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HomeMy WebLinkAboutCRA-R-23-0057 Exhibit BExhibit "B" LEGEND ABBREVIATIONS: A = ARC DISTANCE AC = AIR CONDHIONER PAD BCR = BROWARD COUNTY RECORDS BENCH R BOB=BASIS OF BEARINGS CBS = CONCRETE BLOCK & STUCCO (C) = CALCULATED C&G = CURB & GUTTER CIF = CHAIN LINK FENCE COL = COLUMN o EASEMENT DRAINAGE &MAINTENANCE EASEMENT D/W = DRIVEWAY EB = ELECTRIC BOX ENC = ENCROACHMENT EP = EDGE OF PAVEMENT FDH= FOUND F WATER DRILLHOLE FFE = FINISHED FLOOR ELEVAnON FIP = FOUND IRON PIPE (NO ID) FIR = FOUND IRON ROD (NO ID) FN = FOUND NAIL (ND ID) FN&D= FOUND NAIL & DISCK FLORIDA POWER & LIGHT TRANSFORMER PAD LE. = LANDSCAPE EASEMENT .ME. = LAKE MAINTENANCE EASEMENT (M) = MEASURED MDCR = MIAMI-DADE COUNTY RECORDS MH = MAN HOLE IL - MONUMENT LINE PB = PLT Boot. PC = POINT OF CURVATURE PCP = PERMANENT CONTROL POINT PE = POOL EQUIPMENT PAD POINT OF INTERSECTION PLANTER POB = POINT OF BEGINNING POC _ POINT OF COMMENCEMENTPRC = POINT OF REVERSE LIRE PERMANENT REFERENCE MONUMENT PT = POINT OF TANGENCY R = RADIUS DISTANCE (R) = RECORD R/W = RIGHT-OF-WAY RES = RESIDENCE SIP SIP LB#802D NAIL& LB#G023 STL = SURVEY TIE LINE SWK = SIDEWALK UB = UTILITY BOX EASEMENT W/F = WOOD FENCE SYMBOLS: DT = TELEPHONE RISER © = CABLE TV RISER 0 = WATER METER X 0.00 = ELEVATION (00') = ORIGINAL LOT DISTANCE = CENTRAL ANGLE = CENTER LINE Ful = WATER VALVE CURB INLET `/V = FIRE HYDRANT % = LIGHT POLE = CATCH BASIN = UTILITY POLE = DRAINAGE MANHOLE i,s/ = SEWER MANHOLE METAL FENCE N - WOOD FENCE CHAIN LINK FENCE - = EASEMENT BOUNDARY LINE - = OVERHEAD UTILITY LINE ORIGINAL LOT LINE ASPHALT CONCRETE PAVERS/ TILES BRICK LOCATION SKETCH: NOT TO SCALE COVERED AREA GRAPHIC SCALE 20 0 10 20 MAP OF BOUNDARY SURVEY BLOCK CORNER I I 0 O O 0 0 0 Oo NO GNP 51P 12 LBB028 REMAINDER OF LOT- 10 BLOCK - 28N PORTION OF LOT -10 BLOCK - 28N (VACANT) LOT-11 BLOCK - 28N 100 00' 100.00 REMAINDER OF LOT- 9 BLOCK-28N 0 PORTION OF LOT- 9 BLOCK - 28N (VACANT) LOT- 12 BLOCK - 28N G 5.1 P. 112" LBBG23 O D1' LOT-8 BLOCK - 28N B.I,P_115 LB8023 is CERTIFICATE OF AHHOIGZATION M TB-8023 Survey Pros, Inc. 4348 SW 74TH AVENUE, MIAMI, FL. 33155 PH: (305) 767-6802 (main) IvIlEIPERESE leRw'ww.s u rvey-p rosH�00 rn NE NICOLAS DEL VENTO PROFESSIONAL SURVEYOR & MAPPER STATE OF FLORIDA TIC_ # 6945 PROPERTY ADDRESS: 939 NW 5TH AVENUE, MIAMI, FL 33138 (01-0102-O80-1049) LEGAL DESCRIPTION: THE SOUTH 50 FEET OF LOTS 9 AND 10, BLOCK 28, OF NORTH BCITY OF MIAMI, ACCORDING TO THE PLAT THEREOF, AS THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, DFLORIDAPED IN� BOOK AGE OF FLOOD ZONE IAFOR:lL4TION: THE GRAPHICALLY DEPICTED BUILDING(S) SHOWN DN THIS MAP OF SURVEY IS WITHIN ZONE BASE FLOOD ON L GOMMUNIN NAME & NUMBER CITY OF MIAMI 120650 MAP & PANEL NUMBER 12086C0312 SUFFIX L SURVEYOR'S NOTES: I. ELEVATIONS WHEN SHOWN REFER TO 1929 NATIONAL GEODETIC VERTICAL DATUM (Nc 29)_ D 19 NO ATTEMPT WAS MADE LOCATE FOOTINGS/FOUNDATIONS, OR UNDERGROUND U iI LI TIES UNLESS OTHERWISE NOTED 3. THE LANDS SHOWN HEREON HAVE NOT BEEN ABSTRACTED IN REGARDS i0 EASEMENTS,MATTERS OF INTEREST BY OTHER PAR9ES, SUCH AS RIGHTS OF WAYS, RESERVATIONS, ETC DNLY PTA EASEMENTS ARE SHOWN_ THIS SURVEY WAS PREPAREDD FOR AND CERTIFIED TO THE WRITTEN C INDICATED HOD HEREON AND IS NOT TRANSFERABLE DR ASSIGNABLE WITHOUT WRITTEN CONSENT OF 5TIS FIRM ALL BOUNDARY LIMIT INDICATORS SET ARE STAMPED L13G8023_ 6. THE BOUNDARY LIMITS ESTABLISHED ON THIS SURVEY ARE BASED ON THE LEGAL DESCRIPTION PROVIDED BY THE CLIENT OR ITS REPRESENTATIVE7 FENCE OWNERSHIP IS NOT DETERMINED DIMENSIONS S TO THE INTERIOR OF THE ENCE 8a ADDITIONS OR F DELETIONS TO THIS SURVEY MAP AND/OR REPORT BY SOMEONE OTHER THAN THE SIGNING PARTY(IES) IS PROHIBITED WITHOUT WRITTEN CONSENT OF THE SIGNING PAR -TRIES) 9_ THIS SURVEY IS NOT VALID WITHOUT THE ORIGINAL SIGNATURE AND RAISED SEAL OF A FLORIDA LICENSED SURVEYOR AND MAPPER OTHERWISE THIS MAP IS FOR INFORMATIONAL PURPOSES ONLY. 10 BEARINGS WHEN SHOWN ARE TO AN ASSUMED MERIDIAN AND BASED ON PLAT THE CENTERLINE OF NW 5TH AVENUE BEARS S 02(1T18" E. SURVEYOR'S CERTIFICATION: I HEREBY CERTIFY 9,AT THIS SURVEY IS 9AUE AND CORRECT TO THE BEST OF MY KNOWLEDGE AND BELIEF AS RECENTLY SURVEYED AND DRAWN UNDER MY DIRECTION AND MEETS THE MINIMUM TECHNICAL STANDARDS SET FORTH BY THE FLORIDA STATE BOARDOF SURVEYORS AND MAPPERS FIN CHAPTER 5J-IZ FLORIDA ADMINISTRATVE PURSUANT CODE CERTIFIED TO: FRONTIER FUELS INC TRUST SEAL DATE OF ORIGINAL FIELD WORK, 07/05/2023 JOB NUMBER 23079660 DRAWN BY: ADRIEL CAD FILE: FRONTIER FUELS INC TRUST SHEET 1 OF 1 REVISION(S): LEGEND ABBREVIATIONS: A = ARC DISTANCE AC = AIR CONDI TONER PAD BCR = BROWARD COUNTY RECORDS BENCH R BOB=BASIS OF BEARINGS CBS = CONCRETE BLOCK & STUCCO (C) = CALCULATED C&G = CURB & GUTTER CIF = CHAIN LINK FENCE COL = COLUMN o EASEMENT DRAINAGE3 MAINTENANCE EASEMENT D/W = DRIVEWAY EB = ELECTRIC BOX ENC = ENCROACHMENT EP = EDGE OF PAVEMENT FDH= FOUND F WATER DRILLHOLE FFE = FINISHED FLOOR ELEVATION FOUND IRON PIPE (NO ID) FIR = FOUND IRON ROD (NO ID) FN = FOUND NAIL (ND ID) FN&D= FOUND NAIL & DISCK FLORIDA TRANSFORMER PADWER & LIGHT LE- = LANDSCAPE EASEMENT .ME. = LAKE MAINTENANCE EASEMENT (M) = MEASURED MDCR = MIAMI-DADE COUNTY RECORDS MH < MAHOLE N MENT LINE (P) PLAT PB = PLAT BOOK PC = POINT OF CURVATURE PCP = PERMANENT CONTROL POINT PE = POOL EQUIPMENT PAD POINT OF INTERSECTION PLANTER POB = POINT OF BEGINNING PPRC = POINT OF OC = POINT OFN REVERSE CURVATURE NCE MMONUMPENTRM ONT OF TANGENCY R = RADIUS DISTANCE (R) = RECORD R/W = RIGHT-OF-WAY RES = RESIDENCE sIP SIP LBA8023 LBABO23 STL =SURVEY TIE LINE SINK =SIDEWALK = = TYPICALUB = UB UTILITY BOX EASEMENT W/F = WOOD FENCE SYMBOLS: DT = TELEPHONE RISER = CABLE TV RISER E = WATER METER X 0-00 = ELEVATION (00') = ORIGINAL LOT DISTANCE A = CENTRAL ANGLE = CENTER LINE >261 =WATER VALVE = CURB INLET = FIRE HYDRANT lyX = LIGHT POLE = CATCH BASIN '751W= UTILITY POLE cD. = DRAINAGE MANHOLE OS) = SEWER MANHOLE METAL FENCE N - WOOD FENCE CHAIN LINK FENCE - = EASEMENT BOUNDARY LINE - = OVERHEAD UTILITY LINE ORIGINAL LOT LINE ASPHALT CONCRETE PAVERS/ TILES BRICK LOCATION SKETCIL' NOT TO SCALE COVERED AREA GRAPHIC SCALE 20 0 10 20 1 1 1 1L=20' NO ACCESS 1 74' LOT- 18 "DAVENPORTSUB" NO (1-81) ACCESS' 54 1' by MAP OF BOUNDARY SURVEY LOT-3 "DAVENPORT SUB" 44 (1-81) FOLIO: 01-3137-028.0030 LOT •4 "DAVENPORT SUB" (1-81) (VACANT) 00.00' LOT-5 "DAVENPORT SUB" (1-81) LG BLOCK CORNER F1P OFFSET' SOUTH 1 54' EAST 0.17'I CERTIFICATE OF AUTHORIZATION q LB--8023 Survey Pros, Inc. 4348 SW 74TH AVENUE, MIAMI, FL. 33155 PH: (305) 767-6802 (main) nn l.. vll-o.o IRRwww.survey pros.coOPOuGH uFLL.. m 51 NICOLAS DEL VENTO PROFESSIONAL SURVEYOR & MAPPER STATE OF FLORIDA LIC- # 6945 PROPERTY ADDRESS 720 NW 4H AVENUE. MIAMI. FL 33136 LEGAL DESCRIPTION: DAVEHPoHT THE PLAT THEHEGF, As RECORDED INPLAT BOOK 1, PAGE R8I C ARO OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA FLOODZONE INFORMATION THE GRAPHICALLY DEPICTED BUILDING(S) SHOWN ON THIS MAP OF SURVEY IS WITHIN ZONE K BASE FLOOD ELEVATION N[y COMMUNITY NAME & NUMBER CITY OF MIAMI 120650 MAP & PANEL NUMBER 1208669720 SUFFIX L SURVEYOR'S NOTES 1- ELEVATIONS WHEN SHOWN REFER TO 1929 NATIONAL GEODETIC VERTICAL DATUM (NC. 1920), 2 NO ATTEMPT WAS MADE TO LOCATE FOOTINGS/FOUNDATIONS, DR UNDERGROUND UTILITIES UNLESS OTHERWISE NOTED. 3. THE LANDS SHOWN HEREON HAVE NOT BEEN ABSTRACTED IN REGARDS TO MATTERS OF INTEREST BY OHER PARTIES, SUCH AS EASEMENTS, RIGHTS OF WAYS RESERVAPONS, PLATTED EASEMENTS SURVEY WAS PREPARED FORANDSHOWN CERTFIEDO THISTHE PARTYMES) INDICATED HEREON AND IS NOT TRANSFERABLE OR ASSIGNABLE WITHOUT WRITTEN CONSENT OF THIS FIRM. 5 ALL UNDARY LIMP INDICATORS SET ARE STAMPED LBABC133 6. THE BOUNDARY LIMITS ESTABLISHED ON THIS SURVEY ARE BASED ON THE LEGAL DESCRIPTION PROVIDED BY THE CLIENT OR ITS REPRESENTATIVE. Z. FENCE OWNERSHIP IS NOT DETERMINED. DIMENSIONS ARE TO THE INTERIOR PORTION OF HE FENCE. DELETIONS THIS SURT3EY MAP ANG/OR OTHER THAN THE SGNINGPARiYOES) IS PROHIBITED WITHOUTREPORT SOMEONE WRITTEN CONSENT OF THE SIGNING PAR TYRE S) S AND OF AFLORIDA LICENSED ASURVEYORU AND THESIGNATURE OTHERWISE E HIS MAPS ISFOR INFORMATIONAL PURPOSES ONLY 10.BEARINGSWHEN SHOWN ARETO AN ASSUMED MERIDIAN AND BASED ON PLAT. ECENTERLINE AVENUE SURVEYOR'S CERTIFICATION: HEREBY CERTIFY THAT THIS SURVEY IS TRUE AND CORRECT TO THE BEST OF MY KNOWLEDGE AND BELIEF AS RECENTLY SURVEYED AND DRAWN UNDER MY DIRECTION AND ETS THE MINIMUM HNICAL STANDARDS SET FORTH BY THE FLORIDA STATE BOARDS OF SURVEYORS AND CMAPPERS IN CHAPTER 5J-17 FLORIDA ADMINISTRATIVE CODE PURSUANT TO SECTION 472027 FLORIDA STATUE. CERTIFIED TO: NATIONAL FINANCIAL CORP, TRUST C/0 NICHOLE D. SCOTT, ESQ. HOLLAND & KNIGHT SEAL DATE OF ORIGINAL FIELD WORK: 07/05/2023 JOB NUMBER 23079652 DRAWN BY' ADRIEL CAD FILE: NATIONAL FINANCIAL CORP TRUST SHEET 1 OF 1 REVISION(S3 LEGEND ABBREVIATIONS: A = ARC DISTANCE AC = AIR CONDI TONER PAD CR= BUILDING WDING COUNTY RECORDS B BM = BENCH MARK BOB = BASIS OF BEARINGS CBS = CONCRETE BLOCK & STUCCO (0)) = CALCULATED GUTTER CIF = CHAIN LINKFENCE COL = COLUMN D.E. = DRAINAGE EASEMENT D M E = DRAINAGE & MAINTENANCE EASEMENT D/W = DRIVEWAY LECTRIC BOX ENC.E ENCROACHMENT EP = EDGE OF PAVEMENT EW = EDGE OF WATER FDH = FOUND DRILL HOLE FFE = FINISHED FLOOR FIP FOUND IRON PIPE ID) E FIR = FOUND OD (NO ID) L (ND ID) FN&D= FOUND N FLORIDA POWER &SLIGHT TRANSFORMER PAD LE = LANDSCAPE EASEMENT LM E. = LAKE MAINTENANCE EASEMENT (M) = MEASURED MIAMI-0ADE COUNTY RECORDS MH = MAN HOLE ML = MONUMENT LINE (P) = PLAT PB = PLAT BOOK PC = POINT OF CURVATURE RMEQUPMENT PADDL POINT PG = PAGE POINT OF INTERSECTION PLANTER POB = POINT DF BEGINNING POC = POINT OF COMMENCEMENT PRC = POINT OF REVERSE CURVATURE PRM = PERMANENT REFERENCE MONUMENT PT - POINT OF TANGENCY (RR) -R DISTANCE RECORD R/W AY SRESIDENCE SIP= SIPLBQB023 STUD = SET NAIL & DISK LB#8023 STL = SURVEY TIE LINE SINK = SIDEWALK (TYP) = TYPICAL UTIL,Y BOX U.E.=UTILITY EASEMENT W/F = WOOD FENCE SYMBOLS: OT = TELEPHONE RISER © = CABLE TV RISER E = WATER METER X 0.00 = ELEVATION (00') = ORIGINAL LOT DISTANCE U = CENTRAL ANGLE = CENTER LINE = WATER VALVE = CURB INLET = FIRE HYDRANT % = LIGHT POLE = CATCH BASIN TT, = UTILITY POLE CD, = DRAINAGE MANHOLE US) = SEWER MANHOLE METAL FENCE - WOOD FENCE CHAIN LINK FENCE - = EASEMENT BOUNDARY LINE - = OVERHEAD UTILITY LINE ORIGINAL LOT LINE LOCATION SKETCH: NOT TO SCALE ASPHALT CONCRETE PAVERS/ TILES BRICK ,44 COVERED AREA GRAPHIC SCALE 30 0 15 30 1L=30' MAP OF BOUNDARY SURVEY LOT - BLOCK - 28 0 LOT- 14 BLOCK-28 BOB: N ei4T'Cd E 5C' TOTAL RIGVT.OFMAY MA' PAVEMENT LOT• 15 BLOCK - 28 REMAINDER OF LOT-4 BLOCK-28 PORTION OF LOT-4 BLOCK -28 LOT- 16 BLOCK-28 NICOLAS DEL VEN TO PROFESSIONAL SURVEYOR & MAPPER STATE OF FLORIDA LC _ # 6945 CERTIFICATE 6F AUTHOWZAnGN d LB-8223 Survey Pros, Inc. 4348 SW 74TH AVENUE. MIAMI, FL. 33155 PH. (305) 767-5802 (main) www_ su rvey-pros-GOm PROPERTY ADDRESS: 440 NW 10TH STREET, MIAMI, FL 33136 LEGAL DESCRIPTION. THE WEST 5 FEET OF LOT 4 AND ALL OF LOTS 5, 6 AND I, BLOCK 28, OF NORTH CITY OF MIAMI, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK B, PAGE 41, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA. FLOOD ZONE INFORMATION: THE GRAPHICALLY DEPICTED BUILDING(S) SHOWN ON THIS MAP OF SURVEY IS WITHIN ZONE Y4 BASE FLOOD NAME EL EVATION N( COMMUNITY NAME &NUMBER CITY OF MIAMI 120650 MAP &PANEL NUMBER 1208600312 SUFFIX L SURVEYOR'S NOTES: S WHEN SHOWN REFER TO I929 NATIONAL GEODETIC BERTICAL DATUM (Ncv3 1929) 2. NO ATTEMPT WAS MADE TO LOCATE FOOTINGS/FOUNDATIONS, OR UNDERGROUND U TU TES UNLESS OTHERWISE 3. THE LANDS SHOWN HEREON HAVE NOT BEEN ABSTRACTED IN REGARDS TO MATTERS OF INTEREST BY OTHER PARTIES, SUCH AS EASEMENTS, RIGHTS OF WAYS, RESERVATIONS, ETC ONLY PLATTED EASEMENTS ARE SHOWN. 4 THIS SURVEY WAS PREPARED FOR AND CERTFIED TO THE PAR WIES) INDICATED HER ON AND IS NOT TRANSFERABLE OR ASSIGNABLE WITHOUT WRITTEN CONSENT OF THIS 5. ALL BOUNDARY LIMIT INDICATORS SET ARE STAMPED LB#8023. 6. THE BOUNDARY LIMITS ESTABLISHED ON THIS SURVEY ARE BASED ON THE LEGAL DESCRIPTION PROVIDED BY THE CLIENT OR ,S REPRESEN TAT, 7 FENCE OWNERSHIP IS NOT DETERMINED_ DIMENSIONS ARE To THE INTERIOR PORTION OF THE FENCE_ 8. ADDITIONS OR DELETIONS TO THIS SURVEY MAP AND/OR REPORT BY SOMEONE PARTYOES) IS PROHIBITED WITHOUT WRITTEN CONSENT OF TTHEESIGNING SIGNING PARTY(IES) 9. THIS SURVEY IS NOT VALID WITHOUT THE ORIGINAL SIGNATURE AND RAISED SEAL OF A FLORIDA LICENSED SURVEYOR AND MAPPER OTHERVASE THIS MAP IS FOR N0 RMATIONAL LY BEARINGS WHEN SHOWN OSES H SHOWN ARE TO AN ASSUMED MERIDIAN AND BASED ON PLAT THE CENTERLINE OF SW 93RD TERRACE BEARS N90'00'00"E. SURVEYOR'S CERTIFICATION. HEREBY CERTIFY THAT THIS SURVEY IS TRUE AND CORRECT TO THE BEST OF MY KNOWLEDGE AND BELIEF AS RECENTLY SURVEYED AND DRAWN UNDER MY DIRECTION AND MEETS THE MINIMUM TECHNICAL STANDARDS SET FORTHBY HE FLORIDA STATE BOF OARD I] F FLORIDA ADMINISTRATIVE CODEPURSUANTTO SECTION 47202J FLORIDA STATUE CERTIFIED TO: FRONTIER FUELS INC TRUST SEAL DATE OF ORIGINAL FIELD WORK: 07/05/2023 JOB NUMBER 23079659 DRAWN BY' ADRIEL CAD FILE: FRONTIER FUELS INC TRUST SHEET 1 OF 1 REVISION(SR APPRAISAL REPORT A 5,000 SQUARE FOOT LAND PARCEL LOCATED AT: 939 N. W. 5TH AVENUE MIAMI, FLORIDA PREPARED FOR: CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY 819 N. W. SECOND AVENUE, THIRD FLOOR MIAMI, FLORIDA 33136 As OF: AUGUST 5, 2023 PREPARED BY: QUINLIVAN APPRAISAL, P.A. 7300 NORTH KENDALL DRIVE - SUITE 530 MIAMI, FLORIDA 33156 QUINLIVAN APPRAISAL A PROFESSIONAL ASSOCIATION 7300 NORTH KENDALL DRIVE, SUITE 530 MIAMI, FLORIDA 33156 Thomas F. Magenheimer, MAI State Certified General Appraiser RZ 553 August 12, 2023 Brian Zeltsman, RA Director of Architecture & Development City of Miami Southeast Overtown Park West Community Redevelopment Agency 819 N.W. Second Avenue Miami, Florida 33136 Dear Mr. Zeltsman: Telephone (305) 663-6611 Fax (305) 670-4330 tmagmai@aol.com In accordance with your request and authorization, I have prepared this Appraisal Report covering the following described property: A 5,000 square foot land parcel, located at 939 N. W. 5th Avenue, Miami, Florida The purpose of this Appraisal is to estimate the Market Value of the described property as of August 5, 2023, being one of the dates of personal inspection. This report was prepared in accordance with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) relating to appraisal standards as enumerated in Title 12, Code of Federal Regulation, Part 34 (12CFR34) and in compliance with the most current Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by the Appraisal Standards Board of the Appraisal Foundation. The narrative Appraisal Report that follows sets forth the identification of the property, the assumptions and limiting conditions, pertinent facts about the area and the subject property, comparable data, the results of the investigations and analyses, and the reasoning leading to the conclusions set forth. Mr. Brian Zeltsman August 21, 2023 Page 2 Based on the inspection of the property and the investigation and analyses undertaken, I have formed the opinion that, as of August 5, 2023, the subject property had a Market Value as follows: THREE HUNDRED FIFTY THOUSAND DOLLARS $350,000 Respectfully submitted, Thomas F. Magenheimer, MAI State -Certified General Appraiser Certification Number: RZ 553 TFM/dm (23-055_2) TABLE OF CONTENTS PAGE COVER PAGE TRANSMITTAL LETTR TABLE OF CONTENTS CERTIFICATION OF VALUE 1 SUMMARY OF SALIENT FACTS AND CONCLUSIONS 3 INTRODUCTION 6 INTRODUCTION 7 IDENTIFICATION OF THE PROPERTY 7 ADDRESS 7 PURPOSE AND DATE OF APPRAISAL 7 INTENDED USE AND USER OF APPRAISAL 7 LEGAL DESCRIPTION 7 PROPERTY RIGHTS APPRAISED 7 DEFINITION OF MARKET VALUE 8 ASSESSMENT AND TAXES - 2022 9 OWNER OF RECORDS AND ADDRESS 9 THREE-YEAR HISTORY OF TITLE 9 SCOPE OF THE APPRAISAL 10 LOCATION ANALYSIS 13 NEIGHBORHOOD DATA 14 SITE DATA 18 ZONING 21 HIGHEST AND BEST USE 24 THE APPRAISAL PROCESS 27 LAND VALUE ANALYSIS 29 ADDENDA 45 ASSUMPTIONS AND LIMITING CONDITIONS QUALIFICATIONS CLIENT LIST CERTIFICATION OF VALUE The undersigned hereby certify that, to the best of my knowledge and belief: (A) The statements of fact contained in the report are true and correct. (B) The reported analyses, opinions and conclusions are limited only by the assumptions and limiting conditions set forth, and are my personal, unbiased professional analyses, opinions and conclusions. (c) I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. (D) I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. (E) My engagement in this assignment was not contingent upon developing or reporting predetermined results. (F) The appraisers' compensation for completing this assignment is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. Furthermore, the appraisal assignment was not based on a requested minimum valuation, a specific valuation or the approval of a loan. (G) The appraisers' analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, and the requirements of the State of Florida for state -certified appraisers. (x) Use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. (1) Thomas F. Magenheimer has made a personal inspection of the property that is the subject of this report. (J) No one has provided professional assistance to the persons signing this report. QUINLIVAN APPRAISAL 1 (K) The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. (L) The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. (M) The undersigned performed market value appraisals regarding the subject property dated July 27, 2022 and January 13, 2023. As of the date of this report, Thomas F. Magenheimer has completed the requirements under the continuing education program for The Appraisal Institute. 741;4, THOMAS F. MAGENHEIMER, MAI STATE -CERTIFIED GENERAL APPRAISER CERTIFICATION NUMBER: RZ553 QUINLIVAN APPRAISAL 2 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal Market Value Property Rights Appraised Fee Simple Address 939 N. W 5th Avenue, Miami, Florida Legal Description Land Size Zoning The South 50 feet of Lots 9 & 10, Block 28 North, CITY OF MIAMI NORTH, according to the Plat thereof, as recorded in Plat Book "B", Page 41, of the Public Records of Miami -Dade County, Florida. 