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HomeMy WebLinkAboutExhibit CAN 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, Ag,zNn, Michael Morin William H. Benson, MAI, CCIM Cert Gen #RZ 3281 Cert Gen #RZ 1027 w.h. benson & company 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. w.h. benson & company 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 w.h. benson & company 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. w.h. benson & company 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 w.h. benson & company 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 w.h. benson & company real estate valuation and consulting • • UN -••'• thn WALTON 3E1CH nrmI PANAMA C: FRAII 1 • AFAYE-1 ma.tE . C... lie TAMPA ST. PETERSBURG-CLEARWATER Ce2evoder SL Pettalmet Eratiedion SARASOTA- BRUNT° Fi ziowtia UNTA OORDA care caraii FORT MYERS- CAPE CORAL CIIRUS JACKSONVILLE "-W1114 11LOANJU T&iia FLORIDA MAP tty WIMIATF PC[K Lakiana YdrAer Haven NI ") TLR HAL .1 • IP.-dAL I ONA BEACH acolh NtleltOun hime 1116\ SI In "trri : L Ir. c. IMAM PIVP LIPP:7111 Wag Palm Be2,..1 HENDRY rcrt Laudercale BROVVARD mew BMII iel it RATON PARMI- 1:1014T i}ELORME DeLorme Street Atlas USA® 201E L tit tra Weston asa Lauderhill (orth-AIn4d`r3Iews Gardens LauLLLLL al Lalw- '■ unla� P�la,'nfation • Melrose Park Pine Islantl Ridge ' Fern Crest Village • Sea Ranch Lakes Lauderdale -by -the -Sea Oakland Park wi n Broadview Park 4 Manors Fort Lauderdale Dan 15 if7 Holl}iw artd 11rMiramar —IVI ndover— Southwest-Ranehes • Cooper tih' Country. 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DeLorme Street Atlas USA® 2013. www.delorme.com MN (7 0° W) • • 0 2 4 6 8 Data Zoom 9-0 10 mi MIAMI DADE COUNTY MAP »»}■16. } Z N J ks« ■y Q !' 5-- w '17 licihr116 .: . <\-� / • z - ocg \ � S 2 �2 . . /..-Fin4 ' GENERAL LOCATION N § 2n I L � .. 4 2 S E , d- �*>, . A/$ - ®`` STATE PARCELS -YELLOW / MIAMI PARCEL - BLUE SW 3RD Sr Da. Some.: 1; 5prci&c Rupose &uvey 2: D ,daimer. No. 42113(6315-1; 3: XAVrEQ Road, 4; 2017 Aelal rmage,y Butter Act Parcel I 17,266 ft2 d>t Land Exchange Parcel I 133 ft2 Butler Pict Parcel II 3,768 ft2 Land Exchange Parcels Butler Act Parcels I & II Butler Act Parcel III - Exchange Parcel Land Exchange Parcel II 61 ft2 Butler _act Parcel III 869 ft2 0 50 Land Exchange Parcel III 149 ft2 100 200 Feet Jose Marti — Land Exchange Miami -Dade County, Florida EASEMENT AERIAL - FDEP STATE PARCELS - YELLOW / MIAMI PARCEL - BLUE MIAMI PARCEL STATE PARCEL I STATE PARCELS II 86 III Oa) X2nxns A EGE .o...e..r r..l iE 6i?,Ed[1i i .a. !owl LNIF 1,015, .a. p .rs away Pe Loa pegvil AWN: rAliONS 1.1 .504Rf .elenm .ormlem ft.! .17.130. �Tn. 9Mu u[L Jh • NAM, L.,. SA 1. m. marl .SPIT (.MO.L5 CW • t u abi L•4.[M ii iM .3 rare MEE t SPECIFIC PURPOSE SURVEY fi.alluCSCAPF tr>�1 eferrOmallese ram, ,.....�;T.�.,n. �,.r.rrm.�..,.�_.,Odors E NADEE PION[fo rriE -ar..a_ar rc.ro.wrcenavaea..r iw rr.awx.ws uo aA.011.1r=ea mryww+.w 8M iltb Sl EEL ra..EmE3 rad LYYY.rPPECEE i:a+.osl 7,MOWN e.rsad .m..i.,MEA f.M aysa.ra .a rm. Sp rrcnvrr.10.4 a...VDm....➢.AAnarou+a+ao�w e.dsaa rni ereri a�ar i¢+ �. n.ss4s� . qn a M loran DEEP Illiirahr +�'+Mrv�4a_zrw�suY'pwM1v. rasa r.a.r�nv.wlwf4aYrn lora w Myl rer - mar ntrla ..4.r�rr 1. w a}rTLLc.wawrauura. F•E• eWii E 'Al agl.v RrSr,v r�x- rim x .m l" o a . .e. .4nor. rem r S 101.41.212. DM II MOM- 31.1 .vl[ s.ol (z 2a) X2nxns 12.710.