservation Areas, preserving natural conditions and their size may vary. b. Green: An Open Space, available for unstructured recreation programs. A Green may be spatially defined by landscaping rather than Building Frontages. Its landscape shall consist of lawn and trees, naturalistically disposed. The minimum size shall be one acre and the maximum shall be 4 acres. c. Square: An Open Space available for unstructured recreation programs and civic purposes. Asquare is spatially defined by Building Frontages with streets on at least one Frontage. Its landscape shall consist of pavement, lawns and trees, formally disposed. Squares shall be located at the intersection of important Thoroughfares. The minimum size shall be 1/3 acre and the maximum shall be 2 acres. d. Plaza: An Open Space available for civic purposes and programmed activities. A Plaza shall be spatially defined by Building Frontages and may include street Frontages. Its landscape shall consist primarily of pavement and trees. Plazas shall be located at the intersection of importantThoroughfares. The minimum size shall be 1/8 acre and the maximum shall be 2 acres. e. Courtyard / Garden: An Open Space spatially defined by Buildings and street walls, and visually accessible on one side to the street. f. Playground: An Open Space designed and equipped for the recreation of children. A Playground shall be fenced and may include an open shelter. Playgrounds shall be interspersed within residential areas and may be placed within a Block. Playgrounds may be included within Parks and Greens. There shall be no minimum or maximum size. g. Pedestrian Passage: An Open Space connecting other public spaces, that is restricted to pedes- trian use and limited vehicular access, of a minimum width of 20 feet. Building walls enfronting a Pedestrian Passage shall have frequent doors and windows. In T6-36, T6-48, T6-60 and T6-80, a Pedestrian Passage may be roofed. h. Community Garden: A grouping of garden plots available for small-scale cultivation, generally to residents of apartments and other dwelling types without private gardens. Community gardens should accommodate individual storage sheds. iiGiewpw ..i cDo o rO • 00 00 J I I L = • 11 °7 l':* 1 1441 [ 1 1 J l 1 L 9000% 0 0 0 %COCO° • 0 0 0 [ IJ J l' L C•C 00C 1 1ii— JO IIL — JO00 O .) r 0 C O.c 1rt. la— J I 1I �I I I Mil HIM Mill ii99 II81 31' lam UM MI jiiiii 18111 ...... �.....i iiii i®iij IV.24 ARTICLE 4. TABLE 8 DEFINITIONS ILLUSTRATED AS ADOPTED - APRIL 2013 a. THOROUGHFARE &FRONTAGES Building Private Frontage Public Frontage Vehicular Lanes Public Frontage Private Frontage Building Private Lot Thoroughfare (R.O.W.) Private Lot b. TURNING RADIUS a) 1-Radius at the Curb 2-Effective Turning Radius d. LOT LAYERS 3" Layer 2ntl Layer 1' Layer 3rd Layer 2nd Layer 1st Layer f. SETBACK DESIGNATIONS 3 ♦ ► 10-2 24 2 ♦ 4 1-Front Setback 2-Side Setback 3-Rear Setback c. BUILDING DISPOSITION 3 1 3 2 1 1- Principal Building 2- Backbuilding 3- Outbuilding e. FRONTAGE & LOT LINES 4 4 3 2 4!4 3 5 1-Frontage Line 2-Lot Line 3-Fapades 4-Elevations 5-Streetscreen g. VISIBILITY TRIANGLE 25'-0" i� Fig 1. Fig 2. At Thoroughfare inter- sections with Building Setbacks At intersections of driveways with Thor- oughfare with no Building Setbacks Fig 3. At Thoroughfare in- tersections with no Building Setbacks 0° IV.25 AS ADOPTED - APRIL 2013 5.7 CIVIC SPACE ZONES (CS) AND CIVIC INSTITUTION ZONES (CI) 5.7.1 Civic Space Zones (CS) 5.7.1.1 Development in a Civic Space Zone should have a minimum of fifty percent (50%) of its perimeter enfronting a Thoroughfare. Civic Space sites shall be entered directly from a Thoroughfare. 5.7.1.2 Development in Civic Space Zones shall be consistent with the standards in Article 4, Tables 3, 4, and 7. 5.7.1.3 One or more Buildings may be built in each Civic Space. Building floor area shall not exceed twenty- five percent (25%) of the lot area of the Civic Space, and shall support the principal use of the Civic Space. 5.7.1.4 In Civic Spaces, Buildings, Fences and walls shall conform to regulations of the most restrictive Abutting Transect Zone, except as shown by City of Miami's Parks and Public Spaces Master Plan. Other adjustments to the regulations shall be approved by process of Exception. 5.7.1.5 All Community facility and Recreational Facility Uses shall be government owned or operated only. 5.7.2 Civic Institution Zones (CI) 5.7.2.1 Development in a Civic Institution Zone shall have a minimum of one (1) Frontage enfronting a Thoroughfare and should have its primary entrance from a Thoroughfare. 5.7.2.2 Development in Civic Institution Zones shall be consistent with the standards in Article 4, Tables 3 and 4. 5.7.2.3 A Civic Institution Lot may have one (1) or more Buildings. 5.7.2.4 Civic Institution Development shall be permitted by process of Exception and shall conform to the following regulations: a. Any property located within a CI Zone may be developed according to the regulations of the most restrictive Abutting Transect Zone with all Frontage Setbacks considered a minimum. b. Development in a CI Zone shall follow the regulations of the Abutting Transect Zone, except that Height restrictions shall be as follows: 1. A CI Zone entirely Abutting T3 shall be developed to no more than the maximum Height al- lowed by T4. 2. A CI Zone predominantly Abutting T3 orT4, shall be developed to no more than the maximum Height allowed by T5. 3. A CI Zone predominantly Abutting T5, T6-8, D1, D2 or D3, shall be developed to no more than the maximum Height of T6-8. 4. A CI Zone entirely Abutting T6-8 or higher, may conform to the maximum Height of any higher Abutting Transect Zone. V.43 AS ADOPTED - APRIL 2013 5.7.2.5 c. A CI Zone may seek higher than Abutting successional Transect Zoning through the process of Special Area Plan. d. Adjustments to Building Disposition Requirements, with the exception of Setbacks, shall be al- lowed by process of Waiver. The expansion of any existing Civic Institution Use by less than twenty percent (20%) may be per- mitted By Right. 5.7.2.6 In the event that a Civic Institution Zone ceases to be used for Civic Institution Uses, it shall be de- veloped either in accordance with the regulations of the most restrictive Abutting Transect Zone or by process of rezoning, subject to the limitations of the Comprehensive Plan. 5.8 CIVIC INSTITUTION ZONES — HEALTH DISTRICT (CI -HD) a. All Development in the CI -HD zone for a structure that exceeds ten thousand dollars ($10,000.00) in cost and affects the Scale of the street or block front, or that affects the location, relocation or enlargement of vehicular ways or parking areas outside public Rights -of -Way shall be approved by Warrant except that any Development exceeding the following thresholds shall be approved by Exception. 1. Development involving in excess of five hundred thousand (500,000) square feet of Floor Area excluding parking and loading. 2. For hospital buildings, any development in excess of eight hundred thousand (800,000) square feet of Floor Area excluding parking and loading. 3. Any single use or combination of uses requiring or proposing to provide in excess of a net increase of one thousand (1,000) off-street parking spaces. 