5,000 square feet T5-R, Urban Center Zone, Restricted City of Miami Highest and Best Use Residential use Estimated Market Value $350,000 Date of Value Estimate August 5, 2023 Date of Inspection August 5, 2023 Date of Report August 21, 2023 QUINLIVAN APPRAISAL 3 LOOKING SOUTHEASTERLY AT SUBJECT FROM N. W. 51H AVENUE LOOKING NORTHEASTERLY AT SUBJECT FROM N. W. 5TH AVENUE QUINLIVAN APPRAISAL 4 LOOKING SOUTHERLY ON N. W. 5TH AVENUE - SUBJECT TO LEFT LOOKING NORTHERLY ON N. W. 5TH STREET - SUBJECT TO RIGHT QUINLIVAN APPRAISAL 5 INTRODUCTION QUINLIVAN APPRAISAL 6 INTRODUCTION IDENTIFICATION OF THE PROPERTY A 5,000 square foot vacant land parcel. ADDRESS 939 N. W. 5th Avenue, Miami, Florida PURPOSE AND DATE OF APPRAISAL The purpose of this Appraisal is to estimate the Market Value of the subject property as of August 5, 2023, being one of the dates of personal inspection. INTENDED USE AND USER OF APPRAISAL The intended use of this appraisal is to estimate the market value of the described property for a potential purchase of the property. The intended user is the Southeast Overtown/Park West Community Redevelopment Agency of the City of Miami. LEGAL DESCRIPTION The South 50 feet of Lots 9 & 10, Block 28 North, CITY OF MIAMI, according to the Plat thereof, as recorded in Plat Book "B", Page 41, of the Public Records of Miami -Dade County, Florida PROPERTY RIGHTS APPRAISED The property is appraised in fee simple: a fee without limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation, as well as utility easements of record. QUINLIVAN APPRAISAL 7 DEFINITION OF MARKET VALUE Market Value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised and acting in what they consider their own best interest; (3) a reasonable time is allowed for exposure to the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents a normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Source: Interagency Appraisal and Evaluation Guidelines, December 10, 2010, Federal, Volume 75, No. 237, Page 77472 QUINLIVAN APPRAISAL 8 ASSESSMENT AND TAXES - 2022 The subject property is assessed under the jurisdiction of the City of Miami, Florida. The assessment for the property is established each year as of January 1st by the Miami -Dade County Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to Market Value less closing costs. While the State of Florida requires real estate to be assessed at 100% of Just Value, in reality the ratio of the assessed value to sales price is generally below 100%. Folio Number: 01-0102-080-1049 County Market Value: Land $ 125,000 Improvements $ 0 Total $ 125,000 Assessed Value: $107,177 Millage Rate: $20.6152 per $1,000 Tax Amount: $2,326.91 OWNER OF RECORDS AND ADDRESS Frontier Fuels Inc., Trustee P. O. Box 6 Georgetown, TX 33136 THREE-YEAR HISTORY OF TITLE According to the Public Records of Miami -Dade County, there have been no sale transfers of the subject property during the past three years. QUINLIVAN APPRAISAL 9 SCOPE OF THE APPRAISAL QUINLIVAN APPRAISAL 10 SCOPE OF THE APPRAISAL The scope of the assignment relates to the extent and manner in which research is conducted, data is gathered and analysis is applied, all based upon the following problem -identifying factors stated elsewhere in this report. This appraisal of the subject has been presented in the form of a Summary Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2 (b) of the USPAP. Data related to the subject property was derived from various sources including but not limited to the Miami -Dade County Property Appraiser's Office, Miami -Dade County plats, FEMA flood zone maps, Land Development Regulations of the City of Miami, and tax roll information provided by the Miami -Dade County Property Appraiser's Office. Comparable sale sources include the Miami -Dade County Property Appraiser's Office, the Miami -Dade County Clerk of the Courts Office, Board of Realtors' Multiple Listing Services, CoStar, and LoopNet. Sales prices are typically confirmed with a party to the transaction, i.e., buyer, seller, real estate agent or attorney to the transaction. A search for land sales was conducted in the area of the subject. The initial sales period researched was from January of 2022 through the date of valuation. Several other sales were considered, but were not included because there was too wide a difference in physical factors, location and time. QUINLIVAN APPRAISAL 11 ESTIMATED EXPOSURE TIME Exposure time is defined as the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events assuming a competitive and open market. The overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. In estimating a reasonable exposure time for the subject property, the appraisers have taken the following steps: Discussion with buyers, sellers, brokers and/or review of multiple listings of vacant land in the area related to historic marketing periods. Based on the above sources, exposure time is estimated to have been twelve months for the subject property. ESTIMATED MARKETING PERIOD The estimated value of the subject is predicated upon a normal marketing period. A normal marketing period is generally defined as the most probable amount of time necessary to expose and actively market a property on the open market to achieve a sale. Implicit in this definition are the following assumptions: (A) The property will be actively exposed and aggressively marketed to potential purchasers through marketing channels commonly used by sellers and buyers of similar type properties. (B) The property will be offered at a price reflecting the most probable markup over market value used by sellers of similar type properties. (C) A sale will be consummated under the terms and conditions of the definition of Market Value required by the regulation. In order to estimate the marketability of this property, the sales activity in this market area was reviewed over the past three years, multiple listings were reviewed and real estate brokers who operate in this area were interviewed. Based on the above sources, the subject property could be sold within a twelve month time period. QUINLIVAN APPRAISAL 12 LOCATION ANALYSIS QUINLIVAN APPRAISAL 13 NEIGHBORHOOD DATA The subject property is located in the northern periphery of the Central Business District of Miami in an area known as Park West. The site is located on the east side of N. W. 5th Avenue, between, N. W. 9th Street and N. W. 10th Street, two blocks west of Interstate 95, Biscayne Boulevard (U.S. Highway #1) is a north/south traffic artery in the City of Miami. Biscayne Boulevard extends northerly from Brickell Avenue to the Broward County line. The majority of commercial properties in the subject neighborhood front on Biscayne Boulevard. These commercial properties include motels, retail stores, restaurants, and multiple story office buildings. The Overtown area located west of Interstate 95 and north of the Miami River is a mixed use area comprised of low rise apartment buildings and industrial properties. A bridge spanning the Miami River is located at N.W. 7th Avenue, there block southwest of the subject property. Several of the properties located in the area are maritime industrial uses related to the Miami River. The Overtown area, west of N.W. 1st Avenue and north of N.W. 5th Street to N.W. 20th Street, is characterized by a large number of small apartment buildings. These buildings were constructed primarily in the late 1940s and 1950s. These buildings generally are in poor to fair condition, with virtually no new private construction in recent years. There are two 30-story high-rise apartment buildings located just north of the former Miami Arena site at N.W. 8th Street and N.W. 1st Avenue. These buildings were constructed on City of Miami land by private developers. The south building, Bayview Towers, was constructed in 1989 and contains 356 units. The north building, Park Place by the Bay, was constructed in 1990 and contains 463 units. The rental rates area relatively reasonable in these buildings. There has been little redevelopment in this area. The stimulus to speculation has been the Performing Arts Center on Biscayne Boulevard at N.E. 13th Street. The construction was completed in 2007. In addition to the speculation related to the Performing Arts Center, the establishment of the Park West Entertainment District by the City in April of 2000 had a positive affect on the property values. The intent of the Ordinance was to eliminate the distance requirements between nightclubs and to actually encourage establishment of clubs in close proximity to one another. It also provides for 24-hour liquor licenses within the district. The Park West Entertainment District is bounded by S.R. 836/I-395 to the north, Biscayne Boulevard to the east, N.E. 7th Street to the south, and North Miami Avenue to the west. Motivated by the liberal provisions of the Park West Entertainment District, in conjunction with greater restrictions being placed on nightclub operators on South Beach, club owners have acquired a number of older industrial buildings and vacant sites in the area - primarily along N.E. 11t Street and N.E. loth Streets. The older buildings have been totally renovated and opened as nightclubs, reportedly with tremendous success. Although no new buildings have been built on vacant sites, several are reportedly planned. QUINLIVAN APPRAISAL 14 The Central Business District of Miami is located just southeast of the Overtown area. The Central Business District is defined with Biscayne Boulevard at the east boundary, N.W./S.W. 1st Avenue to the west, N.E. 5th Street to the north and the Miami River to the south. The Central Business District is comprised of offices, hotels and retail stores. The older buildings were constructed primarily in the period between 1920 and 1940. The newer buildings were constructed primarily in the 1960s and 1970s. Flagler Street is the primarily retail/office street in the Central Business District of Miami. There are a variety of retail stores, department stores and offices fronting along Flagler Street in the Central Business District. Major office buildings in this area of Flagler Street and in the Central Business District include Israel Discount Bank Building, Alfred I. DuPont Building, Bank of Miami, Biscayne Building, City National Bank, Roberts Building, Courthouse Tower, Museum Tower, One Biscayne Tower, Bank of America Tower, SunTrust International Center, Wachovia Financial Center and Miami Center. The Government Center is bordered on the east by the Metrorail Guideway (N.W. 1st Avenue), on the west by Interstate 95, on the south by Flagler Street and on the north by N.W. 5th Street. This is an area zoned for Government/Institutional uses. There are two seven -story State of Florida Office buildings located on the east side of N.W. 2nd Avenue between N.W. 4th Street and N.W. 5th Street. The five -story City of Miami Police Station is located on the west side of N.W. 2nd Avenue, across from the State of Florida Office building. The 29-story Metro -Dade County Government Center is located approximately one mile south of the subject sites on the east side of N.W. 2nd Avenue between N.W. 1st Street and N.W. 3rd Street. This 500,000 square foot office building houses most of the Miami -Dade Government Offices. The former City of Miami Administrative Building (Hickman Building) is located on the northeast corner of N.W. 2nd Street and N.W. 3rd Avenue. The City of Miami moved their administrative office to a larger building in 1992 at S.W. 2nd Avenue and S.W. 4th Street. The Hickman Building now houses Miami -Dade County Parks Depailuient and the Juvenile Assessment Center. Miami -Dade County has two multi -level parking garages on the north and south sides of N.W. 1st Street, just east of N.W. 3rd Avenue. The Miami -Dade County Cultural Center which contains the Art Museum of Miami -Dade County, the Historical Museum of Southern Florida and Main Branch of the Miami Public Library, is located adjacent to the south of the Miami -Dade County Government Center. The Miami -Dade County Courthouse is located on West Flagler Street at N.W. 1st Avenue. Due to proximity to the courthouse, most offices along Flagler Street are occupied by attorneys and their support services. The Overtown Station of Miami -Dade County's Rapid Transit System, known as Metrorail, is located at N.W. 8th Street and N.W. 1st Avenue. The Metrorail is an elevated track train system QUINLIVAN APPRAISAL 15 which extends north and west through the City of Hialeah to the Palmetto Expressway at N.W. 74th Street, and south to the Dadeland area. The Downtown Metromover emanates from the Government Center Station. The Metromover is an elevated track, remote controlled vehicle system which provides local transportation in the Central Business District. The Metromover track extends southerly to S.E. and S.W. 4th Street, easterly to Biscayne Boulevard, northerly to N.E. and N.W. 5th Street and westerly to N.E. and N.W. 2nd Avenue. The Metromover has nine stations throughout the Central Business District of Miami. Extensions of the Downtown Metromover have been constructed that run to the Omni and Brickell Avenue areas. The Federal Law Enforcement Building, known as the General Services Administration (GSA) Building, is located along the west side of N.E. 1st Avenue, between N.E. 4th and 5th Streets. This 308,000 square foot, 12-story building was recently constructed by the City of Miami in two phases and is leased to the Federal Government. There is one floor of partially sub -level parking, with the top three floors utilized as courtrooms to handle the overflow from the main courthouse. Various governmental offices occupy 100 percent of this building, with the U.S. Attorney's Office and the U.S. Marshall's Service as primary tenants. The U.S. Bureau of Prisons Metropolitan Federal Detention Center was recently built immediately west of the GSA Building. This 22-story facility houses a total of 946 inmates for all four security wards - minimum, low, medium, and maximum. In summary, the subject property is located north of the Central Business District of Miami, in an older multi-family/commercial area known as Overtown, a short distance from the Florida State Office Buildings and the Metro -Dade County Government Center. QUINLIVAN APPRAISAL 16 IAIVilii� VI• all *tioltiv ..444r4 NEIGHBORHOOD MAP SUBJECT PROPERTY 939 N. W. 5th Avenue Henry Reeves Park LNW 9th St 0 Theodore R Gibson Park NW NW 12t NNW 3 rd .St Lummus Park NW 2nd I II- ti1 rnCJ etro i-Uvertown •re w_ Metro Cente tr• nt QUINLIVAN APPRAISAL 17 SITE DATA QUINLIVAN APPRAISAL 18 SITE DATA Dimensions and Shape: The site is rectangular. The west property line of the site fronts for 50 feet on the east right-of-way line of N. W. 5th Avenue and has a depth easterly of 100 feet. Note: A survey of the site was not provided. The shapes and dimensions of the site are from recorded plats and the Hopkins Plat Book. Area: 5,000 square feet or 0.11 acres (Source: Miami -Dade County Property Appraiser's Office) Topography and Drainage: The site is level and approximately at street grade. Flood Zone: Map No. 12086C0312L (Effective September 11, 2009) Areas determined to be outside 0.2% annual chance floodplain Soil and Subsoil: The immediate area of the subject site appears to have no unusual soil or subsoil conditions. Unusual conditions would be brought out by test borings. Utilities: Water: Miami -Dade Water and Sewer Depaihnent Sewer: Miami -Dade Water and Sewer Depailment Electricity: Florida Power & Light Company Telephone: AT & T Street Improvements: N. W. 5th Avenue is asphalt paved with a dedicated width of 50 feet. N. W. 5th Avenue contains one northbound lane and one southbound lane. QUINLIVAN APPRAISAL 19 SITE SKETCH QUINLIVAN APPRAISAL 20 ZONING QUINLIVAN APPRAISAL 21 ZONING Under Ordinance of the City of Miami, Florida. Classification: T5-R, URBAN CENTER ZONE - RESTRICTED The urban center zone consists of higher density mixed -use building types that accommodate retail and office uses, rowhouses, and apartments. A network of small blocks has thoroughfares with wide sidewalks, steady street tree planting and buildings set close to the frontages with frequent doors and windows. Permitted Principal Uses allowed by right include single family residences, duplexes, multifamily housing, community residences, and home offices. Uses permitted by exception include bed and breakfasts, recreational facilities, religious facilities, marinas, public parking, transit facility, childcare, elementary school, high school, and pre-schools. Development Regulations Minimum Lot Size: 1,200 square feet Maximum Lot Size: 40,000 square feet Minimum Lot Width: 16 feet Maximum Lot Coverage: 60% Floor Lot Ratio: None Minimum Green Space: 10% Maximum Density: 65 dwelling units per acre Setbacks: Front 10 feet Side 0 feet Back 0 feet Maximum Building Height: Five stories Minimum Building Height: Two stories QUINLIVAN APPRAISAL 22 Minimum Offstreet Parking: Principal Dwelling Community Residence Lodging Office Commercial Civic Educational 1.5 spaces per unit 1 space per staff member in addition to required parking 1 space per 5 lodging units 3 spaces per 1,000 square feet 3 spaces per 1,000 square feet 3 spaces per 1,000 square feet of exhibition area 2 spaces per 1,000 square feet QUINLIVAN APPRAISAL 23 HIGHEST AND BEST USE QUINLIVAN APPRAISAL 24 HIGHEST AND BEST USE Fundamental to the concept of value is the theory of highest and best use. Land is valued as if vacant and available for its highest and best use. The Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition, defines highest and best use as follows: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value. Land has limited value unless there is a present or anticipated use for it; the amount of value depends on the nature of the land's anticipated use, according to the concept of surplus productivity. Among all reasonable, alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination, is generally regarded as the highest and best use of the land as though vacant. The highest and best use of a property as improved refers to the optimal use that could be made of the property including all existing structures. The implication is that the existing improvement should be renovated or retained as so long as it continues to contribute to the total market value of the property, or until the return from a new improvement would more than offset the cost of demolishing the existing building and constructing a new one. Estimating the highest and best use of a property comprises four stages of analysis: 1. Possible Use. What uses of the site being appraised are physically possible? 