- L29019922. olwc 24! OCAS II21CII9I99w is /l#!e I 2020 ■ 51IIT29QIT'F 901e9_ CFe1210.91900 AIm manEVIA1104,14, S!!SIO f OF 1. ancE'Ro ma. FY Ole OMIT nom 7KI_ I -, fjp/�rrirc 9:AL! Is 9 If `m mil ._•0him ,,,,��,,}} aN�F4q i'[e SO 'i" 3r �"0 066N StR& SPECIFIC PURPOSE SURVEY _I& Ath ANENU — - — - -- - — - - WriPkt n+M k. Ira NMI IP I • Cr Cr C • n LL fl • 3 C WILJ • CID L ▪ N War ctl ate 411 .5' • E ✓ m =IyITneen 229E 2•92-292 15-999 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 w.h. benson & company 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. 4 w.h. benson & company 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. 5 w.h. benson & company real estate valuation and consulting 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. 6 w.h. benson & company real estate valuation and consulting 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. 7 w.h. benson & company real estate valuation and consulting 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. 8 w.h. benson & company real estate valuation and consulting 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. 9 w.h. benson & company real estate valuation and consulting 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. 10 w.h. benson & company real estate valuation and consulting 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. 11 w.h. benson & company real estate valuation and consulting 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. 12 w.h. benson & company real estate valuation and consulting 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 $64.00 w.h. benson & company real estate valuation and consulting CITY OF MIAMI PARCEL The land area dedicated to the City of Miami submerged land parcels was previously indicated at 869 square feet. Therefore the regulatory rate for land lease applied to the land area of the City of Miami submerged land parcel results in the following calculation: Regulatory Rent - Submerged Land Leases Owner: City of Miami Size (SF) Regulatory Lease Rate ($/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. 14 w.h. benson & company real estate valuation and consulting 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. 15 w.h. benson & company real estate valuation and consulting 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 16 w.h. benson & company real estate valuation and consulting 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 }FI r. a •;ar- to Iearr. more GEOGRAPHY Primary Economic Cevelorment .Contact ami-F: _a_de•da e- Dor^ o Time Zone: Eastern Local Area Codelsj: "305, 706" Largest Cities: 1 Komi. 2 Fialeal7 3 ioiami Beath Nearest M SA: Miles' To: —alla.�a=_see 4107 Oriando 202 amps 205 Jaokson.ille 327 61=arri 0 :Atlanta $OB Cr. niaago 1101 Gallas 1111 New York - 1002 ' `.' ss ar= : o.iI :sd from ooirdy 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 Mlarni Qaraens• Hiareati kalar. 11111111r° " Population Miami -Dade Census Population County 1980 Census 1,625,509 1990 Census 1,937,194 % change 1980-90 19 2% 2000 Census 2,253,779 % change 1990-00 16.3% 2010 Census 2,496,457 % change 2000-10 14 8% Age % Under 18 years of age % 65 years of age and over Race & Ethnicity % White alone % Black or African American alone % Hispanic or Latino (of any race) Estimates and Projections 2019 Estimate % change 2010-19 2020 Estimate % change 2019-20 Rased on 2020 Estimate 2025 2030 2035 2040 2045 2019 Median Age Density Persons per square mile 2000 2010 2020 Florida 9,746,961 12,938,071 32 7% 15,982,824 23.5% 113,801,332 17 6% 21.9% 21.3% 14-1% 173% 738% 750% 18.9% 16.0% 65.0% 22.5% 2,612,130 21,208,589 126% 128% 2,832,794 21 596,068 47% 18% 2992,713 23,138,553 