5.8.1 Building Disposition (CI -HD) a. Newly platted Lots shall be dimensioned according to Illustration 5.8. b. Lot coverage by any Building shall not exceed that shown in Illustration 5.8. c. Buildings shall be disposed in relation to the boundaries of their Lots according to Illustration 5.8. A CI -HD lot may have more than one building. d. Principal pedestrian entrances shall generally be along Principal Frontages and vehicular en- trances on streets of less intensity. e. It is recommended that Facades be built parallel to the Principal Frontage Line. f. It is recommended at the first Story, Facades along a Frontage Line have frequent doors and windows. g. Setbacks for Buildings shall be as shown in Illustration 5.8. Frontage Setbacks may be adjusted V.44 ARTICLE 6. TABLE 13 SUPPLEMENTAL REGULATIONS (CONTINUED) AS ADOPTED - APRIL 2013 c - CIVIC CS — CIVIC SPACE CI — CIVIC INSTITUTION CI -HD — CIVIC INSTITUTION HEALTH DISTRICT DENSITY (UPA) NIA DENSITY OF ABUTTING ZONE 150 UNITS PER ACRE BOATS HOUSEBOAT HOUSE BARGE Occupancy of private pleasure crafts and houseboats or house barges shall not be allowed except for those specifically grandfathered and regulated by Ordinance #10932, adopted October 24, 1991. Occupancy of private pleasure crafts and houseboats or house barges shall not be allowed except for those specifically grandfathered and regulated by Ordinance #10932, adopted October 24, 1991. Occupancy of private pleasure crafts and houseboats or house barges shall not be allowed except for those specifically grandfathered and regulated by Ordinance #10932, adopted October 24, 1991. DOCKS PIERS Extension of docks and Piers into Biscayne Bay are limited to 35 feet. However, by Exception a 600 feet maximum extension of docks and Piers into Biscayne Bay may be allowed. Extension of docks and Piers into other waterways is limited to 10 feet or 10% of the width of the waterway, whichever is less. However, by Exception further extension may be approved, subject to approval from all applicable agencies. Extension of docks and Piers into Biscayne Bay are limited to 35 feet. However, by Exception a 600 feet maximum extension of docks and piers into Biscayne Bay may be allowed. Extension of docks and Piers into other waterways is limited to 10 feet or 10% of the width of the waterway, whichever is less. However, by Exception further extension may be approved, subject to approval from all applicable agencies. Extension of docks and Piers into Biscayne Bay are limited to 35 feet. However, by Exception a 600 feet maximum extension of docks and piers into Biscayne Bay may be allowed. Extension of docks and Piers into other waterways is limited to 10 feet or 10% of the width of the waterway, whichever is less. However, by Exception further extension may be approved, subject to approval from all applicable agencies. OPEN AIR RETAIL Subject to the following additional requirements: Access to site must be from a major Thoroughfare. Distance separation of any open air retail shall be a minimum of 75 feet measured from any property within T3, T4-R, T5-R, or T6-R Zone. Operation limited to weekends and legal holidays for a maximum of 3 consecutive days between the hours of 7:00 AM and 7:00 PM. Provision of paving striping for stalls and parking spaces. Provision of on -site restroom facilities. Subject to the following additional requirements: Access to site must be from a major Thoroughfare. Distance separation of any Open Air Retail shall be a minimum of 75 feet measured from any property within T3, T4-R, T5-R, or T6-R Zone. Operation limited to weekends and legal holidays for a maximum of 3 consecutive days between the hours of 7:00 AM and 7:00 PM. Provision of paving striping for stalls and parking spaces. Provision of on -site restroom facilities. Subject to the requirements of Section 6.3.4 ADULT DAYCARE For 6 to 9 adults: For 6 to 9 adults: Minimum of 350 square feet of indoor activity area. For 10 or more adults: Minimum of 35 square feet of indoor activity area per adu It. Minimum of 350 square feet of indoor activity area. For 10 or more adults: Minimum of 35 square feet of indoor activity area per adu It. COMMUNITY SUPPORT FACILITY Assisted Living Facilities: Allowed by Exception and are subject to the following additional requirements: Minimum distance requirement of 2,500 feet between proposed facility and another existing facility. Minimum distance requirement of 1000 feet between proposed facility and any T3 or T4-R Zone. PERSONAL WIRELESS SERVICE FACILITY Subject to the requirements of Section 6.4. Subject to the requirements of Section 6.4. Subject to the requirements of Section 6.4. HELICOPTER LANDING SITE Helicopter landing sites as regulated by federal and state Iaw may be permitted by Warrant subject to the following additional requirements: May only beused forthelanding and takeoff ofhelicopters dropping off and picking up passengers and cargo, and may not include fueling, repair, or long term parking or storage of helicopters. Unless used for emergency operations (police, fire, and hospital) landings and takeoffs shall be restricted to Monday through Friday from 9:00 AM to 5 PM on parcels Abutting T3, T4, T5-R, and T6-R Zones. Ground level sites shall be located away from Buildings, trees, or significant terrain features to avoid possible air turbulence. Rooftop sites shall be given priority over ground level sites in congested areas. Helicopter landing sites as regulated by federal and state Iaw may be permitted by Warrant subject to the following additional requirements: May only beused forthelanding and takeoff ofhelicopters dropping off and picking up passengers and cargo, and may not include fueling, repair, or long term parking or storage of helicopters. Unless used for emergency operations (police, fire, and hospital) landings and takeoffs shall be restricted to Monday through Friday from 9:00 AM to 5 PM on parcels Abutting T3, T4, T5-R, and T6-R Zones. Ground level sites shall be located away from Buildings, trees, or significant terrain features to avoid possible air turbulence. Rooftop sites shall be given priority over ground level sites in congested areas. Helicopter landing sites as regulated by federal and state Iaw may be permitted by Warrant subject to the following additional requirements: May only be used for the landing and takeoff of helicopters dropping off and picking up passengers and cargo, and may not include fueling, repair, or long term parking or storage of helicopters. Unless used for emergency operations (police, fire, and hospital) landings and takeoffs shall be restricted to Monday through Friday from 9:00 AM to 5 PM on parcels Abutting T3, T4, T5-R, and T6-R Zones. Ground level sites shall be located away from Buildings, trees, or significant terrain features to avoid possible air turbulence. Rooftop sites shall be given priority over ground level sites in congested areas. CHILDCARE Minimum of 35 square feet of usable indoor floor space per child on license. Minimum of 45 square feet of usable outdoor play area per child. A minimum outdoor play area shall be provided for one half of license capacity. In no event shall any outdoor play area be Tess than 450 square feet. The minimum standard of outdoor play area does not apply for children under one year of age. Minimum of 35 square feet of usable indoor floor space per child on license. Minimum of 45 square feet of usable outdoor play area per child. A minimum outdoor play area shall be provided for one half of license capacity. In no event shall any outdoor play area be Tess than 450 square feet. The minimum standard of outdoor play area does not apply for children under one year of age. Minimum of 35 square feet of usable indoor floor space per child on license. Minimum of 45 square feet of usable outdoor play area per child. A minimum outdoor play area shall be provided for one half of license capacity. In no event shall any outdoor play area be Tess than 450 square feet. The minimum standard of