HomeMy WebLinkAboutExhibit CEXHIBIT C
AN APPRAISAL OF THE
JOSE MARTI PARK EXCHANGE
LOCATED IN THE MIAMI RIVER,
MIAMI, MIAMI DADE COUNTY,
FLORIDA
PREPARED FOR:
FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION
MR. WAYNE GRIFFIN
BA 21-8298
PREPARED BY:
W.H. BENSON & COMPANY
4780 DAIRY ROAD, SUITE # 103
MELBOURNE, FLORIDA 32904
TEL: (321) 984-0999
FAX: (321) 984-9796
WHB FILE #15107
CLIENT FILE #BA 21-8298
EFFECTIVE DATE: JULY 2, 2021
w.h. benson & company
real estate valuation & consulting
licensed real estate broker
4780 Dairy Road, Suite 103
Melbourne, Florida 32904
Tel: (321) 984-0999
Fax: (321) 984-9796
July 2, 2021 File #15107
Mr. Wayne Griffin, Senior Appraiser
Bureau of Appraisal - Division of State Land
Department of Environmental Protection
3900 Commonwealth Blvd. MS110
Tallahassee, Florida 32399-3000
Subject: AN APPRAISAL OF THE JOSE MARTI PARK EXCHANGE LOCATED IN THE MIAMI
RIVER, MIAMI, MIAMI-DADE COUNTY, FLORIDA; BA FILE BA 21-8298
Dear Mr. Griffin,
The State of Florida and the City of Miami own land parcels submerged within the Miami
River. The three submerged land parcels in the ownership of the State of Florida are
adjacent to Jose Marti Park and the one parcel of submerged land in the ownership of the
City of Miami is near the base of the I-95 bridge and is not adjacent to the park. Two of
the three parcels owned by the State of Florida appear to have a portion of uplands
associated with them, however they were submerged at one time and have been filled at
some point in time. Pursuant to the scope of work requested, all parcels are considered to
be sovereign submerged lands. The submerged land parcels are within the Miami River
and are seaward of the lands in private ownership, as determined by the sketch of legal
description.
In accordance with your request the undersigned have made an appraisal of the
referenced submerged land parcels to estimate the "regulatory value" of the submerged
land parcels as of the date of this appraisal; July 2, 2021. The appraisal will be used to
assist the client in decision making relative to the exchange of the submerged parcels
between each of the respective ownerships. No prior appraisal work has been completed
on the subject property by this firm.
The annual income of the submerged land parcels will be established using regulatory
lease rates of submerged land. The annual income will be capitalized to estimate the
current value. The regulatory value is defined in this text and is considered to be
representative of the value of the fee simple interest pursuant to the scope of work
requested.
The undersigned have conducted a careful investigation of the subject property via
aerial photography, navigation charts, and mapping provided by the client and all
regulatory factors that influence its value. After thorough consideration, it is the
opinion of the undersigned that the regulatory value of the subject parcels as of July 2,
2021, are well represented as indicated on the Certificate of Appraisal, subject to
conditions addressed in this report.
William H. Benson, MAI, CCIM, President
Florida Department of Environmental Protection
Mr. Wayne Griffin
Page 2
The Extraordinary Assumption(s) upon which the appraisal is based are summarized as
follows:
1. Relying on Survey and Mapping prepared by Manuel Vera & Associates for the
descriptions of the State of Florida parcels and a legal description of the City of
Miami parcel. This appraisal is subject to change if the land area within the
submerged land parcels changes.
This report conforms with the current edition of the Uniform Standards of Professional
Appraisal Practice (USPAP) of the Appraisal Standards Board of the Appraisal
Foundation (as amended from time to time) published in the Federal Register. The
appraisal also conforms with the requirements of the Supplemental Appraisal Standards
of the Board of Trustees, March 2, 2016.
The client for this report is The Florida Department of Environmental Protection,
Division of State Lands, Bureau of Appraisal and its designees. Intended users include
the client and Board of Trustees of the Internal Improvement Trust Fund of the State of
Florida and the City of Miami. This report details the process by which we reached the
value estimate and includes all supporting data, analyses and conclusions upon which
this (regulatory) value estimate is based. If you have any questions regarding the
appraisal, please contact us.
Sincerely,
1V,f-kO,U4^0%.
Michael Morin William H. Benson, MAI, CCIM
Cert Gen #RZ 3281 Cert Gen #RZ 1027
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real estate valuation and consulting
CERTIFICATION OF APPRAISAL
This appraisal report contains 16 pages, plus attachments. The undersigned certify that
to the best of the undersigned's knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions, and are the personal, impartial, unbiased,
professional analyses, opinions and conclusions of the undersigned.
3. The undersigned have no present or prospective interest in the property that is
the subject of this report and no personal interest or bias in respect to the parties
involved.
4. The undersigned have no bias with respect to the property that is the subject of
this report or to the parties involved with this assignment.
5. The engagement of the undersigned in this assignment was not contingent upon
developing or reporting predetermined results.
6. The compensation of the undersigned 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.
7. The analyses, opinions and conclusions of the undersigned were developed and this
report has been prepared in conformity with the current edition of the Uniform
Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, with
the requirements of the Code of Professional Ethics and the Standards of Professional
Appraisal Practice of the Appraisal Institute, the Supplemental Appraisal Standards of
the Board of Trustees, March 2, 2016.
8. No one provided significant real property appraisal assistance to the undersigned.
9. This report and its use is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives, and to the requirements of the
State of Florida relating to review by the Florida Real Estate Appraisal Board.
10.William H. Benson, MAI, CCIM, and Michael Morin have the knowledge and
experience on the type of property appraised to meet the USPAP Competency Provision.
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real estate valuation and consulting
11. As of the date of this report, William H. Benson, MAI, CCIM, has completed the
requirements of the Continuing Education Program for Designated Members of the
Appraisal Institute.
12. The undersigned did not make a personal inspection of the property that is the
subject of this report. No site inspection was required pursuant to scope of work
requested by the client.
13. The undersigned 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 acceptance of this assignment.
The undersigned do hereby certify that, after request for valuation by:
Mr. Wayne Griffin, Senior Appraiser
Bureau of Appraisal — Division of State Lands
Florida Department of Environmental Protection
3900 Commonwealth Blvd. MS110
Tallahassee, Florida 32399
that the undersigned have completed an appraisal of the property described in this
report, WHB File #15107, Client File: BA 21-8298, and our opinion of the regulatory
value of the submerged land parcels described herein, on July 2, 2021, subject to
applicable limiting conditions was:
STATE OF FLORIDA PARCELS
$800
CITY OF MIAMI PARCEL
$2,000
Sincerely,
Michael Morin William H. Benson, MAI, CCIM
Cert Gen #RZ 3281 Cert Gen #RZ 1027
DATE PREPARED: July 2, 2021
WHB FILE: #15107
CLIENT FILE #BA 21-8298
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real estate valuation and consulting
PROJECT IDENTIFICATION
Name:
Client File No.:
Location:
PROJECT PURPOSE
PARCEL IDENTIFICATION
Tax ID#
APPRAISER:
DATE OF VALUE:
DATE OF REPORT:
INTEREST APPRAISED:
CITY OF MIAMI PARCEL
STATE PARCELS :
CURRENT USE:
CONFIDENTIAL
EXECUTIVE SUMMARY
Jose Marti Park - Exchange
BA 21-8298
243 SW 4th Avenue
Miami, Florida 33130
The State of Florida and the City of Miami own submerged land parcels
within the Miami River. The three submerged land parcels in the ownership
of the State of Florida and the one submerged land parcel in the ownership
of the City of Miami are near the I-95 bridge and are adjacent to Jose Marti
Park. The purpose of this appraisal is to estimate the regulatory value of the
submerged land parcels in the ownership of the State of Florida and the
submerged land parcel in the ownership of the City of Miami in order to
facilitate an exchange of the submerged parcels between each of the
respective ownerships.
None of the parcels are identified with a tax parcel number.
William H. Benson, MAI, CCIM
State -Certified General Appraiser #RZ 1027
Michael Morin
State -Certified General Appraiser #RZ 3281
W.H. Benson & Company
4780 Dairy Road, Suite 103
Melbourne, Florida 32904
July 2, 2021
July 2, 2021
Regulatory Value / Submerged Land / fee simple interest
The City of Miami submerged land parcel is located on the west shore of the
Miami River near the I-95 bridge over the Miami River. The submerged land
is in the ownership of the City of Miami and the area of the submerged land
is 869 square feet and has an irregular configuration. The submerged land
area is not known to be improved.
The State of Florida submerged land parcels are located on the west shore of
the Miami River adjacent to the Jose Marti Park. The submerged land parcels
are not contiguous. The area of the submerged land parcels are 133 square
feet, 61 square feet, and 149 square feet for a total of 343 square feet. The
parcels have irregular configurations. Two of the parcels reportedly have
small undeliniated areas of uplands with seawall/bulkhead improvements
constructed on the former submerged land. The third submerged land parcel
is not known to be improved.
The area of the of the City of Miami parcel is within the Miami River and
surface waters are in use for navigation. The State of Florida submerged
land area is partially in use to support the seawall/bulkhead with the surface
waters being part of the Miami River.