3,128,267 24,419,127 3,234,615 25,461,863 3,322,226 26,356,415 3,398,177 27,149,835 39.7 41 I 1,158.1 296.4 1,315.5 350.6 1,491.0 407.0 Population Characteristics County Language spoken at home other than English Persons aged 5 and over Place of birth Foreign born Veteran status Civilian population 18 and over 74.9% 53.7% 2.2% Florida 29.4% 20.7% 8.6% Households and Family Households Miami -Dade Households County Florida Total households, 2000 Census 776,906 6,338,075 Family households, 2000 Census 548,493 4,210,760 %with own children under 18 47.9% 42.3% Total households, 2010 Census 867,352 7,420,802 Family households, 2010 Census 602,911 4,835,475 %with own children under 18 44.0% 40.0% Average Household Size, 2010 Census 2.83 248 Average Famiily Size, 2010 Census 3.33 3.01 the people oboe:yyho,h, m. b ...8e ly.�p� more other people au, dR o-rninn�,na�,a.mpr� �r Cameo .aouK,.ror nor.dand for Cereals Count aaam:am resobi,,,trQx7- Real Gross Domestic Product Real GDP Miami -Dade (Thousands of Chained 2012 Dollarsj County 2015 GDP 132,783,135 Percent of the State 15.8% 2016 GDP 137,963,943 Percent of the State 15.8% 2017 GDP 143,891,1 13 Percent of the State 16.0% 2018 GDP 150,362,204 Percent of the State 15.1 % 2019 GDP 151,587,320 Percent of the State 15 7% 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 2015 2017 2018 2019 2020 Residence 1 Year Ago Persons aged 1 and over Same house Different house in the U.S. Same county in Florida Different county in Florida Different county in another state Abroad Housing Miami -Dade County 775,774 449,325 327,449 75,504 989,435 867,352 483,874 383,478 122,083 10,655 12,475 3,203 2,618 5,069 10,316 7,731 12,617 9,317 10,554 11,703 10,000 9,831 Miami -Dade County 88.0% 10.1% 8.2% 1.0% 0.9% 1.8% Florida 842,269,369 810963,202 901,903,549 936,580,274 963,2E5,065 Florida 6337,929 4,441,799 1, 996,130 965,018 8989,580 7 420802 4,998,979 2 421,823 1,568,778 126,384 155,269 38,679 42,360 64,810 86,752 84,075 109,924 116,240 122,719 144,427 1E4,302 164,074 Florida 84.5% 14 4% BS% 3.1% 2.8% 1.1% alai, Moor monefamiOsi,.:nrmrek,, or any mna sip d.dx.d ®ua.ix.dp .b&,2 Sairgepaten.. nfamily includes alemaehda.rand one m Miami -Dade Count Page 2 Employment and Labor Force Establishments Miami -Dade Establishments Miami -Dade 2019 County Florida % of All Industries, 2619 County Florida All industries 103,412 729,072 All industries 103,412 729,072 Natural Resource & Mining 505 5,308 Natural Resource & Mining 0.5 % 0.7% Construction 7,342 75,761 Construction 7.1% 10.4% Manufacturing 2,825 20,795 Manufacturing 2.7% 2.9% Trade, Transportation and Utilities 24,454 140861 Trade, Transportation and Utilities 23.6% 19.3% Information 1,607 11,899 Information 1.6% 1..6% Financial Activities 11,135 78,001 Financial Activities 10.8% 10.7% Professional & Business Services 23,962 174,248 Professional & Business Services 23.2% 23.9% Education & Health Services 11,657 77,567 Education & Health Services 11.3% 10.6% Leisure and Hospitality 7,643 59,331 Leisure and Hospitality 7.4 % 8.1% Other Services 9,003 57,616 Other Services 8.7% 7.9% Government 333 6:029 Government 0. 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 8134,011 All industries 555,522 5E1,744 Natural Resource & Mining 0 8% 0.815 Natural Resource & Mining $34,810 535,645 Construction 4.5% 6.3% Construction $54,966 552,907 Manufacturing 36% 43% Manufacturing $52,613 563870 Trade„ Transportation and Utilities 25.0% 20.3% Trade, Transportation and Utilities $51,314 546,231 Information 1.6% 1.6% Information $90,448 586,151 Financial Activities 66% 66% Financial Activities $93,330 577,025 Professional & Business Services 14.2% 15.7% Professional & Business Services $69,640 563,742 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 $33,476 526,675 Other Services 33% 3.2% Other Services 535,217 537,971 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 1. 