outdoor play area does not apply for children under one year of age. Vehicular entrance must be within 300 feet of arterial road. Vehicularentrance must be within 300 feet of arterial road. MAJOR SPORTS FACILITY Modifications in Setbacks up to a maximum of fifty percent (50%) of the required Setbacks may be approved by Waiver when Liner Uses are provided along parking Structures. Commercial Uses may exceed twenty-five percent (25%) of the Building area by Warrant. VI.17 ARTICLE 6. TABLE 13 SUPPLEMENTAL REGULATIONS (CONTINUED) AS ADOPTED - APRIL 2013 c - CIVIC CS — CIVIC SPACE CI — CIVIC INSTITUTION CI -HD — CIVIC INSTITUTION HEALTH DISTRICT DENSITY (UPA) NIA DENSITY OF ABUTTING ZONE 150 UNITS PER ACRE REGIONAL ACTIVITY COMPLEX Regional Activity Complex: Allowed by Exception with City Commission approval and are subject to the following additional requirements: Minimum distance requirement of 1,000 feet between proposed facility and any T3 or T4 Zones. Regional Activity Complex: Allowed by Exception with City Commission approval and are subject to the following additional requirements: Minimum distance requirement of 1,000 feet between proposed facility and any T3 or T4 Zones. VI.18 AS ADOPTED - APRIL 2013 DIAGRAM 14 PERMITTING PROCESS PERMITTING PROCESS DIAGRAM Applicant Zoning Office Referral PD Planning Department CRC Coordinated Review Committee PZAB Planning Zoning and Appeals Board F-1 By Right Building Permit Waiver Preapplication Submit to Zoning Office* PD Zoning Office Decision Appeal PZAB Building Permit Wa rant (Uses Only) Preapplication Submit to Planning Department* CRC Planning Department Decision Appeal PZAB Appeal City Comm. Building Permit Exception Preapplication Submit to Pla ning Department* CRC Planning Department Certification File with Hearing Boards* PZAB Appeal City Comm. Bui ding Permit Variance Preapplication Submit to Planning Department* Planning Department Certification File with Hearing Boards* PZAB Appeal City Comm. Building Permit Zoning Change Preapplication Submit to Planning Department* Planning Department Certification File with Hearing Boards* PZAB City Commission Building Permit VII.5 STDB Jun 19 2017 1111 Northwest 7th Street, Miami, FL, 33136 Lat 25780428 Long -80 213393 MAP DATA Panel Date September 11, 2009 Map Number 12086C0314L FIPS Code 12086 Census Tract 0051.02 Geocoding Accuracy S5 (Most Accurate) - single close match, point located at the street address position Flood ❑ `[orCZone ❑ X56D or B Zone ▪ AZone ▪ V Zone ❑ ❑ Zone ❑ Area Not Mapped © 2015 - STDB All rights reserved This Report is for the sole benefit of the Customer that ordered and paid for the Report and is based on the property information provided by that Customer That Customer's use of this Report is subject to the terms agreed to by that Customer when accessing this product No third party is authorized to use or rely on this Report for any purpose THE SELLER OF THIS REPORT MAKES NO REPRESENTATIONS OR WARRANTIES TO ANY PARTY CONCERNING THE CONTENT ACCURACY OR COMPLETENESS OF THIS REPORT INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE The seller of this Report shall not have any liability to any third party for any use or misuse of this Report Duplicate public_user 06/19/2017 Miami -Dade County, Florida 2016 Delinquent Real Estate Property SEE REVERSE SIDE FOR IMPORTANT INFORMATION FOLIO NUMBER MUNICIPALITY MILL CODE 01-3135-030-0010 MIAMI 0100 CITY OF MIAMI-DEPT OF P&D ASSET MANAGEMENT DIVISION 444 SW 2 AVE STE #325 MIAMI, FL 33130-1910 Property Address 1103 NW S RIVER DR Amount Due $0.00 If Received By Jun 30, 2017 Please Pay $0.00 Save Time. Pay Online. www.miamidade.gov r RETAIN FOR YOUR RECORDS r 2016 Delinquent Real Estate 1 Property Taxes FOLIO NUMBER 01-3135-030-0010 PROPERTY ADDRESS 11U3 NVVS KIVE UK LEGAL DESCRIPTION SPOR 1 SMAN PARK SEC B PB 55-30 TRACT A THRU C LOT SIZE 148975 SQ FT DETACH HERE AND RETURN THIS PORTION WITH YOUR PAYMENT i * 1+ 0 1 3 1 3 5 0 3 0 0 0 1 0+ 2 0 1 6* Make checks payab e to: Miam -Dade Tax Co lector On U.S. funds drawn on U.S. banks) Delinquent Taxes must be paid by Cashier's Check, Money Order, or Certified Funds. Amount due may be subject to change without notice. Mail payments to: 200 NW 2nd Avenue, Miami, FL 33128 CITY OF MIAMI-DEPT OF P&D ASSET MANAGEMENT DIVISION 444 SW 2 AVE STE #325 MIAMI, FL 33130-1910 Duplicate public_user 06/19/2017 PAY ONLY ONE AMOUNT If Received By Please Pay Jun 30, 2017 $0.00 1000000000000000000131350300010201600000000000000000000007 / _1 S / / 4�..�..-- \, ii / -‘4C a I r� Tiwf t' i Orr T cs Cla]4 • loti .me. Wang NOM ��.. 11 1 pe,r .-C. c f u- �tiv A Of710E 2 OFFICE + EE 3µ �01101 c SCl11 3/22/2017 City of Miami REQUEST FOR APPRAISAL QUOTE You are invited to submit a quote to prepare an appraisal report based on the Appraisal Assignment attached herewith es Exhibit "A". Please complete the information requested at the bottom of this page. The quote and below information must be received by the Department of Real Estate and Asset Management by 3:00p.nt.- Monday. March 27.2017. You may submit your proposal via entail or by mail to: Igor Tsigclrnan Property Management Representative Department of Real Estate and Asset Management City of Miami 444 SW 2 Avenues, 3r' Floor Miami, FL 33130 (305) 416-1401 Its;SS�c1nman'^.'Um1arnhov.com ADDRESS FOLIO JOB No. I l i l NW 7th Street 01-3135-030-0010 A-03-17-012 Fees: Comprehensive total fee to perform appraisal/s: Hourly fee in the event expert testimony is required: Appraisal Company: Joseph J. Blake and Associates, Inc. Telephone/Extension: 305-448-1663 x 110 By: Ted Allen, MAI Date: 3/23/2017 $ 3400 $ 3400 $ 275/hour Sign: Florida -State -Certified General Real Estate Appraiser No. RZ426 NOTE: When sending a quote, your company must comply with the completion due date. If selected, your company must provide a Certificate of Insurance in the manner prescribed in Exhibit "C" below. Page 1 of 5 �-poi LH- 3/22/2017 City t�l Miami EXHIBIT "A" APPRAISAL ASSIGNMENT Job Number: A-03-17-012 Fiscal Year: 201n-l7 Location: 1 1 1 1 NW 7111 Street Folio No.: 01-3135-030-0010 Lot Size: N/A Adjusted Area: 3,385 square feet (please see attached) Improvements: 1 building Purpose of Appraisal: To determine Fair Market Rent in order to renegotiate a lease agreement with current Lessee. Property Rights Appraised: Fee Simple Current Zoning: Cl/D1 Civic Institution Zone/Work Place District Zone (under the Miami 21 Zoning Code), Type of Appraisal: Narrative Report. Time to Complete: The appraisal report must be completed no later than fifteen (15) days after authorization. Number of bound copies: Four. (signed and certified). City Contact Person: Resolution Reference: Date of the Valuation: Fee: Igor Tsigelman, Property Management Representative T: (305) 416-1401 E-mail: itsigeiman!u;miamigov.com None. Date of the appraisal report. Full payment upon completion of the assignment, subject to revisions by the City of Miami and any other review appraiser should there he any discrepancies in the appraisal reports. THE APPRAISAL REPORT SHOULD INCLUDE THE FOLLOWING: Page 2 of 5 /22/1017 Citv 0I Miami The appraisal report shall be performed in compliance with the professional services agreement with the City For appraisal services as applicable. The appraisal report must consider all three approaches to value and provide an explanation to the weight given to each approach in arriving at the final reconciliation of value. In the event an approach is not used. please provide justification. Please provide evidence for not using the Cost Approach. In calculating the Market Data. the appraiser should analyze and provide current local market data and submit adjustment tables of comparables. 