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real estate valuation and consulting
PARCEL SIZE: #1 #2 #3 Totals
City of Miami Parcel 869 SF NA NA 869 SF
State of Florida Parcel 133 SF 61 SF 149 SF 343 SF
OWNERSHIP HISTORY: The land area within the submerged land parcels has been in each respective
ownership for in excess of ten (10) years.
PARCEL ACCESS:
The City of Miami submerged land area and the State of Florida parcels are
accessible from the surface waters of the Miami River. The State of Florida
parcels are also accessible from the uplands of Jose Marti Park.
ZONING - ADJACENT UPLANDS: Institutional See Discussions
FUTURE LAND USE:
ASSESSED VALUE:
UTILITIES:
FEMA FLOOD ZONE(S):
Institutional See Discussions
The submerged land areas are not assessed by the Miami Dade County
Property Appraiser.
Municipal water and sewer services are available to the adjacent uplands.
Electric service is available.
The submerged land area of each respective parcel is below the mean high
waterline and no flood zone applies. The small area of uplands within the
State of Florida parcels have a "AE" flood zone.
OTHER ENCUMBRANCES: No other easements or encumbrances within the land area dedicated to the
submerged land parcels are known.
HIGHEST AND BEST USE Boating navigation channel. Recreation use as part of the sovereign and
upland park use uses.
EXTRAORDINARY ASSUMPTIONS: 1. We were provided legal descriptions and sketches of the legal descriptions
for the State of Florida parcels. We were provided a legal description for the
City of Miami parcel. We are relying entirely on the size representations as
provided by the client based on the legals and sketches.
OPINIONS OF VALUE
City of Miami $2,000
State of Florida $800
WHB FILE NUMBER: 15107
w.h. benson & company
real estate valuation and consulting
TABLE OF CONTENTS
PART I - INTRODUCTION
LETTER OF TRANSMITTAL
CERTIFICATION OF THE APPRAISAL
SUMMARY OF SALIENT FACTS & FINAL STATEMENT OF VALUE
STATE MAP
COUNTY MAP
AERIAL MAPS
ENGINEER DRAWINGS COVER PAGE
SKETCHES OF EASEMENT LEGAL DESCRIPTION
LEGAL DESCRIPTION
NAVIGATION CHARTS
PART II — PREMISES OF THE APPRAISAL
APPRAISAL REPORT 1
CLIENT 1
APPRAISER 1
SUBJECT PROPERTY IDENTIFICATION 2
SCOPE OF THE APPRAISAL 2
INTENDED USE AND USER OF THE APPRAISAL 4
DEFINITION OF REGULATORY VALUE 4
DATE OF VALUE 4
EXTRAORDINARY ASSUMPTIONS 5
INTEREST VALUED 5
LEGAL DESCRIPTION 5
PART III — PRESENTATION OF DATA
DESCRIPTION OF REAL ESTATE APPRAISED 5
GENERAL AREA DESCRIPTION 5
NEIGHBORHOOD DESCRIPTION 5
SUBJECT SUBMERGED PARCELS 7
STATE OF FLORIDA PARCELS: 7
CITY OF MIAMI PARCEL• 8
TAX ASSESSMENTS 9
OWNER OF RECORD/SALES HISTORY 9
ZONING AND FUTURE LAND USE 9
PART IV — ANALYSIS OF DATA AND CONCLUSIONS
HIGHEST AND BEST USE 10
SUMMARY OF ANALYSIS AND VALUATION 10
REGULATORY VALUE 10
THE INCOME CAPITALIZATION APPROACH 12
REGULATORY RENT 12
STATE OF FLORIDA PARCELS 13
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real estate valuation and consulting
TABLE OF CONTENTS
(CONTINUED)
CITY OF MIAMI PARCEL 14
CAPITALIZATION RATE 14
ESTIMATES OF VALUE 16
ESTIMATE OF REGULATORY VALUES 16
ADDENDA
GENERAL AREA DESCRIPTION
UNDERLYING ASSUMPTIONS AND CONTINGENT CONDITIONS
QUALIFICATION OF MICHAEL MORIN
QUALIFICATION OF WILLIAM H. BENSON, MAI, CCIM, SRA
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PHOTOGRAPHS - AS EXCERPTED FROM WEB SITES
LOOKING SOUTH ALONG PARK SHORELINE
LOOKING SOUTH AT SHIPPING CHANNEL UNDER I-95
LOOKING NORTH ALONG PARK SHORELINE
LOOKING NORTH ALONG PARK SHORELINE
LOOKING NORTH ALONG PARK SHORELINE
APPRAISAL REPOR1
This appraisal is intended to comply with the reporting requirements set forth by the
current edition of the Uniform Standards of Professional Appraisal Practice. As such,
it presents substantially complete discussions of the data, reasoning, and analyses
that were used in the appraisal process to develop our opinion of value. In addition,
this appraisal conforms to the Supplemental Appraisal Standards for Board of
Trustees, March 2, 2016. The depth of discussion contained in this report is specific
to the needs of the client and for the intended use stated below. The appraiser is
not responsible for unauthorized use of this report.
CLIENT
APPRAISER
Mr. Wayne Griffin, Senior Appraiser
Bureau of Appraisal — Division of State Lands
Florida Department of Environmental Protection
3900 Commonwealth Blvd. MS110
Tallahassee, Florida 32399
Michael Morin
State -Certified General Appraiser #RZ 3281
William H. Benson, MAI, CCIM
State -Certified General Appraiser #RZ 1027
W.H. Benson & Company
4780 Dairy Road, Suite 103
Melbourne, FL 32904
1
w.h. benson & company
real estate valuation and consulting
SUBJECT PROPERTY IDENTIFICATION
The State of Florida and the City of Miami own land parcels submerged within the
Miami River. The three submerged land parcels in the ownership of the State of
Florida are adjacent to Jose Marti Park and the one parcel of submerged land in the
ownership of the City of Miami is near the I-95 bridge and is also adjacent to the
park. Jose Marti Park is located on 34th Avenue in an area of central Miami known as
Little Havana.
The subject of this appraisal is to estimate the "regulatory value" of the submerged
land parcels as of the date of this appraisal; July 2, 2021. The appraisal will be used
to assist the client in decision making relative to the exchange of the submerged
parcels between each of the respective ownerships.
SCOPE OF THE APPRAISAL
USPAP defines the Scope of Work as, "the type and extent of research and analyses
in an assignment". According to the Scope of Work Rule, in each appraisal, appraisal
review, and appraisal reporting assignment, an appraiser must:
Identify the problem to be solved:
Determine and perform the scope of work necessary to develop credible
assignment results; and
Disclose the scope of work in the report.
The scope of work includes but is not limited to:
The extent to which the property is identified;
The extent to which the tangible property is inspected;
The type and extent of the data researched; and
The type and extent of analyses applied to arrive at opinions or conclusions.
The Scope of Work performed must be sufficient to develop credible assignment
results. For this appraisal assignment, the appraisers performed the following tasks
to complete this appraisal assignment in a competent manner and to be in
compliance with the current edition of the Uniform Standards of Professional Practice
(USPAP) and the Supplemental Appraisal Standards for Board of Trustees dated
March 2, 2016.
2
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real estate valuation and consulting
Identification of Appraisal Problem: The appraisal problem and the purpose of
the appraisal is to develop an opinion of "regulatory value" of the submerged land
parcels relative to the exchange of the submerged parcels between each of the
respective ownerships. The appraisal will be used to assist the client in decision
making relative to finalizing the real estate exchange.
Property Identification: The subject submerged land parcels were identified by a
sketch of the legal description which is included in this appraisal report, along with
maps and other exhibits gathered during the appraisal assignment research.
Property Inspection: A physical inspection of the subject property was not
completed. The appraisers were exempted from a site inspection as authorized by
the scope of work requested by the client.
Data Research: We gathered detailed information regarding the subject property
from various sources including the client, property owner, and various government
sources. The type of data gathered included zoning, taxes, flood, hazard areas,
availability of utilities and all relevant subject property data available. We also
researched market data (regulatory lease rates) from government sources that are
similar and competitive with the subject. Sources searched for market data included
public records and other third party data service providers along with data from other
real estate appraisers and market participants. In addition the Land Records Web
Site of the Florida Department of Environmental Protection (FDEP) Division of State
Lands was utilized for regulatory land lease data.
Analyses Developed to Form the Opinions of Value: Upon completion of all
necessary research, we have concluded that a direct capitalization of the annual
income of each of the respective ownerships as established utilizing the "regulatory
rates" is the most reliable approach to estimating the values of the submerged land
parcels. In the course of the analysis we will utilize a regulatory rental rate based on
submerged land leases within the subject neighborhood.
The regulatory rental rate for submerged land leases will be utilized to determine the
rental rate and, therefore, is sufficient to complete a reliable direct capitalization
analysis to estimate the value of the submerged land parcels of each of the
respective ownerships. Generally, the Market Approach and the Cost Approach are
not relied upon for valuation of submerged land valuation. This is due to the fact
that sovereign submerged lands are not actively traded on the open market and little
or no data has been available for direct sales comparison approaches to value.
Therefore, we have completed all approaches necessary to form reliable opinions of
value.