2. Permissible Use (Legal) What uses are permitted by Zoning and Deed Restriction, if any? 3. Feasible Use. Which possible and permissible uses will produce a net return to the owner of the site? 4. Maximally Productive. Among feasible uses, which use will produce the highest net return to the owner of the site? The following four point test must be met in estimating the Highest and Best Use. The use must be legal. The use must be probable, not speculative or conjectural. There must be a profitable demand for such use and it must return to the land the highest net return for the longest period of time. These tests have been applied to the subject property. In arriving at the estimate of Highest and Best Use, the subject site was analyzed as vacant and available for development. QUINLIVAN APPRAISAL 25 Possible Use The site has 50 feet of frontage on N. W. 5th Avenue, a secondary street. The road access and exposure of the site is adequate. The site is 5,000 square feet in size which equates to 0.11 of an acre. The size and street frontage of the subject site would limit its use to a single use. The site is rectangular, with street frontage on one side. The site has sufficient street frontage and width to have good functional utility. The size, shape, width and street frontage of the site would indicate small scale use. Permissible Use Permissible or legal uses are those uses which are permitted by zoning or deed restrictions. There are presently no known private deed restrictions of record. The site is zoned for residential uses. The zoning of the site permits houses, duplexes, townhouses and apartments. The maximum residential density is 65 dwelling units per acre. The maximum building footprint is 60% of the net lot area. The maximum building height is five stories. Feasible Use/Maximally Productive Use The physical characteristics and zoning of the subject property permit a wide range of potential uses. The possible and permissible uses of the subject site include residential uses. The physical characteristics and zoning of the subject property would indicate a small scale use, such as an office building, mixed use office and residential use, hotel, or government building. The site is a middle block location that has street frontage on one side. The site has adequate road access and exposure. The site is located a few blocks from a Metro Rail station. Metro Rail is the mass transit elevated train system of Miami -Dade County. The permissible uses of the subject site include residential uses. Conclusion — As Vacant Based on the zoning, physical characteristics, and surrounding uses, the highest and best use of the site is estimated to be for a single building with a residential use. QUINLIVAN APPRAISAL 26 THE APPRAISAL PROCESS QUINLIVAN APPRAISAL 27 APPRAISAL PROCESS The value of a site can be estimated by various methods which include Direct Sales Comparison, Allocation, Extraction, Development Approach, Land Residual or Ground Rent Capitalization. However, the Direct Sales Comparison Approach is the most preferred and utilized technique when sales of comparable sites are available. The other methodologies are indirect techniques which are generally used when an area is primarily built-up and sales of comparable sites are scarce. The Direct Sales Comparison Method of valuing the subject site was relied on due to the availability of recent land sales. In the Direct Sales Comparison Method, sales of similar recently sold sites with a similar highest and best use as the subject site are analyzed, compared and adjusted by time, property characteristics and location to indicate the Market Value of the subject site as though unimproved. The reliability of this approach is dependent upon the availability of comparable sales data, the verification of the sales data, the degree of comparability and the absence of non -typical conditions affecting the sale. Data related to the subject property is derived from various sources including but not limited to the Miami -Dade County Property Appraiser's Office, the Miami -Dade County Clerk's Office, Miami -Dade County plats, FEMA flood zone maps, Land Development Regulations of the City of Miami and tax roll information provided by the Miami -Dade County Property Appraiser's Office. Comparable sale sources include the Miami -Dade County Property Appraiser's Office, Board of Realtors' Multiple Listing Service, Costar, and Loopnet. Sale prices are typically confirmed with a party to the transaction, i.e. buyer, seller, real estate agent or attorney to the transaction. QUINLIVAN APPRAISAL 28 LAND VALUE ANALYSIS QUINLIVAN APPRAISAL 29 LAND VALUE A value estimate is concluded by comparing the subject site to comparable land sales. Generally, the comparable land sales are adjusted by time, property, and location to indicate the Market Value of the subject site as though unimproved. This process is known as the Direct Sales Comparison Method. The Direct Sales Comparison Method is a process of analyzing sales of similar recently sold land parcels in order to derive an indication of the most probable sales price of the site being appraised. The reliability of this approach is dependent upon the availability of comparable sales data, the verification of the sales data, the degree of comparability and the absence of non -typical conditions affecting the sale. The following pages contain sales of similar land sites which have recently sold. Several other sales were considered, but were not included because there was too wide a difference in physical factors, location and time. Various analytical techniques may be used to identify and measure adjustments. The techniques of comparative analysis can be grouped into two categories: quantitative and qualitative. When quantitative analytical techniques are applied, mathematical processes are used to identify which elements of comparison require adjustment and to measure the amount of these adjustments. The primary quantitative techniques, Paired Data Analysis, is a process in which two or more market sales are compared to derive an indication of the size of the adjustment for a single characteristic. Ideally, the sales being compared will be identical in all respects except for the element being measured. Although paired data analysis is a theoretically sound method, it is sometimes impractical because only a narrow sampling of sufficiently similar properties may be available and it is difficult to quantify the adjustments attributable to all the variables. The primary qualitative techniques, Relative Comparison Analysis, is the study of the relationship indicated by market data without recourse to quantification. This technique is utilized because it reflects the imperfect nature of real estate markets. To apply the technique, the appraisers analyze comparable sales to determine whether the comparables' characteristics are inferior, superior, or equal to those of the subject property. A search is made of real estate market for all sales within the subject or competitive locations. While many sales were reviewed, the sales contained herein are considered most comparable to the subject properties as to all major factors of comparison. A photograph of each sale, a summary of the sales, a sales map and a value conclusion follows herein. QUINLIVAN APPRAISAL 30 DATE: PRICE: TYPE INSTRUMENT: RECORDATION: FOLIO NUMBER: GRANTOR: GRANTEE: LEGAL: LOCATION: SITE DESCRIPTION: Dimensions: Size: Zoning: Current Use: UNIT PRICE: FINANCING: REMARKS: LAND SALE 1 April 8, 2022 $420,000 Warranty Deed O.R. Book 33162, Page 3702 01-3112-048-0363 TP0403, LLC BD Falcon Investments, LLC Lots 9 & 10, less the North 241.35 feet, Block 2, PHOENIX PARK, Plat Book 6, Page 80 of the Public Records of Miami -Dade County, Florida, less the South 25 feet oand less the West 5 feet. 125 N. W. 76th Street Miami, Florida 44 feet x 143.2 feet 6,321 Square Feet 0.15 Acres T5-R, Urban Center Zone, Restricted Vacant $66.45 per square foot Conventional first mortgage from Samjack Blackstone of $437,000 at 4.16% interest for 360 months. The property previously sold in September of 2018 for $215,000 QUINLIVAN APPRAISAL 31 SALE 1 QUINLIVAN APPRAISAL 32 LAND SALE 2 DATE: October 7, 2022 PRICE: $720,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O.R. Book 33420, Page 1738 FOLIO NUMBER: 01-3113-063-0100 GRANTOR: 59 Street, LLC GRANTEE: Surlittleriverl, LLC LEGAL: The South 100 feet of Lots 11 & 12, Block 1, HIGH SCHOOL PARK TRACT, Plat Book 4, Page 44 of the Public Records of Miami -Dade County, Florida. LOCATION: 55 N. W. 59th Street Miami, Florida SITE DESCRIPTION: Dimensions: 100 feet x 110 feet Size: 11,000 Square Feet 0.25 Acres Zoning: T5-R, Urban Center Zone, Restricted Current Use: Vacant UNIT PRICE: $65.45 per square foot FINANCING: Cash. REMARKS: The property previously sold in July of 2018 for $280,000 QUINLIVAN APPRAISAL 33 SALE 2 QUINLIVAN APPRAISAL 34 LAND SALE 3 DATE: February 10, 2023 PRICE: $380,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O.R. Book 33584, Page 3084 FOLIO NUMBER: 01-3112-064-0040 GRANTOR: Miami Green Houses, LLC GRANTEE: Emprendimientos Rua, LLC LEGAL: Lot 5, EAST COURT OF PHOENIX PARK, Plat Book 9 Page 105 of the Public Records of Miami -Dade County, Florida. LOCATION: 37 N. W. 76th Avenue Miami, Florida SITE DESCRIPTION: Dimensions: 58.8 feet x 100 feet Size: 5,279 Square Feet 0.12 Acres Zoning: T5-R, Urban Center Zone, Restricted Current Use: Vacant UNIT PRICE: $71.98 per square foot FINANCING: Cash REMARKS: The property previously sold in November of 2019 for $125,000 QUINLIVAN APPRAISAL 35 SALE 3 QUINLIVAN APPRAISAL 36 LAND SALE 4 DATE: April 3, 2023 PRICE: $875,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O.R. Book 33653, Page 1778 FOLIO NUMBER: 01-3112-105-0030 GRANTOR: Phares Poliard GRANTEE: 101 Royal Palm, LLC LEGAL: Lot 3, Block 1, PELAEZ-ZOGBY SUBDIVISION, Plat Book 129, Page 65 of the Public Records of Miami -Dade County, Florida. LOCATION: 101 N. W. 76th Street Miami, Florida SITE DESCRIPTION: Dimensions: 84.2 feet x 143.2 feet Size: 12,043 Square Feet 0.28 Acres Zoning: T5-R, Urban Center Zone, Restricted Current Use: Vacant UNIT PRICE: $72.66 per square foot FINANCING: Cash. REMARKS: The property had no sales in the prior five years. QUINLIVAN APPRAISAL 37 SALE 4 QUINLIVAN APPRAISAL 38 LAND SALE 5 DATE: June 26, 2023 PRICE: $300,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O.R. Book 33783, Page 331 FOLIO NUMBER: 01-3112-065-0460 GRANTOR: Sanchez Holdings, LLC GRANTEE: Vizion 7538, LLC LEGAL: Lot 3, Block 5, ROSELAWN PARK, Plat Book 9, Page 121 of the Public Records of Miami -Dade County, Florida. LOCATION: 7544 N. E. First Court Miami, Florida SITE DESCRIPTION: Dimensions: 47.5 feet x 100 feet Size: 4,750 Square Feet 0.11 Acres Zoning: T5-R, Urban Center Zone, Restricted Current Use: Vacant UNIT PRICE: $63.16 per square foot FINANCING: Cash. REMARKS: The property sold previously in May of 2021 for $171,000. QUINLIVAN APPRAISAL 39 SALE 5 QUINLIVAN APPRAISAL 40 LAND SALES MAP 34 111011111MEMME _Ma SALE 11. 4 SALE 3 7.4r111.41PINFAIKdd 125 N.W. 76th Street 11 imumwmizzl ■ ' a ■ ME Mina MIMS i/o � lJYY IVW1 ntasmit_ iboramiamme1=41,1111111=0.11 p L Eammomma t, ° • ■col ■ ■f 1. u■ °� SALE 4 101 N.W. 76th Street MMMIAIN MAIMINTIWAER T im r. mam mi inumeinm 7�I. 'n.MEM I Irjr Is • mENENnium in oimi..-- Militm 1.17,iammi"; 11:2Air‘m . St id i i lira. a SALE 2 E A� �P �I�Iq gIONMININ•m•MmiNIN4IIMIMI r.M. 55 N.W. 59kh Skreek = 1II , .. mi. m mg RAM MM I MIN . .4. : ,.. adiagOrinommrcii9 MIRAN rammin: IIIII ■ i® • irg Iitailini e7 �� N i319 FAIFMWI II" I 114 ' (61=Erallarir_ill IlAikrAl&-.1 • L ii 95 ILIVOSEtia.711 AO {� . ore Patie pm M_� ■Q 1 "cr �- ° III ■ I i ° Ellig NCIMmi �INNIjaim, s 01 mina." _...e...12,4,, vaiwierigai 6.0.1.1.2.. .... minima gam d.....rimioradis .m...wwwww---.., imam- 1..—.4.....a. w 5 31:265,6ezi-, r.HEIN, J.-... Ilimai 'mom II imp Norm mr.--isimirazas Inv a �� iir!I.i � '. ° *Iii!Ii$'I Mint 1 fi TE—EI I inn Li 16 um, wer ' 1�!in p w7t .I :72111111191 ill st Va new :, SUBJECT PROPERTY °m 939 N.W. 5th Avenue ■ ..�,, �95gm pi I 1 AdilL, 111b, 1l� 1t Or- AAR 195 QUINLIVAN APPRAISAL 41 SUMMARY OF LAND SALES CHARACTERISTICS SUBJECT SALE 1 SALE 2 SALE 3 SALE 4 SALE 5 DATE OF SALE 4/8/22 10/7/22 2/10/23 4/3/23 6/26/23 SALE PRICE $420,000 $720,000 $380,000 $875,000 $300,000 O.R. BOOK/PAGE 33162/3702 33420/1738 33584/3084 33653/1778 33783/331 ADDRESS 939 N.W 5 Ave. 125 N.W. 76 St. 55 N.W. 59 St. 37 N.W. 76 St. 101 N.W. 76 St 7544 N.E. 1 Ct. LOCATION 41/4 Miles NE 31/4 Miles NE 41/4 Miles NE 41/4 Miles NE 41/4 Miles NE LAND SIZE (SF) 5,000 6,321 11,000 5,279 12,043 4,750 LAND SIZE (ACRES) 0.11 0.15 0.25 0.12 0.28 0.11 ZONING T5-R T5-R T5-R T5-R T5-R T5-R USE AT SALE Vacant Vacant Vacant Vacant Vacant Vacant PRICE PAID/SF $66.45 $65.45 $71.98 $72.66 $63.16 ANALYSIS OF SALES The land sales range in unit price from $63.16 to $72.66 per square foot of land area. The sales range in time from April of 2022 to June of 2023. Property Rights The fee simple interest is the property right of the subject property being valued. The comparable sales involved the same type of property rights. Financing The sales were all financed with cash. The financing of the sales does not indicate any adjustments of their prices for favorable/below market financing. Conditions of Sale All of the sales were arm's-length transactions. An arm's-length transaction is defined as a transaction freely arrived at in the open market unaffected by abnormal pressure or by the absence of normal competitive negotiation as might be true in the case between related parties. Date of Sale (Market Conditions) The sales occurred between April of 2022 and June of 2023. An upward trend in prices for land sites in the subject market area is evident over this time period. The unit prices of Sales 1 and 2, sales occurring in 2022, require upward adjustments for increasing market conditions. Location The sale sites are located in the city of Miami, within a 41/4 mile radius of the subject. The locations of the sale sites are considered similar to the location of the subject. Land Size The sale sites range in size from 4,750 to 12,043 square feet. The subject site at 5,000 square feet is within the range of sizes of the sale properties. The sales do not indicate a difference in unit price based on site size. Zoning The subject site is zoned for residential use in a T5-R district. The sale sites are also zoned T5-R zones. The zonings of the sale sites are similar to the zoning of the subject site. Conclusion The land sales range in unit price from $63.16 to $72.66 per square foot of land area. A summary of the adjustments is as follows: QUINLIVAN APPRAISAL 43 Sale No. 1 2 3 4 5 Price/Square Foot $66.45 $65.45 $71.98 $72.66 $63.16 Adjustments Property Rights Conditions of Sale Financing Market Conditions + + = = = Location Site Size Zoning = = = = = Access/Exposure Site Conditions Total Adjustments + + The unit prices of the sales, ranging from $63.16 to $72.66 per square foot of land area, a fairly tight range. The unit prices of all of the sales are given consideration in the final analysis. Based on the above analysis of the land sales, it is estimated that the subject site has a market value as of August 5, 2023 of $70.00 per square foot of land area. 5,000 Square Feet x $70.00 per Square Foot = $350,000 Land Value Indication (Rounded) $350,000 QUINLIVAN APPRAISAL 44 ADDENDA QUINLIVAN APPRAISAL 45 ASSUMPTIONS AND LIMITING CONDITIONS This Appraisal Report has been made with the following general assumptions: 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 6. If no survey has been furnished to the appraiser, all measurements have been confirmed either in the field, in the plat book or by other reliable sources and are presumed to be accurate. 7 It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 8. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the Appraisal Report. 9. It is assumed, unless a study has been provided otherwise, that no hazardous material such as asbestos, urea formaldehyde or other toxic waste exists in the property. The existence of a potentially hazardous material could have a significant effect on the value of the property. QUINLIVAN APPRAISAL 46 10. In reference to proposed construction, the real estate taxes and other expenses are Estimated. These amounts are not guaranteed. 11. It is assumed in the valuation of the subject land site, unless a compliance letter has been furnished to us, that the State of Florida Growth Management Act does not prevent the issuance of a building permit. 12. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 13. It is assumed that the utilization of the land and improvements is within the boundaries of property lines of the property described and that there is no encroachment or trespass unless noted in the report. This Appraisal Report has been made with the following general limiting conditions: 1. The distribution, if any, of the total valuation of this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 2. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event, only with proper written qualification and only in its entirety. 3. The appraiser herein by reason of this appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 4. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. QUINLIVAN APPRAISAL 47 QUALIFICATIONS OF THE APPRAISER THOMAS F. MAGENHEIMER Experience: 11/84 - Present QUINLIVAN APPRAISAL, P.A. 7300 N. Kendall Drive, Suite 530 Miami, Florida Currently president of Quinlivan Appraisal, P.A., a Real Estate Appraising and Consulting Firm, Established in 1964. Education: University of Richmond, Richmond, Virginia BA - Bachelor of Arts in History (1982) Professional Affiliations: Member of the Appraisal Institute (MAI No. 09166) Real Estate Salesman - State of Florida - Certificate No. 0344882 Certified General Appraiser, State of Florida, License No. RZ 553 Member Sigma Alpha Epsilon Fraternity Qualified as an Expert Witness in the Following Courts: Miami -Dade and Broward County Circuit Courts United States Bankruptcy Court Other Activities: Admissions Committee - South Florida -Caribbean Chapter of the Appraisal Institute - (1992) Newsletter Editor - South Florida -Caribbean Chapter of the Appraisal Institute - (1991 - 1995) President - South Florida -Caribbean Chapter of the Appraisal Institute - (1996) Board of Trustees - Palmer -Trinity School (1989 - 1993) QUINLIVAN APPRAISAL 48 Quinlivan Appraisal has prepared Appraisal Reports for the following: Institutions and Corporations: AT&T Alpha Realty Advisors Archdiocese of Miami Apollo Bank The Bank of America Bank United Barry University Bessemer Trust Company California Bank and Trust Chevron Oil Company Chase Manhattan Bank Chemical Bank Citibank City National Bank of Miami Coamerica Bank Coconut Grove Bank Commerce Bank Commercial Bank of Florida Eastern National Bank Espirito Santo Bank First American Bank First Bank Florida Farm Credit of South Florida First International Bank First National Bank of South Miami Florida International University First Nationwide Bank Florida Memorial College Florida Power and Light Company Florida Rock Industries Greyhound Lines HSBC Hemisphere National Bank Iberia Bank Intercontinental Bank International Bank of Miami, N.A. Jackson Health System Jetstream Financial Credit Union LaSalle National Bank Marine Midland Bank McDonalds Corp. Mellon United National Bank Miami -Dade County Community College Northern Trust Bank of Florida QUINLIVAN APPRAISAL 49 Ocean Bank Pacific National Bank Shell Oil Company Silver Hill Funding South Trust Bank SunTrust Bank TotalBank Trust for Public Lands University of Miami U. S. Century Bank Wachovia Wal-Mart YMCA Governmental Agencies: City of Aventura City of Coral Gables City of Doral City of Florida City City of Hialeah City of Homestead City of Miami City of Miami Parking Authority City of Miami Beach City of Miramar City of North Bay Village City of North Miami City of North Miami Beach City of South Miami City of Sunny Isles Beach Miami -Dade County Aviation Depailinent Miami -Dade County Department of Development & Facilities Management Miami -Dade County HUD Miami -Dade County Property Appraisal Adjustment Board Miami -Dade County Public Schools Miami -Dade County Public Works Department Miami -Dade County Transportation Administration Miami -Dade Water & Sewer Depailinent South Florida Water Management District State of Florida, Attorney General's Office State of Florida, Department of Community Affairs State of Florida, Department of Corrections State of Florida, Department of Environmental Protection State of Florida, Department of Insurance State of Florida, Department of Rehabilitation and Liquidation State of Florida, Department of Transportation Town of Golden Beach QUINLIVAN APPRAISAL 50 Town of Bay Harbor Islands Town of Miami Lakes United States Army Corps of Engineers United States Department of Justice United States Department of Commerce United States Department of the Interior United States General Services Administration Village of Islamorada Village of Key Biscayne Village of Pinecrest Village of Palmetto Bay Law Firms: Akerman Senterfitt Greenberg, Traurig Daniels, Kashton, Downs and Robertson Holland and Knight, LLP Shutts & Bowen Ruden McClosky, LLP Steel, Hector & Davis, LLP Weiss, Serota, Helfman, Pastoriza, Guedes, Cole and Boniske, P.A. Types of Properties Appraised: Single Family Residences Apait,inent Buildings Office Buildings Retail Stores Shopping Centers Condominium Apartment Buildings Golf Courses Residential Subdivisions Automobile Dealerships Vacant Land Hotel/Motels Warehouses Nursing Homes Mobile Home Parks Schools Service Stations Marinas Wetlands QUINLIVAN APPRAISAL 51 APPRAISAL REPORT A 3,000 SQUARE FOOT LAND PARCEL LOCATED AT: 720 N. W. 4TH AVENUE MIAMI, FLORIDA PREPARED FOR: CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY 819 N. W. SECOND AVENUE, THIRD FLOOR MIAMI, FLORIDA 33136 As OF: AUGUST 5, 2023 PREPARED BY: QUINLIVAN APPRAISAL, P.A. 7300 NORTH KENDALL DRIVE - SUITE 530 MIAMI, FLORIDA 33156 QUINLIVAN APPRAISAL A PROFESSIONAL ASSOCIATION 7300 NORTH KENDALL DRIVE, SUITE 530 MIAMI, FLORIDA 33156 Thomas F. Magenheimer, MAI State Certified General Appraiser RZ 553 August 21, 2023 Brian Zeltsman, RA Director of Architecture & Development City of Miami Southeast Overtown Park West Community Redevelopment Agency 819 N.W. Second Avenue Miami, Florida 33136 Dear Mr. Zeltsman: Telephone (305) 663-6611 Fax (305) 670-4330 tmagmai@aol.com In accordance