4. If utilizing a Land Sales Comparable Table to calculate Sales Price per Square Foot. please provide line item adjustments in a matrix Format for a better understanding of the Summary and Land Value Correlation conclusion. 5. Provide source and proof of capitalization rate for the income approach to value in local market versus other market when applicable. r,. Provide Market Data as if taxable property. 7. The appraisal report should he in compliance with the current Uniform Standard of Professional Appraisal Practice (USPAP) according to Section 475. Part II. of the Florida Statutes. The City of Miami reserves the right to review the appraisal report and submit its comments. The final report will be due five days after the appraisal is reviewed by City's staff. Note: All calculations must be explicit. Show all steps used to arrive at any conclusions provided. All data in this sheet must be verified by the appraiser, if any discrepancy. please call this office at 305-416-1401. Page 3 of 5 12017 City of Miami EXHIBIT "B" INSURANCE REQUIREMENTS t I l Commercial General Liability- (Primary & Non Contributory) A. Limits of Liability Bodily Injury and Property Damage Liability Each Occurrence $1.000.000 General Aggregate Limit $2.000,000 Products/Completed Operations $1.000,000 Personal and Advertising Injury. $1,000,000 B. Endorsements Required City of Miami included as an additional insured Contingent Liability (Independent Contractors Coverage= Contractual Liability Premises & Operations Liability Primary Insurance Clause (II) Business Automobile Liability A. Limits of Liability Bodily Injury and Property Damage Liability Combined Single Limit Any Auto/Owned Autos/Scheduled Including Hired, Borrowed or Non -Owned. Autos Any One Accident $ 1,000,000 B, Endorsements Required City of Miami included as an Additional Insured (III) Worker's Compensation A. Limits of Liability Statutory -State of Florida Waiver of subrogation (IV) Employer's Liability A. Limits of Liability $100,000 for bodily injury caused by an accident, each accident. $100,000 for bodily injury caused by disease, each employee $500,000 for bodily injury caused by disease, policy limit (V) Professional Liability/Error's & Omissions A. Limits of Liability Combined Single Limit Each Claim General Aggregate Limit Retro Date Included $1,000,000 $1,000,000 Page 4 of 5 /22/20I7 City of Miami BINDERS ARE UNACCEPTABLE. The above policies shall provide the City of Miami with written notice of cancellation or material change from the insurer in accordance to policy provisions. Companies authorized to do business in the .State of Florida. with the following qualifications, shall issue all insurance policies required above. and must meet the following requirements: The company must he rated no less than "A--- as to management, and no less than "Class V" as to Financial Strength, by the latest edition of i3est's Insurance Guide. published by A.M. Best Company, Oldwick. New Jersey, or its equivalent. All policies and for certificates of insurance are subject to review and verification by Risk Management prior to insurance approval. Certificates will indicate no modification or change in insurance shall he made without thirty (30) days written advance notice to the certificate holder. The Bidder shall he responsible for assuring that the insurance certificates required in conjunction with this Section remain in force for the duration of the contractual period: including any and all option terms that may be granted to the Bidder. In the event that expired certificates are not replaced with new or renewed certificates which cover the contractual period, the City shall have the option to: ( I) Suspend the contract until such time as the new or renewed certificates are received by the City in the manner prescribed in the Request for Appraisals Quote: or (2) The City may. at its sole discretion, terminate this contract for cause and seek re -procurement damages from the Bidder in conjunction with the General and Special Terms and Conditions of the Bid. The insurance coverage required shall include those classifications, as listed in standard liability insurance manuals, which most nearly reflect the operations of the bidder. Compliance with the foregoing requirements shall not relieve the bidder of his liability and obligation under this section or under any other section of this Agreement. Page 5 of 5 Client#: 2449 JOSEJBLA ACORD- CERTIFICATE OF LIABILITY INSURANCE DATE (MMID0 VYYY) 02/13/2017 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder Is an ADDITIONAL INSURED, the policy(ies) must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER NFP P & C Services Inc. 45 Executive Drive Plainview, NY 11803 516 327-2700 INSURED Joseph J. Blake & Associates, Inc 425 Broad Hollow Rd,Ste 429 Melville, NY 11747 CONTACT NAME; FAX {AICN Ext): 516 327-2700 1 yuc Not 516-327-2800 E-MAIL ADDRESS' INSURER{SJ AFFORDING COVERAGE NAIC INSURER A : Indian Harbor Insurance Company 36940 INSURER B ; INSURER C : INSURER O INSURER E: INSURER F COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED NOTWITHSTANDING ANY REQUIREMENT, TERM CR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT to WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS. EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMSIN. LTRR TYPE OF INSURANCE ADOL SUMRi POLICY EFF POLICY EXP 1NSSR MVO I POLICY NUMBER (MMIDD(YYYY) {MMIDDIYYYY) LIMITS COMMERCIAL GENERAL LIABILITY CI.AIMS•MADE I OCCUR GEN'L AGGREGATE LIMIT APPLIES PER, f PRO - POLICY JECT LOC OTHER: 1 I IEACH OCCURRENCE_ I DAMAGE TO RENTED PREMISES (Ea occurrence' AUTOMOBILE LIABILITY ANY AUTO ALL OWNED AUTOS HIRED AUTOS SCHEDULER AUTOS NON -OWNED AUTOS UMBRELLA UA8 EXCESS LIAB OCCUR CLAIMS -MADE DEO RETENTIONS MED EXP (Any one person) PERSONAL & ADV INJURY GENERAL AGGREGATE 5 5 PRODUCTS - COMP/OP AGG $ 5 COMBINED SINGLE LIMIT (Es accident) 5 BODILY INJURY (Per person) 5 ODILY INJURY IPer accident} 5 PROPERTY DAMAGE (Per accident 5 5 EACH OCCURRENCE AGGREGATE WORKERS COMPENSATION AND EMPLOYERS' LIABILITY ANY PROPRIETORIPARTNERIEXECUTIVE V 1 N OFFICER/MEMBER EXCLUDED? (Mandatory In NH} If yes, descnhe under DESCRIPTION OF OPERATIONS below A Professional Liability NIA MPP002947507 11/0212016 IPER STATUTF EL. EACH ACCIDENT OTII- FR S E,L DISEASE - EA EMPLOYEE 5 11/02/2017 E.L. DISEASE - POLICY LIMIT $1,000,000 Limit 5 DESCRIPTION OF OPERATIONS 1 LOCATIONS 1 VEHICLES {ACORD 101, Additional Remarks Schedule, may be attached if more space to required} Evidence of Insurance CERTIFICATE HOLDER City of Miami Public Facilities Dept. Asset Management 444 SW 2nd Avenue, 3rd Floor Miami, FL 33130 ACORD 25 (2014/01) 1 of 1 #S430827/M398655 CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. AUTHORIZED REPRESENTATIVE (D 1988-2014 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD JACOH Client#: 2449 JOSEJBLA ACORD, CERTIFICATE OF LIABILITY INSURANCE DATE (MMIDDIYYYYI 2/13/2017 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(les) must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER NFP P&C Services. Inc 45 Executive Drive Plainview, NY 11803 516 327-2700 INSURED Joseph J. Blake & Associates, Inc 425 Broad Hollow Rel,Ste 429 Melville, NY 11747 COVERAGES CONTACT NAME: PHONE 516 327-2700 qt_Lf G No, Exg: E-MAIL ADDRESS: FAX a c, No): 516-327-2800 INSURERS) AFFORDING COVERAGE INSURER A : Mitsui Sumitomo Ins. Co. of Ame INSURER B : INSURER C INSURER D. INSURER El INSURER F NAIL S 20362 CERTIFICATE NUMBER: REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT. TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN 15 SUBJECT TO ALL THE TERMS EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS P veva (MPOLICY DDDTYYYY) IMMIDD YYYY LIMITS TR TYPE OF INSURANCE ADD (WVD POLICY NUMBER ) A X COMMERCIAL GENERAL LIABILITY 1 y y PKG3126559 '02/10/2017 . _1 CLAIMS -MADE f _X OCCUR GEN`L AGGREGATE LIMIT APPLIES PER: PRO- II P POLICY JECT I LOC OTHER: A A AUTOMOBILE LIABILITY ANY AUTO ALL OWNED AUTOS HIREL AUTOS X SCHEDULED AUTOS NON -OWNED AUTOS UMBRELLA LIAR EXCESS LIAB OCCUR CLAIMS -MADE DEO X RETENTION $1 0000 WORKERS COMPENSATION AND EMPLOYERS' LIABILITY ANY PROPRIETORIPARTNERIF ECUTIVE OFFICER/MEMBER EXCLUDED? (Mandatory In NH) If yes, desanbe under DESCRIPTION OF OPERATIONS below YIN N� IA BVR840623 UMB5700103 WCP91'12775 02/10/2018 EACHOCCURRENCE PREMISE(OEaEc rrenee) MED EXP (Any one person) PERSONAL 8 ADV INJURY GENERAL AGGREGATE PRODUCTS - COMP/OP AGG $1,000,000 s 1,000,000 510,000 $ 1,000,000 $2,000,000 s2,000,000 5 02110/2017 021101201 y COMBINEDISINGLE LIMIT BODILY INJURY (Per person) 02/10/2017 12/10/2016 51,000,000 I BODILY INJURY (Per sodden s PROPERTY DAMAGE (Per accident) S 02/10/2018 EACH OCCURRENCE 12/10/2017 AGGREGATE X ISTATUTEOT Rµ E.L. EACH ACCIDENT E. DISEASE - EA EMPLOYEE E.L. DISEASE - POLICY LIMIT $5,000,000 $5,000,000 a1,000,000 $1,000,000 51,000,000 DESCRIPTION OF OPERATIONS Jr LOCATIONS 1 VEHICLES IACORD 101, Additional Remarks Schedule, may he attached if more space Is required} City of Miami is listed as Additional Insured with respect to General Liab lity and Automobile Liability arising out of the operations of the Named Insured. All coverages !lasted above shall be on a primary and non-contributory basis. CERTIFICATE HOLDER CANCELLATION City of Miami Public Facilities Dept.; Asset Management 444 SW 2nd Avenue, 3rd Floor Miami, FL 33130 SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. AUTHORIZED REPRESENTATIVE :.E) 1988-2014 ACORD CORPORATION. All rights reserved. ACORD 25 (2014101 ) 1 of 1 The ACORD name and logo are registered marks of ACORD #S430824/M429674 CABRA EXHIBIT B DESCRIPTION OF AREA Offices of approximately 3,385 square feet located at 1111 NW 7`t' Street Haiti, Florida 33136 26 Miami Firefighters Federal Credit Union 17-207-02 GLOSSARY OF VALUATION TERMS Term Definition Source Air Rights The right to undisturbed use and control of designated Appraisal Institute, The air space above a specific land area within stated Dictionary of Real elevations. Air rights may be acquired to construct a Estate Appraisal, 6th building above the land or building of another or to Ed. (Chicago: Appraisal protect the light and air of an existing or proposed Institute, 2015) structure on an adjoining lot. Air rights do not always include development rights. See also transferable development right (TDR). As Is Market Value The estimate of the market value of real property in its Appraisal Institute, The current physical condition, use, and zoning as of the Dictionary of Real appraisal date. (Interagency Appraisal and Evaluation Estate Appraisal, 6th Guidelines) Note that the use of the "as is" phrase is Ed. (Chicago: Appraisal specific to appraisal regulations pursuant to FIRREA Institute, 2015) applying to appraisals prepared for regulated lenders in the United States. The concept of an "as is" value is not included in the Standards of Valuation Practice of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice, or International Valuation Standards. Band of Investment A technique in which the capitalization rates attributable Appraisal Institute, The to components of an investment are weighted and Dictionary of Real combined to derive a weighted -average rate attributable Estate Appraisal, 6th to the total investment (i.e., debt and equity, land and Ed. (Chicago: Appraisal improvements). Institute, 2015) Condominium A multiunit structure, or a unit within such a structure, Appraisal Institute, The with a condominium form of ownership. Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Debt Coverage Ratio (DCR) The ratio of net operating income to annual debt service Appraisal Institute, The (DCR = NOI/IM), which measures the relative ability of a Dictionary of Real property to meet its debt service out of net operating Estate Appraisal, 6th income; also called debt service coverage ratio (DSCR). A Ed. (Chicago: Appraisal larger DCR typically indicates a greater ability for a Institute, 2015) property to withstand a reduction of income, providing an improved safety margin for a lender. Deferred Maintenance Depreciation is the difference between the market value Appraisal Institute, The of an improvement and its reproduction or replacement Appraisal of Real cost at the time of appraisal. The depreciated cost of the Estate, 14th Ed. improvement can be considered an indication of the (Chicago, Illinois: improvement's contribution to the property's market Appraisal Institute; value. 2013) JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Miami Firefighters Federal Credit Union 17-207-02 GLOSSARY OF VALUATION TERMS Term Definition Source Effective Gross Income (EGI) The anticipated income from all operations of the real Appraisal Institute, The estate after an allowance is made for vacancy and Dictionary of Real collection losses and an addition is made for any other Estate Appraisal, 6th income. Ed. (Chicago: Appraisal Institute, 2015) Effective Gross Income Multiplier (EGIM) The ratio between the sale price (or value) of a property Appraisal Institute, The and its effective gross income. Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Entrepreneurial Profit 1. A market -derived figure that represents the Appraisal Institute, The amount an entrepreneur receives for his or her Dictionary of Real contribution to a project and risk; the difference Estate Appraisal, 6th between the total cost of a property (cost of Ed. (Chicago: Appraisal development) and its market value (property Institute, 2015) value after completion), which represents the entrepreneur's compensation for the risk and expertise associated with development. An entrepreneur is motivated by the prospect of future value enhancement (i.e., the entrepreneurial incentive). An entrepreneur who successfully creates value through new development, expansion, renovation, or an innovative change of use is rewarded by entrepreneurial profit. Entrepreneurs may also fail and suffer losses. 2. In economics, the actual return on successful management practices, often identified with coordination, the fourth factor of production following land, labor, and capital; also called entrepreneurial return or entrepreneurial reward. See also entrepreneurial incentive. Equity Capitalization Rate (RE) An income rate that reflects the relationship between Appraisal Institute, The one year's equity cash flow and the equity investment; Dictionary of Real also called the cash -on -cash rate, cash flow rate, cash Estate Appraisal, 6th throw -off rate, or equity dividend rate. (RE = IE/VE, or Pre- Ed. (Chicago: Appraisal Tax Cash Flow/Equity Invested) Institute, 2015) Equity Ratio The ratio between the down payment paid on a property Appraisal Institute, The and its total price; the fraction of the investment that is Dictionary of Real unencumbered by debt. Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANO CONSULTING Miami Firefighters Federal Credit Union 17-207-02 GLOSSARY OF VALUATION TERMS Term Definition Source Excess Land Land that is not needed to serve or support the existing Appraisal Institute, The use. The highest and best use of the excess land may or Dictionary of Real may not be the same as the highest and best use of the Estate Appraisal, 6th improved parcel. Excess land has the potential to be sold Ed. (Chicago: Appraisal separately and is valued separately. Institute, 2015) Exposure Time Estimated length of time that the property interest being Uniform Standards of appraised would have been offered on the market prior Professional Appraisal to the hypothetical consummation of a sale at market Practice, 2016-2017 Ed. value on the effective date of the appraisal. External Obsolescence A type of depreciation; a diminution in value caused by Appraisal Institute, The negative external influences and generally incurable on Dictionary of Real the part of the owner, landlord, or tenant. The external Estate Appraisal, 6th influence may be either temporary or permanent. Ed. (Chicago: Appraisal Institute, 2015) Extraordinary Assumption An assumption, directly related to a specific assignment, Uniform Standards of as of the effective date of the assignment results, which, Professional Appraisal if found to be false, could alter the appraiser's opinions Practice, 2016-2017 Ed. or conclusions. Comment: Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. Fee Simple Estate Absolute ownership unencumbered by any other interest Appraisal Institute, The or estate, subject only to the limitations imposed by the Dictionary of Real governmental powers of taxation, eminent domain, Estate Appraisal, 6th police power, and escheat. Ed. (Chicago: Appraisal Institute, 2015) Gross Building Area (GBA) 1. Total floor area of a building, excluding Appraisal Institute, The unenclosed areas, measured from the exterior of Dictionary of Real the walls of the above -grade area. This includes Estate Appraisal, 6th mezzanines and basements if and when typically Ed. (Chicago: Appraisal included in the market area of the type of Institute, 2015) property involved. 2. Gross leasable area plus all common areas. 3. For residential space, the total area of all floor levels measured from the exterior of the walls and including the superstructure and substructure basement; typically does not include garage space. JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Miami Firefighters Federal Credit Union 17-207-02 GLOSSARY OF VALUATION TERMS Term Definition Source Gross Leasable Area (GLA) Total floor area designed for the occupancy and Appraisal Institute, The exclusive use of tenants, including basements and Dictionary of Real mezzanines; measured from the center of joint Estate Appraisal, 6th partitioning to the outside wall surfaces. Ed. (Chicago: Appraisal Institute, 2015) Highest and Best Use 1. The reasonably probable use of property that Appraisal Institute, The results in the highest value. The four criteria that Dictionary of Real the highest and best use must meet are legal Estate Appraisal, 6th permissibility, physical possibility, financial Ed. (Chicago: Appraisal feasibility, and maximum productivity. Institute, 2015) 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS) 3. [The] highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions) Hypothetical Condition 1. A condition that is presumed to be true when it Appraisal Institute, The is known to be false. (SVP) Dictionary of Real 2. A condition, directly related to a specific Estate Appraisal, 6th assignment, which is contrary to what is known Ed. (Chicago: Appraisal by the appraiser to exist on the effective date of Institute, 2015) the assignment results, but is used for the purpose of analysis. Comment: Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. (USPAP, 2016-2017 ed.) Insurable Value A type of value for insurance purposes. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANO CONSULTING Miami Firefighters Federal Credit Union 17-207-02 GLOSSARY OF VALUATION TERMS Term Definition Source Internal Rate of Return (IRR) The annualized yield rate or rate of return on capital that is generated within an investment or portfolio over a period of ownership. Alternatively, the indicated return on capital associated with a projected or pro forma income stream. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Leased Fee Interest The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Leasehold Interest The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Loan -to -Value Ratio (M) The ratio between a mortgage loan and the value of the property pledged as security, usually expressed as a percentage; also called loan ratio or LTV. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Marketing Time An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal. Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Market Rent The most probable rent that a property should bring in a competitive and open market reflecting the conditions and restrictions of a specified lease agreement, including the rental adjustment and revaluation, permitted uses, use restrictions, expense obligations, term, concessions, renewal and purchase options, and tenant improvements (Tls). Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANO CONSULTING Miami Firefighters Federal Credit Union 17-207-02 GLOSSARY OF VALUATION TERMS Term Definition Source Market Value "A type of value that is the major focus of most real property appraisal assignments. Both economic and legal definitions of market value have been developed and refined, such as the following. 1. The most widely accepted components of market value are incorporated in the following definition: 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 a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under duress. 2. Market value is described, not defined, in the Uniform Standards of Professional Appraisal Practice (USPAP) as follows: A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. Comment: Forming an opinion of market value is the purpose of many real property appraisal assignments, particularly when the client's intended use includes more than one intended user. The conditions included in market value definitions establish market perspectives for development of the opinion. These conditions may vary from definition to definition but generally fall into three categories: 1. the relationship, knowledge, and motivation of the parties (i.e., seller and buyer); 2. the terms of sale (e.g., cash, cash equivalent, or other terms); and 3. the conditions of sale (e.g., exposure in a competitive market for a reasonable time prior to sale). Appraisers are cautioned to identify the exact definition of market value, and its authority, applicable in each appraisal completed for the purpose of market value. (USPAP, 2016-2017 ed.) USPAP also requires that certain items be included in every appraisal report. Among these items, the following are directly related to the definition of market value: • Identification of the specific property rights to be appraised. • Statement of the effective date of the value opinion. • Specification as to whether cash, terms equivalent to cash, or other precisely described financing terms are assumed as the basis of the appraisal. • If the appraisal is conditioned upon financing or other terms, specification as to whether the financing or terms are at, below, or above market interest rates and/or contain unusual conditions or incentives. The terms of above- or below -market interest rates Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANC) CONSULTING Miami Firefighters Federal Credit Union 17-207-02 GLOSSARY OF VALUATION TERMS Term Definition Source and/or other special incentives must be clearly set forth; their contribution to, or negative influence on, value must be described and estimated; and the market data supporting the opinion of value must be described and explained. 