3
w.h. benson & company
real estate valuation and consulting
INTENDED USE AND USER OF THE APPRAISAL
The intended use of this appraisal is to assist the client in internal decision making
with respect to the proposed real estate exchange. The purpose of the appraisal is to
develop an opinion of (regulatory) value as of the date of value, July 2, 2021. The
"regulatory value" is considered to be representative of the value of the fee simple
interest. The client is the FDEP Bureau of Appraisal and its designees. Intended
users include the client and the Trustees of the Internal Improvement Trust Fund
(TIITF) of the State of Florida and City of Miami. There are no other intended users
entitled to rely on this report.
DEFINITION OF REGULATORY VALUE
The term "regulatory value", as used in this context, is defined as follows:
"A value estimate derived from government -established rates rather than market
data, the purpose of which is to assist a regulatory agency in the establishment of a
fee to be charged for the private use of public lands. It is anticipated that regulatory
value will be used in situations where 1) real property such as that being appraised is
not traded on the open market because of the lack of private ownership, 2) the
entity owning the property commonly grants the use of certain rights for established
rates which are set by methods other than market economics, and 3) such rates are
accepted by the general public."
DATE OF VALUE
The effective date value of this retrospective appraisal is July 2, 2021. The report
was completed on July 2, 2021.
* "Clarification of the Instructional Memo: Boating Channel Easement Appraisal Assignments Across
Sovereignty Submerged State Land Contained in Supplemental Appraisal Standards for Board of Trustees
Land.
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real estate valuation and consulting
EXTRAORDINARY ASSUMPTIONS
1. We were provided legal descriptions and sketches of the legal descriptions for
the State of Florida parcels. We were provided a legal description for the City of
Miami parcel. We are relying entirely on the size representations as provided by
the client based on the legals and sketches. This appraisal would be subject to
revision if the gross square footage estimates are found to be in error.
INTEREST VALUED
The purpose of the appraisal is to develop an opinion of regulatory value of the fee
simple interest in the submerged land parcels within each of the respective ownerships,
as of the date of value, July 2, 2021. The intended users will rely upon the appraisal
report for internal decisions regarding the real estate exchange.
LEGAL DESCRIPTION
The legal descriptions of the submerged land parcels are included in the exhibit
section of the report.
DESCRIPTION OF REAL ESTATE APPRAISED
GENERAL AREA DESCRIPTION
The subject property is located in Miami -Dade County, Florida. A copy of the General
Area Description is included in the addenda section of the report.
NEIGHBORHOOD DESCRIPTION
The neighborhood is defined as an area of central Miami west of I-95, north of the
Tamiami Trail (US Hwy 41), SW 12th Avenue to the west (CR 933), and south of I-
395. The area in general is known as Little Havana. The area is an older well
established area of Miami across the Miami River from Downtown Miami.
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Little Havana is a proudly Hispanic neighborhood. Hispanic culture is boldly on
display in Little Havana, as a vast majority of businesses are Hispanic -owned. It is
home to a host of popular spots, including the Calle Ocho Walk of Fame, the Tower
Theater, and the Little Havana Cigar Factory. The Miami River, which is not an
aquatic preserve, and Jose Marti Park are focal points within the neighborhood.
The centrality of Little Havana is often overlooked but helps explain why this area has
been sought out by so many immigrants and why it continues to be the residential
area of choice of many Hispanic seniors. Businesses along Southwest 8th Street,
West Flagler Street and other major roads provide services to residents without
having to go outside the neighborhood for goods and services, but also makes it easy
to live in the area without dependence on the automobile. This centrality also
creates locational advantages in access jobs: Little Havana is in the vicinity of higher
income areas, which are the workplace for many immigrants who live in the
neighborhood. Areas such as Brickell, Coconut Grove, Key Biscayne, and Miami
Beach, are luxury condominium communities, with extravagant homes, and hotels
that provide work for many immigrants.
Jose Marti Park is located more specifically in East Little Havana, a 1.5-square mile
section of bustling Little Havana and is a 13 acre multiuse recreational space near
Downtown Miami. The park is one of a mix of public and private amenities located
along the Miami River, which is a 5.5-mile working river. Jose Marti Park abuts
Florida Department of Transportation (FDOT) properties to the north that could
provide opportunities for future expansion of the park. East Lithe Havana is
predominantly home to residents of recent immigrant backgrounds living below the
poverty line. According to the latest data available (City-Data.com) the area's median
household income is $27,000.
The park currently includes various amenities such as a riverwalk, community center,
youth baseball field, playground, and open space. There is also a swimming pool, a
series of outdoor fitness equipment, and an outdoor basketball complex. The site
includes a new, state-of-the-art two story gymnasium and parking for 100 vehicles.
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In summary, the neighborhood is characterized as an older well established lower
income area. No adverse neighborhood conditions are known.
SUBJECT SUBMERGED PARCELS
The subject submerged land parcels are located in central Miami north of I-95 bridge
over the Miami River and on the east shoreline of Jose Marti Park. The submerged
land parcels comprises submerged land within the Miami River. The river, at this
location, is 250 in width on average and has been dredged to depths which allow
passage of container ships. Please refer to the mapping and aerial photos included
in the exhibit section of the report.
STATE OF FLORIDA PARCELS:
The submerged land within the three non contiguous submerged land parcels is
sovereign land* in the ownership of the Trustees of the Internal Improvement Trust
Fund (TIITF). Please refer to the subject survey and aerial mapping for a better
representation of the sovereign land parcels.
The land area dedicated to the sovereign land parcels has been historically used in
conjunction with providing for the seawall/bulkhead between the Jose Marti Park and
the Miami River. The sovereign land parcels and the seawall/bulkhead are an
interrelated use and stability of the seawall/bulkhead is dependent on the use of the
submerged land parcels.
The total area of the submerged land parcels, which comprises sovereign land, is 343
square feet with irregular configurations. The sovereign land parcels are identified
on the survey as Land Exchange Parcel I, Land Exchange Parcel II, and Land
Exchange Parcel III.
* Sovereign lands are public lands lying below navigable waters in the ownership of the state. These
lands may be used by private entities under lease or lease agreements.
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Land Exchange Parcel I is located at the north boundary of the "Park" on the west
shore of the Miami River and contains 133 square feet. Dimensions are on average
7.0 feet north/south and 19.50 feet east/west.
Land Exchange Parcel II is located on the west shore of the Miami River near the I-
95 bridge over the Miami River and contains 61 square feet. This parcel has a
triangular configuration.
Land Exchange Parcel III is located on the west shore of the Miami River near the I-
95 bridge over the Miami River and contains 149 square feet. Dimensions are on
average 5.80 feet north/south and 27.60 feet east/west.
The submerged land parcels are utilized for the purpose of stabilization of the
seawall/bulkhead at the Jose Marti Park waterfront. The waterfront along the Miami
River is almost entirely concrete bulkhead.
Two of the three parcels owned by the State of Florida appear to have a portion of
uplands associated with them, however they were submerged at one time and have
been filled at some point in time.
CITY OF MIAMI PARCEL:
The surface water dedicated to the submerged land parcel has been historically used
in conjunction with providing navigable access.
City of Miami parcel is located near the west shore of the Miami River where the I-95
bridge crosses the Miami River. This parcel has an irregular configuration and
contains 869 square feet. The site includes no upland and was reportedly acquired
by the City of Miami pursuant to the Butler Act and the parcel is also referred to as
Butler Act Parcel III.
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The submerged land parcels are summarized as follows:
PARCEL SIZE: #1 #2 #3 Totals
City of Miami Parcel 869 SF NA NA 869 SF
State of Florida Parcel 133 SF 61 SF 149 SF 343 SF
TAX ASSESSMENTS
Based on the public records, the submerged land parcels are not identified with tax
parcel ID's and are not assessed.
OWNER OF RECORD/SALES HISTORY
The current owners of the submerged land parcels are as follows:
Board of Trustees of the Internal Improvement
Trust Fund of the State of Florida
FDEP Douglas Building,
3900 Commonwealth Blvd.
Tallahassee, Florida 32399
City of Miami
444 SW 2nd Ave
Suite 325
Miami, Florida 33130
The subject submerged land parcels have been in the continuous ownership of each
of the respective ownerships for in excess of ten years.
ZONING AND FUTURE LAND USE
The uplands adjacent to the land area of the State of Florida submerged land parcels
have an Institutional zoning and Future Land Use. The City of Miami submerged
land parcel is not adjacent to uplands. The submerged land parcels are not zoned.
The subject parcels are submerged land and land uses are regulated by the State of
Florida and the City of Miami, respectively.
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HIGHEST AND BEST USE
Implicit in the definition of highest and best use is recognition that a proposed use or
continued existing use must be financially feasible. That is to say, there must be a
market for the use and reasonable expectation of continued demand into the
foreseeable future.
This analysis focuses upon four general criteria; physically possible, legally
permissible, financially feasible, and maximally productive. The discussions to this
point are germane to estimating the highest and best use.
The State of Florida sovereign land parcels when considered in conjunction with the
seawall/bulkhead along the Jose Marti Park and Miami River shore line, provide for
continued stability of the seawall/bulkhead which is essential to prevent erosion
given the heavy boating/shipping use within the Miami River. The water surface
above the submerged lands of the City of Miami parcel has navigable access. These
uses meet the highest and best use criteria.