with your request and authorization, I have prepared this Appraisal Report covering the following described property: A 3,000 square foot land parcel, located at 720 N. W. 4th Avenue, Miami, Florida The purpose of this Appraisal is to estimate the Market Value of the described property as of August 5, 2023, being one of the dates of personal inspection. This report was prepared in accordance with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) relating to appraisal standards as enumerated in Title 12, Code of Federal Regulation, Part 34 (12CFR34) and in compliance with the most current Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by the Appraisal Standards Board of the Appraisal Foundation. The narrative Appraisal Report that follows sets forth the identification of the property, the assumptions and limiting conditions, pertinent facts about the area and the subject property, comparable data, the results of the investigations and analyses, and the reasoning leading to the conclusions set forth. Mr. Brian Zeltsman August 21, 2023 Page 2 Based on the inspection of the property and the investigation and analyses undertaken, I have formed the opinion that, as of August 5, 2023, the subject property had a Market Value as follows: Two HUNDRED FIFTY-FIVE THOUSAND DOLLARS $255,000 Respectfully submitted, Thomas F. Magenheimer, MAI State -Certified General Appraiser Certification Number: RZ 553 TFM/dm (23-055_1) TABLE OF CONTENTS COVER PAGE TRANSMITTAL LETTR TABLE OF CONTENTS PAGE CERTIFICATION OF VALUE 1 SUMMARY OF SALIENT FACTS AND CONCLUSIONS 3 INTRODUCTION 6 INTRODUCTION 7 IDENTIFICATION OF THE PROPERTY 7 ADDRESS 7 PURPOSE AND DATE OF APPRAISAL 7 INTENDED USE AND USER OF APPRAISAL 7 LEGAL DESCRIPTION 7 PROPERTY RIGHTS APPRAISED 7 DEFINITION OF MARKET VALUE 8 ASSESSMENT AND TAXES -2022 9 OWNER OF RECORDS AND ADDRESS 9 THREE-YEAR HISTORY OF TITLE 9 SCOPE OF THE APPRAISAL 10 LOCATION ANALYSIS 13 NEIGHBORHOOD DATA 14 SITE DATA 18 ZONING 21 HIGHEST AND BEST USE 24 THE APPRAISAL PROCESS 27 LAND VALUE ANALYSIS 29 ADDENDA 45 ASSUMPTIONS AND LIMITING CONDITIONS QUALIFICATIONS CLIENT LIST CERTIFICATION OF VALUE The undersigned hereby certify that, to the best of my knowledge and belief: (A) The statements of fact contained in the report are true and correct. (B) The reported analyses, opinions and conclusions are limited only by the assumptions and limiting conditions set forth, and are my personal, unbiased professional analyses, opinions and conclusions. (c) I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. (D) I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. (E) My engagement in this assignment was not contingent upon developing or reporting predetermined results. (F) The appraisers' compensation for completing this assignment is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. Furthermore, the appraisal assignment was not based on a requested minimum valuation, a specific valuation or the approval of a loan. (G) The appraisers' analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, and the requirements of the State of Florida for state -certified appraisers. (x) Use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. (I) Thomas F. Magenheimer has made a personal inspection of the property that is the subject of this report. (J) No one has provided professional assistance to the persons signing this report. QUINLIVANAPPRAISAL 1 (K) The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. (L) The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. (M) The undersigned performed market value appraisals regarding the subject property dated July 27, 2022 and January 13, 2023. As of the date of this report, Thomas F. Magenheimer has completed the requirements under the continuing education program for The Appraisal Institute. THOMAS F. MAGENHEIMER, MAI STATE -CERTIFIED GENERAL APPRAISER CERTIFICATION NUMBER: RZ 553 QUINLIVANAPPRAISAL 2 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal Market Value Property Rights Appraised Fee Simple Address 720 N. W 4th Avenue, Miami, Florida Legal Description Land Size Zoning Lot 4, DAVENPORTS SUBDIVISION, according to the Plat thereof, as recorded in Plat Book 1, Page 81, of the Public Records of Miami - Dade County, Florida 3,000 square feet T5-O, Urban Center Zone, Open City of Miami Highest and Best Use Residential or commercial use Estimated Market Value $255,000 Date of Value Estimate August 5, 2023 Date of Inspection August 5, 2023 Date of Report August 21, 2023 QUINLIVANAPPRAISAL 3 LOOKING SOUTHWESTERLY AT SUBJECT FROM N. W. 4'n AVENUE LOOKING NORTHWESTERLY AT SUBJECT FROM N. W. 4TH AVENUE QUINLIVANAPPRAISAL 4 LOOKING SOUTHERLY ON N. W. 4TH AVENUE - SUBJECT TO RIGHT LOOKING NORTHERLY ON N. W. 4TH STREET - SUBJECT TO LEFT QUINLIVANAPPRAISAL 5 INTRODUCTION QUINLIVANAPPRAISAL 6 INTRODUCTION IDENTIFICATION OF THE PROPERTY A 3,000 square foot vacant land parcel. ADDRESS 720 N. W. 4th Avenue, Miami, Florida PURPOSE AND DATE OF APPRAISAL The purpose of this Appraisal is to estimate the Market Value of the subject property as of August 5, 2023, being one of the dates of personal inspection. INTENDED USE AND USER OF APPRAISAL The intended use of this appraisal is to estimate the market value of the described property for a potential purchase of the property. The intended user is the Southeast Overtown/Park West Community Redevelopment Agency of the City of Miami. LEGAL DESCRIPTION Lot 4, DAVENPORTS SUBDIVISION, according to the Plat thereof, as recorded in Plat Book 1, Page 81, of the Public Records of Miami -Dade County, Florida PROPERTY RIGHTS APPRAISED The property is appraised in fee simple: a fee without limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation, as well as utility easements of record. QUINLIVANAPPRAISAL 7 DEFINITION OF MARKET VALUE Market Value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised and acting in what they consider their own best interest; (3) a reasonable time is allowed for exposure to the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents a normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Source: Interagency Appraisal and Evaluation Guidelines, December 10, 2010, Federal, Volume 75, No. 237, Page 77472 QUINLIVANAPPRAISAL 8 ASSESSMENT AND TAXES - 2022 The subject property is assessed under the jurisdiction of the City of Miami, Florida. The assessment for the property is established each year as of January 1st by the Miami -Dade County Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to Market Value less closing costs. While the State of Florida requires real estate to be assessed at 100% of Just Value, in reality the ratio of the assessed value to sales price is generally below 100%. Folio Number: 01-3137-028-0030 County Market Value: Land $ 150,000 Improvements $ 0 Total $ 150,000 Assessed Value: $50,821 Millage Rate: $20.6152 per $1,000 Tax Amount: $1,701.17 OWNER OF RECORDS AND ADDRESS National Financial Corporation, Trustee 701 Brickell Avenue, Ste. 3300 Miami, FL 33131 THREE-YEAR HISTORY OF TITLE According to the Public Records of Miami -Dade County, there have been no sale transfers of the subject property during the past three years. QUINLIVANAPPRAISAL 9 SCOPE OF THE APPRAISAL QUINLIVANAPPRAISAL 10 SCOPE OF THE APPRAISAL The scope of the assignment relates to the extent and manner in which research is conducted, data is gathered and analysis is applied, all based upon the following problem -identifying factors stated elsewhere in this report. This appraisal of the subject has been presented in the form of a Summary Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2 (b) of the USPAP. Data related to the subject property was derived from various sources including but not limited to the Miami -Dade County Property Appraiser's Office, Miami -Dade County plats, FEMA flood zone maps, Land Development Regulations of the City of Miami, and tax roll information provided by the Miami -Dade County Property Appraiser's Office. Comparable sale sources include the Miami -Dade County Property Appraiser's Office, the Miami -Dade County Clerk of the Courts Office, Board of Realtors' Multiple Listing Services, CoStar, and LoopNet. Sales prices are typically confirmed with a party to the transaction, i.e., buyer, seller, real estate agent or attorney to the transaction. A search for land sales was conducted in the area of the subject. The initial sales period researched was from January of 2021 through the date of valuation. Several other sales were considered, but were not included because there was too wide a difference in physical factors, location and time. QUINLIVANAPPRAISAL 11 ESTIMATED EXPOSURE TIME Exposure time is defined as the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events assuming a competitive and open market. The overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. In estimating a reasonable exposure time for the subject property, the appraisers have taken the following steps: Discussion with buyers, sellers, brokers and/or review of multiple listings of vacant land in the area related to historic marketing periods. Based on the above sources, exposure time is estimated to have been twelve months for the subject property. ESTIMATED MARKETING PERIOD The estimated value of the subject is predicated upon a normal marketing period. A normal marketing period is generally defined as the most probable amount of time necessary to expose and actively market a property on the open market to achieve a sale. Implicit in this definition are the following assumptions: (A) The property will be actively exposed and aggressively marketed to potential purchasers through marketing channels commonly used by sellers and buyers of similar type properties. (B) The property will be offered at a price reflecting the most probable markup over market value used by sellers of similar type properties. (C) A sale will be consummated under the terms and conditions of the definition of Market Value required by the regulation. In order to estimate the marketability of this property, the sales activity in this market area was reviewed over the past three years, multiple listings were reviewed and real estate brokers who operate in this area were interviewed. Based on the above sources, the subject property could be sold within a twelve month time period. QUINLIVANAPPRAISAL 12 LOCATION ANALYSIS QUINLIVANAPPRAISAL 13 NEIGHBORHOOD DATA The subject property is located in the northern periphery of the Central Business District of Miami in an area known as Park West. The site is located on the west side of N. W. 4th Avenue, between, N. W. 7th Street and N. W. 8th Street, one block west of Interstate 95, Biscayne Boulevard (U.S. Highway #1) is a north/south traffic artery in the City of Miami. Biscayne Boulevard extends northerly from Brickell Avenue to the Broward County line. The majority of commercial properties in the subject neighborhood front on Biscayne Boulevard. These commercial properties include motels, retail stores, restaurants, and multiple story office buildings. The Overtown area located west of Interstate 95 and north of the Miami River is a mixed use area comprised of low rise apartment buildings and industrial properties. A bridge spanning the Miami River is located at N.W. 7th Avenue, there block southwest of the subject property. Several of the properties located in the area are maritime industrial uses related to the Miami River. The Overtown area, west of N.W. 1st Avenue and north of N.W. 5th Street to N.W. 20th Street, is characterized by a large number of small apartment buildings. These buildings were constructed primarily in the late 1940s and 1950s. These buildings generally are in poor to fair condition, with virtually no new private construction in recent years. There are two 30-story high-rise apartment buildings located just north of the former Miami Arena site at N.W. 8th Street and N.W. 1st Avenue. These buildings were constructed on City of Miami land by private developers. The south building, Bayview Towers, was constructed in 1989 and contains 356 units. The north building, Park Place by the Bay, was constructed in 1990 and contains 463 units. The rental rates area relatively reasonable in these buildings. There has been little redevelopment in this area. The stimulus to speculation has been the Performing Arts Center on Biscayne Boulevard at N.E. 13th Street. The construction was completed in 2007. In addition to the speculation related to the Performing Arts Center, the establishment of the Park West Entertainment District by the City in April of 2000 had a positive affect on the property values. The intent of the Ordinance was to eliminate the distance requirements between nightclubs and to actually encourage establishment of clubs in close proximity to one another. It also provides for 24-hour liquor licenses within the district. The Park West Entertainment District is bounded by S.R. 836/I-395 to the north, Biscayne Boulevard to the east, N.E. 7th Street to the south, and North Miami Avenue to the west. Motivated by the liberal provisions of the Park West Entertainment District, in conjunction with greater restrictions being placed on nightclub operators on South Beach, club owners have acquired a number of older industrial buildings and vacant sites in the area - primarily along N.E. 11t Street and N.E. loth Streets. The older buildings have been totally renovated and opened as nightclubs, reportedly with tremendous success. Although no new buildings have been built on vacant sites, several are reportedly planned. QUINLIVANAPPRAISAL 14 The Central Business District of Miami is located just southeast of the Overtown area. The Central Business District is defined with Biscayne Boulevard at the east boundary, N.W./S.W. 1st Avenue to the west, N.E. 5th Street to the north and the Miami River to the south. The Central Business District is comprised of offices, hotels and retail stores. The older buildings were constructed primarily in the period between 1920 and 1940. The newer buildings were constructed primarily in the 1960s and 1970s. Flagler Street is the primarily retail/office street in the Central Business District of Miami. There are a variety of retail stores, department stores and offices fronting along Flagler Street in the Central Business District. Major office buildings in this area of Flagler Street and in the Central Business District include Israel Discount Bank Building, Alfred I. DuPont Building, Bank of Miami, Biscayne Building, City National Bank, Roberts Building, Courthouse Tower, Museum Tower, One Biscayne Tower, Bank of America Tower, SunTrust International Center, Wachovia Financial Center and Miami Center. The Government Center is bordered on the east by the Metrorail Guideway (N.W. 1st Avenue), on the west by Interstate 95, on the south by Flagler Street and on the north by N.W. 5th Street. This is an area zoned for Government/Institutional uses. There are two seven -story State of Florida Office buildings located on the east side of N.W. 2nd Avenue between N.W. 4th Street and N.W. 5th Street. The five -story City of Miami Police Station is located on the west side of N.W. 2nd Avenue, across from the State of Florida Office building. The 29-story Metro -Dade County Government Center is located approximately one mile south of the subject sites on the east side of N.W. 2nd Avenue between N.W. 1st Street and N.W. 3rd Street. This 500,000 square foot office building houses most of the Miami -Dade Government Offices. The former City of Miami Administrative Building (Hickman Building) is located on the northeast corner of N.W. 2nd Street and N.W. 3rd Avenue. The City of Miami moved their administrative office to a larger building in 1992 at S.W. 2nd Avenue and S.W. 4th Street. The Hickman Building now houses Miami -Dade County Parks Depailuient and the Juvenile Assessment Center. Miami -Dade County has two multi -level parking garages on the north and south sides of N.W. 1st Street, just east of N.W. 3rd Avenue. The Miami -Dade County Cultural Center which contains the Art Museum of Miami -Dade County, the Historical Museum of Southern Florida and Main Branch of the Miami Public Library, is located adjacent to the south of the Miami -Dade County Government Center. The Miami -Dade County Courthouse is located on West Flagler Street at N.W. 1st Avenue. Due to proximity to the courthouse, most offices along Flagler Street are occupied by attorneys and their support services. The Overtown Station of Miami -Dade County's Rapid Transit System, known as Metrorail, is located at N.W. 8th Street and N.W. 1st Avenue. The Metrorail is an elevated track train system QUINLIVANAPPRAISAL 15 which extends north and west through the City of Hialeah to the Palmetto Expressway at N.W. 74th Street, and south to the Dadeland area. The Downtown Metromover emanates from the Government Center Station. The Metromover is an elevated track, remote controlled vehicle system which provides local transportation in the Central Business District. The Metromover track extends southerly to S.E. and S.W. 4th Street, easterly to Biscayne Boulevard, northerly to N.E. and N.W. 5th Street and westerly to N.E. and N.W. 2nd Avenue. The Metromover has nine stations throughout the Central Business District of Miami. Extensions of the Downtown Metromover have been constructed that run to the Omni and Brickell Avenue areas. The Federal Law Enforcement Building, known as the General Services Administration (GSA) Building, is located along the west side of N.E. 1st Avenue, between N.E. 4th and 5th Streets. This 308,000 square foot, 12-story building was recently constructed by the City of Miami in two phases and is leased to the Federal Government. There is one floor of partially sub -level parking, with the top three floors utilized as courtrooms to handle the overflow from the main courthouse. Various governmental offices occupy 100 percent of this building, with the U.S. Attorney's Office and the U.S. Marshall's Service as primary tenants. The U.S. Bureau of Prisons Metropolitan Federal Detention Center was recently built immediately west of the GSA Building. This 22-story facility houses a total of 946 inmates for all four security wards - minimum, low, medium, and maximum. In summary, the subject property is located north of the Central Business District of Miami, in an older multi-family/commercial area known as Overtown, a short distance from the Florida State Office Buildings and the Metro -Dade County Government Center. QUINLIVANAPPRAISAL 16 NEIGHBORHOOD MAP Henry Reeves Park NW 9th St IL g Theodore R — Gibson Park NW 1 NW12thSt OsO[ l5� 4 ��� � 1►tiMi�� r�rrr.c�-=���-� wuumin #. — ' 91 SUBJECT PROPERTY 720 N. W. 4th Avenue ,NW 3rd (St Lummus Park NW 2nd Lry own re Metro Cents QUINLIVANAPPRAISAL 17 SITE DATA QUINLIVANAPPRAISAL 18 SITE DATA Dimensions and Shape: The site is rectangular. The east property line of the site fronts for 30 feet on the west right-of-way line of N. W. 4th Avenue and has a depth westerly of 100 feet. Note: A survey of the site was not provided. The shapes and dimensions of the site are from recorded plats and the Hopkins Plat Book. Area: 3,000 square feet or 0.07 acres (Source: Miami -Dade County Property Appraiser's Office) Topography and Drainage: The site is level and approximately at street grade. Flood Zone: Map No. 12086C0314L (Effective September 11, 2009) IIXII Soil and Subsoil: Areas determined to be outside 0.2% annual chance floodplain The immediate area of the subject site appears to have no unusual soil or subsoil conditions. Unusual conditions would be brought out by test borings. Utilities: Water: Miami -Dade Water and Sewer Department Sewer: Miami -Dade Water and Sewer Depailinent Electricity: Florida Power & Light Company Telephone: AT & T Street Improvements: N. W. 4rh Avenue is asphalt paved with a dedicated width of 50 feet. N. W. 4th Avenue contains one northbound lane and one southbound lane. QUINLIVANAPPRAISAL 19 SITE SKETCH QUINLIVANAPPRAISAL 20 ZONING QUINLIVANAPPRAISAL 21 ZONING Under Ordinance of the City of Miami, Florida. Classification: T5-O URBAN CENTER ZONE - OPEN The urban center zone consists of higher density mixed -use building types that accommodates retail and office uses, rowhouses, and apartments. A network of small blocks has thoroughfares with wide sidewalks, steady street tree planting and buildings set close to the frontages with frequent doors and windows. Permitted Principal Uses allowed by right include single family residences, duplexes, multifamily housing, dormitory, community residences, home offices, bed & breakfasts, inns, hotels, entertainment establishments, food service establishments, general commercial, offices, recreational facilities, religious facilities, learning center, pre-school, and research facilities. Uses permitted by warrant (administrative process) include auto related facilities, marine related facilities, open air retail, community facilities, infrastructure and utilities, community support facilities, marinas, public parking, transit facilities, childcare, universities, schools, and vocational training. Uses permitted by exception include alcohol beverage service establishments. Development Regulations Minimum Lot Size: 1,200 square feet Maximum Lot Size: 40,000 square feet Minimum Lot Width: 16 feet Maximum Lot Coverage: 60% Floor Lot Ratio: None Minimum Green Space: 10% Maximum Density: 65 dwelling units per acre Setbacks: Front 10 feet Side 0 feet Back 0 feet Maximum Building Height: Five stories Minimum Building Height: Two stories QUINLIVANAPPRAISAL 22 Minimum Offstreet Parking: Principal Dwelling Community Residence Lodging Office Commercial Civic Educational 1.5 spaces per unit 1 space per staff member in addition to required parking 1 space per 5 lodging units 3 spaces per 1,000 square feet 3 spaces per 1,000 square feet 3 spaces per 1,000 square feet of exhibition area 2 spaces per 1,000 square feet QUINLIVANAPPRAISAL 23 HIGHEST AND BEST USE QUINLIVANAPPRAISAL 24 HIGHEST AND BEST USE Fundamental to the concept of value is the theory of highest and best use. Land is valued as if vacant and available for its highest and best use. The Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition, defines highest and best use as follows: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value. Land has limited value unless there is a present or anticipated use for it; the amount of value depends on the nature of the land's anticipated use, according to the concept of surplus productivity. Among all reasonable, alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination, is generally regarded as the highest and best use of the land as though vacant. The highest and best use of a property as improved refers to the optimal use that could be made of the property including all existing structures. The implication is that the existing improvement should be renovated or retained as so long as it continues to contribute to the total market value of the property, or until the return from a new improvement would more than offset the cost of demolishing the existing building and constructing a new one. Estimating the highest and best use of a property comprises four stages of analysis: 1. Possible Use. What uses of the site being appraised are physically possible? 2. Permissible Use (Legal) What uses are permitted by Zoning and Deed Restriction, if any? 3. Feasible Use. Which possible and permissible uses will produce a net return to the owner of the site? 4. Maximally Productive. Among feasible uses, which use will produce the highest net return to the owner of the site? The following four point test must be met in estimating the Highest and Best Use. The use must be legal. The use must be probable, not speculative or conjectural. There must be a profitable demand for such use and it must return to the land the highest net return for the longest period of time. These tests have been applied to the subject property. In arriving at the estimate of Highest and Best Use, the subject site was analyzed as vacant and available for development. QUINLIVANAPPRAISAL 25 Possible Use The site has 30 feet of frontage on N. W. 4th Avenue, a secondary street. The road access and exposure of the site is adequate. The site is 3,000 square feet in size which equates to 0.07 of an acre. The size and street frontage of the subject site would limit its use to a single use. The site is rectangular, with street frontage on one side. The site has sufficient street frontage and width to have good functional utility. The size, shape, width and street frontage of the site would indicate small scale use Permissible Use Permissible or legal uses are those uses which are permitted by zoning or deed restrictions. There are presently no known private deed restrictions of record. The site is zoned for mixed commercial and residential uses. The zoning of the site permits most commercial uses, hotels, houses, duplexes, townhouses and apartments. The maximum residential density is 65 dwelling units per acre. The maximum building footprint is 60% of the net lot area. The maximum building height is five stories. Feasible Use/Maximally Productive Use The physical characteristics and zoning of the subject property permit a wide range of potential uses. The possible and permissible uses of the subject site include banks, hotels, office buildings, retail stories and residential uses. The physical characteristics and zoning of the subject property would indicate a small scale use, such as an office building, mixed use office and residential use, hotel, or government building. The site is a middle block location that has street frontage on one side. The site has adequate road access and exposure. The site is located a few blocks from a Metro Rail station. Metro Rail is the mass transit elevated train system of Miami -Dade County. The permissible uses of the subject site include offices, banks, stores, hotels, restaurants, religious facilities, schools, residential uses, and most commercial uses. Conclusion — As Vacant Based on the zoning, physical characteristics, and surrounding uses, the highest and best use of the site is estimated to be for a single building with multiple family and commercial uses or a government use. QUINLIVANAPPRAISAL 26 THE APPRAISAL PROCESS QUINLIVANAPPRAISAL 27 APPRAISAL PROCESS The value of a site can be estimated by various methods which include Direct Sales Comparison, Allocation, Extraction, Development Approach, Land Residual or Ground Rent Capitalization. However, the Direct Sales Comparison Approach is the most preferred and utilized technique when sales of comparable sites are available. The other methodologies are indirect techniques which are generally used when an area is primarily built-up and sales of comparable sites are scarce. The Direct Sales Comparison Method of valuing the subject site was relied on due to the availability of recent land sales. In the Direct Sales Comparison Method, sales of similar recently sold sites with a similar highest and best use as the subject site are analyzed, compared and adjusted by time, property characteristics and location to indicate the Market Value of the subject site as though unimproved. The reliability of this approach is dependent upon the availability of comparable sales data, the verification of the sales data, the degree of comparability and the absence of non -typical conditions affecting the sale. Data related to the subject property is derived from various sources including but not limited to the Miami -Dade County Property Appraiser's Office, the Miami -Dade County Clerk's Office, Miami -Dade County plats, FEMA flood zone maps, Land Development Regulations of the City of Miami and tax roll information provided by the Miami -Dade County Property Appraiser's Office. Comparable sale sources include the Miami -Dade County Property Appraiser's Office, Board of Realtors' Multiple Listing Service, Costar, and Loopnet. Sale prices are typically confirmed with a party to the transaction, i.e. buyer, seller, real estate agent or attorney to the transaction. QUINLIVANAPPRAISAL 28 LAND VALUE ANALYSIS QUINLIVANAPPRAISAL 29 LAND VALUE A value estimate is concluded by comparing the subject site to comparable land sales. Generally, the comparable land sales are adjusted by time, property, and location to indicate the Market Value of the subject site as though unimproved. This process is known as the Direct Sales Comparison Method. The Direct Sales Comparison Method is a process of analyzing sales of similar recently sold land parcels in order to derive an indication of the most probable sales price of the site being appraised. The reliability of this approach is dependent upon the availability of comparable sales data, the verification of the sales data, the degree of comparability and the absence of non -typical conditions affecting the sale. The following pages contain sales of similar land sites which have recently sold. Several other sales were considered, but were not included because there was too wide a difference in physical factors, location and time. Various analytical techniques may be used to identify and measure adjustments. The techniques of comparative analysis can be grouped into two categories: quantitative and qualitative. When quantitative analytical techniques are applied, mathematical processes are used to identify which elements of comparison require adjustment and to measure the amount of these adjustments. The primary quantitative techniques, Paired Data Analysis, is a process in which two or more market sales are compared to derive an indication of the size of the adjustment for a single characteristic. Ideally, the sales being compared will be identical in all respects except for the element being measured. Although paired data analysis is a theoretically sound method, it is sometimes impractical because only a narrow sampling of sufficiently similar properties may be available and it is difficult to quantify the adjustments attributable to all the variables. The primary qualitative techniques, Relative Comparison Analysis, is the study of the relationship indicated by market data without recourse to quantification. This technique is utilized because it reflects the imperfect nature of real estate markets. To apply the technique, the appraisers analyze comparable sales to determine whether the comparables' characteristics are inferior, superior, or equal to those of the subject property. A search is made of real estate market for all sales within the subject or competitive locations. While many sales were reviewed, the sales contained herein are considered most comparable to the subject properties as to all major factors of comparison. A photograph of each sale, a summary of the sales, a sales map and a value conclusion follows herein. QUINLIVANAPPRAISAL 30 LAND SALE 1 DATE: April 30, 2021 PRICE: $330,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O. R. Book 32494, Page 1079 FOLIO NUMBER: 01-3113-018-0160 GRANTOR: JTK Miami, LLC GRANTEE: Alsa Mau Mau, LLC. LEGAL: Lot 19, COTTAGE VILLA TRACT, Plat Book 3, Page 152 of the Public Records of Miami -Dade County, Florida. LOCATION: 6245 N. W. 2nd Avenue Miami, Florida SITE DESCRIPTION: Dimensions: 50 feet x 150 feet Size: 7,500 Square Feet 0.17 Acres Zoning: T5-L, General Urban Zone, Limited T5-0, General Urban Zone, Open Use at Sale: Vacant UNIT PRICE: $44.00 per square foot of land FINANCING: Cash. REMARKS: This site is a middle block location. QUINLIVANAPPRAISAL 31 SALE 1 QUINLIVANAPPRAISAL 32 LAND SALE 2 DATE: December 14, 2021 PRICE: $1,100,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O. R. Book 32918, Page 1219 FOLIO NUMBER: 01-3124-003-0101 01-3124-003-0110 01-3124-003-0120 GRANTOR: Hightown Realty Group, LLC GRANTEE: Viedma Investments, LLC. LEGAL: Lots 10 and 11, and Lot 12, less the West 5 feet, Block 21, BAY VISTA PARK, Plat Book 5, Page 71 of the Public Records of Miami -Dade County, Florida. LOCATION: 680 N. W. 46th Street Miami, Florida SITE DESCRIPTION: Dimensions: 109 feet x 150 feet Size: 15,701 Square Feet 0.36 Acres Zoning: T5-0, General Urban Zone, Open Use at Sale: Old house UNIT PRICE: $70.06 per square foot of land FINANCING: Cash. REMARKS: A single family house built in 1925 is located on a portion of this site. The house does not contribute value to the site. QUINLIVANAPPRAISAL 33 SALE 2 QUINLIVANAPPRAISAL 34 DATE: PRICE: TYPE INSTRUMENT: RECORDATION: FOLIO NUMBER: GRANTOR: GRANTEE: LEGAL: LOCATION: SITE DESCRIPTION: Dimensions: Size: Zoning: Use at Sale: UNIT PRICE: FINANCING: REMARKS: LAND SALE 3 February 10, 2022 $1,000,000 Special Warranty Deed O. R. Book 33019, Page 2562 01-3124-013-0030 178 NW 54 Street, LLC Upper 54, LLC Lots 3 & 4, less the North 10 feet, Block 1, SECOND AMENDED PLAT OF RAILWAY SHOPS ADDITION, Plat Book 3, Page 183 of the Public Records of Miami -Dade County, Florida. 178 N.W. 54th Street Miami, Florida 100 feet x 134 feet 13,400 Square Feet 0.31 Acres T5-0, Urban Center Zone, Open Vacant $74.63 per square foot of land Conventional first mortgage from Professional Bank of $500,000 at 3.56% interest for 360 months. This property sold previously in April of 2021 for $607,500. QUINLIVANAPPRAISAL 35 SALE 3 QUINLIVANAPPRAISAL 36 LAND SALE 4 DATE: June 3, 2022 PRICE: $1,250,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O. R. Book 33243, Page 3950 FOLIO NUMBER: 01-0104-080-2050 GRANTOR: Tricorp, LLC GRANTEE: 749 NW 5th Ave, LLC LEGAL: Lot 8 and the North 50 feet of Lots 9 & 10, Block 48 North, CITY OF MIAMI, Plat Book "B", Page 41 of the Public Records of Miami -Dade County, Florida. LOCATION: 462 N.W. 8th Street Miami, Florida SITE DESCRIPTION: Dimensions: Irregular Size: 12,500 Square Feet 0.29 Acres Zoning: T5-0, Urban Center Zone, Open Use at Sale: Vacant UNIT PRICE: $100.00 per square foot of land FINANCING: Cash REMARKS: This property was on the market for 343 days. QUINLIVANAPPRAISAL 37 SALE 4 QUINLIVANAPPRAISAL 38 LAND SALE 5 DATE: January 6, 2023 PRICE: $500,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O. R. Book 33536, Page 1697 FOLIO NUMBER: 01-3112-012-0240 GRANTOR: 8263 NE 1st Ave, LLC GRANTEE: Emprendimientos Rua USA, LLC LEGAL: Lot 2, Block 14, AMENDED PLAT OF BLOCKS 10 TO 17 LITTLE RIVER GARDENS, Plat Book 6, Page 51 of the Public Records of Miami -Dade County, Florida. LOCATION: 8263 N.E. 1st Avenue Miami, Florida SITE DESCRIPTION: Dimensions: 50 feet x 145 feet Size: 7,263 Square Feet 0.17 Acres Zoning: T5-0, Urban Center Zone, Open Use at Sale: Vacant UNIT PRICE: $68.84 per square foot of land FINANCING: Cash REMARKS: There were no sales of this property in the previously five years. QUINLIVANAPPRAISAL 39 SALE 5 QUINLIVANAPPRAISAL 40 West Little River NW S7th St 1 Gladeview Q NW 62nd $t vvrisville NW 4bth St '4416: LAND SALE MAP I r Liberty Square j, l -) r-LaI z rn ux" LITTLE RIVER Q fG :4 d 1LI TLE HA1T1 UPPER CV) EAST SIDE 6 lorningside Park a(.,) II' '`4 ` SPRING GARbE TLE HAVANA ■u w Hagler St EAST LITTLE HAVANA IPA Tamiami Teeli RA: AM. NOMIIM • NO.: IP Ell IS2 19 03 4 04 it e2S EiSubje t DOWNTOWN MIAMI STARr PA AND HIBIS ISLAND Dodge ;stall QUINLIVANAPPRAISAL 41 SUMMARY OF LAND SALES CHARACTERISTICS SUBJECT SALE 1 SALE 2 SALE 3 SALE 4 SALE 5 DATE OF SALE 4/30/21 12/14/21 2/10/22 6/3/22 1/6/23 SALE PRICE $330,000 $1,100,000 $1,000,000 $1,250,000 $500,000 O.R. BOOK/PAGE 32494/1079 32918/1219 33019/2562 33243/3950 33536/1697 ADDRESS 720 N.W. 4 Ave 6245 N.W. 2 Ave. 680 N.W. 46 St. 178 N.W. 54 St. 462 N.W. 8 St. 8263 N.E. 1 Ave LOCATION 3% Miles North 2'/2 Miles NW 3 Miles NE 1 Block West 43/4 Miles NE LAND SIZE (SF) 3,000 7,500 15,701 13,400 12,500 7,263 LAND SIZE (ACRES) 0.07 0.17 0.36 0.31 0.29 0.17 ZONING T5-O T5-O/T5-L T5-O T5-O T5-O T5-O USE Vacant Vacant Old House Vacant Vacant Vacant PRICE PAID/SF $44.00 $70.06 $74.63 $100.00 $68.84 ANALYSIS OF SALES The land sales range in unit price from $44.00 to $100.00 per square foot of land area. The sales range in time from April of 2021 to January of 2023. Property Rights The fee simple interest is the property right of the subject property being valued. The comparable sales involved the same type of property rights. Conditions of Sale The sales were arm's-length transactions. An arm's-length transaction is defined as a transaction freely arrived at in the open market unaffected by abnormal pressure or by the absence of normal competitive negotiation as might be true in the case between related parties. Market Conditions The sales range in time from April of 2021 to January of 2023. An upward trend in prices is evident for this type of property in this market area over this time period. The unit prices of Sales 1 and 2 require upward adjustments for increasing market conditions. Location The sale sites are all located in the city of Miami. The sale sites are located within a 43/4 mile radius of the subject site. The Sale 4 site is located within one block of the subject site. The locations of the sale sites are considered similar to the location of the subject. The Sale 5 site fronts on a secondary street in the northeast region of the city of Miami. The location of the Sale 5 site is considered inferior to the location of the subject site. The unit price of Sale 5 requires upward adjustment for an inferior location. Zoning The subject site is zoned in a T5-O zone within the City of Miami zoning ordinance. The sale sites are similarly zoned in T5-O zones. The zonings of the sale sites are similar to the zoning of the subject site. Site Size The sales range in site size from 7,263 to 15,701 square feet. The size of the subject site, at 3,000 square feet, is slightly below the range of sizes of the sales. The sales do not indicate a difference in unit price based on site size. Access The subject site has frontage on a secondary street. The Sale 1, 2, and 5 sites front on secondary streets. The accesses of the Sale 1, 2, and 5 sites are similar to the subject site. QUINLIVAN APPRAISAL 43 The Sale 3 and 4 sites front on secondary traffic arteries. The access and exposure of the Sale 3 and 4 sites are fairly similar to the subject site. Conclusion The sales range in unit price from $44.00 to $100.00 per square foot of land area. Sale No. 1 2 3 4 5 Price/S. F. $44.00 $70.06 $74.63 $100.00 $68.84 Adjustments Property Rights = = = = = Conditions of Sale Financing Market Conditions + + Location = _ _ _ + Zoning Site Size Access Total Adjustments + + _ _ + Based on careful analysis of the sales, the subject site is estimated to have a value of $85.00 per square foot of land area. 3,000 Square Feet x $85.00 per Square Foot = $255,000 Land Value Indication (Rounded) $255,000 QUINLIVAN APPRAISAL 44 ADDENDA QUINLIVAN APPRAISAL 45 ASSUMPTIONS AND LIMITING CONDITIONS This Appraisal Report has been made with the following general assumptions: 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 6. If no survey has been furnished to the appraiser, all measurements have been confirmed either in the field, in the plat book or by other reliable sources and are presumed to be accurate. 7 It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 8. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the Appraisal Report. 9. It is assumed, unless a study has been provided otherwise, that no hazardous material such as asbestos, urea formaldehyde or other toxic waste exists in the property. The existence of a potentially hazardous material could have a significant effect on the value of the property. QUINLIVAN APPRAISAL 46 10. In reference to proposed construction, the real estate taxes and other expenses are Estimated. These amounts are not guaranteed. 