6% 6.2% 2000 644% 642% 2030 4.5% 38% 2010 63.0% 61.8% 2010 11. 7% 10.8% 2020 56.9% 58.8% 2020 8 0% 3.3% Income and Financial Health Miami -Dade Miami -Dade Personal Income ($000s) County Florida Per Capita Personal Income County Florida 1990 $35,643,712 $257,571,430 1990 $18,338 519,763 2000 960135660 $472,238,563 2030 $26,614 529,428 2010 995,805,838 $725,074,023 2010 $38,216 538,475 2011 5100,148,724 9764 633,664 2011 539,358 540,131 % change 2010-11 4.5% 5.5% % change 2010-11 30% 4.3% 2012 $103,220,841 $793,428,830 2012 $43,362 $41,115 % change 2011-12 3.1% 3.8% % change 2011-12 1.8% 2.5% 2013 5103,432,585 $795,425,094 2013 $39,634 540,696 % change 2012-13 0.2% 0.3% % change 2012-13 -1.1 % -1.0% 2014 5111,824,057 $856,161,773 2014 $42,450 543,140 %change2013-14 8.1% 7.6% % change 2013-14 7.1% 6.0% 201E 5119,164670 $914,928,403 2015 $44,801 545,273 % change 2014-15 6.6% 6.9% % change 2014-15 5.5% 4.9% 2016 5120,183,815 $949,717,988 2016 $44,541 546,073 % change 2015-16 09% 38% % change 2015-16 -04% 1 8% 2017 $132,573,852 $1,016,818,999 2017 $48,861 548,594 %change 2016-17 10.3% 7.1% % change 2016-17 9.5% 5.3% 2018 $144,288,587 $1,082,702,187 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 $54,902 5E2,426 % change 2018-19 34 % 4.0% % change 2018-19 3.3% 2 9% Earnings by Place of Work ($000s) Median Income 1990 $27,847,102 $161,135,722 Median Household Income $51,347 555,660 2000 548,285,806 6308,751,767 Median Family Income 557,871 $67,414 2010 $66,366042 5438,991,235 2011 569,648,351 $450,5132,115 Percent in Poverty, 2019 % change 2010-11 4.9% 2.6% All ages in poverty 15.7% 12.7% 2012 $71,375,326 5468,412,894 Under age 18 in poverty 23.8% 18.2% %change 2011-12 2 5% 4.015 Related children age 5-17 in families in poverty 18.8% 16.9% 2013 575,102,663 $482,900,406 %change 2012-13 5.2% 3.1% Personal Bankruptcy Filing Rate Miami -Dade 2014 $80 438,546 $512,381,351 (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 $84,082,317 $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 588,072,588 $568,848,341 *Alas mess Chapter 7 & chapter 13 %change 2015-16 4.7% 4.5% 2017 $94,592,362 $602,210,803 Miami -Dade % change 2015-17 7 4% 5.915 Workers Aged 16 and Over County Florida 2018 $101,170,034 $639,710,580 Place of Work in Florida %change 2017-18 7 0 % 6.215 Worked outside county of residence 7.3% 18.215 2019 5106,126,681 5672,454,824 Travel Time to Work %change 2018-19 4.9% 5.1% Mean travel time to work (minutes} 32.8 27.8 Quality of Life Health Insurance Status Miami -Dade Miami -Dade Crime County Florida Percent Insured by Age Group County Crime rate, 2020 (index crimes per 100,000 population) 2,815 7 2,152.3 Under 65 years 83.5% Admissions to prison FY2019-20 1,073 21,276 Under 19 years 92.7% Admissions to prison per 100,000 18 to 64 years 76.4% population FY 2019-20 37.9 98.5 Florida 839% 92_4% 808% State Infrastructure State and Local Taxation Miami -Dade Transportation County Florida 2020 Ad Valorem Mil rage Rates Miami -Dade County State Highway County -Wide Not County -Wide" Centerline Miles 573.9 12,128.1 County 5.1449 0.5189 Lane Miles 2,8117.9 45,030.3 School 7.1290 State Bridges Municipal 4.0658 