Therefore, the highest and best use of the land area dedicated to the subject
submerged land parcels is to provide for continued use for providing stability to the
seawall/bulkhead and navigational use.
SUMMARY OF ANALYSIS AND VALUATION
REGULATORY VALUE
Due to the fact that sovereign land is not actively traded on the open market, little or
no private sector market data are available for direct comparison due to the lack of
private ownership. As such, the market approach to value is not utilized to establish
the value of the sovereign submerged land. However, when sovereign land has
public use and is leased based on market accepted government established lease
rates, these lease rates (regulatory) can form the basis for the sovereign land
valuation methodology.
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The lease rate structure for sovereign land has two billing methods; a determination
is required as to the appropriate rate structure. The rental rate for submerged land
leases utilizes a base regulatory rate and in some cases utilizes a supplemental rental
rate where sufficient revenue is generated from the submerged land leases in the
surrounding area. The subject submerged land parcels do not generate income. As
such, a supplemental rental rate is not considered appropriate because no rental
income will be generated. Therefore, the regulatory rental rate will be utilized solely
for the purpose of establishing a regulatory value for the sovereign land parcels.
In addition other factors can be applied to the regulatory rate to adjust the indication
up or down. Location in an aquatic preserve can result in escalation of the rate
(doubling). The subject submerged land parcels are not within any aquatic preserve.
Upon completion of all necessary research, we have concluded that a direct
capitalization of the annual income generated utilizing a regulatory rental rate
(submerged land) is the most reliable approach to estimating the value of the
submerged land parcels. It has been concluded that there are a sufficient number of
reasonably similar comparable leases to establish the regulatory rate and sufficient
data to complete a reliable direct capitalization. We have also considered a
discounted cash flow analysis based on the regulatory rental rate over a specific
term. However, no lease term is applicable and, as such, the best method is
capitalization in perpetuity to indicate the fee simple interest. The Cost Approach and
Market Approach are not relied upon by market participants for this property type.
Therefore, we have completed all approaches necessary to form a reliable indication
of (Regulatory) value.
The unit of comparison is the price per square foot of the submerged land parcels.
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THE INCOME CAPITALIZATION APPROACH
The income approach is fundamentally based on the anticipation of the future
income and other benefits a given property is capable of producing. The future
benefits primarily consist of the income received during the period of ownership
(holding period).
The first step in this approach is to estimate the rental income the property is capable
of producing based on rents received by the subject or other competitive properties. In
this case we are applying the regulatory rents to the subject submerged land parcels
based on their respective ownerships.
Given the submerged land parcels are vacant government owned lands and no taxes
are collected and no holding costs are deducted Deductions to the estimate of
potential gross income for vacancy and collection loss is also not required. The
regulatory rent is the net operating income, sometimes referred to as "NOI".
The process of converting the future benefits into a lump sum present value is
known as capitalization. The NOI of a property is divided by an appropriate
capitalization rate (direct capitalization) or yield/discount rate (discounted cash flow
or "DCF".) The capitalization or yield rate is the annual return, which is required to
attract capital to the investment. The selection of an appropriate rate of return is
influenced by risks relative to the stability of the investment and income stream, the
market's perception of inflation, tax shelter considerations, and the supply and
demand for mortgage funds and other competitive investments.
REGULATORY RENT
The purpose of this appraisal is to estimate the regulatory value of the submerged
land parcels. A direct capitalization of the annual income utilizing the regulatory
rental rate for submerged land leases is the preferred methodology.
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In the course of this analysis we have consulted with Ms. Starla Wagner with FDEP
Recurring Revenue Section. Ms. Wagner has indicated that the regulatory base
rental rate (3/2021-3/2022) for submerged land lease was established at $0.1864 per
square foot of leased area.
Notwithstanding the fact that no supplemental rental rate is applicable, we have
reviewed similar current submerged land leases. These data were provided by FDEP
and are FDEP sovereign submerged land leases of record and are renewed and
adjusted from time to time. We have evaluated various submerged land leases for
the purpose of determining if other adjustments to the regulatory rate are applicable
based on factors affecting use such as boating access to open water, restrictions to
navigation (bridges, etc), and water depth at low tide are appropriate. That is, the
quality, location and utility of the submerged land lease areas are analyzed in
comparison to the subject with consideration given to differences that may justify
quantifiable adjustments to the rate. Review of these data resulted in no quantifiable
adjustment to the rate.
STATE OF FLORIDA PARCELS
The land area dedicated to the State off Florida submerged land parcels was
previously indicated at 343 square feet. Therefore the regulatory rate for land leases
as applied to the land area dedicated to the State off Florida submerged land parcels
results in the following calculation:
Regulatory Rent - Submerged Land Leases
Owner: Trustees of the Internal Improvement Trust Fund (TIITF)
Size (SF)
Regulatory Lease Rate ($/SF)
Annual Lease Rate
As Rounded
13
343 SF
$0.186400
$63.94
$64.00
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real estate valuation and consulting
CITY OF MIAMI PARCEL
The land area dedicated to the City of Miami submerged land parcels was previously
indicated at 869 square feet. Therefore the regulatory rate for land lease applied to
the land area of the City of Miami submerged land parcel results in the following
calculation:
Regulatory Rent - Submerged Land Leases
Owner: City of Miami
Size (SF)
Regulatory Lease Rate ($/SF)
Annual Lease Rate
As Rounded
CAPITALIZATION RATE
869 SF
$0.186400
$161.98
$162.00
Investment in the subject's income stream would be anticipated to be at the high
end of the range of capitalization rates for alternative real estate investment
opportunities. This is due to the fact that investment in the subject's income stream
would have no prospects for appreciation associated with holding a real estate asset.
The income is based entirely on the regulatory rate and may not enjoy the
speculative benefits of market appreciation. The investment is entirely limited to the
safety and durability of the income stream which is dependent on the risk associated
with the credit of the tenant and the tenants' use of the asset. In this case, risk is
evident given the uncertainty of future economic conditions and a purchase of the
income stream is not secured by personal or corporate guarantees or collateral.
Further, an investment in the subject income stream would have a higher degree of
risk as compared to corporate bonds as the investment would not be rated as senior
debt but would be competitive with noncredit corporate bonds after considering
upward adjustment to the yield due to the lack of liquidity and lack of a bond credit
rating.
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Further, liquidity would be considered to be very limited and the adjustment for
limited liquidity would be high due to limited market demand. Due to the relative
lack of liquidity, the lack of collateral, the rates associated with the value of the
regulatory lease income is also very comparable to annual yields associated with
investing in unsecured subordinated notes which are typically renewable. Unsecured
debt refers to any type of debt or general obligation that is not collateralized by a
lien on any specific asset. For example, Consumers Portfolio Services (NASDAQ;
CPSS) offers ten year unsecured notes with yields of 9% to 10.4% which are
renewable investments. These yields are similar to the non -institutional real estate
rates reported in the investor surveys which typically range overall discount rates of
9% to 12%.
In concluding to an appropriate capitalization rate, we have considered investor
surveys and concluded that the subject investment would be most similar to non
institutional grade real estate. According to a recent PriceWaterhouseCooper's
Investors Survey non -institutional grade real estate capitalization rates range from
71/2% to 17% with an overall average of 10.34%. An Integra Realty Resources 2021
Publication indicated non institutional grade real estate capitalization rates average of
7.90%. A Realty Rates 2020 publication indicated non institutional grade real estate
capitalization rates average of 8.62%
The capitalization rate applied will be 8.25%, which is near the midpoint of the non
institutional grade range of 7.9 to 8.62%. This is considered reasonable and is an
adequate yield to attract investment capital. This rate, based on various investor
surveys, would be commensurate with alternative real estate investments. The
capitalization rate is applied to the net operating income in order to estimate the
value of the subject parcels.
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ESTIMATES OF VALUE
The preceding discussions result in the following calculations for the State of Florida
submerged land parcels and the City of Miami submerged land parcels.
CITY OF MIAMI PARCEL
Net Operating Income (NOI) $162.00
Overall Cap Rate 8.25%
Indicated Value $2,000
STATE OF FLORIDA PARCELS
Net Operating Income (NOI)
Overall Cap Rate
$64.00
8.25%
Indicated Value $800
ESTIMATE OF REGULATORY VALUES
As indicated by the preceding analyses, the regulatory value of the subject
submerged land parcels, is indicated as follows:
REGULATORY VALUE — STATE OF FLORIDA PARCELS
$800
REGULATORY VALUE — CITY OF MIAMI PARCEL
$2,000
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GENERAL AREA DESCRIPTION
MIAMI-DADE COUNTY
Miami -Dade County is located in Southeast Florida which includes seven (7)
counties from Indian River to Monroe County (Florida Keys). As one of the
most densely populated and developed regions of Florida, the Southeast
Region offers plenty of business advantages — exceptional international
connectivity, a large pool of highly skilled and diverse workforce, a
cosmopolitan environment and a year-round outdoor lifestyle.
The region's diverse industries are accentuated by the large number of
regional and hemispheric headquarters of multinational corporations.
Southeast Florida is home to the Miami -Fort Lauderdale -Pompano Beach,
Sebastian -Vero Beach and Port St. Lucie metropolitan areas.