11. It is assumed in the valuation of the subject land site, unless a compliance letter has been furnished to us, that the State of Florida Growth Management Act does not prevent the issuance of a building permit. 12. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 13. It is assumed that the utilization of the land and improvements is within the boundaries of property lines of the property described and that there is no encroachment or trespass unless noted in the report. This Appraisal Report has been made with the following general limiting conditions: 1. The distribution, if any, of the total valuation of this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 2. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event, only with proper written qualification and only in its entirety. 3. The appraiser herein by reason of this appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 4. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. QUINLIVAN APPRAISAL 47 QUALIFICATIONS OF THE APPRAISER THOMAS F. MAGENHEIMER Experience: 11/84 - Present QUINLIVAN APPRAISAL, P.A. 7300 N. Kendall Drive, Suite 530 Miami, Florida Currently president of Quinlivan Appraisal, P.A., a Real Estate Appraising and Consulting Firm, Established in 1964. Education: University of Richmond, Richmond, Virginia BA - Bachelor of Arts in History (1982) Professional Affiliations: Member of the Appraisal Institute (MAI No. 09166) Real Estate Salesman - State of Florida - Certificate No. 0344882 Certified General Appraiser, State of Florida, License No. RZ 553 Member Sigma Alpha Epsilon Fraternity Qualified as an Expert Witness in the Following Courts: Miami -Dade and Broward County Circuit Courts United States Bankruptcy Court Other Activities: Admissions Committee - South Florida -Caribbean Chapter of the Appraisal Institute - (1992) Newsletter Editor - South Florida -Caribbean Chapter of the Appraisal Institute - (1991 - 1995) President - South Florida -Caribbean Chapter of the Appraisal Institute - (1996) Board of Trustees - Palmer -Trinity School (1989 - 1993) QUINLIVAN APPRAISAL 48 Quinlivan Appraisal has prepared Appraisal Reports for the following: Institutions and Corporations: AT&T Alpha Realty Advisors Archdiocese of Miami Apollo Bank The Bank of America Bank United Barry University Bessemer Trust Company California Bank and Trust Chevron Oil Company Chase Manhattan Bank Chemical Bank Citibank City National Bank of Miami Coamerica Bank Coconut Grove Bank Commerce Bank Commercial Bank of Florida Eastern National Bank Espirito Santo Bank First American Bank First Bank Florida Farm Credit of South Florida First International Bank First National Bank of South Miami Florida International University First Nationwide Bank Florida Memorial College Florida Power and Light Company Florida Rock Industries Greyhound Lines HSBC Hemisphere National Bank Iberia Bank Intercontinental Bank International Bank of Miami, N.A. Jackson Health System Jetstream Financial Credit Union LaSalle National Bank Marine Midland Bank McDonalds Corp. Mellon United National Bank Miami -Dade County Community College Northern Trust Bank of Florida QUINLIVAN APPRAISAL 49 Ocean Bank Pacific National Bank Shell Oil Company Silver Hill Funding South Trust Bank SunTrust Bank TotalBank Trust for Public Lands University of Miami U. S. Century Bank Wachovia Wal-Mart YMCA Governmental Agencies: City of Aventura City of Coral Gables City of Doral City of Florida City City of Hialeah City of Homestead City of Miami City of Miami Parking Authority City of Miami Beach City of Miramar City of North Bay Village City of North Miami City of North Miami Beach City of South Miami City of Sunny Isles Beach Miami -Dade County Aviation Depailinent Miami -Dade County Department of Development & Facilities Management Miami -Dade County HUD Miami -Dade County Property Appraisal Adjustment Board Miami -Dade County Public Schools Miami -Dade County Public Works Department Miami -Dade County Transportation Administration Miami -Dade Water & Sewer Department South Florida Water Management District State of Florida, Attorney General's Office State of Florida, Department of Community Affairs State of Florida, Department of Corrections State of Florida, Department of Environmental Protection State of Florida, Department of Insurance State of Florida, Department of Rehabilitation and Liquidation State of Florida, Department of Transportation Town of Golden Beach QUINLIVAN APPRAISAL 50 Town of Bay Harbor Islands Town of Miami Lakes United States Army Corps of Engineers United States Department of Justice United States Department of Commerce United States Department of the Interior United States General Services Administration Village of Islamorada Village of Key Biscayne Village of Pinecrest Village of Palmetto Bay Law Firms: Akerman Senterfitt Greenberg, Traurig Daniels, Kashton, Downs and Robertson Holland and Knight, LLP Shutts & Bowen Ruden McClosky, LLP Steel, Hector & Davis, LLP Weiss, Serota, Helfman, Pastoriza, Guedes, Cole and Boniske, P.A. Types of Properties Appraised: Single Family Residences Apait,inent Buildings Office Buildings Retail Stores Shopping Centers Condominium Apartment Buildings Golf Courses Residential Subdivisions Automobile Dealerships Vacant Land Hotel/Motels Warehouses Nursing Homes Mobile Home Parks Schools Service Stations Marinas Wetlands QUINLIVAN APPRAISAL 51 APPRAISAL REPORT A 23,250 SQUARE FOOT LAND PARCEL LOCATED AT: 440 N. W. 10TH STREET MIAMI, FLORIDA PREPARED FOR: CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY 819 N. W. SECOND AVENUE, THIRD FLOOR MIAMI, FLORIDA 33136 As OF: AUGUST 5, 2023 PREPARED BY: QUINLIVAN APPRAISAL, P.A. 7300 NORTH KENDALL DRIVE - SUITE 530 MIAMI, FLORIDA 33156 QUINLIVAN APPRAISAL A PROFESSIONAL ASSOCIATION 7300 NORTH KENDALL DRIVE, SUITE 530 MIAMI, FLORIDA 33156 Thomas F. Magenheimer, MAI State Certified General Appraiser RZ 553 August 21, 2023 Brian Zeltsman, RA Director of Architecture & Development City of Miami Southeast Overtown Park West Community Redevelopment Agency 819 N.W. Second Avenue Miami, Florida 33136 Dear Mr. Zeltsman: Telephone (305) 663-6611 Fax (305) 670-4330 tmagmai@aol.com In accordance with your request and authorization, I have prepared this Appraisal Report covering the following described property: A 23,250 square foot land parcel, located at 440 N. W. 10th Street, Miami, Florida The purpose of this Appraisal is to estimate the Market Value of the described property as of August 5, 2023, being one of the dates of personal inspection. This report was prepared in accordance with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) relating to appraisal standards as enumerated in Title 12, Code of Federal Regulation, Part 34 (12CFR34) and in compliance with the most current Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by the Appraisal Standards Board of the Appraisal Foundation. The narrative Appraisal Report that follows sets forth the identification of the property, the assumptions and limiting conditions, pertinent facts about the area and the subject property, comparable data, the results of the investigations and analyses, and the reasoning leading to the conclusions set forth. Mr. Brian Zeltsman August 21, 2023 Page 2 Based on the inspection of the property and the investigation and analyses undertaken, I have formed the opinion that, as of August 5, 2023, the subject property had a Market Value as follows: ONE MILLION SIX HUNDRED TWENTY-FIVE THOUSAND DOLLARS $1,625,000 Respectfully submitted, Thomas F. Magenheimer, MAI State -Certified General Appraiser Certification Number: RZ 553 TFM/dm (23-055_3) TABLE OF CONTENTS PAGE COVER PAGE TRANSMITTAL LETTR TABLE OF CONTENTS CERTIFICATION OF VALUE 1 SUMMARY OF SALIENT FACTS AND CONCLUSIONS 3 INTRODUCTION 6 INTRODUCTION 7 IDENTIFICATION OF THE PROPERTY 7 ADDRESS 7 PURPOSE AND DATE OF APPRAISAL 7 INTENDED USE AND USER OF APPRAISAL 7 LEGAL DESCRIPTION 7 PROPERTY RIGHTS APPRAISED 7 DEFINITION OF MARKET VALUE 8 ASSESSMENT AND TAXES - 2022 9 OWNER OF RECORDS AND ADDRESS 9 THREE-YEAR HISTORY OF TITLE 9 SCOPE OF THE APPRAISAL 10 LOCATION ANALYSIS 13 NEIGHBORHOOD DATA 14 SITE DATA 18 ZONING 21 HIGHEST AND BEST USE 24 THE APPRAISAL PROCESS 27 LAND VALUE ANALYSIS 29 ADDENDA 45 ASSUMPTIONS AND LIMITING CONDITIONS QUALIFICATIONS CLIENT LIST CERTIFICATION OF VALUE The undersigned hereby certify that, to the best of my knowledge and belief: (A) The statements of fact contained in the report are true and correct. (B) The reported analyses, opinions and conclusions are limited only by the assumptions and limiting conditions set forth, and are my personal, unbiased professional analyses, opinions and conclusions. (c) I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. (D) I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. (E) My engagement in this assignment was not contingent upon developing or reporting predetermined results. (F) The appraisers' compensation for completing this assignment is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. Furthermore, the appraisal assignment was not based on a requested minimum valuation, a specific valuation or the approval of a loan. (G) The appraisers' analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, and the requirements of the State of Florida for state -certified appraisers. (x) Use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. (1) Thomas F. Magenheimer has made a personal inspection of the property that is the subject of this report. (J) No one has provided professional assistance to the persons signing this report. QUINLIVAN APPRAISAL 1 (K) The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. (L) The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. (M) The undersigned performed market value appraisals regarding the subject property dated July 27, 2022 and January 13, 2023. As of the date of this report, Thomas F. Magenheimer has completed the requirements under the continuing education program for The Appraisal Institute. 741;4, THOMAS F. MAGENHEIMER, MAI STATE -CERTIFIED GENERAL APPRAISER CERTIFICATION NUMBER: RZ553 QUINLIVAN APPRAISAL 2 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal Market Value Property Rights Appraised Fee Simple Address 440 N. W loth Street, Miami, Florida Legal Description Land Size Zoning The West 5 feet of Lot 4, and all of Lots 5 & 6, Block 28 North, CITY OF MIAMI NORTH, according to the Plat thereof, as recorded in Plat Book "B", Page 41, of the Public Records of Miami -Dade County, Florida. 23,250 square feet T5-R, Urban Center Zone, Restricted City of Miami Highest and Best Use Residential use Estimated Market Value $1,625,000 Date of Value Estimate August 5, 2023 Date of Inspection August 5, 2023 Date of Report August 21, 2023 QUINLIVAN APPRAISAL 3 LOOKING SOUTHEASTERLY AT SUBJECT FROM N. W.10TH STREET LOOKING SOUTHWESTERLY AT SUBJECT FROM N. W. 10TH STREET QUINLIVAN APPRAISAL 4 LOOKING WESTERLY ON N. W. 10TH STREET - SUBJECT TO LEFT LOOKING EASTERLY ON N. W. 10TH STREET - SUBJECT TO RIGHT QUINLIVAN APPRAISAL 5 INTRODUCTION QUINLIVAN APPRAISAL 6 INTRODUCTION IDENTIFICATION OF THE PROPERTY A 23,250 square foot vacant land parcel. ADDRESS 440 N. W. 10th Street, Miami, Florida PURPOSE AND DATE OF APPRAISAL The purpose of this Appraisal is to estimate the Market Value of the subject property as of August 5, 2023, being one of the dates of personal inspection. INTENDED USE AND USER OF APPRAISAL The intended use of this appraisal is to estimate the market value of the described property for a potential purchase of the property. The intended user is the Southeast Overtown/Park West Community Redevelopment Agency of the City of Miami. LEGAL DESCRIPTION The West 5 feet of Lot 4, and all of Lots 5, 6 & 7, Block 28 North, CITY OF MIAMI, according to the Plat thereof, as recorded in Plat Book "B", Page 41, of the Public Records of Miami -Dade County, Florida PROPERTY RIGHTS APPRAISED The property is appraised in fee simple: a fee without limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation, as well as utility easements of record. QUINLIVAN APPRAISAL 7 DEFINITION OF MARKET VALUE Market Value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised and acting in what they consider their own best interest; (3) a reasonable time is allowed for exposure to the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents a normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Source: Interagency Appraisal and Evaluation Guidelines, December 10, 2010, Federal, Volume 75, No. 237, Page 77472 QUINLIVAN APPRAISAL 8 ASSESSMENT AND TAXES - 2022 The subject property is assessed under the jurisdiction of the City of Miami, Florida. The assessment for the property is established each year as of January 1st by the Miami -Dade County Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to Market Value less closing costs. While the State of Florida requires real estate to be assessed at 100% of Just Value, in reality the ratio of the assessed value to sales price is generally below 100%. Folio Number: 01-0102-080-1012 County Market Value: Land $ 465,000 Improvements $ 0 Total $ 465,000 Assessed Value: $409,200 Millage Rate: $20.6152 per $1,000 Tax Amount: $8,803.41 OWNER OF RECORDS AND ADDRESS Frontier Fuels Inc., Trustee P. O. Box 6 Georgetown, TX 33136 THREE-YEAR HISTORY OF TITLE According to the Public Records of Miami -Dade County, there have been no sale transfers of the subject property during the past three years. QUINLIVAN APPRAISAL 9 SCOPE OF THE APPRAISAL QUINLIVAN APPRAISAL 10 SCOPE OF THE APPRAISAL The scope of the assignment relates to the extent and manner in which research is conducted, data is gathered and analysis is applied, all based upon the following problem -identifying factors stated elsewhere in this report. This appraisal of the subject has been presented in the form of a Summary Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2 (b) of the USPAP. Data related to the subject property was derived from various sources including but not limited to the Miami -Dade County Property Appraiser's Office, Miami -Dade County plats, FEMA flood zone maps, Land Development Regulations of the City of Miami, and tax roll information provided by the Miami -Dade County Property Appraiser's Office. Comparable sale sources include the Miami -Dade County Property Appraiser's Office, the Miami -Dade County Clerk of the Courts Office, Board of Realtors' Multiple Listing Services, CoStar, and LoopNet. Sales prices are typically confirmed with a party to the transaction, i.e., buyer, seller, real estate agent or attorney to the transaction. A search for land sales was conducted in the area of the subject. The initial sales period researched was from January of 2022 through the date of valuation. Several other sales were considered, but were not included because there was too wide a difference in physical factors, location and time. QUINLIVAN APPRAISAL 11 ESTIMATED EXPOSURE TIME Exposure time is defined as the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events assuming a competitive and open market. The overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. In estimating a reasonable exposure time for the subject property, the appraisers have taken the following steps: Discussion with buyers, sellers, brokers and/or review of multiple listings of vacant land in the area related to historic marketing periods. Based on the above sources, exposure time is estimated to have been twelve months for the subject property. ESTIMATED MARKETING PERIOD The estimated value of the subject is predicated upon a normal marketing period. A normal marketing period is generally defined as the most probable amount of time necessary to expose and actively market a property on the open market to achieve a sale. Implicit in this definition are the following assumptions: (A) The property will be actively exposed and aggressively marketed to potential purchasers through marketing channels commonly used by sellers and buyers of similar type properties. (B) The property will be offered at a price reflecting the most probable markup over market value used by sellers of similar type properties. (C) A sale will be consummated under the terms and conditions of the definition of Market Value required by the regulation. In order to estimate the marketability of this property, the sales activity in this market area was reviewed over the past three years, multiple listings were reviewed and real estate brokers who operate in this area were interviewed. Based on the above sources, the subject property could be sold within a twelve month time period. QUINLIVAN APPRAISAL 12 LOCATION ANALYSIS QUINLIVAN APPRAISAL 13 NEIGHBORHOOD DATA The subject property is located in the northern periphery of the Central Business District of Miami in an area known as Park West. The site is located on the south side of N. W. loth Street, between, N. W. 4th Avenue and N. W. 5th Avenue, one block west of Interstate 95, Biscayne Boulevard (U.S. Highway #1) is a north/south traffic artery in the City of Miami. Biscayne Boulevard extends northerly from Brickell Avenue to the Broward County line. The majority of commercial properties in the subject neighborhood front on Biscayne Boulevard. These commercial properties include motels, retail stores, restaurants, and multiple story office buildings. The Overtown area located west of Interstate 95 and north of the Miami River is a mixed use area comprised of low rise apartment buildings and industrial properties. A bridge spanning the Miami River is located at N.W. 7th Avenue, there block southwest of the subject property. Several of the properties located in the area are maritime industrial uses related to the Miami River. The Overtown area, west of N.W. 1st Avenue and north of N.W. 5th Street to N.W. 20th Street, is characterized by a large number of small apartment buildings. These buildings were constructed primarily in the late 1940s and 1950s. These buildings generally are in poor to fair condition, with virtually no new private construction in recent years. There are two 30-story high-rise apartment buildings located just north of the former Miami Arena site at N.W. 8th Street and N.W. 1st Avenue. These buildings were constructed on City of Miami land by private developers. The south building, Bayview Towers, was constructed in 1989 and contains 356 units. The north building, Park Place by the Bay, was constructed in 1990 and contains 463 units. The rental rates area relatively reasonable in these buildings. There has been little redevelopment in this area. The stimulus to speculation has been the Performing Arts Center on Biscayne Boulevard at N.E. 13th Street. The construction was completed in 2007. In addition to the speculation related to the Performing Arts Center, the establishment of the Park West Entertainment District by the City in April of 2000 had a positive affect on the property values. The intent of the Ordinance was to eliminate the distance requirements between nightclubs and to actually encourage establishment of clubs in close proximity to one another. It also provides for 24-hour liquor licenses within the district. The Park West Entertainment District is bounded by S.R. 836/I-395 to the north, Biscayne Boulevard to the east, N.E. 7th Street to the south, and North Miami Avenue to the west. Motivated by the liberal provisions of the Park West Entertainment District, in conjunction with greater restrictions being placed on nightclub operators on South Beach, club owners have acquired a number of older industrial buildings and vacant sites in the area - primarily along N.E. 11t Street and N.E. loth Streets. The older buildings have been totally renovated and opened as nightclubs, reportedly with tremendous