3. The following definition of market value is used by agencies that regulate federally insured financial institutions in the United States: 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 and knowledgeably, and assuming the price is not affected by undue stimulus. 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: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their own best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and •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. (12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) 4. The International Valuation Standards Council defines market value for the purpose of international standards as follows: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. (IVS) 5. The Uniform Standards for Federal Land Acquisitions defines market value as follows: Market value is the amount in cash, or on terms reasonably equivalent to cash, for which in all probability the property would have sold on the effective date of the appraisal, after a reasonable exposure time on the open competitive market, from a willing and reasonably knowledgeable seller to a willing and reasonably knowledgeable buyer, with neither acting under any compulsion to buy or sell, giving due consideration to all available economic uses of the property at the time of the appraisal. (Uniform Appraisal Standards for Federal Land Acquisitions)" JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANC) CONSULTING Miami Firefighters Federal Credit Union 17-207-02 GLOSSARY OF VALUATION TERMS Term Definition Source Mortgage Capitalization Rate (RM) The capitalization rate for debt; the ratio of the annual Appraisal Institute, The debt service to the principal amount of the mortgage Dictionary of Real loan. The mortgage capitalization rate (RM) is equivalent Estate Appraisal, 6th to the periodic (monthly, quarterly, annual) mortgage Ed. (Chicago: Appraisal constant times the number of payments per year on a Institute, 2015) given loan on the day the loan is initiated. RM = Annual Debt Service/Mortgage Principal Mortgage Debt Service (IM) The periodic payment for interest on and retirement of Appraisal Institute, The the principal of a mortgage loan; also called total Dictionary of Real mortgage debt service. Generally, the abbreviation IM Estate Appraisal, 6th refers to the total debt service, whereas mortgage debt Ed. (Chicago: Appraisal service can be used to refer to either the periodic Institute, 2015) payment or the total of the payments made in a year. Net Income Multiplier (NIM) The relationship between price or value and net Appraisal Institute, The operating income expressed as a factor; the reciprocal of Dictionary of Real the overall capitalization rate. Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Net Operating Income (NOI or Io) The actual or anticipated net income that remains after Appraisal Institute, The all operating expenses are deducted from effective gross Dictionary of Real income but before mortgage debt service and book Estate Appraisal, 6th depreciation are deducted. Note: This definition mirrors Ed. (Chicago: Appraisal the convention used in corporate finance and business Institute, 2015) valuation for EBITDA (earnings before interest, taxes, depreciation, and amortization). Net Rentable Area (NRA, Rentable Area) For office or retail buildings, the tenant's pro rata portion Appraisal Institute, The of the entire office floor, excluding elements of the Dictionary of Real building that penetrate through the floor to the areas Estate Appraisal, 6th below. The rentable area of a floor is computed by Ed. (Chicago: Appraisal measuring to the inside finished surface of the dominant Institute, 2015) portion of the permanent building walls, excluding any major vertical penetrations of the floor. Alternatively, the amount of space on which the rent is based; calculated according to local practice. Overall Capitalization Rate (Ro) The relationship between a single year's net operating Appraisal Institute, The income expectancy and the total property price or value Dictionary of Real (Ro = 10 /Va). Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Miami Firefighters Federal Credit Union 17-207-02 GLOSSARY OF VALUATION TERMS Term Definition Source Prospective Market Value "As Completed" and "As Stabilized" A prospective market value may be appropriate for the valuation of a property interest related to a credit decision for a proposed development or renovation project. According to USPAP, an appraisal with a prospective market value reflects an effective date that is subsequent to the date of the appraisal report. Prospective value opinions are intended to reflect the current expectations and perceptions of market participants, based on available data. Two prospective value opinions may be required to reflect the time frame during which development, construction, and occupancy will occur. The prospective market value —as completed —reflects the property's market value as of the time that development is expected to be completed. The prospective market value —as stabilized —reflects the property's market value as of the time the property is projected to achieve stabilized occupancy. For an income -producing property, stabilized occupancy is the occupancy level that a property is expected to achieve after the property is exposed to the market for lease over a reasonable period of time and at comparable terms and conditions to other similar properties. (See USPAP Statement 4* and Advisory Opinion 17.) (Interagency Appraisal and Evaluation Guidelines) Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Prospective A value opinion effective as of a specified future date. Appraisal Institute, The Opinion of Value The term does not define a type of value. Instead, it Dictionary of Real identifies a value opinion as being effective at some Estate Appraisal, 6th specific future date. An opinion of value as of a Ed. (Chicago: Appraisal prospective date is frequently sought in connection with Institute, 2015) projects that are proposed, under construction, or under conversion to a new use, or those that have not yet achieved sellout or a stabilized level of long-term occupancy. Replacement Cost The estimated cost to construct, at current prices as of a Appraisal Institute, The specific date, a substitute for a building or other Dictionary of Real improvements, using modern materials and current Estate Appraisal, 6th standards, design, and layout. Ed. (Chicago: Appraisal Institute, 2015) Replacement Cost The estimated cost, at current prices as of the effective Appraisal Institute, The for Insurance date of valuation, of a substitute for the building being Dictionary of Real Purposes valued, using modern materials and current standards, Estate Appraisal, 6th design, and layout for insurance coverage purposes Ed. (Chicago: Appraisal guaranteeing that damaged property is replaced with Institute, 2015) new property (i.e., depreciation is not deducted). JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Miami Firefighters Federal Credit Union 17-207-02 GLOSSARY OF VALUATION TERMS Term Definition Source Reproduction Cost The estimated cost to construct, at current prices as of Appraisal Institute, The the effective date of the appraisal, an exact duplicate or Dictionary of Real replica of the building being appraised, using the same Estate Appraisal, 6th materials, construction standards, design, layout, and Ed. (Chicago: Appraisal quality of workmanship and embodying all the