Miami -Dade County Profile
Visit eFInrPria con- to learn. more
Primary Economic Cevelocment Contact
3mi-F9 Laude e-
Time Zone: Eastern
Local Area Codes): "305, 7M
Largest Cities: 1 Miami
2 Hialeah
3 14Larri Beads
Nearest M SA:.
Miles' To:
Tallanasse-e 407
Qnanda 202
3mpa 205
Jacksonville 327
Marti Q
Atlanta 0 G
Chicago 1191
Dallas 1e1t
New York ...... 1002
'Mi,ies are ca :eila-ei from minty seat.
The county is 1,946 square miles and includes 485 square miles of water. The
county seat is Miami
Miami is nicknamed the "Capital of Latin America" with a Spanish-speaking
majority and the largest city with a Cuban -American plurality. Downtown
Miami and South Florida are home to the largest concentration of international
banks in the United States, and is home to many large companies both
nationally and internationally.
TRANSPORTATION
Interstate 95 and the Florida Turnpike are Southeast Florida's main north -
south connector and spans the entire region, connecting Jacksonville, Florida,
with Miami, and providing easy, single -day access from north Florida to Miami.
Miami International Airport and the Port of Miami are among the nation's
busiest ports of entry, especially for cargo from South America and the
Caribbean. The Port of Miami is the world's busiest cruise port, and MIA is the
busiest airport in Florida, and the largest gateway between the United States
and Latin America.
DEMOGRAPHIC TRENDS
Demographic trends and income trends for the county are summarized in the
following charts.
Miami -Dade County
Florida's most populous county
with 13.1% of Florida's population
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ru.r..r,
1M0,nI
Population
Miami -Dade
Census Population County
1980 Census 1,625,509
1990 Census 1,937.194
% change 1960-90 M13 2%
2000 Census 2,253,779
% change 1990-00 16.3%
2010 Census 2,496,457
% change 2000-10 10 8%
Age
% Under 18 years of age 21.9%
% 65 years of age and over 144%
Race & Ethnicity
% White alone
% Black or African American alone
% Hispanic or Latino (of any race)
Estimates and Projections
2019 Estimate
% change 2010-19
2020 Esiirnate
% charge 2019-20
Based on 2024 Estimate
2425
2030
2035
2040
2045
2019 Median Age
Density
Persons per square mile
2400
2811E
2020
73 8%
18.9%
65.0%
2.812.1313
126%
2,832,794
0.7%
2,992 713
3,128,267
3,234,6'15
3,322,226
3,398,177
39 7
1,156.1
1,315.5
1 491.0
Population Characteristics
County
Language spoken at home other than
English
Persons aged 5 and over
Place of birth
Foreign born
Veteran status
Civilian population 16 and over
Households and
Households
Total households, 2000 Census
Family households. 2000 Census
46 wit own children under 18
Total households, 2010 Census
Family households, 2010 Census
oittt own children under 18
Average Household Size. 2010 Census
Average Family Size. 2010 Census
,m.te5naum:, a name„c•.4.. ar ,t,rr vwe
tm.ur rarrsq-vto aecatu
74.95
53.7%
2.2%
Family Households
Miami -Dade
County Florida
776,906 6,338.675
548,493 4,210,760
47 9% 42.3%
867,352 7,420,802
602 911 4,835,475
44-0% 40. 0'3,
283 248
3.33 3A1
Real Gross Domestic Product
Real GDP M1emi-Dade
Florida [Thousands of Chained 2012 Doliarsj County
9.746,961 2015 GDP 132.783,135
12,938,071 Percent of the State 15.8%
32.718 2016 GDP 137 963,943
15,982,824 Percent of the State 15.8%
23.5% 2017 GDP 143,891,1'13
'18 001 332 Percent of the State 16 0%
17.618 2018 GDP 150,362,204
Percent of the Stare 16-1 %
21.3% 2019 GDP 151.587,328
173% Percent of the State 157116
75, 0%
16.0%
22.5%
21,206 589
128%
21 598,068
18%
23,438 553
24,419,127
25,46'1 063
26.356 415
27,149 835
all
296,4
350.E
407,D
Florida
294%
20.7%
8.6%
Housing Counts
Occupied
Owner -occupied
Renter -occupied
Vacant
Housing units, 2010 Census
Occupied
Owner -occupied
Renter -occupied
Vacant
Units Permitted
1990
2000
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Residence 1 Year Ago
Persons aged 1 and over
Same house
Different house in the U-S-
Same county hn Florida
Different county in Florida
Different county la another state
Abroad
Housing
MiamiDadeCounty
776,774
449.325
327,449
75,594
999,435
867 352
483,874
383,478
122,033
10,855
12,475
3203
2,618
5,069
10,316
7,731
12,61.7
9,317
10,554
11,703
13,008
9,631
Miami -Dade
County
830%
10.1%
3.2 %
1.0%
0.9%
1.8%
Florida
842,269,369
870963 202
961,903,549
936,580,274
963255,865
Florida
6,337929
4,44'1,799
t,896,130
965,013
8969,580
7,420 802
4,990,979
2,421,823
t,568,778
126,384
155,269
38,679
42,360
64,810
86,752
84,075
109,924
116,240
122,719
144,427
154,302
164,074
Florida
84.5%
M14.4%
8.5%
3.1%
23%
1.1%
m,a, ,ate mar bea r>m,r.one ge,aar, udr, aim,.,aor marailm fn, oa,etreer a,o,a,;cu„ar.aaaam draw peope,hoaarer,:xy ,• are.
r_raderb,ei-rauria, or.ad,p,la'
Miami -Dade Coun
Establishments
2019
All industries
Natural Resource & Mining
Construction
Manufacturing
Trade, Transportation and Utilities
Information
Financial Activities
Professional & Business Services
Education & Health Services
Leisure and Hospitality
Other Services
Government
Miami -Dade
County
103,412
505
7,342
2,825
24,454
1,607
11,135
23,962
11,657
7,643
9,003
333
Employment and Labor Force
Establishments
Florida % of All Industries, 2019
729,072 All industries
5,308 Natural Resource & Mining
75,761 Construction
20,795 Manufacturing
140,861 Trade, Transportation and Utilities
11,899 Information
78,001 Financial Activities
174,248 Professional & Business Services
77,567 Education 8 Health Services
59,331 Leisure and Hospitality
57,616 Other Services
6:029 Government
Page 2
Miami -Dade
County Florida
103,412 729,072
3.5% 07%
7.1% 104%
2 7% 2.9%
23. 6% 19.3%
1.6% 1.6%
13.8% 10.7%
23.2% 23.9%
11.3% 10.6%
7.4 % 8.1%
8.7% 7.9%
3.3% 0.8%
Average Annual Employment Miami -Dade Average Annual Wage Miami -Dade
% of All Industries, 2019 County Florida 2019 County Florida
All industries 1,164,640 8,884,011 All industries $55,622 6E1,744
Natural Resource & Mining 0 8% BB% Natural Resource & Mining 634,810 $35,645
Construction 4.5% 6.3% Construction 654,966 $52,907
Manufacturing 36% 43% Manufacturing $52,513 $63,870
Trade, Transpodation and Utilities 25.0% 20.3% Trade, Transportation and Utilities 651,314 646,231
Information 1.6% 1.6% Information $93,448 686,151
Financial Activities 66% 66% Finer cial Activities 693,330 $77,025
Professional & Business Services 14.2% 15.7% Professional & Business Services $69,540 S63,742
Education & Health Services 16.0% 14.9% Education 8 Health Services $53,995 552,048
Leisure and Hospitality 12.4% 14.2% Leisure and Hospitality $33,476 626,675
Other Services 33% 32% Other Services $35,217 637,971
Government 11.8% 12.1% Government $64,935 5E5,805
Labor Force as Percent of Population Miami -Dade Miami -Dade
Aged 18 and Older County Florida Unemployment Rate County Florida
1990 66.9% 64.5% 1990 7 6% 6.214
2030 64 4% 64 2% 2030 4.5% 3.8%
2010 63.0% 61.8% 2010 11. 7% 10.8%
2020 56.9% 58.8% 2020 8. 3% 3.3%
Income and Financial Health
Miami -Dade Miami -Dade
Personal Income ($000s) County Florida Per Capita Personal Income County Florida
1990 636643,712 6267,571,430 1990 618,338 519,763
2000 660,135660 $472,238,563 2030 $25,514 $29,426
2010 995,80.5838 $725,074,023 2010 638,216 638475
2011 6100,148724 6754633,664 2011 639,358 $40,131
% change 2010-11 4.6% 5.5% % change 2010-11 3 0% 4.3%
2012 $103,220,841 $793,428,830 2012 643,362 641,115
%change2011-12 3.1% 3.8% % change 2011-12 1 6% 2.5%
2013 5103,432,685 $795,425,004 2013 639,634 640,596
% change 2012-13 0.2% 0.3% % change 2012-13 -1. 1 % -1.0%
2014 $111,824,057 68E6,161,773 2014 642,450 643,140
% change 2013-14 8.1% 7.6% % change 2013-14 7. 1% 6.0%
2016 6119,164 670 6914 928,403 2015 $44,801 $45,273
% change 2014-15 6.6% 6.9% % change 2014-15 5.5% 4 9%
2016 6120,183,815 6949,717,988 2016 $44,541 $46,073
%change 2615-16 0.814 3 8% % change 2015-16 -34% 1.13%
2017 6132,573,852 61,016,818,999 2017 $48,661 $48,504
% change 2016-17 10.3% 7.1% % change 2016-17 9 5% 5.3%
2018 5144,288,587 61,082,702,187 2018 $53,148 550,964
% change 2017-18 88% 65% % change 2017-18 8 8% 5.1%
2019 $149,166,155 $1,125,964,012 2019 654,902 S52,426
% change 2018-19 34% 4.0% % change 2018-19 3.3% 2.9%
Earnings by Place of Work ($00Ds) Median Income
1990 $27,847,102 $161,135,722 Median Household Income $51.,347 555,660
2000 $48,265,80fi $308,P51,767 Median Family Income $57,871 $67,414
2010 666,368,042 6438,991,235
201 1 669,648,351 5450,5132,115 Percent in Poverty, 2019
% change 2013-11 4.9% 2.6% All ages in poverty. 15 7% 12. 7%
2012 $71,375,326 $468,412,894 Under age 18 in poverty 20. B% 18.2%
%change 2011-12 25% 40% Related children age 5-17 in families in poverty 18.8% 16.9%
2013 675,102,663 $482,900,406
% change 2012-13 5.2% 3.1% Personal Bankruptcy Firing Rate Miami -Dade
2014 68D 438,646 6512,381,351 (per 1,000 population) County Florida
%change 2013-14 7.1% 6.1% 12-Month Period Ending March 30, 2020 2.97 2.05
2015 684,082,317 $544,423,234 12-Month Period Ending March 30, 2021 2.33 130
% change 2014-15 4.5% 6.3% State Rank 2 NA
2016 $88,072,588 $568,848,341 nonausirress Chapter 7 &Chapter 13