success. Although no new buildings have been built on vacant sites, several are reportedly planned. QUINLIVAN APPRAISAL 14 The Central Business District of Miami is located just southeast of the Overtown area. The Central Business District is defined with Biscayne Boulevard at the east boundary, N.W./S.W. 1st Avenue to the west, N.E. 5th Street to the north and the Miami River to the south. The Central Business District is comprised of offices, hotels and retail stores. The older buildings were constructed primarily in the period between 1920 and 1940. The newer buildings were constructed primarily in the 1960s and 1970s. Flagler Street is the primarily retail/office street in the Central Business District of Miami. There are a variety of retail stores, department stores and offices fronting along Flagler Street in the Central Business District. Major office buildings in this area of Flagler Street and in the Central Business District include Israel Discount Bank Building, Alfred I. DuPont Building, Bank of Miami, Biscayne Building, City National Bank, Roberts Building, Courthouse Tower, Museum Tower, One Biscayne Tower, Bank of America Tower, SunTrust International Center, Wachovia Financial Center and Miami Center. The Government Center is bordered on the east by the Metrorail Guideway (N.W. 1st Avenue), on the west by Interstate 95, on the south by Flagler Street and on the north by N.W. 5th Street. This is an area zoned for Government/Institutional uses. There are two seven -story State of Florida Office buildings located on the east side of N.W. 2nd Avenue between N.W. 4th Street and N.W. 5th Street. The five -story City of Miami Police Station is located on the west side of N.W. 2nd Avenue, across from the State of Florida Office building. The 29-story Metro -Dade County Government Center is located approximately one mile south of the subject sites on the east side of N.W. 2nd Avenue between N.W. 1st Street and N.W. 3rd Street. This 500,000 square foot office building houses most of the Miami -Dade Government Offices. The former City of Miami Administrative Building (Hickman Building) is located on the northeast corner of N.W. 2nd Street and N.W. 3rd Avenue. The City of Miami moved their administrative office to a larger building in 1992 at S.W. 2nd Avenue and S.W. 4th Street. The Hickman Building now houses Miami -Dade County Parks Depailuient and the Juvenile Assessment Center. Miami -Dade County has two multi -level parking garages on the north and south sides of N.W. 1st Street, just east of N.W. 3rd Avenue. The Miami -Dade County Cultural Center which contains the Art Museum of Miami -Dade County, the Historical Museum of Southern Florida and Main Branch of the Miami Public Library, is located adjacent to the south of the Miami -Dade County Government Center. The Miami -Dade County Courthouse is located on West Flagler Street at N.W. 1st Avenue. Due to proximity to the courthouse, most offices along Flagler Street are occupied by attorneys and their support services. The Overtown Station of Miami -Dade County's Rapid Transit System, known as Metrorail, is located at N.W. 8th Street and N.W. 1st Avenue. The Metrorail is an elevated track train system QUINLIVAN APPRAISAL 15 which extends north and west through the City of Hialeah to the Palmetto Expressway at N.W. 74th Street, and south to the Dadeland area. The Downtown Metromover emanates from the Government Center Station. The Metromover is an elevated track, remote controlled vehicle system which provides local transportation in the Central Business District. The Metromover track extends southerly to S.E. and S.W. 4th Street, easterly to Biscayne Boulevard, northerly to N.E. and N.W. 5th Street and westerly to N.E. and N.W. 2nd Avenue. The Metromover has nine stations throughout the Central Business District of Miami. Extensions of the Downtown Metromover have been constructed that run to the Omni and Brickell Avenue areas. The Federal Law Enforcement Building, known as the General Services Administration (GSA) Building, is located along the west side of N.E. 1st Avenue, between N.E. 4th and 5th Streets. This 308,000 square foot, 12-story building was recently constructed by the City of Miami in two phases and is leased to the Federal Government. There is one floor of partially sub -level parking, with the top three floors utilized as courtrooms to handle the overflow from the main courthouse. Various governmental offices occupy 100 percent of this building, with the U.S. Attorney's Office and the U.S. Marshall's Service as primary tenants. The U.S. Bureau of Prisons Metropolitan Federal Detention Center was recently built immediately west of the GSA Building. This 22-story facility houses a total of 946 inmates for all four security wards - minimum, low, medium, and maximum. In summary, the subject property is located north of the Central Business District of Miami, in an older multi-family/commercial area known as Overtown, a short distance from the Florida State Office Buildings and the Metro -Dade County Government Center. QUINLIVAN APPRAISAL 16 NEIGHBORHOOD MAP Theodore RNW 1 tf! it Gibson Park k'J I l .1111 H SUBJECT PROPERTY 440 N. W. 10th Street Henry Reeves Park NW 9th iii,St 5 . 1:11 . 0D...y, MIL 11111 via .; a Cri g1�+iii�Y NW 3rd (-St Lummus Park #d•W 2nd NW 1 U DOD AVM 1 SEC\ Metro Cente 0,1 Sta tr nt QUINLIVAN APPRAISAL 17 SITE DATA QUINLIVAN APPRAISAL 18 SITE DATA Dimensions and Shape: The site is rectangular. The north property line of the site fronts for 155 feet on the south right-of-way line of N. W. 10th Street and has a depth southerly of 150 feet. Note: A survey of the site was not provided. The shapes and dimensions of the site are from recorded plats and the Hopkins Plat Book. Area: 23,250 square feet or 0.53 acres (Source: Miami -Dade County Property Appraiser's Office) Topography and Drainage: The site is level and approximately at street grade. Flood Zone: Map No. 12086C0312L (Effective September 11, 2009) IIXII Soil and Subsoil: Areas determined to be outside 0.2% annual chance floodplain The immediate area of the subject site appears to have no unusual soil or subsoil conditions. Unusual conditions would be brought out by test borings. Utilities: Water: Miami -Dade Water and Sewer Department Sewer: Miami -Dade Water and Sewer Depailinent Electricity: Florida Power & Light Company Telephone: AT & T Street Improvements: N. W. 10`h Street is asphalt paved with a dedicated width of 50 feet. N. W. 10th Street contains two eastbound lanes. QUINLIVAN APPRAISAL 19 SITE SKETCH QUINLIVAN APPRAISAL 20 ZONING QUINLIVAN APPRAISAL 21 ZONING Under Ordinance of the City of Miami, Florida. Classification: T5-R, URBAN CENTER ZONE - RESTRICTED The urban center zone consists of higher density mixed -use building types that accommodate retail and office uses, rowhouses, and apartments. A network of small blocks has thoroughfares with wide sidewalks, steady street tree planting and buildings set close to the frontages with frequent doors and windows. Permitted Principal Uses allowed by right include single family residences, duplexes, multifamily housing, community residences, and home offices. Uses permitted by exception include bed and breakfasts, recreational facilities, religious facilities, marinas, public parking, transit facility, childcare, elementary school, high school, and pre-schools. Development Regulations Minimum Lot Size: 1,200 square feet Maximum Lot Size: 40,000 square feet Minimum Lot Width: 16 feet Maximum Lot Coverage: 60% Floor Lot Ratio: None Minimum Green Space: 10% Maximum Density: 65 dwelling units per acre Setbacks: Front 10 feet Side 0 feet Back 0 feet Maximum Building Height: Five stories Minimum Building Height: Two stories QUINLIVAN APPRAISAL 22 Minimum Offstreet Parking: Principal Dwelling Community Residence Lodging Office Commercial Civic Educational 1.5 spaces per unit 1 space per staff member in addition to required parking 1 space per 5 lodging units 3 spaces per 1,000 square feet 3 spaces per 1,000 square feet 3 spaces per 1,000 square feet of exhibition area 2 spaces per 1,000 square feet QUINLIVAN APPRAISAL 23 HIGHEST AND BEST USE QUINLIVAN APPRAISAL 24 HIGHEST AND BEST USE Fundamental to the concept of value is the theory of highest and best use. Land is valued as if vacant and available for its highest and best use. The Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition, defines highest and best use as follows: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value. Land has limited value unless there is a present or anticipated use for it; the amount of value depends on the nature of the land's anticipated use, according to the concept of surplus productivity. Among all reasonable, alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination, is generally regarded as the highest and best use of the land as though vacant. The highest and best use of a property as improved refers to the optimal use that could be made of the property including all existing structures. The implication is that the existing improvement should be renovated or retained as so long as it continues to contribute to the total market value of the property, or until the return from a new improvement would more than offset the cost of demolishing the existing building and constructing a new one. Estimating the highest and best use of a property comprises four stages of analysis: 1. Possible Use. What uses of the site being appraised are physically possible? 2. Permissible Use (Legal) What uses are permitted by Zoning and Deed Restriction, if any? 3. Feasible Use. Which possible and permissible uses will produce a net return to the owner of the site? 4. Maximally Productive. Among feasible uses, which use will produce the highest net return to the owner of the site? The following four point test must be met in estimating the Highest and Best Use. The use must be legal. The use must be probable, not speculative or conjectural. There must be a profitable demand for such use and it must return to the land the highest net return for the longest period of time. These tests have been applied to the subject property. In arriving at the estimate of Highest and Best Use, the subject site was analyzed as vacant and available for development. QUINLIVAN APPRAISAL 25 Possible Use The site has 155 feet of frontage on N. W. loth Street, a secondary street. The road access and exposure of the site is adequate. The site is 23,250 square feet in size which equates to 0.53 of an acre. The size and street frontage of the subject site would allow a moderate scale use or subdivision into several sites.. The site is rectangular, with street frontage on one side. The site has sufficient street frontage and width to have good functional utility. The size, shape, width and street frontage of the site would indicate moderate scale use or a subdivision into several sites. Permissible Use Permissible or legal uses are those uses which are permitted by zoning or deed restrictions. There are presently no known private deed restrictions of record. The site is zoned for residential uses. The zoning of the site permits houses, duplexes, townhouses and apartments. The maximum residential density is 65 dwelling units per acre. The maximum building footprint is 60% of the net lot area. The maximum building height is five stories. Feasible Use/Maximally Productive Use The physical characteristics and zoning of the subject property permit a wide range of potential uses. The possible and permissible uses of the subject site include residential uses. The physical characteristics and zoning of the subject property would indicate a small scale use, such as an office building, mixed use office and residential use, hotel, or government building. The site is a middle block location that has street frontage on one side. The site has adequate road access and exposure. The site is located a few blocks from a Metro Rail station. Metro Rail is the mass transit elevated train system of Miami -Dade County. The permissible uses of the subject site include residential uses. Conclusion — As Vacant Based on the zoning, physical characteristics, and surrounding uses, the highest and best use of the site is estimated to be for a residential use. QUINLIVAN APPRAISAL 26 THE APPRAISAL PROCESS QUINLIVAN APPRAISAL 27 APPRAISAL PROCESS The value of a site can be estimated by various methods which include Direct Sales Comparison, Allocation, Extraction, Development Approach, Land Residual or Ground Rent Capitalization. However, the Direct Sales Comparison Approach is the most preferred and utilized technique when sales of comparable sites are available. The other methodologies are indirect techniques which are generally used when an area is primarily built-up and sales of comparable sites are scarce. The Direct Sales Comparison Method of valuing the subject site was relied on due to the availability of recent land sales. In the Direct Sales Comparison Method, sales of similar recently sold sites with a similar highest and best use as the subject site are analyzed, compared and adjusted by time, property characteristics and location to indicate the Market Value of the subject site as though unimproved. The reliability of this approach is dependent upon the availability of comparable sales data, the verification of the sales data, the degree of comparability and the absence of non -typical conditions affecting the sale. Data related to the subject property is derived from various sources including but not limited to the Miami -Dade County Property Appraiser's Office, the Miami -Dade County Clerk's Office, Miami -Dade County plats, FEMA flood zone maps, Land Development Regulations of the City of Miami and tax roll information provided by the Miami -Dade County Property Appraiser's Office. Comparable sale sources include the Miami -Dade County Property Appraiser's Office, Board of Realtors' Multiple Listing Service, Costar, and Loopnet. Sale prices are typically confirmed with a party to the transaction, i.e. buyer, seller, real estate agent or attorney to the transaction. QUINLIVAN APPRAISAL 28 LAND VALUE ANALYSIS QUINLIVAN APPRAISAL 29 LAND VALUE A value estimate is concluded by comparing the subject site to comparable land sales. Generally, the comparable land sales are adjusted by time, property, and location to indicate the Market Value of the subject site as though unimproved. This process is known as the Direct Sales Comparison Method. The Direct Sales Comparison Method is a process of analyzing sales of similar recently sold land parcels in order to derive an indication of the most probable sales price of the site being appraised. The reliability of this approach is dependent upon the availability of comparable sales data, the verification of the sales data, the degree of comparability and the absence of non -typical conditions affecting the sale. The following pages contain sales of similar land sites which have recently sold. Several other sales were considered, but were not included because there was too wide a difference in physical factors, location and time. Various analytical techniques may be used to identify and measure adjustments. The techniques of comparative analysis can be grouped into two categories: quantitative and qualitative. When quantitative analytical techniques are applied, mathematical processes are used to identify which elements of comparison require adjustment and to measure the amount of these adjustments. The primary quantitative techniques, Paired Data Analysis, is a process in which two or more market sales are compared to derive an indication of the size of the adjustment for a single characteristic. Ideally, the sales being compared will be identical in all respects except for the element being measured. Although paired data analysis is a theoretically sound method, it is sometimes impractical because only a narrow sampling of sufficiently similar properties may be available and it is difficult to quantify the adjustments attributable to all the variables. The primary qualitative techniques, Relative Comparison Analysis, is the study of the relationship indicated by market data without recourse to quantification. This technique is utilized because it reflects the imperfect nature of real estate markets. To apply the technique, the appraisers analyze comparable sales to determine whether the comparables' characteristics are inferior, superior, or equal to those of the subject property. A search is made of real estate market for all sales within the subject or competitive locations. While many sales were reviewed, the sales contained herein are considered most comparable to the subject properties as to all major factors of comparison. A photograph of each sale, a summary of the sales, a sales map and a value conclusion follows herein. QUINLIVAN APPRAISAL 30 DATE: PRICE: TYPE INSTRUMENT: RECORDATION: FOLIO NUMBER: GRANTOR: GRANTEE: LEGAL: LOCATION: SITE DESCRIPTION: Dimensions: Size: Zoning: Current Use: UNIT PRICE: FINANCING: REMARKS: LAND SALE 1 April 8, 2022 $420,000 Warranty Deed O.R. Book 33162, Page 3702 01-3112-048-0363 TP0403, LLC BD Falcon Investments, LLC Lots 9 & 10, less the North 241.35 feet, Block 2, PHOENIX PARK, Plat Book 6, Page 80 of the Public Records of Miami -Dade County, Florida, less the South 25 feet oand less the West 5 feet. 125 N. W. 76th Street Miami, Florida 44 feet x 143.2 feet 6,321 Square Feet 0.15 Acres T5-R, Urban Center Zone, Restricted Vacant $66.45 per square foot Conventional first mortgage from Samjack Blackstone of $437,000 at 4.16% interest for 360 months. The property previously sold in September of 2018 for $215,000 QUINLIVAN APPRAISAL 31 SALE 1 QUINLIVAN APPRAISAL 32 LAND SALE 2 DATE: October 7, 2022 PRICE: $720,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O.R. Book 33420, Page 1738 FOLIO NUMBER: 01-3113-063-0100 GRANTOR: 59 Street, LLC GRANTEE: Surlittleriverl, LLC LEGAL: The South 100 feet of Lots 11 & 12, Block 1, HIGH SCHOOL PARK TRACT, Plat Book 4, Page 44 of the Public Records of Miami -Dade County, Florida. LOCATION: 55 N. W. 59th Street Miami, Florida SITE DESCRIPTION: Dimensions: 100 feet x 110 feet Size: 11,000 Square Feet 0.25 Acres Zoning: T5-R, Urban Center Zone, Restricted Current Use: Vacant UNIT PRICE: $65.45 per square foot FINANCING: Cash. REMARKS: The property previously sold in July of 2018 for $280,000 QUINLIVAN APPRAISAL 33 SALE 2 QUINLIVAN APPRAISAL 34 LAND SALE 3 DATE: February 10, 2023 PRICE: $380,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O.R. Book 33584, Page 3084 FOLIO NUMBER: 01-3112-064-0040 GRANTOR: Miami Green Houses, LLC GRANTEE: Emprendimientos Rua, LLC LEGAL: Lot 5, EAST COURT OF PHOENIX PARK, Plat Book 9 Page 105 of the Public Records of Miami -Dade County, Florida. LOCATION: 37 N. W. 76th Avenue Miami, Florida SITE DESCRIPTION: Dimensions: 58.8 feet x 100 feet Size: 5,279 Square Feet 0.12 Acres Zoning: T5-R, Urban Center Zone, Restricted Current Use: Vacant UNIT PRICE: $71.98 per square foot FINANCING: Cash REMARKS: The property previously sold in November of 2019 for $125,000 QUINLIVAN APPRAISAL 35 SALE 3 QUINLIVAN APPRAISAL 36 LAND SALE 4 DATE: April 3, 2023 PRICE: $875,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O.R. Book 33653, Page 1778 FOLIO NUMBER: 01-3112-105-0030 GRANTOR: Phares Poliard GRANTEE: 101 Royal Palm, LLC LEGAL: Lot 3, Block 1, PELAEZ-ZOGBY SUBDIVISION, Plat Book 129, Page 65 of the Public Records of Miami -Dade County, Florida. LOCATION: 101 N. W. 76th Street Miami, Florida SITE DESCRIPTION: Dimensions: 84.2 feet x 143.2 feet Size: 12,043 Square Feet 0.28 Acres Zoning: T5-R, Urban Center Zone, Restricted Current Use: Vacant UNIT PRICE: $72.66 per square foot FINANCING: Cash. REMARKS: The property had no sales in the prior five years. QUINLIVAN APPRAISAL 37 SALE 4 QUINLIVAN APPRAISAL 38 LAND SALE 5 DATE: June 26, 2023 PRICE: $300,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O.R. Book 33783, Page 331 FOLIO NUMBER: 01-3112-065-0460 GRANTOR: Sanchez Holdings, LLC GRANTEE: Vizion 7538, LLC LEGAL: Lot 3, Block 5, ROSELAWN PARK, Plat Book 9, Page 121 of the Public Records of Miami -Dade County, Florida. LOCATION: 7544 N. E. First Court Miami, Florida SITE DESCRIPTION: Dimensions: 47.5 feet x 100 feet Size: 4,750 Square Feet 0.11 Acres Zoning: T5-R, Urban Center Zone, Restricted Current Use: Vacant UNIT PRICE: $63.16 per square foot FINANCING: Cash. REMARKS: The property sold previously in May of 2021 for $171,000. QUINLIVAN APPRAISAL 39 SALE 5 QUINLIVAN APPRAISAL 40 e 1 iP 1 1. ■Y' SALE 4 To - ; 1101 N,W, 76kh Streak n i. 3Io M r de !1M IE aN.i'm I rM MMM. aj i alo■G ° z . m I -i iM•. a m m mm Im N. im ESii Mi m u..im m a um . p il g V 1a 0. MNR m im. ="0 s. m. M m. , .. . i i■ .i i k i i r•r E MMM. rio 1 1 1—.' 