Number 736 7,044 Special Districts 0.7502 1.6436 aMSill included in Not County -Wide "County^ category State Facilities Buildings/Facilities (min. 300 Square Feet) Education Number 371 9,630 Public Education Schools Miami -Dade Square Footage 4,104,975 66,989,245 Traditional Setting (2020-21) County School Florida Total (state total includes special districts) 491 3,744 Conservation Land (land acres only) Elementary 199 1,883 State -Owned (includes partially -owned) 277,122 5,383,024 Middle 74 573 % of Total Conservation Land (CL) 33 2% 51 6% Senior High 114 715 % of Total Area Land 22.8% 15.7% Combination 104 573 % of Florida State -Owned CL 5.1% Educational attainment Miami -Dade State -Managed 274,557 5,486,474 Persons aged 25 and older County Florida of Total Conservation Land (CL) 32.9% 52.6% % HS graduate or higher 81?% 88.2% of Total Area Land 22.6% 16.0% % bachelors degree or higher 29.8 % 29.9% % of Florida State -Managed CL 5.0% Prepared by: 1� Florida LeMslarure oRice of Economic and Demographic Research 111 W. Madison Street, Suite 574 Tallahassee, FL 325945588 1850114a7-1402 http:J/edr.state.fl.us May 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? a ❑ ❑ 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)? a ❑ ❑ 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.) a 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 20 12_ExhibitF_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? ❑ ❑ a 12 Does the appraiser explain why the previous sale of the subject, if within five years, was not used in the valuation? ❑ ❑ a 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? 11 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 ❑ ❑ 16 Does the appraisal report provide the current assessed value of the subject property? a 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? ❑ ❑ a 24 Does the appraisal report describe the property's water frontage? a ❑ ❑ 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? ❑ ❑ 11 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? ❑ ❑ 11 30 Does the appraisal report discuss any easements, encroachments and rights -of -way affecting the value of the property and the effect on value? ❑ ❑ a 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? /1 10 ❑ ❑ 33 Is the highest and best use based on an "economic use" of the property? a 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 20 12_ExhibitF_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? a 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 subject property? ❑ ❑ a Apprais al_Checklist_20 12_Exhibit_F_20 1 60302 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? ❑ ❑ 11 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.)? ❑ ❑ a 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? ❑ ❑ // 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 20 12_ExhibitF_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? ❑ ❑ a 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 20 12_ExhibitF_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 Apprais al_Checklist_20 12_Exhibit_F_20 1 60302 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? ❑ ❑ 11 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? ❑ ❑ a 83 Does the appraisal explain and support the exclusion of any of the usual valuation approaches? a 0 ❑ ❑ 84 Are extraordinary assumptions and/or hypothetical conditions repeated, or referenced, with all statements of the final opinion of value? a 5 ❑ ❑ Signed: ��/ Date: 7/7/2021 Appraisal_Checklist 20 12_ExhibitF_20160302 Rev. 4/5/2019 Page 8 of 8