%change 2015-16 4.7% 4.5%
2017 994,592,362 6602,210,803 Miami -Dade
% change 2016-17 7 4% 5.914 Workers Aged 16 and Over County Florida
2018 $101,176.034 $639,710,560 Place of Work in Florida
%change 2017-13 78% 6.214 Worked outside county of residence 7.3% 18 2%
2019 5106,126,681 6672,454,824 Travel Time to Work
% change 2018-19 4.9% 5.1% Mean travel time to work (minutes) 32.8 27.8
L7uality of Life
Miami -Dude
Crime County
Crime rate, 2020
(index crimes per 100,005 population) 2615 7
Admissions to prison FY 2019-20 1,073
Admissions to prison per 100.400
population FY 2019-20 37.9
Slate Infrastructure
Miami -Dade
Transportation County
State Highway
Centerline Mikes
Lane Miles
State Bridges
Number
Florida
2,1523
21,276
98.5
Florida
Percent Insured by Age Group
Under 65 years
Under 19 years
tE to 61 years
iiealth Insurance Status
Miami -Dade
County
50 5%
92.7%
76.4%
State and Local Taxation
2020 Ad Valorem MWage Rates
578.9 12.128.1 County
2,817.9 45.930.3 School
Municipal
706 7,044 Special Districts
'p,1511J included In nor Ceurny-Witle "County' mregmy
State Facilities
3ui4drngs1Faciirties (min. 300 Square Feet)
Number 371
Square Footage 4.,104,975
Conservation Land (land acres only)
State-Oe, rid 'includes partially -owned'
% of Total Conservation Land (CL1
% of Total Area Land
% of Florida State -Owned CL
Stale -Managed
% of Total Conservation Land Cl_)(
% of Total Area Land
% of Flonda State -Managed CL
277,122
33.2%
22.8%
5.1%
274,557
32.9%
226%
5.0%
66,989,245
5,383,624
51.6%
15-7%
5,486,474
52.6%
16.0%
9.630 Public Education Schools
Traditional Setting i2020-21)
Total (stale total mclo4es special districts)
Elementary.
Middle
Senior High
Combination
Educational attainment
Persons aged 25 and older
% HS graduate or higher
% bachelors degree or higher
Florida
83.91/4
92.4%
Miami -Dade County
County -Wide Not County -Wide'
5.1449 0.5183
7.1299
9.7502
Education
MiamiDade
County School
491
199
74
114
104
MiamiDade
County
811 A%
29-8%
Prepared ay:
Flonde Iceslarure
Df ace of Econnrdcand Demographic n esezfd,
111 W. Madison Sleet, 5rure 574
Tallahassee, FL 323946MS
(&SOi 487-1402 https77edr-statefl.us
4.0659
4.543E
Florida
3,744
883
573
715
573
R orida
86-2%
29-9%
Mel 2021
UNDERLYING ASSUMPTIONS
AND CONTINGENT CONDITIONS
This appraisal is subject to the following limiting conditions:
No responsibility is assumed by the appraiser for changes or influences to the real estate market resulting from
changing macro or micro economics, locally and/or nationally, subsequent to the effective valuation date. The value
opinions are applicable only to the fixed point in time associated with the effective valuation date herein and are not
applicable to any other point in time, specific or general, prior or subsequent to said date. Value estimates expressed
herein are opinions. There is no guarantee, written or implied, that the subject property will sell for this value
opinion. With respect to income -producing properties, value opinions are contingent on competency of ownership
and management as the operational success of leasing real estate is inevitably linked with economic achievement of
business. When values include prospective opinions, the appraiser is not responsible for unforeseen events that may
alter interim market conditions.
That the legal description furnished us is assumed to be correct but has not been confirmed by survey and this appraiser
assumes no responsibility for such a survey or any encroachments or other discrepancies that might be revealed thereby.
That no responsibility is assumed for matters legal in character, nor is any opinion rendered as to title which is assumed
to be marketable. Unless otherwise stated to the contrary, the property is appraised as though in fee simple, under
responsible ownership and competent management.
That if improvements are proposed or alterations are assumed in arriving at the market value, these will be completed in
a reasonable period of time in accordance with plans and/or sketches provided to the appraiser.
That there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or
less valuable than otherwise comparable property. The Appraiser assumes no responsibility for such conditions or for
engineering which might be required to discover such conditions.
That unless otherwise noted, it is assumed there are no encroachments, zoning violations or restrictions existing on the
subject property.
That the appraiser is not required to give testimony or attendance in court by reason of this appraisal, unless previous
arrangements have been made therefore.
That an appraisal related to an estate in land which is less than the whole fee simple estate applies only to the fractional
interest involved. The value of this fractional interest plus the value of all other fractional interest may or may not equal
the value of the entire fee simple estate considered as a whole.
That the distribution of the total valuation in this report between land and improvements is applicable only as a part of
the whole property. The land value, or the separate value of improvements, must not be used in conjunction with any
other appraisal or estimate and is invalid if so used.
That the plans and sketches in this report are included to assist the reader in visualizing the property. The appraiser has
made no survey of the property and assumes no responsibility in connection with such matters.
That information, estimates, and opinions contained in this report, obtained from sources outside of this office, are
considered reliable, however, no liability for them can be assumed by the appraiser.
That disclosure of the contents of this report 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 conclusions as to value, the identity of the appraiser
or the firm with which he is connected, or any reference to the Appraisal Institute or to the MAI, SRPA or SRA
designations), shall be disseminated to the public through advertising media, public relations media, news media, sales
media, or any other public means of communications without prior written consent and approval of the author.
That this appraisal shall be considered in its entirety. No part thereof shall be utilized separately, or out of context.
That the employment of the appraiser to complete this report for the purpose stated herein shall be terminated upon the
delivery of the report to the employer or his designated representative unless the employer and the appraiser have
agreed in writing that the appraiser's services as a consultant or expert witness have been retained beyond the time of
completion of the report.
w.h. benson & company
real estate valuation & consulting
That the Appraiser's duties, pursuant to this employment to make the appraisal, are complete upon delivery and
acceptance of the appraisal report and the validity of the appraiser's certificate in the report is conditioned upon full
payment of the fee for services.
With the exception of issues and conditions specifically addressed in this report, the value estimated is based on the
assumption that the property is not negatively affected by the existence of hazardous substances or other
environmental conditions that would affect the use of the property. We are not experts in the identification of such
conditions; however, our routine inspection of and inquiries about the subject property did not develop any further
information beyond that otherwise acknowledged in this text that indicated any apparent significant conditions that
would affect the property negatively. It is possible that tests and inspections made by a qualified hazardous
substance and environmental expert would reveal the existence of hazardous materials, endangered species or other
environmental conditions on or around the property that would negatively affect its value.
w.h. benson & company
real estate valuation & consulting
w.h. benson & company
real estate valuation & consulting
licensed real estate broker
4780 Diary Road, Unit #103
Melbourne, Florida 32904
Tel: (321) 984-0999
Fax: (321) 984-9796
QUALIFICATIONS OF MICHAEL MORIN
LICENSES AND MEMBERSHIPS
State Certified General Real Estate Appraiser #RZ3281
Licensed Florida Real Estate Salesperson
RELATED EDUCATION
COURSES PASSED ORGANIZATION YEAR
AB-1 (75) FREAB 1999
Graduate Real Estate Institute (GRI) Florida Association Realtors 1992
AB -II FREAB 2004
AB -III FREAB 2006
APPRAISAL EXPERIENCE
Have assisted in the research and preparation required for development of appraisal reports on various types of
real estate, including but not limited to, apartment buildings, offices, retail centers, office buildings, vacant land of
various potential uses, large acreage tracts, environmentally sensitive lands, islands, and special purpose
properties. Experience also includes submerged land easements, conservation easements, remainder interests, and
partial interest analysis. Appraisals prepared for commercial banks, savings and loans, brokers, attorneys,
government agencies, developers and other real estate market participants, etc.