1m T 1V1 — ;. 4 r 1 i-1 1r l . l 61 t 0 1 ,L 2 S i • el i.. . LAND SALES MAP lI + -- L8ke i ■ lii■!. ILI Aroaa � n■ EN am aismiimma l f u m =n mm _ N s R a �1i11 R �. .■ ■ :: �1 ,tea 9 ■IL v . W 4 1 E r ! . 1 1 I r g mr mW U ii 1 1 i I ' r SALE 1 125 N.W. 76kh Street yW 84t i St 934 .. SALE 3 37 N.W. 76kh Street I ■� + a17CSii IE �M 1114 y , - Be it l r a E 1 1 i 1 1 1 M 1 ALE 5 7544 N.W. 1st Court Ei1 1 j. ,NIw E.. .mU1.F i17;igu arl -m.Il.,r iaM l; immMm1 'iWiI1ESlaMilom.m .mwg. .,„.N 1N1,0m. .1 N. mE.ia1m".mo ='I-. rm=MNM- Wg.O:7i 1 ,ioiliariti maO=i.i wm._` J Q -WI C - ■ i ._.._.. SALE 2 .. mm' r. 55 N• W • 59kh Skreek - misTawmA.TI a.-.l ro1.i0 mm1IuIo .1rm. .Ih= Eio.innM i1N. rai.aaC. m•iur i--rr nrr. mmmoI=Ws-•sEma_u o NmimE. •iH ii tiv2 .0ra lrguosN m.nmii .umI ngOol i_imm-m pn•i °ww iMr amiilN_mmNioci ia 1 aMiu,k ad .m m J .. lg VAtvLaiRi.ik 1...i1i,rl0iv, imo.i •iiis11trMi9=12. .•E.iM"oO6.aia1i nm..m Nao •.—.nlm..•m a15 mi maom- asl J' _ iA-=Mg.Io =.-.ME _iw-11EiI i1.,l.k1I.1...tI--n 1.'i sml0 .1I ' . .Mn 1MwEa6ug =tN 1inG.w •4i,.m..-r Nmt _l_ is iri :m,5 i,.p".m;!Ml. i- °I., -a.,..I EN.ihr 4iE.IaVi fm o.mirLM.Em1m1ntI01.1PiS ff.=lMril,Mnri..i oE.e,,n I.eIll iii NI'M fi i •nur,aii=l4N.W.mEd•r Iil1L1r' wma 1..oaEA=.E am10r. 4B. • . 11Irs 5iaiM=„mm .N .1=aaI, I,TI•Ir ice i �.,.., . I-lair t1mMm .pzM..Pml o.Il.6gl A 11ffi1 Venetian Gans vv )'-- aa■ 1 �� SUBJECT PROPERTY 3� ° 1 mat1ilI m. WmH-.iwm9 sI. u.. .i440 N.W. 10th Street °l+I ■ I..+ ,41 » ' 10th 95�Mit: ■ R _._ C 8th St S I._. •Ei m- =•m,..II,Niii.nr.lm_J iNt m Alrm a .smu4. m2 1 1i E,7•E.1.V-m. 4.I L,..R.- l - N•ll1oi_ ior"t :EIam 4II , 1o1..L,Ic i,.n gW I PV ^' E 79ii 0 Pr 886 195 QUINLIVAN APPRAISAL M 41 SUMMARY OF LAND SALES CHARACTERISTICS SUBJECT SALE 1 SALE 2 SALE 3 SALE 4 SALE 5 DATE OF SALE 4/8/22 10/7/22 2/10/23 4/3/23 6/26/23 SALE PRICE $420,000 $720,000 $380,000 $875,000 $300,000 O.R. BOOK/PAGE 33162/3702 33420/1738 33584/3084 33653/1778 33783/331 ADDRESS 440 N.W 10 St. 125 N.W. 76 St. 55 N.W. 59 St. 37 N.W. 76 St. 101 N.W. 76 St 7544 N.E. 1 Ct. LOCATION 41/4 Miles NE 31/4 Miles NE 41/4 Miles NE 41/4 Miles NE 41/4 Miles NE LAND SIZE (SF) 23,250 6,321 11,000 5,279 12,043 4,750 LAND SIZE (ACRES) 0.53 0.15 0.25 0.12 0.28 0.11 ZONING T5-R T5-R T5-R T5-R T5-R T5-R USE AT SALE Vacant Vacant Vacant Vacant Vacant Vacant PRICE PAID/SF $66.45 $65.45 $71.98 $72.66 $63.16 ANALYSIS OF SALES The land sales range in unit price from $63.16 to $72.66 per square foot of land area. The sales range in time from April of 2022 to June of 2023. Property Rights The fee simple interest is the property right of the subject property being valued. The comparable sales involved the same type of property rights. Financing The sales were all financed with cash. The financing of the sales does not indicate any adjustments of their prices for favorable/below market financing. Conditions of Sale All of the sales were arm's-length transactions. An arm's-length transaction is defined as a transaction freely arrived at in the open market unaffected by abnormal pressure or by the absence of normal competitive negotiation as might be true in the case between related parties. Date of Sale (Market Conditions) The sales occurred between April of 2022 and June of 2023. An upward trend in prices for land sites in the subject market area is evident over this time period. The unit prices of Sales 1 and 2, sales occurring in 2022, require upward adjustments for increasing market conditions. Location The sale sites are located in the city of Miami, within a 41/4 mile radius of the subject. The locations of the sale sites are considered similar to the location of the subject. Land Size The sale sites range in size from 4,750 to 12,043 square feet. The subject site at 23,250 square feet is above the range of sizes of the sale properties. However, the sales do not indicate a difference in unit price based on site size. Zoning The subject site is zoned for residential use in a T5-R district. The sale sites are also zoned T5-R zones. The zonings of the sale sites are similar to the zoning of the subject site. Conclusion The land sales range in unit price from $63.16 to $72.66 per square foot of land area. A summary of the adjustments is as follows: QUINLIVAN APPRAISAL 43 Sale No. 1 2 3 4 5 Price/Square Foot $66.45 $65.45 $71.98 $72.66 $63.16 Adjustments Property Rights Conditions of Sale Financing Market Conditions + + = = = Location Site Size Zoning = = = = = Access/Exposure Site Conditions Total Adjustments + + The unit prices of the sales, ranging from $63.16 to $72.66 per square foot of land area, a fairly tight range. The unit prices of all of the sales are given consideration in the final analysis. Based on the above analysis of the land sales, it is estimated that the subject site has a market value as of August 5, 2023 of $70.00 per square foot of land area. 23,250 Square Feet x $70.00 per Square Foot = $1,627,500 Land Value Indication (Rounded) $1,625,000 QUINLIVAN APPRAISAL 44 ADDENDA QUINLIVAN APPRAISAL 45 ASSUMPTIONS AND LIMITING CONDITIONS This Appraisal Report has been made with the following general assumptions: 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 6. If no survey has been furnished to the appraiser, all measurements have been confirmed either in the field, in the plat book or by other reliable sources and are presumed to be accurate. 7 It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 8. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the Appraisal Report. 9. It is assumed, unless a study has been provided otherwise, that no hazardous material such as asbestos, urea formaldehyde or other toxic waste exists in the property. The existence of a potentially hazardous material could have a significant effect on the value of the property. QUINLIVAN APPRAISAL 46 10. In reference to proposed construction, the real estate taxes and other expenses are Estimated. These amounts are not guaranteed. 11. It is assumed in the valuation of the subject land site, unless a compliance letter has been furnished to us, that the State of Florida Growth Management Act does not prevent the issuance of a building permit. 12. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 13. It is assumed that the utilization of the land and improvements is within the boundaries of property lines of the property described and that there is no encroachment or trespass unless noted in the report. This Appraisal Report has been made with the following general limiting conditions: 1. The distribution, if any, of the total valuation of this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 2. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event, only with proper written qualification and only in its entirety. 3. The appraiser herein by reason of this appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 4. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. QUINLIVAN APPRAISAL 47 QUALIFICATIONS OF THE APPRAISER THOMAS F. MAGENHEIMER Experience: 11/84 - Present QUINLIVAN APPRAISAL, P.A. 7300 N. Kendall Drive, Suite 530 Miami, Florida Currently president of Quinlivan Appraisal, P.A., a Real Estate Appraising and Consulting Firm, Established in 1964. Education: University of Richmond, Richmond, Virginia BA - Bachelor of Arts in History (1982) Professional Affiliations: Member of the Appraisal Institute (MAI No. 09166) Real Estate Salesman - State of Florida - Certificate No. 0344882 Certified General Appraiser, State of Florida, License No. RZ 553 Member Sigma Alpha Epsilon Fraternity Qualified as an Expert Witness in the Following Courts: Miami -Dade and Broward County Circuit Courts United States Bankruptcy Court Other Activities: Admissions Committee - South Florida -Caribbean Chapter of the Appraisal Institute - (1992) Newsletter Editor - South Florida -Caribbean Chapter of the Appraisal Institute - (1991 - 1995) President - South Florida -Caribbean Chapter of the Appraisal Institute - (1996) Board of Trustees - Palmer -Trinity School (1989 - 1993) QUINLIVAN APPRAISAL 48 Quinlivan Appraisal has prepared Appraisal Reports for the following: Institutions and Corporations: AT&T Alpha Realty Advisors Archdiocese of Miami Apollo Bank The Bank of America Bank United Barry University Bessemer Trust Company California Bank and Trust Chevron Oil Company Chase Manhattan Bank Chemical Bank Citibank City National Bank of Miami Coamerica Bank Coconut Grove Bank Commerce Bank Commercial Bank of Florida Eastern National Bank Espirito Santo Bank First American Bank First Bank Florida Farm Credit of South Florida First International Bank First National Bank of South Miami Florida International University First Nationwide Bank Florida Memorial College Florida Power and Light Company Florida Rock Industries Greyhound Lines HSBC Hemisphere National Bank Iberia Bank Intercontinental Bank International Bank of Miami, N.A. Jackson Health System Jetstream Financial Credit Union LaSalle National Bank Marine Midland Bank McDonalds Corp. Mellon United National Bank Miami -Dade County Community College Northern Trust Bank of Florida QUINLIVAN APPRAISAL 49 Ocean Bank Pacific National Bank Shell Oil Company Silver Hill Funding South Trust Bank SunTrust Bank TotalBank Trust for Public Lands University of Miami U. S. Century Bank Wachovia Wal-Mart YMCA Governmental Agencies: City of Aventura City of Coral Gables City of Doral City of Florida City City of Hialeah City of Homestead City of Miami City of Miami Parking Authority City of Miami Beach City of Miramar City of North Bay Village City of North Miami City of North Miami Beach City of South Miami City of Sunny Isles Beach Miami -Dade County Aviation Depailinent Miami -Dade County Department of Development & Facilities Management Miami -Dade County HUD Miami -Dade County Property Appraisal Adjustment Board Miami -Dade County Public Schools Miami -Dade County Public Works Department Miami -Dade County Transportation Administration Miami -Dade Water & Sewer Depailinent South Florida Water Management District State of Florida, Attorney General's Office State of Florida, Department of Community Affairs State of Florida, Department of Corrections State of Florida, Department of Environmental Protection State of Florida, Department of Insurance State of Florida, Department of Rehabilitation and Liquidation State of Florida, Department of Transportation Town of Golden Beach QUINLIVAN APPRAISAL 50 Town of Bay Harbor Islands Town of Miami Lakes United States Army Corps of Engineers United States Department of Justice United States Department of Commerce United States Department of the Interior United States General Services Administration Village of Islamorada Village of Key Biscayne Village of Pinecrest Village of Palmetto Bay Law Firms: Akerman Senterfitt Greenberg, Traurig Daniels, Kashton, Downs and Robertson Holland and Knight, LLP Shutts & Bowen Ruden McClosky, LLP Steel, Hector & Davis, LLP Weiss, Serota, Helfman, Pastoriza, Guedes, Cole and Boniske, P.A. Types of Properties Appraised: Single Family Residences Apait,inent Buildings Office Buildings Retail Stores Shopping Centers Condominium Apartment Buildings Golf Courses Residential Subdivisions Automobile Dealerships Vacant Land Hotel/Motels Warehouses Nursing Homes Mobile Home Parks Schools Service Stations Marinas Wetlands QUINLIVAN APPRAISAL 51 .tn. ea.s SEROTA MARLON HILL, ESQ. mhill@wsh-law. corn August 28, 2023 VIA E-MAIL (jmcqueen@miarrugov.com) Mr, James McQueen Executive Director Southeast Overtown Community Redevelopment Agency 819 NW 2nd Avenue, 3rd Floor Miami, Florida, 33136 Re: Retainer Agreement - Real Estate Transactions Dear Mr. McQueen: We are pleased that you have decided to engage this Firm to represent the Southeast Overtown Community Redevelopment Agency (the "SOUTHEAST OVERTOWN CRA"). We apologize in advance for the formality of this letter, but it is our Firm's policy to enter into a written retainer agreement with new clients. From our experience, we have found that clients appreciate a frank and open discussion and understanding of the services that we will perform and the basis upon which they will be expected to pay for those services. This letter is intended to set forth our understanding as to the nature and scope of the legal services we have agreed to render for the SOUTHEAST OVERTOWNCRA, the amount of our fees for those services, the manner in which our fees for those services shall be determined and the terms upon which the SOUTHEAST OVERTOWN CRA will make payment. Nature of Legal Services, You have engaged us to assist you with the Mr James McQueen August 28, 2023 Page z of 4 purchase of the Property. Our services will include the following - a. Drafting and negotiation of the purchase agreement; b. Review title and survey matters; c. Review any due diligence matters at your request; and d. Perform tasks related to the closing of the Property. 2. Fees for Services. With regard to the fees and costs incurred for our services, the SOUTHEAST OVERTOWN CRA will be charged and agrees to pay for our services on the basis of our hourly rates. Maria Currais and Ed Sato will be the SOUTHEAST OVERTOWN CRA's outside real estate transactions counsel, and the SOUTHEAST OVERTOWN CRA will be billed at our discounted hourly rate of $325 per hour. Other personnel may work on SOUTHEAST OVERTOWN CRA matters as well. Paralegals and clerks will be billed at a rate of $175 per hour. Where practicable, we will delegate work to attorneys working under our supervision at lower hourly rates based on their experience. It is our practice to charge for actual time expended on the City's behalf, but not less than 2/l0ths of an hour for each activity. All of our rates are reviewed and may increase on October 1 of each year. 3. Costs. In addition to the fees discussed in paragraph 2, we anticipate that certain expenses may be incurred and advanced on the SOUTHEAST OVERTOWN CRA behalf. These expenses may include filing fees, recording costs, out-of-town travel expenses, delivery charges, long distance telephone charges, photocopies (xerox), special postage (express mail, certified mail and the like), computer research charges, court reporter expenses (including cost of transcript and court reporter's fee for attendance), court costs (such as filing fees, service of process, newspaper publication costs, subpoena costs, witness fees, recording fees, etc.), accounting and appraisal fees, fees and expenses of experts necessary to assist in the preparation and hearing of any matter, investigation costs, word processing fees, computer charges and applicable lobbyist registration fees. In addition to our fees for legal services, the SOUTHEAST OVERTOWN CRA agree to pay us for such out-of- pocket expenditures. In the event unusually large costs or advances are anticipated, we reserve the right to require an additional cost deposit from SOUTHEAST OVERTOWN CRA prior to undertaking the expenditures of funds on the SOUTHEAST OVERTOWN CRA behalf. 4. Payment of Fees and Costs. Our invoices will be submitted to the SOUTHEAST OVERTOWN CRA on a monthly basis and each invoice will be due A AMI 1 FT. LAUDERDALE I BCCA RATON TAMPA I WSH-LAW,COM Mr. James McQueen August 28, 2023 Page 3 of 4 and payable when rendered. SOUTHEAST OVERTOWN CRA must understand that if any invoice remains unpaid for more than 30 days after it is rendered, we reserve the right, in our discretion (subject to court approval, if necessary), to cease to provide further legal services to SOUTHEAST OVERTOWN CRA. SOUTHEAST OVERTOWN CRA will, however, be liable to us for the payment of any fees earned and any costs incurred by us to that time, together with any applicable taxes. In the event we are ultimately required to bring suit to collect any undisputed unpaid fees and costs, the SOUTHEAST OVERTOWN CRA understands that it will be required to pay reasonable attorneys' fees as well as legal interest on the amount of any fees and costs due us. SOUTHEAST OVERTOWN CRA further understands that we have the right to retain any and all files, papers and other property corning into our possession in connection with our engagement without any liability to the SOUTHEAST OVERTOWN CRA until we have been paid all costs, fees and interest due us under this agreement. Interest at the rate of 12% per annum will be added to any invoice, which remains unpaid for more than 30 days after it is rendered. 5. Withdrawal from Representation. We reserve the right to withdraw from representing SOUTHEAST OVERTOWN CRA if SOUTHEAST OVERTOWN CRA misrepresents or fails to disclose material facts to us, or if we disagree about the course of action which should be pursued, 6. Advanced Fees and Costs Deposit. In order to retain services of this Firm, we customarily require a retainer fee; however, we are waiving this requirement for this representation. 7. Representation of Other Clients. We are bound by rules of legal ethics not to represent any client if the representation of that client will be directly adverse to the interests of another client unless each such client consents to such representation after consultation. If this letter is addressed to more than one person, Your signature of this letter will constitute such consent from the SOUTHEAST OVERTOWN CRA with respect to the matter specifically described in the paragraph of this letter entitled "Nature of Legal Services." MIAMI I FT. LAUDERDALE I BOCA RATON I TAMPA I WSH-LAWCOM Mr. James McQueen August 28, 2023 Page 4 of 4 8. Fees for Other Services, In the event SOUTHEAST OVERTOWN CRA asks us to render legal services with respect to other matters, in the absence of a written agreement specifically addressing that representation, the other matters will be handled on an hourly basis, and fees and costs will be payable under the same terms and conditions as provided for in paragraph 2, 3, and 4 of this letter. Y. Commencement of Representation. If the foregoing is agreeable to the SOUTHEAST OVERTOWN CRA, please acknowledge SOUTHEAST OVERTOWN CRA's understanding and agreement by signing this letter and delivering it to us, together with payment of the retainer and/or cost deposit set forth above, if any. We appreciate SOUTHEAST OVERTOWN CRA's confidence in our Firm and assure SOUTHEAST OVERTOWN GRA that we will make every effort to perform our services in a prompt and efficient manner. If you have any questions or comments concerning this engagement letter, please let me know. Otherwise, please indicate SOUTHEAST OVERTOWN CRA's agreement with the foregoing by signing this engagement letter and returning it to me. 2023. Sincerely, WEISS SEROTA HELFMAN COLE & BIERMAN, P.L. Marlon Hill AGREED AND ACCEPTED on this day of SOUTHEAST OVERTOWN COMMUNITY REDEVELOPMENT AGENCY By; Name: James McQueen Title: Executive Director MIAMI 4 FT. LAUDERDALE I BOCA RATON I TAMPA I WSH•LAW.C©M