Institute, 2015) deficiencies, superadequacies, and obsolescence of the subject building. Retrospective Value Opinion A value opinion effective as of a specified historical date. Appraisal Institute, The The term retrospective does not define a type of value. Dictionary of Real Instead, it identifies a value opinion as being effective at Estate Appraisal, 6th some specific prior date. Value as of a historical date is Ed. (Chicago: Appraisal frequently sought in connection with property tax Institute, 2015) appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of the type of value with this term is appropriate, e.g., "retrospective market value opinion." Sandwich Lease A lease in which an intermediate, or sandwich, Appraisal Institute, The leaseholder is the lessee of one party and the lessor of Dictionary of Real another. The owner of the sandwich lease is neither the Estate Appraisal, 6th fee owner nor the user of the property; he or she may be Ed. (Chicago: Appraisal a leaseholder in a chain of leases, excluding the ultimate Institute, 2015) sublessee. Sum of the Retail Values The sum of the separate and distinct market value Appraisal Institute, The opinions for each of the units in a condominium, Dictionary of Real subdivision development, or portfolio of properties, as of Estate Appraisal, 6th the date of valuation. The aggregate of retail values does Ed. (Chicago: Appraisal not represent the value of all the units as though sold Institute, 2015) together in a single transaction; it is simply the total of the individual market value conclusions. Also called the aggregate of the retail values or aggregate retail selling price. Surplus Land Land that is not currently needed to support the existing Appraisal Institute, The use but cannot be separated from the property and sold Dictionary of Real off for another use. Surplus land does not have an Estate Appraisal, 6th independent highest and best use and may or may not Ed. (Chicago: Appraisal contribute value to the improved parcel. Institute, 2015) Terminal Capitalization Rate (RN) The capitalization rate applied to the expected net Appraisal Institute, The income for the year immediately following the end of the Dictionary of Real projection period to derive the resale price or value of a Estate Appraisal, 6th property. Also called a going -out, exit, residual, or Ed. (Chicago: Appraisal reversionary capitalization rate. Institute, 2015) JOSEPH J. BLADE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING Miami Firefighters Federal Credit Union 17-207-02 QUALIFICATIONS OF THE APPRAISER TED ALLEN, MAI Mr. Allen currently holds the position of Managing Partner with the Miami office of Joseph J. Blake and Associates, Inc., at 4000 Ponce de Leon Boulevard, Suite 410, Miami, Florida. Previous positions include Principal (1986 to 2011), Regional Manager Southeast Region (1984 to 1986), Senior Appraiser (1982 to 1983) and Associate Appraiser (1979 to 1981). University of Texas - Austin, Texas Bachelor of Business Administration FORMAL EDUCATION PROFESSIONAL AFFILIATIONS Affiliation Number Florida State -Certified General Real Estate Appraiser No. RZ 426 Georgia State -Certified General Real Property Appraiser No. CG 1855 Appraisal Institute, Designated Member No. 6949 Royal Institution of Chartered Surveyors No. 6329062 CURRENT RESPONSIBILITIES Responsibilities include the preparation and direction of a variety of full narrative real estate appraisals and consulting studies prepared on a national basis. Mr. Allen supervises all staff appraisers and consultants and directs all major assignments throughout the southeastern United States and the Caribbean. APPRAISAL EXPERIENCE Mr. Allen has prepared and directed numerous appraisal and consulting assignments which include mixed - use properties, multifamily developments, proposed and existing condominiums and conversions, office buildings, motels, hotels, industrial properties, regional malls, shopping centers, mobile home parks, market studies, feasibility studies, and investment analyses on a variety of institutional and non - institutional grade real property in over 15 states and 10 Caribbean nations. He has appraised and has supervised appraisals, as well as prepared consulting studies of properties for a variety of public pension funds, large institutional investors, pension fund advisors, insurance companies and banks. Mr. Allen has qualified as an expert witness for Federal Bankruptcy Court in the State of Florida and the State of Georgia and has given oral and written testimony in each. He has also been qualified in Florida State and County Courts. LEADERSHIP AND ADDITIONAL EXPERIENCE Mr. Allen is currently one of three executive committee members managing the operations of Joseph J Blake and Associates. This position oversees all aspects of the firms operations throughout the US. His duties including accounting oversight, IT oversight, marketing, short and long range planning, personnel staffing and budgeting. Positions held at the Appraisal Institute include: former service on Chapter Admissions Committee Member, former service on National Admissions Committee, and former service on National Ethics Committee. Additional real estate activities include NCREIF and Mortgage Bankers Association functions and service as Special Magistrate Miami Dade County Value Adjustment Board for the 2014 tax year. Miami Firefighters Federal Credit Union 17-207-02 QUALIFICATIONS OF THE APPRAISER CERTIFICATION RICK SCOTT, GOVERNOR KEN LAWSCN, SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD LICENSE NUMBER R2426 The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date: NOV 30, 2 01 8 ALLEN, TED EUGENE 4000 PONCE DE LEON EILVCI STE 410 CORAL GABLES FL ni41# ISSLIEI 10i1212016 DISPLAY AS REQUIRED BY LAW seo # L161b12a002579 Miami Firefighters Federal Credit Union 17-207-02 QUALIFICATIONS OF THE APPRAISER MATTHEW J. ROACH, MAI Mr. Roach holds the position of Director with the Miami office of Joseph J. Blake and Associates, 4000 Ponce de Leon Boulevard, Suite 410, Miami, Florida. FORMAL EDUCATION Florida Atlantic University — Boca Raton, Florida Masters in Business Administration/Finance University of Florida — Gainesville, Florida Bachelor of Science in Advertising Minor in Business Administration Inc., at REAL ESTATE AND APPRAISAL EDUCATION Course Name Provider Real Estate Appraisal I/A.B.I Finance, Statistics and Valuation Basic Income Capitalization Advanced Income Capitalization General Market Analysis and Highest and Best Use Advanced Cost and Sales Comparison Approaches Advanced Applications Report Writing and Valuation Analysis Business Practices and Ethics Gold Coast School of Real Estate Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute PROFESSIONAL AFFILIATIONS Affiliation Number Florida State -Certified General Real Estate Appraiser No. RZ 3189 Appraisal Institute, Designated Member APPRAISAL EXPERIENCE Responsibilities include preparation of full narrative appraisal and market study reports for a wide variety of property types and purposes, including but not limited to business parks, office buildings, industrial buildings, shopping centers, multi -family projects, hotels and land. Miami Firefighters Federal Credit Union 17-207-02 QUALIFICATIONS OF THE APPRAISER CERTIFICATION RICK- 5-COTT. GOVERNc KEN LAWS JN. SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD R23189 The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date NOV 30, 2018 ROACH, MATTHEW JOSEPH 4000 PONCE DE LEON BOULEVARD SUITE 410 CORAL GABLES FL 33021 ISSUED: 'POJ/la/2016 DISPLAY AS REQUIRED BY LAW SEgAP L164413006I952 Y —•