RELATED EXPERIENCE
Commercial Real Estate Sales and Property Management (1982 to 1998)
Licensed as a Realtor Associate since 1986.
President Commercial Investment Division- Melbourne Area Board of Realtors
Commercial Real Estate Sales since 1986:
Since licensing in 1986; listed and sold primarily commercial real estate; including vacant commercial sites, retail
and professional buildings and industrial buildings. Involved in the selection of locations and lease negotiations
for numerous tenants; including national tenants, and landlords; including owners of regional shopping centers
and malls.
Residential and Commercial Development:
Developed both commercial buildings and residential subdivisions. Those developments involved site selection,
site acquisition, negotiations, site plan design, financing, contractor selection, construction, leasing and
management of the completed projects, zoning and comprehensive plan changes, environmental issues,
permitting, and various governmental approvals.
Real Estate Consulting:
Consulted on valuation, site selection, zoning, comprehensive plan amendments, and demographics for
numerous clients. Condemnation proceedings, and negotiations involving numerous properties. Tax appeal
negotiations with property appraiser's office.
Property Management:
Managed a 200+ Unit Apartment Complex / Atlanta Georgia (1982 — 1984)
Managed commercial retail properties (1995-1998).
PRESENT AFFILIATION
State Certified General Real Estate Appraiser
W.H. Benson & Company
William H. Benson, MAI, CCIM, President
w.h. benson & company
real estate valuation & consulting
licensed real estate broker
4780 Dairy Road, Unit #103
Melbourne, Florida 32904
Tel: (321) 984-0999
Fax: (321) 984-9796
QUALIFICATIONS OF WILLIAM H. BENSON, MAI, CCIM, SRA
LICENSES AND MEMBERSHIPS
Member of the Appraisal Institute, MAI, Certificate #7071
Certified Commercial Investment Member (CCIM) of the Commercial Investment
Real Estate Institute of the National Association of Realtors
Senior Residential Appraiser (SRA), Appraisal Institute
State Certified General Real Estate Appraiser #RZ0001027
REALTOR, Space Coast Association of Realtors
Licensed Florida Real Estate Broker
RELATED EDUCATION
COURSES PASSED
Introduction to App. R.E. (101)
Principles of Income Property Evaluation (201)
Case Study Residential (R-2)
Standards -Prof. Practice
Industrial Valuation
Applied Income Property Valuation (202)
Case Studies -Urban Valuation
Valuation Analyses -Report Writing
MAI, Comprehensive Exam
Litigation Valuation
Standard Professional Practice Part A & B
Understanding Limited Appraisals SPPP Part C
Standards of Professional Practice (Part A)
Uniform Standards for Federal Land Acquisitions
Examining Property Rights & Implications in Value
Insurance Appraisals — Report Contents and Valuation
Florida Appraisal Law 2018
2018 Central Florida Real Estate Forum
Online Cool Tools: New Technology for Real Estate Appraisers
CCIM Comprehensive Exam & Prep Course
CI 101 Financial Analysis for Commercial R.E.
CI 405 & 406 Marketing Analysis and Presentations
CI 408 Comprehensive Concepts Review
SPONSORING ORGANIZATION
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Comm. Investment R.E. Inst.
Comm. Investment R.E. Inst.
Comm. Investment R.E. Inst.
Comm. Investment R.E. Inst.
REPRESENTATIVE SEMINARS ATTENDED/CONTINUING EDUCATION
Completed approximately 600 hours of continuing education/seminars since 1985 for the Appraisal Institute and/or State of
Florida continuing education certification requirements. Representative courses include real estate law, USPAP, Risk Analyses,
Selectivity/Cap Rate Analyses, Business Valuation, Appraisal Curriculum Overview, Valuation for Financial Reporting, Developing
a Supportable Work File, Advanced Spreadsheet Modeling for Valuation Applications, Business Practices and Ethics, Analyzing
Tenant Credit Risk and Commercial Lease Analysis, Critical Thinking in Appraisals, Federal Agencies and Appraisal, etc.
APPRAISAL EXPERIENCE
Have prepared appraisal reports on various types of real estate, including but not limited to, single and multi -family residences,
condominiums, townhouses, apartment buildings, offices, restaurants, golf courses, service stations, convenience stores,
motels, assisted living facilities, mini warehouse projects, heavy and light industrial properties, retail centers, office and
residential condominium projects, subdivisions, vacant land of various potential uses, large acreage tracts, citrus groves, ranch
land, environmentally sensitive lands, islands, special purpose properties and partial interest including leasehold/leased fee
valuation. Appraisals prepared for commercial banks, credit unions, brokers, attorneys, government agencies, developers and
other real estate market participants.
RELATED EXPERIENCE
Disposition consulting services involving approximately $90,000,000 in investment grade transactions; real estate development
incudes development and sellout of an 80 lot residential subdivision, development of a 36,000 sq. ft. office park, build to suit
office buildings, renovation and repositioning of residential rental apartment projects.
William H. Benson, MAI, CCIM, President
Supplemental Appraisal Standards for the Board of Trustees
Effective Date: March 2, 2016
Incorporated by Reference in Rule 18-1.002(23)
Bureau of Appraisal — Appraisal Checklist
Part One: General and Vacant Land
The following questions, 1 and 2 of 84, are general questions about the appraisal report.
Line
No.
Questions
Yes
Page No.
No
N/A
1
Is a completed "Executive Summary" included
for each parcel and/or final opinion of value?
11
❑
❑
2
Does the appraisal follow the recommended
general format for narrative appraisal reports
(this format should be used by the fee appraiser
as a general guide)?
11
❑
❑
The following questions, 3 through 9 of 84, relate to the premises section of the appraisal report.
Line
No.
Questions
Yes
Page No.
No
N/A
3
Is there a description of the extent of the process
(scope) of collecting, confirming and reporting
data?
11
2
❑
❑
4
Is the Bureau of Appraisal's definition of market
value, or other defined value, used?
❑
❑
11
5
Is the intended use (function) and user of the
appraisal identified?
11
4
❑
❑
6
Are the property interests (rights) appraised
identified? (e.g. — fee simple, leased fee,
easement, fee simple subject to, etc.)
11
5
❑
❑
7
Does the appraisal state any extraordinary
assumptions and/or hypothetical conditions?
11
5
❑
❑
8
Does the appraisal report consider whether a
fractional interest, physical segment or partial
holding contributes pro rata to the value of the
whole?
❑
❑
/1
9
Are the effective date of value and the date of the
appraisal report stated?
11
1
❑
❑
The following questions, 10 through 16 of 84, relate to the presentation of data section of the appraisal
report.
Line
No.
Questions
Yes
Page No.
No
N/A
Appraisal_Checklist 2012_Exhibit F_20160302
Rev. 4/5/2019
Page 1 of 8
Supplemental Appraisal Standards for the Board of Trustees
Effective Date: March 2, 2016
Incorporated by Reference in Rule 18-1.002(23)
Line
No.
Questions
Yes
Page No.
No
N/A
10
Is a legal description of the property appraised
included in the report?
a1
5
❑
❑
11
Is a five-year subject sales history included?
❑
❑
11
12
Does the appraiser explain why the previous sale
of the subject, if within five years, was not used
in the valuation?
❑
❑
11
13
Is any current agreement of sale, option or listing
of the property under appraisal analyzed?
❑
❑
a
14
Was a neighborhood analysis provided including
a discussion of market trends, either positive or
negative, which affects the subject property?
a
5
❑
❑
15
Is a land use analysis provided which discusses
existing land use and zoning designations,
impending use restrictions or proposed
concurrency or land use planning restrictions?
a/
9
❑
❑
16
Does the appraisal report provide the current
assessed value of the subject property?
11
9
❑
❑
The following questions, 17 through 31 of 84, relate to the description of the subject property.
Line
No.
Questions
Yes
Page No.
No
N/A
17
Are photographs and an aerial included?
aI
Exhibits
❑
❑
18
Does the appraisal report describe the size, shape
and other physical characteristics of the site/land?
11
7
❑
❑
19
Does the appraisal report describe access to the
property?
11
7
❑
❑
20
If the access is poor, inadequate or substandard,
does the appraisal address its affect, with
supporting market evidence, on value?
❑
❑
a
21
Does the appraisal describe the topography of the
property?
❑
❑
a
22
Does the appraisal report describe the location of
the property?
a
❑
❑
23
Does the appraisal report describe the property's
road frontage?
❑
❑
11
24
Does the appraisal report describe the property's
water frontage?
11
7
❑
❑
25
Does the appraisal report describe utilities
available and their proximity to the property?
❑
❑
11
26
Does the appraisal report describe nuisances and
hazards, if any, affecting the value of the
property?
❑
❑
a
Appraisal_Checklist 2012_Exhibit F_20160302
Rev. 4/5/2019
Page 2 of 8
Supplemental Appraisal Standards for the Board of Trustees
Effective Date: March 2, 2016
Incorporated by Reference in Rule 18-1.002(23)
Line
No.
Questions
Yes
Page No.
No
N/A
27
Does the appraisal report describe any existing
and/or potential environmental hazards affecting
the value of the property?
❑
❑
a
28
Is the tax assessment included?
11
9
❑
❑
29
Does the appraisal report describe the drainage
and the existence of flood plain conditions
affecting the value of the property?
❑
❑
a
30
Does the appraisal report discuss any easements,
encroachments and rights -of -way affecting the
value of the property and the effect on value?
❑
❑
11
31
Does the appraisal report discuss the effect on the
value of the property because of outstanding oil,
gas and mineral interests?
❑
❑
a
The following questions, 32 and 33 of 84, relate to the highest and best use section of the appraisal
report.
Line
No.
Questions
Yes
Page No.
No
N/A
32
Is the highest and best use of the property "as
vacant" and "as improved," if applicable,
analyzed?
11
10
❑
❑
33
Is the highest and best use based on an
"economic use" of the property?
11
10
❑
❑
The following questions, 34 through 44 of 84, relate to the land valuation section of the appraisal report.
Line
No.
Questions
Yes
Page No.
No
N/A
34
Is a minimum of 3 sales included and analyzed?
❑
❑
11
35
Are photographs and an aerial of the sales
included?
aI
Exhibits
❑
❑
36
Did the appraiser include a sale and listing
location map that also shows the subject?
❑
❑
a
37
Is the unit of comparison appropriate for the
subject's market?
a1
10
❑
❑
38
Are the comparable sales similar to the subject in
highest and best use?
❑
❑
11
39
If the comparable sales are not similar in highest
and best use, is an adequate discussion included
as to why the sales are used?
❑
❑
11
Appraisal_Checklist 2012_Exhibit F_20160302
Rev. 4/5/2019
Page 3 of 8
Supplemental Appraisal Standards for the Board of Trustees
Effective Date: March 2, 2016
Incorporated by Reference in Rule 18-1.002(23)
Line
No.
Questions
Yes
Page No.
No
N/A
40
Are the comparable sales adjusted for cash
equivalency or otherwise clearly explained?
❑
❑
a
41
If you included comparable sales to
governmental units and/or non-profit groups,
were they analyzed separately with appropriate
comments explaining differences, if any,
compared to private transactions?
❑
❑
11
42
If the appraisal report includes extraordinary
assumptions and hypothetical conditions are
their impacts on value adequately supported and
reported in the reconciliation and final value
estimate?
11
10
❑
❑
43
If you provide a discounted cash flow model in
valuing the subject property, did you also
provide a sales comparison, or other, approach to
arrive at the present value of the subject
property?
❑
❑
a
44
Are demolition costs, if any, appropriately
considered for the comparable sales and the
subj ect property?
❑
❑
11
Appraisal_Checklist_20 12_Exhibit_F_20 1603 02 Rev. 4/5/2019
Page 4 of 8
Supplemental Appraisal Standards for the Board of Trustees
Effective Date: March 2, 2016
Incorporated by Reference in Rule 18-1.002(23)
If the subject does not include valuation of improvements, proceed to Part Three.
Bureau of Appraisal — Appraisal Checklist
Part Two: Improved Properties
The following questions, 45 through 54 of 84, relate to the cost approach section of the appraisal report.
Line
No.
Questions
Yes
Page No.
No
N/A
45
Are there photographs of each major
improvement?
❑
❑
a
46
Is a sketch of the building or a copy of the
building plans included?
❑
❑
a
47
Does the appraisal report identify and describe
any potential environmental hazards (e.g. —
asbestos, garbage on site, etc.)?
❑
❑
11
48
Is the source of the reproduction or replacement
cost new of the improvements identified and
explained?
❑
❑
a
49
Was entrepreneurial profit, whether included or
excluded, identified and supported?
❑
❑
11
50
Is curable physical deterioration (deferred
maintenance) considered?
❑
❑
11
51
Is incurable physical deterioration considered?
❑
❑
11
52
Is functional obsolescence considered?
❑
❑
a
53
Is external obsolescence considered?
❑
❑
a
54
Is the contributory value of the site
improvements supported?
❑
❑
11
The following questions, 55 through 69 of 84, relate to the income approach section of the appraisal
report.
Line
No.
Questions
Yes
Page No.
No
N/A
55
Are the comparable rentals adequately
documented and considered?
❑
❑
11
56
Is a general comparable rental location map also
showing the location of the subject property
included?
❑
❑
11
57
Are adjustments to the comparable rentals
supported?
❑
❑
a
58
Is a current rent roll and recent income history
for the property provided in the report or lack
thereof explained?
❑
❑
11
59
Were all existing leases considered?
❑
❑
a
Appraisal_Checklist 2012_Exhibit F_20160302
Rev. 4/5/2019
Page 5 of 8
Supplemental Appraisal Standards for the Board of Trustees
Effective Date: March 2, 2016
Incorporated by Reference in Rule 18-1.002(23)
Line
No.
Questions
Yes
Page No.
No
N/A
60
Does the report indicate whether the contract
rental income is at or near market rental rates?
❑
❑
a
61
Is the estimate of vacancy and collection loss
adequately supported?
❑
❑
11
62
Is a recent expense history for the subject
property provided in the report?
❑
❑
11
63
Are the projected expenses explained and
supported?
❑
❑
a
64
Are differences between the projected expenses
and the property's historical expense trend
supported and described?
❑
❑
a
65
Is each component of the selected capitalization
method and technique supported by appropriate
market data?
❑
❑
a
66
Are deductions for rent loss, leasing
commissions, tenant improvements, deferred
maintenance, etc., accounted for in the
discounted cash flow analysis?
❑
❑
a
67
Is the discount rate supported by appropriate
market data?
❑
❑
a
68
Is the terminal capitalization rate supported
considering the future risk and increased age of
the improvements?
❑
❑
11
69
Are reasonable sales costs deducted from the
estimated reversion to arrive at the net property
reversion?
❑
❑
a
The following questions, 70 through 77 of 84, relate to the sales comparison approach section of the
appraisal report.
Line
No.
Questions
Yes
Page No.
No
N/A
70
Is the unit of comparison appropriate for the
subject's market?
❑
❑
11
71
Are the sales adequately documented and
presented?
❑
❑
11
72
Are photographs and an aerial of the sales
included?
❑
❑
11
73
Does the report include a sales and listing
location map showing the subject property?
❑
❑
a
74
Are the comparable sales similar to the subject in
highest and best use?
❑
❑
a
Appraisal_Checklist 2012_Exhibit F_20160302
Rev. 4/5/2019
Page 6 of 8
Supplemental Appraisal Standards for the Board of Trustees
Effective Date: March 2, 2016
Incorporated by Reference in Rule 18-1.002(23)
Line
No.
Questions
Yes
Page No.
No
N/A
75
If the comparable sales are not similar in highest
and best use, is a discussion included as to why
the sales are used?
❑
❑
a
76
Are the comparable sales adjusted for cash
equivalency or otherwise clearly explained?
❑
❑
a
77
Are the adjustments that were applied to the
sales adequately supported?
❑
❑
a
Appraisal_Checklist_20 12_Exhibit_F_20 1603 02 Rev. 4/5/2019
Page 7 of 8
Supplemental Appraisal Standards for the Board of Trustees
Effective Date: March 2, 2016
Incorporated by Reference in Rule 18-1.002(23)
Bureau of Appraisal — Appraisal Checklist
Part Three: Reconciliation and Miscellaneous
The following questions, 78 through 81 of 84, relate to the reconciliation section of the appraisal report.
Line
No.
Questions
Yes
Page No.
No
N/A
78
Is the quality and quantity of data considered and
reconciled and the applicability or suitability of
the approaches considered and reconciled?
❑
❑
11
79
Is the final opinion of value consistent with the
highest and best use, the data and the analyses
presented in the report?
11
16
❑
❑
80
Does the appraisal report consider and analyze
the effect on value, if any, of the assemblage of
the various estates or component parts of a
property, refraining from estimating the value of
the whole property simply by adding together
the individual values of the various estates or
component parts without explanation?
❑
❑
a
81
In arriving at a final value estimate, does the
appraisal consider the value impact (cost to
cure/stigma) of environmental hazards and/or
other contamination (underground storage tanks,
toxic waste disposal, etc.) before concluding the
"as is" value?
❑
❑
11
The following questions, 82 through 84 of 84, relate to miscellaneous considerations in the appraisal
report.
Line
No.
Questions
Yes
Page No.
No
N/A
82
Does the report provide an estimate of the
property's anticipated exposure time, as required
by USPAP?
❑
❑
11
83
Does the appraisal explain and support the
exclusion of any of the usual valuation
approaches?
a1
10
❑
❑
84
Are extraordinary assumptions and/or
hypothetical conditions repeated, or referenced,
with all statements of the final opinion of value?
/1
5
❑
❑
Signed: ..V Date: 7/7/2021
Appraisal_Checklist 2012_Exhibit F_20160302
Rev. 4/5/2019
Page 8 of 8